Category: Suggested Reading

Harvard. Reading list and Exam for U.S. Economic History. Gay, 1906-1907

Post author By Irwin Collier
Post date 2024-03-07

Edwin Francis Gay solo-taught the course on U.S. economic and financial history in 1906-07. He modified and expanded the course reading list from that used in the previous year by him and Taussig, but the structure of the course nonetheless appears to have been essentially unchanged.

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Previously…

Assistant Professor Oliver Mitchell Wentworth Sprague taught the Harvard course “Economic History of the United States”/ “Economic and Financial History of the United States” in 1901-02 (with James Horace Patten), 1902-03, 1903-04, and 1904-05. The course was taken over in 1905-06 by Frank William Taussig and Edwin Francis Gay after Sprague left for a full professorship at the Imperial University of Japan. The Taussig/Gay reading list and final exam for 1905-06.

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Course Enrollment
1906-07

Economics 6b ²hf. Professor [Edwin Francis] Gay. — Economic and Financial History of the United States.

Total 112: 20 Graduates, 13 Seniors, 44 Juniors, 25 Sophomores, 2 Freshmen, 8 Others.

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

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Course Reading List
1906-07

[Library Stamp: “May 13, 1907”]

ECONOMICS: 6b

Required Reading is indicated by an asterisk (*)

1. COLONIAL PERIOD.

*Ashley, Commercial Legislation of England and the American Colonies, Q.J.E., Vol. XIV, pp. 1-29; printed also in Ashley’s Surveys, pp. 309-335.

*Semple, American History and its Geographic Conditions, pp.36-51.

McMaster, History of the People of the United States, Vol. I, pp. 1-102.

Eggleston, Transit of Civilization, pp. 273-307.

Beer, Commercial Policy of England, pp. 5-158.

Rabbeno, American Commercial Policy, pp. 3-91.

Lord, Industrial Experiments in the British Colonies of North America, pp. 56-86; 124-139.

1776-1860.
2. COMMERCE, MANUFACTURES, AND TARIFF.

*Taussig, Tariff History of the United States, pp. 68-154

*Hamilton, Report on Manufactures, in Taussig’s State Papers and Speeches on the Tariff, pp. 1-79, 103-107, (79-103).

Bolles, Industrial History of the United States, Book II, pp. 403-426.

Bishop, History of American Manufactures, Vol. II, pp. 256-505.

Pitkin, Statistical View of the Commerce of the United States (ed. 1835), pp. 368-412.

Gallatin, Free Trade Memorial, in Taussig’s State Papers, pp. 108-213.

Rabbeno, American Commercial Policy, pp. 146-183.

Hill, First Stages of the Tariff Policy of the United States, Amer. Econ. Assoc. Pub., Vol. VIII, pp. 107-132.

3. AGRICULTURE AND LAND POLICY. — WESTWARD MOVEMENT.

*Hart, Practical Essays on American Government, pp. 233-257; printed also in Q.J.E., Vol. I, pp. 169-183, 251-254.

*Hammond, Cotton Industry, pp. 67-119.

*Semple, American History and its Geographic Conditions, pp. 52-74.

Turner, Significance of the Frontier in American History, in Report of Amer. Hist. Assoc., 1893, pp. 199-227.

Donaldson, Public Domain, pp. 1-29, 196-239, 332-356.

Sato, History of the Land Question in the United States, Johns Hopkins University Studies, IV. Nos. 7-9, pp. 127-181.

Sanborn, Congressional Grants of Land in Aid of Railways, Bulletin of Univ. of Wisconsin Econ., Pol. Sci, and Hist. Series, Vol. II, No. 3, pp. 269-354.

Hart, History as Told by Contemporaries, Vol. III, pp. 459-478.

4. INTERNAL IMPROVEMENTS.

*Callender, Early Transportation and Banking Enterprises, Q.J.E., Vol. XVII, pp. 111-162; printed also separately, pp. 3-54.

Tenth United States Census (1880), Vol. IV, Thos. C. Purdy’s Reports on History of Steam Navigation in the United States, pp. 1-62, and History of Operating Canals in the United States, pp. 1-32.

Chevalier, Society, Manners and Politics in the United States, pp. 80-87, 209-276.

Ringwalt, Development of Transportation Systems in the United States, pp. 41-54, 64-166.

Gallatin, Plan of Internal Improvements, Amer. State Papers, Misc., Vol. I, pp. 724-921 (see especially maps, pp. 744, 762, 764, 820, 830).

Pitkin, Statistical View (1835), pp. 531-581.

Chittenden, Steamboat Navigation on the Missouri River, Vol. II, pp. 417-424.

5. FINANCE, BANKING AND CURRENCY.

*Dewey, Financial History of the United States, pp. 75-117, 223-237, 252-262.

*Catterall, The Second Bank of the United States, pp. 1-24, 68-119, 376 map, 402-403, 464-477.

*Bullock, Essays on the Monetary History of the United States, pp. 60-93.

Hamilton, Reports on Public Credit, Amer. State Papers, Finance, Vol. I, pp. 15-37. 64-76.

Kinley. History of the Independent Treasury, pp. 16-39.

Sumner, Andrew Jackson (ed. 1886), pp. 224-249, 257-276, 291-342.

Ross, Sinking Funds, pp. 21-85.

Scott, Repudiation of State Debts, pp. 33-196.

Bourne, History of the Surplus Revenue of 1837, pp. 1-43, 125-135.

Conant, History of Modern Banks of Issue, pp. 310-347.

6. POPULATION AND SLAVERY.

*Cairnes, The Slave Power (2d ed.), pp. 32-103, 140-178.

Hammond, Cotton Industry, pp. 34-66.

Russell, North America, its Agriculture and Climate, pp. 133-167.

De Tocqueville, Democracy in America (ed. 1838), pp. 336-361, or eds. 1841 and 1848, Vol. I, pp. 386-412.

Helper, Compendium of the Impending Crisis of the South, pp. 7-61.

1860-1900.
7. FINANCE, BANKING AND CURRENCY.

*Mitchell, History of the Greenbacks, pp. 3-43, 403-420.

*Noyes, Thirty Years of American Finance, pp. 1-72, 234-254 (73-233).

Taussig, Silver Situation in the United States, pp. 1-157.

Dunbar, National Banking System, Q.J.E., Vol. XII, pp. 1-26; printed also in Dunbar’s Economic Essays, pp. 227-247.

Howe, Taxation and Taxes in the United States under the Internal Revenue System, pp. 136-262.

Tenth United States Census (1880), Vol. VII; Bayley, History of the National Loans, pp. 369-392, 444-486.

8. TRANSPORTATION.

*Hadley, Railroad Transportation, pp. 1-23, 125-145.

*Johnson, American Railway Transportation, pp. 24-68, 307-321, 367-385.

Industrial Commission, Vol. XIX, pp. 466-481.

Adams, Chapters of Erie, pp. 1-99, 333-429.

Davis, The Union Pacific Railway, Annals of the Amer. Acad., Vol. VIII, pp. 259-303.

Villard, Memoirs, Vol. II, pp. 284-312.

Dixon, Interstate Commerce Act as Amended, Q.J.E., Vol. XXI, pp. 22-51.

9. AGRICULTURE AND OPENING OF THE WEST.

*Industrial Commission, Vol. XIX, pp. 43-123, 134-167.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 167-187.

Twelfth United States Census (1900), Vol. V, pp. xvi-xlii.

Hammond, Cotton Industry, pp. 120-226.

Adams, The Granger Movement, North American Review, Vol. CXX, pp. 394-424.

Bemis, Discontent of the Farmer, J. Pol. Ec., Vol. I, 193-213.

10. THE TARIFF.

*Taussig, Tariff History, pp. 156-229.

Stanwood, American Tariff Controversies, Vol. II, pp. 243-394.

Taussig, Iron Industry, Q.J.E., Vol. XIV, pp. 143-170, 475-508.

Taussig, Wool and Woolens, Q.J.E., Vol. VIII, pp. 1-39.

Wright, Wool-growing and the Tariff since 1890, Q.J.E., Vol. XIX, pp. 610-647.

Robinson, History of Two Reciprocity Treaties, pp. 9-17, 40-77, 141-156.

Laughlin and Willis, Reciprocity, pp. 311-437.

11. INDUSTRIAL EXPANSION.

*Twelfth United States Census (1900), Vol. VII, pp. clxx-cxc (note especially the maps and comments on pp. clxx-clxxviii).

*Noyes, Thirty Years of American Finance, pp. 113-126.

Industrial Commission, Vol. XIX, pp. 485-519, 544-569.

Twelfth Census, Vol. IX, pp. 1-16; Vol. X, pp. 725-748.

Wells, Recent Economic Changes, pp. 70-113.

12. COMMERCE AND SHIPPING.

*Meeker, Shipping Subsidies, Pol. Sci. Quart., Vol. XX, pp. 594-611.

Soley, Maritime Industries of the United States, in Shaler’s United States, Vol. I, pp. 518-618.

Meeker, History of Shipping Subsidies, pp. 150-171.

McVey, Shipping Subsidies, J. Pol. Ec., Vol. IX, pp. 24-46.

Wells, Our Merchant Marine, pp. 1-94.

13. INDUSTRIAL CONCENTRATION.

*Willoughby, Integration of Industry in the United States, Q.J.E., Vol. XVI, pp. 94-107.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 188-209.

Twelfth Census, Vol. VII, pp. cxc-ccxiv.

Industrial Commission, Vol. XIII, pp. v-xviii.

Bullock, Trust Literature, Q.J.E., Vol. XV, pp. 167-217.

14. THE LABOR PROBLEM.

*United States Bureau of Labor Bulletins, No. 18 (Sept. 1898), pp. 665-670; No. 30 (Sept. 1900), pp. 913-915; No. 53 (July, 1904), pp. 703-728.

Adams and Sumner, Labor Problems, pp. 3-16, 502-547.

Levasseur. American Workman, pp. 436-509.

Mitchell, Organized Labor, pp. 391-411.

Twelfth Census, Special Report on Employees and Wages, p. xcix.

National Civic Federation, Industrial Conciliation, pp. 40-48, 141-154, 238-243, 254-266.

15. POPULATION, IMMIGRATION
AND THE RACE QUESTION.

*United States Census Bulletin, No. 4 (1903), pp. 5-38.

*Industrial Commission, Vol. XV, pp. xix-Ivii.

Adams and Sumner, Labor Problems, pp. 68-112.

Mayo-Smith, Emigration and Immigration, pp. 38-78.

Walker, Discussions in Economics and Statistics, Vol. II, pp. 417-451.

Hoffmann, Race Traits and Tendencies of the American Negro, pp. 250-309.

Tillinghast, The Negro in Africa and America, pp. 102-228.

Twelfth Census Bulletin, No. 8.

United States Bureau of Labor Bulletins, Nos. 14, 22, 32, 35, 37, 38, 48.

Washington, Future of the American Negro, pp. 3-244.

Stone, A Plantation Experiment, Q.J.E., Vol. XIX, pp. 270-287.

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

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ECONOMICS 6b
Year-end Examination, 1906-07

Describe briefly (not more than five minutes each) :—
1. Independent Treasury.
2. Greenbacks
3. Mills Bill.
4. Minimum system.
5. Homestead system.
6. Chief Canal systems.
Outline succinctly :—
1. The history and results of the tariff on wool and woolens.
2. The experience of the United States with reciprocity.
Comment on the following (from Grant’s message of 1870):
“Building ships and navigating them utilizes vast capital at home; it creates a home market for the farm and the shop; it diminishes the balance of trade against us precisely to the extent of freights and passage money paid to American vessels, and gives us a supremacy of the seas of inestimable value in case of foreign war.”
Compare in its more important features the economic history of the decade 1870-80 with that of the decade 1890-1900.
[International labor migration]
1. Describe the administration of the alien contract labor law.
2. What are the present tendencies in the distribution of immigrants?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1906-07 (HUC 7000.25), pp. 29-30.

Image Source: Edwin F. Gay, seated in office, 1908. From Wikipedia. Colorized by Economics in the Rear-view Mirror.

Tags Gay

Education Harvard Labor Suggested Reading Syllabus

Harvard. Reading list for economics of education and technology. Bowles, 1967-68

Post author By Irwin Collier
Post date 2024-02-22

The following reading list comes from a Harvard course on the economics of education and technology offered by assistant professor Samuel S. Bowles in the spring semester of the 1967-68 academic year. Bowles was 28 years young then. Here is a link to his Santa Fe Institute webpage.

Only the pages of the syllabus with the reading lists were submitted to the Harvard library for the purpose of putting books on reserve. Not included were the couple of paragraphs of motivation/description for each of the seven sections of the course. I had to insert approximate titles for sections IV and VII and have put those words between square brackets.

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Most likely spot to find more course content

Samuel Bowles, Planning Educational Systems for Economic Growth. Harvard University Press, 1969.

[When you get an account with archive.org, it is like having an old fashioned library card and you will have access to this book for an hour at a time when it is not being borrowed by another user.]

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Course Announcement

Economics 151 (formerly Economics 177). Economics of Education and Technology (Offered jointly with the Graduate School of Education)
Half course (spring term). M., W., F., at 9. Assistant Professor S. S. Bowles

Attention will be given to the economics of the education process, the theory and implications of innovation, the effects of education and technological change on the distribution of income and the role of education and technological change in economic growth. Relevant case studies and current policy issues related to the United States and underdeveloped countries will be considered.

Source: Harvard University. Faculty of Arts and Sciences. Courses of Instruction, Harvard and Radcliffe, 1967-68, p. 124.

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Reading list
Ec. 151
Sam Bowles

I. THE DISTRIBUTION OF INCOME — RECENT U.S. EXPERIENCE

A. Batchelder, “Decline in the Relative Income of Negro Men,” Quarterly Journal of Economics, November, 1964, pp. 525-48.

*H. Miller, Rich Man, Poor Man, chapters 1, 2, 4-6, pp. 54-134.

I. Kravis, “Relative Income Shares in Fact and Theory,” American Economic Review, 1959, pp. 917-947.

R. Lampman, The Share of Top Wealth-Holders in National Wealth, chapter 1, pp. 1-26; also Table 97, p. 209.

(Supplementary)

*G. Kolko, Wealth and Power in America.

H. Miller, Distribution of Income in the United States.

II. EDUCATION AND THE DISTRIBUTION OF INCOME

Education and Earnings

*H. Miller, Rich Man, Poor Man, Chapters 8 and 9, pp. 148-194.

Education as Investment

I. Fisher, The Theory of Interest, Chapters 4, 7, 10, and 11, pp. 61-98, 159-177, and 231-287.

T. Ribich, Poverty and Education, Chapter I, pp. 1-17 and 23-32, mimeo.

G. Becker, Human Capital, Chapters 1-5; 7 and 8, pp. 1-123; 136-159.

Equality of Educational Opportunity

J. Coleman, “Equal Schools or Equal Students,” in The Public Interest, Summer, 1966, pp. 70-75.

*P. Sexton, Education and Income, pp. 58-69.

(Supplementary)

*Harlem Youth Opportunities Unlimited (HARYOU), Youth in the Ghetto: A Study in the Consequences of Powerlessness, Chapter 7.

*J. Conant, Slums and Suburbs, Chapters 1, 2, and 3.

*P. Sexton, “City Schools,” in The Annals of the American Academy of Political and Social Science, March 1964, reprinted in L. Ferman, et al., eds., Poverty in America.

A Model of Education and the Distribution of Earnings

G. Becker, “Human Capital and the Personal Distribution of Income: An Analytical Approach,” mimeo, 59 pp.

Education and the War on Poverty

B. Weisbrod, “Preventing High School Dropouts,” in R. Dorfman, (*) Measuring the Benefits of Government Investments, pp. 117-148.

J. K. Folger and C. B. Nam, Education of the American Population (U.S. Department of Commerce).

(Supplementary)

O. Lewis, “The Culture of Poverty,” Scientific American, October, 1966, pp. 19-25.

*Haryou, Youth in the Ghetto, Chapter 12.

C. A. Anderson, “A Skeptical Note on Education and Mobility,” in H. Halsey, J. Floud, C. Anderson, (*) Education Economy and Society.

III. TECHNOLOGICAL CHANGE AND THE DISTRIBUTION OF INCOME

The Theory of Production and Distribution

M. Brown, On the Theory and Measurement of Technological Change, chapter 2, pp. 9-28.

*J. Meade, Efficiency, Equality and the Ownership of Property, Chapter 1, pp. 11-26.

J. Hicks, Theory of Wages, Chapter VI, pp. 112-135.

Commentaries, Past and Present

A. Smith, The Wealth of Nations, Book I, Chapter 1.

D. Ricardo, The Principles of Political Economy and Taxation, Chapter 31, “On Machinery.”

K. Marx, Capital, Volume I, Chapter XV, sections 3, 5 and 6, pp. 430-456; 466-488. (Pages refer to Modern Library edition.)

P. Sweezy, The Theory of Capitalist Development, Chapter 5, pp. 75-95.

R. Solow, “Technology and Unemployment,” The Public Interest, Fall, 1965, pp. 17-26.

(Supplementary)

R. Eckaus, “The Factor Proportions Problem in Underdeveloped Areas.” American Economic Review, September, 1955, reprinted in A. Agarwala and S. P. Singh; (*) The Economics of Underdevelopment, pp. 348-78.

Making the Most Out of Technological Change

*J. Meade, Efficiency, Equality and the Ownership of Property, Chapters 2-7, pp. 27-77.

*National Commission on Technology, Automation, and Economic Progress, Technology and the American Economy, Vol. 1, chapters 1-4, pp. 1-58.

IV. [ECONOMIC GROWTH: MEASUREMENT, THEORY, PRODUCTIVITY]

The Measurement and Characteristics of Economic Growth

S. Kuznets, Postwar Economic Growth, Lecture II, “Characteristics of Modern Economic Growth,” pp. 36-68.

*C. Cipolla, The Economic History of World Population, Chapters 1 and 2, pp. 15-58.

*E. Denison, The Sources of Economic Growth in the United States, Chapters 1, 2, and 3, pp. 3-22.

(Supplementary)

M. Abramovitz, “The Welfare Interpretation of Secular Trends in National Income and Product,” Abramovitz, et al. (*) The Allocation of Economic Resources, pp. 1-22.

*S. Kuznets, Modern Economic Growth.

*O. Morgenstern, On the Accuracy of Economic Observations, Chapters 1 and 2.

Theories of Economic Growth

G. Winston, “The Power Growth Model,” mimeo, 18 pp.

*J. Schumpeter, The Theory of Economic Development, Chapters 1 to 4, pp. 3-156.

*J. Meade, A Neoclassical Theory of Economic Growth, Chapters 1 and 2, pp. 1-18.

The Advance of Productivity in the U.S. Economy

J. Kendrick, Productivity Trends in the United States, pp. 3-12, 59-77.

(Supplementary)

M. Abramovitz, “Resource and Output Trends in the U.S. Since 1870,” American Economic Review, 1956.

R. Solow, “Technical Change and the Aggregate Production Function,” Review of Economics and Statistics, 1957.

V. EDUCATION AND GROWTH

T. Schultz, The Economic Value of Education, pp. 1-70.

S. Strumilin, “The Economic Significance of National Education,” in J. Vaizey and E. A. G. Robinson, The Economics of Education, pp. 276-323.

B. Weisbrod, “Education and Investment in Human Capital,” Journal of Political Economy Supplement, October, 1962, pp. 106-123.

W. Bowen, Economic Aspects of Education, Essay I, “Assessing the Economic Contribution of Education,” pp. 3-38.

*E. Denison, The Sources of Economic Growth in the U.S. and the Alternatives Before Us, pp. 23-46; 66-80; 84-87.

T. Schultz, “Investing in Farm People,” in T. Schultz, (*) Transforming Traditional Agriculture, pp. 175-206.

(Supplementary)

T. Schultz, “Investment in Human Capital,” American Economic Review, December, 1961.

W. Bowman, “The Human Investment Revolution in Economic Thought,” Sociology of Education, Vol. 39, No. 2, Spring, 1966, pp. 112-137.

*B. Weisbrod, The External Benefits of Public Education.

A. Harberger, “Investment in Men vs. Investment in Machines: The Case of India,” in M. Bowman and C. A. Anderson, Education and Economic Development, pp. 11-33.

Carl Shoup, et al., The Fiscal System of Venezuela, pp. 406-409.

M. Bowman and C. Anderson, “Concerning the Role of Education in Development,” in C. Geertz, Old Societies and New States, pp. 247-279.

S. Bowles, “Sources of Growth in the Greek Economy,” mimeo.

VI. TECHNOLOGY AND GROWTH

The Production of New Technologies

J. Enos, “Invention and Innovation in the Petroleum Industry,” in National Bureau of Economic Research, The Rate and Direction of Inventive Activity, pp. 299-322.

H. Dickenson, “The Steam-Engine to 1830,” in Charles Singer et al. A History of Technology, Volume IV, pp. 168-198.

(Supplementary)

Articles by Peck, Mueller and Nelson, in National Bureau of Economic Research, The Rate and Direction of Inventive Activity.

R. Nelson, “The Economics of Invention: A Survey of the Literature,” in Journal of Business, April, 1959, pp. 101-127.

J. Schmookler, Invention and Economic Growth, Chapters 6 and 7.

The Spread of New Technologies

W. E. G. Salter, Productivity and Technical Change, Chapters 4, 5, 6 and appendix to Chapter 7, pp. 48-82, 95-99.

Z. Griliches, “Hybrid Corn and the Economics of Innovation,” Science, July 29, 1960, Vol. 132, pp. 275-280.

(Supplementary)

J. Habakkuk, American and British Technology.

Technology and Growth

E. Denison, The Sources of Economic Growth in the United States, pp. 154-255.

Z. Griliches, “Research Costs and Social Returns: Hybrid Corn and Related Innovations,” Journal of Political Economy, October, 1958, pp. 419-431.

Efficiency of Resource Allocation in Research and Development

R. Nelson, “The Simple Economics of Basic Scientific Research,” in Journal of Political Economy, June, 1959, pp. 297-306.

(Supplementary)

K. Arrow, “Economic Welfare and the Allocation of Resources for Invention,” in National Bureau of Economic Research, The Rate and Direction of Inventive Activity, pp. 609-625.

VII. [ECONOMICS OF EDUCATION]

The Concept of Efficiency in Education

H. Johnson, “Economics and Education,” in School Review, Autumn, 1957, pp. 260-269.

(Supplementary)

Project Talent, Studies of the American High School, Cooperative Research Project 226, U.S. Office of Education. Chapters 6, 9, and 10.

J. Coleman, Equality of Educational Opportunity, U.S. Department of Health, Education and Welfare, Office of Education.

The Market for Educated Labor

H. Leibenstein, “Shortages and Surpluses in Education in Underdeveloped Countries,” in M. J. Bowman and C A. Anderson, Education and Economic Development, pp. 51-62.

K. Arrow and W. Capron, “Dynamic Shortages and Price Rises, The Engineer-Scientist Case,” Quarterly Journal of Economics, May, 1959, pp. 292-308.

Market Solutions to the Problem of Efficient Resource Allocation in Education

M. Friedman, “The Role of Government in Education,” in R. Solo, Economics and the Public Interest, pp. 123-144.

A. Daniere, Higher Education in the American Economy, chapters 2 and 4-5 pp. 13-19, 33-55.

(Supplementary)

C. Jencks, “Is the Public School Obsolete?” in The Public Interest.

Educational Planning

M. Blaug, “Conflicting Approaches to Educational Planning,” mimeo, 34 pp.

H. Johnson, “The Economics of the Brain Drain,” Minerva, 1965.

A. Daniere, “Rate of Return and Manpower Approach in Educational Planning” in Harvard Graduate School of Public Administration, Public Policy, 1965, pp. 162-200.

(Supplementary)

F. Harbison and C. Myers, Education, Manpower and Economic Growth.

J. Tinbergen, et al., Econometric Models of Education, Organization for Economic Cooperation and Development, Paris, 1965; An Experiment in Planning by Six Countries, 1966.

H. Parnés, Forecasting Education Needs for Economic and Social Development, Organization for Economic Cooperation and Development, Paris, 1962.

R. Hollister, A Technical Evaluation of the First Stage of the Mediterranean Regional Project, Organization for Economic Cooperation and Development, 1966.

R. Eckaus, “Economic Criteria for Education and Training,” Review of Economics and Statistics, (May, 1964), pp. 181-190.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1967-1968, Box 9. Folder “Economics, 1967-68”.

Image Source: The Boston Globe (December 5, 1969), p. 15.

Tags Bowles

Econometrics Harvard Statistics Suggested Reading Syllabus

Harvard. Syllabus and partial reading list for graduate time-series econometrics. Sims, 1968-1969

Post author By Irwin Collier
Post date 2024-02-21

Christopher A. Sims, portrait from his senior year

Future economics Nobel laureate (2011) Christopher A. Sims was a 26 year old assistant professor at Harvard tasked in the fall term of 1968 to teach a graduate level introduction to time-series econometrics. He had been awarded a Harvard economics Ph.D. earlier that year. His dissertation supervisor was Hendrik Houthakker.

A copy of Sims’ initial list of reading assignments and topics can be found in the papers of Zvi Griliches in the Harvard Archives. Sims does appear to have offered a rather heavy dose of time-series econometrics for that time. Perhaps it was too much of a good thing, at least too much to swallow for most of the department’s graduate students. In any event Econometric Methods I was transferred to / taken over by Zvi Griliches in the following years when the topic of time series was reduced to an amuse-bouche of serial correlation.

In the previous year the course had been taught by Marc Nerlove (Yale University) with the following brief description provided in the course catalogue: “An introduction to the construction and testing of econometric models with special emphasis on the analysis of economic time series.”

_______________________

Course Announcement
Fall Term, 1968

Economics 224a. Econometric Methods

Half course (fall term). Tu., Th., S., at 9. Assistant Professor C. A. Sims

The theory of stochastic processes with applications to the construction and testing of dynamic economic models. Analysis in the time domain and in the frequency domain, in discrete time and in continuous time.

Prerequisite: Economics 221b [Multiple regression and the analysis of variance with economic applications] or equivalent preparation in statistics.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction, 1968-69, p. 133.

_______________________

Fall 1968
Economics 224a
Asst. Prof. C. Sims

Course Description

The accompanying Course Outline gives a detailed description of topics 0 through III which will (hopefully) occupy the first third of the semester. These topics include most of the mathematical tools which will be given econometric application in the later sections. The list of topics in the outline, even under the main headings 0 through III, is not exhaustive; and the topics listed are not all of equivalent importance.

Many of the references listed overlap substantially. In the first, theoretical, section of the course (except for Section 0) the references are chosen to duplicate as nearly as possible what will be covered in lectures. They should provide alternative explanations when you find the lectures obscure or, in some cases, provide more elegant and rigorous discussion when you find the lectures too pedestrian.

The primary emphasis of this course will be on the stationarity, or linear process, approach to dynamic models. The Markov process, control theory, or state space approach which is currently prominent in the engineering literature will be discussed briefly under topics V and VII.

The latter parts of the course will apply the theory developed in the first parts to formulating and testing dynamic economic models or hypotheses. Some background in economics is therefore essential to participation in the course. The mathematical prerequisites are a solid grasp of calculus, a course in statistics, and an ability to absorb new mathematical notions fairly quickly.

The course text is Spectral Methods in Econometrics by Gilbert Fishman. Spectral Analysis by Gwilyn M. Jenkins and Donald G. Watts is more complete in some respects, but it is less thorough in its treatment of some points important in econometrics and it costs three times what Fishman costs. A list of other texts which may be referred to in the accompanying course outline or in future outlines and reading assignments follows. Some of these texts are at a higher mathematical level than is required for this course or cover topics we will not cover in detail. Those texts which should be on library reserve are marked with a “*”, and those which are priced below the usual high prices for technical texts are marked with a “$”.

List of Text References

* Ahlfors, Lars, Complex Analysis, McGraw-Hill, New York, 1953.

Acki, Max., Optimization of Stochastic Systems, Academic Press, 1967.

* Deutsch, Ralph, Estimation Theory, Prentice Hall, 1965.

* Fellner, et.al., Ten Economic Studies in the Tradition of Irving Fisher, Wiley, 1967.

* Freeman, H., Introduction to Statistical Inference, Addison-Wesley, 1963.

Granger, C.W.J., and M. Hatanaka, Spectral Analysis of Economic Time Series, Princeton University Press, 1964.

Grenander, U., and M. Rosenblatt, Statistical Analysis of Stationary Time Series, Wiley, 1957.

Grenander, U., and G. Szego, Toeplitz Forms and Their Applications, University of California Press, 1958.

*$ Hannan, E.J., Time Series Analysis, Methuen, London, 1960.

$ Lighthill, Introduction to Fourier Analysis and Generalized Functions, Cambridge University Press.

Rozanov, Yu. A., Stationary Random Processes, Holden-Day, 1967.

*$ Whittle, P., Prediction and Regulation by Linear Least-Square Methods, English Universities Press, 1963.

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

Preliminary Course Outline
Fall 1968
Economics 224a
Asst. Prof. C. Sims

0. Elementary Preliminaries.

Complex numbers and analytic functions, definitions and elementary facts. Manipulation of multi-dimensional probability distributions.

The material in this section will not be covered in lectures. A set of exercises aimed at testing your facility in these areas (for your information and mine) will be handed out at the first meeting.

References: Ahlfors, I.1, I.2.1-2.4, II.1; Jenkins and Watts, Chapters 3 and 4 or the sections on probability in a mathematical statistics text, e.g. Freeman, part I.

I. Stochastic Processes: Fundamental definitions and properties.

Definitions:

stochastic process;
normal (stochastic) process;
stationary process;
linear process; — autoregressive and moving average processes;
covariance stationary process.
autocovariance and autocorrelation functions
stochastic convergence — in probability, almost sure, and in the (quadratic) mean or mean square;
ergodic process — n’th order ergodicity, sufficient conditions for first and second order ergodicity.
process with stationary n’th difference
Markov process

Extensions to multivariate case.

References: Fishman, 2.1-2.5; Jenkins and Watts, 5.1-5.2.

II. Background from Mathematical Analysis

Function spaces.
Linear operator on function spaces; their interpretation as limits of sequences of ordinary weighted averages.
Convolution of functions with functions, of operators with functions; discrete versus continuous time.
Measure functions; Lebesgue-Stieltjes measures on the real line.
Integration; the Lebesgue integral, the Cauchy-Riemann integral, and the Cauchy principal value; inverting the order of integration.
Fourier transforms; of functions; of operators; continuous, discrete, and finite-discrete time parameters; the inverse transform and Parseval’s theorem.
Applications to some simple deterministic models.

References: Jenkins and Watts, Chapter 2. For more rigor, see Lighthill. No reference I know of covers topics 4 and 5 in as brief and heuristic a way as we shall.

III. The spectral representation of covariance-stationary processes and its theoretical applications.

Random measures; the random spectral measure of a covariance stationary process; characteristics of the random spectral measure in the normal and non-normal cases.
The spectral density; relation to autocovariance function; positive definiteness.
Wold’s decomposition; regular, mixed, and linearly deterministic processes; discrete and continuous component in the spectral measure; example of non-linearly deterministic process; the criterion for regularity with continuous spectral density.
The moving average representation; criteria for existence of autoregressive representation.
Optimal least squares forecasting and filtering.
Generalized random processes.
The multivariate case; cross spectra.
Applications to econometric models.

References: Fishman, 2.6-2.30; Jenkins and Watts, 6.2 and 8.3: For a much more abstract approach, see Rozanov, chapters I – III.

IV. Statistical analysis using spectral and cross-spectral techniques.

V. Regression in time series.

VI. Seasonality.

VII. Estimation in distributed lag models.

Source: Harvard University Archives. Papers of Zvi Griliches, Box 123. Folder “Econometric Methods 1968-1982.”

Image Source: Christopher A. Sims ’63 in Harvard Class Album 1963. From the Harvard Crimson article “Harvard and the Atomic Bomb,” by Matt B. Hoisch and Luke W. Xu (March 22, 2018). Sims was a member of the Harvard/Radcliffe group “Tocsin” that advocated nuclear disarmament.

Tags Griliches, NerloveM, SimsCA

Agricultural Economics Chicago Suggested Reading Syllabus

Chicago. Assigned Readings for Price and Income Instability. T. W. Schultz, 1956

Post author By Irwin Collier
Post date 2024-02-05

Beginning in 1957 Zvi Griliches took over the course at Chicago on Price and Income Instability with special reference to agriculture. The course was previously taught by T. W. Schultz. In his files for the course Griliches kept a copy of the course outline and readings for the Spring 1956 quarter taught by his predecessor.

There were 86 numbered items on Schultz’s reading list that he referenced by the item number with chapter/page selections for some of the items. You will have to jump down from the course outline to the list of course readings and back, which I find a very peculiar way to present a course outline, but it didn’t keep him from getting a Nobel prize in economics in 1979.

_________________________

T. W. Schultz
University of Chicago

Economics 355 B
Price and Income Instability

(as problems in economic organization with special reference to agriculture)

Economics 355 B will cover the following classes of problems:

1. 1. general characteristics of policies and programs which are related to agriculture.
  2. analysis of the price and income instability that confronts agriculture.
  3. alternative measures for reducing or accommodating price and income instability.
  4. some research proposals directed to this set of problems.

General characteristics of policies and programs for agriculture by types of countries and during different periods.

(to be developed in class)

Analysis of price and income instability that confronts agriculture.

38, chs. 4, 5, 6, 7, 10;
55, chs, 11 and 20.

1. Instability of the economy as a whole.

19;
5;
23;
50;
67;
44.

1. Particular instabilities of farm product prices during the stock period.

45: pp. 14-15, 65-66, 76-77;
31, Ch. 2;
10: pp. 42-44;
51.

1. 1. Producer supply schedule for stock period.

(1) Farm household activities.

55, ch. 14;
49, ch. 6.

(2) Farm-firm activities.

55, ch. 14;
68, ch. 2.

1. 1. Demand schedule confronting producers restricted to stock period.

55, ch. 11;
68, ch. 2.

1. 1. Spot and forward markets.

38, ch. 10;
27;
42;
43;
32;
37;
28;
29;
6;
14;
54;
58;
69;
70.

1. Particular instabilities of farm product prices for time intervals longer than stock period (up to and including two production periods).

1. 1. Planned and unplanned variations in production (supply).

55, chs. 11, 12, 13;
40;
68, ch. 2.4;
12;
11;
1;
2b;
65;
13;
16;
61;
66.

1. 1. Shifts in demand schedule during relatively short periods.

55, ch. 11;
12;
68, ch. 2;
71;
8;
9;
17;
18;
22;
46;
56;
57;
59;
62;
63;
64.

Measures for reducing or accommodating farm product prices and income instability.

7;
44;
67;
26, pp. 247-252.

1. Particular abrupt and large shifts in the demand schedule.

55, pp. 344-346.

1. Large year to year changes in production.

55, ch. 19;
38, ch. 13;
2b;
3;
4;
15;
24;
25;
30;
34;
35;
36;
41;
48;
52;
53;
60.

1. Increasing the price elasticity of the relevant schedules.

55, pp. 349-358.

1. By way of accommodation.

55, pp. 358-366.

1. 1. Farms with more capacity to cope with price and income instability.
  2. Possibilities by storage.
  3. Safeguarding income during depressions.

Some research proposals

(to be based on III and the research interest of the student)

_________________________

T. W. Schultz
Spring, 1956

Economics 355 B
List of Readings

Barber, Lloyd, “Variability of Wheat Yields by Counties in the United States,” BAE (September, 1951).
(a) Barber, E. Lloyd, “Summerfallowing to Meet Weather Risks in Wheat Farming,” Agricultural Economics Research, III (October, 1951).

(b) Barton, Glen T. and Cooper, Martin R., “Relation of Agricultural Production to Inputs,” Review of Economics and Statistics, XXX (May, 1948).
Barber, E. Lloyd and Thair, Philip J., “Institutional Methods of Meeting Weather Uncertainty in the Great Plains,” Journal of Farm Economics, XXXII (August, 1950).
Barber, E. Lloyd, Meeting Weather Risks in Kansas Wheat Farming, Kansas Agr. Ext. Sta. and BAE Agr. Report 44 (September, 1950).
Bennett, M. K. and Associates, International Commodity Stockpiling as an Economic Stabilizer (Stanford: Stanford Univ. Press, 1949).
Blau, G., “Some Aspects of the Theory of Futures Trading,” The Review of Economic Studies, XI (1943-44).
Brownlee, O. H. and Johnson, D. Gale, “Reducing Price Variability Confronting Primary Producers,” Journal of Farm Economics, XXXII (May, 1950).
Burk, Marguerite, “Recent Relationships between Income and Food Expenditure,” Agricultural Economics Research, BAE, III (July, 1951).
___________, “Changes in the Demand for Food from 1941 to 1950,” Journal of Farm Economics,” XXXIII (August, 1951).
Clark, Colin, Conditions of Economic Progress, 2nd ed, (London: Macmillan, 1951).
Cochrane, Willard W., An Analysis of Farm Price Behavior, Progress Report Agricultural Experinent Station, Pennsylvania State College (May, 1951)
___________, “Farm Price Gyrations — An Aggregative Hypothesis,” Journal of Farm Economics, XXIX (May, 1947).
Day, Emily L. and Barber, Lloyd, Physical Risks in Farm Production, Selected References, 1930-1948. USDA Library, List 49 (August, 1949).
Dow, J. C. R., “A Theoretical Account of Futures Markets,” The Review of Economic Studies, VII (1939-40).
Ellickson, John C., “Hail Insurance on Growing Crops in the United States,” Agricultural Finance Review, BAE, XIII (November, 1950).
Foote, Richard J. and Bean, Louis H., “Are Yearly Variations in CropYield Random?” BAE, Agricultural Economics Research, III (January, 1951).
Fox, Karl A., “Factors Affecting Farm Income, Farm Prices and FoodConsumption,” Agricultural Economics Research, III (July, 1951).
___________ and Norcross, Harry C., “Agriculture and the General Economy,” Agricultural Economics Research, IV (January, 1952).
Friedman, Milton, “Commodity-Reserve Currency,” Journal of Political Economy. LIX (June, 1951).
Galbraith, John K., American Capitalism—The Concept of Countervailing Power (New York: Houghton Mifflin, 1952).
Galbraith, John K., “Economic Preconceptions and Farm Policy,” American Economic Review, XLIV (March, 1954).
Girschick, M. A. and Haavelmo, T., “Statistical Analysis of the Demand forFood,” Econometrica, XV (April, 1947).
Graham, Benjamin, Storage and Stability (New York: McGraw-Hill, 1937).
Halcrow, Harold G., “Actuarial Structure of Crop Insurance,”Journal of Farm Economics, XXXI (August, 1949).
___________, The Theory of Crop Insurance, Ph.D. Thesis, University of Chicago, 1948.
Haley, Bernard F. (ed.), A Survey of Contemporary Economics, Vol. I (Homewood, Ill.: Richard D. Irwin, 1952).
Hardy, C. O., “Recent Developments in the Theory of Speculation,” American Economic Review, XXVII (1937).
___________ and Lyon, L. S., “The Theory of Hedging,” Journal of Political Economy, XXXI (1923).
Hawtrey, R. G., “Mr. Kaldor on the Forward Market,” The Review of Economic Studies, VIII (1940-41).
Heisig, Carl P., “Income Instabillty in High Risk Farming Areas,” Journal of Farm Economics, XXVIII (1946).
Hicks, J. R., Value and Capital (Oxford: Clarendon Press, 1939).
Hicks, J. R., “Theory of Uncertainty and Profit,” Economica, VI (1939).
Hoos, Sidney,“Relations between Agricultural Price Policy and MarketingResearch,” Journal of Farm Economics, XXXIII (August, 1951).
Horton, Donald C., “Adaptation of the Farm Capital Structure to Uncertainty,” Journal of Farm Economics, XXXI (February, 1949).
___________, The Pattern of Farm Financial Structure, National Bureau of Economic Research, a preliminary draft (May, 1951).
___________ and Barber, E. Lloyd, “The Problem of Farm Business Survival in Areas of Highly Variable Rainfall,” Journal of Farm Economics, XXXI, Proceedings (November, 1942).
Houthakker, H. S., “A Proposed Inquiry into Some Markets with Forward Trading,” Cowles Commission Discussion Paper Economics 2036 and Agricultural Economics Research Paper No. 5211, March 21, 1952. Mimeo.
Johnson, D. Gale, Forward Prices for Agriculture (Chicago: University of Chicago Press, 1947).
___________, Trade and Agriculture: A Study of Inconsistent Policies (New York: John Wiley and Sons, 1950).
___________, “The Nature of the Supply Function for American Agriculture,” American Economic Review, XL (September, 1950).
Jones, Lloyd E.,“Stabilizing Farming by Shifting Wheat Land to Grass in Northern Great Plains,” Journal of Farm Economics, XXXII (August, 1950).
Kaldor, N., “A Note on the Theory of the Forward Market,”The Review of Economic Studies, VII (1939-40).
___________, “Speculation and Economic Stability,” The Review of Economic Studies, VII (1939-40).
Keynes, J. M., “The Policy of Government Storage of Food-Stuffs and Raw Materials,” Economic Journal, XLVIII (September, 1938).
Knight, Frank H., The Economic Organization (New York: Augustus M. Kelley, 1951).
Mack, Ruth P., “The Direction of Change in Income and the Consumption Function,” Review of Economics and Statistics, XXX (1948).
Mehrens, George L., “Comparative Costs of Agricultural Price Supportsin 1949,” Proceedings, American Economic Review, XLI (May, 1951).
Nebraska Agr. Exp. Sta., Toward Stability in the Great Plains Economy, Proceedings of a conference held at Custer, South Dakota in 1949. Agr. Exp. Sta. Bul. 399 (July, 1950).
Reid, M. G., Food for People (New York: Wiley, 1943).
Reifler, Winfield, “A Proposal for an International Buffer-Stock Agency,” Journal of Political Economy, LIV (December, 1946).
Robbins, Lionel,“Elasticity of Demand for Income in Terms of Effort,” Economica (1930).
Schickele, Rainer, “Farm Business Survival under Extreme Weather Risk,”Journal of Farm Economics, XXXI (November, 1949),
___________, “Farmers Adaptation to Income Uncertainty,” Journal of Farm Economics, XXXII (August, 1950).
Schultz, T. W., Production and Welfare of Agriculture (New York: Macmillan, 1949).
___________, The Economic Organization of Agriculture (New York: McGraw-Hill, 1953).
Schultz, Henry, The Theory and Measurement of Demand (Chicago: University of Chicago Press, 1938).
___________, “The Shifting Demand for Selected Agricultural Commodities, 1875-1929,” Journal of Farm Economics, XIV (April, 1932).
Stewart, Blair, An Analysis of Speculative Trading in Grain Futures, USDA Commodity Exchange Authority, Bul. No. 1001. October, 1942.
Stone, J. R. K., “Analysis of Market Demand,” Journal of the Royal Statistical Society, CVIII (1945).
Thair, Philip J., Stabilizing Farm Income against Crop Yield Fluctuations, Agr. Exp. Sta. North Dakota and BAE Bul. 362, September, 1950).
Timoshenko, P., “Variability in Wheat Yields and Outputs, Part I. Cycles or Random Fluctuations,” Wheat Studies of the Food Research Institute, XVIII (Stanford, California, 1942).
Tintner, Gerhard,“Multiple Regression for System of Equations,” Econometrics, XIV (January, 1946).
Tobin, James,“A Statistical Demand Function for Food in the U.S.A.,” Journal of the Royal Statistical Society, CXIII (1950), Part II.
U.S.D.A., BAE, Consumption of Food in the United States, 1909-48, Misc. Pub. 691 (August, 1949).
U.S.D.A., BAE, Farm Production Practices, Costs and Returns, Stat. Bul. 83 (October, 1949).
U.S.D.A., Fluctuations in Crops and Weather, 1866-1948, Stat. Bul. 101 (June, 1951).
Viner, Jacob, “International Finance in the Post-War World,”Lloyds Bank Review (October, 1946).
Waugh, Frederick V., Readings in Agricultural Marketing (Ames: Iowa State College Press, 1954).
Williams, J. B., “Speculation and the Carryover,” The Quarterly Journal of Economics, LI (1936).
Working, H. “Theory of the Inverse Carrying Charge in Futures Markets,” Journal of Farm Economics, XXX (1948).
Working, E. J., “Appraising the Demand for American Agricultural Output during Rearmament,” Journal of Farm Economics XXXIV, May, 1952.

Supplementary List #1

Bauer, P. T., West African Trade (Cambridge: The University Press, 1954), esp. Parts 3, 5, and 6.
___________ and Paish, F. , “The Reduction of Fluctuations in the Incomes of Primary Producers,” Economic Journal, LXII (December, 1952).
___________, “The Reduction of Fluctuations in the Incomes of Primary Producers Further Considered,” Economic Journal, LXIV, (December, 1954).
Friedman, Milton, “The Reduction of Fluctuations in the Incomes of Primary Producers: A Critical Comment, Economic Journal, LXIV (December 1954).
Gustafson, Robert L.,Optimal Carryover Rules for Grains, The University of Chicago RMA Study (January 31, 1954). Agricultural Economics Research Paper).
Heady, Earl O., Kehrberg, Earl W., and Jebe, Emil B., Economic Instability and Choices Involving Income and Risk in Primary or Crop Production, Res. Bul. 404 (January, 1954) Agric. Exp. Iowa State College.
Heady, Earl, “Diversification in Resource Allocation and Minimization of Income Variability,” Journal of Farm Economics XXXIV (November, 1952).
Johnson, D. Gale, “Competition in Agriculture: Fact or Fiction?”American Economic Review, Papers and Proceedings XLIV (May, 1954).
Kaldor, Donald R. and Heady, Earl O., An Exploratory Study of Expectations, Uncertainty and Farm Plans in Southern Iowa Agriculture, Res. Bul. 408 April, 1954) Agric. Exp. Sta. Iowa State College.
Kaplan, Marshall.On Estimating Demand Parameters With Special Reference to Food, AgriculturalEconomics Research Paper No. 5415. September 24, 1954.
Lee, Ivan M., “Temperature Insurance — An Alternative to Frost Insurancein Citrus,” Journal of Farm Economics, XXXV (February, 1953).
Nordin, J. A., Judge, George G., and Wohby, Omar, Application of Econometric Procedures to Demands for Agricultural Products, Res. Bul 410 (July, 1954) Agri. Exp. Sta. Iowa State College.
Tolley, George, “Minimizing Grain Storage Costs,” Journal of Farm Economics, XXXV (November, 1953).
Foreign Agricultural Service. Agricultural Market and Price Policies in Foreign Countries. Report No. 74 (September, 1953).

Source: Harvard University Archives. Papers of Zvi Griliches, Box 130, Folder “Syllabus and exams, 1955-1959”.

Image Source: T. W. Schultz, University of Chicago Photographic Archive, apf1-07484, Special Collections Research Center, University of Chicago Library. Colorized by Economics in the Rear-view Mirror.

Tags SchultzTW

Economic History Exam Questions Harvard Suggested Reading Syllabus

Harvard. Reading list and final exam for U.S. economic and financial history. Taussig and Gay, 1905-1906

Post author By Irwin Collier
Post date 2024-01-17

__________________________

Course Enrollment
1905-06

Economics 6 ²hf. Professor Taussig and Asst. Professor Gay. — Economic and Financial History of the United States.

Total 79: 14 Graduates, 15 Seniors, 37 Juniors, 10 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1905-1906, p. 72.

__________________________

READING FOR ECONOMICS 6
(1905-6)

Prescribed reading is indicated by an asterisk (*).

1. COLONIAL PERIOD.

*Ashley, Commercial Legislation of England and the American Colonies, Q.J.E., Vol. XIV, pp. 1-30; printed also in Surveys, pp. 309-335.

Schmoller, Mercantile System, pp. 57-80.

Beer, Commercial Policy of England, pp. 1-158.

Rabbeno, American Commercial Policy, pp. 3-91.

Eggleston, Agriculture and Commerce in the Colonies, The Century Magazine, Jan. and June, 1884, Vol. V, pp. 431-449; Vol. VI, pp. 234-256.

2. COMMERCE AND MANUFACTURES, 1776-1815.

*Hill, First Stages of the Tariff Policy of the United States, Amer Econ. Assn. Pub., Vol. VIII, pp. 107-132.

Pitkin, Statistical View of the United States, ed. 1835, ch. ix, pp. 368-412.

Rabbeno, American Commercial Policy, pp. 287-324, 95-145.

Hamilton, Report on Manufactures, in Taussig’s State Papers and Speeches on the Tariff, pp. 1-108.

3. REVOLUTIONARY AND NATIONAL FINANCE – WESTWARD MOVEMENT, 1776-1815.

*Dewey, Financial History of the United States, chs. ii-vi, pp. 33-141.

Bullock, Essays on the Monetary History of the United States, pp. 60-78.

Hamilton, Reports on Public Credit, Amer. State Papers, Finance, Vol. 1, pp. 15-37, 64-67.

Turner, Significance of the Frontier in American History, in Report of Amer. Hist. Assn., 1893, pp. 199-227.

Semple, American History and its Geographical Conditions, chs. iv, v, pp. 52-92.

4. FINANCE AND BANKING, 1815-1860.

*Dewey, Financial History, pp. 223-237, 252-262.

Sumner, Andrew Jackson, ed. 1886, pp. 224-249, 257-276, 291-342.

Catterall, The Second Bank of the United States, chs. xvi-vviii, pp. 376-403, 430-452.

Conant, History of Modern Banks of Issue, ch. xiv, pp. 310-347.

White, Money and Banking, chs. ix-xii, pp. 324-361.

5. TARIFFS AND MANUFACTURES, 1815-1860.

*Taussig, Tariff History, pp. 1-154.

Taussig, State Papers and Speeches on the Tariff, pp. 108-385.

Rabbeno, American Commercial Policy, 146-199, 325-383.

6. INTERNAL IMPROVEMENTS, 1815-1860.

*Callender, Early Transportation and Banking Enterprises, Q.J.E., Vol. XVII, pp. 111-162.

Chevalier, Society, Manners, and Politics in the United States, chs. vii, xx, xxi, pp. 80-87, 209-276.

Pitkin, Statistical View (1835), Vol. XII, pp. 531-581.

Gallatin, Plan of Internal Improvements, Amer. State Papers, Misc., Vol. I.

Tanner, Railways and Canals of the United States. See, especially, the map.

7. LAND POLICY AND AGRICULTURE, 1815-1860.

*Hart, Practical Essays on American Government, pp. 233-257.

*Hammond, Cotton Industry, ch. iii, pp. 67-119.

Donaldson, Public Domain.

Sato, History of the Land Question in the United States, Johns Hopkins University Studies, 4th series, nos. 7-9, pp. 127-181.

8. POPULATION AND SLAVERY, 1815-1860.

*Cairnes, Slave Power, chs. ii, iii, v, pp. 34-93, 120-150.

Hammond, Cotton Industry, ch. ii, pp. 34-60.

Semple, American History and its Geographic Conditions, ch. ix, pp. 150-177.

9. FINANCE, BANKING, AND CURRENCY PROBLEMS, 1860-1900.

*Dewey, Financial History, chs. xii, xiii, xx, pp. 271-330, 463-473.

*Noyes, Thirty Years of American Finance, chs. i, ii, iii, x, pp. 1-72, 234-254.

Taussig, Silver Situation, pp. 1-157.

Dunbar, National Banking System, Q.J.E., Vol. XII, pp. 1-36.

10. TRANSPORTATION; TARIFF.

*Taussig, Tariff History, pp. 155-230.

Industrial Commission, Vol. XIX, pp. 466-481.

Johnson, American Railway Transportation, chs. ii, ii, v, pp. 13-38, 52-68.

Taussig, Contribution to the Theory of Railway Rates, Q.J.E., Vol. V, pp. 438-465.

Hadley, Railroad Transportation, pp. 24-56.

11. INDUSTRIAL EXPANSION AND TARIFF.

*Taussig, Tariff History, pp. 230-409.

Stanwood, American Tariff Controversies, Vol. II, pp. 243-394.

Taussig, Iron Industry, Q.J.E., Vol. XIV, pp. 143-170, 475-508.

Industrial Commission, Vol. XIX, pp. 485-519, 544-569.

Twelfth United States Census, Vol. IX, pp. 1-16; Vol. X, pp. 723-743.

Taussig, Wool and Woolens, Q.J.E., Vol. VIII, pp. 1-39.

Wright, Wool-growing and the Tariff since 1890, Q.J.E., Vol. XIX, pp. 610-647.

Willoughby, Integration of Industry in the United States, Q.J.E., Vol. XVI, pp. 94-115.

12. AGRICULTURE AND OPENING OF THE FAR WEST.

*Industrial Commission, XIX, pp. 43-123, 134-168.

Hammond, Cotton Industry, Book I, chs. iv-vii, ix, pp. 120-228, 324-356.

Adams, The Granger Movement, North American Review, Vol. CLXXV, pp. 394-424.

13. COMMERCE AND SHIPPING.

*Meeker, Shipping Subsidies, Pol. Sci. Qr., Vol. XX, pp. 594-611.

*Noyes, Recent Economic History of the United States, Q.J.E., Vol. XIX, pp. 167-209.

Wells, Our Merchant Marine, chs. i-v, pp. 1-94.

14. WAGES AND THE LABOR PROBLEM.

*Levasseur, American Workman, pp. 436-509.

Mitchell, Organized Labor.

Industrial Conciliation, National Civic Federation.

Wright, Industrial History of the United States, Part III, pp. 231-322.

15. IMMIGRATION AND THE RACE QUESTION.

*Mayo-Smith, Emigration and Immigration, chs. iii, iv, pp. 33-78.

Tillinghast, Negro in Africa and America, pp. 102-227.

Hoffman, Race Traits and Tendencies of the American Negro, pp. 141-148, 170-176, 310-329.

Washington, Future of the American Negro, pp. 3-244.

Mayo-Smith, Emigration and Immigration, pp. 79-167, 227-283.

Walker, Discussions in Economics and Statistics, Vol. II, pp. 417-434.

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

__________________________

ECONOMICS 6
Year-end Examination, 1905-06

Describe the history of the agitation for “cheap money” in the United States; the forms assumed both before and after 1860, its causes and the probability of its recurrence.
Compare critically the financing of the Revolutionary War, the Civil War, and the Spanish War.
(a) Summarize the principal features of our tariff legislation from the close of the Civil War to the Dingley Tariff.
(b) What has been the effect of the tariffs on the iron and steel industry?
Give the history of the Union Pacific Railroad and its relations to the government.
Account for the changes in the character of the foreign trade of the United States in respect to the excess of imports or of exports.
Take one of the following questions:
Discuss the significance and causes of the increase of farm tenancy and the rural exodus.
What can you say as to agricultural conditions in the South before and since the Civil War? What about the negro problem?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 8, Bound volume: Examination Papers, 1906-07; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1906), pp. 31-32.

Image Source: Portraits of Frank William Taussig and Edwin Francis Gay from the Harvard Class Album 1906.

Tags Gay, Sprague, Taussig

Exam Questions Harvard International Economics Suggested Reading

Harvard. Undergraduate International Economics. Book list and final exam. Caves, 1963-1964

Post author By Irwin Collier
Post date 2024-01-04

While the memo to the libraries promises a full reading list for the course on international trade and finance to come as soon as possible, there was no copy of Richard Caves’ full reading list for the first semester of 1963-64 to be found with other economics course syllabi in the Harvard archives. Still the twenty items arranged in approximate order of use together with the final exam questions for the course give us a good idea of the course content.

________________________

Course Announcement

Economics 148. International Trade: Basic Facts and Policies

Half course (fall term). Tu., Th., (S.), at 12. Professor Caves

Treats such problems as the balance of payments, the dollar market, capital movements, exchange rates, exchange control, European integration and the relation of domestic and international policies.

Source: Harvard University. Faculty of Arts and Science. Courses of Instruction for Harvard and Radcliffe. Official Register of Harvard University, Vol. LX, No. 21 (September 4, 1963) p. 104.

________________________

Book list for Economics 148

September 11, 1963

To: Lamont, Radcliffe, Littauer Libraries
From: Richard E. Caves
Subject: book list for Economics 148, Fall Semester, 1963-64

The following books and other special materials which I plan to assign for Economics 148 (“International Trade: Basic Facts and Policies”) are arranged in the approximate order of use during the term. Heavy assignments will be made in those titles preceded by an asterisk; in general, only relatively short passages will be assigned from other titles.

Students will be urged to purchase as a basic text Charles P. Kindleberger, International Economics, 3rd ed. (Homewood, Ill.: Richard 3 D. Irwin, 1963). I expect an enrollment in the course about the same as last year, 90 to 100.

A full reading list will follow as soon as possible.

Lary, Hal B. Problems of the United States as World Trader and Banker. New York: National Bureau of Economic Research, 1963.

Allen, W. R., and Allen, C. L., eds. Foreign Trade and Finance: Essays in International Economic Equilibrium and Adjustment. New York: Macmillan, 1959.

Meier, Gerald M. International Trade and Development. New York: Harper and Row, 1963.

Kenen, Peter B. Giant Among Nations: Problems in United States Foreign Economic Policy. Chicago: Rand, McNally, 1963.

Daedalus, Summer and Fall numbers, 1962.

Vaccara, Beatrice N. Employment and Output in Protected Manufacturing Industries. Washington, D.C.: Brookings Institution, 1960.

Myrdal, Gunnar. An International Economy: Problems and Prospects. New York: Harper & Bros., 1956.

Triffin, Robert. Europe and the Money Muddle. New Haven: Yale University Press, 1957.

*Salant, Walter S. et al. The United States Balance of Payments in 1968, Washington, D.C. Brookings Institution, 1963.
[Note: Chapters 2-9 were the Reading Period assignments]

Harris, Seymour E., ed. The Dollar in Crisis. New York: Harcourt, Brace & World, 1961.

*Factors Affecting the United States Balance of Payments, Compilation of Studies, U.S. Congress, Joint Economic Committee, Subcommittee on International Exchange and Payments, 87th Congress, 2nd session. Washington, D. C.: Government Printing Office, 1962.

Tew, Brian. International Monetary Cooperation, 1945-1956. London: Hutchinson’s University Library, 1956.

Tew, Brian, The International Monetary Fund: Its Present Role and Future Prospects. Essays in International Finance, No. 36. Princeton, N.J.: International Finance Section, Princeton University, 1961.

Machlup, Fritz. Plans for Reform of the International Monetary System, Special Papers in International Economics, No. 3. Princeton, N.J.: International Finance Section, Princeton University, 1962.

Tinbergen, Jan. Shaping the World Economy: Suggestions for an International Economic Policy. New York: Twentieth Century Fund, 1962.

Asher, Robert E. Grants, Loans, and Local Currencies: Their Role In Foreign Aid. Washington, D. C.: Brookings Institution, 1961.

Millikan, M. F., and W. W. Rostow. A Proposal: Key To An Effective Foreign Policy. New York: Harper & Bros., 1957.

Mikesell, R. F. Promoting United States Private Investment Abroad. Washington, D.C. National Planning Association, 1957.

*Balassa, Bela. The Theory of Economic Integration. Homewood, Ill.: Richard D. Irwin, 1961.

Sannwald, Rolf F., and Jacques Stohler. Economic Integration: Theoretical Assumptions and Consequences of European Integration. Princeton, Princeton University Press, 1959.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 8, Folder “Economics, 1963-1964”.

________________________

HARVARD UNIVERSITY
Department of Economics

Economics 148
Final Examination
January 21, 1964

Answer question No. 1 and three of the remaining five. The answers to all questions will be weighted equally.

Describe the basic model used in the Brookings report (The United States Balance of Payments in 1968) to forecast the balance of payments and evaluate its completeness and correctness in terms of international trade theory.
(Note: Make sure that you distinguish between the structure of the model and the assumptions made about independent variables used in the model.)
Do underdeveloped countries face a conflict between the “gains from trade” and the “gains from growth”?
Discuss critically the arguments which have been advanced for the restriction of imports by developing countries, distinguishing between arguments for across-the-board restrictions and those for restricting the inflow of particular types of commodities.
A country devalues its currency. Show how the price and income adjustment mechanisms respond to affect the balance of payments. Would you normally expect the balance to improve? Is it possible for no net improvement to occur, although the price effect is favorable?
Discuss the elements of the “international liquidity problem.” Would the problem disappear if the United States balance of payments (miraculously) returned to equilibrium? Appraise the extent to which at least two of the proposals for dealing with the liquidity problem would solve the essential elements of that problem, as you see them.
A country forms a customs union with another. Illustrate the following effects for any one traded commodity, using diagrams, and assuming that the world’s and the partner country’s supply functions are perfectly elastic, while the domestic supply and demand functions are neither perfectly elastic nor perfectly inelastic:
1. Tariff revenue foregone
2. Transfer from the government to the consumers
3. Transfer from domestic producers to consumers
4. Change in consumers’ surplus
5. Trade creation
6. Trade diversion
  Briefly, how might the net effect (gain or loss) of the union on the country’s welfare be measured?
Can industrialized countries increase their rates of economic growth by forming customs unions? Appraise the possible gains from faster growth in the setting of Western European economies. Could some of the effects of a customs union hamper growth, either among members or in excluded countries?

Source: Harvard University Archives. Social Sciences. Final Examinations January 1964 (HUC 7000.28, vol. 150).

Image Source: Harvard Square Snowstorm, February 1964. Boston Public Library, Boston Herald-Traveler Photo Morgue Collection. Copy downloaded from the Digital Commonwealth website.

Tags Caves

Federal Government Statistics Suggested Reading

Government Statistics. Centenary History of the U.S. Survey of Current Business. Reamer, 2020

Post author By Irwin Collier
Post date 2024-01-02

While trawling the internet for a ca. 1920 photo of Edwin Francis Gay for another post (coming attraction), I found the following history of the Department of Commerce’s publication “Survey of Current Business” commissioned for the occasion of the centenary celebration of its founding. We encounter Herbert Hoover, Wesley Clair Mitchell, Edwin Francis Gay, and Simon Kuznets on page one of the history…

_______________________

The Origins of
the Survey of Current Business:
A Window on the Evolution of Economic Policy, Research, and Statistics

By Andrew D. Reamer

For decades, the Survey of Current Business, the flagship monthly publication of the Bureau of Economic Analysis (BEA), has provided macro-, industry, international, and regional economists with data, analysis, and methodological research concerning the national economic accounts. This was not always so.

The Survey was founded in July 1921 as Department of Commerce (DOC) Secretary Herbert Hoover’s primary tool to promote macroeconomic stabilization. Specifically, the Survey published current, detailed industry-specific data from hundreds of public and private secondary sources so businesses might make better operational and investment decisions. One decade and a Great Depression later, the extensive statistical clearinghouse feeding the Survey became the foundation for Simon Kuznets’ famed study of national income and the subsequent development of national economic accounting.

The Survey’s creation and its later repurposing were the results of efforts by economists Edwin Gay and Wesley Mitchell, largely through a series of collaborations with Hoover between 1921 and 1933. As members of Hoover’s Joint Census Advisory Committee, Gay and Mitchell recommended the Survey’s development, modeled on the statistical clearinghouse they created to guide federal economic planning in the First World War. As founding leaders of the National Bureau of Economic Research (NBER), they guided path-setting studies of national income and business cycles, several commissioned by Hoover; trained and hired Kuznets, who contributed to several NBER studies, including one for Hoover; and detailed Kuznets to the DOC to prepare the groundbreaking national income report.

This article begins by describing the Survey’s role in economic stabilization policy in the 1920s and the development of national economic accounting in the 1930s. The succeeding sections unpack this story by delving into how the Survey came to play these successive roles, particularly through Gay, Mitchell, and Hoover’s efforts. …

Source: From “Chronicling 100 Years of the U.S. Economy,” Survey of Current Business Vol. 100, No. 10 (October 2020)

Links to archived versions of the full article: htm; pdf.

Image Source: Secretary of Commerce Herbert Hoover, ca.1921. From the blog of the Herbert Hoover Presidential Library and Museum.

Tags Gay, Kuznets, Mitchell

Computing Socialism Suggested Reading Syllabus

Columbia. Structure of the Soviet Economy, Reading assignments. Bergson, 1954-1955

Post author By Irwin Collier
Post date 2023-11-21
1 Comment on Columbia. Structure of the Soviet Economy, Reading assignments. Bergson, 1954-1955

Abram Bergson was forty-years old and well on the way to becoming the “Dean of Soviet Economics” in the United States when he taught the following course on the structure of the Soviet Economy at Columbia University.

Bergson, along with my Yale professors Mike Montias and Ray Powell together with my M.I.T. dissertation supervisor Evsey Domar, got me hooked on the economic theory of index numbers. For my fellow index number nerds I link to a draft of my homage à Bergson “The ‘Welfare Standard’ and Soviet Consumers” that I presented at the Abram Bergson memorial conference (published in Comparative Economic Studies, 2005, vol. 47, issue 2, pp. 333-345).

The reading list for Bergson’s Economics of Socialism (Harvard, 1977) has been posted earlier at Economics in the Rear-view Mirror.

________________________

Course Announcement

Economics 145 (Russian Institute)—Structure of the Soviet Economy. 2 pts. Professor Bergson
Tu. Th. 11. 403 Schermerhorn.

Analytical and statistical survey of the growth, operating principles, and organization of the economy of the Soviet Union under the Five-Year Plans, with attention to resources, population and labor, agriculture, industry, and domestic and foreign trade.

Source: Announcement of the Faculty of Political Science for the Winter and Spring Sessions, 1954-1955. Printed as Columbia University, Bulletin of Information. Vol. 54, No. 123 (June 19, 1954), p. 36.

________________________

COLUMBIA UNIVERSITY
RUSSIAN INSTITUTE

Winter Session, 1954-55

Economics 145
Structure of the
Soviet Economy

THE RATE OF ECONOMIC GROWTH UNDER THE FIVE YEAR PLANS: ALTERNATIVE MEASURES.

Assigned Reading

Clark, C.; Gerschenkron, A.: “Russian Income and Production Statistics,” Review of Economic Statistics, Nov. 1947.

Dobb, M., “A Comment on Soviet Economic Statistics,” Soviet Studies, June 1949.

Gerschenkron, A., A Dollar Index of Soviet Machinery Output, The RAND Corporation 1951, Chs. 1-4.

Jasny, N., The Soviet Economy during the Plan Era, Stanford 1951.

Kaplan, N.M., “Arithmancy, Theomancy and the Soviet Economy,” Journal of Political Economy, April 1953.

Bergson, A., “Reliability and Usability of Soviet Statistics: Summary Appraisal,” American Statistician, June-July 1953.

Chapman, J. “Real Wages in the Soviet Union, 1928-52, Review of Economics and Statistics, May 1954.

Other References:

Baykov, A., “Postwar Economic Development….”, Univ. of Birmingham Bulletins, May 1953.

Bergson, A., “Soviet National Income: and Product in 1937,” New York 1953.

Clark, C., “The Valuation of Real Income in the Soviet Union,” Review of Economic Progress, Feb. and Mar. 1949.

Dobb, M., “A Comment on Soviet Statistics,” Review of Economic Statistics, Feb. 1948.

Harris, S.E.; Gerschenkron, A.; Bergson, A.; Baran, P.; and Yugow, A.: “Appraisals of Russian Economic Statistics,” Nov. 1947.

Hodgman, D., “Industrial Production,”;and Galenson, W., “Industrial Labor Productivity,” in Bergson, A., ed., Soviet Economic Growth, Evanston, Ill., 1953.

Kasdan, S., “Relationship between Machinery and Steel Production in Russia and the United States,” Review of Economics and Statistics, Feb. 1952.

Rice, S.; Schwartz, H.; Lorimer, F.; Gerschenkron, A.; Volin, L., “Reliability and Usability of Soviet Statistics,” American Statistician, April-May, June-July 1953.

Wyler, J., “The National Income of the Soviet Union,” Social Research Dec. 1946.

SOVIET ECONOMIC GROWTH: SURVEY OF CONDITIONS AND PERSPECTIVES.

Assigned Reading

Grossman, G., “National Income”; Kaplan, N.M., “Capital Formation and Allocation”;

“Industrial Resources”; and Comments on foregoing in Bergson, Soviet Economic Growth.

“Directives on the Fifth Five Year Plan,” pp. 21-28, Malenkov Report, pp. 106-115, in L. Gruliow, ed., Current Soviet Policies, New York, 1953.

Dobb, M., “Rates of Growth under the Five Year Plans,” Soviet Studies, April 1953.

Other References

Balzak et al., Economic Geography of the USSR, New York 1949.

Blackman, J.A., „Transportation,” and comments on this essay in Bergson, Soviet Economic Growth.

Hoeffding, O., Soviet National Income and Product in 1928, New York 1954.

Bergson, A. and Heymann, H., “Soviet National Income and Product 1940-48.”

Schwartz, H., Russia’s Soviet Economy, 2nd ed. New York 1954, Ch. XV.

Shimkin, D., Minerals—A Key to Soviet Power, Cambridge, 1953.

Wiles, Peter, “Soviet Russia Outpaces the West,” Foreign Affairs, July 1953.

AGRICULTURE AND ECONOMIC GROWTH: THE DECISION ON COLLECTIVIZATION.

Assigned Reading

Dobb, M., Soviet Economic Development since 1917, New York 1948, Chs. VIII-IX.

Erlich, A., “Preobrajenski and the Economics of Soviet Industrialization, Quarterly Journal of Economics, Feb. 1950.

Stalin, J.V., Selected Writings. “On the Grain Front,” “Right Danger,” “Right Deviation,” “Problems of Agrarian Policy,” “The Policy of Eliminating the Kulaks as a Class,” “Dizzy with Success.”

Other References

Baykov, A., Development of the Soviet Economic System, New York, 1946, Ch. XII.

Dobb, M. Soviet Economic Development since 1917, Ch. X.

Maynard, J., Russia in Flux, New York 1948, Chs. XVI, XIX.

AGRICULTURE AND ECONOMIC GROWTH: TRENDS UNDER THE FIVE YEAR PLANS: PERSPECTIVES.

Assigned Reading

Schwartz, H. Russia’s Soviet Economy, Chs. VIII, IX.

Jasny, N., The Socialized Agriculture of the USSR, Stanford 1949, pp. 1-99.

Timoshenko, V.P., “Agricultural Resources”; Kershaw, J., “Agricultural Output and Employment”; and comments on these essays in Bergson, Soviet Economic Growth.

Volin, L., “The Malenkov-Khrushchev New Economic Policy”, Journal of Political Economy, June 1954.

Other References

Baykov, Development of the Soviet Economic System, Ch. XVII.

Baykov., A., “Agricultural Development in the USSR,” Univ. of Birmingham, Bulletins on Soviet Economic Development, December 1951, May 1953.

in, G.; Schwarz, S.; and Yugow, A., Management in Russian Industry and Agriculture, New York 1944. Ch. X – XVII.

Finegood, I.M., “A Critical Analysis of Some Concepts Concerning Soviet Agriculture,”

Soviet Studies, July 1952.

Hubbard, L.E., Economics of Soviet Agriculture, London 1939.

Maynard, Russia in Flux, Ch. XX.

Schlesinger, R.A.J., “Some Problems of Present Kolkhoz Organization, Soviet Studies, April 1951. See also the further discussion by Jasny, Nove and Schlesinger in Soviet Studies, Oct. 1951, Jan. 1952.

Volin, L., “Turn of the Screw in Soviet Agriculture,” Foreign Affairs, Jan. 1952.

LABOR RECRUITMENT AND WAGE POLICY; INEQUALITY

Assigned Reading

Bergson, A., Structure of Soviet Wages, Cambridge, Mass., 1944 Chs. IV, X – XIV, Conclusion and Appendix F.

Inkeles, A., “Social Stratification and Mobility in the Soviet Union: 1940-1950,” American Sociological Review, August 1950.

Deutscher, I., Soviet Trade Unions, New York 1950.

Gsovski, V., Soviet Labor Law, Monthly Labor Review, March, April 1951.

Other References

Barker, G.R., “Soviet Labor,” Univ. of Birmingham, Bulletins on Soviet Economic Development, June 1951.

Baykov, Development of the Soviet Economic System, Chs. XIII, XVIII.

Bergson, “On Inequality of Incomes in the USSR,” American Slavic and East European Review”, April 1951.

Bienstock, Schwarz and Vugow, Management in Soviet Industry and Agriculture, Ch. VIII.

Dobb, Soviet Economic Development since 1917, Ch. XVI.

Eason, W.W., “Population and Labor Force,” and comments in Bergson, Soviet Economic Growth.

Gordon, M. Workers before and after Lenin, New York 1941.

Hubbard, L.E., Soviet Labor and Industry, London 1942.

Schwartz, Russia’s Soviet Economy. Ch. XIII.

Schwarz, Solomon, Labor in the Soviet Union, New York 1952.

FISCAL POLICY AND THE PRICE LEVEL

Assigned Reading

Berliner, J. S., “Monetary Planning in the USSR,” American Slavic and East European Review, Dec. 1950.

Dobb, Soviet Economic Development since 1917. Ch. XIV.

Holzman, F.D, “Commodity and Income Taxation in the Soviet Union,” Journal of Political Economy, Oct. 1950.

Holzman, F.D, “The Soviet Budget, 1928-1952,” National Tax Journal, Sept. 1953.

Other References

Arnold, A.Z., Banks, Credit and Money in Soviet Russia. New York 1937.

Baran, P.A., “Currency Reform in the USSR,” Harvard Business Review, March 1948.

Baykov, Development of the Soviet Economic System. Ch. XIX.

Baykov, A. and Barker G.R. “Financial Developments in the USSR,” Univ. of Birmingham, Bulletins on Soviet Economic Development, August 1950.

Bergson, A., Soviet National Income and Product in 1937. New York 1953.

Holzman, F.D., “The Burden of Soviet Taxation,” American Economic Review, Sept. 1953.

Bogolepov, M.I., The Soviet Financial System. (Pamphlet) London 1945.

Hubbard, L.E., Soviet Money and Finance, London 1936.

Reddaway, W.B., The Russian Financial System, London 1935.

Schwartz, Russia’s Soviet Economy. Ch. XII.

Davies, R.W., “Finance,” Univ. of Birmingham, Bulletins on Soviet Economic Development, December 1952.

THEORY OF SOCIALIST ECONOMICS

Assigned Reading

Dobb, Soviet Economic Development since 1917, Ch. I.

Lange, O., “On the Economic Theory of Socialism,” In B. Lippincott, ed., O. Lange, F. Taylor, On the Economic Theory of Socialism, Minneapolis 1938.

Other References

Bergson, A., “Socialist Economics,” in H. Ellis, ed. A Survey of Contemporary Economics, Philadelphia 1948.

Dickinson, H.D., Economics of Socialism, Oxford 1939.

Dobb, M., Political Economy and Capitalism, New York 1940.

Hayek, F.A., ed., Collectivist Economic Planning, London 1935.

Lenin, V.I. State and Revolution.

Marx, K., Critique of the Gotha Programme, Political Economy in the Soviet Union (Pamphlet) New York, International Publishers, 1944.

Stalin, J., Economic Problems of Socialism in the USSR, Moscow, 1952.

ECONOMICS OF THE FIRM

Assigned Reading

Bienstock, Schwarz and Yugow: Management in Russian Industry and Agriculture, Chs. I — VI, IX.

Granick, D., “Initiative and Independence of Soviet Plant Management,” Plant Management, American Slavic and East European Review, Oct. 1951.

Berliner, J., “The Informal Organization of the Soviet Firm,” Quarterly Journal of Economics, August 1952.

Other References

Arakelian, A., Industrial Management in the USSR, Washington, D.C. 1950.

Baykov, Development of the Soviet Economic System, Chs. XI, XVI.

Granick, D., Management of the Industrial Firm in the USSR, New York 1954.

Hubbard, L.E., Soviet Labor and Industry.

GENERAL PLANNING

Assigned Reading

Baykov, Development of the Soviet Economic System, Chs. XIV, XV, XX.

Dobb, Soviet Economic Development since 1917, Ch. I, XIII.

Hunter, H., “Planning of Investments in the Soviet Union,” Review of Economic Statistics, February 1949.

Grossman, G., “Scarce Capital and Soviet Doctrine,” Quarterly Journal of Economics, Aug. 1953.

Jasny, N., The Soviet Price System, Stanford 1951, Chs. I-IV.

Other References

Bettleheim, C., “On the Problem of Choice between Alternative Investment Projects,” Soviet Studies, July 1950.

Brutzkus, B., Economic Planning in Soviet Russia, London 1935.

Dobb, M., “The Problem of Choice between Alternative Investment Projects,” Soviet Studies, January 1951.

Eason, W., “On Strumilin’s Model,” Soviet Studies, April 1950.

Jasny, N., Soviet Prices of Producers’ Goods, Stanford 1952.

Kaplan, N., “Investment Alternatives…,” Jour. of Polit. Econ., April 1952.

Kursky, A., The Planning of the National Economy of the USSR, Moscow 1949.

Lange, O., The Working Principles of the Soviet Economy, New York 1943. (Pamphlet)

Miller, J., “Some Recent Developments in Soviet Economic Thought,” Soviet Studies, September 1949.

Miller J., ed., “Three Articles on the Effectiveness of Investments,” Soviet Studies, April 1950.

“Problems of Planning Capital Investment,” The Current Digest of the Soviet Press, Vol. II, No. 1, Feb. 18, 1950. “Planning Capital Investment II,” The Current Digest of the Soviet Press, Vol. II, No. 3, March 4, 1950.

Schwartz, Russia’s Soviet Economy, Ch. V.

Zauberman, “Economic Thought in the Soviet Union,” Review of Economic Studies, 1949-1950, Nos. 39-40.

Zauberman, A., “Prospects for Soviet Investigations into Capital Efficiency,” Soviet Studies, April, 1950.

FOREIGN ECONOMIC RELATIONS

Assigned Reading

Gerschenkron, A., Economic Relations with the USSR (The Committee on International Economic Policy in Cooperation with the Carnegie Endowment for International Peace), New York 1943.

Hoeffding, O., “Soviet Economic Relations with the Orbit”; Schwartz, H., “East-West Trade”; and comments on these essays in Bergson, Soviet Economic Growth.

Other References

Baykov, A., Soviet Foreign Trade, Princeton 1946, Chs. II – VI.

Condoide, M.V., Russian-American Trade, Columbus, Ohio 1946.

Dewar, M., Soviet Trade with Eastern Europe, New York 1951.

Gerschenkron, A., “Russia’s Trade in the Postwar Years,” The Annals, May 1949.

Kerblay, B.H., “Economic Relations of the USSR…,” Univ. of Birmingham, Bulletins on Soviet Economic Development, March 1951.

Schwartz, Russia’s Soviet Economy, Ch. XIV.

Yugow, A., Russia’s Economic Front for War and Peace, Ch. V.

Source: Columbia University Libraries, Manuscript Collections. Joseph Dorfman Collection, Box 13, Unlabeled Folder containing miscellaneous course reading lists.

Image Source: Tourist Card for Citizens of American Countries for a Thirty-Day Stay in Brazil (20 Aug. 1962) of Abram Bergson.

Tags Bergson

Harvard. Junior Year Seminar/Tutorial Reading Assignments. Caves, 1964-1965

Post author By Irwin Collier
Post date 2023-11-05

The evolution of the Harvard tutorial system as an integral aspect of its undergraduate economics program is a subject worthy of a long essay. For now we simply add the following snapshot of the “Tutorial for Credit, Junior Year” that Richard Caves had been tasked to reform when he joined the Harvard faculty in the 1962-63 academic year. This post provides the reading lists for the third iteration of Caves’ seminar/tutorial model that replaced the earlier lecture/tutorial model.

As far as content goes, the 1964-65 version of Economics 98 can be seen to have attempted an ambitious, advanced intermediate coverage of mainstream micro- and macroeconomics.

Harvard’s Memorial Minute for Richard Earl Caves (1931-2019).

____________________________

Course Announcement

*Economics 98a. Tutorial for Credit — Junior Year

Half course (fall term). Tu., 2-4, and tutorial meetings to be arranged. Professor Caves, Assistant Professor T. A. Wilson, Dr. Brunt and other Members of the Department.

*Economics 98b. Tutorial for Credit — Junior Year

Half course (spring term). Tu., 2-4, and tutorial meetings to be arranged. Professor Caves, Assistant Professor T. A. Wilson, Dr. Brunt and other Members of the Department.

Economics 98a will deal with micro-economic and 98b with macro-economic theories and policies. These seminars will serve as preparation for more specialized training in their subject matter in Group IV graduate and undergraduate courses. Economics 98a and 98b are required of all honors candidates and are open to non-honors candidates with the permission of the instructor.

The courses will consist of both seminar and tutorial, normally with one seminar and one tutorial session a week.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1964-1965, p. 106.

____________________________

Harvard Crimson Article on the New Junior Seminars
May 16, 1962

Ec. 98 Will Be Taught in Small Seminar Units
Lecture Format Found Unwieldy

By Richard B. Ruge

The Economics Department announced yesterday that four seminar-groups of approximately 20 students each will replace the once weekly lectures in Ec. 98, or tutorial for credit, and that an associate professor at the University of California has been appointed to head the new junior tutorial program.

John T. Dunlop, chairman of the Department, said that increased enrollment in 98 had made lecture presentation of the subject matter — the central core of economic concepts — ineffective. Since Gill Plan opened tutorial for credit all concentrators, the number of students in the course has jumped to 80.

Dunlop declared that the use of two-hour, smaller seminar discussion groups meeting once a week is “more properly the spirit of tutorial, will improve a level of instruction, and will allow the students and professors to develop their own interests more thoroughly and participate in good give-and-take discussions.”

The seminars will split into smaller groups of four of five students, meeting once a week for 90 minutes to present and discuss papers. These groups will focus on the major aspect of economic thought considered in the larger seminars.

Caves to Head Program

Heading the program will be [Richard] Caves, who will become professor of economics on July 1. An expert on industrial organization, Caves worked on a new foreign trade program as deputy special assistant to the President in 1961. He received his M.A. and Ph.D. from Harvard before joining the faculty at California.

Source: The Harvard Crimson, May 16, 1962.

____________________________

Tutorial Assignments for Ec 98a Fall 1964

Harvard University
Department of Economics

Economics 98a
List of Suggested Tutorial Assignments
August 17, 1964

This list includes items which tutors may find helpful as assignments for discussion in tutorial sections, bases for small projects or papers, and the like. Many but not all have been used successfully for these purposes in the past. A few items contain mathematical or statistical complexities that make them suitable only for students with special backgrounds. Make sure that you check any item before using it.

If time permits, a more complete list will be prepared and issued at the beginning of the semester. Suggestions for additions from the tutors would be appreciated, as would reports of adverse experiences with any of the following items.

R.E.C.

Consumer behavior [sic, “1. Introduction” not included here]

Becker, Gary S., “Irrational Behavior and Economic Theory,” Journal of Political Economy, February, 1962, 1-13

Houthakker, H.S., “An International Comparison of Household Expenditure Patterns, Commemorating the Centenary of Engel’s Law,” Econometrica October, 1957, 532-551

U.S. Department of Agriculture, Technical Bulletins on Demand Analysis, No. 1253 (meat), 1168 (dairy products), 1136 (wheat)

Alchian, A., “The Meaning of Utility Measurement,” American Economic Review, March, 1953, 26-50

Ellsberg, D., “Classic and Current Notions of Messurable Utility,” Economic Journal, September, 1954, 528-556

Friedman, M., and L.J,. Savage, “The Utility Analysis of Choices Involving Risk,” Am. Econ. Assn., Readings in Price Theory, chap. 3

Theory of the firm

Hirshleifer, J., “An Exposition of the Equilibrium of the Firm: Symmetry between Product and Factor Analyses,” Economica, August, 1962, 263-268

Scott, R.H., “Inferior Factors of Production,” Quarterly Journal of Economics, February, 1962, 86-97

Apel, H., “Marginal Cost Constancy and Its Implications,” American Economic Review, December, 1948, 870-886

Hitch, C.J., and R.N. McKean, The Economics of Defense in the Nuclear Age, chaps. 7, 8

Cookenboo, Leslie, Jr., Crude Oil Pipe Lines and Competition in the Oil Industry, chap. 1

F.T. Moore, “Economies of Scale: Some Statistical Evidence,” Quarterly Journal of Economics, May, 1959, 232-245; also discussion August, 1960, 493-499

Alexander, Sidney, “The Effect of Size of Manufacturing Corporation on the Distribution of the Rate of Return,” Review of Economics and Statistics, August, 1949, 229-235

Johnston, J., Statistical Cost Analysis, chap. 4 (secs, 1, 3, 4); chap. 5; chap. 6 (pp. 186-194)

Staehle, Hans, “Measurement of Statistical Cost Functions,” American Economic Review, June, 1942; Readings in Price Theory, chap. 13

Eiteman, W.J., and G.E. Guthrie, “The Shape of the Average Cost Curve,” American Economic Review, December, 1952, 832-839

Hall and Hitch, “Price Theory and Business Behavior,” in T. Wilson, ed., Oxford Studies in the Price Mechanism

Earley, J.S., “Recent Developments in Cost Accounting and the ‘Marginal Analysis’,” Journal of Political Economy, June, 1955, 227-242

Earley, J.S., “Marginal Policies of ‘Excellently Managed Companies,” American Economic Review, March, 1956, 44-70

Grayson, C.J., Decisions under Uncertainty, pp. 233-278

Competitive product and factor markets

Vernon L. Smith, “An Experimental Study of Competitive Market Behavior,” Journal of Political Economy, April, 1962, 111-137

Ezekiel, M., “The Cobweb Theorem,” Am, Econ, Assn., Readings in Business Cycle Theory, chap. 21

Richardson, G.B., Information and Investment.

Friedman, M., Price Theory: A Provisional Text, chaps, 7-9

Lester, R.A., and Machlup, F., marginalist controversy, reprinted in R.V. Clemence, ed., Readings in Economic Analysis, Vol. 2, chaps, 6-9

Bachmura, F.T., “Man-Land Equalization through Migration,” American Economic Review, December, 1959, 1004-1017

General equilibrium and welfare

Stone, Richard, and G. Croft-Murray, Social Accounting and Economic Models, chaps. 1-3

Lange, Oscar, On the Economic Theory of Socialism, B. Lippincott, ed.

Hirshleifer, J. et al., Water Supply: Economics, Technology, and Policy, chap. 8

Nelson, J.R., ed., Marginal Cost Pricing in Practice, chaps. 1, 2, 3, 5 (skip pp. 110-123), 6, 7

Imperfect competition: product markets
1. Monopoly

Neale, Walter C., “The Peculiar Economics of Professional Sports,” Quarterly Journal of Economics, February, 1964, 1-14

Olson, M., and D. McFarland, “The Restoration of Pure Monopoly and the Concept of the Industry,” Quarterly Journal of Economics, November, 1962, 613-631

Wallace, D.H., Market Control in the Aluminum Industry, Part II

Davidson, R.K., Price Discrimination in Selling Gas and Electricity

1. Monopolistic competition

Stigler, G.J., Five Lectures on Economic Problems, Lecture 2

Chamberlin, E.H., Towards a More General Theory of Value, chap. 15

1. Oligopoly

Peck, M.J., Competition in the Aluminum Industry, 1945-1948

Markham, J., Competition in the Rayon Industry

Weiss, L.W., Economics and American Industry, chaps, 7, 8

Modigilani, F., “New Developments on the Oligopoly Front,” Journal of Political Economy, June, 1958, 215-232

Shubik, M., “A Game Theorist Looks at the Antitrust Laws and the Automobile Industry,” Stanford Law Review, July, 1956

Marris, Robin, “A Model of the ‘Managerial’ Enterprise,” Quarterly Journal of Economics, May, 1963, 185-209

Imperfect, competition: factor markets

Fellner, W.J., “Prices and Wages under Bilateral Monopoly,” Quarterly Journal of Economics, August, 1947, 503-532

Segal, Martin, “The Relation between Union Wage Impact and Market Structure,” Quarterly Journal of Economics, February, 1964, 115-128

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

Harvard University
Department of Economics

DRAFT Reading List
Economics 98a
Fall Term, 1964

Students will be requested to purchase W.J.L. Ryan, Price Theory (London: Macmillan, 1958). Seminars may vary in the extent that they depend on Ryan for the basic exposition of micro theory. The following list assumes complete dependence on Ryan. Other readings are very tentatively included, and the list probably errs on the side of containing too much.

Introduction

Lange, Oscar, “The Scope and Method of Economics,” in Arleigh P. Hess et al., Outside Readings in Economics, pp. 1-20

Knight, Frank, The Economic Organization, pp. 3-66

1. Consumer behavior

Ryan, chaps. 1, 6

Alfred Marshall, Principles of Economics, Book III (or a textbook treatment of utility theory, such as D.S. Watson, Price Theory and Its Uses, chaps 4, 5)

One of the following:

Duesenberry, James S., Income. Saving and the Theory of Consumer Behavior, pp. 6-39

Leibenstein, H., “Bandwagon, Snob, and Veblen Effects In the Theory of Consumers’ Demand,” Quarterly Journal of Economics, May, 1950, 183-207

Frisch, Ragnar, “Some Basic Principles of Cost of Living Measurements,” Econometrica, October, 1954, 407-421

Fisher, Irving, The Theory of Interest, pp. 61-124.

Theory of the firm

Ryan, chaps. 2, 3

Chamberlin, E.H., The Theory of Monopolistic Competition, Appendix B

Dean, Joel, Managerial Economics, pp. 257-313

Universities—National Bureau Committee for Economic Research, Business Concentration and Price Policy, pp. 213-238

Cyert, R.M., and J.G. March, A Behavioral Theory of the Firm, pp. 4-21, 26-43

Bierman, Harold, and S. Smidt, The Capital Budgeting Decision, chaps, 1-6, 9

Competitive product and factor markets

Ryan, Chap, 4

Chamberlin, chap. 2

Marshall, Book V, chaps. 1-5; Book IV, chap. 13

Working, E.J., “What Do Statistical Demand Curves Show?”, in American Economic Association, Readings in Price Theory, chap. 4

Robinson, Joan, “Rising Supply Price,” Readings in Price Theory, pp. 233-241

1. General equilibrium and welfare

Ryan, chap. 9

Boulding, Kenneth, “Welfare Economics,” in B.F. Haley, ed, for American

Economic Association, A Survey of Contemporary Economics, pp. 1-34

Bator, Francis M., “The Simple Analytics of Welfare Maximization,” American Economic Review,March, 1957, 22-44 (omit 44-59)

Scitovsky, Tibor, “Two Concepts of External Economies,” Journal of Political Economy, April, 1954, 143-151

McKean, R.N., Efficiency In Government through Systems Analysis, chaps, 1-5 (or something else on benefit-cost analysis)

Imperfect competition: Product markets

Ryan, chap. 9

1. Monopoly

Ryan, chap. 10

Bain, Joe S., Price Theory, pp. 208-247

Weiss, L.W., Economics and American Industry, chap. 5

1. Monopolistic competition

Chamberlin, chaps. 1, 4, 5

Triffin, Robert, Monopolistic Competition and General Equilibrium Theory, pp. 78-89

Weiss, chap. 9

1. Oligopoly

Ryan, chap. 11

Fellner, William, Competition Among the Few, chap. 1

Sweezy, Paul, “Demand under Conditions of Oligopoly,” Readings in Price Theory, chap. 20

Bain, pp. 297-332

Duesenberry, James S., Business Cycles and Economic Growth, chap. 6

Baumol, W.J., Business Behavior, Value, and Growth, pp. 27-32, 45-46

Imperfect competition: factor markers

Chamberlin, chap. 8

Dunlop, John T., “Wage Policies of Trade Unions,” American Economic Association, Readings in the Theory of Income Distribution, chap. 19

Cartter, A.M., Theory of Wages and Employment, chaps. 7, 8

Friedman, Milton, “Some Comments on the Significance of Labor Unions for Economic Policy,” The Impact of the Union, D. McC. Wright, ed., pp 204-234

____________________________

Tutorial Assignments for Ec 98b Spring 1965

HARVARD UNIVERSITY
Department of Economics

Economics 98b
Reading List
Spring Term, 1965

All selections listed below should be considered as assigned, although the leaders of Individual seminars may choose either to add or subtract items. Students may wish to purchase Gardner Ackley, Macroeconomic Theory (New York: Macmillan, 1961), which will be assigned in part, especially at the beginning of the semester, and will serve as a general reference for issues which arise during the course. R.C.O. Matthews, The Business Cycle, will also be used extensively.

Introduction of macro-economics (two weeks)
1. The national income

Gardner Ackley, Macroeconomic Theory, chaps. 1-4.

U.S. Department of Commerce, Survey of Current Business, July, 1964, pp. 7-40.

S. Rosen, National Income, pp. 172-187.

1. Prices and employment: pre-Keynesian background

Ackley, pp. 105-167.

Income and employment determination (seven weeks)
1. Effective demand

J.M. Keynes, The General Theory of Employment, Interest and Money, chaps. 1, 2.

A.H. Hansen, A Guide to Keynes, pp. 25-35.

P. Wells, “Aggregate Demand and Supply: An Explanation of Chapter III of the General Theory,” Canadian Journal of Economics and Political Science, XXVIII (Nov., 1962), pp. 585-59.

1. Consumption function and the multiplier

Hansen, A Guide to Keynes, pp. 67-85.

J.S. Duesenberry, Income, Saving and the Theory of Consumer Behavior, chaps. 3, 5,

J. Tobin, “Relative Income, Absolute Income, and Saving,” Money, Trade and Economic Growth: Essays in Honor of J.H. Williams, pp. 135-156.

M. Friedman, A Theory of the Consumption Function, 220-229, 233-239.

Ackley, chap. 10.

Hansen, A Guide to Keynes, pp. 86-114.

A.H. Hansen, Business Cycles and National Income, chap. 12.

W.J. Baumol and M.H. Peston, “More on the Multiplier Effects of a Balanced Budget,” American Economic Review, XLV (March, 1955), 140-148.

1. Investment

Keynes, chap. 11.

Hansen, Business Cycles and National Income, chap. 9.

J.M. Clark, “Business Acceleration and the Law of Demand: A Technical Factor in Economic Cycles,” in American Economic Association, Readings in Business Cycle Theory, chap, 11.

R.C.O. Matthews, The Business Cycle, , chaps. 3-5.

J.S. Duesenberry, Business Cycles and Economic Growth, chaps. 4, 5.

J.R. Meyer and R. Glauber, Investment Decisions, Economic Forecasting, and Public Policy, pp. 1-22.

1. Interest

Keynes, pp. 165-185, 195-209.

Hansen, A Guide to Keynes, chap. 6.

L.R. Klein, The Keynesian Revolution, pp. 117-123.

1. The Keynesian system

Keynes, pp. 257-271.

H.G. Johnson, Money, Trade and Economic Growth, chap. 5.

V. L. Smith, “A Graphical Exposition of the Complete Keynesian System,” Southern Economic Journal, XXIII (October, 1956), 115-125.

Ackley, chap. 15.

D. Patinkin, “Keynesian Economics Rehabilitated: A Rejoinder,” Economic Journal, LXIV (Sept.,1959), pp. 582-587.

D. Patinkin, “Price Flexibility and Full Employment,” American Economic Association, Readings in Monetary Theory, pp. 252-283

A.P. Lerner, “Comment,” American Economic Review, LI (May, 1961), pp. 20-23.

Models of growth, fluctuations, and inflation (three weeks)
1. Economic growth and fluctuations

Duesenberry, Business Cycles and Economic Growth, chap, 2.

W.J. Baumol, Economic Dynamics, chaps. 2, 3.

Hansen, Business Cycles and National Income, chap. 11.

D.B. Suits, “Forecasting and Analysis with an Econometric Model,” American Economic Review, LII (March, 1962), 104-132 (pp. 118-31 optional).

Matthews, chaps. 2, 13.

1. Inflation

A.C.L. Day and S.T. Beza, Money and Income, chaps. 19-21.

Keynes, pp. 292-304.

M. Friedman, “Some Comments on the Significance of Labor Unions in Economic Policy,” Impact of the Union, D. McC. Wright, ed., 204-234.

S. Slichter, “Do the Wage-Fixing Arrangements in the American Labor Market Have an Inflationary Bias?” American Economic Review, XLIV (May, 1954), pp. 322-346.

C. Schultze, Recent Inflation in the United States (Study paper No. 1, Employment, Growth and Price Levels), pp. 1-77. Joint Economic Committee

O. Eckstein and T.A. Wilson, “Determination of Money Wages in American Industry,” Quarterly Journal of Economics, LXXVI (August, 1962), 379-409.

1. Coordinating Policy for Growth and Stability

J. Tinbergen, Economic Policy: Principles and Design, pp. 1-37.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 8, Folder “Economics 1964-1965 (1 of 2)”.

Image Source: Harvard Square, 1961. From the Cambridge Historical Commission, image in the Photo Morgue Collection. Online: Digital Commonwealth.

Tags Brunt, Caves, Dunlop, Gill, WilsonTA

Exam Questions Suggested Reading Syllabus Theory

Queens College. Reading assignments and exams for macroeconomics. Lerner 1973-1975

Post author By Irwin Collier
Post date 2023-10-15

Economics has its share of Wunderkinder, “Primo Donnos”, and heterodoxic poseurs. It is also a fact that economists are overwhelmingly herd animals. From time to time we find a genuine maverick among us, Abba Ptachya Lerner could be designated the poster-child of maverick economists.

In this post Economics in the Rear-view Mirror has assembled material over three consecutive years from his seminar in advanced macroeconomic theory offered at Queens College of the City University of New York from the 1970s. Class schedules, assigned readings, midterm and final exams are transcribed here from the Spring terms of 1973 through 1975.

_______________________________________

Course Description (1974)

Economics 710, 80:
Seminar in Advanced Macroeconomic Theory
Abba Lerner

An integration of the theories of employment, inflation, interest, capital, investment, and growth, and new lessons for the uses of monetary policy, fiscal policy, and price policy. The Keynesian revolution (interpretations and misinterpretations—general theory or special case?), pre-Keynesian, Keynesian, and post-Keynesian economics. International complications and the myth of international money.

Basic Reading

Ackley	Macroeconomics
Keynes	The General Theory of Employment, Interest and Money
Leijonhufvud	On Keynesian Economics and the Economics of Keynes
Lerner	“Money” (Encycl. Britt., 1946 ed.) Everybody’s Business Flation

1973

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710, 80: Advanced Macroeconomic Theory
Inflation, Employment and Growth
Seminar, Spring 1973

Prof. Abba Lerner
Th. 6:30-8:20 P.M.
SS 314

Reading

Branson	Macroeconomics Theory and Policy Harper & Row	(B)
Lerner	Flation Quadrangle Books	(F)
Lerner	Everybody’s Business Harper Torchbooks (paperback)	(EB)
Lerner	Money (Encycl. Britt 1946 edition)	(M)
Leijonhufvud	On Keynesian Ecs & the Ecs of Keynes Oxford U P	(L)
Keynes	The General Theory of Interest and Money (sic) Harcourt Brace	(K)

Tentative Outline

Week	Date
1	Feb. 8	Introduction	B:1-3 / M / EB:X.
2	15	The Classical Case	B:4-6 / F:1-5 / K.
3	22	Static Equilibrium	B:7-9 / F:6-7 / K.
4	Mar 1	Consumption and Investment	B:10,11 / K.
5	8	Money	B:12,13 / M / K.
6	15	Monetary & Fiscal Policy	B:14 / K.
7	22	The Foreign Sector	B:15 / F:16,17 / K.
8	29	International Money	F:18-20 / K.
9	Apr 5	Inflation	B:16 / EB:XI / F:8-15 / K.
10	12	Unemployment Disequilibrium	L: I and II / K.
11	19	Macromodels	L: III / K.
12	26	Liquidity Preferences	L:IV / K.
13	May 3	Keynes and Post Keynes	L:V and VI / I(sic).
14	10	Growth Models	B:17-19.
15	17	Optimum Growth Models	B:20-23.

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710 and 80
Prof. A. Lerner

Midterm Examination
March 22, 1973

Answer two questions from each Part

PART ONE

M = 300, V = 4, C(Y) = 5/6, I = 300 – 10i
(I = Investment), (1 = rate of interest)
What would be the equilibrium values of Y, i, I, and S?
What would happen to those if
1. there was an increase in liquidity preference?
2. M was increased to 450?
3. C(Y) increased to 7/8?

What is the multiplier? Now is it similar to and how different from the velocity of circulation of money? the accelerator? the balanced budget multiplier?
How would it be affected by
1. a change in liquidity preference?
2. a change in time preference
3. a change in the elasticity of supply of money?
4. a change in the propensity to consume?
5. a fixed M and v?

Describe carefully the mechanism by which an increase in M would increase S. How would this be affected if a lower i decreased the amount people wanted to save?

PART TWO

Discuss these statements:
“The main contribution of Keynes was to point out that full employment is not reached automatically because
1. cannot become negative.
2. workers have no way of reducing their real
3. workers insist on a real wage greater than their marginal product.
4. There is a liquidity trap.
Describe carefully the meaning of the marginal efficiency of capital and the marginal efficiency of investment, and how they are related.
1. in a growing economy
2. in a declining economy
3. in a stationary economy
4. in a steady state of growth economy.
“The rise and fall of the Phillips curve.”
or
“ The natural level of unemployment.”

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

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

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710 and 80
Mr. Lerner

Final Examination
Spring 1973

Answer Question 1 and three others.

Branson Page 24 “the saving investment identity…as a natural derivative from the GNP identity”
Branson Page 26 “The basic GNP identity:—

C + I + G + (X -M) = GNP = C + S + T + R_f,”

[where]

C=616; I=135; G=219; (X-M)=4; GNP = 974;
S = 149; T=208; R_f=1

1. Show how the S, I identity can be derived from the GNP identity, spelling out any definitional differences in S or I.
2. Give (and explain) another definition of S or I, as used by economists that makes I necessarily equal to S only in equilibrium.

Compare the “classical” with the “keynesian” explanations of the automatic establishment of full employment on the assumption of wage and price flexibility.

Explain how an increase in thrift (the desire to save) could (or could not) have the effect of (a) increasing investment, (b) decreasing investment, (c) increasing total income, (d) decreasing total income.

Permanent Income, Life-cycle Consumption Hypothesis, Time Preference, Ratchet Effect, Wealth Effect, Pigou Effect — How are these six items related to the consumption function and to each other?

Explain Branson’s distinction between the “real wage model” and the “money wage model”, and the purpose of the distinction.

What do you consider the most distinctive feature of Leijonhufvud’s approach?

Discuss.
1. “With perfect wage and price flexibility there can be no problem of involuntary unemployment.”
2. “A little wage and price flexibility (such as might be achieved in practice) could be worse than none.”
3. “Too much wage and price flexibility could also cause trouble and not provide stable full employment.”

Why is a rise in the price of foreign currency considered more of a crisis than a rise in the price of coffee or Mutual Fund Shares or real estate?

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

_______________________________________

1974

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710, 80
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory
[1974]

Abba Lerner
Tues. 6:20-8:00 P.M.
Temp. 3, Room 2

An Integration of the theories of Employment, Inflation, Interest, Capital, Investment and Growth, and its lessons for the uses of Monetary Policy, Fiscal Policy and Price Policy. The Keynesian Revolution (Interpretations and Misinterpretations – General Theory or Special Case?) Pre-Keynesian, Keynesian and Post Keynesian Economics. International Complications and the Myth of International Money.

Basic Reading

Ackley	Macroeconomics	A
Breit & Ransom	The Academic Scribblers	B
Keynes	The General Theory of Employment, etc.	K
Leijonhufvud	On Keynesian Economics, etc.	L
Lerner	Money (Encycl. Britt 1946 edition)	M
Lerner	Everybody’s Business	EB
Lerner	Flation	F

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Econ. 80—710
MIDTERM

Mr. Lerner
April 16, 1974

Answer question 1 and 3 other — 4 altogether.

Suppose there is a decrease in the propensity to consume. Show how would this affect Employment, Prices and Investment
1. if the amount of money is held constant
2. if the rate of interest is held constant
  with wages and prices (1) perfectly flexible; (2) sticky downward

Explain the relationship between the marginal efficiency of capital and the marginal efficiency of investment.
How are these affected by an increase in

1. the rate of interest?
2. the optimism of investors?
3. the wealth of the economy?
4. the rate of time preference?

I-S, L-M. Explain the nature of these curves, their use, and the stability condition they demonstrate.

Show how the multiplier would be affected by an increase in
1. the propensity to consume
2. the marginal propensity to consume
3. the marginal propensity to save
4. the quantity of money
5. the velocity of circulation
6. liquidity preference
7. government spending
8. tax collection
9. (7) and (8) together

Why must saving (S) always be equal to investment (I)? What could be meant by the statement that an excess of S over I is deflationary?

What are the features which distinguish the Keynesian from the pre-Keynesian and from the Post-Keynesian theories of the equilibrium level of employment?

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

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

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 80, 710
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory
Dr. A. Lerner

Final Examination
Spring 1974

Answer Question 1 and any three other questions — Four altogether

Suppose there is an increase in thriftiness. Show the direct and the indirect effects on the Multiplier, Income, Employment, Prices and Investment
1. with wages and prices perfectly flexible,
2. with wages and prices sticky downward,
  in each case
  1. with the quantity of money held constant
  2. with the rate of interest held constant
State and discuss the primary criticisms that Leijonhufvud makes of a) Keynes and b) the “Keynesians”.

Compare the advantages and disadvantages of indexing
1. when there is a steady rate of inflation and
2. when there is a danger of inflation getting out of control.

A well informed and intelligent observer remarks that “We are now suffering from an excess of saving over investment, which is deflationary”. He cannot really mean what he is saying because in the first place we are suffering from inflation rather than deflation and in the second place it is not possible for saving to be greater (or less) than investment. What could he be meaning to say?

Marginal productivity of capital; Marginal productivity of investment; Marginal efficiency of capital; Marginal efficiency of investment.
Under what conditions are any of these equal to the rate of interest? Explain carefully.

How come America allowed the dollar to depreciate on the international money market? How is this different from national bankruptcy? Will this not result in the disorganization of international trade “beggar thy neighbor” competitive devaluations of freely floating currencies. How could it have been prevented and why was it not prevented?

“The present very high interest rates show the determination of the government to stop the inflation. If this policy is persisted in it is bound to achieve this purpose since, as we all know, the fundamental cause of inflation is the increase in the quantity of money which the authorities have provided in the recent past in order to keep down interest rates”. Discuss the logic and the practicality of such a policy.

How is the size of the multiplier likely to be affected by an increase in:
1. the rate of interest?
2. time preference?
3. liquidity preference?
4. government spending?
5. the quantity of money?
6. the population?
7. the government budget?
8. the use of charge accounts for consumer credit?

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

_______________________________________

1975

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710, 80
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory

Abba Lerner
Spring 1975
Temp. 3, Room 2

Basic Reading

Ackley	Macroeconomics	A
Keynes	The General Theory of Employment, etc.	K
Lerner	Money (Encycl. Britt 1946 edition)	M
Lerner	Everybody’s Business	EB
Lerner	Flation	F

Economics 710-80
Midterm Exam

Abba P. Lerner
March 20, 1975

Answer Question 1 and any two other questions (three altogether)

If the propensity to consume (average and marginal) increases from 50% to 60% what would be the effect on the level of income?
In your answer consider the six (6) possible combinations of the following conditions:
The mpI (marginal propensity to invest, i.e. the increase in investment due to an increase in income as a percentage of the increase in income) is (a) 40% (b) 30%
The elasticity of supply of money plus the elasticity of demand for money is (i) infinite (ii) unitary (iii) zero

Discuss your views and those of Keynes, Ackley, and Lerner on “Involuntary unemployment is basically due to the inability of workers to reduce their real wage”.

Which (if any) of [the following] statements are true? Why do you think so? Indicate any connections between them.
1. “The more steeply any average (A) is rising (falling) the more will the corresponding marginal (M) be above (below) it, i.e. the greater will be M minus A”.
2. “The short run mpC (marginal propensity to consume) is less than the short run apC (average propensity to consume)”.
3. “The long run mpC is equal to the long run apC”.
4. “For a temporary increase in income mpC minus apC is less than for a permanent increase in income”.

What is Say’s Law? Discuss its logical base, its empirical validity and its practical usefulness.

Income can be defined more widely or more narrowly. Distinguish between the different definitions and indicate how the different definitions could better serve different purposes.

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

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

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710/80
Dr. A. Lerner
FINAL EXAMINATION
May 22, 1975 (Thursday)

Temp 3 Room 2

Answer Questions 1 and any two others — 3 altogether

Suppose consumption increases from 70% of GNP to 80% and the marginal propensity to consume increases from 50% to 75%. What could be the effect on the GNP if the elasticity of demand for money plus the elasticity of supply of money (with respect to changes in the rate of interest) is (a) infinite (b) zero (c) one, and the marginal propensity to invest (with respect to GNP) is (and remains) (i) 20% (ii) 25% (This makes six combinations).

Is an increase in the national debt beneficial, harmful or neutral for the welfare of (a) the present generation (b) future generations? State and examine the arguments for the different views.

“Involuntary unemployment is due to the inability of workers to reduce their real wage”. “Involuntary unemployment is due to an unsatisfied demand for a larger stock of money”. Discuss.

“To succeed in winning the battle against stagflation we must (a) tighten our belts (b) use the tax rebate to buy more automobiles and (c) make more money available for mortgages for housing”. Discuss.

“Say’s Law is invalid but useful while the Pigou Effect is valid but useless.” Does this make any sense?

Does the rate of interest determine the marginal efficiency of capital? Or Vice versa? Or what?

Source: U. S. Library of Congress, Manuscript Division. Papers of Abba P. Lerner, Box 17, Folder 5 “Queens College of the City University of New York: Examinations”.

Image Source: National Academy of Sciences. 1994. Biographical Memoirs: Volume 64, p.208. Washington, DC: The National Academies Press.

Tags Lerner

Lekachman	Keynes’ General Theory – Reports of Three Decades
Harrod	Life of Keynes
Lerner	The Economics of Employment

Lerner	Economics of Employment
Ackley	Macroeconomics
Lekachman	Keynes’ General Theory – Reports of Three Decades
Lekachman	The Age of Keynes
Harrod	Life of Keynes

Lekachman	Keynes’ General Theory – Reports of Three Decades
Harrod	Life of Keynes
Lerner	The Economics of Employment

Week	Date
1	Feb. 5	Outline — Classical to Keynes	M, A 1-4, EB 10, F 1-5
2	12	Lincoln’s Birthday — no classes
3	19	Outline — Post Keynes	A 5-8, EB 11, F 6-10
4	26	Say’s Law, Saving and Investment	EB 13-14, F11-15
5	Mar 5	Monetary Policy	A 9
6	12	Fiscal Policy, Consumption Function	A10-12
7	19	The Complete Keynes Model	A13-15
8	26	Inflation and Investment	A16-17
9	Apr 2	Capital and Growth	A18-19
10	9	No Class (Recess)
11	16	International Money	F16-20
12	23	Keynesian Revolution? Dynamics	L Parts I, II
13	30	Macromodels	L Part III
14	May 7	Liquidity and Wealth	L Part IV
15	14	Expectations, Illusions and Policies	L Parts V, VI
16	21	Review	M, A 20, EB, F

Lekachman	Keynes’ General Theory – Reports of Three Decades
Lerner	The Economics of Employment

Previously…

Course Enrollment 1906-07

Course Reading List 1906-07

ECONOMICS: 6b

ECONOMICS 6b Year-end Examination, 1906-07

Most likely spot to find more course content

Course Announcement

Reading list Ec. 151 Sam Bowles

I. THE DISTRIBUTION OF INCOME — RECENT U.S. EXPERIENCE

II. EDUCATION AND THE DISTRIBUTION OF INCOME

III. TECHNOLOGICAL CHANGE AND THE DISTRIBUTION OF INCOME

IV. [ECONOMIC GROWTH: MEASUREMENT, THEORY, PRODUCTIVITY]

V. EDUCATION AND GROWTH

VI. TECHNOLOGY AND GROWTH

VII. [ECONOMICS OF EDUCATION]

Course Announcement Fall Term, 1968

Economics 224a. Econometric Methods

Fall 1968 Economics 224a Asst. Prof. C. Sims

Course Description

List of Text References

Preliminary Course Outline Fall 1968 Economics 224a Asst. Prof. C. Sims

0. Elementary Preliminaries.

I. Stochastic Processes: Fundamental definitions and properties.

II. Background from Mathematical Analysis

III. The spectral representation of covariance-stationary processes and its theoretical applications.

Economics 355 B Price and Income Instability

(as problems in economic organization with special reference to agriculture)

Economics 355 B List of Readings

Supplementary List #1

Course Enrollment 1905-06

READING FOR ECONOMICS 6 (1905-6)

1. COLONIAL PERIOD.

2. COMMERCE AND MANUFACTURES, 1776-1815.

3. REVOLUTIONARY AND NATIONAL FINANCE – WESTWARD MOVEMENT, 1776-1815.

4. FINANCE AND BANKING, 1815-1860.

5. TARIFFS AND MANUFACTURES, 1815-1860.

6. INTERNAL IMPROVEMENTS, 1815-1860.

7. LAND POLICY AND AGRICULTURE, 1815-1860.

8. POPULATION AND SLAVERY, 1815-1860.

9. FINANCE, BANKING, AND CURRENCY PROBLEMS, 1860-1900.

10. TRANSPORTATION; TARIFF.

11. INDUSTRIAL EXPANSION AND TARIFF.

12. AGRICULTURE AND OPENING OF THE FAR WEST.

13. COMMERCE AND SHIPPING.

14. WAGES AND THE LABOR PROBLEM.

15. IMMIGRATION AND THE RACE QUESTION.

ECONOMICS 6 Year-end Examination, 1905-06

Course Announcement

Book list for Economics 148

HARVARD UNIVERSITY Department of Economics

Economics 148 Final Examination January 21, 1964

The Origins of the Survey of Current Business: A Window on the Evolution of Economic Policy, Research, and Statistics

Course Announcement

COLUMBIA UNIVERSITY RUSSIAN INSTITUTE

Economics 145 Structure of the Soviet Economy

Course Announcement

Harvard Crimson Article on the New Junior Seminars May 16, 1962

Tutorial Assignments for Ec 98a Fall 1964

Tutorial Assignments for Ec 98b Spring 1965

Course Description (1974)

Economics 710, 80: Seminar in Advanced Macroeconomic Theory Abba Lerner

Basic Reading

Other Suggested Readings

1973

QUEENS COLLEGE DEPARTMENT OF ECONOMICS

Reading

Tentative Outline

Other Suggested Readings

QUEENS COLLEGE DEPARTMENT OF ECONOMICS

Economics 710 and 80 Prof. A. Lerner

Midterm Examination March 22, 1973

QUEENS COLLEGE DEPARTMENT OF ECONOMICS

Economics 710 and 80 Mr. Lerner

Final Examination Spring 1973

1974

QUEENS COLLEGE DEPARTMENT OF ECONOMICS

Economics 710, 80 Inflation, Employment and Growth Seminar in Advanced Macroeconomic Theory [1974]

Basic Reading

Other Suggested Readings

QUEENS COLLEGE DEPARTMENT OF ECONOMICS

Course Enrollment
1906-07

Course Reading List
1906-07

ECONOMICS 6b
Year-end Examination, 1906-07

Reading list
Ec. 151
Sam Bowles

Course Announcement
Fall Term, 1968

Fall 1968
Economics 224a
Asst. Prof. C. Sims

Preliminary Course Outline
Fall 1968
Economics 224a
Asst. Prof. C. Sims

Economics 355 B
Price and Income Instability

Economics 355 B
List of Readings

Course Enrollment
1905-06

READING FOR ECONOMICS 6
(1905-6)

ECONOMICS 6
Year-end Examination, 1905-06

HARVARD UNIVERSITY
Department of Economics

Economics 148
Final Examination
January 21, 1964

The Origins of
the Survey of Current Business:
A Window on the Evolution of Economic Policy, Research, and Statistics

COLUMBIA UNIVERSITY
RUSSIAN INSTITUTE

Economics 145
Structure of the
Soviet Economy

Harvard Crimson Article on the New Junior Seminars
May 16, 1962

Economics 710, 80:
Seminar in Advanced Macroeconomic Theory
Abba Lerner

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710 and 80
Prof. A. Lerner

Midterm Examination
March 22, 1973

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710 and 80
Mr. Lerner

Final Examination
Spring 1973

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710, 80
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory
[1974]

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Econ. 80—710
MIDTERM

Mr. Lerner
April 16, 1974

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 80, 710
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory
Dr. A. Lerner

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710, 80
Inflation, Employment and Growth
Seminar in Advanced Macroeconomic Theory

Abba Lerner
Spring 1975
Temp. 3, Room 2

Economics 710-80
Midterm Exam

QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

Economics 710/80
Dr. A. Lerner
FINAL EXAMINATION
May 22, 1975 (Thursday)