Category: Syllabus

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Chicago Statistics Suggested Reading Syllabus

Chicago. Econometrics sequence (2 quarters). Christ, 1957

 

From 1955 through 1961 the University of Chicago economics Ph.D. alumnus (1950) and early Cowles Commission researcher, Carl Christ, was associate professor at the University of Chicago. I stumbled upon the following reading lists for his two quarter econometrics sequence from 1957 filed away in Milton Friedman’s papers along with Econ 300A and 300B (Price Theory and Distribution)  reading lists.

It is interesting to see that input-output theory and linear programming are still considered parts of “econometrics” at even this relatively advanced date. 

The next post will provide life and career information as well as anecdotes shared by former students and colleagues following his death in April 2017.

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Economics 314 and 315
Econometrics and Special Topics in Econometrics
READING LISTS
Winter and Spring 1957
Mr. Christ

 

  1. Econometrics “Texts”

Chiefly for 314:

Tinbergen, Jan, Econometrics.

For both 314 and 315:

Tintner, Gerhard, Econometrics.
Klein, Lawrence R., A Textbook of Econometrics.
Hood, William C., and Tjalling C. Koopmans, Studies in Econometric Method (Cowles Commission Monograph 14). Especially chapters 1, 2, 4, 5, 6, 9. (Chapter 6 is chiefly for Economics 315).

  1. Statistical Inference (Including Regression and Correlation)

In addition to relevant parts of books listed above, the following are useful. They are approximately in increasing order of difficulty.

Chiefly for 314:

Wallis, W. Allen, and Harry V. Roberts, Statistics: A New Approach. Especially the following sections and chapters.
2.8; 4.5-6; 5; 6.1, 6.5; 8.7; 9; 10.9-12; 12; 14.1-2, 14.5-6, 14.8; 15; 17; 18; 19
Walker, Helen M., and Lev, Statistical Inference.

For both 314 and 315:

Ezekiel, Mordecai, Methods of Correlation Analysis, 2nd edition.
Yule, George Udny, and Kendall, An Introduction to the Theory of Statistics (not the earlier book by Yule alone).
Snedecor, George W., Statistical Methods.
Fisher, Ronald A., Statistical Methods for Research Workers, 6th edition or later.
Tippett, L. H. C., The Methods of Statistics.
Hoel, Paul G., Introduction to Mathematical Statistics.

Chiefly for 315:

Anderson, R. L., and T. A. Bancroft, Statistical Theory in Research.
Mood, A. M., Introduction to the Theory of Statistics.
Wilks, S. S., Mathematical Statistics.
Cramer, Harald, Mathematical Methods of Statistics.

  1. Econometric Techniques and Problems (Including the Estimation of Parameters)

In addition to relevant sections of books cited under I and II above, see the following. Items marked with an asterisk(*) are particularly important.

Chiefly for 314:

Working, E. J., “What do Statistical ‘Demand Curves’ Show? QJE 41 (February, 1927), pp. 212-35. Reprinted in AEA Readings in Price Theory, pp. 97-115.
*Christ, Carl F., “History of the Cowles Commission,” in Cowles Commission, Economic Theory and Measurement. (20th Annual Report). Especially pp. 12-13, 30 (bottom)-41, 47 (middle)-60.
*Koopmans, Tjalling C., “Identification Problems in Economic Model Construction,” Econometrica 17 (April, 1949), pp. 125-44. Reprinted as chapter 2 in Hood and Koopmans (cited under I above), pp. 27-48.
*Marschak, Jacob, “Economic Structure, Path, Policy, and Prediction,” AER, XXXVII (May, 1947), pp. 81-4.

For both 314 and 315:

Koopmans, Tjalling C., “The Logic of Econometric Business Cycle Research,” JPE 49 (April, 1941), pp. 157-81.
*Haavelmo, Trygve, “The Statistical Implications of a System of Simultaneous Equations,” Econometrica 11 (January, 1943), pp. 1-12.
*Marschak, Jacob, “Econometric Measurements for Policy and Prediction”, Chapter 1 in Hood and Koopmans (cited under I above), pp. 1-26.
*Bennion, E. G., “The Cowles Commission’s ‘Simultaneous Equation Approach’”, Rev. Econ. and Statistics, XXXIV (February, 1952), pp. 49-56.
*Meyer, John R., and Miller, “Some Comments on the ‘Simultaneous Equations Approach’”, Rev. Econ. and Statistics, XXXVI (February, 1954), pp. 88-92.
*Bronfenbrenner, Jean, “Sources and Size of Least Squares Bias in a Two-Equation Model,” chapter 9 in Hood and Koopmans (cited under I above), pp. 221-35.
*Haavelmo, Trygve, “Methods of Measuring the Marginal Propensity to Consume,” JASA 42 (March, 1947), pp. 105-22. Reprinted as chapter 4 in Hood and Koopmans (cited under I above), pp. 75-91.
Foote, R. J., and K. A. Fox, Analytical Tools for Measuring Demand, U. S. Department of Agriculture Handbook No. 64.
*Klein, Lawrence R., “On the Interpretation of Theil’s Method of Estimation of Economic Relations,” Metro-economica 7 (December, 1955).
*Basmann, Robert, “A Generalized Classical Method of Linear Estimation of Coefficients in a Structural Equation”, Econometrica 25 (January, 1957).

Chiefly for 315 (in chronological order):

*Haavelmo, T., “The Probability Approach in Econometrics,” Econometrica 12 (1944), Supplement.
*Koopmans, Tjalling C., “Statistical Estimation of Simultaneous Economic Relationships,” JASA 40 (December, 1945), pp. 448-66.
Cochrane, Donald, and Guy H. Orcutt, “Application of Least Squares Regression to Relationships Containing Autocorrelated Error Terms,” JASA 44 (March, 1949), pp. 32-61.
Orcutt, Guy H. and Donald Cochrane, “A Sampling Study of the Merits of Autoregressive and Reduced Form Transformations in Regression Anaysis,” JASA 44 (September, 1949), pp. 356-72.
Koopmans, Tjalling C., ed., Statistical Inference in Dynamic Economic Models (Cowles Commission Monograph 10).
*Koopmans, Tjalling C., and W. C. Hood, “The Estimation of Simultaneous Linear Economic Relationships,” chapter 6 in Hood and Koopmans (cited under I above), pp. 112-99.

  1. Statistical Tests for Econometric Equations

For both 314 and 315:

Durbin, James, and G. S. Watson, “Testing for Serial Correlation in Least Squares Regression. II.” Biometrika 38 (June, 1951), pp. 159-78.
Hotelling, Harold, “The Selection of Variates for Use in Prediction,” Annals Math. Stat. 11 (1940), pp. 271-83.

  1. Aggregate Econometric Models of the U. S. Economy

For both 314 and 315:

Tinbergen, Jan, Statistical Testing of Business Cycle Theories, Vol. II: Business Cycles in the U.S.A., 1919-1932.
Klein, L. R., Economic Fluctuations in the U.S., 1921-1941 (Cowles Commission Monograph 11).
Clark, Colin, “A System of Equations Explaining the U.S. Trade Cycle 1921-1941,” Econometrica Vol. 17 (April, 1949), pp. 93-123.
Christ, Carl, “A Test of An Econometric Model for the U.S., 1921-1947,” in Conference on Business Cycles (N.B.E.R.), pp. 35-129.
Valavanis-Vail, Stefan, “An Econometric Model of Growth, U.S.A. 1869-1953,” AER 45 (May, 1955), pp. 208-21, 225-7.
Klein, L. R., and Arthur Goldberger, An Econometric Model of the U.S., 1929-1952 (Contributions to Economic Analysis, No. IX).
Fox, Karl A., “Econometric Models of the U.S., “ JPE 64 (April, 1956), pp. 128-42.
Christ, Carl F., “Aggregate Economic Models,” AER 46 (June, 1956), pp. 385-408

  1. Demand Studies

For both 314 and 315:

Schultz, Henry, Theory and Measurement of Demand.
Girshick, M. A., and Trygve Haavelmo, “Statistical Analysis of the Demand for Food,” Econometrica 15 (April, 1947), pp. 79-110. Partly reprinted as chapter 5 in Hood and Koopmans (cited under I above), pp. 92-111.
Wold, Herman, and Lars Jureen, Demand Analysis.
Fox, Karl A., The Analysis of Demand for Farm Products (U. S. Department of Agriculture Technical Bulletin No. 1081).
Working, Elmer J., Demand for Meat (American Institute of Meat Packing).
Stone, Richard N., The Measurement of Consumers’ Expenditure and Behaviour in the U.K., 1920-1938, Vol. I (National Institute of Economic and Social Research, London).

  1. Consumption Functions

For both 314 and 315:

Ferber, Robert, A Study of Aggregate Consumption Functions (N.B.E.R.).
Modigliani, Franco, and R. E. Brumberg, “Utility Analysis and the Consumption Function,” in Kenneth Kurihara, ed., Post Keynesian Economics.
Brumberg, R. E., “An Approximation to the Aggregate Saving Function,” Economic Journal 66 (March, 1956).
Nerlove, Marc, “Estimates of the Elasticities of Supply of Selected Agricultural Commodities,” Journal of Farm Economics 38 (May, 1956), pp. 496-512. Read primarily for the expectations hypothesis.
Friedman, Milton, and Gary Becker, “A Statistical Illusion in Judging Keynesian Models,” JPE 65 (February, 1957).

  1. Other Applications

Chiefly for 314:

Douglas, Paul H., “Are There Laws of Production?” AER 38 (March, 1948), pp. 1-41.
Mendershausen, Horst, “On the Significance of Professor Douglas’ Production Function,” Econometrica 6 (April, 1938), pp. 143-53.

Chiefly for 315:

Hildreth, Clifford, and Frank Jarrett, A Statistical Study of Livestock Production and Marketing (Cowles Commission Monograph 15).
Prais, S. J., and H. Houthakker, The Analysis of Family Budgets (Cambridge Univ., Dept. of Applied Economics).

  1. Input-Output

Chiefly for 314:

Evans and Hoffenberg, “The Interindustry Relations Study for 1947,” Rev. Econ. and Statistics, XXXIV (May, 1952), pp. 97-142.
Dorfman, “The Nature and Significance of Input-Output,” Rev. Econ. and Statistics, XXXVI (May, 1954), pp. 121-33.
Christ, Carl F., “A Review of Input-Output Analysis,” in Conference in Research on Income and Wealth, Studies in Income and Wealth, Vol. 18: Input-Output Analysis: An Appraisal (N.B.E.R.).

  1. Linear Programming

Chiefly for 314:

Dorfman, “Mathematical, or ‘Linear’, Programming,” AER XLIII (December, 1953), pp. 797-825.
Chipman, “Linear Programming,” Rev. Econ. and Statistics, XXXV (May, 1953), pp. 101-17.
Heady, “Simplified Presentation and Logical Aspects of Linear Programming Technique,” Journal of Farm Economics, XXXVI (December, 1954), pp. 1035-48.
Boles, “Linear Programming and Farm Management Analysis,” Journal of Farm Economics, XXXVII (February, 1955), pp. 1-24.

  1. Calculus

The following (arranged in increasing order of difficulty) are useful.

Thompson, Sylvanus P., Calculus Made Easy.
Allen, R. G. D., Mathematical Analysis for Economists.
Courant, R., Differential and Integral Calculus (2 vols.).

  1. Matrix Algebra and Determinants

In addition to the following, see appendices in Tintner and in Klein (cited under I above), and special sections in Anderson and Bancroft and in Mood (cited under II above):

Aitken, A. C., Determinants and Matrices.
Albert, A. A., Introduction to Algebraic Theories.
Ferrar, William L., Algebra.
Wade, Thomas L., The Algebra of Vectors and Matrices.
Allen, R. G. D., Mathematical Economics, Chapters 12-14.

 

Source:   The Hoover Institution Archives. Papers of Milton Friedman, Box 77, Folder 1 “University of Chicago 300A & B”.

Image Source. Detail of “Carl Christ, teaching economics-1963” (second from left at seminar table) from the Carl Christ memorial webpage of the Department of Economics, Johns Hopkins University.

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Exam Questions Harvard Syllabus

Harvard. Principles of Economics. James Tobin’s Student Reading Assignments, 1936-37

 

A few posts ago I provided a transcription of a bibliography of supplementary readings for Harvard’s principles of economics course in 1938-39.  While not uninteresting and indeed suggestive of the breakdown of topics and associated canonical texts, the bibliography provided little insight to the actual course coverage.

To remedy this I took a deep dive into James Tobin’s sophomore year notes for the course that run  260 consecutively numbered, clean hand-written notes for his readings along with brief summaries of the content of the section meetings. I have written down the exact sequence of readings he took notes on and have included the dates of the sections that give us approximate windows for when he did the readings. For the record, Tobin got an A in the course which hardly surprises. Other students could have fallen far short on the reading, but not Tobin!

The two main texts by Taussig and Slichter come as no surprise. Ten chapters were also assigned from a draft book manuscript by McIsaac and Smith that was published the following year. Tobin was fairly exact and consistent in identifying the chapter numbers and titles in his reading notes for Taussig and Slichter. His chapter titles for McIsaac and Smith differ quite substantially from those of the printed textbook, so I have included both.

To complete the set, I have included two semester final exams with this post.

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Course Announcement

Economics A. Principles of Economics

Tu., Th., Sat., at 11. Professor Burbank and Dr. J. R. Walsh, and other members of the Department.

Economics A may be taken by properly qualified Freshmen with the consent of the instructor.

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-37.   Official Register of Harvard University,  Vol. XXXIII, No. 42 (September 23, 1936) p. 141.

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Primary Course Texts

Taussig, Frank W. Principles of Economics 3rd ed. Volume I; Volume II.

Slichter, Sumner H. Modern Economic Society. New York: Henry Holt and Company, 1931.

McIsaac, Archibald MacDonald and James Gerald Smith. Introduction to Economic Analysis. Boston: Little, Brown and Company, 1937.

“The authors gratefully acknowledge the many constructive criticisms and the friendly co-operation offered by the instructors in Economics A at Harvard University, where a preliminary edition of the text was used in during 1936-37.”

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 Reading Notes Sequence
James Tobin, 1936-37

Official beginning of classes Thursday October 1, 1936.

Taussig.

Chapter 1 [Wealth and Labor]

Slichter.

Chapter I [The Control of Economic Activity]
Chapter 3 [Free Private Enterprise],

Section
Tuesday 10/6/36

Taussig.

Chapter 2 [Of Labor in Production];

Slichter.

Chapter 2 [Some Fundamental Economic Concepts]

Section
Thursday 10/8/36, Saturday 10/10/36

Slichter.

Chapter 3 [Free Private Enterprise],

Taussig.

Chapter 3 [The Division of Labor and the Development of Modern Industry]
Chapter 4 [Large-Scale Production]

Slichter.

Chapter 7 [Large Business Units]
Chapter 5 [Machine Industry]
Chapter 6 [Specialization]

Section
Saturday 10/17/36

Taussig.

Chapter 5 [Capital]
Chapter 8 [Introductory: Exchange, Value, Price]

Slichter.

Chapter 4 [Modern Industry—A Capitalistic Organization]
Chapter 11 [Modern Industry—A Credit Economy]

Section
[no date]

McIsaac & Smith.

Chapter I [Notes: The Approach to Economic Analysis. Book: Nature and Purpose of Economic Analysis]
Chapter II [Notes: Contemporary Economic Background. Book: Production and Income in the Modern Economy]
Chapter III [Notes: Economic Valuations. Book: The Mechanism of Exchange]
Chapter IV [Notes: Factors Affecting Demand. Book: Consumer Demand]
Chapter V [Notes: Methods of Determinaing Prices. Book: Analysis of Supply: Cost of Production]

Section
Tuesday 11/10/36, Thursday 11/12/36, Saturday 11/14/36

McIsaac & Smith

Chapter VI [Notes: Current Supply Price. Book: Current Price Adjustment: Competitive Conditions]
Chapter VII [Notes: Current Supply Price and Costs of Production. Book: Current Price Adjustment: Monopolistic Conditions]

Section
Tuesday 11/17/36, Thursday 11/19/36

McIsaac & Smith

Chapter VIII [Notes: Dynamic Supply Price & Costs of Production. Book: Normal Tendencies in Price Adjustment]
Chapter IX [Notes: Price Spreads. Book: Supply and Price under Dynamic Conditions]

Section
Tuesday 12/1/36

Slichter.

Chapter 8 [Modern Business Organizations]

Section
Thursday 12/3/36

Slichter.

Chapter 17 [Public Authority as a Determinant of Price—The Problem in General]
Chapter 18 [Public Authority as a Determinant of Price—Public Utility Rates]
Chapter 19 [Public Authority as a Determinant of Price—The Stabilization Operations of the Federal Farm Board]
Chapter 22 [The Position of the Consumer]

Section
Tuesday 12/15/36, Thursday 12/17/36

Slichter.

Chapter 21 [The Determination of the Price Level]

Taussig.

Chapter 17 [The Precious Metals. Coinage]
Chapter 18 [The Quantity of Money and Prices]
Chapter 19 [The Cost of Specie in Relation to its Value]
Chapter 20 [Bimetallism]
Chapter 21 [Bimetallism, continued. The Displacement of Silver]
Chapter 23 [Government Paper Money]
Chapter 22 [Changes in Prices]

Section
Thursday 1/14/37

Taussig.

Chapter 24 [Banking and the Medium of Exchange]
Chapter 25 [Banking Operations]

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Section
Tuesday 2/9/37, Thursday 2/11/37

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Taussig.

Chapter 30 [The Theory of Prices Once More]

Section
Saturday 2/13/37, Tuesday 2/16/37, Thursday 2/18/37, Saturday 2/20/37

Taussig.

Chapter 32 [The Foreign Exchanges]
Chapter 33 [The Balance of International Payments]
Chapter 34 [The Theory of International Trade. Why Particular Goods are Exported or Imported]
Chapter 36 [Protection and Free Trade. The Case for Free Trade]
Chapter 37 [Protection and Free Trade, continued. Some Arguments for Protection]

Section
Tuesday 2/23/37, Thursday 2/25/37, Saturday 2/27/37

Slichter.

Chapter 29 [International Economic Policies—Restrictions on Imports and Exports]

Section
Tuesday 3/2/37, Thursday 3/4/37

McIsaac & Smith.

Chapter 10 [Notes: Demand for Indirect Uses. Book: Producer’s Demand]

Section
Saturday 3/6/37, Tuesday 3/9/37

Taussig.

Chapter 38 [Interest on Capital used in Production. The Conditions of Demand]
Chapter 39 [Interest, continued. The Equilibrium of Supply and Demand]
Chapter 40 [Interest, Further Considered]
Chapter 42 [Rent, Agriculture, Land Tenure]
Chapter 43 [Urban Site Rent]
Chapter 44 [Rent, concluded.]

Section
Saturday 3/13/37, Tuesday 3/16/37, Thursday 3/18/37, Saturday 3/20/37

Taussig.

Chapter 47 [Differences of Wages. Social Stratification]
Chapter 52 [The General Level of Wages]
Chapter 53 [Population and the Supply of Labor]
Chapter 54 [Population, continued.]

Slichter.

Chapter 9 [The Organization of Labor]

Section
Saturday 3/27/37, Tuesday 3/30/37, Thursday 4/1/37, Saturday 4/3/37

Taussig.

Chapter 49 [Business Profits]
Chapter 50 [Business Profits, continued.]
Chapter 51 [Great Fortunes]
Chapter 55 [Inequality and its Causes. Inheritance]

Encyclopedia of Social Sciences–Article on Population

Meade, James. on Population [in An Introduction to Economic Analysis and Policy, 1936] Part IV, chapter II [The Optimum Supply of Labour].

Hansen, Alvin. Theory of Population, Growth and Decline [Chapter XII in Economic Stabilization in an Unbalanced World, 1932.]

Section
Thursday 4/15/37, Saturday 4/17/37,
Tuesday 4/20/37, Thursday 4/22/37, Saturday 4/24/37,
Tuesday 4/27/37, Thursday 4/29/37, Saturday 5/1/37, 
Tuesday 5/4/37, Saturday 5/8/37,
Tuesday 5/11/37, Thursday 5/13/37,
Tuesday 5/18/37,
Thursday 5/27/37

Taussig.

Chapter 62 [Railways]
Chapter 63 [Railway Problems, continued]
Chapter 64 [Public Ownership and Control]
Chapter 65 [Combinations and Trusts]
Chapter 45 [Monopoly Gains]

Slichter.

Chapter 16 [Monopoly and Custom as Determinants of Price]
Chapter 28 [The Support of the State]

Silverman, Herbert Albert. Taxation; Its Incidence and Effects. London: Macmillan, 1931.

Chapter 5. General Principles of Incidence.

Slichter.

Chapter 20 [The Business Cycle]

Wooton, Barbara. Plan or No Plan. New York: Farrar & Rinehart, 1935.

Chapter 1. The Nature of an Unplanned Economy.
Chapter 2. Nature of Russian Planned Economy.
Chapter 3. Achievements and Possibilities of an Unplanned Economy.

 

Source: Sequence of readings assemble from Yale University Archives. James Tobin Papers. Box 7, Volume Economics A.

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1936-37
HARVARD UNIVERSITY
ECONOMICS A
Mid-Year Final Examination 

Part I
Answer TWO of the following three questions

  1. “In the long run the factors which are of importance in explaining prices are different from those which are of importance in the short run.” Discuss critically.
  2. Explain and distinguish between the determination of prices under conditions of:
    1. Indirect or monopolistic competition.
    2. Pure competition.
  3. “Both monopolies and monopolistic competition (indirect competition) may lead to an uneconomical use of the factors of production.” Discuss.

 

Part II
Answer all questions

  1. In view of the tremendous advantages accruing to the large unit of production, how can one explain the continued existence, and in some lines of industry and trade, the prevalence of the small scale enterprise?
  2. Discuss (a) the process of formation and (b) the function of the country’s capital equipment.
  3. “It is highly doubtful whether from a social point of view the advantages of the corporate form of enterprise outweigh its disadvantages.” Discuss.
  4. “Everybody knows that the trouble with this country is a shortage of money. You know it to be true in your case; I know it to be true in mine. My plan is simple. On Christmas morning — at the very time when extra cash will be appreciated — I propose to give every man, woman, and child a brand new dollar bill for every dollar he or she now has.” Discuss.

 

1936-37
HARVARD UNIVERSITY
ECONOMICS A
Year-End Final Examination 

Part I

  1. Hour essay on quotation (a) or (b).
    1. “In a price economy the factors of production are so distributed that the goods most desired by consumers are produced by the most efficient methods. A control planning board could at best only duplicate the results which in an unplanned economy are achieved without conscious effort.”
    2. “Most of our economic troubles are ascribable to the fact that we are half way between laissez-faire and free competition on the one hand and a planned economy on the other. Thus we get many of the evils of both without the benefits of either.” Discuss with special reference to the “evils” and “benefits,” and give your opinion as to where the balance lies.

 

Part II
Write on each question of this part.

  1. It is said that wages are determined by:
    1. the law of supply and demand,
    2. the process of bargaining—individual and collective—between workers and employers,
    3. Social stratification—i.e. non-competing groups.Can these explanations be reconciled with the marginal productivity theory?
  2. Some economists have denied that interest corresponds to a real cost of production as wages correspond to labor. They say that interest is rather a surplus above actual cost, and a measure of capitalistic exploitation of wage-earners. According to them interest would not arise in a communist economy.
    Do you agree? Why or why not?

 

Part III
Write on any TWO of the following.

  1. “Lately our imports of goods have been increasing faster than our exports. If this tendency continues it will eventually bankrupt the country. We can no more continue to pay out more than we take in than can a business man afford to have outgo continually in excess of income.”
  2. Explain the mechanism by which an increase in aggregate bank reserves will affect the level of prices.
  3. Discuss the causes of industrial fluctuations and the public action that might ameliorate them.
  4. A tax on unimproved land will not be shifted but a tax on factory buildings probably will be shifted. Do you agree? Why or why not?

Source: Harvard University Archives. Department of Economics. Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics I, Final Exams 1913-1939”.

 Image Source: James Tobin’s senior year portrait in Harvard Class Album, 1939.

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. International Trade and Commercial Policy. Haberler, Harris, Leontief 1940

 

Of the fields with a deep bench at Harvard in the immediate pre-WWII era, international trade could boast three faculty members and two post-docs of great distinction: Gottfried Haberler, Wassily Leontief, Seymour Harris; and Wolfgang Stolper and Heinrich (a.k.a. “Henry”) Heuser. This post has the course outlines with assigned readings for both the trade theory and commercial policy semesters and the final examination questions for commercial policy. 

______________________________

Henry Heuser from AEA List of Members 1948

HEUSER, HENRY KARL-MARIA, 1747 F St., N.W., Washington, D.C. (1942) Int. Monetary Fund, econ., res., govt serv.; b. 1911; B.A., 1932, McGill; M.A., 1933, Ecole des Science Economiques et Politiques (Paris); Ph.D., 1938, Univ. of London. Fields 10, 1a, 7. Doc. dis.  Economics of exchange control. Pub. Control of international trade (Rutledge, London, 1938; Blakiston, Philadephia, 1939).

Source:  Alphabetical List of Members (as of June 15, 1948) in the 1948 Directory of the American Economic Association (Jan., 1949). American Economic Review, Vol. 39, No. 1.p. 85.

 

Obituary for Henry Heuser (1911-95) from the Washington Post
April 21, 1995

Henry K. Heuser, 83, an economist who retired in the early 1970s from the Agency for International Development, died of cancer April 18 at the Washington Hospice.

Mr. Heuser was born in Berlin. In the mid-1920s, he immigrated to Canada. He graduated from McGill University and also studied at Ecole des Sciences Economiques in Paris and at the London School of Economics, where he received a doctorate.

In the late 1930s, he taught economics and international trade at the University of Minnesota, Harvard University and the Fletcher School of Law and Diplomacy at Tufts University. He was author of a book, “Control of International Trade,” which was published in 1939.

During World War II, he was an intelligence officer with the Office of Strategic Services, then after the war he worked in Paris on the Marshall Plan for the economic rehabilitation of postwar Europe.

In the late 1940s, he worked for the Federal Reserve and the International Monetary Fund, then joined U.S. foreign assistance programs. He served in Italy, Korea, Tunisia, Libya, Sudan and the Ivory Coast.

On retiring from AID, Mr. Heuser lived in the Tuscany region of Italy, where he restored a 16th-century monastery and grew grapes for Chianti wine. He returned to Washington about 1987.

Survivors include his wife of 48 years, Maria Heuser of Washington; five children, Chilla Heuser-Rousselle of Paris, Alice Heuser of Potomac, Stephen Heuser of London, Tayo Heuser Shore of Narragansett, R.I., and Michael Heuser of Beverly Hills, Calif.; and 13 grandchildren. MARK LEE PATTEN Carpenter

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Course Enrollment
1940-41

[Economics] 43a 1hf. Professor Haberler and Associate Professor Leontief.—International Economic Relations, I. Theory of International Trade.

Total 22: 1 Graduate, 13 Seniors, 3 Juniors, 2 Sophomores, 3 Others.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1940-41, p. 63.

______________________________

Course Description
1940-41

Economics 43a 1hf. International Economic Relations, I. Theory of International Trade. Half-course (first half-year). Mon., Wed., and (at the pleasure of the instructors) Fri., at 9. Professor Haberler and Dr. Stolper.

The course will deal with the following subjects: Monetary problems of international trade; the pure theory of international trade.

 

Source: Division of History, Government, and Economics Containing an Announcement for 1940-41. Official Register of Harvard University, Vol. XXXVII, No. 51 (August 15, 1940), p. 56.

______________________________

Economics 43a
International Trade and Commercial Relations
[1939-40]

During the first half of the term the monetary problems of International Trade will be discussed in the following order:

The theory and measurement of the balance of payments
Gold Standard
Paper standard and purchasing power parity theory
Exchange Depreciation
The transfer problem and capital movements
The present gold problem
Problems of exchange control

Assignments of the first six weeks:

Haberler, Theory of International Trade, pp. 1-117.
Whale, International Trade, Chs. 17-19, 21-23
Department of Commerce, The Balance of International Indebtedness of the United States for 1938.
Graham and Whittlesey, “The Gold Problem,” Foreign Affairs, January, 1938.
Meade and Hitch, Economic Analysis, Part V, pp. 307-355.

 

The second half of the term will be devoted to the pure theory of international trade and to some of its applications. The classical theory will be discussed and confronted with Ohlin’s approach. The concept of the terms of trade will be taken up and some applications of monopoly theory, especially to the problem of dumping, will be treated.

Assignments for the second half of the term:

Meade and Hitch, Economic Analysis, Part V, pp. 356-408.
Haberler, International Trade, Chs. IX-XII, and Ch. XVIII.
Ohlin, Interregional and International trade, Parts I and II.
Viner, J., Memorandum on Dumping (League of Nations).

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 2, Folder “Economics, 1940-1941”.

______________________________

Final Examination
Economics 43a 1hf.
1940-41

[Not found (yet).]

______________________________

Course Enrollment
1939-40

[Economics] 43b 2hf. Associate Professor Harris , Drs. Heuser and Stolper.—International Economic Relations, II. Commercial Policy.

Total 18: 11 Seniors, 6 Juniors, 1 Other.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1939-40, p. 99.

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Course Description
1940-41

[Economics 43b 1hf. International Economic Relations, II. Commercial Policy.] Half-course (second half-year). Mon., Wed., at 12, and a third hour at the pleasure of the instructors. Professor Haberler, Associate Professor Harris, and Dr. Stolper.

Omitted in 1940-41.

 

Source: Division of History, Government, and Economics Containing an Announcement for 1940-41. Official Register of Harvard University, Vol. XXXVII, No. 51 (August 15, 1940), p. 56.

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Economics 43b
1939-40

Week Subject Reading
Feb. 5-10 General case for free trade and criticism
(Dr. Stolper)		 Haberler, Chs. 13, 14.
Robertson, “The Future of International Trade,” Economic Journal, March, 1938.
Feb. 12-17 General effect of tariffs, partial analysis. Preferential tariffs.
(Dr. Stolper)		 Haberler, Ch. 15
Feb. 19-March 9 Special tariff arguments. Discussion of some of the Hutchins Committee Report. Schüler and Keynes arguments. Foreign Trade Multiplier.
(Dr. Stolper)		 Beveridge, Tariffs, the Case Examined, Chs. 5, 9, 10, 13.
Haberler, Chs. 16, 17, and Ch. 12, §4 review Macmillan Report, Addendum I.
Copland, D.B., “A Neglected Phase of Tariff Controversy,” Q.J.E., 1931.
Anderson, Karl, “Protection and the Historical Situation,” Q.J.E., 1938.
Samuelson, Marion Crawford, “The Australian Case for Protection Re-examined,” Q.J.E., 1939.
Taussig, Chs. 13 and 16.
Suggested reading: Taussig, Chs. 14, 15.
March 11-16 Dumping, anti-dumping duties
(Dr. Stolper)		 Haberler, Ch. 18, omitting the graphs.
Robinson, J., Economics of Imperfect Competition, Ch. 15, sec. 1-4.
Viner, J., Memorandum on Dumping (League of Nations).
March 18-April 20 Other measures, particularly quotas. Exchange Control and Clearing. Exchange Agreements, etc.
(Dr. Heuser)		 Haberler, Chs. 19, 20, 21.
Heuser, Control of International Trade, Ch. VI.
Ellis, Exchange Control, Supplement to Q.J.E., 1939, Ch. I.
Ellsworth, Chs. IX, X.
April 22-27 Tariff History: The glass industry.
(Dr. Davis)		 Probably Taussig, Tariff History.
April 29-May 4 Reciprocal Trade Agreements
(Dr. Stolper)		 Tasca, Reciprocal Trade Policy, selected chapters.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 2, Both in Folders “Economics, 1939-1940 (2 of 2)” and “Economics, 1940-1941”.

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HARVARD UNIVERSITY
ECONOMICS 43b2
1939-1940

Part I
(One hour and a half)

Take both questions. Write one hour on one of them and one-half hour on the other.

  1. “Territorial jurisdiction over a particular area can never be of economic advantage as long as there is free trade in commodities.” Do you agree?
  2. Discuss the relative merits of general depreciation, discriminating exchange rates, and export subsidies as means of restoring equilibrium after a period of strict exchange control.

Part II
(One hour and a half)

Answer question 3 and two other questions.

  1. Take (a), (b), (c), or (d) only.
    1. Do you think that Marshall’s argument for free trade are applicable to the United States of to-day?
    2. Outline the reciprocal trade agreements program of the U. S. A. and its probable effects on various sectors of the American economy. Do you think the program leads towards increased bilateralism or towards greater free trade?
    3. “Increased competition from newly industrialised countries compels the older industrial countries to choose between higher tariffs or lower standards of living.”
    4. It has been claimed that the protective effect of an import quota and a tariff combined are cumulative. Discuss with regard to the effects in the importing country as well as in the exporting countries.
  2. If a country’s exports are subject to foreign tariffs it cannot improve its position by levying tariffs on its imports. Give your considered opinion of this assertion.
  3. Under conditions conducive to a flight of capital [,] restrictions on capital exports may fail completely to bring about a permanent improvement in the balance of payments. Discuss.
  4. The total volume of trade between two countries under exchange clearing is just as likely to increase as to decrease. Discuss with respect to clearings between (a) a free country and a control country, (b) two control countries.
  5. “The operation of the foreign trade multiplier necessitates reconsideration of the proposition that employment and national income can never be increased by the introduction of tariffs.” Discuss.

Final. 1940.

 

Source: Harvard University Archives. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions,…Economics,…Military Science, Naval Science (June, 1940) in Harvard University. Final examinations, 1853-2001 (HUC 7000.28) Box 5.

Image:  Haberler, Leontief and Harris from Harvard Album 1942.

Categories
Princeton Suggested Reading Syllabus

Princeton. Graduate Banking and Money Course Outlines. F.W. Fetter, 1931-32

 

 

Frank Albert Fetter‘s son, Frank Whitson Fetter, taught money and banking at Princeton. Material from his undergraduate course Economics 401 for 1933-34 has been posted earlier. Following a short obituary for Frank Whitson Fetter, I have transcribed the course outlines and readings for his Banking (first semester) and Money (second semester) courses. I have included a list of the reading assignments that come from Frank D. Graham’s money course of the previous year. It is interesting to note that a full half of Fetter’s second semester money course was devoted to the history of monetary economic theories and monetary history with only the last half devoted to monetary theory.

______________________________

Frank Whitson Fetter *26
By Princeton Alumni Weekly

FRANK WHITSON FETTER aged 92, distinguished economist, monetary authority, and professor, died July 7, 1991, in Hanover, N.H. Born in San Francisco, Prof. Fetter earned his bachelor’s degree from Swarthmore College in 1920. In 1922 he received a master’s degree from Princeton, followed in 1924 by a second master’s degree from Harvard, and then he received his doctoral degree in economics from Princeton in 1926. His teaching career spanned more than 40 years, interspersed with service to our government in Washington and to several other countries in Latin America. He taught economics as a professor or visiting lecturer at Princeton, Haverford College, Johns Hopkins, the Univ. of Wisconsin, Northwestern Univ., and Dartmouth College. In 1937 he was named a John Simon Guggenheim Memorial Fellow. His most distinguished work, published in 1965, was entitled “Development of British Monetary Orthodoxy, 1797-1875.”

His first wife died in 1977. He married a second time in 1978, and his second wife also predeceased him, in 1985, Deep sympathy is extended to his daughter, two sons, and extended family of grandchildren, stepsons, and cousins.

The Graduate Alumni, Graduate Class of 1926

Source: Princeton Alumni Weekly. 

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ASSIGNMENTS IN BANKING 507

First Assignment, October 7, 1931.

Hoggson [, Noble Foster], Banking through the ages.
Martin [, Frederick], Stories of Banks and Bankers.
History of Banking in all the leading nations, Vol. II, pp. 1-29.

Second Assignment, October 14, 1931.

Andréades [, Andreas Michael. History of the Bank of England], pp. 1-186
Conant [, Charles A. A History of Modern Banks of Issue (5th ed.)], Chs. 4 and 5
Richards [, Richard D. The Early History of Banking in England], entire.

Third Assignment, October 21, 1931.

Individual reports on Banking History to 1914–
Germany, Canada, France, Scotland, Russia, England and U.S. Colonial only.

Fourth Assignment, October 28, 1931.

Individual reports (continued)
Reading for all –

White [, Horace. Money and Banking illustrated by American History, 5th edition], Book II, Chs. 1 and 2; Book III, Chs. 4, 5 and 16
Dunbar [, Charles F. The Theory and History of Banking, 3rd ed.], pp. 132-219
Conant, pp. 38-77, 138-166, 182-208, 386-412
Adam Smith, Book II, Ch. 3, “digression concerning banks of deposit.”

Fifth Assignment, November 4, 1931.

Bagehot [Walter. Lombard Street (Hartley Withers edition, 1920)], Chs. 1, 2, 3, 5, 7 and 12.
Powell [, Ellis T. The Evolution of the Money Market (1385-1915)], pp. 142-194, 243-321 and skim over pp. 322-410
Adam Smith, Book II, Ch. 2

Sixth Assignment, November 11, 1931.

Powell [, Ellis T. The Evolution of the Money Market (1385-1915)], pp. 411-705
Gregory, Vol. II, pp. 1-50

Seventh Assignment, November 18, 1931.

Banking in the U.S. up to 1860:

Miller, entire
Myers, Part I
Original documents (see bibliography)

Eight Assignment, November 25, 1931.

Finish Banking in U.S. to 1914

Myers, Part II and complete last week’s assignment
Notice to documents on Independent Treasury and its abolishment (see bibliography).

Ninth Assignment, December 2, 1931

State Banks, Trust Companies, Savings Banks and Investment Banks in the U.S.

Smith, Chs. 1-8 and 12-16
Barnett, Intro. and Chs. 1, 4, 5, 7 in Pt. I, and Ch. 2 in Pt. II.
White, Book III, Chs. 9-11, 14, 15, 17, 18, 19 and 20
Moulton, Chs. 13, 14, and 15 and 18
Galston, syndicate operations, pp. 1-36
Pujo Report, pp. 55-106.

Rolph reports on Tippetts

Tenth Assignment, December 9, 1931

The Federal Reserve System

Kemmerer, ABC entire
Kemmerer, S.V. study (Gresham reports)
Wall, Bankers Credit Manual (Hand reports)
Brandeis, Other People’s Money (Smith reports)
Rodky, Chs. 11, 12, 13 and App. D.
Willis and Edwards, Ch. 11
Dunbar, Ch. 3
Dewey & Shugrue, Ch. 9
Willis and Edwards, pp. 9-13, Chs. 2 and 3
Dewey & Shugrue, Chs. 3, 4, 6
(Last five on the subjects “the bank statement” and “credit economy”)
Also referred to White on the bank statement.

Eleventh Assignment, December 16, 1931

Deposits

Dewey & Shugrue, Ch. 11
Willis & Edwards, Chs. 7 and 13
Rodky, Ch. 3

Interbank Relationships

Watkins, Ch. 7
Dewey & Shugrue, Ch. 21
Willis & Edwards, Ch. 15

Financing Business

Moulton, Ch. 10
Willis & Edwards, Ch. 9
Dewey & Shugrue, Chs. 13 & 26
Federal Reserve Bulletin, 1921, pp. 920-6, 1052-7
Phillips, Chs. 1 & 2

Bank Administration

Willis & Edwards, Chs. 4-6,
Dewey & Shugrue, Chs. 7 and 8

Reports

Lin on Owens & Hardy
Rolph on Riefler
Hinkle on Hanson, Theories of the Business Cycle
Dzidjuziski on Snyder
Gresham on Haney
Huber on Pigou
Smith on Kuznets
Hand on Spahr (Clearings & Coll.)

Twelfth Assignment, January 6, 1932

Bank Credit and Prices:

Keynes, Treatise on Money, Chs. 2, 3, 18, 23, 24, 25 and 26
Munn, Bank Credit, Chs. 1, 2 and 3
Rodky, The Banking Process, Ch. 16
Phillips, Bank Credit, Chs. 3, 4, 5 and 7-12
Willis & Edwards, Chs. 28, 29 and 30
Federal Reserve Bulletin, 1930, pp. 400-5, 456-65, 519-26; 1931, pp. 160-6, 435-9, 121-4, 551-7, 495-8.
Study statistics in last Federal Reserve Bulletin.

Reports

Lin on Munn and Cr. and its management
Hand on Dowry, Monetary Banking Policies
Gresham on Einzig, International gold movements
Rolph on Edie, Cap. money market and gold
Hinkle on Edie, Money, Bank Credit and Prices
Huber on Burgess, Reserve Banks and Money Market
Dzidjusizki on Young, Ind. Cr.

Thirteenth Assignment, January 13, 1932

Branch, Chain and Group Banking
Bank Competition

Senate Hearings on Consolidation of National Banks, 1926, S. 1782 and HR 2, 69th Cong., 1st sess. Following pages—pp. 1-45, 53-102, 133-137, 143-160, 175-194 (important opposition), and pp. 204-211, 218-222, 227-236, 299-306, 328-29, 338-346, 354-59.
House Hearings on Branch, Chain and Group Banking, HR 141, 71st Cong., 2nd sess., 1930. Following pages: 3-40, 43-7, 88-90, 105-109, 113-18, 154-5, 203-4, 216-18, 226-32, 259-62, 268-71, 420-47, 450-60, 787-800, 808-13, 882-90, 919-24, 1037-47, 1169-73, 1404-15, 1535-67, 1569-79, 1665-88 and 1752-80. Last few particularly important in opposition.

Reports

Hand on Willitt, Sel. art.
Lin on Osterlenk, Br. Bk.
Rolph on Jamison, Mgt. of unit banks
Hilken on Starves, 60 yrs of br. bk. in Va.
Gresham on Lee, Pr. of Agr. Cr.
Huber on Lawrence, Bank Conc.
Dzidjuziski on Collins Rural Bank Reform
Austin, Leg. bk. wrecking
Smith on Cartinhour,
Hilken on Borgenson [sic, “Bergengren” is correct] cooperative banking.

Fourteenth Assignment, January 20, 1932

Gregory, Vol. II, pp. 307-91; Annual Report of the Federal Reserve Board for 1930, pp. 232-42, 252-7, 260-2, 269-72; Federal Reserve Bulletin, 1930, p. 519; Federal Reserve Bulletin, 1931, pp. 571, 374-8; Federal Reserve Bulletin, 1930, pp. 400-5, 456-64; Federal Reserve Bulletin, 1931, pp. 121-4, 160-6, 435-9, 495-8, 551-7.
Senate Hearings before the Committee on Banking and Currency on Brokers’ Loans, S. Res. 113, 70th Cong., 1st sess. (1928), pp. 2-41, 51-96.
Hearings of sub-committee of the Senate Committee on Banking and Currency on the Operation of the National and Federal Reserve Banking System, S. Res. 71, 71st Cong., 3rd Sess., Appendix, Pt. 6, Fed. Res. Questionnaire, pp. 701-727 and 748-840.
Report of the Committee on Bank Reserves of the Federal Reserve System, GPO, 1931, pp. 5-26.

Reports

Hubert, Beckhart, Disc. policy, and Spahr, Federal Reserve and control of credit.
Hilken, Einzig, Fight for financial supremacy.
Hand, Shaw, Central banks theory and Mlynarski, gold and central banks.
Rolph, Kisch and Elkin on centrol banks and Rogers, America weighs her gold.
Lin, on Burgess, Gov. Strong’s federal reserve policy, and Peel, Economic War.
Gresham, Peddie, dual system of stabilization and Reed, Federal Reserve Policy.
Dzidjuziski, Hirst, Wall St. and Lombard St.
also, as follows on Annual Reports of the Federal Reserve Board:

Huber, 1924, pp. 1-18
Hilken, 1925, pp. 1-24
Hand, 1926, pp. 1-18
Rolph, 1927, pp. 1-20
Lin, 1928, pp. 1-19
Gresham, 1929, pp. 1-10
Dzidjuziski, 1930, pp. 1-19
Smith, 1916-1923.

______________________________

Assignments in Graduate Course in Money, 1931.
(Given by Frank D. Graham).

  1. ✓Carlile, W.W.- The Evolution of Modern Money.
    ✓Nicholson, J. S.- Money and Monetary Problems [sic, “A Treatise on Money and Essays on Monetary Problems, 3d ed.], Part I to p. 161.
  2. ✓Hepburn, A.B.- History of Currency in The United States, Chapters 1-13, 15, 16, 20, 21, 28, 29.
  3. Fisher, Irving—Purchasing Power of Money, Whole book except Appen.
  4. ✓Anderson, B.M.- The Value of Money. First half.
  5. ✓Anderson, B.M.- The Value of Money. Finish book
  6. ✓Gregory, T.E.- Select Documents [Select Statutes, Documents, & Reports Relating to British Banking]. Book I-all; Book II, p. 307 to end.
  7. ✓Keynes- Treatise on Money. Vol. I
  8. ✓Keynes- Treatise on Money. Vol. II
  9. Foster and Catchings.- Profits.
  10. ✓Lawrence [, Joseph Stagg]- Stabilization of Money [sic, Stabilization of Prices: A Critical Study of the Various Plans Proposed for Stabilization (1928)”], in particular Ch. 20-27.
  11. ✓Hawtrey, R.G.- Currency and Credit. (New ed.) Pay particular attention to theory of business cycles.
  12. Mitchell, W.C.- Business Cycles. Do first half, theoretical and statistical part, but omit annals.

✓Indicates that are to be given in 1932.

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[Handwritten notes]
Graduate Course (Money)

Graham, with 12 meetings, gave only 1 to U.S. monetary history, 1 to evolution of money, 1 to English monetary history, and the remaining 9 to theory. Except for Carlile and Nicholson, all of theory is of past 25 yrs., and most of it of past 10 years.

Believe should be some modifications, along following lines:

  1. More U.S. monetary history, perhaps 3 or 4 weeks.
  2. Emphasis on Bullion controversy, spending 2 or 3 weeks.
  3. Historical development of Theory, tying it in with particular relations to monetary problems of the day.
    Bodin—Locke—Hume—Steuert—Smith.
  4. Present controversy over gold standard
  5. Bimetallism, and the silver issue.

In everything, give the men more history, and more in original sources.

______________________________

[Handwritten Notes]
Graduate Course in Money—1932.

Term Reports.

Men who have to turn in a paper, may elect to do so.

Short Term Reports

These are not to involve any reading outside of the regular assignments. They should trace certain ideas, and their developments, thru our regular reading. Each man should take 2 (ordinarily one, but class small this year).

Suggested topics:

  1. Development of views on causal influences and price changes [Helfen]
  2. Changing emphasis in monetary theory.
  3. Development of monetary theory, and its background of practical problems of monetary reform.
  4. Meaning of “quantity theory”
  5. Meaning of “fiat money”, or “fiat theory” of prices.
  6. Concept of velocity and its effect on prices.
    6a. Proportionality between money & prices. [Platz]
  7. Idea of stability of gold (or silver).
  8. Necessity for money to be based on something with commodity value (i.e., has a power in exchange outside of money use).

(Should run between 5+10 pp. Type—with carbon for me).

Special Reports.-

In some meetings, will have special reports, so as to cover more ground.
In particular will do this on Bullion Controversy, and U. S. Monetary History.

______________________________

ASSIGNMENTS IN ECONOMICS 508 (GRADUATE COURSE IN MONEY)
Princeton University—Second Semester—1931-32

February 10

A. E. Monroe, “Monetary Theory Before Adam Smith,” pp. 3-146.
W. W. Carlile, “The Evolution of Modern Money,” pp. 1-77, 120-137.

[February] 17

A. E. Monroe, “Early Economic Thought.”

Nicole Oresme, “On The First Inventions of Money,” pp. 79-102.
Jean Bodin, “Reply to the Pardoxes of Malestroit,” pp. 123-41.

John Locke, Works, Vol. II, “Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money,” pp. 3-55.

[February] 24

A. E. Monroe, “Early Economic Thought.”

David Hume, “Of the Balance of Trade,” pp. 323-38.
Richard Cantillon, “On the Nature of Commerce in General,” pp. 247-79.
David Hume, Works, “Of Money,” pp. 317-32.

Sir John Stewart, [sic, “James Steuart” is correct] “An Inquiry into the Principles of Political Economy,” Book II, Chaps. 26, 28, 29, Book III, Chs. 1-7.

March 2

Adam Smith (Cannan ed.)

Vol. I, Ch. 5 (pp. 32-48), “Of the Real and Nominal Price of Commodities,” pp. 177-216.
“Digression on Silver,” pp. 285-312.
“Banking,” Book IV, Ch. 1 (pp. 396-417) Mercantile System.
(This not a regular assignment, but recommended that men glance over it.)

J. H. Hollander, “The Development of the Theory of Money from Adam Smith to David Ricardo,” Q. J. E., Vol. 25, p. 439.

David Ricardo, “Three Letters on the Price of Gold”; “The High Price of Bullion,” pp. 1-66.

Reports on following:

By Platz: Lord King, “Thoughts on the Restriction,” pp. 1-86.
By Hilen: “An Inquiry into the Nature and Effects of Paper Money.”
By Rolph: Walter Boyd, “A Letter to Pitt,” pp. 1-80; Sir F. Baring, “Observations on the Publication of Walter Boyd.”

March 9

Charles Bosanquet, “Practical Observations on the Report of the Bullion Committee,” pp. 1-110.
David Ricardo, “Reply to Mr. Bosanquet’s Practical Observations on the Report of the Bullion Committee,” pp. 1-141.
J. W. Angell, “The Theory of International Prices,” pp. 40-71.

If not familiar with The Report of The Bullion Committee, glance thru it. The argument is essentially the same as found in Ricardo. It is available in convenient form in Edwin Cannan, “The Paper Pound.”

Reports by the following:

By Carter: N. J. Silberling, “Financial and Monetary Policy of Great Britain During the Napoleonic Wars,” Q.J.E., Vol. 25, Feb. and May, 1924, pp. 214-73, 397-439.
By Rolph: Jacob Viner, “Angell’s Theory of International Prices,” J.P.E., Oct., 1926, pp. 601-11 only.

March 16

Establishment of Gold Standard in England

English Monetary Debates and Legislation of 1717, Report of Paris Monetary Conference, pp. 315-16.
Sir Isaac Newton’s Report of 1717, Paris Conference, pp. 317-20.
Lord Liverpool, “A Treatise on the Coins of the Realm,” Chs. 1-5, 17-19, 29, 30.
English Monetary Law of 1816, Art. 1-4, 11-13, Paris Conf., pp. 373-77.

American Monetary History

Morris Report of 1782, Paris Conference, pp. 425-32.
Jefferson Report, Paris Conference, pp. 437-43.
Hamilton’s Report on a Mint, Paris Conference, pp. 454-84. (Hamilton’s Report may be found in his Works, and in a number of other places.)

March 23

Letter of William J. Crawford, Sec. of Treas., on Exportation of Coins of The United States. American State Papers, Finance, Vol. III, pp. 393-95. No. 549, 15th Cong., 2d Session.
Report of Lowndes Committee of 1819. American State Papers, Finance, Vol. III, pp. 398-401. No. 551, 15th Cong., 2d Session.
Report on Currency by Committee of House of Representatives, Feb. 2, 1821. Paris Conference, pp. 554-57.
Ingham Circular Letter on Relative Value of Gold and Silver. Paris Conference, pp. 602-29.
Gallatin’s Report on Relative Values of Gold and Silver. Paris Conference, pp. 589-97.
Report of Sec. of Treas., May 4, 1830. Paris Conference, pp. 558 and seq.
Report of Sanford Committee, Jan. 11, 1830. Senate Document 19, 21st Cong., 1st Session.
House Resolution of 1832. Paris Conference, p. 677.
Report of Director of Mint to House of Rep., 1832, Paris Conf., p. 678.
Report of White Committee, Feb. 19, 1834. House of Representatives, Report 278, 23d Congress, 1st Session.

April 6

D. K. Watson, “History of American Coinage,” Chs. 6, 7, 10, 11.
F. W. Taussig, “Silver Situation in The United States,” pp. 2-112.

April 13

W. H. Harvey, “Coin’s Financial School.”
Horace White, “Coin’s Financial Fool.”
(Glance thru these two books, but do not make a careful study of them.)
Willard Fisher, “Coin and his Critics, “ Q.J.E., Vol. 10, Jan. 1896, p. 187 and seq.
J. L. Laughlin, “Principles of Money,” (1903 ed.), pp. 281-419.
Scott, “Money and Banking,” pp. 50-6.

April 20

Irving Fisher, “The Purchasing Power of Money,” pp. 1-348.
Proceedings of 1910 Meeting of American Economic Association, “Causes of Recent Price Changes,” pp. 27-70. (Fisher’s discussion, pp. 37-45, may be passed over, as it is all in his Purchasing Power of Money.)

April 27

B. M. Anderson, “The Value of Money,” pp. 1-291.

May 4

B. M. Anderson, “The Value of Money,” pp. 292-591.

May 11

J. M. Keynes, “A Treatise on Money,” Vol. I.

May 18

J. M. Keynes, “A Treatise on Money,” Vol. II.

May 25

J. S. Lawrence, “The Stabilization of Prices,” Part III, pp. 187-473.

June 1

Reports on Foster and Catchings, “Profits;” Edie, “The Banks and Prosperity.”

 

Source: Duke University. David M. Rubenstein Library. Economists’ Papers Archive. Papers of Frank Whitson Fetter, Box 55, Folder “Teaching, Ec 507-508 Money (Princeton) 1931-32”.

Image Source: (ca. 1937) John Simon Guggenheim Memorial Foundation.

 

 

 

 

 

 

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Undergraduate International Trade. Enrollment, Readings, Exam. Harris, 1949

 

Seymour Harris was a Harvard man from his undergraduate years through his retirement from his alma mater. He served many terms as a government economic adviser and after Harvard moved on to be the chair of economics at the University of California, San Diego. This post provides a course description, enrollment data, reading list and examination questions for his winter semester course 1949-50 “International Trade”. An earlier post provides the outline the 1933 version of the course “International Trade and Tariff Policies”.

Seymour Edwin Harris was born September 8, 1897 in New York City. He received an A.B. in 1920 and a Ph.D. in 1926 from Harvard University. From 1922 to 1964, Dr. Harris taught economics at Harvard University, where he received a full professorship in 1954, and served as the chairman of the department of economics from 1955 to 1959. During World War II, Dr. Harris was involved in several wartime planning projects. From 1954 to 1956, Dr. Harris became chief economic advisor to Adlai Stevenson. He then served Senator John F. Kennedy in the same capacity and was chosen as a member of President Kennedy’s task force on the economy. In 1961, Dr. Harris was named as chief economic consultant to Douglas Dillon, Secretary of the Treasury. During the Kennedy administration. Dr. Harris, a proponent of Keynesian economics, was a member of Walter W. Heller’s New Frontiersmen, which persuaded President Kennedy that the stimulation of the economy was more important than a balanced budget and tax cuts and government spending could counter threats of a recession. In 1963, Dr. Harris became the chairman of the department of economics at the University of California at La Jolla. At the same time, he served as a chief economic advisor to the Johnson administration. [Source: John F. Kennedy Presidential Library, Finding Aid to the Papers of Seymour E. Harris]

Harris had quite a reputation for grinding out volumes of edited papers (written by others):  From a 1962 or 1963 student skit:  Professor Gerschenkron’s alleged advice for Matthew (the Evangelist): “I wanted Matthew to rewrite his paper for the Quarterly Journal and call it ‘Christ as a proto-Keynsian’ [sic] But no, he was a very strong-willed boy and he brought it out in a syposium [sic] edited by Seymour Harris, called the Bible, essays in honor of God.”

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Course Description

Economics 143a (formerly Economics 43a). International Trade

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

This course deals with the theory and practice of foreign trade and capital movements, including the importance of foreign trade, the manner of increasing its amount, its relation to the domestic economy, the problem of exchange rates, exchange control, international organizations in their relation to trade and capital movements. Political, economic, and administrative aspects are considered also.

Source: Harvard University Archives. Box 6, Courses of Instruction (HUC 8500.16), Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1948-49, p. 75

_________________________

Course Enrollment

[Economics] 143a (formerly Economics 43a). International Trade. (F) Professor Harris.

Total 120: 9 Graduates, 46 Seniors, 36 Juniors, 11 Sophomores, 1 Freshman, 12 Radcliffe, 5 Others.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments, 1949-1950, p. 43.

_________________________

Course Readings

Economics 143a
International Trade

  1. National Income and the Balance of Payments—4 weeks
    Relation of domestic policies and the balance of payments; the balance of payments of the United States and the United Kingdom; capital movements and reparations problems; dollar shortage and the E.R.P.
    Assignment

    1. *Harris; The European Recovery Program, pp. 1-120, 185-206, 272-276
    2. *Harrod; Are These Hardships Necessary? pp. 1-103
    3. United Nations; A Survey of the Economic Situation and Economic Prospects for Europe, pts. 2-5
  2. Regional Problems in the Balance of Payments—1 week
    No assignment.
  3. Industrialization and International Competition—1 week
    No assignment
  4. Monetary Aspects of International Trade—3 weeks
    Assignment

    1. Harris: The New Economics, pp. 246-293, 323-400
    2. *Ellsworth: International Economics, Part 1, Chs. 7, 9-11
  5. The Case for Free Trade and Obstacles to Trade—3 weeks
    Division of labor; comparative costs; tariffs and other obstacles; international commodity agreements and distribution of raw materials.
    Assignment
    Ellsworth, Part II, Chs. 1-5, 7-9
  6. The Problem of Allocation of Resources and Comparative Costs
    Assignment
    Ellsworth, Part I, Chs. 3-5

Reading Period Assignment—One of the Following:

  1. Staley: World Economic Development
  2. Buchanan and Lutz: Rebuilding the World Economy
  3. Marshall: Money, Credit, and Commerce, Pt. III
  4. Harris: Foreign Economic Policy for the United States

*To be bought.

Source:   :   Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. (HUC 8522.2.1), Box 4, Folder “Economics, 1949-50 (2 of 3)

_________________________

Course Final Examination

HARVARD UNIVERSITY
ECONOMICS 143a
International Trade

Spend forty-five minutes on each question. It is strongly suggested that you spend ten minutes assembling and organizing your thoughts before beginning each essay.

  1. Answer (a) or (b):
    1. It is a prerequisite for the establishment of interregional trade that relative prices would be different in one region from those in another if the regions were prevented from trading with one another. Why does this condition commonly occur, how does it lead to interregional trade, and in what way is that trade beneficial to the participating regions?
    2. Much of the theory of international trade attempts to explain how equilibrium in the balance of payments will be maintained by automatic tendencies. Present as fully as you can in the allotted time a classification and explanation of the forces working to frustrate these automatic tendencies and produce persistent dis
  2. Answer (a) or (b):
    1. Exchange depreciation has been resorted to in depression for reasons very different from those advanced for its use in periods of full employment. Compare and contrast the advantages and disadvantages of depreciation in these two situations, making use of specific illustrations.
    2. The incorporation of national income analysis into international trade theory has led economists to distinguish helpfully corrective international economic policies from so-called beggar-thy-neighbor policies. How would you make such a distinction, and how effectively can it be applied?
  3. Answer (a) or (b):
    1. Comment on the relevance of the domestic policies of ERP countries for the attainment of international equilibrium by 1952.
    2. Discuss the reciprocal trade agreements program of the United States with reference to (1) the general arguments for and against tariffs, and (2) the limitations of tariff policy as a means of achieving international economic equilibrium.
  4. Answer one of the following with reference to your reading period assignment:
    1. What basic changes in the world economic structure have resulted from two World Wars, and how do they obstruct the reestablishment of stable multilateral trade?
    2. On what conditions does Staley base his case that, for existing industrial areas, it is possible to make the advantages of the economic development of new areas far outweigh the disadvantages? Discuss these conditions critically.
    3. Diagnoses of the widespread “dollar problem” differ according to (1) the definition of equilibrium adopted, and (2) the particular country under discussion. Discuss both these sources of variation in analysis. (Treat either one at greater length than the other if you wish.)
    4. Marshall is noted for his development of the theory of international supply and demand (commonly called “reciprocal demand”) as the determining influence on the barter terms of trade. Develop this part of his theory, and comment on some aspect or aspects of its relevance to current problems discussed in this course.

Final. January, 1950.

 

Source: Harvard University, Faculty of Arts and Sciences. Papers Printed for Final Examinations; History, History of Religions, Government, Economics,…,Military Science, Naval Science. February, 1950.

Image Source: Seymour Harris in Harvard Class Album 1947.

 

Categories
Chicago Suggested Reading Syllabus

Chicago. Price and distribution theory. Metzler, 1952

 

 

 

Today’s reading lists for the core Chicago course in price and distribution theory as taught by Harvard’s man in Chicago, Lloyd A. Metzler, in 1952 is virtually identical to that of his reading lists for 1948-49 posted earlier. There were only a few additions and few deletions. More interesting are comparisons with the reading lists for the same course as taught by Milton Friedman in ca. 1947, Arnold Harberger in 1955, or Gary Becker in 1956.

 

____________________________

Economics 300A
Winter Quarter, 1952
Lloyd A. Metzler

  1. The Theory of Consumer’s Choice

A. Marshall, Principles of Economics, Book III.
J. R. Hicks, Value and Capital, Chapters I – V, and appendices to these chapters.
W. S. Jevons, Theory of Political Economy, Chapters I – IV.
P. A. Samuelson, Foundations of Economic Analysis, Chapters III, V, VII.
M. Friedman and L. J. Savage, “The Utility Analysis of Choices Involving Risk,” Journal of Political Economy, LVI (August, 1948) 279-304.
I. Fisher, “Measuring Marginal Utility,” in Economic Essays in Honor of John B. Clark (1927).
G. J. Stigler, “The Development of Utility Theory, I,” Journal of Political Economy, LVIII (August, 1950) pp. 307-327.
M. Friedman, “The Marshallian Demand Curve,” Journal of Political Economy, LVII (December, 1949), pp. 463-495.

  1. Production Functions and Cost Schedules

J. M. Cassels, “On the Law of Variable Proportions,” in Explorations in Economics (1936).
J. R. Hicks, Value and Capital, Chapter VI, VII, VIII, and appendices to those chapters.
J. Robinson, The Economics of Imperfect Competition, Chapter II.
P. A. Samuelson, Foundations, Chapter IV.
G. J. Stigler, The Theory of Price, Chapters VII, VIII.

  1. Market Price under Perfect Competition.

J. Robinson, Economics of Imperfect Competition, Book III.
A. Marshall, Principles, Book V.
G. J. Stigler, The Theory of Price, Chapters IX, X.

  1. Monopoly and Monopolistic Competition.

J. Robinson, Economics of Imperfect Competition, Books II, IV, V, and X.
E. Chamberlin, Theory of Monopolistic Competition, IV, V, VI, VII.

  1. Duopoly, Oligopoly, Bilateral Monopoly.

J. Marschak, “Neumann’s and Morgenstern’s New Approach to Static Economics,” Journal of Political Economy, LIV, (April 1946).
E. Chamberlin, Theory of Monopolistic Competition, Chapter III.
H. G. Lewis, “Some Observations on Duopoly Theory.” American Economic Review, XXXVIII (May 1948, supplement) 1-9.
O. Morgenstern, “Oligopoly, Monopolistic Competition, and the Theory of Games,” American Economic Review, XXXVIII (May 1948, supplement) 10-18.
W. Fellner, Competition Among the Few, New York, 1949.

  1. Modern Price Theory and Welfare Economics.

A. Burk (Bergson), “A Reformulation of Certain Aspects of Welfare Economics,” Quarterly Journal of Economics (1937-38).
A. C. Pigou, The Economics of Welfare (4th Edition), Part II, Chapters I – XI.
A. P. Lerner, The Economics of Control, Chapters I – XIX.
P. A. Samuelson, Foundations, Chapter VIII.
J. R. Hicks, “The Foundations of Welfare Economics,” Economic Journal XLIX (1939).
G. J. Stigler, “The New Welfare Economics,” American Economic Review, XXXIII (1943), 355-359.
T. de Scitovszky, “A Note of Welfare Propositions in Economics,” Review of Economic Studies, IX (1941-42) pp. 77-88.
P. A. Samuelson, “Evaluation of Real National Income,” Oxford Economic Papers, II, new series (January 1950) pp. 1-29.

 

Required purchases:

A. Marshall, Principles of Economics.
J. R. Hicks, Value and Capital.
E. Chamberlin, Theory of Monopolistic Competition.

 

Source: Duke University. David M. Rubenstein Rare Book, Manuscript and Special Collections Library. Economists’ Papers Archive. Lloyd Appleton Metzler Papers, Box 9, Folder: “Reading Lists 300 A & B — 302”.

 

____________________________

Economics 300B
Major Topics and Selected Readings
Spring Quarter, 1952
Lloyd A. Metzler

The principal books to be used are as follows:

A. Marshall, Principles of Economics, eighth edition, reprinted 1947.
J. R. Hicks, Value and Capital, second edition, 1946.
B. Haley and W. Fellner, editors, Readings in the Theory of Income Distribution, reprinted 1947.
G. J. Stigler, Production and Distribution Theories, 1941.
J. R. Hicks, The Theory of Wages.

  1. Production Functions and the Doctrine of Marginal Productivity

B. Haley and W. Fellner, Readings, Chapters 5, 6, 7, 11.
Stigler, Production and Distribution Theories.
P. H. Douglas, “Are There Laws of Production?”, American Economic Review, XXXVIII (1948) 1-41.
E. Chamberlin, The Theory of Monopolistic Competition, Chapter 8.

  1. The Theory of Wages

B. Haley and W. Fellner, Readings, Chapters 13, 14, 16, 17, 19.
J. R. Hicks, The Theory of Wages, 1932.
R. A. Lester, “Shortcomings of Marginal Analysis for Wage-Employment Problems”, American Economic Review, 1946.
F. Machlup, “Marginal Analysis and Empirical Research”, American Economic Review, 1946.

  1. Capital and Interest

E. Böhm-Bawerk, The Positive Theory of Capital, 1891.
I. Fisher, The Theory of Interest, 1930.
W. Fellner and B. Haley, Readings, Chapters 20, 21, 22, 23,24, 26.
J. M. Keynes, General Theory of Employment, Interest and Money, Book IV.
A. Marshall, Principles, the relevant chapters in Books IV and VI.
J. R. Hicks, Value and Capital, Parts III and IV.

  1. Inter-relations of Wages, Interest, and Profits.

F. H. Knight, Risk, Uncertainty and Profit.
J. A. Schumpeter, The Theory of Economic Development.
K. Wicksell, Interest and Prices.
________, Lectures on Political Economy, Vol. I, Part 2.
J. S. Mill, Principles of Political Economy, Book IV.

 

Source: Duke University. David M. Rubenstein Rare Book, Manuscript and Special Collections Library. Economists’ Papers Archive. Lloyd Appleton Metzler Papers, Box 9, Folder: “Reading Lists 300 A & B — 302”.

Source Image: “From family album, taken while Lloyd Metzler was a student at Harvard.”
“Lloyd A. Metzler” by Margiemetz – Own work. Licensed under CC BY-SA 3.0 via Commons.

 

Categories
Harvard Suggested Reading Syllabus

Harvard. Undergraduate microeconomics reading list. Marglin, 1969-70

 

 

In the year after being granted tenure at Harvard, Stephen A. Marglin taught an undergraduate microeconomics course to which he invited Professors Galbraith, Arrow, Gintis and Dorfman for a discussion with his students. He included a copy of his reading list in his invitation to Galbraith which are both transcribed below. 

Marglin’s biography was featured in a few Harvard Crimson articles over the years (the common theme to these articles is “What’s a nice radical economist like you doing in a place like this?”): May 12, 1975; March 12, 1980 ; May 21, 1982 ; June 1, 2009.

 

____________________________________

Invitation from Marglin to Galbraith to participate in a discussion with his microeconomics students in January 1970

HARVARD UNIVERSITY

Stephen A. Marglin
Professor of Economics

1737 Cambridge Street, Room 410
Cambridge, Massachusetts 02138
(617) 868-7600 Ext. 3759

December 19, 1969

Professor J. Kenneth Galbraith
Littauer Center 207
Harvard University
Cambridge, Mass. 02138

Dear Ken:

The “confrontation” you kindly agreed to participate in for the benefit of Ec 20 and Ec 21 students has been fixed for Friday January 9, 1970 2-4 PM, in Emerson 105. In addition to yourself Ken Arrow and Herb Gintis have agreed to participate. Bob Dorfman, who teaches Ec 21, has agreed to help guide the discussion.

The meeting will rely heavily on students’ questions, but not completely. To get the ball rolling, I am working with my section-men to prepare questions that they will ask in the beginning. These will hopefully elicit from each of your short statements on the issues we believe to be most important. I expect these questions and your answers will occupy the first 45 minutes or so of the meeting, with the rest of the time for the students.

I am enclosing a copy of the reading list to give you an idea of the scope and depth of the course. I appreciate very much your willingness to participate in this meeting. I expect it will be extremely worthwhile for my students, the teaching fellows, and for me personally.

Yours sincerely,
[Signed: “Steve”]
Stephen A. Marglin

cc: Robert Dorfman
SM:lw
(enclosure)

____________________________________

Harvard University
Economics 20a
Microeconomic Theory

Fall 1969-70
Professor Marglin

Reading List I

  1. Consumption
    1. Scitovsky, Welfare and Competition, pp. 29-50
    2. Baumol, Economic Theory and Operations Analysis, (2nd edition), pp. 169-202
  2. Production
    1. Dorfman, The Price System, pp. 14-42
    2. Scitovsky, Welfare and Competition, pp. 109-147
    3. Dorfman, “Mathematical or ‘Linear’ Programing: A Nonmathematical Exposition,” reprinted in Kamerschen, Readings in Microeconomics, (abbreviated DRK henceforth), pp. 547-576
    4. Coase, “The Nature of the Firm,” reprinted in Boulding and Spivey, AEA Readings in Price Theory, (henceforth abbreviated AEA), pp. 331-351
  3. Competitive Markets
    1. Dorfman, The Price System, pp. 76-88
    2. Viner, “Cost Curves and Supply Curves,” reprinted in DRK, pp. 197-228, and in AEA, pp. 198-232
  4. Restricted Competition
    1. Sraffa, “The Laws of Returns Under Competitive Conditions,” reprinted in AEA, pp. 180-197
    2. Scitovsky, Welfare and Competition, pp. 319-337, 373-396
    3. Dorfman, The Price System, pp. 89-104
    4. Modigliani, “New Developments on the Oligopoly Front,” DRK, pp. 355-378
  5. Capital and Interest
    1. Fisher, The Theory of Interest, pp. 61-287
    2. Scitovsky, Welfare and Competition, pp. 189-216
    3. Duesenberry, Business Cycles and Economic Growth, pp. 49-133
  6. General Equilibrium
    1. Dorfman, The Price System, pp. 105-125
    2. Lange and Taylor, On the Economic Theory of Socialism, pp. 59-129
  7. Welfare
    1. Dorfman, The Price System, pp. 126-146
    2. Scitovsky, Welfare and Competition, pp. 338-370
    3. Bator, “The Simple Analytics of Welfare Economics,” reprinted in DRK, pp. 503-544
  8. Income Distribution
    1. Budd (editor), Inequality and Poverty, Introduction
    2. Locke, Second Treatise of Government, ch. 5 (“Of Property”)
    3. Clark, J.B., The Distribution of Wealth, ch. 1
    4. Budd (editor), Inequality and Poverty, Part 1, pp. 1-49
  9. Criticisms of Conventional Theory
    1. Veblen, The Theory of the Leisure Class, ch. 2, 4, and 5
    2. Galbraith, The Affluent Society, ch. 10 and 11.
    3. Berle and Means, The Modern Corporation and Private Property, Skim Book 1; read Book IV more carefully.
    4. Nordquist, “The Break up of the Maximization Principle,” reprinted in DRK pp. 278-295
    5. Veblen, “The Limitations of Marginal Utility,” reprinted in Mitchell (editor), What Veblen Taught, pp. 151-175
    6. Cohen and Cyert, Theory of the Firm, pp. 329-351
    7. Simon,” A Behavioral Model of Economic Choice,” Quarterly Journal of Economics, 1955 (omit appendix). Reprinted in Simon, Models of Man, pp. 241-256
    8. Friedman, Capitalism and Freedom, pp. 1-36, 108-160
    9. Schumpeter, Capitalism, Socialism, and Democracy, Part II, pp. 61-163
    10. Galbraith, The New Industrial State
    11. Baran and Sweezy, Monopoly Capital
    12. Rawls, “Distributive Justice”, pp. 58-72, 79-82

 

Source: John F. Kennedy Presidential Library. John Kenneth Galbraith Personal Papers. Series 5. Harvard University File, 1949-1990. Box 526, Folder “Harvard University Department of Economics: General Correspondence, 1967-1974 (2 of 3)”.

Image Source: Stephen A. Marglin from Harvard Crimson June 1, 2009.

Categories
Princeton Suggested Reading Syllabus

Princeton. Microeconomic Theory. Lutz, 1949-50

 

This post includes: A typed page of course readings for Friedrich August Lutz’s Princeton economics theory course from 1949-50, transcribed from Martin Shubik‘s course notes, has been augmented with handwritten additions found scattered throughout the notes (identified in italics); several handwritten lists of readings from later during the course.

_____________________

Economics 501
Typed page of course readings, Parts I-III
[with inserts based on hand-written course notes]

THE THEORY OF VALUE
F.A. LUTZ

PART I                       THEORY OF DEMAND

Stigler: Theory of Price
Boulding: Economic Analysis
[Lerner: Ec. of control]

  1. a) Measurable Utility
    b) Indifference Curves
    c) The Controversy over Utility

a) [old theory]
Marshall Bks. 3 & 5 [+ appendix contract curve)
Wicksteed [ Ec. Vol. I ch 1&3 Vol II 1,2,3,4]
Böhm-Bawerk Bk 3 on Value
Wicksell: [Pol. Ec.] Vol 1 pt. 1
[Walras first chapters]

b) [new theory]
Hicks: Value and Capital Pt. I [1-50]
Schultz: Theory of Measurement of Demand Chap. I
[Pareto—Manuel]
Samuelson: Foundations of Ec. Analysis Ch. 5
Friedman: The Marshallian Demand Curve J.P.E. 1949
Morgenstern: Demand Theory Reconsidered Q.J.E. 1947-1948

c) Theory of Games: V. Neumann & Morgenstern
Friedman & Savage: Choices involving Risk J.P.E. 1948

 

Consumer’s Surplus:—

Knight: Realism & Relevance in the Theory of Demand J.P.E. 1944
Henderson: Consumer’s Surplus & Compensating Variation R.E.&S. 1941
Bishop: Prof. Knight & Theory of Demand J.P.E. 1946
Samuelson: Ch. 7

Duesenberry: Income, Saving & Consumer Behaviour

See: Lerner: Econ. of Control p. 30

 

PART II          THEORY OF PRODUCTION

Carlson: Pure Theory of Production
Robinson: Economics of Imperfect Competition
Viner: Cost curves & Supply curves
Sraffa: Laws of Returns under Competitive Conditions
Pigou: Analysis of Supply E. J. 1928
Harrod:         E. J. 1931
Knight: Risk, Uncertainty & Profit Ch. 4
Lerner: Economics of Control Ch. 13

 

PART III         THEORY OF DEMAND & THEORY OF COSTS

Joan Robinson
Chamberlin
Fellner [Comp. among the few.]
[Triffin]
[Hicks: theory of monop. Eca 35]
[Kaldor: Eca 35
Ec J 35]
[Eiteman Equ of firm Q.J.E. 44-45]
[Ralph Theory of Income Distribution]
[Chamberlin: Proportionality, Divisibility, Economices of scale Q.J.E. ‘48]

PART IV         THEORY OF DISTRIBUTION

[no references listed, or next page missing]

 

________________________________

Two topics in consumer’s choice left.
[handwritten notes]

1) Consumer Surplus

  1. Marshall
  2. Hicks value & capital appendix ch II
  3. Q.J.E. 42-43 C.S.< Utility
  4. Consumer surplus R.E. 1940-41
    Henderson
  5. Knight Realism Theory of Demand 1934
  6. Bishop Reply to Knight 1946
  7. Realism and Relev J.P.E. Aug 1946
  8. Samuelson Cons. surplus

2) Measurability of Utility

  1. Frisch J.P.E. ‘33
  2. Lange The det of the Ut fn. RES Jun 34
  3. Zeuthen R.E.S. June 37
    1936-37
  4. Knight J.P.E. 1944
  5. D 6 [sic]
  6. Theory Games Ch I part 3.
  7. Vickrey Eca 1945
  8. Friedman & Savage Ut…Risk J.P.E. 1948
  9. J. N. Morgan can we measure mar ut of money Economica ‘45
  10. Samuelson R.E.S. ’37 Feb Ec. Oct 38.

________________________________

Theory of Distribution
[handwritten notes]

F. Lutz

Part I Capital Theory
Part II Keynes via M.E. of capital

 

Reading: The Austrian Theory:

Böhm-Bawerk: Positive Theory of Capital book 2, 5,6,7 [The 3 reasons for time preference in book 5 received much later attention. Lutz says that the important part of the book is capital market [see: Stigler]
Wicksell: Lectures. Section on Capital Theory
Knight: “The Quantity of Capital, the Interest Rate” J.P.E. 1936          433, 612
“Capital, Time and the Interest Rate” Economica 1934
Lutz: The Criterion of Maximum Profits in the Theory of Investment Q.J.E. Nov. 1946
Keynes: General Theory ch. 6, app. on user cost
Lutz: Interest Rate and Investment in a Dynamic Econ. AER Dec 1945 pp. 811-830
Fisher: Theory of Interest

The Hayek-Kaldor Discussion

Hayek: The Ricardo Effect (See: Profits, Interest, Invest) Economica 1942 IX N.S. pp. 127-152
Kaldor: “Prof. Hayek and the Concertina? Effect” Economica 1942
Capital Intensity and the Trade Cycle, Economica 1934

Uncertainty and Risk

Pigou: Economics of Welfare app. I
Hart: “Anticipation, Uncertainty and Dynamic Planning” in Studies in Business Administration
Knight: Risk, Uncertainty and Profit
Steindl: On Risk, Oxford Ec Papers, 1941

[random paper mentioned (Mar 2 lecture:   Preipeich? Econometrica Jan 1940]

________________________________

 

Capital Theory of F. H. Knight (based on 16 articles)
[handwritten notes]

A.E.R. Mar 1950 Theory of Profit Weston
J.P.E. 1936 F. H. Knight
Economica 1934 Capital, Time and the Interest Rate Knight
[1933 Essay in honor of G. Cassel]

 

Source: Duke University, David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Martin Shubik Papers. Folder: “Notes, Economic Theory; Prof. F. Lutz (Fall 1949-Spring 1950).”

Image Source: Princeton University Library from The Miriam and Ira D. Wallach Division of Art, Prints and Photographs: Photography Collection, The New York Public Library. “The Library, Princeton Univ., Princeton, N. J.” New York Public Library Digital Collections. Accessed December 8, 2017.

Categories
Chicago Suggested Reading Syllabus

Chicago. Readings for Marschak’s course on statistical applications to economics, 1946

 

 

Another jewel in the Norman M. Kaplan papers at the University of Chicago Archives are his notes from Jacob Marschak’s course “Applications of Statistics to Economics”. In this posting I have only transcribed the reading lists for the course, there is of course much more course content in Kaplan’s notes. 

A Biographical Memoir was written by Kenneth Arrow and published by the National Academy of Sciences.

___________________________

Course Announcement

  1. Applications of Statistics to Economics. Statistical testing of economic theories. Numerical estimation of demand and cost functions and other functions occurring in the theory of the firm and household, the theory of markets and the theory of national income. Estimation of economic models. Statistical prediction under conditions of changing economic structure and policy. Prereq: Econ 211, 301 or equiv. Aut: TuTh 3-5; Marschak.

 

Source:   University of Chicago. Announcements (Vol. XLVI, Number 4: May 15, 1946). The College and the Divisions, Sessions of 1946-1947, p. 222.

___________________________

First Course Reading List

ECONOMICS 314. Autumn 1946.

Recommended Readings    (First Installment)

(The material is arranged in the order of the lectures during which it is mentioned for the first time)

I

M. Ezekiel. Methods of correlation analysis. 1941. [Useful for first orientation and for practice. Does not give adequate account of (a) fundamentals of statistical logic; (b) peculiarities of statistical economics.]

T.C. Schelling. Raise profits by raising wages? Econometrica 1946, pp. 227-234. [Good formulation of a policy problem, inserting plausible numerical values of economic parameters.]

Henry Schultz. Theory and measurement of demand. 1938 [See in particular (a) the historical parts concerning Gregory King, Jerome Marshall, Letfeldt, H. L. Moore; (b) shifts of demand and supply curves treated on pp. 72-83.]

A.C. Pigou. Economics of Welfare, Appendix II, §1 (and footnote on Moore).

Elmer Working. What do statistical demand curves show? Quarterly Journal of Economics. 1927.

Ragnar Frisch. Pitfalls in the Statistical Analysis of Demand and Supply Curves. 1933.

Ragnar Frisch and B. D. Mudgett. Statistical correlation and the theory of cluster types, Journal of American Stat. Ass. 1931. [read pp. 375-381 only.]

L. Klein. Pitfalls in the statistical determination of the investment schedule. Ecometrica 1943, pp. 240-258.

J. R. Hicks. Mr. Keynes and the Classics, Econometrica. 1937.

J. Tinbergen. Statistical Testing of Business Cycle Theories, Vol. II: Business fluctuations in U.S.A. 1919-1932. League of Nations. Geneva 1937.

Paul Douglas. The Theory of Wages. 1934.

J. Marschak and W. Andrews. Random simultaneous equations and the theory of production. Econometrica 1944. (Read also the articles of Reder and of Bronfenbrenner treated in appendix 2 of the article).

___________________________

Second Course Reading List

ECONOMICS 314     Fall 1946.

BIBLIOGRAPHY, Second Installment

Production and Cost Functions.

J. Tintner. A note on the derivation of production functions from farm records. Econometrica, 1944.

Joel Dean. The Relation of Cost to Output for a Leather Belt Shop. National Bureau of Economic Research, 1941.

Joel Dean. Statistical Cost Functions of a Hosiery Mill. Journal of Business, 1941. The University of Chicago. 1941.

Joel Dean. Articles on Cost Functions in the Journal of Business, 1936, 1941, 1942.

U.S. Steel Corporation. Pamphlets and Charts submitted to the Temporary National Economic Committee; esp. Volume I Pamphlets No. 5 and No. 7, 1940.

Ragnar Frisch. The Principle of Substitution. An example of its application in the chocolate industry. Nordisk Tidskrift for Tenisk Økonomi. September 1935.

R.G.D. Allen. Mathematical Analysis for Economists. 1930. Look up the index to locate numerous references and exercises to the problem of cost and production functions.

Family Budgets and Demand Functions.

National Resources Planning Board. Consumer Expenditures 1935-1936. Washington 1939.

Allen, R. G. D., and Bowley. Family Expenditure, A Study of its variation. 1935.

J. Marschak. Personal and Collective Budget Functions. Review of Economic Statistics. 1939.

J. Marschak. Money Illusion and Demand Analysis. Review of Economic Statistics. 1943.

H. Staehle. Relative Prices and Postwar Mariets for Annual Food Products. Quarterly. Journal of Economics. February 1945.

 

[Handwritten note on back: “Lange’s Price Flexibility & Haavelmo’s Probability Approach available for sale at Cowles Comm.?”]

___________________________

Marschak’s questionnaire for students taking course

By filling out this questionnaire, you will enable the instructor to adjust the course Economics 314 to the prevailing level of the students.

U. of C. Courses
(Dept. and No.)		 Other Courses Other Training
or Experience
Economics, theoretical
Economics, descriptive
Mathematics
Theory of Statistics

Further relevant information on previous training:

 

Name three problems to exemplify the application of Statistics to Economics

 

 

Source: University of Chicago Archives. Norman M. Kaplan Papers, Box 3, Folder 3.

Image Source:  Portrait of Jacob Marschak in the Biographical Memoir “Jacob Marschak, 1898-1977” written for the National Academy of Sciences by Kenneth Arrow (1991).

 

Categories
Harvard Suggested Reading Syllabus

Harvard. Industrial organization. Reading List, Kaysen and Peck, 1955

 

I have had the enormous good fortune of having excellent mentors during the course of my own economics education. The first was Professor Merton J. Peck who taught the double credit course “Early Concentration Economics” during the fall semester of my freshman year at Yale (1969-70). He liked a paper I wrote enough to show it to his colleague James Tobin who thought it was good enough to be written by a graduate student, or at least so I was told. With such a boost to my self-esteem, how could I not have continued in economics?

Mr. Peck (at Yale professors are addressed without the honorific “Professor”) offered me a job to be his bursary boy, a 10 hour a week student assistantship, with a variety of tasks spanning photocopying articles and chapters to editing his rough drafts (what humility, allowing a sophomore/junior at Yale to improve his writing!) When I complained to Mr. Peck once that there was no course in the History of Economics at Yale at that time, he told me to give “Willy Fellner” a call. That led to my second Yale mentor and the beginning of my education in the history of economics (a two semester tutorial reading economic classics). There were two major projects that Mr. Peck was working on during my years working for him: on industrial/technological policy in Japan for a Brookings book Asia’s New Giant and Economic Aspects of Television Regulation (with Roger Noll and John McGowan). 

Incidentally, in Robert Litan’s book (Trillion Dollar Economists, p. 103) I discovered to my delight that my mentor had spotted the talent in the young Frank Fisher and forwarded Fisher’s undergraduate paper to his colleague Carl Kaysen. 

As I was looking at my collection of syllabi from Harvard this evening, I spotted the course below co-taught by Carl Kaysen and Merton J. Peck. This syllabus is my first tribute to the memory of my mentor Joe Peck. I have appended his official Yale obituary. He is also of interest for my project on graduate education, having received a Harvard Ph.D. (1954).

_______________________________

HARVARD UNIVERSITY
Department of Economics
Spring Term 1955

Economics 161
Professor Kaysen and Dr. Peck

 

  1. Markets of Large Numbers (2 Feb. – 28 Feb.)

General introduction
Agriculture
Crude oil
Women’s clothing

R. Schickele, Agricultural Policy, Ch. 9-11, 13-17.
J.K. Galbraith, Basic Factors in Farm Price Policy (mimeo.)
K. Brandt, Farm Price Supports, Rigid or Flexible?
N. Ely, “The Conservation of Oil,” Ch. 11 in Readings in the Social Control of Industry.
E.V. Rostow, A National Policy for the Oil Industry, Part II.
“Adam Smith on 7th Avenue,” Fortune, Jan. 1949.

 

  1. The Regulated Industries (2 March – 30 March)

Electric Power
Transportation

Twentieth Century Fund: Electric Power and Government Policy, Ch. I-IV, X
M.L. Fair and E.W. Williams, Jr., Economics of Transportation, Ch. 18-23, 25, 30, 32.

  1. Economic Mobilization (11 April – 18 April)

D.H. Wallace and L.V. Chandler, Economic Mobilization and Stabilization, Ch. 1-5, 23-26.

 

  1. Nationalization and Planning (20 April – 27 April)

J.E. Meade, Planning and the Price Mechanism.
R.W. Lewis, British Planning and Nationalization, Ch. 1-3.
H.A. Clegg and F.E. Chester, The Future of Nationalization, Ch. 1, 3.

 

Reading Period

A.A. Berle, 20th Century Capitalist Revolution.

 

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

_______________________________

In memoriam: Merton Joseph Peck

YaleNews, March 6, 2013

Merton Joseph Peck, the Thomas DeWitt Cuyler Professor Emeritus of Economics, died March 1, at age 87. He resided in Florida and had been ailing for quite some time, according to his family.

Peck was a specialist in industrial organization, and wrote on a variety of topics including the aluminum industry, transportation, the defense industries, and cable and television. He also wrote about the transition to a market economy in the Soviet Union, as well as technological change.

He served in the U.S. Defense Department under Robert McNamara 1961–1963 as director of systems analysis, and he was designated by Time Magazine as one of the “Pentagon Whiz Kids” in 1962. Peck returned to Washington in 1968 to serve on Lyndon Johnson’s Council of Economic Advisors.

At Yale he served as department chair in various years throughout the 1960s, 1970s and 1980s, setting a record for number of years in that post. He also served as director of graduate studies, director of undergraduate studies, and acting dean of the Yale School of Management. He was a fellow of Pierson College at Yale.

Peck was born in Cleveland, Ohio, in 1925. Much of his very early youth was spent in Germany and Strasbourg in Alsace France. His father, Kenneth Peck, was head of European production for American Rake and Hoe. Both his parents died before he was 12, and he was subsequently raised by his aunts and grandmother in various small towns in Ohio. During World War II, Peck served in the Army Signal Corp and participated in the occupation of Japan. After leaving the army, he attended Oberlin College and graduated in 1949. He received his Ph.D. in economics from Harvard University in 1954 under the tutelage of Edward Mason.

Peck taught at Michigan (1955-1956) and Harvard (1956-1962) before coming to Yale, where he served on the faculty 1963–2002. He was also associated with the Rand Corporation and Brookings Institution.

He is survived by his children Richard, Katherine, Sarah, and David; and four grandchildren. His wife of 55 years, Mary Bosworth Peck, predeceased him in 2004.

Source:  YaleNews, March 6, 2013.

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