Category: Suggested Reading

Minnesota. Course outline and reading for graduate macroeconomics. Brownlee, probably 1959

Post author By Irwin Collier
Post date 2020-12-21

Based on a pamphlet in which he argued that “properly fortified margarine ‘compared favorably’ with butter in nutrition and palatability”, the economics Ph.D. student, Oswald Harvey Brownlee (1917-1985), brought the wrath of the Iowa Farm Bureau among others down upon himself and his economist seniors. After the President of Iowa State caved to the state’s dairy interests in the matter, Theodore W. Schultz, D. Gale Johnson, and O. H. Brownlee were all to ultimately head off to the University of Chicago.

Oswald Harvey Brownlee. Putting dairying on a war footing, 64 page pamphlet published by Iowa State College Press, 1944.

See: Seim, David L. “The Butter-Margarine Controversy and “Two Cultures” at Iowa State
College.” The Annals of Iowa 67 (2008), 1-50.

Also mentioned in: Milton and Rose Friedman, Two Lucky People: Memoirs, p. 193.

Brownlee went on to teach at the University of Minnesota, where we found him teaching a graduate macroeconomics course. Clearly that was still time that the hatches separating microeconomics and macroeconomics were not so securely battened as today. “Public finance” was Brownlee’s major field so his broad fiscal policy interests make sense.

The course outline transcribed in this post comes from Martin Bronfenbrenner’s papers at the Economists’ Papers Archive at Duke University. Bronfenbrenner taught at the University of Minnesota from 1959-1962 and we can presume that the copy of Brownlee’s macroeconomics course outline with readings was for either 1958-59 or 1959-60. A second, apparently later, version of the course outline for “Economics 176A” with “Brownlee” handwritten in the upper right corner is also found in the same folder. Three new readings from the second copy have been added and placed within square brackets below. The readings in Parts I and II, IX and X were not included in the second outline for “Economics 176A”.

_______________________

Handwritten note at top:
“Martin, Here is the outline for the Macro theory. Which part do you want to teach? [signed] Oz”

Economics 176A-B
Course Outline and Suggested Readings

This brief outline and reading list is intended to serve as a general summary of the materials to be considered during the course and as a guide to class discussion and to outside reading. The detail in the outline does not necessarily correspond to the detail in class discussion. The most significant readings are starred (*). The literature in this field has grown so rapidly during the past decade that this reading list cannot be considered as a complete bibliography of relevant writings.

It is hoped that during the quarter the student will gain an adequate understanding of how the equilibrium values of the relevant variables (gross national product, employment, the general level of prices and the rate of interest, for example) might be determined, and how changes in certain exogeneous variables (including various economic policy variables) might affect these equilibrium values. Although the primary emphasis of the course is on equilibrium levels of certain variables, an introduction to dynamic analysis (a description of the path of a variable over time) will be offered. This will provide the basis for subsequent discussion of business cycle theory and growth models.

General Orientation of the Course
1. Relationship of macro-static theories to other classes of economic theories
2. Limitations of macro-static analysis as a basis for policy statements
The firm’s Demand for Labor
1. Importance for labor hired by business firms in the labor market as a whole
2. Static theory of production with emphasis on the demand for labor.
  1. Nature of the firm’s production function
  2. Determinants of equilibrium level of employment within the firm
  3. Comparisons of equilibrium levels of employment under various resource market, product market and technological conditions
3. Effects of Changes in Quantities of Other Resources Upon Demand for Labor

Readings:

1—K. E. Boulding, Economic Analysis, Chapter 31 (revised edition)

2—George Stigler, The Theory of Price, Chapters 6-11.

3—Paul A. Samuelson, Foundations of Economic Analysis, Chapter 3, pp. 21-33.

4—Joan Robinson, Economics of Imperfect Competition, Books VII and VIII.

Equilibrium in the Labor Market for the Economy as a whole
1. Aggregation of outputs, labor inputs, wage rates and prices
2. Determination of various combinations of general level of prices and “real” output which will maintain equilibrium in the labor market—an “aggregate supply” function.
  1. With money wage rate autonomously determined: a wage “floor”, a wage “ceiling”, both a “floor” and a “ceiling”.
  2. With supply of labor dependent upon “real” wages.
  3. With supply of labor dependent upon “real” and money wages: the effects of asset holdings.
3. Degree of Determinateness of relevant variables given only equilibrium in the labor market.
  1. Price level, real output and employment not uniquely determined
    1. Various combinations of price level and real output will maintain equilibrium in labor market, given the autonomously specified money wage or given fixed monetary debts and credits and flexible money wages.
    2. Employment is determined only upon the real wage, real output and employment are uniquely determined, but price level is not.

Readings:

1.*—Jacob Marschak, Income, Employment and the Price Level, Lectures 19 and 20.

2.—Sidney Weintraub, Income and Employment Analysis, Chapters 11 and 13.

3.—Francis M. Boddy, et al., Applied Economic Analysis, pp. 229-248.

4.—O. H. Brownlee, Economics of Public Finance, pp. 47-51.

5.—Don Patinkin, Money, Interest and Prices, IX-XII.

6.—Louis Hough, “An Asset Influence in the Labor Market”, Journal of Political Economy, June 1955.

7.—Robert Solow, “Technical Change and the Aggregate Production Function”, Review of Economics and Statistics, August 1957.

[8.*—Gershon Cooper, “Taxation and Incentive in Mobilization” in Readings in Taxation edited by Musgrave and Shoup.]

Aggregate Demand for Goods and Services: The “Crude Classical Theory”
1. The Quantity Identity
  1. The Demand for Money—a linear function of money income (expenditure)
  2. Assuming the supply of money (M) and the fraction of income which people with to hold as cash balances are independently determined, the equilibrium level of total money expenditure is determined.
  3. Effects of changes in money demand and money supply upon equilibrium level of money income or expenditure.
  4. Incorporation of assets as a variable influencing the demand for money
  5. Information obscured by the simple quantity identity (that omitting assets as a variable)
    (Note: further analysis of the quantity identity in terms of the kind of aggregate demand function for goods and services which it might imply will be made in subsequent sections).
2. Equilibrium in the Labor, Money, and Commodity Markets under the assumption of the quantity identity.
  1. Quantity of labor supplied a function only of money wages
  2. Quantity of labor supplied a function only of “real” wages
  3. Division of “real” output between consumption and investment.

Readings:

1.*—J. M. Keynes, The General Theory of Employment, Interest, and Money, Chapters 2 and 19

2.—L. Klein, The Keynesian Revolution, Chapter 1 and the technical appendix, pp. 199-205

3.—Albert G. Hart, Money, Debt and Economic Activity, Chapters IV-VI and VIII

4.—Alvin Hansen, Monetary Theory and Fiscal Policy, Chapters 1-3

5.—Franco Modigliani, “Liquidity Preference and the Theory of Interest and Money”, Econometrica, 12: 45-88 (January, 1944)

6.—Seymour Harris, (editor) The New Economics, Part IX, Chapter XLI

7.—Francis M. Boddy, et al., Applied Economic Analysis, Chapter 12, 13 (pp. 222-229)

8.*—Jacob Marschak, Income, Employment and the Price Level, Lecture 2.

9.—Don Patinkin, Money, Interest and Prices, I-VIII

10.—Archibald and Lipsey, “Monetary and Value Theory,” Review of Economic Studies, October, 1958

11.*—Milton Friedman, Studies in the Quantity Theory of Money, Chapter I

12.—James Tobin, “The Interest-Elasticity of Transactions Demand for Cash”, Review of Economics and Statistics, August, 1956

13.—H. Rose, “Liquidity Preference and Loanable Funds,” Review of Economic Studies, XXIV (1956-57)

14.—Don Patinkin, Liquidity Preference and Loanable Funds, Economica, November, 1958

15.—Vera Lutz, “Multiplier and Velocity Analysis: A Marriage”, Economica, February, 1955

16.—G. C. Archibald, “Multiplier and Velocity Analysis: An Amendment”, Economica, August 1956

[17.—Ira O. Scott, “The Availability Doctrine: Theoretical Underpinnings”, Review of Economic Studies, XXV No. 1, 41-48]

Aggregate Demand for Goods and Services: The “Keynesian Theory”
1. Equilibrium in the “Commodity Market”
  1. Consumption (and Saving)
    1. Relationship to income
    2. Relationship to rate of interest
  2. Investment
    1. Relationship to the rate of interest
      1. The marginal efficiency of capital
      2. Uncertainty and the level of investment
    2. Relationship to current income
  3. The Equating of Savings and Investment (Aggregate Demand for Commodities = Aggregate Supply of Commodities)
  4. Determination of various combinations of the rate of interest and real income which will fulfill the condition for equilibrium in the commodity market (will make savings = investment)
2. Equilibrium in the Money Market
  1. The Liquidity Preference Schedule (The Demand for Money)
  2. With money supply (M) autonomously determined, there will be various combinations of the rate of interest, real output and the price level which will provide for equilibrium in the money market.
    1. The general case
    2. The special “Keynesian” case
3. Simultaneous Equilibrium in the Money and Commodity Markets: An Aggregate Demand Function
  1. Equilibrium rates of real output and price level which fulfill the conditions for equilibrium in both the money and commodity markets.

Readings:

1.*—Keynes, The General Theory of Employment, Interest, and Money

2.—The Keynesian Revolution (*particularly Chapter 3)

3.*—J.R. Hicks, “Mr. Keynes and the Classics”, Econometrica, 4: 147-159 (April, 1937); also included in Readings in Income Distribution, The Blakiston Co.

4.*—Franco Modigliani, “Liquidity Preference and the Theory of Interest and Money”, Econometrica, 12; 45-88 (January, 1944)

5.—Alvin Hansen, Monetary Theory and Fiscal Policy, Chapters 4-6

6.—Sidney Weintraub, Income and Employment Analysis, Part II

7.—K.E. Boulding, The Economics of Peace, Chapters 7-9

8.—Wassily Leontief, “Postulates; Keynes” General Theory and the Classicists”, included in The New Economics, Part 4, Chapter XIX

9.—The New Economics, Parts 3 and 9

10.—Abba P. Lerner, The Economics of Employment, Part II

11.*—Jacob Marschak, Income, Employment and the Price Level, Lectures 3-18

12.—O.H. Brownlee, “The Theory of Employment and Stabilization Policy” Journal of Political Economy, Oct. 1950, pp. 412-24.

13.—Ira O. Scott, Jr., “An Exposition of the Keynesian System”, The Review of Economic Studies, XIX, (1), pp. 12-18

14.—Joan Robinson, “The Generalization of the General Theory”, included in The Rate of Interest and Other Essays.

15.—Louis Hough, “The Price Level in Macroeconomic Models”, The American Economic Review, June, 1954, pp. 269-86.

16.—Milton Friedman and Gary S. Becker, “A Statistical illusion in Judging Keynesian Models”, Journal of Political Economy, February, 1957

17.—L. R. Klein, “The Friedman-Becker Illusion,” Journal of Political Economy, December, 1958; and Friedman & Becker, “Reply”, same issue.

18.—Martin J. Bailey, “Saving and the Rate of Interest”, Journal of Political Economy, August, 1957.

[19.—Hans Brems, Output, Employment, Capital and Growth, Part I.]

The Equilibrium Levels of Output, Employment, Prices and the Rate of Interest in the Keynesian System.
1. Aggregate Supply and Aggregate Demand with Flexible Money Wages
2. Aggregate Supply and Aggregate Demand with Labor Supply Perfectly Elastic at a Given Money Wage
3. Effects of Changes in Autonomous Variables and Parameters
  1. The autonomous component of investment
    1. The multiplier
  2. Government expenditure for goods and services
  3. The export surplus
  4. Money wage rates
  5. Technology
  6. The degree of monopoly and employers’ market expectations
  7. Population and the labor supply
  8. The money supply
  9. Marginal propensities to consumer and invest
An alternative Macro-Static System
1. Some weaknesses in the Keynesian theory
  1. A change in the structure of the system required to explain U.S. postwar experience
  2. Increased savings: income ratio as income increases not empirically verified.
2. Assets consumption as a variable affecting
  1. Real Assets
  2. Monetary assets (cash and government debt)
  3. Aggregate demand for goods and services when assets are included as a variable in the consumption function
    1. Comparison with quantity theory
    2. Comparison with Keynesian theory
3. The Duesenberry-Modigliani Hypothesis
4. Including assets in other Functions: Labor Supply and Demand for Money

Readings:

1.*—Don Patinkin, “Price Flexibility and Full Employment”, American Economic Review, 38: 543-64 (September, 1948).

1a.*—Don Patinkin, Money, Interest and Prices, XIII-XV and appropriate appendices.

2.—__________, “The Indeterminancy of Absolute Prices in Classical Economic Theory”, Econometrica, 17: 1-27

3.—__________, “Involuntary Unemployment and the Keynesian Labor Supply Function”, Economic Journal, LIX: 360-83

4.—Haavelmo, Hickman, Leontief and Phipps on Patinkin, Econometrica 18: 1-26 (January, 1950)

5.—James Tobin, “Money Wage Rates and Employment”, included in The New Economics, Part 8, Chapter XL.

6.—Arthur Smithies, “Effective Demand and Employment”, included in The New Economics, Part I, Chapter XXXIX.

7.—A. P. Lerner, “Mr. Keynes’ General Theory of Employment, Interest, and Money”, Reprinted in The New Economics, Part 3, Chapter XI

8.*—Milton Friedman, “A Monetary and Fiscal Framework for Economic Stability”, American Economic Review, 38: 245-64 (June, 1948)

9.—A. C. Pigou, “Economic Progress in a Stable Environment”, Economica, 1947, pp. 180-90

10.—A. C. Pigou, “The Classical Stationary State”, Economic Journal, 53: 343-51 (1943)

11.*—James Duesenberry, “Income-Consumption Relations and Their Implications”, included in Income, Employment and Public Policy, Essay III in Part One, and as Chapter I in Income, Saving, and the Theory of Consumer Behavior.

[11a.—John H. Power, “Price Expectations, Money Illusion, and the Real-Balance Effect”, Journal of Political Economy, April, 1959, 1331-43.]

12.*—Franco Modigliani, “Fluctuations in the Saving-Income Ratio: A Problem in Economic Forecasting”, included in National Bureau of Economic Research, Studies in Wealth, Volume XI, pages 371-443.

13.—Paul A. Samuelson, “The Simple Mathematics of Income Determination”, included in Income Employment and Public Policy,” Essay VI in Part One.

14.—Oscar Lange, Price Flexibility and Employment, particularly Chapters I-V and IX-XI.

15.—Donald M. Fort, “A Theory of General Short-Run Equilibrium,” Econometrica, 13: 293-310 (October, 1945)

16.—Sidney Weintraub, Income and Employment Analysis, Part III

17.—G. L. Bach, “Monetary-Fiscal Policy Reconsidered”, Journal of Political Economy, LVII: 383-94 (October 1949)

18.—George Terborgh, The Bogey of Economic Maturity.

19.—A. P. Lerner, Economics of Employment, parts IV and V.

20.*—William Hamburger, “The Determinants of Aggregate Consumption”, Review of Economic Studies, XXII (1), pp. 23-34

21.*—Franco Modigliani and Richard Brumberg, “Utility Analysis and the Consumption Function”, included in Kenneth Kurihara, The Post Keynesian System—Essays in Honor of John Maynard Keynes.

22.—O. H. Brownlee, Economics of Public Finance, Chapters 3-6

23.—__________, “The Theory of Employment and Stabilization Policy”, Journal of Political Economy, October, 1950, pp. 412-24.

24.*—Milton Friedman, A Theory of the Consumption Function (particularly chapters 1-4.)

Monetary-Fiscal Policy
1. Effects of changes in government expenditures for goods and services, net tax collections, the tax structure and the supply of money on the demand for and supply of goods and services.
  1. In the Keynesian System
  2. In the Alternative System
2. Built-In Flexibility vs. Ad. hominum [sic, “ad hoc”] changes.

Readings:

1.—Robert L. Bishop, “Alternative Expansionist Fiscal Policies: A Diagrammatic Analysis”, Lloyd A. Metzler, ed. Income, Employment and Public Policy.

2.—O. H. Brownlee, “Taxation and the Price Level in the Short Run”, The Journal of Political Economy, February, 1954, pp. 26-33.

3.—__________, The Economics of Public Finance, Chapter 6.

4.—Paul A. Samuelson, “Principles and Rules in Modern Fiscal Policy: A Neo-Classical Reformulation”, included in Money, Trade, and Economic Growth.

5.*—Milton Friedman, “the Effects of a Full-Employment Policy on Economic Stability: A Formal Analysis”, included in Essays in Positive Economics.

6.—E. Cary Brown, “The Static Theory of Automatic Fiscal Stabilization”, Journal of Political Economy, October 1955.

7.—Alfred Conrad, “The Multiplier Effects of Redistributive Public Budgets”, Review of Economics and Statistics, May, 1955.

8.—William A. Salant, “Taxes, Income Determination and the Balanced Budget Theorem”, Review of Economics and Statistics, May, 1957.

[9. Bent Hansen, The Economic Theory of Fiscal Policy.]

Some Applications of Static Macroeconomic Analysis to Other Problems
1. Disaggregated Systems
2. Effects of Shifts in Expenditure and Income in One Sector upon Income in Other Sectors.

Readings:

1.—John S. Chipman, The Theory of Inter-Sectoral Money Flows and Income Formation.

2.—D. Gale Johnson and O. H. Brownlee, “Reducing Price Variability Confronting Primary Producers”, Journal of Farm Economics, May, 1950, 176-193.

Macrodynamic Analysis
1. The Nature of “Business Cycle” Theories.
2. First-Order Difference Equations
  1. The Cobweb Theorem
  2. Lagging of Consumption or Investment by One Period
  3. Introduction of Disturbances
  4. A Dynamic “Keynesian” Model
3. Models Involving Higher Order Difference Equations
  1. “Interactions between the ‘Multiplier’ and the ‘Acceleration Principle’”.
  2. Inventory decisions as related to changes in consumption or investment in Plant and Equipment.
4. Problems of Prediction

Readings:

1.*—Paul A. Samuelson, “Interactions Between the Multiplier and the Principle of Acceleration”, included in Readings in Business Cycle Theory, 261-69.

2.—Mordecai Ezekiel, “The Cobweb Theorem”, included in Readings in Business Cycle Theory, 422-42.

3.—J. M. Clark, “Business Acceleration and the Law of Demand”, included in Readings in Business Cycle Theory.

4.—R. F. Harrod, The Trade Cycle, Chapter 2.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Martin Bronfenbrenner Papers, Box 25, Folder “Macroeconomics, Problems & exercises. 1 of 2. 1961-70, n.d.”.

Image Source: Douglas Clement, “A Golden History” in Minnesota Economics (Fall 2006), p. 2.

Tags Bronfenbrenner, Brownlee, Friedman, JohnsonDG, Schultz

Exam Questions Harvard Suggested Reading Syllabus

Harvard. Graduate Mathematical Economics. Syllabus and Final Exam. Chipman, 1952

Post author By Irwin Collier
Post date 2020-12-17

John S. Chipman was born in Montreal, Canada, in 1926. He received his Ph.D. from the Johns Hopkins University in 1951, and taught at the University of Minnesota from 1955 to his retirement as Regents’ Professor in 2007.

Before going to Minnesota Chipman was assistant professor of economics at Harvard from 1951-55. This post provides a transcription of the course syllabus and final examination for Chipman’s “General Interdependence Systems”, a name he chose for the course he inherited bearing the nominal title of “mathematical economics”.

____________________

Course Announcement

Economics 214b (formerly Economics 204b). Mathematical Economics

Half-course (spring term). Tu., Th., 2:30-4. Assistant Professor Chipman.

General interdependence systems; in particular, Leontief linear systems. Properly qualified undergraduates will be admitted to the course.

Source: Harvard University Archives. Courses of Instruction, Box 6. Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1951-52 published in Official Register of Harvard University Vol. XLVIII, No. 21 (September 10, 1951), pp. 80-81 .

____________________

Economics 214b
General Interdependence Systems

Second Semester, 1951-52
Syllabus

*Texts

I STATIC LEONTIEF MODEL

*Wassily W. Leontief: The Structure of American Economy, 1919-1939, New York, Oxford University Press, 1951.

II DYNAMIC MODELS

*John S. Chipman: The Theory of Inter-Sectoral Money Flows and Income Formation, Baltimore, The John Hopkins Press, 1951

Richard M. Goodwin: “The Multiplier as Matrix,” Economic Journal, December 1949

________________: “Does the Matrix Multiplier Oscillate?” December 1950

________________: “Static and Dynamic Linear General Equilibrium Models,” (mimeographed, Littauer Library)

David Hawkins and Herbert A. Simon, “Note: Some Conditions of Macroeconomic Stability,” Econometrica, July-October 1949

Oscar Lange, Price Flexibility and Employment, Bloomington, Indiana, Principia Press, 1944, Appendix.

Lloyd A. Metzler: “Stability of Multiple Markets: The Hicks Conditions,” Econometrica, October 1945

________________: “A Multiple Region Theory of Income and Trade,” Econometrica, October 1950

________________: “A Multiple-Country Theory of Income Transfers,” Journal of Political Economy, February 1951.

Paul A. Samuelson: Foundations of Economic Analysis, Ch. IX and Appendix B

________________: “A Fundamental Multiplier Identity,” Econometrica, July-October 1943

Arthur Smithies: “The Stability of Competitive Equilibrium,” Econometrica, July-October 1942

Robert Solow: “On the Structure of Linear Models,” Econometrica, January 1952

Frederick V. Waugh: “Inversion of the Leontief Matrix by Power Series,” Econometrica, April 1950

III ALLOCATION OF RESOURCES (“LINEAR PROGRAMMING”)

*Tjalling C. Koopmans (ed.): Activity Analysis of Production and Allocation, New York, John Wiley & Sons, Inc., 1951.

________________: “Efficient Allocation of Resources,” Econometrica, October 1951.

Nicholas Georgescu-Roegen: “Leontief’s System in the Light of Recent Result,” Review of Economics and Statistics, August 1950

John von Neumann: “A Model of General Economic Equilibrium,” Review of Economic Studies, October 1945.

MATHEMATICAL REFERENCES

(1) Matrices

R. A. Frazer, W. J. Duncan and A. R. Collar, Elementary Matrices, New York, Macmillan, 1947

C. C. MacDuffee, Vectors and Matrices, Menasha, Wisconsin, 1943

A. C. Aitken, Determinants and Matrices, Edinburgh, Oliver and Boyd, 1948

(2) Difference and Differential Equations

P. A. Samuelson, “Dynamic Process Analysis,” in A Survey of Contemporary Economics, Philadelphia, Blakiston, 1948

R. G. D. Allen, “Mathematical Foundations of Economic Theory,” Q.J.E. February 1949

F. R. Moulton, Differential Equations, New York, Macmillan, 1930, Ch. XV

W. J. Baumol, Economic Dynamics, New York, Macmillan, 1951.

(3) Set Theory and Abstract Algebra

F. P. Northrup and Associates, Fundamental Mathematics, Vol. I, Chicago, Univ. of Chicago Press, 1948

Richard Courant and Herbert Robbins, What is Mathematics?, New York, Oxford University Press, 1941

Garrett Birkhoff and Saunders MacLane, A Survey of Modern Algebra, New York, Macmillan, 1950

Paul Halmos, Finite Dimensional Vector Spaces, Princeton, Princeton University Press, 1948

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

____________________

1951-52
HARVARD UNIVERSITY
ECONOMICS 214b
[Final examination]

Answer both questions

Consider an economy composed of n sectors (say industries and households) and described by the model

where y_i(t) is the output of sector i at time t, of which b_i is the exogenous component, and where the input-output coefficients a_ij are all taken to be non-negative. Assuming the economy to be initially in a state of equilibrium, show under what conditions an autonomous rise in all the b_i
1. implies an increase in the equilibrium values of all the sector outputs;
2. causes all sector outputs to approach, with time, new equilibrium values.
  Compare and interpret these conditions.
“A possible activity is efficient if and only if there exists a set of positive prices for all commodities, which give rise to zero profits on this activity and non-positive profits on all other possible activities.”
1. Prove this theorem, keeping in mind the following two properties of convex polyhedral cones:
  1. The negative polar of the intersection of two cones is equal to the sum of their negative polars;
  2. The sum of two cones is equal to the sum of their dimensionality spaces if and only if the relative interior of the one cone intersects the negative of the relative interior of the other.
2. Indicate a modification of the theorem, with the appropriate modification of the definition of efficiency, when availability limitations are specified on certain primary commodities, which are no longer regarded as “undesirable.”
3. Outline the properties of the efficient set in (b) when there is only one primary commodity and there is no joint production.
4. Discuss the usefulness, significance, and validity of the notion of an efficient set of activities as employed in (a), (b), and (c).

Source: Harvard University Archives. Harvard University, Final examinations, 1853-2001. Box 27, Papers Printed for Final Examinations [in] History, History of Religions,…Economics,…, Air Sciences, Naval Science, June 1952.

Image Source: September 1961 entry card for John Somerset Chipman (b. 28 June 1926 in Montreal). Rio de Janeiro, Brazil, immigration Cards, 1900-1965 at ancestry.com.

Tags Chipman

Exam Questions Harvard Suggested Reading

Harvard. Readings and Exams. Public Utilities and Transportation. 1935-37.

Post author By Irwin Collier
Post date 2020-12-09

This post has been assembled around a list of books used in courses on transportation that were taught at Harvard in the mid-1930s. While the courses covered public utility regulation for the most part, I have not yet found complete course outlines or syllabi for the two courses considered. So paired with the final examinations for the course, the partial reading lists are all we can go on for now regarding the course content.

In the following post we meet the economics Ph.D. alumnus (Harvard, 1931), Donald Holmes Wallace who assisted Edward H. Chamberlin in teaching these courses at the time. Wallace put the lists together in response to an inquiry from a member of the Interstate Commerce Commission (see below).

_____________________________

Course Announcements

1935-36

Economics 4c ²hf. Public Utilities (including Transportation)

Half-course (second half-year). Tu., Th., Sat., at 11. Associate Professor Chamberlin and Drs. Wallace and Abbott.

Economics 4a [The Corporation and its Regulation] is a prerequisite for this course.

[Economics 48. Economics of Public Utilities]

Wed., 4 to 6 (and a third hour at the pleasure of the instructor). Professor Crum and Associate Professors Mason and Chamberlin.

Omitted in 1935-36.

Source: Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1935-36, in Official Register of Harvard University, Vol. 32, No. 7 (March 4, 1935), pp. 135, 139.

* * * * * * * * * * *

1936-37

Economics 63b ²hf. (formerly 4c). Public Utilities (including Transportation)

Half-course (second half-year). Tu., Th., Sat., at 11. Associate Professor Chamberlin and Drs. Wallace and Abbott.

Economics 61a [The Corporation and its Regulation] is a prerequisite for this course.

Economics 163. (formerly 48). Economics of Public Utilities

Wed., 4 to 6 (and a third hour at the pleasure of the instructor). Professor Crum and Associate Professors Mason and Chamberlin.

Source: Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-37, in Official Register of Harvard University, Vol. 33, No. 5 (March 2, 1936), pp. 141,145.

_____________________________

Course Enrollments

[Economics] 4c ²hf. Associate Professor Chamberlin and Drs. Wallace, Abbott and Baker. — Public Utilities (including Transportation).

Total 74: 2 Graduates, 30 Seniors, 40 Juniors, 2 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1935-36, p. 82.

* * * * * * * * * * *

[Economics] 63b ²hf. (formerly 4c) Associate Professor Chamberlin and Dr. Wallace. — Public Utilities (including Transportation).

Total 43: 1 Graduate, 25 Seniors, 13 Juniors, 3 Sophomores, 1 Other.

[Economics] 163. (formerly 48). Associate Professors Mason and Chamberlin and Dr. Wallace.—Economics of Public Utilities (including Transportation).

Total 10: 4 Graduates, 4 Seniors, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1936-37, pp. 92, 94.

_____________________________

Harvard University
Faculty of Arts and Sciences
Department of Government

Cambridge, Massachusetts
October 19, 1936

Miss C. C. Tatnall
Department of Economics
41 Holyoke House
Cambridge, Massachusetts

Dear Miss Tatnall:

Professor [William Y.] Elliott has had an inquiry from a member of the Interstate Commerce Commission about the books which are being used in the courses on transportation in the University. Have you a bibliography, or could a bibliography be prepared, of the material in use in the courses Economics 63b and 163? We shall appreciate any material you are able to collect.

Do you know if there are any other courses in the College which deal with transportation?

Thanks so much for your trouble.

Sincerely yours,
[signed]
[first name?] Dolan

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

List of Books used in Economics of Transportation
October, 1936
D. H. Wallace

Undergraduate course entitled Public Utilities including Transportation:

Locklin: Economics of Transportation

Mosher and Crawford: Public Utility Regulation

Daggett: Principles of Inland Transportation

Owen: Highway Economics

Bauer and Gold: Public Utility Valuation for Purposes of Rate Control

Bonbright and Means: The Holding Company

Reports of the Federal Coordinator.

Graduate course students make use of the following

Cunningham: American Railroads

Grodinsky: Railroad Consolidation

Jones: Principles of Railway Transportation

Miller: Inland Transportation

Ripley: Railroads

Ripley: Report on Consolidation for I.C.C.

Sharfman: American Railway Problem

Sharfman: Interstate Commerce Commission

Simnett: Railway Amalgamation in Great Britain

Vanderblue and Burgess: Railroads

I.C.C.: Annual Reports

I.C.C.: Decisions

Clark: Economics of Overhead Costs

Chamberlin: Theory of Monopolistic Competition (Duopoly and oligopoly)

Pigou: Economics of Welfare (Discrimination)

Robinson: Economics of Imperfect Competition (Discrimination)

Source: Harvard University Archives. Department of Economics. Correspondence & Papers 1902-1950. Box 25. Folder “Suggested Readings”.

_____________________________

Reading Period Assignment
May 4-26, 1936

Economics 4c: Read one of the following:

First Report of the Federal Coordinator of Transportation, pp. 1-37.
Third Report of the Federal Coordinator of Transportation, pp. 3-129.
Stuart Daggett, Principles of Inland Transportation (revised edition), Chs. 36-38
and H.E. Dugall, two articles on French railways, Journal of Political Economy, June, 1933, pp. 289-333 and June, 1934, pp. 385-392.
Bauer, J. and Gold, N., Public Utility Valuation for Purposes of Rate Control, pp. 155-362.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 2, Folder “Economics, 1935-36”.

_____________________________

1935-36
HARVARD UNIVERSITY
ECONOMICS 4c²
[Final Examination]

Answer questions 1 and 5 and TWO others. All questions are of equal weight.

Answer the question appropriate to your Reading Period choice.
1. Discuss the alternatives for a national policy toward the transportation problem in this country and explain which measures should in your opinion be included in such a program.
2. Compare the chief developments in railway regulation in France and the United States during the past fifteen years.
3. “The concept of ‘present value’ represents an unreal combination of judicial prejudice and economic abstraction.” Discuss.
The economic surgery required by the provisions of the Public Utility Holding Company Act compelling realignment of companies into integrated regional systems is no less deplorable than an appendicitis operation upon a boy who has eaten too many green apples. A much more sensible policy was adopted in the consolidation provisions of the Transportation Act of 1920 which enabled a judicious mixture of private and public planning of combination.” Discuss.
“The original cost method of valuation cannot provide a satisfactory way of determining rate bases in the case of competing railroads built at different times over different terrains. Under such circumstances the use of original cost will result either in robbing the stockholders of one road of the advantages of perspicacious management, or in forcing shippers to reward the stockholders of the other for building an expensive road.” Discuss.
You are asked by one of the political parties to prepare a memorandum to serve as a basis for a plank concerning public utilities. It is requested that you explain specifically: (1) the economic criteria which seem to be the most useful for distinguishing industries which should be subjected to public ownership and operation or public regulation of investment, prices, and earnings; and (2) the legal principles used by the courts in recent cases involving the rights of Federal or state governments to regulate investment, prices, or earnings.
Discuss two of the following quotations.
1. “The ordinary consumer of utility services is interested only in price and quality of service. His disposition to leave to investors all concern over security structures, holding companies, and service charges finds a sound basis in the fact that these things affect only the division of the profits.”
2. “Whatever may be urged to the contrary, regulation of transportation agencies in the United States has been imposed as a result of unfair treatment of the shipping public.”
3. “Personal discrimination is bad enough in that it confers an unwarranted favor upon one of two producers located in the same place; long and short haul discrimination is worse because it gives an undue advantage to the producer who is located farther away from raw materials or markets.”

Source: Harvard University Archives. Harvard University, Examination Papers, Finals 1936. (HUC 7000.28, Vol. 78).

_____________________________

Reading Period Assignment
May 10-June 2, 1937

Economics 63b: Read one of the following:

First Report of the Federal Coordinator of Transportation, pp. 1-37,
and
Third Report of the Federal Coordinator of Transportation, pp. 3-129.
Stuart Daggett, Principles of Inland Transportation (revised edition), Chs. 36-38
and H.E. Dugall, two articles on French railways, Journal of Political Economy, June, 1933, pp. 289-333 and June, 1934, pp. 385-392.
Bauer, J. and Gold, N., Public Utility Valuation for Purposes of Rate Control, pp. 155-362.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 2, Folder “Economics, 1936-37”.

_____________________________

1936-37
HARVARD UNIVERSITY
ECONOMICS 63b²
[Final Examination]

Write on four questions, including the first and the last. Divide your time about equally between them.

Choose either (a) or (b):
1. “The fact that ‘charging what the traffic will bear’ develops under unregulated competition is no excuse for permitting the practice when rates are regulated by public authority. It is simply another form of discrimination which it is the duty of the I.C.C. to put down.” Discuss.
2. Comment on the following figures for the electrical industry for 1935:

	Customers Per cent	Consumption Per cent	Revenue Per cent
Domestic:	82.6	18.0	36.6
Commercial:
Retail	14.9	18.3	28.0
Wholesale	2.0	53.1	27.5
Municipal, Street railways and miscellaneous	0.5	10.6	7.0
	100.0	100.0	100.0

“With the Act of 1920 the policy of regulation of railroads reached its highest development. If that policy fails, the only alternative is public ownership.” Discuss.
Discuss the merits and defects of the policies adopted in in this country for public planning of operating systems either in electricity supply or in railroad transportation.
“In the last analysis, it has been the presence or absence of monopoly which determined whether or not an industry was held to be a public utility. Actually, there are several other elements which ought to be given important consideration.” Discuss.
Answer the question appropriate to your reading period choice:
1. (Eastman report.) Do you think that all agencies of transport should be subjected to the same or to different sorts of regulation? Explain.
2. (Bauer and Gold.) Explain briefly what you understand by “fair value” according to the law of the land and discuss its significance for the regulation of earnings of public utilities.
3. (Foreign railways.) What significant comparisons may be made between the post-war railroad problems of France, Germany and England? What light has your reading here thrown upon the problems of this country?

Source: Harvard University, Examination Papers, Finals 1937. (HUC 7000.28, Vol. 79).

_____________________________

Reading Period Assignment
January 4-20, 1937

Economics 163: Read the following:

Bonbright and Means, The Holding Company.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 2, Folder “Economics, 1936-37”.

_____________________________

1936-37
HARVARD UNIVERSITY
ECONOMICS 163
[Mid-Year Examination]

All six questions are of equal weight. Answer the first question, the last question, and any two among questions 2 to 5.

The Public Utility Act of 1935 authorizes an examination of holding company systems with a view to determining “the extent to which such holding company systems and the companies therein may be simplified, unnecessary complexities therein eliminated, voting power fairly and equitably distributed among the holders of securities thereof, and the properties and business thereof confined to those necessary or appropriate to the operations of integrated public utility systems.” What facts with respect to these questions would you expect such an examination to disclose?
Discuss either of the following statements by Burns:
(a) “Vertical integration thus dictated by the opportunity to secure technical economies of production is not directly caused by the decline of price competition although it may contribute to that decline.”
(b) “In common with all forms of integration, however, this type (of the production of commodities requiring similar selling organizations) hinders the comparison of costs and prices for each separate branch of production.”
Discuss either of the following statements:
(a) “Closely related and also a chief point of controversy, was the effect of limitation of liability upon the position of the creditor.” Hunt (commenting upon the Royal Commission Report of 1854).
(b) “It is to be noted that hardly anywhere in these reports (those of 1837, 1850, 1851, and 1854) was a pure measure of limited liability discussed. What was discussed at great length was this mixed form (of the en commandite type) with unlimited and limited partners.” Shannon.
(a) Discuss the significance and usefulness of either ratio analysis, with illustrative comment upon important types of ratios, or analysis by use of so-called statements of source and disposition of funds.
(b) Outline the major arguments against enforced publicity of corporate accounts.
(a) Discuss the effect of each of the following devices in bringing about separation of control from ownership in corporations: (i) the stockholder’s proxy, (ii) classification of stock.
(b) Outline the main considerations determining a corporation’s dividend policy.
Write on either (a) or (b):
(a) What difficulties, if any, are created by the corporate form of organization for the theory of profits?
(b) What effect do you think a sizeable tax on the transfer of securities (say 1 or 2 per cent of the market price) would have on the behavior of security prices?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943. Box 13, Folder “Mid-year examinations, 1936-1937”.

_____________________________

Reading Period Assignment
May 10—June 2, 1937

Economics 163: No additional assignment.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 2, Folder “Economics, 1936-37”.

_____________________________

1936-37
HARVARD UNIVERSITY
ECONOMICS 163
[Final Examination]

Write on four questions, including number 6. Divide your time about equally between them.

“To justify the principle of discrimination is not to justify either particular instances or particular types of discrimination.” Discuss.
Discuss the possibilities for regulating the earnings of public utilities either (a) with, or (b) without, valuation.
Discuss the possible effects of regulation upon efficiency. What suggestions as to public policy can you make for strengthening the incentives towards efficient operation?
“The arguments for and against public ownership are the same as the arguments for and against regulation.” Discuss.
Discuss the problems of public planning for the size and structure of operating units and the relations between them, with reference to either (a) railroad transport, or (b) electricity supply.
Write on transport coordination: its meaning, significance and possibilities.

Source: Harvard University, Examination Papers, Finals 1937. (HUC 7000.28, Vol. 79).

Image Source: Cover of the 1946 Harvard Album.

Tags Abbott, Baker, Chamberlin, Crum, Mason, WallaceDH

Chicago Exam Questions Suggested Reading Syllabus

Chicago. Monetary International Economics, readings and exam. Metzler, 1967

Post author By Irwin Collier
Post date 2020-11-27

Lloyd Metzler provided a token Keynesian voice with a Harvard accent at post-WWII Chicago. Once the Cowles Commission moved to Yale, Metzler found himself vastly outnumbered. And yet he persisted.

__________________________

Syllabus and readings for Economics 370 in 1950.

Exam for Economics 370 in 1953.

All Economics in the Rear-view Mirror blog-posts with Lloyd Metzler content.

__________________________

Biographical Note

Lloyd Appleton Metzler was born on April 3, 1913 in Lost Springs, Kansas. He attended the University of Kansas, where he studied economics under John Ise and earned a Bachelor’s degree in 1935 and an MBA in 1938. Metzler then entered Harvard University. He served as an instructor and tutor at Harvard and completed a Ph.D. in economics in 1942. His dissertation, “Interregional Income Generation,” earned him the Wells Prize. That same year, Metzler was the recipient of a Guggenheim fellowship.

From Harvard, Metzler went on to Washington, D.C., where worked for the Office of Strategic Services and several economic policy and planning commissions between 1943 and 1946. Metzler joined the research staff of the Board of Governors of the Federal Reserve System in 1944. In 1946 he returned to academia when he accepted a teaching position at Yale University. He soon left Yale for the University of Chicago in 1947, where he remained for the rest of his career.

Dr. Metzler survived surgery for a brain tumor in 1952, and with the help of his wife Edith, managed to continue teaching and writing for the next twenty years. He served as Editor of the Journal of Political Economy from 1966 until his retirement in 1971. Metzler made numerous contributions to business cycle literature, macro-monetary theory, tariff theory, mathematical economics, and the field of international trade. The Metzler paradox, Laursen-Metzler effect, and Metzler matrix, all bear his name. He died on October 26, 1980.

Source: University of Chicago Library. Guide to the Lloyd A. Metzler Papers 1941-48. Note: the interesting archival papers containing the following material are found in the Economists’ Papers Archive at Duke University.

__________________________

ECONOMICS 370
MONETARY ASPECTS OF INTERNATIONAL TRADE
Major Topics and Reading List

Winter 1967
Lloyd A. Metzler

Mechanism of the Foreign Exchange Market
1. P. T. Ellsworth, The International Economy, third edition, New York: Macmillan Company, 1964, Chapter 17.
2. Alan R. Holmes and Francis Schott, The New York Foreign Exchange Market, New York: The Federal Reserve Bank of New York, 1965, Chapters 1-6.
3. Frank A. Southard, Jr., Foreign Exchange Practice and Policy, New York: The McGraw-Hill Book Company, 1940.
4. N. Crump, The ABC of the Foreign Exchanges, London: Macmillan and Company, Ltd., 1951.
5. James E. Meade, Studies in the Theory of International Economic Policy, Vol. I, The Balance of Payments, London: Oxford University Press, 1951, Chapter 1.
The Quantity of Money, the Rate of Interest, and the Price Level
1. Sub-Committee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, Hearings on the Question, What Should our Monetary and Debt Management Policy Be? 82^ndCongress of the United States, 1952, pp. 688-7111, 691-698. (These pages include the testimony of Milton Friedman and Paul Samuelson.)
2. James Tobin, “Monetary Policy and the Management of the Public Debt. The Patman Inquiry,” Review of Economics and Statistics, Vol. XXXV, No. 2, May 1953, pp. 118-127.
3. Robert V. Roosa, “Interest Rates and the Central Bank” in Money, Trade and Economic Growth, in honor of John Henry Williams, New York: The Macmillan Company, 1951.
4. Lloyd A. Metzler, “Wealth, Saving, and the Rate of Interest,” Journal of Political Economy, Vol. LIX, No. 2, April, 1951, pp. 93-116.
5. Robert A. Mundell, “The Public Debt, Corporate Income Taxes, and the Rate of Interest,” Journal of Political Economy, Vol. LXVIII, No. 6, December 1960, pp. 622-626.
6. George Horwich, “Real Assets and the Theory of Interest,” Journal of Political Economy, Vol. LXX, No. 2, April 1962, pp. 158-169.
7. Don Patinkin, Money, Interest, and Prices, first edition, Evanston: Row, Peterson and Co., 1956, Part. II.
The Role of Money in International Adjustment: Full Employment and Under-Employment
1. J. M. Keynes, Treatise on Money, Vol. I, The Pure Theory of Money, London: Macmillan and Company, 1935, Chapter 21.
2. Lloyd A. Metzler, “The Theory of International Trade,” From A Survey of Contemporary Economics, Howard S. Ellis, editor Homewood, Illinois: R. D. Irwin, Inc., 1948.
Free Market Exchange Rates
1. A. J. Brown, “The Foreign Exchanges” in Oxford Studies in the Price Mechanism, Edited by T. Wilson and P.W. S. Andrews, Oxford at the Clarendon Press, 1951, Chapters I (i) and II (ii).
2. S. Alexander, “Effects of A Devaluation on a Trade Balance,” International Monetary Fund Staff Papers, Vol. II, No. 2, April 1952.
3. Milton Friedman, “The Case for Flexible Exchange Rates,” in Essays in Positive Economics, Chicago, University of Chicago Press, 1953, pp. 157-203.
4. Joan Robinson, Essays in the Theory of Employment, Oxford: Basil Blackwell, 1947, Part III, “The Foreign Exchanges.”
5. Lloyd A. Metzler, “Exchange Rates and the International Monetary Fund,” in International Monetary Policies, Postwar Economic Studies No. 7, Washington, D.C.: Board of Governors of the Federal Reserve System, September, 1947.
6. Rudolph R. Rhomberg, “A Model of the Canadian Economy under Fixed and Fluctuating Exchange Rates,” Journal of Political Economy, Vol. LXXII, No. 1, February 1964, pp. 1-31.
Forward Exchange Rates
1. Paul Einzig, The Theory of Forward Exchange, London: Macmillan and Co., Ltd., 1937.
2. Paul Einzig, A Dynamic Theory of Forward Exchange, London, Macmillan and Co., New York, St. Martin’s Press, 1961.
3. Alan R. Holmes and Francis Schott, The New York Foreign Exchange Market, New York: The Federal Reserve Bank of New York, 1965, Chapters 7-8.
4. Paul Einzig, “Some Recent Development in Official Forward Exchange Operations,” Economic Journal, Vol. LXXIII, No. 290, June 1963, pp. 241-53.
5. Paul Einzig, “Some Recent Changes in Forward Exchange Practices,” Economic Journal, Vol. LXX, No. 279, September, 1960, pp. 485-95.
The Balance of Payments and the Concepts of Income
1. R. F. Bennett, “Significance of International Transactions in National Income”, in Studies in Income and Wealth, Vol. VI, New York: National Bureau of Economic Research, 1943.
2. U. S. Department of Commerce, Income and Output, 1958 supplement to the Survey of Current Business.
The Theory of Income Transfers
1. J. M. Keynes, “The Transfer Problem,” Economic Journal, XXXIX, No. 153, March 1929, pp. 1-7.
2. B. Ohlin, “The Reparation Problem: A Discussion, I. Transfer Difficulties, Real and Imagined,” Economic Journal, Vol. XXXIX, No. 154, June 1929, pp. 172-78.
3. J. M. Keynes, “The Reparation Problem: A Discussion. II. A Rejoinder” Economic Journal, Vol. XXXIX, no. 154, June 1929, pp. 179-82.
4. J. Rueff, “Mr. Keynes’ Views on the Transfer Problem, Economic Journal, Vol. XXXIX, No. 155, September 1929, pp. 388-99.
5. B. Ohlin, “Rejoinder to J. Rueff,” Economic Journal, Vol. XXXIX, No. 155, September 1929, pp. 400-4.
6. J. M. Keynes, “Reply to J. Rueff,” Economic Journal, Vol. XXXIX, No. 155, September 1929, pp. 404-8.
7. L. A. Metzler, “The Transfer Problem Re-considered,” Journal of Political Economy, Vol. L, No. 2, June 1942.
8. H. G. Johnson, “The Transfer Problem and Exchange Stability,” Journal of Political Economy, Vol. LXIV, No. 3, June 1956, pp. 212-25.
Postwar Monetary Conditions and the Position of the U.S. Dollar
1. R. Hinshaw, Toward Currency Convertibility, Princeton University, Essays in International Finance, No. 31, 1958.
2. R. Triffin, Europe and the Money Muddle, New Haven: Yale University Press, 1957.
3. C. P. Kindleberger, The Dollar Shortage, Cambridge: Massachusetts [Institute of ] Technology Press, New York: John Wiley and Sons, Inc., 1950.
4. R. Triffin, “The International Monetary Position of the United States,” in The Dollar in Crisis, S.E. Harris, editor, New York: Harcourt, Brace and World, Inc., 1961.
5. P. T. Ellsworth, The International Economy, third edition, New York: The Macmillan Company, Part VI.
6. H. B. Lary, Problems of the United States as World Trader and Banker, Princeton University Press for the National Bureau of Economic Research, 1963.
7. Triffin, The Evolution of the International Monetary System: Historical Reappraisal and Future Perspectives, Princeton Studies in International Finance, No. 12, International Finance Section, Princeton University, 1964.
8. International Financial Arrangements: The Problem of Choice, Report on the deliberations of an international study group of 32 economists, International Finance Section, Department of Economics, Princeton University 1964.
9. New Approach to United States International Economic Policy. Hearing before the subcommittee on international exchange and payments of the joint economic committee, Eighty-ninth Congress of the United States, second session, September 9, 1966.
10. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies, Statement of M. Valery Giscard d’Estaing, Chairman of the group, August 10, 1964.
11. American Enterprise Institute, International Payments Problems, a symposium sponsored by the American Enterprise Institute for Public Policy Research, Washington, D.C. 1966.

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

Lloyd A. Metzler

ECONOMICS 370
Course Examination
Winter, 1967

Answer all questions.

Define two concepts of income which arise when one country (A) makes an annual income transfer to another country (B) and indicate the significance of each concept.
Use the concepts above to show why, in a two-country economy, a presumption exists that the transfer will be more difficult if both countries require imported raw materials to produce than if both are self-sufficient in production. Without going into technical details, indicate why the theory for self-sufficient economies is correct despite this presumption.
(a) Derive the conditions of balance in a full-employment open economy for the following markets: (i) the market for goods and services; (ii) the market for newly-issued securities (iii) the market for foreign exchange.
(b) Show that if the first two markets are in balance, the country has neither a surplus nor a deficit in its balance of payments.
(c) Show that if there is an excess supply (or deflationary gap) in both new securities and goods and services the country necessarily has a deficit in its balance of payments. Discuss the market mechanism which may eliminate this deficit, assuming full employment and flexible prices.
The table below gives interest rates for 3-months U.S. treasury bills adjusted to an annual basis, as well as the spot rate and the 3-month forward rate on Canadian currency, each rate being defined as the U.S. dollar price of the Canadian dollar:

Period	3-month U.S. bills	3-month forward rate	Spot Rate
(1)	.05	$1.0025	$1.0000
(2)	.04	$0.9975	$1.0000
(3)	.03	$0.9950	$1.0000
(4)	.04	$0.9900	$1.0000
(5)	.07	$2.0050	$2.0000

On the basis of this information you are asked to compute, for all periods, the interest rate for Canadian 3-months bills on the assumption that all data lie on the Interest Rate Parity line. Show your computations.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Lloyd Appleton Metzler Papers, Box 3, Folder “Econ 370- Course Exams”.

Source Image: Posting by Margie Metzler on the Metzler Family Tree at the genealogical website, ancestry.com.

Tags Ise, Metzler

Exam Questions Harvard Suggested Reading Syllabus

Harvard. Economic Analysis and Public Policy, Readings and Exams. Smithies and Baldwin, 1956-57

Post author By Irwin Collier
Post date 2020-11-27

While Harvard archive’s collection of old course syllabi and reading lists offers a treasure chest of material, there still are plenty of “missing observations” and lost pages between us and a complete record. Fortunately there is often significant inertia in the actual syllabi so that interpolation is less hazardous than one might expect in filling the gaps. As noted below, the reading list for the Spring term was not found in the corresponding folder for Harvard economics course syllabi in the Harvard archives.

* * * * * * * * * *

Arthur Smithies’ syllabus for this course as taught in 1949-50 has been transcribed and posted.

Robert Baldwin’s reading lists and exams for 1955-56 have been likewise transcribed and posted.

________________________

Course Enrollment

[Economics] 206. Economic Analysis and Public Policy. Professor Smithies and Assistant Professor Baldwin. Full course.

(F) Total 49: 9 Graduates, 36 Other Graduates, 1 Senior, 1 Radcliffe, 2 Others.
(S) Total 51: 10 Graduates, 37 Other Graduates, 1 Senior, 1 Radcliffe, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1956-57, p. 70.

________________________

HARVARD UNIVERSITY
Department of Economics

Economics 206
Reading List, Fall 1956

Economic Analysis and Public Policy

F. H. Knight, “Economic Objectives in a Changing World,” Economics and Public Policy, The Brookings Institution, 1955.

A. Smithies, “Economic Welfare and Policy,” Ibid.

The Ricardian System

David Ricardo, Principles of Political Economy, Chs. 2-6, 21.

W. J. Baumol, Economic Dynamics, Ch. 2.

Suggested:

Ricardo, Chs. 1, 31

G. J. Stigler, “The Ricardian Theory of Value and Distribution,” The Journal of Political Economy, LX, 3 (June 1952).

J. S. Mill, Principles of Political Economy, Bk. 3, Ch. 6 and 14;

Mimeographed paper on Smith and Ricardo*

Marxian Dynamics

Karl Marx, A Contribution to the Critique of Political Economy, Preface.

M. M. Bober, Karl Marx’s Interpretation of History, Chs. 1-3, 9-13.

Suggested:

Joan Robinson, An Essay on Marxian Economics.

P. Sweezy, The Theory of Capitalist Development, Chs. 4-6, 8, 9,

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.

Mimeographed paper on Marx*

The Neo-classical System

L. Walras, Elements of Pure Economics, Part I.

G. Cassel, The Theory of Social Economy, Ch. 4

W. S. Jevons, The Theory of Political Economy, Introduction.

Suggested:

E. Phelps Brown, Framework of the Pricing System

The Schumpeterian System

J. A. Schumpeter, Business Cycles, Vol. I, Chs. 3, 4.

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part II

Suggested:

J. A. Schumpeter, The Theory of Economic Development.

Mimeographed paper on Schumpeter*.

Keynesian Economics

J. M. Keynes, The General Theory of Employment, Interest, and Money, Ch. 19.

D. Dillard, The Economics of J. M. Keynes, Chs. 2, 3.

A. Hansen, Business Cycles and National Income, Part II

Suggested:

A. Hansen, A Guide to Keynes

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

Post-Keynesian Growth Theorists

E. Domar, “Expansion and Employment,” American Economic Review, March 1947.

W. Baumol, op. cit., Ch. 4

Suggested:

R. Harrod, Towards a Dynamic Economics, Ch. 3.

D. Hamberg, Economic Growth and Instability, Ch. 2, 3

*Available in Lamont and Littauer Libraries.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder: “Economics, 1956-1957 (1 of 2).

________________________

1956-57
HARVARD UNIVERSITY

Economics 206
Fall 1956
Final Examination

Answer FIVE of the following seven questions.

What conclusions can be drawn concerning the optimization of resource allocation in a competitive versus a monopolistic economy? Consider the problem under both static and dynamic conditions.
Analyze the possible employment effects of an increase in the money supply in the Keynesian and the neo-classical aggregate models.
Both Ricardo and Marx assert that real wages tend to be driven to a subsistence level in the long-run. Contrast the reasoning of these two writers in reaching this conclusion.
Contrast the reasons why the classical writers were pessimistic about development prospects under capitalism whereas the neo-classical economists were quite optimistic about growth possibilities.
Neo-classical writers claim that long-run equilibrium at a less than full employment level is impossible. Keynesians, on the other hand, assert that less than full employment equilibrium is possible. Carefully explain the reasons why these two groups differ on this point.
What were the major policy recommendations of Ricardo? Analyze how, according to Ricardo, the adoption of these measures would postpone the arrival of the stationary state.
Contrast the role of the interest rate as a determinant of investment in the Schumpeterian, neo-classical, and Keynesian models.

Source: Harvard University Archives. Final examinations, 1853-2001. Box 25, Volume: Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, January 1957.

________________________

Note: The reading list for Economics 206, Spring Term 1957 was not found in the Harvard archives with the other filed course syllabi from 1956-57.

________________________

HARVARD UNIVERSITY
Economics 206

Spring Examination, 1957

Answer FOUR of SEVEN.

a) Under what conditions could the U.S. economy achieve uninterrupted growth? Do you think these conditions are likely to prevail?
b) What sort of obstacles to steady growth would you expect to find in the U.S. economy? Are they self-correcting or would you recommend specific policies to overcome them?
Is an equal or unequal distribution of income more compatible with the achievement of steady growth? What are the chief determinants of income distribution in the United States? Would you expect a shift in distribution as the economy grows?
Analyze the causes of inflationary pressure. With our present institutional arrangements, what policy measures would you advocate to alleviate an inflation? Discuss any changes in present institutions that you feel would be desirable for combating inflation. Would your policy measures change if you were operating under changed legal or institutional arrangements? (i.e. Would you use the same instruments in a different way?)
What is the meaning of balance of payments disequilibrium? How would you deal with such a disequilibrium in a country that had a goal of maximizing economic growth?
Do you think there was a fundamental change in the U.S. economy between the prosperous ‘20’s and the depressed ‘30’s or between the ‘30’s and the post World War II era? If so, what were these changes and how do they contribute to an explanation of the behavior of the economy in these periods? If not, how would you explain the mixed performance of the economy?
How can the traditional theory of the firm be used to explain the distribution of income? Would the theory lead you to expect a different distribution in an imperfectly competitive economy than in a purely competitive one?
Are large budgets consistent with equilibrium growth? What effect on growth would an increase in government expenditure have if (a) it is deficit financed, (b) it is tax financed?

Source: Harvard University Archives. Final examinations, 1853-2001. Volume 113 (HUC 7000.28) Final Exams—Social Sciences—June 1957: Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, June 1957.

Image Sources: (Left) John Simon Guggenheim Memorial Foundation website. Arthur Smithies (1955 Fellow); (Right) Robert Baldwin from Selection from photograph (ca. 1975) of Robert E. Baldwin from the University of Wisconsin Archives/The University of Wisconsin Collection/The UW-Madison Collection/UW-Madison Archives Images.

Exam Questions Harvard Suggested Reading Syllabus

Harvard. Applied Economic Analysis, Readings and Exams. Smithies and Baldwin, 1956-57

Post author By Irwin Collier
Post date 2020-11-18

For a course that promises applied economic analysis, the content for the 1956-57 course taught by Arthur Smithies and Robert Baldwin appears to have been about 2/3 analysis and 1/3 “application”.

The course materials from the previous year (taught by James Duesenberry) have been posted earlier at:

Applied Economic Analysis, 1955-56.

________________________

Course Enrollment

[Economics] 106. Applied Economic Analysis. Professor Smithies and Assistant Professor Baldwin. Full course.

(F) Total 45: 2 Other Graduates, 36 Seniors, 6 Juniors, 1 Other.
(S) Total 43: 1 Other Graduate, 36 Seniors, 6 Juniors.

Source: Harvard University. Report of the President of Harvard College 1956-57, p. 68.

________________________

HARVARD UNIVERSITY
Department of Economics

Economics 106
Reading List, Fall 1956

Economic Analysis and Public Policy

F. H. Knight, “Economic Objectives in a Changing World,” Economics and Public Policy, The Brookings Institution, 1955.

A. Smithies, “Economic Welfare and Policy,” Ibid.

The Ricardian System

David Ricardo, Principles of Political Economy, Chs. 2-6, 21.

W. J. Baumol, Economic Dynamics, Ch. 2.

Suggested:

Ricardo, Chs. 1, 31

G. J. Stigler, “The Ricardian Theory of Value and Distribution,” The Journal of Political Economy, LX, 3 (June 1952).

J. S. Mill, Principles of Political Economy, Bk. 3, Ch. 6 and 14;

Mimeographed paper on Smith and Ricardo*

Marxian Dynamics

Karl Marx, A Contribution to the Critique of Political Economy, Preface.

M. M. Bober, Karl Marx’s Interpretation of History, Chs. 1-3, 9-13.

Suggested:

Joan Robinson, An Essay on Marxian Economics.

P. Sweezy, The Theory of Capitalist Development, Chs. 4-6, 8, 9,

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.

Mimeographed paper on Marx*

The Neo-classical System

L. Walras, Elements of Pure Economics, Part I.

G. Cassel, The Theory of Social Economy, Ch. 4

W. S. Jevons, The Theory of Political Economy, Introduction.

Suggested:

E. Phelps Brown, Framework of the Pricing System

The Schumpeterian System

J. A. Schumpeter, Business Cycles, Vol. I, Chs. 3, 4.

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part II

Suggested:

J. A. Schumpeter, The Theory of Economic Development.

Mimeographed paper on Schumpeter*.

Keynesian Economics

J. M. Keynes, The General Theory of Employment, Interest, and Money, Ch. 19.

D. Dillard, The Economics of J. M. Keynes, Chs. 2, 3.

A. Hansen, Business Cycles and National Income, Part II

Suggested:

A. Hansen, A Guide to Keynes

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

Post-Keynesian Growth Theorists

E. Domar, “Expansion and Employment,” American Economic Review, March 1947.

W. Baumol, op. cit., Ch. 4

Suggested:

R. Harrod, Towards a Dynamic Economics, Ch. 3.

D. Hamberg, Economic Growth and Instability, Ch. 2, 3

*Available in Lamont and Littauer Libraries.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder: “Economics, 1956-1957 (2 of 2).

________________________

1956-57
HARVARD UNIVERSITY

Economics 106
Fall 1956
Final Examination

Part I
(30 Minutes)
Answer the following question.

Discuss the concept of steady growth in the Post-Keynesian models. Do you consider that steady growth is attainable or desirable?

Part II
(One Hour)
Answer the following question.

Ricardo, Marx, Schumpeter and Keynes all predicted that the capitalist system would either break down or arrive at a stationary state. Compare and contrast these theories. What light does your answer to Question 1 throw on their validity?

Part III
(One Hour and A Half)
Answer TWO questions.

Is there an economic basis for the notion of an optimum distribution of income in (a) a stationary and (b) a developing economy. What economic factors would you consider in defining such a concept?
Keynes produced a theory of involuntary unemployment. How does involuntary unemployment occur in his system and to what extent does his theory constitute a revolution in economic thinking?
Discuss the concepts of profits in the various theories you have studied. In the light of these theories do you consider profits to be pure surpluses or rewards to factors of production?

________________________

Harvard University
Department of Economics

Economics 106
[Spring term, 1956-57]

Part I Aggregative Theories (continued from 1^st term)

Post-Keynesian Growth Theorists

Domar, E., “Expansion and Employment,” American Economic Review, March 1947.

W. Baumol, Economic Dynamics, Ch. 4

Suggested:

R. Harrod, Towards a Dynamic Economics, Ch. 3.

D. Hamberg, Economic Growth and Instability, Ch. 2, 3

Smithies, A., “Economic Fluctuations and Growth,” Econometrica, January 1957.

Part II Public Policy and Economic Goals

Full Employment and Price Level Stability
1. General

Maxwell, Fiscal Policy

1. Policy Approaches

Simons, Economic Policy for a Free Society, Ch. 7.

Committee for Economic Development, “Taxes and the Budget: A Program for Prosperity in a Free Economy,” Readings in Fiscal Policy, Number 23, American Economic Association.

United Nations, National and International Measures for Full Employment, 73-87.

Beveridge, Full Employment in a Free Society, Part IV.

Lerner, Economics of Control, Ch. 24.

Clark, “Criteria of Sound Wage Adjustment, with Emphasis on the Question of Inflationary Effects,” Impact of the Union, Ch. 1, Wright (ed.)

[Note: page 2 of the syllabus is missing, cf. Baldwin’s Spring Term 1956, Economics 206. Missing part B almost certainly included “Equitable Income Distribution” and “Efficient Resource Allocation”]

Continued Growth

Fellner, Trends and Cycles in Economic Activity, Chapters 8 and 9.

Davis, “Economic Potentials of the United States,” Lekachman (ed.), National Policy for Economic Welfare at Home and Abroad.

Wright, Democracy and Progress, Chapters 5-7 and 12.

Hansen, “Growth or Stagnation in the American Economy,” Review of Economics and Statistics, November 1954.

Slichter, “How Big in 1980?” Atlantic Monthly, November 1949.

Hennipman, “Monopoly: Impediment or Stimulus to Economic Progress,” Monopoly and Competition and Their Regulation, Chamberlin (ed.).

Lange, On the Economic Theory of Socialism, 98-120.

International Equilibrium

Snider, Introduction to International Economics, Ch. 11.

Thorp, Trade, Aid, or What?, Chapters 1 and 2.

Humphrey, American Imports, Chapter 24.

General

Tinbergen, J., Economic Policy: Principles and Design.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder: “Economics, 1956-1957 (2 of 2).

________________________

1956-57
HARVARD UNIVERSITY
Department of Economics

Economics 106
Applied Economic Analysis
Final Examination

ANSWER FIVE (5) OF THE FOLLOWING SIX QUESTIONS.

Contrast the Domar-Harrod and neo-classical analyses of the problem of maintaining full-employment growth.
What policy tools are available to control the level of aggregate demand in the American economy? Outline the policy program you would recommend in a depression.
“There has recently been a tendency, I believe, to exaggerate the effectiveness of monetary policy and to gloss over its weaknesses.” Discuss.
Discuss the policy proposals of the “dynamic competition” group (Schumpeterians) and the “guided capitalism” group (Keynesians) with regard to the problem of maintaining satisfactory growth.
What were the major causes of the post-war balance of payments difficulties for Europe? What measures were taken in an effort to cure the problem?
Discuss the advantages and disadvantages of the “structure” versus the “performance” criteria of anti-trust policy.

Tags Baldwin, Smithies

Exam Questions Harvard Socialism Suggested Reading Syllabus

Harvard. Socialism and Planning. Syllabus and final exam. Tinbergen and Tsuru, 1957

Post author By Irwin Collier
Post date 2020-11-13

During the spring term of 1957 at Harvard, two visiting professors jointly taught an undergraduate course on “Socialism and Planning”. The instructors were future (inaugural!) Nobel laureate, Professor Jan Tinbergen coming from the Netherlands School of Economics and Dutch Central Planning Bureau, and Harvard economics Ph.D. alumnus (1940), Professor Tsuru Shigeto of Hitotsubashi University (Tokyo).

The American-Japan Intellectual Interchange Committee invited Tsuru Shigeto to be a visiting lecturer for one year at Harvard University in 1956-57. In his March 26, 1957 testimony before the Subcommittee to Investigate the Administration of the Internal Security Act and Other Internal Security Laws of the Committee on the Judiciary of the United States Senate (his testimony will be included in the next post), Tsuru was asked “And what do you do, do you teach at Harvard?” and he answered “Under the terms of this invitation, my main job at Harvard is research. But I assist occasionally in a number of courses, to give sort of guest lectures.” This explains why both Tinbergen and Tsuru are listed on the course syllabus and final exam but only Tinbergen’s name appears in the annual report of the President of Harvard College.

__________________________

Course Enrollment

[Economics] 111a. Socialism. Professor Tinbergen (Netherlands School of Economics). Half course.

(S) Total 30: 14 Other Graduates, 5 Seniors, 7 Juniors, 4 Sophomores.

Source: Harvard University. Report of the President of Harvard College, 1956-1957, p. 68.

__________________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Professors Tinbergen and Tsuru, Spring 1957

Socialism and Planning
Outline

I. Socialism
Feb. 4	(Tinbergen)	Introductory and remarks on treatment of the subject
4	(Tinbergen)	History of socialism: “utopian” and “scientific”
6	(Tsuru)	History of socialism: “utopian” and “scientific” (cont.)
8,11	(Tinbergen)	Types of socialist doctrines in the post-Marxian period (revisionism, Fabianism, etc.)
13, 15, 18	(Tsuru)	Economic characteristics of socialism
20	(Tinbergen)	Recent socialist policies: (1) Wage policy
25	(Tinbergen)	(2) Social insurance
27 Mar. 1	(Tinbergen)	(3) Socialization
4	(Tinbergen)	(4) Anti-depression policy
6	(Tinbergen)	(5) War-time regulations
8	(Tinbergen)	(6) Regulations of agricultural markets
11	(Tinbergen)	(7) Income distribution
13, 15	(Tsuru)	(8) Recent socialist policies in the Soviet Union
18, 20	(Tsuru)	(9) Recent socialist policies in mainland China
II. Planning
Mar. 22,25	(Tinbergen)	Use made of planning since 1940 (also critique of free-pricing society)
27, 29 Apr. 8	(Tinbergen)	“Free” planning illustrated by The Netherlands
10, 12	(Tinbergen)	Some points of planning for detailed control
15	(Tinbergen)	Development planning: (1) Italy
17, 22	(Tsuru)	Development planning: (2) India
24, 26	(Tsuru)	“Planning vs. the law of value”

READINGS
*Obligatory reading.

Books

Cole, G. D. H., Socialist Economics, London, B. Gollancz Ltd., 1950.

Central Planning Bureau of the Netherlands: Scope and Methods of the Central Planning Bureau, The Hague, 1956.

Government of India: Second Five Year Plan, New Delhi, 1956.

Gray, A., The Socialist Tradition, Moses to Lenin, Longmans, Green & Co., 1947.

Harris, S. E., Economic Planning; The plans of fourteen countries with analyses of the plans, New York, Knopf, 1949.

J. Jewkes, Ordeal by Planning, London, Macmillan, 1948.

W. Keilhau, Principles of Private and Public Planning, London, Unwin Bros., 1951.

Lewis*, W. A., The Principles of Economic Planning, Washington, Public Affairs Press, 1951.

K. Mannheim, Man and Society in an Age of Reconstruction, Kegan Paul, Trench, Trubner & Co., London.

J. E. Meade, Planning and the Price Mechanism, London, Allen & Unwin, 1948.

H. Mendershausen, The Economics of War, New York, Prentice-Hall, 1941.

J. Schumpeter, Capitalism, Socialism and Democracy, New York, Harper and Bros., 1947.

Socialist Union*, Twentieth Century Socialism, New York, Penguin Books, 1956.

N. Thomas, Democratic Socialism: A New Appraisal, New York, 1953.

United Nations, Measures for the Economic Development of Underdeveloped Countries, New York, 1951.

Articles

P. Baran, “National Economic Planning,” in: A Survey of Contemporary Economics II.

A. Bergson, “Socialist Economics,” in: A Survey of Contemporary Economics, I.

R. L. Marris, “The position of economics and economists in the government machine, a comparative critique of the United Kingdom and The Netherlands,” Economic Journal 1954.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1956-1957 (2 of 2)”.

__________________________

HARVARD UNIVERSITY

Final Examination
ECONOMICS 111a
Spring 1957

(Tinbergen & Tsuru)

Comment on the book or articles which you read during the reading period.
Give an answer to three of the following questions in no more than 15 lines for each:
1. Which industries are publicly owned in most Western European countries?
2. What does the term “revisionists” mean?
3. Why do countries in war usually impose regulations on their economies?
4. Why do agricultural markets tend to be unstable?
5. What is the essence of social insurance schemes?
6. What taxes are favored by socialists and why?
Answer one of the following two questions in about two pages:
1. Give the main arguments in favor of and those against socialization.
2. What is meant by the economic surplus and what is its characteristic for a socialist economy?
Answer three of the following questions in at most one page each:
1. What is the difference between a forecast and a plan for the economy as a whole?
2. Which are the main instruments used by:
  1. A country applying overall year-to-year planning;
  2. A country applying overall development planning; and
  3. A country applying detailed planning?
3. What are the assumptions underlying input-output analysis and why are they first approximations only?
4. What were the difficulties facing the Netherlands economy in 1951 and how were they solved?
5. What is the issue involved in the controversy of “planning versus the law of value”?
6. What are the salient features of development planning in the present-day India?

Source: Harvard University Archives. Harvard University, Final Examinations, 1853-2001 (HUC 7000.28). Vol. 113: Final Exams—Social Sciences—June 1957. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, June 1957.

__________________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Socialism and Planning
Outline and Extended Bibliography

(Professor Tsuru)

An Appraisal of Marx’s Contribution to Socialism

Vision [1] [2] [3]
Analysis [4]
1. Historical materialism [5]
  1. Positing of objective laws of the development of society in which an economic process is the prime mover. [3] p. 162, [6] p. 8, [7] Ch. 12
  2. Productive relations and productive forces
2. The nature of capitalism
  1. Its historical mission and achievements [1]
  2. The labor theory of value [8]
  3. Long-run trends [9] ch. 14, 15, 5, 6, 8, 9
    1. Concentration and monopoly
    2. Increasing misery and unemployment
    3. The falling tendency of the rate of profit
    4. Recurrent crises
  4. Explanatory concepts and ideas
    1. The repudiation of Say’s Law
    2. Reproduction scheme [9] Appendix, [10]
Practical politics
1. Class struggle [1]
2. Blueprint—“socialism to communism” [11]
3. Road to socialism [12] [13]

[1] K. Marx and F. Engels, The Communist Manifesto

[2] F. Engels, Socialism, from Utopian to Scientific

[3] J. A. Schumpeter, Capitalism, Socialism and Democracy, 3^rd ed., 1950

[4] W. Leontief, “The Significance of Marxian Economics for the Present-Day Economic Theory,” American Economic Review, Supplement, March 1938

[5] M. M. Bober, Karl Marx’s Interpretation of History

[6] P. M. Sweezy, The Present as History, 1953

[7] M. Dobb, On Economic Theory and Socialism, 1955

[8] R. L. Meek, Studies in the Labor Theory of Value, 1956

[9] P. M. Sweezy, The Theory of Capitalist Development, 1942

[10] S. Tsuru, Essays on Marxian Economics, 1956

[11] K. Marx, Critique of the Gotha Programme

[12] K. Marx, Civil War in France

[13] N. Lenin, State and Revolution

* * * *

Economic Characteristics of Socialism

Can we speak of economic characteristics of socialism?
1. In popular usage of the term [1] [2]
2. In doctrinal discussion
  1. A few representative definitions
    1. W. G. Sumner [3]
    2. James Bonar [4]
    3. Indian Planning Commission [5]
  2. Earlier orthodox Marxist discussion [6] Ch. 1, [7], [8] Vol. 2, p. 52
    1. Public ownership of the means of production
    2. Centralized planning
    3. Corollaries
      1. conscious spelling out of social goals of production
      2. no class antagonism
  3. Official Soviet discussion
    1. “Basic economic characteristics” of Soviet socialism [9] Ch. 24
    2. Characteristics of people’s democracy [9] Chs. 41, 42
  4. More recent re-appraisal
    1. Background in both capitalist and socialist economies
    2. A standpoint which is increasingly supported by many…that economically socialism and capitalism shade into each other.
Economic characteristics of socialism reconsidered
1. Pivotal significance of the disposal of the surplus
  1. technical aspect of the surplus
  2. significant questions to be asked
2. The form of the surplus
3. The size of the surplus
  1. the incentive aspect
  2. Does the form affect the size? [10] [11]
4. The manner of disposal of the surplus
  1. the interrelation between the form and the manner of disposal [12]
  2. the interrelation between the size and the manner of disposal
5. Concluding remarks
  1. John Strachey’s position [13] Ch. 9
  2. What still remains of the economic distinction between socialism and capitalism
  3. Possibility under capitalism of ameliorating undesirable aspects through the action of the state [14] [15] Ch. 13, 19
Secondary distinctions
1. Insulation of wage-as-cost from wage-as-demand
  1. their unity under capitalism and its consequences
  2. the degree of freedom which exists under socialism and its consequences
  3. modifications which are now feasible under capitalism
2. Full employment and the problem of cycles
  1. Cycles as characteristics of capitalism [16] Ch. 2
  2. Full employment under socialism
  3. Modifications which are now feasible under capitalism
3. The role of money and the rate of interest
  1. Early discussions of the subject [8] Vol. 1, Ch. 3; [17]
  2. Different significance of money under capitalism and socialism
  3. The place of interest rate under socialism [18]
4. The question of incentives
  1. Incentives geared to money return under capitalism vs. incentives geared to targets of limited specifications under socialism
  2. Attempt under socialism to substitute impersonal criteria in the case of firms
  3. Attempt under socialism to introduce more of monetary incentives in the case of individuals [19]
5. Technological development and the price level
  1. Introduction of technological innovations [20] Ch. 7
  2. Possibility of lowering price level [21]

[1] Fortune, Feb. 1957, “The Crisis of Soviet Capitalism”, pp. 102ff.

[2] Sutton and others, The American Business Creed, 1956

[3] C. H. Page, Class and American Sociology: From Ward to Roos, p. 103

[4] Encyclopaedia Britannica, 13^th ed. “Socialism”

[5] A. K. Dasgupta, “Socialistic Patterns of Society and the Second Five Year Plan,” The Economic Weekly (Bombay), January 1957, pp. 91-2

[6] P. M. Sweezy, Socialism, 1949

[7] P. M. Sweezy, “Marxian Socialism,” Monthly Review, November 1956

[8] K. Marx, Das Kapital

[9] Political Economy: Textbook (in Russian), Rev. ed., 1955

[10] Joan Robinson, Marx, Marshall & Keynes, (Tokyo) 1956

[11] P. M. Sweezy, The Present as History, Ch. 32, “A crucial difference between capitalism and socialism”

[12] S. Tsuru, “On the Soviet Concept of National Income,” The Annals of Hitotsubashi Academy, October 1954

[13] John Strachey, Contemporary Capitalism, 1956

[14] S. W. Moore, The Critique of Capitalist Democracy, 1957

[15] P. M. Sweezy, The Theory of Capitalist Development, 1942

[16] S. Tsuru, Essays on Marxian Economics, 1956

[17] N. Lenin, Collected Works (Russian ed.), Vol. 29, pp. 329-38

[18] G. Grossman, “Scarce Capital and Soviet Doctrine,” Quarterly Journal of Economics, February 1953

[19] O. Lange, “Sans du nouveau programme économique,” Cahiers Internationaux, Sept.-Oct. 1956, pp. 72-81

[20] John K. Galbraith, American Capitalism, revised ed., 1956

[21] N. M. Kaplan and E. S. Wainstein, “A comparison of Soviet and American Retail Prices in 1950,” Journal of Political Economy, December 1956

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1956-1957 (2 of 2)”.

Image Source: Jan Tinbergen from Dutch National Archives (February 25, 1966 photograph by Joost Evers). Tsuru Shigeto from Eumed.net website, webpage: “Economistas”. Shigeto Tsuru (1912-2006).

Tags Tinbergen, Tsuru

Exam Questions Harvard Policy Suggested Reading Syllabus

Harvard. Economic Analysis and Public Policy, Readings and Exams. Baldwin, 1955-56

Post author By Irwin Collier
Post date 2020-11-12

While Harvard archive’s collection of old course syllabi and reading lists offers a treasure chest of material, there still are plenty of “missing observations” and lost pages between us and a complete record. Fortunately there is often significant inertia in the actual syllabi so that interpolation is less hazardous than one might expect in filling the gaps. The next several posts will be dedicated to the graduate course taught for graduate students of economics and of public administration “Economic Analysis and Public Policy”. Robert Baldwin’s spring term syllabus for 1955-56 gives us a valuable clue as to the likely content of a missing page in the syllabus for the course as taught in 1956-57.

* * * * * * * * * *

Arthur Smithies’ syllabus for this course as taught in 1949-50 has been transcribed and posted.

Biographical information along with the reading list for Robert Baldwin’s course “Theories and Problems of Economic Development” taught in 1955 have been posted earlier.

_______________________

Course Enrollment

[Economics] 206 Economic Analysis and Public Policy. Assistant Professor Baldwin. Full course.

(F) Total 36: 10 Graduates, 22 Other Graduates, 2 Seniors, 1 Radcliffe, 1 Other.

(S) Total 34: 10 Graduates, 21 Other Graduates, 2 Seniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1955-56, p. 78.

_______________________

HARVARD UNIVERSITY
Department of Economics

Economics 206
[Baldwin, Fall Term, 1955-56]

Baumol, W. J., Economic Dynamics, Chapters 2, 3, and 4.

Bober, M. M., Karl Marx’s Interpretation of History.

Cassel, Gustav, The Theory of Social Economy, Chapter 4.

Domar, E., “Expansion and Employment,” American Economic Review, March 1947.

Dillard, Dudley, The Economics of J. M. Keynes.

Gray, Alexander, The Development of Economic Doctrine, Chapters 5, 6, 11.

Hansen, A. H., Business Cycles and National Income, Parts II and III.

Hansen, A. H., A Guide to Keynes.

Harris, S. E. The New Economics, Chapters 12, 13, 14, 16, 39.

Harris, S. E., Schumpeter, Social Scientist.

Harrod, Roy, The Life of J. M. Keynes.

Heilbroner, R. L., The Worldly Philosophers.

Jevons, W. Stanley, The Theory of Political Economy, Introduction.

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

Klein, L. R., The Keynesian Revolution, Chapters 3 and 4.

Malthus, T. R., Essay on Population.

Marshall, A., Principles of Economics, Book V.

Marx, Karl, Communist Manifesto.

Mill, J. S., Principles of Political Economy, Book 4, Chapters 1-4.

Ricardo, David, Principles of Political Economy, Chapters 1-6, 21.

Ricardo, David, Notes on Malthus, Chapter 7.

Robinson, Joan, Essay on Marxian Economics.

Schumpeter, J. A., The Theory of Economic Development.

Schumpeter, J.A., Capitalism, Socialism, and Democracy.

Schumpeter, J. A., Ten Great Economists, Chapters 1, 4, 10.

Schumpeter, J. A., History of Economic Analysis.

Smith, Adam, The Wealth of Nations, Bk. I, Chs. 1-9; bk. II, Ch. 3; Bk. IV, Ch. 2.

Smithies, Arthur, “Reflections on the Work and Influence of J.M. Keynes,” Quarterly Journal of Economics, November 1951.

Smithies, Arthur, “Joseph Alois Schumpeter,” American Economic Review, Sept. 1950.

Stephen, Leslie, The English Utilitarians, Volume 2, Chapter 5.

Sweezy, Paul, The Theory of Capitalist Development, Chapters 4, 5, 6, 8, 9.

Walras, L., Elements of Pure Economics, Part I.

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

Reading Period Assignment:

No additional assignment

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

_______________________

1955-56
HARVARD UNIVERSITY

Economics 206
Mid-year Examination
January, 1956

(Three Hours)

Answer four (4) of the following six questions.

Some economists have advocated a flexible money wage rate policy to ensure full employment. Discuss and contrast the effects of a cut in money wage rates on aggregate employment in the Keynesian and in the Classical (or neo-Classical) systems.
Both Marx and Schumpeter believe that capitalism is doomed, but their reasons for this conclusion are quite different. Explain and criticize the analysis of each in regard to this point.
According to Keynes, the habit of thrift may be a vice instead of a virtue. In Classical and neo-Classical thought, however, thrift is invariably regarded as a virtue. Explain the reasons for this difference in viewpoint.
Discuss and appraise the analyses of Smith, Ricardo, and Marx concerning their view that the long-run rate of profit will decline.
What is wrong with the labor theory of value as an explanation of how relative prices are determined? How did the neo-Classical theorists solve the problem of how relative prices are determined?
In the Ricardian and Marxian theories of growth, labor fails to share in the fruits of long-run progress (in the sense of receiving a higher per capita income). However, according to Schumpeter and the neo-Classsical writers, this is not a necessary (and, indeed, is an unlikely) result. Why do these writers disagree on this matter?

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

_______________________

HARVARD UNIVERSITY
Department of Economics

Economics 206
[Baldwin, Spring Term, 1955-56]

Part I (cont.) The Post-Keynesian Growth Theorists

Readings:

Domar, “Expansion and Employment,” A.E.R., March 1947.

Baumol, Economic Dynamics, Ch. 4

Part II. The Changing Structure of the U.S. Economy

“Real” Factors
Institutional Conditions

Readings:

Dewhurst and Associates, America’s Needs and Resources, A New Survey, Chs. 4, 18, 28.

Galbraith, American Capitalism, Chs. 1, 4-10.

Kaysen, “Looking Around—Books About Competition,” Harvard Business Review, May-June, 1954.

Lilienthal, Big Business: A New Era

Slichter, The American Economy, Ch. 2.

Part III. Public Policy and Economic Goals

Full Employment
Price Stability
Equitable Income Distribution
Efficient Resource Allocation
Economic Growth
International Equilibrium

Readings:

A.E.A. Committee, “The Problem of Economic Instability,” American Economic Review, Sept., 1950.

Economic Report of the President, January 1956.

Elliot, The Political Economy of American Foreign Policy, Part II.

Galbraith, “Farm Policy: The Current Position,” Journal of Farm Economics, May, 1955.

Hansen, Business Cycles and National Income, Part III.

Hearings before the Joint Committee, January 1955 Economic Report of the President, Statements by Professors Hansen (p. 491) and Harris (p. 291).

Knight, “Economic Objectives in a Changing World,” in Economics and Public Policy, Brookings Institution

McDonald, “The Sherman Act and ‘Workable Competition’,” No. 28 in Readings in Economics, Samuelson, Bishop, and Coleman.

Mason, “Prices, Costs, and Profits,” in Money, Trade, and Economic Growth: Essays in Honor of J.H. Williams.

Maxwell, Fiscal Policy

Report of the Joint Committee on the Economic Report, Foreign Economic Policy, January, 1956.

Smithies, “Economic Welfare and Economic Policy,” in Economics and Public Policy.

Smithies, “Full Employment at Whatever Cost: A Comment,” Q.J.E., November, 1950.

Subcommittee on Monetary, Credit, and Fiscal Policies of the Joint Committee on the Economic Report, Money, Credit, and Fiscal Policies, No. 2 in Gramp and Weiler, Readings in Political Economy.

United Nations, National and International Measures for Full Employment.

Viner, “Full Employment at Whatever Cost,” Q.J.E., August, 1950.

Wright, The Impact of the Union, Ch. 8, 10.

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

_______________________

HARVARD UNIVERSITY
Department of Economics

Economics 206
Final Examination
June, 1956

Answer four (4) of the following seven questions:

What are the major problems facing American agriculture? Analyze the economic forces behind these problems, and suggest the kind of policies you would favor in order to mitigate the difficulties.
“The strained relations between the Federal Reserve and Treasury since the end of World War II clearly indicate the undesirability of the existence of a semi-autonomous monetary authority in this country.” Discuss.
Domar’s condition for the maintenance of continuous full employment is not unlike the Queen’s observation in Through the Looking Glass; “A slow sort of country. Now here, you see, it takes all the running you can do to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that.”
Explain and evaluate the requirements for full employment in Domar’s model.
“The traditional view of anti-trust policy is based on a static conception of economic activity. What is needed is a revision of anti-trust policy which recognizes the dynamic nature of the American economy.” Discuss.
Carefully explain and evaluate the advantages and disadvantages of monetary policy versus fiscal policy as counter-cyclical weapons.
Discuss the causes and attempted cures of the post-war dollar shortage.
“The economist must attempt to formulate a compromise among various, and possibly conflicting, economic objectives. He must attempt to discuss the economic objectives of society, to remove contradictions among them, and to harmonize economic objectives with those that lie outside the economic field.” Do you agree? What are some of the possible conflicts among various economic objectives? Are there any policy changes which you would recommend “to remove contradictions” among various economic objectives?

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

Image Source: Selection from photograph (ca. 1975) of Robert E. Baldwin from the University of Wisconsin Archives/The University of Wisconsin Collection/The UW-Madison Collection/UW-Madison Archives Images.

Tags Baldwin

Bibliography Fields Harvard Suggested Reading

Harvard. Fiscal Seminar Bibliography and Topics. Williams and Hansen, 1946-47

Post author By Irwin Collier
Post date 2020-10-21

Alvin Hansen and John H. Williams’ Fiscal Policy Seminar at Harvard was a major parade ground for Keynesian policy ideas in the United States. This post provides a transcription of all 29 pages of bibliography provided for the seminar along with three pages of fiscal policy topics, presumably suggestions for student papers/presentations. An earlier post includes lists of speakers for the first eight years of the seminar.

Harvard’s Fiscal Seminar, speakers 1937-44

_________________________

Seminar Enrollment

[Economics] 148a. (fall term) Professors J. H. Williams and Hansen. — (A seminar offered by the Graduate School of Public Administration.) Fiscal Policy.

Total 26: 9 Graduates, 17 Public Administration.

[Economics] 148b. (spring term) Professors J. H. Williams and Hansen. — (A seminar offered by the Graduate School of Public Administration.) Fiscal Policy.

Total 22: 7 Graduates, 1 Graduate Business, 14 Public Administration.

Source: Harvard University. Report of the President of Harvard College, 1946-47, p. 71.

_________________________

ECONOMICS 148
FISCAL POLICY SEMINAR
1946-1947

BIBLIOGRAPHY

The National Income and Its Composition:
1. Books:

Barger, Harold — Outlay and Income in the United States, 1942.

Basic Facts on Employment and Production, U. S. Senate Committee on Banking and Currency, 19^thCongress, First Session, (Committee Print No. 4).

Bowley, A. L. — Studies in the National Income, 1942.

Clark, C. — National Income and Outlay, 1938.

Fabricant, S. — Capital Consumption and Adjustment, 1938.

Friedrich, C. J. and Mason, E. S., editors — Public Policy, Volume II, Chapters VII, 1941.

Hicks, J. R. — The Social Framework, Oxford, 1942.

Hicks and Hart — The Social Framework of the American Economy, Oxford, 1945.

Kuznets, S. — National Income and Capital Formation, 1919-1935, National Bureau of Economic Research, 1937.

Kuznets, S. — National Income and its Composition, 1919-1938, 2 volumes, National Bureau of Economic Research, 1941.

Lindahl, Dahlgren, and Koch — National Income of Sweden, 1861-1930, 1937.

Livingston, S.M. — Markets After the War. Bureau of Foreign and Domestic Commerce, 1943.

Martin, R. F. — National Income in the U.S., 1799-1938, National Industrial Conference Board, 1939.

Meade and Stone, National Income and Expenditure, (Oxford, 1944).

National Wealth and Income —Report by the Federal Trade Commission.

Readings in Income Distribution, Blakiston Co. (1945).

Seventh Report of Director of War Mobilization and Reconversion, July 1, 1946.

Studies in Income and Wealth, National Bureau of Economic Research, 3 volumes, 1937, 1938, and 1939.

1. Articles:

Gilbert, M. — “Measuring National Income as Affected by the War”, Journal of American Statistical Association, June 1942.

Chawner, L. J. — “Capital Expenditure in Selected Manufacturing Industries”, Survey of Current Business, December 1941.

Kaldor, N. — “The 1941 White Paper on National Income and Expenditure”, Economic Journal, June-September 1942.

Kaldor, N., “The 1943 White Paper on National Income and Expenditure,” Economic Journal, June-September 1943.

Harris, S. E. — “The British White paper on War Finance and National Income and Expenditure”, Journal of Political Economy, February 1942.

Copeland, M.A. — “The Defense Effort and the National Income Response Pattern”, Journal of Political Economy, June 1942.

Survey of Current Business — Articles on National Income and Gross National Product, Various Issues, 1942-46.

Stone, Richard — “National Income in the United Kingdom and the United States of America”, Review of Economic Studies, Winter 1942-1943.

Stone, R. — “Two Studies in Income and Expenditure in the U.S.”, Economic Journal, April 1943.

Stone, Richard —“The National Income Output and Expenditure of U.S.A., 1929-1941”, Economic Journal, June-September 1942.

Painter, Mary S. — “Estimates of Gross National Product, 1919-1928”, Federal Reserve Bulletin, September 1945.

Kalecki, M. — “The White Paper on the National Income and Expenditure in the years 1938-43”, Oxford Institute of Statistics Bulletin, July 1, 1944, Volume 6, No. 9.

Dacey, W. M. — “The 1944 White Paper on National Income and Expenditure”, Economic Journal, June-September 1944.

Bangs, R. B. — “The Changing Relation of Consumer Income and Expenditure”, Survey of Current Business, April 1942.

Gilbert, M. and Bangs, R. B. — “Preliminary Estimates of Gross National Product, 1929-1941”, Survey of Current Business, May 1942.

Gilbert, M. — “War Expenditure and National Production”, Survey of Current Business, March 1942.

Gilbert, M. — “U. S. National Income Statistics”, Economic Journal, April 1943.

Gilbert and Jaszi — “The 1945 White Paper on National Income and Expenditure”, Economic Journal, December 1945.

Smith, T. and Merwin, C. — “Corporate Profits and National Income Estimates, Quarterly, 1938-42”, Survey of Current Business, June 1942.

Hance, W. D. — “Estimates of Annual Business Inventories, 1928-1941”, Survey of Current Business, September 1942.

British White Paper on War Finance, Cmd. 6520 (reprinted in Federal Reserve Bulletin, July 1944.)

Stern, E. H. — “Public Expenditure in the National Income”, Economica, May 1943.

Gilbert, Milton; Staehle, Hans; Woytinsky, W. S. — “National Product, War and Prewar: Some Comments on Professor Kuznets’s Study”, Review of Economic Statistics, August 1944.

Hagen, Everett E. — “Postwar Output in the United States at Full Employment”, Review of Economic Statistics, May 1945.

Hagen, E. E. and Kirkpatrick, N. B. — “The National Output at Full Employment in 1950”, American Economic Review, September 1944.

Hoffenberg, M. — “Estimates of National Output, Distributed Income, Consumer Spending, Saving and Capital Formation”, Review of Economic Statistics, May 1943.

“Consumer Incomes and Expenditures in Wartime”, Federal Reserve Bulletin, April 1944.

Fiscal Policy, Income and Employment
1. Books.

Arndt, H. W. — The Economic Lessons of the Nineteen Thirties, Oxford, 1944.

Beveridge, W. H. — Full Employment in A Free Society, 1945.

Burchardt and Others — The Economics of Full Employment: Six Studies in Applied Economics, Oxford University Institute of Statistics, 1944.

Burns, A. E. and Watson, D. S. — Government Spending and Economic Expansion, 1940.

Copland, D. B. — The Road to High Employment, Harvard University Press, 1945.

deChazeau, Hart and Others — Jobs and Markets, McGraw-Hill, 1946.

Financing American Prosperity, A symposium (Anderson, Clark, Ellis, Hansen, Slichter, Williams) Twentieth Century Fund, 1945.

Giblin, L. F. — The Problem of Maintaining Full Employment, Melbourne University, 1943.

Hansen, A. H. — Full Recovery or Stagnation, 1938.

Hansen, A. H. — Fiscal Policy and Business Cycles, 1941.

Hansen, A. H. — Economic Policy and Full Employment, 1946.

Harris, S. E. (editor) — Postwar Economic Problems, McGraw-Hill, 1943.

Harris, S. E. (editor) — Economic Reconstruction, McGraw-Hill, 1945.

Hayes, H. Gordon — Spending, Saving, and Employment, Knopf, 1945.

Keynes, J. M. — General Theory of Employment, Interest, and Money, Harcourt, 1936.

Lerner, A. P. — The Economics of Control, Macmillan, 1944.

Nathan, Otto — Mobilizing for Abundance, McGraw-Hill, 1944.

National Budgets for Full Employment, National Planning Association.

National Resources Planning Board — The Structure of the American Economy, Part II, Toward Full Use of Resources, 1940.

Pigou, A. C. — Lapses from Full Employment, Macmillan, 1945.

Pigou, A. C. — Employment and Equilibrium, Macmillan, 1941.

Polanyi, M. — Full Employment and Free Trade, Cambridge University Press, 1945.

Pierson, J. H. G. — Full Employment, 1941.

Robertson, D. H. — Essays in Monetary Theory, King, 1940.

Ruml, B. and Sonne, H. C. — Fiscal and Monetary Policy, National Planning Association, 1944.

Seven Harvard and Tufts Economists — An Economic Program for American Democracy, 1938.

Williams, John H. Postwar Monetary Plans, 2^nd, 1945.

Wilson, T. — Fluctuations in Income and Employment, 1942.

Wright, D. McC. — Creation of Purchasing Power, 1942.

Committee on National Expenditure (May Committee) Cmd. 3920 (1931)

N.E.C. — Final Report of the Executive Secretary, Chapters 5, 7-13, 16.

Postwar Economic Studies, Nos. 1, 3, and 6, Board of Governors, Federal Reserve System, 1945-6.

1. Articles:

Lerner, Simons, and Others — “Planning and Paying for Full Employment”, International Postwar Problems, October 1945 and January 1946.

Hardy, C. O. — “Fiscal Policy and National Income: Review”, American Economic Review, March 1942.

Slichter, S. H. — “The Conditions of Expansion”, American Economic Review, March 1942.

Clark, J. M. — “The Relation of Government to the Economy of the Future”, Journal of Political Economy, December 1941.

Temporary National Economic Committee — Review of the Monographs, pp. 573-601, American Economic Review, September 1941.

Gayer, A. D. — “Fiscal Policies”, American Economic Association Proceedings, 1938.

MacGibbon, D. A. — “Fiscal Policy and Business Cycles”, Canadian Journal of Economic and Political Science, February 1943.

Mitchell, W. C. — “Economic Resources in Economic Theory”, University of Pennsylvania Bicentennial Conference, Studies in Economics and industrial Relations, 1941.

Clark, J. M. — “Investment in Relation to Business Activity and Employment”, University of Pennsylvania Bicentennial Conference, Studies in Economics and Industrial Relations, 1941.

Kuznets, S. — “Capital Formation, 1879-1938”, University of Pennsylvania Bicentennial Conference, Studies in Economics and Industrial Relations, 1941.

Slichter, S. H. — “The Development of National Labor Policy”, University of Pennsylvania Bicentennial Conference, Studies in Economics and Industrial Relations, 1941.

Brown, J. D. — “Is Unemployment Inevitable?”, University of Pennsylvania Bicentennial Conference, Studies in Economics and Industrial Relations, 1941.

Berridge, W. A. — “Is Unemployment Inevitable?”, University of Pennsylvania Bicentennial Conference, Studies in Economics and Industrial Relations, 1941.

Clark, J. M. — “An Appraisal of the Workability of Compensatory Devices”, American Economic Review, Proceedings, 1939.

Gayer, A. D. — “Fiscal Policies”, American Economic Review, Proceedings, 1938.

Myrdal, G. — “Fiscal Policy in the Business Cycle”, American Economic Review, Proceedings, 1939.

Seltzer, L. H. — “Direct vs. Fiscal and Institutional Factors”, American Economic Review, Proceedings, 1941.

Simons, H. C. — “Hansen on Fiscal Policy”, Journal of Political Economy, April 1942.

Williams, J. H. — “The Implications of Fiscal Policy for Monetary Policy and the Banking Systems”, American Economic Review, Proceedings, 1942.

Hansen, A. H. — “Income, Consumption, and National Defense”, Yale Review, Autumn, 1941.

Hardy, C. O. — “Fiscal Policy and National Income: Review”, American Economic Review, March 1942.

Somers, H. M. — “The Impact of Fiscal Policy on National Income”, Canadian Journal of Economics and Political Science, August 1942.

Abbott, C. C. — “Administration of Fiscal Policy”, Harvard Business Review, Autumn, 1944.

Abrahamson, A. G. — “The Problem of Full Employment,” Harvard Business Review, Spring, 1944.

Anderson, Clay J. — “The Compensatory Theory of Public Works Expenditure”, The Journal of Political Economy, September 1945.

Beveridge, Sir W. — “The Government’s Employment Policy”, Economic Journal, June-September 1944.

Copeland, Morris A. — “How Achieve Full and Stable Employment”, American Economic Review, March 1944.

Garland, J. M. — “Some Aspects of Full Employment”, Economic Record, December 1944.

Goldenweiser, E. A. — “Postwar Problems and Policies”, Federal Reserve Bulletin, February 1945.

Pigou, A. C. — “The Classical Stationary State”, Economic Journal, December 1943.
(See also comment by M. Kalecki in Economic Journal, April 1944.)

Gragg, C. I. and Teele, S. F. — “The Proposed Full Employment Act”, Harvard Business Review, Spring 1945.

Hansen, A. H. — “Fiscal Policy: A Clarification”, American Economic Review, June 1945.

Hansen, A. H. — “Three Methods of Expansion Through Fiscal Policy”, American Economic Review, June 1945.

Hansen, Harris, Haberler, Slichter, McNair — “Five Views on the Murray Full Employment Bill”, Review of Economic Statistics, August 1945.

Harrod, R. F. — “Full Employment and Security of Livelihood”, Economic Journal, December 1943.

Herrick, L. — “Employment and Postwar Prosperity”, Yale Review, December 1944.

Hirsch, Julius —“Facts and Fantasies Concerning Full Employment”, American Economic Review, March 1944.

Klein, Lawrence R. — “The Cost of a Beveridge Plan in the United States”, Quarterly Journal, May 1944.

Langer, H. C., Jr. — “Maintaining Full Employment”, American Economic Review, December 1943.

McNair, Malcolm P. — “The Full Employment Problem”, Harvard Business Review, Autumn 1945.

Pierson, J. H. G. — “The Underwriting of Aggregate Consumer Spending as a Pillar of Full-Employment Policy”, American Economic Review, March 1944.

Smithies, Arthur — “Full Employment in a Free Society”, American Economic Review, June 1945.

Smullyan, E. B. — “Seventeen Postwar Plans — The Pabst Postwar Employment Awards”, American Economic Review, March 1945.

Wallich, H. C. — “Income-Generating Effects of a Balanced Budget”, Quarterly Journal of Economics, November 1944.

Warburton, C. — “Normal Production, Income, and Employment, 1945-1965”, Southern Economic Journal, January 1945.

Welcker, J. W. — “The Federal Budget: A Challenge to Businessmen”, Harvard Business Review, Summer 1944.

Williams, John H. — “The Postwar Monetary Plans”, American Economic Review, March 1944.

Williams, R. S. — “Fiscal Policy and Propensity to Consume”, Economic Journal, December 1945.

Woytinsky, W.S. and Halasi, A. — “Prospects of Permanent Full Employment”, International Postwar Problems, September 1944.

Wright, D. McC. — “The Future of Keynesian Economics”, American Economic Review, June 1945.

Wright, D. McC. — “Hopes and Fears — The Shape of Things to Come”, Review of Economic Statistics, November 1944.

Yntema, Theodore O. — “Full Employment in a Private Enterprise System”, American Economic Review, March 1944.

“Employment Policy in Great Britain: The Government’s White Paper”, International Labor Review, August 1944.

Beattie, J. R. — “Some Aspects of the Problem of Full Employment”, Canadian Journal of Economics and Political Science, August 1944.

Joseph, J. F. W., “The British White Paper on Employment Policy”, American Economic Review, September 1944.

Saving and Investment
1. Books:

Angell, J. W. — Investment and Business Cycles, 1941.

Hansen, A. H. — N. F. C. Hearings, Part IX, 1939.

Long, C. D. — Building Cycles and the Theory of Investment, 1940.

Machinery and Allied Products Institute — Savings and American Progress, December 1937.

Machinery and Allied Products Institute — Savings and Investment in the American Enterprise System, July 1939.

Moulton, H. G. — The Formation of Capital, Brookings, 1935.

National Industrial Conference Board — Capital Formation and Its Elements, 1939.

Postwar Economic Studies, No. 5., Federal Reserve Board, 1946.

Private Capital Requirements, Postwar Economic Studies, Board of Governors, Federal Reserve System, 1945.

Williams, John H., Postwar Monetary Plans, 2^nd, 1946.

N.E.C. Monograph No. 37, Saving, Investment and National Income.

1. Articles:

Freeman and Barre — “Saving and Spending Pattern,” American Economic Review, June 1944.

Ezekiel, M. — “Saving, Consumption and Investment,” American Economic Review, March and June 1942.

Abramovitz, M. —“Savings and Investment: Profits vs. Prosperity,” American Economic Review, Supplement, June 1942.

Silberling, N. J. — “Some Aspects of Durable Consumer Goods Financing and Investment Fluctuations,” American Economic Review, September 1938.

Slichter, S. H. — “The Conditions of Expansion,” American Economic Review, March 1942.

Hoover, C. B. (Chairman) — “Durable Consumers Goods,” American Economic Association Proceedings, 1938.

Weintraub, D. — “Effects of Current and Prospective Technological Developments Upon Capital Formation,” American Economic Association Proceedings, 1939.

Deibler, F. S. (Chairman) — “The Effects of Industrial and Technological Developments Upon the Demand for Capital,” American Economic Association Proceedings, 1939.

Crum, W. L. (Chairman) — “Income and Capital Formation,” American Economic Association Proceedings, 1939.

Ruggles, C. — “Corporate Surpluses, Income and Employment,” American Economic Review, December 1939.

Dirks, F. C. — “Durable Goods Expenditures in 1941,” Federal Reserve Bulletin, April 1942.

Gilboy, E. W. — “The Propensity to Consume,” Quarterly Journal of Economics, November 1938.

Gilboy, E. W. — “Changes in Consumption Expenditures and the Defense Program,” Review of Economic Statistics, November 1941.

Humphrey, D. D. — “The Relation of Surpluses to Income and Employment During Depression,” American Economic Review, June 1938.

Shackle, G. L. S. — “A Means of Promoting Investment,” Economic Journal, June-September 1941.

Simpson, K. — “Securities Markets and the Investment Process,” American Economic Review, Proceedings, 1938.

“Status and Role of Private Investment in the American Economy,” American Economic Review, Proceedings, 1941.

Tucker, R. S. — “Estimates of Savings of American Families,” Review of Economic Statistics, February 1942.

Weintraub, D. — “Effects of Current and Prospective Technological Developments Upon Capital Formation,” American Economic Review, Proceedings, 1939.

Isard, W. A. — “A Neglected Cycle: The Transport-Building Cycle,” Review of Economic Statistics, November 1942.

Hicks, J. R. — “Maintaining Capital Intact: A Further Suggestion,” Economica, May 1942.

Wright, D. McC. — “The interpretation of the Kuznets-Fabricant Figures for ‘Net’ Capital Consumption,” Journal of Political Economy, June 1942.

Fulcher, G. S. — “Annual Saving and Underspending of Individuals 1926-37,” Review of Economic Statistics, February 1941.

Gilbert, R. V. and Perlo, V. — “The Investment Factor Method of Forecasting Business Activity,” Econometrica, July-October 1942.

O’Leary, J. J. — “Malthus and Keynes,” Journal of Political Economy, December 1942.

Terborgh, G. — “Estimated Expenditures for Durable Goods, 1919-1938,” Federal Reserve Bulletin, September 1939.

Anderson, Montgomery, “A Formula for Total Savings,” Quarterly Journal, November 1943.

Jones, M. V. — “Secular and Cyclical Saving Propensities,” Journal of Business, University of Chicago, January 1944.

Leontief, W. W. — “Output, Employment, Consumption, and Investment,” Quarterly Journal of Economics, February 1944.

Neisser, Hans— “Government Net Contribution and Foreign Balance As Offset to Savings,” Review of Economic Statistics, November 1944.

Wright, D. McC. — “Limits to the Use of Capital,” Quarterly Journal of Economics, August 1944.

Technology, Population, and Investment:
1. Books:

Gourvitch, Survey of Economic Theory on Technological Change and Employment, W.P.A. National Research Project, Report No. G-6 (1940).

Hearings, Temporary National Economic Committee, Part IX, 1939.

Lederer, E. — Technical Progress and Unemployment, International Labour Office, 1938.

Machinery and Allied Products Institute — Ten Facts on Technology and Employment, February 1936.

Machinery and Allied Products Institute — More Facts on Technology and Employment, April 1936.

Moulton, H. G. et al. — Capital Expansion, Employment and Economic Stability, 1940.

Myrdal, G. — Population, a Problem for Democracy, 1940.

National Resources Committee — Technological Trends and National Policy, 1937.

National Resources Committee — The Problem of a Changing Population, 1938.

Reddaway, W. B. — The Economics of a Declining Population, 1939.

Terborgh, G. — The Bogey of Economic Maturity, Machinery and Allied Products Institute, 1945.

Weintraub, D. — Effects of Technological Developments Upon Capital Formation, National Research Project, Report g-4 (1939).

T.N.E.C. Hearings, Part 30, Technology and Concentration of Economic Power.

T.N.E.C. Monograph, No. 22, Technology in Our Economy.

1. Articles:

Neisser, H. P. — “Permanent Technological Unemployment,” American Economic Review, March 1942.

Dulles, E. — “War and Investment Opportunities: An Historical Analysis,” American Economic Review, Proceedings, March 1942.

McLauchlin, G. E. and Watkins, R. J. — “The Problem of Industrial Growth in a Mature Economy,” American Economic Association Proceedings, 1939.

DuBrul, S.M. (Chairman) — “Expansion and Contraction in the American Economy,” American Economic Association Proceedings, 1939.

Fleming, J. M. — “Secular Unemployment,” Quarterly Journal of Economics, November 1939.

Hansen, A. H. — “Extensive Expansion and Population Growth,” Journal of Political Economy, August 1940.

Hawley, A. H. and Bogue, D. J. — “Recent Shifts in Population: 1930-40,” Review of Economic Statistics, August 1942.

Round Table on Population Problems, American Economic Association Proceedings, 1940, pp. 283-298.

Weintraub, D. (Director) — “Unemployment and Increasing Productivity,” National Research Project, W.P.A., 1937.

Weintraub, D. (Director) — “Summary of Findings to Date,” National Research Project, W.P.A., March 1938.

Weintraub, D. — “Effects of Current and Prospective Technological Developments Upon Capital Formation,” National Research Project, 1939.

Gill, C. — “Unemployment and Technological Change,” National Research Project, W.P.A., 1950.

Gourvitch, A. — “Survey of Economic Theory on Technological Change and Employment,” National Research Project, W.P.A., 1940.

Hopkins, J. A. — “Changing Technology and Employment in Agriculture,” National Research Project, W.P.A., 1941.

Fellner, W. — “The Technological Argument of the Stagnation Thesis,” Quarterly Journal of Economics, August 1941.

Lonigan, E. — “The Effect of Modern Technological Conditions Upon the Employment of Labor,” American Economic Review, June 1939.

Staehle, H. — “Employment in Relation to Technical Progress,” Review of Economic Statistics, May 1940.

Hansen, A. H. — “Economic Progress and a Declining Population Growth,” American Economic Review, March 1939.

Keynes, J. M. — “Some Consequences of a Declining Population,” Eugenics Review, Volume XXX, No. 1, April 1937.

Spengler, J. J. — “Population Movements and Economic Equilibrium in the United States,” Journal of Political Economy, April 1940.

Sweezy, A. R. — “Population Growth and Investment Opportunity,” Quarterly Journal of Economics, November 1940.

Hansen, A. H. — “Some Notes on Terborgh’s ‘The Bogey of Economic Maturity,’” Review of Economic Statistics, February 1946.

Wright, D. M. — “Terborgh vs. Hansen,” Review of Economic Statistics, February 1946.

Samuelson, P. A. — “Dynamics, Statics, and the Stationary State,” Review of Economic Statistics, February 1943.

King, W. I. — “Are We Suffering From Economic Maturity?” Journal of Political Economy, October 1939.

Jones, M. V. — “Secular Trends and Idle Resources,” Journal of Business, October 1944.

The Role of Public Investment
1. Books:

Bretherton, Burchardt, Rutherford — Public Investment and the Trade Cycle in Great Britain, 1941.

Duffus, R. L. — The Valley and Its People: A Portrait of TVA, 1945.

Gayer, A. D. — Public Works in Prosperity and Depression, 1935.

Hansen, A. H. and Perloff, H. S. — Regional Resource Development, National Planning Association, 1942.

Housing, Social Security and Public Works, Postwar Economic Studies, No. 6, Federal Reserve Board, 1946.

International Development Loans, National Planning Association, 1942.

Lilienthal, David — V.A. Democracy on the March, (Harpers, 1944).

National Resources Committee — Public Works Planning, Report of the Committee, 1937.

National Resources Planning Board — The Structure of the American Economy, Part II, Toward Full Use of Resources, 1940.

National Resources Planning Board — The Economic Effects of the Federal Public Works Expenditures, 1833-1938, November 1940.

National Resources Planning Board — National Resources Development Report for 1942, January 1942.

Staley, E. — World Economic Development, 1944.

1. Articles:

Government Expansion in the Economic Sphere,” Annals of the American Academy of Political and Social Science, November 1939.

Lewis, B. W. — “Government Competition and Private Investment,” American Economic Review, June 1939.

Copeland, M.A. — “Public Investment in the United States,” American Economic Association, Proceedings, 1939.

Blakey, R. G. (Chairman) — “The Role of Public Investment and Consumer Capital Formation,” American Economic Association Proceedings, 1939.

“Economic Planning,” pp. 247-280, American Economic Association Proceedings, 1940.

Gibson, A. H. — “Will Banking Eventually Become Nationalized?” Bankers’ Magazine, March 1944.

Hansen, A. H. and Kindleberger, C. — “World Institutions for Stability and Expansion,” Foreign Affairs, January 1944.

Smithies, Arthur — “The International Bank for Reconstruction and Development,” American Economic Review, December 1944.

Benedict, M. R. — “The Relation of Public to Private Lending Agencies (in Agriculture) and Recent Trends in Their Development,” Journal of Farm Economy, February 1945.

Urban Redevelopment and Housing:
1. Books:

Colean, Miles L. — American Housing, Problems and Prospects, 1944.

Greer, G. and Others — The Problem of Urban Redevelopment, Institute on Postwar Reconstruction, 1944.

Greer and Hansen — Urban Redevelopment and Housing, National Planning Association, 1942.

Housing, Social Security, and Public Works, Postwar Economic Studies, Board of Governors, Federal Reserve System, 1946.

Housing Costs, Bulletin No. 2, National Housing Agency, 1944.

Housing Needs, Bulletin No. 1, National Housing Agency, 1944.

Housing After World War I, Bullentin No. 4, National Housing Agency, 1945.

Hearings on S. 1592, Committee on Banking and Currency, U.S. Senate, 79^th Congress, 1^st

Land Assembly for Urban Redevelopment, Bulletin No. 3, National Housing Agency, 1945.

National Resources Committee — Housing Monographs, Nos. 1-3, 1939.

National Resources Planning Board — Housing, the Continuing Problem, June 1940.

Postwar Economic Studies, No. 6, Federal Reserve Board, 1946.

Simon, Sir Ernest, Re-building Britain —A Twenty-year Plan (Victor Gollancz, 1945).

Uthwatt Report, Cmd. 6386 (1942).

The Problem of the Cities and Towns — Conference on Urbanism, Harvard University, 1942.

S. 1592, 70^th Congress, 2^nd Session — An Act to Establish a National Housing Policy.

T.N.E.C. Monograph No. 8, Toward More Housing.

1. Articles:

Greer, Guy — “Housing,” Fortune, November 1944.

Greer, Guy — “A New Start for Cities,” Fortune, September 1944.

Husband, W. H. — “Interest Rates for Home Financing,” American Economic Review, June 1940.

French, D. M. — “The Contest for a National System of Home-Mortgage Finance,” American Political Science Review, February 1941.

“Call of Our Cities, Redevelopment and Postwar Housing,” Survey Graphic, April 1944.

Grebler, L. — “Housing Policy and the Building Cycle,” Review of Economic Statistics, May 1942.

Isard, W. and Isard C. — “The Transport-Building Cycle in Urban Development: Chicago,” Review of Economic Statistics, November 1943.

Income Distribution, Consumption, and Saving:
1. Books:

Bangs, R. B. — The Changing Relation of Consumer Income and Expenditure, April 1942.

Department of Agriculture — Consumer Purchases Studies, on Family Income and Expenditures, 1939-1941.

Family Spending and Saving in Wartime, Bulletin No. 822, U.S. Department of Labor, 1945.

Fisher, A. G. B., Economic Progress and Social Security (Macmillan, 1945).

Haberler, G. — Consumer Instalment Credit and Economic Fluctuations, 1942.

Leven, Moulton and Warburton — America’s Capacity to Consume, Brookings, 1934.

Leven, M. — The Income Structure of the U.S., 1938.

Moulton, H. G. — Income and Economic Progress, Brookings, 1935.

National Resources Committee — Consumer Expenditures in the U.S., 1933-36, 1939.

National Resources Planning Board — Family Expenditures in the U.S., Statistical Tables and Appendices, June 1941.

Nourse, E. G. — America’s Capacity to Produce.

T.N.E.C. Monograph No. 4, Concentration and Composition of Individual Incomes, 1918-1937.

1. Articles:

Tucker, R. S. — “Estimates of Savings of American Families,” Review of Economic Statistics, February 1942.

Green, A. R. — “Social Reconstruction by the Regulation of Incomes,” Economic Journal, April 1942.

Stauffacher, C. — “The Effect of Governmental Expenditures and Tax Withdrawals Upon Income Distribution, 1930-1939,” Public Policy, Volume II, 1941.

Tucker, R. S. — “The National Resources Committee’s Report on Distribution of Income,” Review of Economic Statistics, November 1940.

Gilboy, E. W. — “Income-Expenditure Relations,” Review of Economic Statistics, August 1940.

Pancoast, O., Jr. — “Malthus vs. Ricardo: The Effects of Distribution on Production,” Political Science Quarterly, March 1943.

Samuelson, P. A. — “Fiscal Policy and Income Determination,” Quarterly Journal of Economics, August 1942.

Metzler, L. A. — “Effects of Income Distribution,” Review of Economic Statistics, February 1943.

Pigou, A. C. — “Comparisons of Real Income,” Economica, May 1943.

Rhodes, E.C. — “The Distribution of incomes,” Economica, August 1942.

Smullyan, E. B. — “Net Investment, Consumption and Full Employment,” American Economic Review, December 1944.

Sweezy, A. R. — “Reply (to E. B. Smullyan),” American Economic Review, December 1944.

Wages, Costs, and Prices:
1. Books:

Abramovitz — Price Theory for a Changing Economy (Columbia U. Press, 1939).

Clark, J. M. — Demobilization of Wartime Economic Controls (McGraw-Hill, 1944).

de Chazeau, and others — Jobs and Markets (McGraw-Hill, 1944).

Financing American Prosperity, 20^th Century Fund (1945).

Harris, S. E. — Inflation and the American Economy (McGraw-Hill, 1945).

Harris, S. E. — Price and Related Controls in the U.S. (McGraw-Hill, 1945).

Lange, O. — Price Flexibility and Employment, 1944.

National Bureau of Economic Research — Cost Behavior and Price Policy, 1943.

Oxford institute of Statistics, The Economics of Full Employment (Blackwell, 1944).

Pigou, A. C., Lapses from Full Employment (Macmillan, 1945).

Prices, Wages, and Employment, Postwar Economic Studies, no. 4, Board of Governors, Federal Reserve System, 1946.

T.N.E.C. Hearings, Part 5, Monopolistic Practices in Industries.

National Resources Planning Board, The Structure of the American Economy, Part II (1940).

1. Articles:

Mund, V. A. — “Monopolistic Competition Theory and Public Price Policy,” American Economic Review, December 1942.

Bangs, R. B. — “Wage Reductions and Employment,” Journal of Political Economy, April 1942.

Ezekiel, M. — “Productivity, Wage Rates, and Employment,” American Economic Review, September 1940.

Sweezy, A. — “Wages and Investment,” Journal of Political Economy, February 1942.

Weintraub, S. — “Monopoly Equilibrium and Anticipated Demand,” Journal of Political Economy, June 1942.

Bergson, A. — “Price Flexibility and the Level of Income,” Review of Economic Statistics, February 1943.

Keynes, J. M. — “Relative Movements of Real Wages and Output,” Economic Journal, March 1939.

Taxation, Investment, and Consumption:
1. Books:

Butters, J. K. and Lintner, J. — Effect of Federal Taxes on Growing Enterprises, Study No. 2, Polaroid Corporation, 1945.

Colm, G. and Lehmann, F. — Economic Consequences of Recent American Tax Policy, 1939.

Committee on National Debt and Taxation (Colwyn Committee) Cmd. 2800 (1927).

Curran, Kenneth J. — Excess Profits Taxation, 1943.

Groves, H. M. — Production, Jobs, and Taxes, McGraw-Hill, 1944.

Groves, H. M. — Postwar Taxation and Economic Progress, McGraw-Hill, 1946.

Hazelett, C. W. — Incentive Taxation, 1939.

Hicks, J. R. and U. K. — The Incidence of Social Rates in G. B., (Occasional Paper No. 8 of National Institute of Economic and Social Research, Cambridge U. Press, 1945).

Koch, Albert R. — The Financing of Large Corporations—1929-39, National Bureau of Economic Research, 1943.

Machinery and Allied products Institute — Taxes and American Progress, March 1938.

Mering, O. — The Shifting and Incidence of Taxation, (Blakiston, 1942).

Newcomer, M. — A Tax Policy for Postwar America, Postwar Goals and Economic Reconstruction, Series 2, No. 6, 1943.

Tarasov, Helen, Who Does Pay the Taxes? Supplement IV, Social Research, (1942).

T.N.E.C. Monograph, No. 3, Who Pays the Taxes?

T.N.E.C. Monograph, No. 9, Taxation of Corporate Enterprise.

T.N.E.C. Monograph, No. 12, Profits and New Investment.

1. Articles:

Benham, F. — “What is the Best Tax System?” Economica, May 1942.

Bradley, P. D. — “The Direct Effects of a Corporate Income Tax,” Quarterly Journal of Economics, August 1942.

Gilbert, D. W. — “Taxation and Economic Stability,” Quarterly Journal of Economics, May 1942.

Pettengill, R. B. — “Division of the Tax Burden Among Income Groups in the United States in 1936,” American Economic Review, March 1940.

Kuznets, S. — “National Income and Taxable Capacity,” American Economic Review, Proceedings, March 1942.

Colm, G. — “Full Employment Through Tax Policy? Social Research, November 1940.

Gilbert, D. W. — “Taxation and Economic Stability,” Quarterly Journal of Economics, February 1942.

Paul, R. E. — “Redesigning Federal Taxation,” Harvard Business Review, Winter 1941.

Friedman, M. and Poole, K. E. — “The Spending Tax,” American Economics Review, March 1943.

Boulding, K. E. — “The Incidence of a Profits Tax,” American Economic Review, September, 1944.

Brown E. C. and Patterson, G. — “Accelerated Depreciation: A Neglected Chapter in War Taxation,” Quarterly Journal of Economics, August 1943.

Buehler, A. G. — “The Sales Tax,” Bulletin National Tax Association, February 1945.

Buehler, A. G. — “The Taxation of Business,” Bulletin National Tax Association, December 1944.

Burkhead, J. V. — “Property Tax as a Burden on Shelter,” Journal of Land and Public Utility Economics, August 1944.

Ciriacy-Wantrup, C. — “Taxation and the Conservation of Resources,” Quarterly Journal of Economics, February 1944.

Domar, E. D. and Musgrave, R. A. — “Proportional Income Taxation and Risk-Taking,” Quarterly Journal of Economics, May 1944.

Dowell, A. A. and Toben, G. E. — “Some Economic Effects of Graduated Income Tax Rates on Investors in Farm Capital,” Journal of Farm Economics, May 1944.

Dowsett, W. T. — “The Tax Lag Myth,” Economic Record, December 1944.

Ebersole, J. F. — “Banks Can Make More Postwar Jobs,” Harvard Business Review, Part I, Autumn 1943.

Goode, R. — “The Corporate Income Tax and the Price Level,” American Economic Review, March 1945.

Hubbard, J. C. — “Income Creation by Means of Income Taxation,” Quarterly Journal of Economics, February 1944.

Macy, C. W. — “The Corporation Net Income Tax and the Cost-Price Structure,” Bulletin of National Tax Association, May 1944.

Magill, R. — “Business, Investment and Taxation,” Trusts and Estates, October 1943.

May, G. O. — “Corporate Structures and Federal Income Taxation,” Harvard Business Review, Part I, Autumn 1943.

Wald, H. P. — “A Comparative Analysis of Three Variations of Retail Sales Taxes,” American Economic Review, June 1944.

Ballantine, A. A. — “The Corporation and the Income Tax,” Harvard Business Reivew, Spring 1944.

The Public Debt and Debt Management
1. Books:

Cadman, F. F. — National Income and Deficit Financing, 1939.

Colwyn Report, Committee on National Debt and Taxation, Cmd. 2800, (1927).

Ellis, P. W. — The World’s Biggest Business —American Public Spending, 1914-1944, 1944.

Fine, Sherwood — Public Spending and Postwar Economic Policy, 1944.

Moulton, H. G. — The New Philosophy of Public Debt, Brookings, 1943.

Phillips, C. F. and Garland, J. V. — Government Spending and Economic Recovery, 1938.

Public Finance and Full Employment, Postwar Economic Studies, Board of Governors, Federal Reserve System, 1946.

Seckler-Hudson, C. (Editor) — The Evolution of the Budgetary Concept in The Federal Government, 1944.

Villard, H. H. — Deficit Spending and the National Income, 1941.

Williams, J. H. — Post War Monetary Plans, (2^nd 1945).
(See also titles in other sections)

1. Articles:

Ratchford, B. U. — “The Burden of a Domestic Debt,” American Economic Review, September 1942.

Haley, B. F. — “The Federal Budget: Economic Consequences of Deficit Financing,” American Economic Review, Proceedings, 1941.

Hansen, A. H. and Greer, Guy — “The Federal Debt and the Future, Harpers, April 1942.

Higgins, B. and Musgrave, R. A. — “Deficit Finance —The Case Examined,” Public Policy, Volume II, 1941.

Smith, D. T. — “Is Deficit Spending Practical?” Harvard Business Review, Autumn 1939.

Williams, J. H. — “Federal Budget: Economic Consequences of Deficit Spending,” American Economic Review, Proceedings, 1941.

Williams, J. H. — “The Implications of Fiscal Policy for Monetary Policy and the Banking System,” American Economic Review, Proceedings, 1942.

Mitnitzky, M. — “Aspects of Government Borrowing,” American Economic Review, March 1943.

Roberts, R. O. — “Ricardo’s Theory of Public Debts,” Economica, August 1942.

Domar, E. D. — “The ‘Burden of the Debt’ and the National Income,” American Economic Review, December 1944.

Hansen, A. H. — “National Debt, Flexible Budget and Tax Cut,” Bulletin of National Tax Association, May 1944.

Poindexter, J. C. — “Fallacies of Interest-Free Deficit Financing,” Quarterly Journal of Economics, May 1944.

Stettner, Walter F. — “Sir James Stewart on the Public Debt,” Quarterly Journal of Economics, May 1945.

Warburton, Clark. — “The Monetary Theory of Deficit Spending,” Review of Economic Statistics, May 1945.

Wright, D. McC. — “Interest-Free Deficit Financing: A Reply,” Quarterly Journal of Economics, August 1944.

Bell, E. V. — “Consequences of $300,000,000,000 Debt,” Savings Bank Journal, February 1945.

Lanston, A. G. — “Crucial Problems of the Federal Debt,” Harvard Business Review, Winter 1946.

Leland, S. E. — “The Government, the Banks, and the Debt,” Commercial and Financial Chronicle, January 17, 1946.

Slater, A. — “U.S. Debt Pattern,” (Public and Private Debt), Survey of Current Business, September 1945.

Shoup, Carl — “Postwar Federal Interest Charge,” Supplement of American Economic Review, Part 2, June 1944.

Simons, H. C. — “On Debt Policy,” Journal of Political Economy, December 1944.

Simons, H. C. — “Debt Policy and Fiscal Policy,” Rev. of Econ. Stat., May 1946.

Abbott, Charles C. — “Management of the Federal Debt,” Harvard Business Review, Autumn 1945.

Leland, Simeon E. — “Management of the Public Debt After the War,” American Economic Review Supplement, Part 2, June 1944.

Symposium on Fiscal and Monetary Policy, Rev. of Econ. Stat., May 1946.

Fiscal Policy and the War Economy:
1. Books:

Crowther, G. — Ways and Means of War, 1940.

Crum, Fennelly, Seltzer — Fiscal Planning for Total War, 1942.

Durbin, E. F. M. — How to Pay for the War, 1941.

Harris, S. E. — Economics of American Defense.

Hart and Allen — Paying for Defense, 1941.

Hicks, J. R., Hicks, U. K., and Rostas, L. — The Taxation of War Wealth, 1941.

Keynes, J. M. — How to Pay for the War, Harcourt, 1940.

Parkinson, J. F. — Canadian War Economics, 1941.

Seidemann, H. P. — Curtailment of Non-Defense Expenditures, Brookings Institution Pamphlet No. 30, 1941.

Spiegel, H. W. — The Economics of Total War, 1942.

Stein and Backman (Editors) — War Economics, 1942.

Tax Institute Symposium — Financing the War, 1942.

U.S. Department of Labor, Bureau of Labor Statistics — Study of Consumer Purchases, 1939-1941.

1. Articles

“Billions for Defense,” Annals of the American Academy of Political and Social Science, March 1941.

“Bank Credit and War Finance,” Federal Reserve Bulletin, June 1942.

Clark, J. M. — “Further Remarks on Defense Financing and Inflation,” Review of Economic Statistics, August 1941.

Crum, W. L. — “Paying for the War,” Academy of Political Science Proceedings, May 1942.

Douglas, M. — “Limitations of the Financial Factor in a War Economy,” Canadian Journal of Economics and Political Science, August 1942.

Eccles, M. S. — “How Shall We Pay for the War?”, Federal Reserve Bulletin, March 1942.

George, C. O. — “British Public Finance in Peace and War,” Journal of Royal Statistical Society, Part III, 1941.

Hansen, A. H. — “Monetary and Fiscal Controls in Wartime,” Yale Review, Winter 1940.

Hansen, A. H. — “Defense Financing and Inflation Potentialities,” Review of Economic Statistics, February 1941.

Hansen, A. H. — “Some Additional Comments on the Inflation Symposium,” Review of Economics Statistics, May 1941.

Hansen, A. H. and Others — “Some Economic Problems of War, Defense, and Postwar Reconstruction,” American Economic Review, February 1941.

Hansen, A. H. — “We Can Pay the War Bill,” The Atlantic, October 1942.

Hart, A. G. — “Flexible Taxes to Combat Inflation,” American Economic Review, March 1942.

Hart, A. G. — “What It Takes to Block Inflation,” Review of Economic Statistics, August 1942.

Feiler, A. — “‘Full Employment of Resources’ and War Economy,” (Note) Social Research, February 1942.

Mackintosh, W. A. — “Canadian War Financing,” Journal of Political Economy, August 1942.

Polak, J. J. — “Rationing of Purchasing Power to Restrict Consumption,” Economica, August 1941.

Roberts, G. and Others — “War Finance and Inflation,” Academy of Political Science Proceedings, May 1942.

Villard, H. H. — “The Effect of the War Upon Capital Markets,” American Economic Review Proceedings, March 1942.

Viner, J. — “Inflation: Menace or Bogey?” Yale Review, Summer 1942.

Blakey, R. G. and G. C. — “The Revenue Act of 1941,” American Economic Review, December 1941.

Weintraub, S. — “Compulsory Savings in Great Britain,” Harvard Business Review, Autumn 1941.

Hansen, A. H. — “Changes in Economic Structure Arising Out of the War and Their Implications for Public Policy,” Part III, Chapter IV, Public Policy, Volume III, Harvard University, 1942.

Fellner, W. — “War Finance and Inflation,” American Economic Review, June 1942.

Salant, W. A. — “The Inflationary Gap,” American Economic Review, June 1942.

Pigou, A. C. — “Types of War Inflation,” Economic Journal, December, 1941.

Nathan, O. and Fried, M. — “Consumer Spending, Inflation and the Wage Earner in the United States,” International Labour Review, February 1942.

Blakey, R. G. and C. C. — “Federal Revenue Legislation, 1943-44,” American Political Science Review, April 1944.

Ensley, G. W. — “Budget for the Nation,” Social Research, September 1943.

Haig, R. M. — “The Background of Our War Finance,” Political Science Quarterly, September 1943.

Harris, C. L. — “Revenue Implications of a Progressive-Rate Tax on Expenditure,” Review of Economic Statistics, August 1943.

Mosak, J. L. and Salant, W. S. — “Income, Money, and Prices in War-Time,” American Economic Review, December 1944.

Newcomer, M. — “Congressional Tax Policies in 1943,” American Economic Review, December 1944.

Seligman, H. L. — “Patterns of Wartime Borrowing in the United States, the United Kingdom, and Canada,” Federal Reserve Bulletin, November 1944.

Allen, E. D. — “Treasury Tax Policies in 1943,” American Economic Review, December 1944.

Hansen, A. H. — “A General View of the Institutional Effects of the War,” American Economic Review Supplement, March 1942.

Musgrave, R. A. and Seligman, H. L. — “The Wartime Tax Effort in the United States, the United Kingdom and Canada,” Federal Reserve Bulletin, January 1944.

Fiscal Policy in the Post War:
1. Books:

Clark, C. — The Conditions of Economic Progress, 1940.

Eccles and Others — Curbing Inflation Through Taxation, Symposium, Tax Institute, 1944.

Galloway, G. B. and Associates — Planning for America, 1941.

Galloway, G. B. — Postwar Planning in the U.S., 1942.

Hansen, A. H. — After the War — Full Employment, National Resources Planning Board, January 1942; Revised, February 1943.

National Planning Association, Pamphlet No. 15 — International Development Loans, September 1942.

Shoup, C. — Federal Finances in the Coming Decade, 1941.

Shoup, Carl; Friedman, Milton; and Mack, Ruth P. — Taxing to Prevent Inflation, 1943.

Financing American Prosperity; 20^th Century Fund (1945).

1. Articles:

Hansen, A. H. — “Wanted: Ten Million Jobs”, Atlantic Monthly, September 1943.

Hansen, Alvin H., and Guy Greer — “Toward Full Use of Our Resources”, Fortune, November 1942.

“From War to Work”, (Articles by Sir Arthur Greenwood, Marriner Eccles, B. Ruml, Sidney Hollman, Walther Nash, Alvin Hansen) Survey Graphic, May 1943.

Clark, J. M. — “Economic Adjustments After Wars: The Theoretical Issues”, American Economic Review Supplement, March 1942.

Blakey, R. G. — “State and Local Postwar Financial Policies”, Bulletin of National Tax Association, March 1944.

Burrell, O. K. — “The Pattern of Postwar Federal Taxes”, Oregon Business Review, December 31, 1944; January 31, 1945.

Butters, J. Keith — “An Appraisal of Postwar Tax Plans”, Harvard Business Review, Winter 1945.

Butters, J. Keith — “Tax Revisions for Reconversion Needs”, Harvard Business Review, Spring 1944.

Eccles, M. S. — “Statement on a Capital Gains Tax to Curb Rising Prices of Capital Values”, Federal Reserve Bulletin, March 1945.

Groves, Harold M. — “Revising the Postwar Federal Tax System”, American Economic Review Supplement, Part 2, June 1944.

Haygood, T. F. — “Federal Fiscal Measures and Agricultural Prosperity”, Agricultural Financial Review, November 1944.

Heer, C. — “Styles in Postwar Taxation”, (Review Article), Bulletin of National Tax Association, December 1944.

Houston, G. S. — “Postwar Taxes: Individuals vs. Corporate Tax Reduction”, Trusts and Estates, December 1944.

Howenstine, E. J., Jr. — “Methods of Federal Financing of Postwar Public Works”, Bulletin of National Tax Association, February 1945.

Lerner, A. P. — “Government Spending, Public Debt and Postwar Taxation”, International Postwar Problems, January 1945.

Lutz, H. L. — “A Postwar Tax Program”, Bulletin of National Tax Association, June 1944.

Musgrave, R. A. — “Three Plans for Postwar Taxation: A Comparison of the CED, Twin Cities and Ruml-Sonne Tax Proposals”, Federal Reserve Bulletin, December 1944.

Shoup, C. — “Three Plans for Postwar Taxation”, American Economic Review, December 1944.

Slichter, S. H. — “Present Savings and Postwar Markets”, Harvard Business Review, Part II, Autumn 1943.

Spero, H. and Leavitt, J. A. — “Inflation as a Postwar Problem”, Journal of Political Economy, August 1943.

Wolman, Leo — “Policies of Postwar Employment”, Political Science Quarterly, December 1943.

“Possibilities of Postwar Inflation and Suggested Tax Action”, Federal Reserve Bulletin, March 1944.

“Slowing Down of Credit Expansion”, Federal Reserve Bulletin, June 1944.

“War Finance and Banking”, Federal Reserve Bulletin, August 1944.

“The Wartime Expansion of Liquid Assets”, Federal Reserve Bulletin, October 1944.

Bell, D. W. — “Financing the War and the Postwar Readjustment”, Federal Reserve Bulletin, January 1944.

Hansen, A. H. and Kindleberger, C. P. — “The Economic Tasks of the Postwar World”, Foreign Affairs, April 1942.

Hansen, A. H. — “Changes in Economic Structure Arising Out of the War and Their Implications for Public Policy”, Public Policy, Volume III, 1942.

Slichter, S. H. — “Postwar Boom or Collapse”, Harvard Business Review, Autumn 1942.

Thorp, W. L. — “Postwar Depressions”, American Economic Review Proceedings, 1941.

Gustin, R. P. and Holme, S. A. — “An Approach to Postwar Planning”, Harvard Business Review, Summer 1942.

Inter-governmental Relations:
1. Books:

Federal, State, and Local Government Fiscal Relations, U.S. Treasury Department, 1943.

Hansen and Perloff — State and Local Finance in the National Economy, 1944.

Hicks, J. R. and U. K. — Standards of Local Expenditure, Macmillan, New York, 1943.

Silver, A. N. — The Reform of Local Government Finance, 1945.

1. Articles:

Blakey, R. G. (Chairman) — “Coordination of Federal, State and Local Fiscal Systems”, American Economic Review Supplement, March 1942.

Blakey, R. G. — “State and Local Taxation of Federal Property”, Bulletin of National Tax Association, January 1945.

Graves, W. B. and Scholz, K. W. H. — “Meeting the Needs for State and Local Revenues in the Postwar Era”, American Political Science Review, October 1944.

Haig, R. M. — “Federal-State Financial Relations: A Conscientious Governor Studies a Senate Document,” Political Science Quarterly, June 1944.

Heer, C. — “State and Local Finance in the Postwar Plans of the South,” Southern Economic Journal, January 1945.

Hicks, J. R. and U. K. — “The Beveridge Plan and Local Government Finance”, Review of Economic Studies, Winter, 1943.

Kaiser, A. R. — “Coordination of Federal and Local Revenue Sources”, Bulletin of National Tax Association, November 1944.

Pond, C. B. — “Impact of the War on State Tax Systems”, Bulletin of National Tax Association, November 1943.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics 1946-47 (2 of 2)”.

_________________________

ECONOMICS 128
FISCAL POLICY SEMINAR
1946-1947
TOPICS ON FISCAL POLICY

Fiscal policy as a business-cycle control measure contrasted with fiscal policy as a means for structural readjustment.
The fiscal problems growing out of war and depression contrasted.
Deficit spending and its limits.
A high-consumption economy vs. a high-savings economy.
The dual economy and its relation to stability and full employment; the role of the government corporation (T.V.A., R.F.C., etc.); the program of the British Labor Party.
The relation between income, output, and employment in the short run and in the long run.
The public debt as an instrument of fiscal policy.
The economic background of war-time expansion in the United States compared with that in Great Britain.
Increased production vs. reduced consumption as war-time anti-inflation measures.
Consumption, investment, income, and national expenditure in war time.
The relation and importance of the various war-time control schemes (direct controls, monetary controls, fiscal controls).
The timing of the various control measures in the transition period.
Federal non-armament expenditures during the war.
The control of non-essential investments in war time.
A sharply progressive income tax vs. consumption taxes as a means to reduce war-time consumption.
The relation between taxation and borrowing at different stages in the war and transition periods.
Fiscal policy and the control of inflation in the postwar.
“Easy money” and the role of monetary control in the prevention of postwar inflation.
The taxation of war wealth.
The Keynes plan of deferred wage payments as a means to prevent war-time inflation.
Accumulation of social security reserves as a means to prevent war-time inflation.
Forecasting and the timing of fiscal control measures in the postwar.
Fiscal policy as a measure against:
1. a postwar inflation,
2. a postwar slump.
Public investments and relief expenditures in the postwar period.
Fiscal policy and the redistribution of income.
The shift from a “free market” to a planned economy.
British discussions on postwar debt and the wisdom of a capital levy.
British and American postwar debt problems contrasted.
Establishment of a monetary and fiscal authority to administer a flexible fiscal policy.
Effective fiscal policy as a means of securing international stability.
Trends in intergovernmental fiscal relations since the first World War.
The shift of functions toward the central government in Canada and the U.S. and fiscal implications of this development.
Efforts toward limiting the property tax and substituting other tax sources.
A reorganized system of federal, state, and local taxation.
The relation between the spending unit and the revenue-raising unit as a test of financial efficiency.
Administrative reorganization as a prerequisite for intergovernmental fiscal reorganization.
State control of local finance.
Methods of revenue sharing between federal, state, and local government.
The relation between federal, state, and local debt.
Federal fiscal policy and the redistribution of income among the various states.
The impact of the war on the fiscal relations between federal, state, and local government.
War prosperity and the financial situation of the local governmental units.
Trends in federal-local fiscal relations in Australia, Canada, and Great Britain.
The relation between the federal debt and liquid assets.
The relation between the public debt and the money supply.
The public debt and the commercial banks.
The relation between public debt retirement and the maintenance of private savings.
The monetization of the debt.
Interest-free financing proposals.
Debt retirement and the “100 per cent money” proposal.
Recent trend among some economists to emphasize monetary rather than fiscal policy.
The inter-relations between monetary and fiscal policy.
The effect of increased taxation on new enterprise.
The effect of increased taxation on investment.
The effect of increased taxation on consumption.
The effect of modern progressive tax structures (England, Canada, U.S.) on income distribution.
Comparison of the effects of:
1. capital gains tax,
2. inheritance tax,
3. income tax,
  …on enterprise and investment.
Comparison of postwar federal tax plans.
The proposal to tax idle money.
The proposal to underwrite private consumer expenditures.

Source: Harvard University Archives. Alvin Harvey Hansen. Lecture Notes and Other Course Material. Box 1 [might be box 3], Folder “Econs. 148”.

Image Source: Hansen (left), Williams (right). Harvard Class Album, 1942.

Tags Hansen, WilliamsJH

Cal Tech Carnegie Mellon Chicago Economists Suggested Reading Syllabus UCLA

Carnegie-Mellon. Economics of the Firm reading list. Richard W. Roll, 1967

Post author By Irwin Collier
Post date 2020-10-09

It shouldn’t come as a surprise that economists who were pack rats with respect to their professional and personal papers often provide a significant source of material from their colleagues. Martin Bronfenbrenner was one such paper hoarder. Whenever I stumble across an economist’s materials in someone else’s archival papers, I feel a disproportionate obligation to transcribe the stuff, since it is somewhat unlikely that a fellow historian of economics seeking material on economist X would search the papers of economist Y without having good cause. And so, stumbling upon the reading list for one of Richard Roll’s first Carnegie-Mellon courses in a folder of Martin Bronfenbrenner’s papers, I now add that course reading list below.

Note: “GI” before the course number matches the course numbering for Carnegie Mellon seen in Bronfenbrenner’s papers, but 1968 is given in Roll’s own c.v. for the start of his assistant professorship there. This probably means he was initially hired as an ABD [“all-but-dissertation”] instructor and promoted upon the completion of the requirements for his Chicago Ph.D.

_____________________

Richard W. Roll

Born: October 31, 1939

1961, B.A.E. (Aerospace Engineering), Auburn University, 1961
1963, M.B.A., University of Washington
1968, Ph.D., University of Chicago

Ph.D. thesis. The Behavior of Interest Rates: An Application of the Efficient Market Model to U.S. Treasury Bills awarded the Irving Fisher Prize as best American dissertation in economics (1968).

1961-64 The Boeing Company, Seattle and New Orleans, Aeronautical Engineer

1968-73 Carnegie-Mellon University, Pittsburgh, Assistant and Associate Professor

1973-75 European Institute for Advance Studies in Management, Brussels, Belgium, Professor

1975-76 Centre d’Enseignement Superiéure des Affaires, Jouy-en-Josas, France, Professeur Associé

1976-2014 University of California, Los Angeles, The Anderson School
Professor of Finance, Allstate Chair, 1982-2002, Japan Alumni Chair, 2002-2011, Joel Fried Chair in Applied Finance, 2011-2014, Professor Emeritus, 2014-

1985-87 Goldman, Sachs & Co., New York, Vice-President and Director of Mortgage Securities Research

1985-2005 Roll and Ross Asset Management Corporation, Culver City, CA, Co-Chairman of the Board

1992-95 WP Capital Management, Greenwich, CT, Managing Director

2002 Visiting professor, Université de Toulouse, France

2003- Founder and Principal, Compensation Valuation, Inc.

2009-2012 Co-Founder and Research Director, Factor Advisors

2014- Linde Institute Professor of Finance, California Institute of Technology

1987, President, American Finance Association

Fellow, Econometric Society

Source: C.V. (July 15, 2015)

Fun fact:

At Boeing the early 1960s, Richard Roll worked on the Minuteman missile and the Saturn moon rocket.

Source: Richard W. Roll webpage (Mar 16, 2020) Caltech, Division of the Humanities and Social Sciences.

_____________________

ECONOMICS OF THE FIRM

R. Roll
GI-351
Fall, 1967

TEXT: Kalman J. Cohen and Richard M. Cyert, Theory of the Firm: Resource Allocation In a Market Economy, (1965)

A mid-term exam of 1½ hours will be given the week of Nov. 4. One-fourth of the final grade will be based on the mid-term and three-fourths on the final. Problem sets will be distributed periodically. These are intended to guide you in assessing your performance and will not usually be turned in.

Readings in the list below are divided into three categories:

No preceding symbol indicates a required reading.
A preceding * indicates an optional reading.
A preceding $ indicates material that Ph.D. students should know.

Most of the material uses basic mathematics. The non-mathematician can be helped immeasurably by referring to R.G.D. Allen, Mathematical Analysis for Economists. Students will find that a thorough reading of J. Johnston, Econometric Methods, complements this course and will also be of aid in future courses.

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

SUPPLEMENTAL TEXTS
(books)

Armen A. Alchian and William A. Allen, University Economics, (2^nd edition, 1967)

R. G. D. Allen, Mathematical Analysis for Economists, (1964)

William J. Baumol, Economic Theory and Operations Analysis, (1965)

Gregory Chow, Demand for Automobiles in the United States, (1957)

Joel Dean, Managerial Economics, (1957)

Milton Friedman, Essays in Positive Economics, (1953)

J. R. Hicks, The Theory of Wages, (1963)

J. R. Hicks, Value and Capital, (1946)

H. S. Houthakker and Lester D. Taylor, Consumer Demand in the United States, 1929-1970, (1966)

J. Johnston, Econometric Methods, (1960)

J. Johnston, Statistical Cost Analysis (1960)

Richard H. Leftwich, The Price System and Resource Allocation, (1960)

Edwin Mansfield, Managerial Economics and Operations Research, (1966)

Alfred Marshall, Principles of Economics, Ninth (Variorum ) edition, (1961)

James Quirk and Rubin Saposnik, Introduction to General Equilibrium Theory and Welfare Economics, (1968)

Paul A. Samuelson, Foundations of Economic Analysis, (1963)

Ezra Solomon, The Management of Corporate Capital, (1959)

Milton H. Spencer and Louis Siegelman, Managerial Economics, (1964)

George J. Stigler, Essays in the History of Economics, (1965)

George J. Stigler, The Theory of Price, (1967)

Leon Walras, Elements of Pure Economics, (1954)

Leonard Weiss, Case Studies in American Industry, (1967)

John Kenneth Galbraith, The New Industrial State, (1967)

PERIODICALS

American Economic Review, (December, 1948), (June, 1964)

American Economic Review, Papers and Proceedings, (May, 1954) (June, 1958) (May, 1961)

Journal of Business, (October, 1955) (April, 1965)

Journal of Political Economy, (April, 1954) (Feb, 1957) (August, 1958)

Quarterly Journal of Economics, (August, 1967)

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

Introduction to the Economic Problem, Resource Allocation

Text, Ch. 1
*Leftwich, pp. 1-22.

The Methodology of Model Building

Marshall, pp. 29-37.

Text, Ch. 2
*$ “The Methodology of Positive Economics” in Friedman
*J. Johnston, Econometric Methods, pp. 3-39. (This reading requires an elementary knowledge of probability).

The Fundamentals, Supply and Demand
1. Price determination under perfect competition.

Text, ch. 4

*Weiss, “Pure Competition and Agriculture”, pp. 19-50
*Alchian and Allen, ch. 7
$George Stigler, “Perfect Competition, Historically Contemplated”, Journal of Political Economy, (Feb., 1957), reprinted in George J. Stigler, Essays…
*An example of model building and demand analysis, Gregory Chow, Demand for Automobiles in the United States

1. Theory of Cost and Production
  1. Alternative costs

Stigler, Theory of Price, ch. 6

*W. Lee Hansen and Burton A. Weisbrod, “Economics of the Military Draft”, Quarterly Journal of Economics, (August 1967) Mimeographed copies on reserve.

1. 1. Theory of Production

Text, chs. 6-8

$Marshall, pp. 337-380
*Stigler, Theory of Price, chs. 7-8
$Samuelson, Foundations, ch. IV

1. 1. Estimating Cost Curves

Johnston, Statistical Cost Analysis, pp. 26-73

*Joel Dean, pp. 278-347
*Johnston, Statistical…pp. 136-194
$Apel, “Marginal Cost Constancy and its Implications”, American Economic Review, December, 1948

1. 1. Temporal cost allocation

Alchian and Allen, chs. 13-14

1. Theory of Consumer Demand
  1. Utility Theory

Text, pp. 65-83

$J. R. Hicks, Value and Capital, chs. I-III

1. 1. Estimating Demand Curves

Text, pp. 83-87

*Stigler, “The Early History of Empirical Studies of Consumer Behavior”, J.P.E., (April, 1954), reprinted in Essays in the History…
*Joel Dean, “Estimating the Price Elasticity of Demand”, in his Managerial Economics, pp. 180-191. Reprinted in Mansfield, pp. 55-65.
*E.S. Houthakker and Lester D. Taylor, pp. 5-29, ch.4 presents estimated demand curves for 84 categories of personal consumption expenditures.

Monopoly and Oligopoly
1. Theory
  1. Monopoly

Text, ch. 10, pp. 187-200
Alchian and Allen, ch. 17

*Stigler, Theory of Price, ch. 11
*Galbraith, pp. 166-218

1. 1. Oligopoly

Stigler, Theory of Price, chs. 12-13

*Text, ch. 12

1. Cases of monopoly

Text, pp. 200-203
Weiss, ch. 4

*Arnold C. Harberger, “Monopoly and Resource Allocation”, American Economic Review Papers and Proceedings, (May, 1954)

1. Pricing and Advertising
  1. *Rules of thumb — Joel Dean, pp. 427-467
  2. $Peak-Load Pricing — Jacques Dreze, “Some Postwar Contributions of French Economists”, American Economic Review, (June, 1964), pp. 8-27. This article is bound in the back of the AER, Vol. 54, part 2.
  3. Advertising

Lester G. Telser, “How Much Does It Pay Whom to Advertise”, American Economic Review, Papers and Proceedings, 1961, pp. 194-205

*Kristian S. Palda, “The Measurement of Cumulative Advertising Effects”, Journal of Business, (April, 1965)

Demand and Supply of Productive Services
1. Theory

Stigler, Theory of Price, ch. 14
Text, Ch. 13

*Marshall, pp. 381-393

1. Capital

Stigler, Theory of Price, ch. 17
Ezra Solomon, “Measuring a Company’s Cost of Capital”, Journal of Business, (October, 1955) reprinted in The Management of Corporate Capital, Ezra Solomon, ed.

$ Jack Hirshleifer, “On the Theory of Optimal Investment Decision,” Journal of Political Economy, (August, 1958) reprinted in Solomon
$Fraco Modigliani and Merton H. Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, (June, 1958) reprinted in Solomon

1. Labor

Alchian and Allen, ch. 20

*Weiss, ch. 6
$Hicks, Theory of Wages, ch. I-III
*Alchian and Allen, ch. 21

General Equilibrium, Welfare Economics and Government Participation in the Market Place

Baumol, ch. 13
Alchian and Allen, ch. 24
*Text, chs. 9, 14
$Walras, pp. 153-172
$Quirk and Saposnik, ch. 2
*Weiss, Ch. 3

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Martin Bronfenbrenner. Box 25, Folder “Micro-econ and Distribution 1 of 2, 1966-1971, n.d.”.

Image Source: Richard Roll in the Auburn University Yearbook, 1960 Glomerata, p. 134

Tags Roll

Handwritten note at top: “Martin, Here is the outline for the Macro theory. Which part do you want to teach? [signed] Oz”

Economics 176A-B Course Outline and Suggested Readings

Course Announcement

Economics 214b General Interdependence Systems

Second Semester, 1951-52 Syllabus

I STATIC LEONTIEF MODEL

II DYNAMIC MODELS

III ALLOCATION OF RESOURCES (“LINEAR PROGRAMMING”)

MATHEMATICAL REFERENCES

(1) Matrices

(2) Difference and Differential Equations

(3) Set Theory and Abstract Algebra

1951-52 HARVARD UNIVERSITY ECONOMICS 214b [Final examination]

Related Harvard Course Posts

Course Announcements

1935-36

1936-37

Course Enrollments

Harvard University Faculty of Arts and Sciences Department of Government

List of Books used in Economics of Transportation October, 1936 D. H. Wallace

Reading Period Assignment May 4-26, 1936

1935-36 HARVARD UNIVERSITY ECONOMICS 4c2 [Final Examination]

Reading Period Assignment May 10-June 2, 1937

1936-37 HARVARD UNIVERSITY ECONOMICS 63b2 [Final Examination]

Reading Period Assignment January 4-20, 1937

1936-37 HARVARD UNIVERSITY ECONOMICS 163 [Mid-Year Examination]

Reading Period Assignment May 10—June 2, 1937

1936-37 HARVARD UNIVERSITY ECONOMICS 163 [Final Examination]

Biographical Note

ECONOMICS 370 MONETARY ASPECTS OF INTERNATIONAL TRADE Major Topics and Reading List

Winter 1967 Lloyd A. Metzler

Lloyd A. Metzler

ECONOMICS 370 Course Examination Winter, 1967

Course Enrollment

HARVARD UNIVERSITY Department of Economics

Economics 206 Reading List, Fall 1956

Economic Analysis and Public Policy

The Ricardian System

Marxian Dynamics

The Neo-classical System

The Schumpeterian System

Keynesian Economics

Post-Keynesian Growth Theorists

1956-57 HARVARD UNIVERSITY

Economics 206 Fall 1956 Final Examination

HARVARD UNIVERSITY Economics 206

Spring Examination, 1957

Course Enrollment

HARVARD UNIVERSITY Department of Economics

Economics 106 Reading List, Fall 1956

Economic Analysis and Public Policy

The Ricardian System

Marxian Dynamics

The Neo-classical System

The Schumpeterian System

Keynesian Economics

Post-Keynesian Growth Theorists

1956-57 HARVARD UNIVERSITY

Economics 106 Fall 1956 Final Examination

Part I (30 Minutes) Answer the following question.

Part II (One Hour) Answer the following question.

Part III (One Hour and A Half) Answer TWO questions.

Harvard University Department of Economics

Economics 106 [Spring term, 1956-57]

Part I Aggregative Theories (continued from 1st term)

Post-Keynesian Growth Theorists

Part II Public Policy and Economic Goals

Full Employment and Price Level Stability

Continued Growth

International Equilibrium

General

1956-57 HARVARD UNIVERSITY Department of Economics

Economics 106 Applied Economic Analysis Final Examination

Course Enrollment

HARVARD UNIVERSITY Department of Economics

Economics 111a Professors Tinbergen and Tsuru, Spring 1957

Socialism and Planning Outline

READINGS *Obligatory reading.

HARVARD UNIVERSITY

Final Examination ECONOMICS 111a Spring 1957

Handwritten note at top:
“Martin, Here is the outline for the Macro theory. Which part do you want to teach? [signed] Oz”

Economics 176A-B
Course Outline and Suggested Readings

Economics 214b
General Interdependence Systems

Second Semester, 1951-52
Syllabus

1951-52
HARVARD UNIVERSITY
ECONOMICS 214b
[Final examination]

Harvard University
Faculty of Arts and Sciences
Department of Government

List of Books used in Economics of Transportation
October, 1936
D. H. Wallace

Reading Period Assignment
May 4-26, 1936

1935-36
HARVARD UNIVERSITY
ECONOMICS 4c²
[Final Examination]

Reading Period Assignment
May 10-June 2, 1937

1936-37
HARVARD UNIVERSITY
ECONOMICS 63b²
[Final Examination]

Reading Period Assignment
January 4-20, 1937

1936-37
HARVARD UNIVERSITY
ECONOMICS 163
[Mid-Year Examination]

Reading Period Assignment
May 10—June 2, 1937

1936-37
HARVARD UNIVERSITY
ECONOMICS 163
[Final Examination]

ECONOMICS 370
MONETARY ASPECTS OF INTERNATIONAL TRADE
Major Topics and Reading List

Winter 1967
Lloyd A. Metzler

ECONOMICS 370
Course Examination
Winter, 1967

HARVARD UNIVERSITY
Department of Economics

Economics 206
Reading List, Fall 1956

1956-57
HARVARD UNIVERSITY

Economics 206
Fall 1956
Final Examination

HARVARD UNIVERSITY
Economics 206

HARVARD UNIVERSITY
Department of Economics

Economics 106
Reading List, Fall 1956

1956-57
HARVARD UNIVERSITY

Economics 106
Fall 1956
Final Examination

Part I
(30 Minutes)
Answer the following question.

Part II
(One Hour)
Answer the following question.

Part III
(One Hour and A Half)
Answer TWO questions.

Harvard University
Department of Economics

Economics 106
[Spring term, 1956-57]

Part I Aggregative Theories (continued from 1^st term)

1956-57
HARVARD UNIVERSITY
Department of Economics

Economics 106
Applied Economic Analysis
Final Examination

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Professors Tinbergen and Tsuru, Spring 1957

Socialism and Planning
Outline

READINGS
*Obligatory reading.

Final Examination
ECONOMICS 111a
Spring 1957

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Socialism and Planning
Outline and Extended Bibliography

HARVARD UNIVERSITY
Department of Economics

Economics 206
[Baldwin, Fall Term, 1955-56]

1955-56
HARVARD UNIVERSITY

Economics 206
Mid-year Examination
January, 1956

HARVARD UNIVERSITY
Department of Economics

Economics 206
[Baldwin, Spring Term, 1955-56]

HARVARD UNIVERSITY
Department of Economics

Economics 206
Final Examination
June, 1956

ECONOMICS 148
FISCAL POLICY SEMINAR
1946-1947

ECONOMICS 128
FISCAL POLICY SEMINAR
1946-1947
TOPICS ON FISCAL POLICY

R. Roll
GI-351
Fall, 1967

SUPPLEMENTAL TEXTS
(books)