Category: Syllabus

Categories
Exam Questions Suggested Reading Syllabus

Harvard. Money and Banking graduate course, readings and exam. Hansen, 1946-47

 

 

Today’s post is the first of three devoted to the year long graduate sequence “Principles of Money and Banking” taught by Alvin H. Hansen, John H. Williams, and Richard M. Goodwin (second semester) at Harvard in 1946-47.

The reading list for Econ 141a is transcribed below, along with the corresponding final examination questions as well as enrollment numbers for both semesters.

Following posts will provide transcriptions for the following semester’s list of readings and final examination (Econ 141b) plus the “General Reference Reading” list for both semesters.

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Course Enrollment

[Economics] 141a. (fall term) Professors J. H. Williams and Hansen.—Principles of Money and Banking.

Total 130: 88 Graduates, 1 Senior, 26 Public Administration, 15 Radcliffe.

 

[Economics] 141b. (spring term) Professors J. H. Williams and Hansen and Assistant Professor Goodwin.—Principles of Money and Banking.

Total 113: 75 Graduates, 23 Public Administration, 15 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1946-1947, p. 71.

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ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

 

Economics 141a — First Semester, 1946-47 (Professor Hansen)

  1. Central Banking: Current Problems and Policies
  2. Theory of Money, Liquidity-Preference, Interest and Prices

Economics 141b — Second Semester, 1946-47 (Professor Williams)

III. International Monetary Equilibrium

  1. Monetary and Fiscal Policy

 

 

READING LIST FOR ECONOMICS 141a
Principles of Money and Banking
1946-1947

Note: Pre-requisite reading (for those who are deficient in undergraduate preparation in Money and Banking:

  1. Banking Studies, Board of Governors, Federal Reserve System, (1941).
  2. Southard, F. A., Foreign Exchange Practice and Policy, (McGraw-Hill, 1940).
  3. Any one standard textbook in Money and Banking, such as: Thomas, Our Modern Banking and Monetary System, (Prentice-Hall, 1942); or Reed, Money, Currency and Banking, (McGraw-Hill, 1942).

 

I. Central Banking: Current Problems and Policies.

A. Minimum Reading List:

I. Books and Pamphlets:

  1. International Currency Experience (League of nations, 1944), Chapters I-IV, pp. 7-112.
  2. World Economic Survey, 1942-44 (League of Nations, 1945), Chapter IV “Finance and Banking” (pp. 173-213).
  3. Money and Banking: 1942-44 (League of Nations, 1945).
  4. Ellis, H. S., (in Harris: Economic Reconstruction, McGraw-Hill, 1945), Chapter 13, “Central and Commercial Banking in Postwar Finance” (pp. 237-252).
  5. Hansen, Alvin H., America’s Role in the World Economy (Norton, 1945), Chapter XVII, “Gold, Exports and Liquidity” (pp. 144-157).
  6. Harris, S. E., Inflation and the American Economy (McGraw-Hill, 1945), Chapter XXIV, “Money and Savings” (pp. 372-383).
  7. Hawtrey, R. G., The Art of Central Banking (Longmans, 1933) pp. 116-207.
  8. Keynes, J. M., Treatise on Money, Volume II, Chapters 25, 32, 33.
  9. Robertson, D. H., Essays in Monetary Theory (King, 1940), Chapter II, “Theories of Banking Policy” (pp. 39-59); Chapter XII, “British Monetary Policy” (pp. 154-167).
  10. Williams, John H., Postwar Monetary Plans (Knopf, second edition, 1945), Chapter 6, “The Banking Act of 1935” (pp. 112-129); Chapter 8, “The Crisis of the Gold Standard” (pp. 154-172); Chapter 9, “Monetary Stability and the Gold Standard” (pp. 172-190).
  11. Financing American Prosperity (Twentieth Century Fund, 1945):
    1. Ellis, H. S., “Monetary Controls and the Business of Banking” (pp. 140-153).
    2. Hansen, Alvin, H., “Management of the Debt and Internal Stability” (pp. 246-256).
    3. Williams, John H., “Money and Banking” (pp. 381-5).
  12. Postwar Economic Studies, No. 3 (Board of Governors, Federal Reserve System, 1945):
    1. Robinson, R. I., “Monetary Aspects of National Debt Policy” (pp. 69-83).
    2. Wallich, H. C., “Public Debt and Income Flow” (pp. 84-100).
    3. Hansen, Alvin H., “Comments” (pp. 131-5).

II. Reports and Articles:

  1. Annual Report of the Secretary of the Treasury on the State of the Finances:
    1. Fiscal year ended June 30, 1944 (pp. 1-10).
    2. Fiscal year ended June 30, 1945 (pp. 1-10).
  2. Federal Reserve Bulletins:
    1. May 1946 (pp. 461-8), “Treasury Financing and Banking Developments.”
    2. July 1946 (pp. 707-15), “Postwar Business Finance”.
    3. February 1946 (pp. 122-3), “Estimated Liquid Assets of Individuals and Business”.
  3. Bopp, K. R., “Central Banking at the Crossroads”, Supplement, American Economic Review, March 1944 (pp. 260-77).
  4. Hansen, Alvin H., “Inflation”, Yale Review, Summer 1946.
  5. Macmillan Report, Royal Commission on Industry and Commerce, Cmd. 3897 (1931), pp. 2-45; 106-160.
  6. Samuelson, Paul, “The Effect of Interest Rate Increases on the Banking System”, American Economic Review, March 1945.
  7. Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings”, Quarterly Journal of Economics, May 1946.
  8. Whittlesey, C. R., “Federal Reserve Policy in Transition”, Quarterly Journal of Economics, May 1946.

B. Supplementary Reading List:

I. Books

  1. Arndt, H. W., The Economic Lessons of the Nineteen Thirties, (Oxford, 1944).
  2. Coulborn, W, A. L., An Introduction to Money, (Longmans, 1938) Chapters 5, 13-14 (pp. 48-64, 209-241).
  3. Fisher, Irving, 100 Per Cent Money, (Adelphi, 1935; Third Edition City Printing Co., New Haven, 1945).
  4. Johnson, G. G., The Treasury and Monetary Policy, (Harvard 1939), Chapter I-V (pp. 3-160).
  5. Hawtrey, R. G., The Gold Standard in Theory and Practice (Longmans, Fourth Edition, 1939).
  6. Hawtrey, R. G., A Century of Bank Rate. (Longmans, 1938).
  7. Lewinski, J., Money, Credit and Prices, (King, 1929) Chapters IV-V (pp. 99-144).
  8. McCracken, Paul W., The Future of Northwest Bank Deposits, Federal Reserve Bank, Minneapolis, 1946.
  9. Mints, L. W., A History of Banking Theory (Chicago, 1945), Chapters VI and X (pp. 74-100; 178-197).
  10. Morgan, E. V., The Theory and Practice of Central Banking, (Macmillan, 1943).
  11. Niebyl, Karl H., Studies in the Classical Theories of Money, (Columbia, 1946).
  12. Sayers, R. S., Modern Banking, (Oxford, 1938), Chapters 4-5 (pp. 70-145).
  13. Viner, J. Studies in the Theory of International Trade, (Harper, 1937), Chapter V, “English Currency Controversies” (pp. 218-289).
  14. Wernette, P., Financing Full Employment, (Harvard, 1945), Chapter 3 (pp. 33-61).

II. Articles

  1. Abbott, C. C. (Review articles on Financing Problems and Bank Liquidity), Review of Economic Statistics, February 1946 (pp. 48-51).
  2. Abbott, C. C., “Management of the Federal Debt”, Harvard Business Review, Autumn 1945.
  3. Goldenweiser, E. A., “Commercial Banking After the War”, Federal Reserve Bulletin, September 1944.
  4. Seltzer, Lawrence, “Is a Rise in Interest Rates Desirable or Inevitable?”, American Economic Review, December 1945.
  5. Treasury Bulletin, April 1946, “Federal War-time Financing and the Growth of Liquid Assets”.
  6. Keynes, J. M., “The Objective of International Price Stability”, Economic Journal, June-September 1943.

C. General Reference Reading (see below).

II. Theory of Money, Liquidity Preference, Interest and Prices.

A. Minimum Reading List:

I. Books:

  1. Haberler, G., Prosperity and Depression, (League of Nations, 1939), Chapters 8, 13, (pp. 168-254; 455-507).
  2. Hansen, Alvin H.:
    1. Fiscal Policy and Business Cycles, (Norton, 1941), Chapters 1-5; 11-15; (pp. 13-105; 225-338).
    2. Full Recovery or Stagnation, (Norton, 1938), Chapters 1-5 (pp. 13-133); Appendix, pp. 331-343.
  3. Hayek, F. A., Prices and Production, (Routledge, 1935), Chapters 1 and 4 (pp. 1-31; 105-128).
  4. Hicks, J. R., Value and Capital, (Oxford, 1939), Chapters 12-13 (pp. 153-170).
  5. Keynes, J. M., Monetary Reform, (Harcourt, 1924), pp. 81-95; 152-191.
  6. Keynes, J. M., A Treatise on Money, (Harcourt, 1930), Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
  7. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt, 1936), pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
  8. Lerner, A. P., The Economics of Control, (Macmillan, 1944), Chapters 22-25 (pp. 271-345).
  9. Marget, Arthur W., The Theory of Prices, Volume I, (Prentice-Hall, 1938), Chapters 12 and 15 (pp. 302-343, 414-459).
  10. Marget, Arthur W., The Theory of Prices, Volume II, (Prentice-Hall, 1942), Chapter 3 (pp. 89-133).
  11. Marshall, A., Official Papers, (Macmillan, 1926), pp. 19-31.
  12. Pigou, A. C., Lapses from Full Employment, (Macmillan, 1945), Chapters 1-5; 8-9; 12. (pp. 1-29; 38-51; 69-73).
  13. Robertson, D. H., Money, (Harcourt, 1929), chapters 2-4; 7-8 (pp. 18-91; 144-197).
  14. Robertson, D. H., Essays in Monetary Theory, (King, 1940), Chapters 1, 6, 11 (pp. 1-38; 92-7; 113-153).
  15. Schumpeter, J. A., Business Cycles, (McGraw-Hill, 1939), Volume II, Chapter 8, (pp. 449-482).
  16. Wicksell, K., Interest and Prices, (Macmillan, 1936), Introduction by Bertil Ohlin; also author’s Preface; Chapters 5, 7-8, 11 (pp. 38-50; 81-121; 165-177).
  17. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan, 1935), Chapter IV (pp. 127-228).
  18. Wright, David McC., The Creation of Purchasing Power, (Harvard, 1939), Chapters 4-6 (pp. 60-121).
  19. Macmillan Report, Royal Commission on Finance and Industry, Cmd. 3897 (1931), Part I, Chapter 11.

II. Articles:

  1. Clark, Colin, “Public Finances and Changes in the Value of Money”, Economic Journal, December 1945.
  2. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, April 1937.
  3. Hawtrey, R. G. and Hicks, J. R., “Interest and Bank Rate”, The Manchester School of Economic and Social Studies, October 1939.
  4. Keynes, J. M., “Relative Movement of Real Wages and Output”, Economic Journal, March 1939.
  5. Lange, O., “The Rate of Interest and the Optimum Propensity to Consume”, Economica, February 1938.
  6. Lerner, A. P., “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938.
  7. Lerner, A. P., “Interest Theory: Supply and Demand for Loans or Supply and Demand for Cash”, Review of Economic Statistics, May 1944.
  8. Lerner, A. P., “Ex Ante Analysis and Wage Theory”, Economica, November 1939.
  9. Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory”, Canadian Journal of Economics and Political Science, November 1940.
  10. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy”, Review of Economic Statistics, May 1946.
  11. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money”, Econometrica, January 1944.
  12. Pigou, A. C., “Employment Policy and Sir William Beveridge”, Agenda, August 1944.
  13. Reder, M. W., “Interest and Employment”, Journal of Political Economy, June 1946.
  14. Simons, H. C., “Debt Policy and Banking Policy”, Review of Economic Statistics, May 1946.

B. Supplementary Reading List:

I. Books:

  1. Adarkar, B. P., The Theory of Monetary Policy, (King, 1935), Chapter 1-8; 13-15 (pp. 3-52; 101-122).
  2. Chandler, L. V., An Introduction to Monetary Theory (Harper, 1940), pp. 1-205.
  3. Coulborn, W. A. L., An Introduction to Money, (Longmans, 1938), Chapters 6-8; 15-16 (pp. 65-116; 242-264).
  4. Lindahl, Erik, Studies in the Theory of Money and Capital, (Allen and Unwin, 1939), Part II, Chapters 4-6, (pp. 199-268).
  5. Myrdal, Gunnar, Monetary Equilibrium, (Hodge, 1939), Chapters 1-3 (pp. 1-48).
  6. Polanyi, M. Full Employment and Free Trade, (Cambridge Univ. Press, 1945), Chapters 1, 4, (pp. 1-66; 87-103).
  7. Sayers, R. S., Modern Banking. (Oxford, 1938), Chapter 6 (pp. 146-164).
  8. Thomas, Brindley, Monetary Policy and Crises, (Routledge, 1936), Chapters 3-4 (pp. 62-156).

II. Articles:

  1. Lange, O., “Economic Controls After the War,” Political Science Quarterly, March 1945.
  2. Marschak, J., “Wicksell’s Two Interest Rates”, Social Research, November 1941.
  3. Simons, H. C., “On Debt Policy”, Journal of Political Economy, June 1945.
  4. Warburton, Clark, “The Volume of Money and the Price Level Between the World Wars”, Journal of Political Economy, June 1945.
  5. a. Warburton, Clark, “The Monetary Theory of Deficit Financing”, Review of Economic Statistics, May 1945.
    b. Arndt, H. W., “The Monetary Theory of Deficit Financing; A Comment”, Review of Economic Statistics, May 1946.

C. General Reference Reading (see below).

Source: Harvard University Archives. Alvin Harvey Hansen Papers. Box 1 of Lecture Notes and Other Course Material, Folder “Econs 141”. Also found in Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

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Mid-Year Final Examination

1946-47
HARVARD UNIVERSITY
ECONOMICS 141a

(Write on any THREE questions.)

    1. Give a thorough discussion of current monetary and banking problems including in your essay the following topics:
      1. The increase in the quantity of money in the U. S. since 1934; causes and effects.
      2. War-time financing; the role of the Federal Reserve Banks and of the commercial banks.
      3. Recent and prospective trends in interest rates; causes and effects.
      4. New proposals with respect to reserve requirements, composition of bank assets, and control of bank credit.
      5. Management of the public debt.
    1. Write an essay on Keynes’ theory of interest, explaining the significance and role of the marginal efficiency schedule, the consumption function, liquidity preference, and monetary policy. In connection with Keynes’ interest theory, discuss the ideas and contributions of Hicks, Lerner and Modigliani.
    2. Compare Fisher, Marshall (Cambridge cash-balance school), Wicksell and Keynes with respect to the role of the quantity of money in the theory of money and prices.
    3. Write an essay (about an hour) on any two of the following:
      1. Hayek: Prices and Production
      2. Keynes: A Treatise on Money; or General Theory of Employment, Interest and Money
      3. Marget: The Theory of Prices
      4. Robertson: Money; or Essays in Monetary Theory
      5. Wicksell: Money; or Interest and Prices
      6. Hansen: Fiscal Policy and Business Cycles; or Economic Policy and Full Employment

Final. January, 1947.

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 13. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, January, 1947.

Image Source: Alvin Hansen from Harvard Class Album 1952.

Categories
Harvard Suggested Reading Syllabus

Harvard. Principles of Economics. Enrollment, Staffing, Readings, 1947-48

 

The previous post provided transcriptions of the mid-year and end-year final examinations for Harvard’s principles of economics course for the academic year 1947-48. The second-term examination included over fifty multiple choice questions, which appears to me to be the first use of that examination format in the Harvard economics department. Today’s post gives additional information for the course: the course announcements, staffing, enrollment and reading lists. Should I ever come across the printed Course Syllabus: Economics A, I will try to get at least portions of it transcribed.

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Course Announcements

Economics Aa. Principles of Economics

Half-course (fall term). Tu., Th., Sat., at 11. Depending on enrolment, sections will also be arranged at other hours. Radcliffe sections will meet Tu., Th., Sat., at 11 and at such other times as the enrolment may justify.
Professor Burbank, Assistant Professor Bradley, Dr. Papandreou, and other Members of the Department.

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

Economics Ab. Principles of Economics

Half-course (spring term). Tu., Th., Sat., at 11. Depending on enrolment, sections will also be arranged at other hours. At Radcliffe Tu., Th., Sat., at 11 and at such other times as the enrolment may justify.
Professor Burbank, Assistant Professor Bradley, Dr. Papandreou, and other Members of the Department.

Economics Aa is a prerequisite for this course.

 

Source: Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1947-48, published in Official Register of Harvard University , Vol. XLIV, No. 25 (September 9, 1947), p. 69.

_____________________________

Course Enrollments and Staffing

[Economics] Aa. Professor Burbank, Assistant Professor Bradley, and Messrs. Brecher, Campbell, M.G. Clark, Duesenberry, Farrell, Fels, Ferguson, Garbarino, Heany, Hunter, Kahn, Meredith, Passer, Powelson, Schelling, Thompson, Ulman.—Principles of Economics (F).

Total 834: 1 Graduate, 52 Seniors, 134 Juniors, 453 Sophomores, 184 Freshmen, 10 Other.

 

[Economics] Ab. Professor Burbank, Assistant Professor Bradley, and Messrs. Brecher, Campbell, M.G. Clark, P. Clark, Cochrane, Eckley, Farrell, Fels, Ferguson, Garbarino, Heany, Hirchleiger, Hunter, Kahn, McClelland, Margolis, Meredith, Morgan, Passer, Powelson, Reynolds, Thompson, Ulman.—Principles of Economics (Sp).

Total 747: 1 Graduate, 57 Seniors, 209 Juniors, 358 Sophomores, 109 Freshmen, 13 Other.

 

Source: Report of the President of Harvard College and Reports of Departments for 1947-48,p. 89.

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Course Readings

ECONOMICS Aa
Fall, 1947

Benham and Lutz Economics, American Edition (1941)
Bowman and Bach Economic Analysis and Public Policy (1944)
*Chandler, L. V. A Preface to Economics (1947)
*Federal Reserve System Federal Reserve Charts on Bank Credit, Money Rates and Business
Federal Reserve System Its Purposes and Functions (1939)
Luthringer, Chandler and Cline Money, Credit, and Finance (1938)
*Staff Members Syllabus: Economics A

*To be purchased by the students.

 

PART I. INTRODUCTION TO ECONOMICS (1 week)
A. THE INSTITUTIONAL BACKGROUND
Chandler, Ch. 1, The Scope of Economics 16
Chandler, Ch. 2, Production and Exchange; Their Meaning and Structure 21
Chandler, Ch. 3, Technology and Economics 28
Chandler, Ch. 4, Business Firms 29
Chandler, Ch. 5, Some Implications of the Industrial Revolution 14
103
B. THE COORDINATION OF ECONOMIC ACTIVITY
Chandler, Ch. 8, The Social Control of Economic Processes 20
Chandler, Ch. 9, Laissez-Faire and Competition 18
Chandler, Ch. 10, Competitive Control of Rationing, Price and Production 19
57
PART II. THE NATIONAL INCOME, MONEY, AND PRICES
A. THE NATIONAL INCOME
Syllabus, The National Economy

Ch. 1, National Income

 48
48
B. MONEY
Syllabus, The National Economy
Ch. 2, Nature and Functions of Money 4
Ch. 3, The Existing Supply of Money in the United States 1
Ch. 4, The Banking System of the United States 9
Ch. 5, The Federal Reserve Banks and the Money Supply 4
Luthringer, Ch. 6, Quantitative Control of Bank Credit
Fed. Res. System
Ch. 1, A General Outline of the Federal Reserve System 12
Ch. 2, The Service Functions of the Federal Reserve Banks 14
Ch. 7, Federal Reserve Powers and Limitations 11
Ch. 8, Member Bank Reserves and Related Items 9
81
C. MONEY, PRICES AND THE NATIONAL INCOME
Syllabus, The National Economy

Ch. 6, Money, Prices, and the National Income

 41
41
PART III. MARKET DETERMINATION OF THE RELATIVE PRICE OF CONSUMER GOODS AND SERVICES (4 weeks)
A. MARKETS
Benham, Ch. 2, Markets, omit Appendix A. 21
B. CONSUMER DEMAND
Benham, Ch. 3, Demand 16
Benham, Ch. 4, Price with a Fixed Demand, pp. 71-74 4
Benham, Ch. 5, Changes in Demand 11
31
C. THE BUSINESS FIRM—COST AND REVENUE
Bowman and Bach, Ch. 4, The Unit of Business Enterprise 15
Syllabus, Value
Ch. 1, Problems of the Firm 17
Ch. 2, Problems of Production, Real Input and Real Output 16
Ch. 3, Problems of Production: Money Costs and Money Returns 18
66
D. THE INDUSTRY—DEMAND AND SUPPLY
Bowman and Bach
Ch. 14, Pure Competition and the Law of Supply and Demand 9
Ch. 15, The Firm and Short-run Market Adjustments, pp. 216-220 4
Ch. 16, Long-run Price and Output Adjustments 14
27
E. MODIFICATIONS OF COMPETITION
Chandler, Ch. 12, Competition Today 27
PART IV. PUBLIC CONTROL OF MARKETS (2 weeks)
Bowman and Bach
Ch. 26, Foundations of Power 29
Ch. 27, Some Monopolistic Price Policies 17
Ch. 28, Public Policy Attacking Restraints of Trade in Business 18
Ch. 29, Public Utility Regulation 21
Ch. 56, Agriculture: A Case Study 31
Chandler, Ch. 13, Laissez-Faire Today 21
137

 

ECONOMICS Ab
Spring 1948

Benham and Lutz Economics, American Edition (1941)
Bowman and Bach Economic Analysis and Public Policy (1944)
Committee for Economic Development Taxes and the Budget
*Hoover, C. B. International Trade an Domestic Employment
*League of Nations Economic Stability in the Post-War World (1945)
Slichter, S. H. Basic Criteria Used in Wage Negotiations
Slichter, S. H. Trade Unions in a Free Society
*Staff Members Syllabus: Economics A
Twentieth Century Fund How Collective Bargaining Works
Williamson and Harris Trends in Collective Bargaining
Witte, Edwin Labor-Management Relations Under Taft-Hartely Act
*U.S. Dept. of Commerce The United States in the World Economy

*To be purchased by the students.

 

PART V. THE MARKETS FOR FACTOR SERVICES
(15 sessions including Part VI)
A. PRINCIPLES GOVERNING FACTOR COMBINATIONS
Review Syllabus: VALUE
Ch. I—Problems of the Firm 16
Ch. II—Problems of Production 16
Ch. III—Problems of Production 18
50
B. GENERAL THEORY OF DISTRIBUTION
Syllabus: DISTRIBUTION
Ch. I—Definitions 3
Ch. II—General Theory of Distribution 15
Benham & Lutz
Ch. 18: Rent 13
Ch. 17: Interest 31
62
C. PERSONAL DISTRIBUTION OF INCOME
Class Discussion: No assignment
PART VI LABOR ORGANIZATION AND LABOR MARKET
Bowman & Bach
Ch. 30: History and Philosophy of Trade Unionism 16
Williamson & Harris
Ch. 1: What is Collective Bargaining 8
Ch. 2: Bargaining Agencies for the Workers 11
Ch. 3: Employer Bargaining Agencies 11
Ch. 4: Union Recognition 14
Ch. 5: Collective Agreements 11
Ch. 6: Wages 17
Slichter
Sections I and II: Basic Criteria Used in Wage Negotiations 34
20th Century Fund
How Collective Bargaining Works 47
Slichter
Trade Unions in a Free Society 31
Witte
Labor-Management Relations Under the Taft-Hartley Act 22
222
PART VII. INTERNATIONAL ASPECTS OF MARKETS AND FINANCE
(7 sessions)
Benham & Lutz
Ch. 25: The Theory of International Trade 22
Ch. 26: Balances of Payments 10
Ch. 27: Free Exchange Rates 10
Ch. 28: The Gold Standard 22
Ch. 29: Exchange Control 8
Ch. 30: Import Duties and Quotes 9
The United States in the World Economy
Summary and Recommendations 26
Ch. 1: The Setting of the Problem 9
Hoover
Ch. 1: The Determination of National Policy and National Trade 17
Ch. 2: The International Monetary Fund 16
Ch. 3: The Problem of International Loans and Investments 19
Ch. 4: The Newer Forms of Trade Barriers 15
Ch. 5: Our Tariff Policy 15
198
PART VIII. PUBLIC FINANCE AND THE ECONOMIC PROBLEM
(7 sessions)
Bowman & Bach
Ch. 46: Introduction to the Public Economy 11
Ch. 47: Public Expenditures 13
Ch. 48: Public Revenues: Taxation 26
Ch. 49: Taxation (continued) 29
C.E.D., Taxes and the Budget
II. Tax Program for Nineteen-Fifty-X 25
III. Tax Policy for 1948 5
Bowman & Bach
Ch. 50: Fiscal Policy and the National Income 18
Ch. 51: Social Security 16
143
PART IX. PROSPERITY AND DEPRESSION
(7 sessions)
Section I: The Nature of Depressions
League of Nations: Economic Stability in the Post-War World
Ch. 1: The Nature of Depression 16
Ch. 2: Types of Depression 5
Bowman & Bach
Ch. 44: General Business Fluctuations 24
League of Nations: Economic Stability in the Post-War World
Ch. 4: The Strategic Role of Investment 26
Ch. 5: Depressions and Primary Production 11
Ch. 6 International Spread of Booms and Depressions 23
125
Section II: Anti-Depression Policies
League of Nations: Economic Stability in the Post-War World
Ch. 7: Regulation of Total Expenditure 9
Ch. 8: Constituents of national Expenditures 6
Ch. 9: Private Consumption Expenditure 10
Ch. 10: Private Investment 17
Ch. 11: Credit Policy and the Stabilization of Total Expenditure 10
Ch. 12: Public Expenditure and Fiscal Policy 26
Ch. 13: Foreign Investment 12
Ch. 14: Employment and Inflation 14
104

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 4, Folder “1947-48, (1 of 2)”.

Image Source:  Harold H. Burbank in Harvard Class Album, 1934.

 

 

 

Categories
Exam Questions Northwestern Suggested Reading Syllabus

Northwestern. Monetary Policy Readings and Exam. Modigliani, 1961

 

Between his professorships at Carnegie and MIT, Franco Modigliani briefly held a professorship at Northwestern. It appears that Northwestern could not be faulted in its pursuit and courtship of Modigliani, but one sees that Modigliani’s academic heart was left in Cambridge. He answered the call to MIT, undoubtedly leaving a broken hearted colleague or two in Evanston.

Below the reading list and final exam questions for Franco Modigliani’s course at Northwestern “Monetary Policy”.

____________________________

Modigliani remembers Northwestern

Carnegie granted me a sabbatical year in 1957-58, during which I was a visiting professor at Harvard, where I stood in for Leontief (who was on leave)…At the end of 1959 I was again invited to be a visiting professor, but this time at MIT. I intended to accept, but the administration at the Carnegie Institute was against it. In that period I felt rather annoyed by the university, for I had the impressiona that the administration did not intend to invest resources in the economics sector. To my dismay, they decided not to replace an excellent economist, Alexander Henderson, who had worked alongside me and died prematurely…
Serena and I therefore decided it was time to move on and accepted MIT’s offer and an invitation to occupy a permanent chair at Northwestern University, with the proviso that I be allowed to retain my post of visiting professor at MIT. The year 1960, then, was a crucial one, for I fell in love with MIT. It was a delight to have so many colleagues who were both at the top of the profession and pleasant. The administration aimed only to oil the wheels of the teacher’s liffe, and the students were all of the first quality…
At MIT everyone knew I had the commitment to go to Northwestern and, nobless oblige, no one tried to deter me. The University of Northwestern [sic] gave us a grand welcome. We found a large funished house awaiting us near the campus, and we were taken to avarious areas in order that we might choose where to buy our home. But we made too many comparisons with MIT and could not make the decision to put down roots. Everyone was too kind, too solicitous, and maybe we had the feeling as of being animals in a zoo, with everybody asking us about Italy. Well, our hearts were still back at MIT. Judge, then, how happy we were when, at Christmas, the dean of the Sloan School at MIT phone me and asked: “Franco, now you’ve had a taste of Northwestern…what about coming back to us?” We had no hesitation, and in June 1962 Serena returned to Massachusetts alone and bought our house in Belmont, where I joined her as soon as I had finished my classes in Evanston and where we spent 36 happy years.

Source:  Franco Modigliani, Adventures of an Economist. New York: Texere, 2001, pp. 91-2.

____________________________

NORTHWESTERN UNIVERSITY
Department of Economics
Economics C-30
Mr. Modigliani

Fall Term 1961

C-30 MONETARY POLICY

Reading List I

Books suggested for general background and review

Chandler—The Economics of Money and Banking, 3rd edition
Day and Bean—Money and Income
Sayers—Modern Banking

  1. The Supply of Money, the Banking System, Financial Intermediaries and the Matrix of Claims

Meade, J. E.—“The Amount of Money and the Banking System”—Readings in Monetary Theory.
The Federal Reserve System—Purposes and Functions—Ch. I-VIII and XIII
H.C. Carr—“Why and How to read the Federal Reserve Statement” Journal of Finance, Dec. 1959
Roosa, R. V.—Federal Reserve Operations in the Money and Government Securities Markets
Chandler, L. V.—“Federal Reserve Policy and the Federal Debt”—Readings in Monetary Theory
Federal Reserve Bulletin—August 19959 “A quarterly presentation of Funds, Saving and Investment”

 

Reading List II

  1. The Demand for Money

Fisher, I.—The Purchasing Power of Money, Chs. 1-6 and 8
Robertson, D.—Money, Chs. 4-6
Pigou, A.C.—“The Value of Money”, Readings in Monetary Theory
Hicks, J. R.—“A suggestion for simplifying the Theory of Money”, Readings in Monetary Theory
Tobin, J.—“The interest elasticity of Transaction Demand for Cash”, Review of Economics and Statistics (RE&S), August 1956
Keynes, J. M.—General Theory, Ch. 15
Friedman, M.—“The Restatement of the Quantity Theory of Money”, in Studies in the Quantity Theory of Money
Latané, H.A.—“Cash Balances and the Interest Rate”, RE&S, Nov. 1954, pp. 456-460
___________–“Income Velocity and Interest Rates”, RE&S, Nov. 1960, pp. 445-449
Stedry, A.C.—“A Note on Interest Rates and the Demand for Money”, RE&S, August 1959
Bronfenbrenner and Mayer—“Liquidity Functions in the American Money”, Econometrica, October 1960, Sects. I-IV
Friedman, M.—“The Demand for Money: Some Theoretical and Empirical Results”, JPE, August 1959

 

Reading List III

  1. The Modus Operandi of Monetary Policy—Money and Liquidity—Monetary and Fiscal Tools.

Keynes, J.M.—A Treatise on Money—Ch. 13, 31, 37.
Keynes, J.M.—The General Theory of Employment, Interest and Money—Ch. 2, 6, 10, 11, 18, 19, 21.
Hicks, J.R.—“Mr. Keynes and the Classics”—Readings in the Theory of Income Distribution.
Modigliani, F.—“Liquidity Preference and the Theory of Interest and Money”—Readings in Monetary Theory (except sections 10 and 13)
Patinkin, D.—“Price Flexibility and Full Employment”—Reading in Monetary Theory
Tobin, J.—“A Dynamic Aggregative Model”, JPE, April, 1955 (espec. pp. 103-111)
Modigliani, F.—“Long Run Implications of Alternative Fiscal Policies and the Burden of the National Debt”—(Mimeographed)
Roosa, R.V.—“Interest Rates and the Central Bank”—Money, Trade and Economic Growth; Essays in Honor of John H. Williams
Kareken, J.H.—“Lender’s Preferences, Credit Rationing and the Effectiveness of Monetary Policy”, Review of Economics and Statistics, August 1957.
Friedman, M.—“A Monetary and Fiscal Framework for Economic Stability” Readings in Monetary Theory.
American Assembly—United States Monetary Policy Ch. 1, 2, 7.
Friedman, M.—A Program for Monetary Stability, (Fordham University Press)
Axilrod, S.H.—“Liquidity and Public Policy,” Federal Reserve Bulletin, October 1961.

 

Reading List IV

  1. The Term Structure of Interest Rates, Monetary Policy and Debt Management

*Lerner, A.P.—“Essential Properties of Interest and Money”, QJE, May 1952
*Lutz, F.—“The Structure of Interest Rates”, Readings in the Theory of Income Distribution.
Hawtrey, H. G.—A Century of Bank Rates, Ch. VI
*Tobin, J.—“Liquidity Preference as Behavior Toward Risk”, Review of Economic Studies, Feb. 1958
*Meiselman, D.—“Expectations, Errors, and the Term Structure of Interest Rates” (mimeographed)
*Riefler, W.W.,–“Open Market Operations in Long Term Securities”, FRB, Nov. 1958
*Young, R.A. and Yager, C.A.—“The Economics of ‘Bills Preferably’” QJE, August, 1960.
Conrad, J.W.—An Introduction to the Theory of Interest. University of California Press, 1959 (especially part Three)

 

Final Examination
December 14, 1961
8:00-10:00

ANSWER ANY FOUR QUESTIONS

  1. Under the present system commercial member banks are required to keep a reserve proportional to their demand deposit liability in the form of cash or deposits with the Federal Reserve Banks.
    1. What is the function and role of these reserve requirements?
    2. What would be the major implications of requiring a reserve proportional to their commercial loans rather than to their demand deposits. Explain whether and why you would favor or oppose such a change?
  2. Some authors have maintained that the ability of certain financial intermediaries other than banks to create close money substitutes seriously impairs the effectiveness of monetary policy. Spell out the argument and assess its validity.
  3. Evaluate the relative merits and shortcomings of monetary and fiscal policies in dealing with “cost push” inflation.
  4. Explain the essence of the so called “availability doctrine” and its relevance for an understanding of the modus operandi of monetary policy.
  5. State the main arguments for and against the “bills only” doctrine and give your own evaluation and recommendation.
  6. The Federal Reserve Board and the Federal Deposit Insurance Corporation have recently raised the maximum rate payable on time deposits from 3 to 4%.
    1. What are the purposes and the likely effects of this move?
    2. Even though the new provision does not apply to Saving and Loan Institutions a spokesman for the United States Saving and Loan League was quoted by the Sun-Times of December 2 to the effect that the change “may very well mean some dividend rate increase by Savings and Loan institutions in different parts of the country” and “If Savings and Loans have to pay more for dividends they will have to increase rates on mortgages. This is a surprising development in view of the administration’s announced drive to hold mortgage rates down.” Assess this statement critically.

 

Source: Duke University, Rubenstein Library. Franco Modigliani Papers, Box T6, Folder “Teaching material, Economics, 1961”.

Image Source: Website Archivio Storico degli economisti.

 

 

 

Categories
Courses Princeton Suggested Reading Syllabus

Princeton. Money and Banking Syllabus. F.W. Fetter, 1933-34

 

Today’s posting takes us to the money and banking course at Princeton taught by Frank W. Fetter in the first semester of the 1933-34 academic year. The course outline along with the reading assignments come from his papers at Duke’s Economists’ Papers Archive. I have tracked down the assignments and have provided links where I have found them. What I particularly like about this course syllabus is that the reading assignments appear to be feasible, i.e. real and not nominal.

________________

List of Lectures, 1933-34
Economics 401 – Money and Banking

A. Money

  1. Nature and Evolution of Money
  2. Functions and Qualities of Money
  3. Characteristics of an Ideal Monetary System
  4. Credit (in general) and Commercial Bank Credit as Money
  5. The Value of Money
    1. The Quantity Theory
    2. Other Theories
    3. Synthesis
  6. Monetary History
    1. General
    2. In the United States
  7. Price Movements and their Consequences
  8. Foreign Exchange
  9. Monetary Standards
    1. The Gold Standard
    2. The Silver Standard
    3. Bimetallism
    4. Paper Standards
    5. The Tabular Standard

B. Banking

  1. Financial Institutions
  2. Commercial Banking
    1. Theory
    2. Social Effects
    3. Structure
    4. Federal Reserve System
    5. Branch Banking

C. Monetary and Banking Policy in Relation to Business Stability

  1. The Banks, the Money Market, and the Stock Exchange
  2. Banking and the Business Cycle

D. Monetary and Banking Reform

  1. Monetary Reform
  2. Banking Reform
  3. General Conclusions

________________

PRINCETON UNIVERSITY
Assignments in Money and Banking
1933-1934

Week of
1. Robertson: Money. Chs. 1-3 Oct. 2
2. White: Money and Banking. Pp. 79-139; 150-81 9
3. Warren & Pearson: Prices. Chs. 1-3, 22. 16
4. Bradford: Banking. Chs. 12, 13.
Griffin: Foreign Exchange. Pp. 61-72; 205-47. (Supplementary: To be read in case the subject is not clear from material in Bradford.)
The Business Section of a Newspaper.		 23
5. Robertson. Ch. 4.
Gregory: The Gold Standard and Its Future. Pp. 1-83.		 30
6. Graham: The Fall in the Value of Silver and Its Consequences. Nov. 6
7. Dunbar: The Theory and History of Banking. Pp. 9-58.
Robertson. Ch. 5		 13
8. Bradford. Chs. 2-5. 20
9. Bradford. Chs. 8-11. 27
10. Burgess. Pp. 65-168. Dec. 4
11. Burgess. Pp. 169-296. 11
12. Bradford. Chs. 16-20
Vanderlip: What About the Banks?		 18
13. Warren & Pearson. Chs. 9-17, 19. Jan. 8
14. Robertson. Chs. 9-17, 19.
Anderson: Equilibrium Creates Purchasing Power.
Magee: New Deal Legislation.		 15
(The assignments for the last three meetings are subject to changes or additions.)

Source: Duke University, David M. Rubenstein Library, Economists’ Papers Archive. Frank Whitson Fetter Papers, Box 55, Folder “Teaching, Ec 401-Money and Banking (Princeton University) 1933-1934”.

________________

 Course Bibliography and Links

D. H. Robertson. Money. New York: Harcourt, Brace and Company, 1922.

Horace White. Money and Banking—Illustrated by American History. (Fifth edition). Boston: Ginn and Company, 1914.

George F. Warren and Frank Ashmore Pearson. Prices. New York: John Wiley & Sons, 1933.

Frederick A. Bradford. Banking. New York: Longmans Green, 1932.

C. E. Griffin. Principles of Foreign Trade. New York: Macmillan, 1924. [pages from chapters V and XIII]

T. E. Gregory. The Gold Standard and Its Future (3nd ed.). New York: E. P. Dutton, 1935.

Frank D. Graham. The Fall in the Value of Silver and Its Consequences. Journal of Political Economy, Vol. 39, No. 4 (Aug. 1931), 425-470.

Charles F. Dunbar. The Theory and History of Banking. (3rd edition, enlarged by Oliver M. W. Sprague). New York: G. P. Putnam’s Sons, 1917.

W. Randolph Burgess. The Reserve Banks and the Money Market. New York: Harper & Bros., 1927.

Frank Arthur Vanderlip. What about the Banks? Saturday Evening Post (5 November 1932), 3-5, 64-66.

Benjamin M. Anderson, Jr.. Equilibrium Creates Purchasing Power. The Chase Economic Bulletin 11 (June 12, 1931), 3-16.

James D. Magee, W. E. Atkins and E. Stein. The National Recovery Program. New York: Crofts. 1933. (Magee writes about money, banking and finance. “Reprints of portions of recent legislation are included.”)

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

Categories
Courses New School Suggested Reading Syllabus

New School for Social Research. Elementary Mathematical Economics. Marschak’s Readings, 1940

 

The previous posting provided a list of economics courses announced for 1939-40 at the Graduate Faculty of Political and Social Science at the New School for Social Research. There we read that Dr. Jakob Marschak was to take over the courses taught by Gerhard Colm during the latter’s leave of absence to work in Washington, D.C. It just so happens that in the Papers of Franco Modigliani at Duke’s Economists’ Papers Archive I happened to have found the following reading list for Marschak’s course, Elementary Mathematical Economics, from the Fall term of 1940. Links to almost all of the books on Marschak’s list have been provided below. Those interested in the articles will need to go to a research library with access to jstor.org or having (gasp) hard-copy journal volumes in their collections.

______________________

Graduate Faculty of Political and Social Science
New School for Social Research, 66 West 12 Street, New York City

Fall 1940

Elementary Mathematical Economics
Dr. Jakob Marschak

*Available in New School Library

I. Introductory and General

*Allen, R.G.D. Mathematical Analysis for Economists. 1938
Thompson, S. Calculus Made Easy. 1919
Fisher, Irving A Brief Introduction to the Infinitesimal Calculus. 1897
Osgood Introduction to the Calculus. 1922
   “ Advanced Calculus. 1925.
Courant Differential and Integral Calculus. 2 volumes (1934, 1936)
[Volume One; Volume Two.]
Evans, G. Mathematical Introduction to Economics. New York. 1930
Bowley, A. Mathematical Groundwork of Economics. Oxford. 1924

 

II. Statics of National Output (Macro-Statics)

*Fisher, Irving The Purchasing Power of Money
Marschak, J. Stationary Society with Monetary Circulation. Econometrica. 1934.
Hicks, J. Mr. Keynes and the Classics. Econometrica. 1937

 

III. Statics of Consumers and Firms (Micro-Statics)

(a) Consumers

Edgeworth, F. W. Mathematical Psychics. 1883 (re-edited recently)
*Marshall, A. Principles of Economics. Mathematical Appendix (8th edition)
Hicks, J. and Allen, RGD A Reconsideration of the Theory of Value, Economica. 1934
Hicks, J. Capital and Value. Chapters I – IV 1939
Hotelling, H. Demand Functions with Limited Budgets. Econometrica. 1935
Marschak, J. Personal and Collective Demand Functions. Review of Economic Statistics. 1939

(b) Firms

*Cournot, A. Mathematical Theory of Wealth. 1838. American edition by Irving Fisher. 1927
Hicks, J. Survey of Economic Theory: Imperfect Competition. Econometrica. 1935
Brown, E. H. Phelps Efficacy of Factors of Production. Econometrica. 1936. (3 articles)

(c) General Equilibrium and Distribution

Fisher, I. Mathematical Investigations on Value. Re-edited 1925. New Haven
Walras, L. Éléments d’Économie Politique Pure. 1936
Pareto, V. Manuel d’Économie Politique
Hicks, J. & Walras L. Econometrica. 1934
*Wicksell, K. Lectures, Volume I
Kalecki, M. The Determinants of Income Distribution. Econometrica. 1938
*Douglas, P. The Theory of Wages. New York. 1934
Edelberg Production and Distribution. Econometrica 1936
Fisher, I. The Theory of Interest. 1930

 

IV. Dynamics

Whitman Dynamics of Costs. Econometrica. 1936
Kalecki, M. Essays in the Theory of Economic Fluctuations. London. 1939
*Tinberbergen, J. Verification of Business Cycles Theories. 2 volumes. Geneva. 1939

[Statistical Testing of Business-cycle Theories:
Part I: A Method and Its Application to Investment Activity. 
Part II: Business cycles in the United States of America, 1919-1932]
   “ Explanations: Review of Economic Studies 1940. Economic Journal. 1940
Frisch, R. Propagation in Dynamic Economics, in Economic Essays in Honor of Gustav Cassel, London, 1933.

 

V. Economics and Probabilities

Hagstroem. Pure Economics as a Stochastical Theory. Econometrica. 1936
*Knight, F. H. Risk, Uncertainty and Profit. New York. 1921 and 1933
Pigou, A. C. Economics of Welfare: Appendix on Risk
Marschak, J. Money and the Theory of Assets. Econometrica. 1938
Neyman, J. Lectures on Mathematical Statistics. Chapters on Time Series. Department of Agriculture, Washington

[Lectures and Conferences on Mathematical Statistics, mimeographed, 1938. Augmented second edition in 1952.]
Cowles, A. Can Stock Market Forecasters Forecast? Econometrica. 1933
Jones, H. E. Time Regression Analysis. Econometrica. 1937

 

Source: Duke University. Economists’ Papers Archive in David Rubenstein Library. Papers of Franco Modigliani. Box T1, Folder “Jacob Marschak’s Course, 1940-1949”.

Image Source: Carl F. Christ. History of the Cowles Commission, 1932-1952

Categories
Courses Harvard Suggested Reading Syllabus

Harvard. Draft of Marxian Economics Course Outline. Leontief, ca 1935

 

Edward S. Mason and Wassily Leontief co-taught a semester course “Karl Marx” in the economics department of Harvard in the 1935-36 and 1936-37 academic years. There were few students enrolled in the course and it was not offered in 1937-38, but due to student demand for the course it was offered (it turns out for the last time) by Leontief and Paul Sweezy in 1938-39. The material was incorporated into the course Economics of Socialism.

From Leontief’s papers I have transcribed the undated handwritten outline that was apparently drafted for this course. 

________________________

Outline of Marxian course.

Meetings 1 & 2 to be devoted to bibliography on Marx and the historical and intellectual setting of Marx’s works.—(Perhaps only the 1st meeting)

 

Subjects of discussion.

  1. Dialectical materialism.—

Theses on Feuerbach
Deutsche Idealogie
Engels’ Anti-Dühring
Engels on Feuerbach. —

Hook’s version (Towards an Understanding of Karl Marx)
Eastman—The last stand of dialectical materialism.

(Misère de la Philosophie)

  1. Economic interpretation of history.

(a) Mode of production—productive relations—forces [of] production

(b) Concept of class—proletariat—

How class consciousness is acquired—{Relation of class to productive relations
Role of economic interests—
The class view of history—Marxian interpretation of particular events

(c) Marxian theory of the state and law.

Kritik der Hegelschen Rechtsphilosophie—
Texts from Marx’s writing. —

 

  1. Equilibrium economics vs. Marxian economics

—Lange’s article.          —methodology

 

  1. Marx’s economic analysis—

(a) Theory of value and surplus value.

(b) Laws of capitalist development. —

(c) Capital accumulation, population, theory of crises—wage tendencies, etc.

 

  1. Dictatorship of the proletariat and democracy. —

  2. Marxian theory of revolution—

 

[second page]

Communist Manifesto

  1. Capital 1st vol. Entire. 800
  2. Theses on Feuerbach. — 20
  3. Comments Gotha Program 20
  4. Anti-Dühring—Same parts— 150
  5. Rev. & Counterrev. 150

or Civil War in France. {Letters—[unclear word] Publishers 300 pp.

  1. Intro. to Critique.

______________

            Hook— 100 p.

Eastman— 60

 

________________________

Links to Leontief’s Reading Assignments.

Marx, Karl. Critique of the Gotha programme, in Marx/Engels Seleccted Works Vol Three, pp. 13-30. Moscow: Progress Publishers, 1970.

Frederick Engels. Landmarks of Scientific Socialism “Anti-Duehring”. Austin Lewis, trans. Chicago: Charles H. Kerr & Company. 1907.

Marx/Engels: Karl Marx and Frederic Engels. Manifesto of the Communist Party. Chicago: Charles H. Kerr & Company, ca. 1910.

Marx: Karl Marx. Capital.

Engels, Friedrich. Ludwig Feuerbach and the End of classical German philosophy, by Frederick Engels (1886).

Marx, Karl. Revolution and counter-revolution. Or Germany in 1848. Ed. by Eleanor Marx Aveling. Chicago: Charles H. Kerr & Company, 1919.

Marx, Karl. The Paris Commune […including “The Civil War in France”], New York: New York Labor News Company, 1920.

Selected correspondence, 1846-1895 [of] Karl Marx and Friedrich Engels; [translated with commentary and notes by Dona Torr]. Published 1934 by Martin Lawrence Ltd. in London .     New edition published in 1936. (The Marxist-Leninist Library, vol. 9)

Marx, Karl. A Contribution to the Critique of Political Economy with an Appendix Containing Marx’s Introduction to the Critique. Chicago, Charles H. Kerr & Company, 1904.

 

Source:  Harvard University Archives. HUG 4517.30, Wassily Leontief Papers. Manuscripts and Research Notes 1930-1970, Box 5, Folder “Marx and Theory”.

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Regulation of Public Utilities and Transportation. Chamberlin, 1939-40

 

This is the third industrial organization/regulation semester course offered at Harvard in the immediate pre-WWII era. Syllabi and other material have previously been posted for E. S. Mason and P. Sweezy’s “The Corporation and its Regulation” and Mason’s “Industrial Organization and Control”. Edward H. Chamberlin’s teaching portfolio at Harvard included transportation economics from 1931. Here the focus is on regulation of natural monopolies such as public utilities and railroads.

______________________

Course Description, 1940-41

[Economics 63b 2hf. Public Utilities (including Transportation).] Half-course (second half-year). Tu., Th., (at the pleasure of the instructor) Sat., at 12. Professor Chamberlin.
Omitted in 1940-41; to be given in 1941-42.

The regulation of the public utility and transportation industries as a phase of the control over economic activity exercised by the modern state. Rates, service, earnings, efficiency, financial practices, holding companies and consolidations, coordination, national planning, government competition with private enterprise, and public ownership.

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. 57.

______________________

Enrollment 1939-40

[Economics] 63b 2hf. Professor Chamberlin.—Public Utilities (including Transportation).

Total 90: 1 Graduate, 43 Seniors, 34 Juniors, 5 Sophomores, 7 Other.

Source: Report of the President of Harvard College, 1939-40, p. 99.

______________________

Economics 63b
1939-40

Reading List

Principal books used:

D. P. Locklin, Economics of Transportation (revised ed.)
Mosher & Crawford, Public Utility Regulation
Wilfred Owen, Highway Economics
G. L. Wilson, [J. M.] Herring, [R. B.] Eutsler, Public Utility Regulation

 

Week

Assignment

1

 Development of railroad transportation and regulation to 1920 Locklin, Chs. 1-5, 9, 10

2

 Theory of railroad rates — competition and control Locklin, Chs. 7, 14

3

 Particular rates, discrimination: railroads Locklin, Chs. 6, 8, 20

4

 Particular rates, discrimination: utilities Mosher & Crawford, Introduction and Chs. 17-21

5

 Legal and economic criteria for public utilities
Commissions, legislatures and courts		 Mosher & Crawford, Ch. 1
Mosher & Crawford, Chs. 2-6
Locklin, Ch. 13

6

 Railroad consolidation Locklin, Ch. 11
Jones, Principles of Railway Transportation, Ch. 17
Locklin, Ch. 19, pp. 315-21, 643-42

7

 Railroad consolidation, financial regulation
(Hour examination, Thursday, March 21)		 Locklin, Chs. 12, 25, 26

8

 Public Utility Holding Company
National Power Policy		 Wilson, et al. Ch. 11; pp. 310-319, Chs. 15, 16

Vacation

9

 Control of investment, general rate level, earnings Mosher & Crawford, Ch. 7
Locklin, Chs. 15-18

10

 Control of investment (continued)
Highway transport		 Mosher & Crawford, Chs. 8, 9, 16
Owen, whole essay

11

 Highway, water and air transport; coordination Locklin, Chs. 33, 34, 31, 35, 36

12

 Public ownership Locklin, Ch. 29
Mosher & Crawford, Chs. 32-34 and Conclusion

 

Source: Harvard University Archives. Department of Economics. Correspondence & Papers 1902-1950 (UAV.349.10). Box 23, Folder “Course outlines 1935-37-38-42”.

______________________

Reading Period Assignment

Economics 63b: Read one of the following:

  1. First Report of the Federal Coördinator of Transportation, pp. 1-37.
    Fourth Report of the Federal Coördinator of Transportation, pp. 1-60.
    Report—Immediate Relief for Railroads (April, 1938), 19-71 (75th Congress, 3rd Session, House Doc. No. 583).
    Report of Committee Appointed by the President—Recommendations upon the General Transportation Situation (Dec., 1938), pp. 3-64 (Committee on Public Relations of Eastern Railroads).
  2. S. Daggett, Principles of Inland Transportation (revised edition). Chs. 36-37 [3rd edition, 1941].
    Three articles by H. E. Dougall on French Railways in Journal of Political Economy, June, 1933; June, 1934; April, 1938.
    Annals of American Academy of Political and Social Science. January, 1939, pp. 185-226.
  3. A. L. Gordon, The Public Corporation in Great Britain, Chs. 1, 3, 4, 6.
  4. Bauer and Gold, 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 (HUC 8522.2.1). Box 2, Folder “1939-40 (1 of 2)”.

______________________

1939—1940
HARVARD UNIVERSITY

ECONOMICS 63b2

Write on FIVE questions, including numbers 1 and 6.*

  1. According to what principles do you believe the level of earnings of railroads and utilities should be regulated? Discuss the chief problems arising out of applying your principles to the situation as you find it in the United States.
  2. Contrast and evaluate the Public Utility Holding Company Act of 1935 and the Tennessee Valley Authority as alternative methods of public utility regulation.
  3. What various solutions have been proposed for the strong and weak road problem? Discuss the advantages and disadvantages of each.
  4. Discuss the possibilities and limitations of reducing the cost of railroad transportation (a) through consolidation or coordination without government ownership; (b) through government ownership.
  5. Do you believe this country should subsidize directly or indirectly any means of transportation? If so, what means, to what extent and why? If not, why not?
  6. Answer the question corresponding to your reading period choice:
    1. (Coördinator’s and other reports) which of the recommendations in the several reports assigned would you consider most relevant to the transportation problem as it appears in 1940? Indicate your own evaluation of them.
    2. (Foreign railways) Contrast the French rate-making scheme set up by the Convention of 1921 with the rate-making arrangement prevailing in the United States after 1920. How do you account for the differences?
    3. (Gordon) “More than any other existing institution in Great Britain, the Central Electricity Board has faced and met a task of economic rationalization on a national scale.” What were the factors which led to a demand for rationalization and how was this rationalization accomplished?
    4. (Bauer and Gold) Discuss any two or three of the chief issues raised by your reading in Bauer and Gold relative to valuation for rate making purposes.

*If you prefer, instead of answering specific questions, you may write a three hour essay describing what you consider to be the chief problems confronting the railroad and utility industries in the United States today and outlining (and defending) a program of legislation to meet them.

Final. 1940.

 

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

Image Source: Edward H. Chamberlin from Harvard Class Album 1946.

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Syllabus and Final Exam for Industrial Organization and Control. Edward S. Mason, 1939-40

 

Following the first term course Economics 61a (The Corporation and its Regulation) that he co-taught with Paul Sweezy, Edward S. Mason taught the following term course Economics 62b (Industrial Organization and Control) that was focussed on market structures and antitrust policies.

Besides being the co-director for the Department of Labor’s studies for the Temporary National Economic Committee (The Online Books Page provides links to TNEC publications), during the immediate period before the U.S. entered WWII he was a consultant  for raw material problems for the Office of Production Management. In 1941 he joined the Office of Strategic Services where he served as the deputy director of the Research and Analysis Branch. This and some of his following government service is discussed in his Oral History Interview  at the Harry S. Truman Library & Museum.

Fun Fact:  John F. Kennedy took this course in the second semester of his senior year (1940).

______________________

Course Description, 1940-41

Economics 62b 2hf. Industrial Organization and Control. Half-course (second half-year). Tu., Th., Sat., at 11. Professor Mason.
Economics 61a is a prerequisite for this course.

This course deals with the nature of monopolistic and competitive markets, the economic problems of large scale enterprises and combinations, the trust problem, and trust policy. Particular attention will be paid to recent changes in our system of industrial control.

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. 57.

______________________

Enrollment 1939-40

[Economics] 62b 2hf. Professor Mason.—Industrial Organization and Control.

Total 95: 1 Graduate, 20 Seniors, 53 Juniors, 13 Sophomores, 8 Other.

 

Source: Report of the President of Harvard College, 1939-40, p. 99.

 

______________________

Economics 62b
1939-40

Industrial Organization and Control
Outline and Assignments

 

Week of

 Lectures

Assignment

I
THE ECONOMICS OF THE FIRM

1. Feb. 5-10

 1. Outline of field.
2. The decline of competition?
3. The problem of monopoly in law and economics.		 Burns, Chs. 1, 9.

2. Feb. 12-17

 1. The market position of the individual firm.
2. Costs and rate of output.
3. The relation of size to costs.		 Hamilton, pp. 320-88, 395-429, 449-500.

3. Feb. 19-24

 1. The flexibility of costs.
2. Vacation.
3. Section.		 Structure of the American Economy, Chs. 7, 8.

II
TYPES OF INDUSTRIAL MARKETS

4. Feb. 26-March 2

 1. Cotton textiles.
2. [continued]
3. The problem of excess capacity.		 Whitney, Chs. 2, 3.

5. March 4-9

 1. Price discrimination.
2. Bsing point systems and other types of geographical price discrimination.
3. [continued]		 Burns, Chs. 6, 7.

6. March 11-16

 1. Markets in which sellers are few, agricultural implements.
2. Automobiles.
3. Examination.		 Burns, Chs. 3, 4.

7. March 18-23

 1. Aluminum.
2. Construction industries.
3. [continued]		 Burns, Ch. 5.
Price Research in Steel and Petroleum, Part II.

8. March 20-25

 1. Competition between channels of distribution.
2. Non-price competition.
3. Section.		 Burns, Ch. 8.
Cassels, Q.J.E.
Chain Stores—Final Report, pp. 23-49.

Vacation

III
GOVERNMENT REGULATION

9.   April 8-13

 1. The anti-trust acts.
2. Mergers and restraints of competition.
3. Robinson-Patman Act.		 Seager & Gulick, Chs. 17-20.

10. April 15-20

 1. Federal Trade Commission.
2. Problem of unfair practices.
3. Bituminous Coal Commission.		 Seager & Gulick, Chs. 21-23.

11. April 22-27

 1. N.R.A.
2. N.R.A.
3. Section		 National Recovery Administration, Chs. 20-24.

12. April 29-May 4

 1. Fair trade legislation.
2. Issues in the Monopoly
3. Present status of the monopoly problem.		 National Recovery Administration, Chs. 25-30.

 

Titles of books assigned.

A. R. Burns, The Decline of Competition.
Seager and Gulick, Trust and Corporation Problems.
W. Hamilton, Price and Price Policies.
Lyon and others, The National Recovery Administration.
S. Whitney, Trade Associations and Industrial Control.
J. M. Cassels, “The Marketing Machinery in the United States,” Quarterly Journal of Economics, August, 1936.
Federal Trade Commission, Final Report on Chain Store Investigation, Senate Document No. 4, 74th Congress, 1st Session.
National Resources Committee, The Structure of the American Economy.
National Bureau of Economic Research, Price Research in the Steel and Petroleum Industries.

Reading period assignment to be announced.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “1939-40 (2 of 2)”.

______________________

Reading Period Assignment

Economics 62b: Read one of the following:

  1. Lloyd Reynolds, The Control of Competition in Canada.
  2. National Bureau of Economic Research, Textile Markets.
  3. B. Gaskill, The Regulation of Competition.
  4. Pribram, Cartell Problems.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “1939-40 (1 of 2)”.

______________________

Course Final Exam

1939—1940
HARVARD UNIVERSITY

ECONOMICS 62b2

I
About 45 minutes

  1. Write a critical appraisal of the book you read for the reading period assignment.

II
Answer both questions

  1. Do you think that the use of a basing-point system of price quoting in the iron and steel industry eliminates price competition? Discuss.
  2. How would you explain the fact that in the middle of the 1920’s competition in the automobile industry noticeably shifted from an emphasis on price to an emphasis on non-price factors?

III
Answer all questions

  1. The Robinson-Patman Act is “an anti-competition statute slipped into the anti-trust laws.” Discuss.
  2. Do you think that, as the Courts have interpreted the anti-trust acts, a different standard of legality has been applied to “integrated” than to “loose” combinations? Discuss.
  3. Assuming that the preservation of competition is a desirable objective, what do you consider to be the largest gaps in our anti-trust legislation?

Final. 1940.

 

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

Image Source: Webpage “Oral History Interview with Edward S. Mason. Harry S. Truman Library & Museum. Portrait of Edward S. Mason.

Categories
Harvard Suggested Reading Syllabus

Harvard. Corporation and its Regulation. Syllabus and readings. Mason and P. Sweezy, 1939-40

 

The teaching duo of Edward S. Mason and Paul M. Sweezy taught a popular course on the theories of socialism at Harvard as well as the course of today’s posting that provides the syllabus and reading assignment for a one semester course on corporations. Also two problem sets discussed in the recitation sections were found filed with the course outline and are transcribed below. 

This course was a prerequisite for Mason’s second term course “Industrial Organization and Control”.

______________________

Course Description, 1940-41

Economics 61a 1hf. The Corporation and its Regulation. Half-course (first half-year). Tu., Th., Sat., at 11. Professor Mason and Dr. P. M. Sweezy.

This course deals with the development of the modern business corporation, and corporate accounting, and financial practices. Particular attention will be paid to the internal organization of the corporations including the relation between security owners and management. State and Federal regulation of incorporation and security issue and the nature of the government corporation will form a part of the course.

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), pp. 56-57.

______________________

Enrollment 1939-40

[Economics] 61a 1hf. Professor Mason and Dr. P. M. Sweezy.—The Corporation and its Regulation.
Total 169: 2 Graduates, 51 Seniors, 84 Juniors, 19 Sophomores, 2 Freshmen, 11 Other.

Source: Report of the President of Harvard College, 1939-40, p. 99.

______________________

Economics 61a
1939-40

Outline

 

Date Lecture Subjects Reading
Sept. 27-30 Introduction
History of the Corporation		 C. C. Abbott, “The Rise of the Business Corporation” [Ann Arbor, 1936]
Oct. 1-7 History of the Corporation
Capital and Capitalization
Financial Problems		 Dewing I: 2-4
Oct. 8-14 Valuation and Depreciation
Valuation and Depreciation
Section		 Dewing III:1-4,   IV:3-5
Oct. 15-21 Corporate Reorganization
Case Studies in Corporate Reorganization		 Dewing IV:7-8, VI: 1-2
Oct. 22-28 Ownership, Management, and Control
Case studies of individual companies
Section		 Berle and Means I:1-6, II: 5-6
Oct. 29-Nov. 4 The Economics of the Firm
Size and Efficiency
Examination		 Clark, “Economics of Overhead Costs” Chs. 4,6;
[Henry] Dennison, Management in
[Recent Economic Changes in the United States, New York, 1929], Vol. 2
Nov. 5-11 Management Problems
Corporation and the Theory of Profits
Section		 Knight “Risk, Uncertainty, and Profit” Chs. 7, 9, 12
Nov. 12-18 The Corporation and Private Property
Case Study
Corporate Concentration of Economic Control		 Berle and Means IV:1-4;
Structure of the American Economy, Chs. 7,9; Appendices 9-13
Nov. 20-26 The Stock Market
Sale of New Securities
Ownership of Securities		 20th Century Fund “The Security Markets” Chs. VIII, IX, XI, XIII
Nov. 27-Dec. 3 Ownership of Securities
Holiday
Section Meeting		 “The Security Markets” Chs. III, IV, VI
Dec. 4-10 Institutional Investment
Development of Corporation Law
Development of Corporation Law		 Berle and Means, Book II
Dec. 11-17 The Securities Act and the Securities and Exchange Commission
The Government Corporation		 4th Annual Report of the Securities and Exchange Commission
J. H. Thurston “Government Proprietary Corporations” Chs. I, VI

 

Economics 61a
Section Meeting
Oct. 13-14, 1939

  1. Discuss the significant differences between the modes of raising capital of the following firms, as indicated by their capital stock and funded debt:
    1. United States Steel Corporation (1934)

Common Stock

$870,000,000

Preferred Stock

360,000,000

Surplus

520,000,000

Bonds guaranteed by U.S.S.C.

50,000,000

Not guaranteed

40,000,000

Purchase Money Obligations

16,000,000

$1,856,000,000
  1. International Harvester Company (1937)

Common Stock

$170,000,000

Preferred stock

82,000,000

Surplus

75,000,000

$327,000,000
  1. Associated Gas and Electric Company (1937)

Capital Stock and Surplus

$148,000,000

Minority Interest

94,000,000

Convertible Bonds

49,000,000

Other Funded Debt

598,000,000

$889,000,000
  1. New York Central Railroad Company (1937)

Capital Stock

$562,000,000

Surplus

204,000,000

Equipment Obligations

31,000,000

Mortgage Bonds

513,000,000

Debenture Bonds

5,500,000

Collateral Trust Bonds

90,000,000

$1,405,500,000
  1. Discuss the influence of dividend policy on the interests of the following types of shareholder:
    1. Common stock.
    2. Non-participating, non-cumulative preferred.
    3. Non-participating, cumulative preferred.
    4. Participating, non-cumulative preferred.
    5. Participating, cumulative preferred.
    6. Debenture bond.
  2. Until about 1930 the courts generally held that non-cumulative preferred shareholders had a claim against the company for dividends equal to the stated percentage in their shares provided such dividends had been earned but not declared. Does this mean, in effect, that no company could really issue non-cumulative preferred stock prior to 1930? Can you see any reason why the courts should take such a stand?

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “1939-40 (2 of 2)”.

______________________

Reading Period Assignment
Jan. 4-17, 1940

Economics 61a: Read one of the following:

  1. Kennedy, E. D., Dividends to Pay.
  2. Flynn, J. T., Security Speculation
  3. Gordon, Lincoln, The Public Corporation in Great Britain.
  4. Crum, W. L., Corporate Size and Earning Power.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “1939-40 (1 of 2)”.

Image Source: Edward S. Mason and Paul Sweezy from Harvard College Class Album 1937.

Categories
Chicago Courses Suggested Reading Syllabus

Chicago. Hayek’s Seminar “Equality and Justice”, 1950-51

 

When Friedrich Hayek came to the University of Chicago in 1950, he organized a faculty seminar to run for two consecutive quarters on the subject “Equality and Justice”. A draft of his letter announcing the seminar as well as its schedule and suggested bibliography are transcribed below. I have added in brackets any handwritten additions found in this material that otherwise was typed.

_____________________

Hayek’s Seminar Announcement to Colleagues

To

Walter J. Blum ✓

Ronald S. Crane ✓

Aaron Director ✓

Milton Friedman ✓

Robert M. Hutchins ✓

Harry Kalven Jr. ✓

Wilber C. Katz ✓

Frank H. Knight ✓

Edward H. Levi ✓

Hans J. Morgenthau ✓

Charner M. Perry ✓

Max Rheinstein ✓

Leo Strauss ✓

W. Allen Wallis ✓

 [handwritten additions]

Peter H. von Blanckenhagen [sp?] ✓

Daniel J. Boorstin ✓

John U. Nef ✓

Robert Redfield ✓

Edw. Shils

Yves R. Simon ✓

James R. Smith ✓

Abram L. Harris

 

October 23, 1950

            The first meeting of the seminar on “Equality and Justice”, which I shall be conducting for the Committee on Social Thought, will be held on Wednesday, October 25, at S.S.302. For the following few weeks the seminar will be held on alternate Wednesdays at the same time and place (alternating with Mr. T.S. Elliot’s seminar) and from November 22 on each Wednesday during the Fall, Winter, and Spring quarters.

A provisional program for the discussions of the seminar is enclosed.

It is my hope that the seminar can be conducted with the participation of members of all the various departments concerned, particularly a number of lawyers, economists, and philosophers, and that the discussion will be to some extent a iscussion among faculty members in front of the students, though of course without excluding the students from active participation. My belated arrival in Chicago has unfortunately made it impossible for me to discuss this plan with all those I had hoped personally to invite, and I can thus only at this very late moment inform you of the plan and say that I very much hope that you will be sufficiently interested to take part and that I shall be greatly honored by your presence.

(F.A.Hayek)

_____________________

COMMITTEE ON SOCIAL THOUGHT
Seminar
on
Equality and Justice

Provisional Outline of Program (Oct. 18, 1950)

1) Oct. 25

 Introduction: The problems and outline of program [Hayek]

A. Historical

2) Nov. 8

 The Classical and Scholastic Tradition: Commutative and Distributive Justice [Simons]

3) Nov. 22

[3a) Nov. 29]

 The Egalitarianism of the American and French Revolutions [Boorstin & Simon]
[Rousseau, Kant & the Utilitarians (Bentham & J. S. Mill)]

B. Systemic

(a) Ethical (The Morals of Equality)

4)

 The Meanings of Equality [Hayek]

5)

 Value Judgments and the Analysis of Conflicts of Value Tests of Moral Rules [What is the Test of a desirable Society? Shils]

6)

 Does Justice Presuppose Abstract Principles? The “feeling of right” and the Logic of the Law

(b) Legal (The practice of equality)

7)

 Equality before the law, the Rule of Law (Government of Laws not of Men), Certainty of the Law

8)

 Safeguards: Rights of Men, Division of Powers, Due Process

9)

 The Continental Tradition of the “Rechtsstaat” [, “Verwaltungsrecht”, Common Law, Case Law, (illegible phrase)     Rheinstein]

10)

 Natural Justice and Positive Law [Strauss]

(c) Economic (The Effects of Equality)

11)

 “Equality of Opportunity,” “Equal Starting Point” [Equality & Education]

12)

[12a]

 Equality and Incentives, “Equal Pay for Equal Work”
[Equal Bargaining Power]
“Equalising Wages”
[(I.L.O.) F.E.P.C., “Parity”, Whole Produce of Labour, Equality and Progress, Technological Change, Capital Formation]

13)

 “Just Price” [Knight]

14)

 Equality and the Family, Inheritance, Effects of Property on Inequality, “Unearned Income”

15)

 Progressive Taxation

16)

 Equality and Trade Unionism (Corporativism) [Director]

17)

 The Contribution of Welfare Economics [Friedman]

18)

 International Aspects of Equality, esp. Migration.

[Property and Inheritance]

[1) Reward & Merit]

_____________________

COMMITTEE ON SOCIAL THOUGHT
SEMINAR ON “EQUALITY AND JUSTICE”
(1950-51)

Bibliography

Lord Acton, The History of Liberty, 1904.
C. Bouglé, Les idées égalitaires, 1899.
E. F. Carrit, “Liberty and Equality,” Law Quarterly Review, 56, 1940.
F. S. Cohen, Ethical Systems and Legal Ideals, 1933.
A. V. Dicey, Relation between Law and Public Opinion, 1904.
F. D. Graham, Social Goals and Economic Institutions, 1945.
J. B. S. Haldane, The Inequality of Man.
F. A. Hayek, The Road to Serfdom, 1944 (esp. Chapt. VI).
“          Individualism and Economic Order, 1948 (First Essay)
“          “Scientism and the Study of Society,” Economica, 1942-44.
A. Huxley, Proper Studies, (Essay on Equality).
F. H. Knight, The Ethics of Competition, 1936.
“          Freedom and Reform, 1948.
J. S. Mill, Liberty, 1859.
“          Utilitarianism. 1863. (Chapt. on Justice).
Roscoe Pound, Spirit of the Common Law, 1921.
H. Sidgwick, Elements of Politics.
H. C. Simons, Economic Policy for a Free Society, 1948.
T. V. Smith, The American Philosophy of Equality, 1927.
J. F. Stephen, Liberty, Equality and Fraternity, 1874.
J. Stone, The Province and Function of Law, 1950.
R. H. Tawney, Equality, 1931.
A. de Tocqueville, Democracy in America, 1835.
“          Ancient Regime and the Revolution, 1856.
A. T. Williams, The Concept of Equality in the Writings of Rousseau, Bentham and Kant, 1907.
D. M. Wright, Democracy and Progress, 1948.

_____________________

COMMITTEE ON SOCIAL THOUGHT
Seminar on “Equality and Justice”
(Wednesday 8-10 p.m., SS 302)

PART II: Winter Quarter 1951

Provisional Date

Jan. 3

1. THE MEANINGS OF EQUALITY
D. Thompson, Equality, Cambridge University Press, 1949
R. H. Tawney, Equality, 3rd ed. London (Allen & Unwin) 1938
H. Rashdall, The Theory of Good and Evil, Oxford 1907, vol. I, ch. VIII
E. Brunner, Justice and the Social Order, New York (Harper) 1945
C. Bouglé, Les idées égalitaires, Paris 1899
G. Roffenstein, “Das soziologische Problem der Gleichheit”, Schmoller’s Jahrbuch, XLV, 1921

Jan. 17

2. VALUE JUDGMENTS AND SCIENCE. ANALYSIS OF CONFLICTS OF VALUE. TESTS OF DESIRABILITY OF SOCIAL SYSTEMS.
Max Weber, On the Methodology of the Social Sciences, ed. E. Shils, 1949.
Jan. 24

3. PRINCIPLES AND MORAL JUDGMENT. MORAL SENSE AND THE “FEELING OF JUSTICE”
J. H. Muirhead, Rule and End in Morals, Oxford 1932
J. Bonar, Moral Sense, London (Allen & Unwin) 1930
E. Riezler, Das Rechtsgefühl, Berlin (Walter de Gruyter) 1921
G. Ryle, “Knowing how and knowing that”, Proceed. Aristot. Soc., N.S. 46, 1945
Jan. 31 4. THE ETHICS OF SOCIALISM AND OF LIBERALISM
J. A. Hobson, Economics and Ethics (D. C. Heath) 1929
W. B. Gallie, “Liberal Morality and Socialist Morality”, Philosophy, XXIV, 1949
F. Tönnies, “Ethik und Sozialismus”, Archiv für Sozialwissenschaft, 1905
K. Pearson, The Moral Basis of Socialism. London 1885
Feb. 7 5. NATURAL JUSTICE AND POSITIVE LAW. CONCEPTS OF LAW AND JUSTICE
M. R. Cohen, Law and Social Order, 1933
J. Maritain, The Rights of Man and Natural Law, New York 1943
F. R. Bienenfeld, Rediscovery of Justice 1947
L. Duguit, Manuel de Droit Constitutionel, 1923
G. del Vecchio, La Guistizia, 1924 (trsl. Die Gerechtigkeit, Basel 1940)
F. S. Cohen, Ethical Systems and Legal Ideas, 1933
Feb. 21 6. THE “RULE OF LAW” (“RECHTSSTAAT”, “ETAT DU DROIT”, “STATO DI DIRITTO”) EQUALITY BEFORE THE LAW. GENERALITY OF THE LAW (“RELEVANT DISTINCTIONS”). CERTAINTY OF THE LAW
J. Stone, The Province and Function of Law, Harvard Univ. Press 1950
W. I. Jennings, The Law and the Constitution, 3rd ed. 1943
W. Friedman, Legal Theory, 2nd ed. London 1949
F. A. Hayek, The Road to Serfdom, 1944
A. V. Dicey, Law of the Constitution, 7th ed. 1908
R. Gneist, Der Rechsstaat, Berlin 1872
F. Darmstaedter, Grenzen der Wirksamkeit des Rechtsstaates, 1930
F. Battaglia, “Stato Etico e Stato di Diritto”, Rivista Internationale di Filosofia di Diritto, XVII
G. Leibholz, Die Gleichheit vor dem Gesetz, Berlin 1925
C. A. Emge, “Sicherheit und Gerechtigkeit”, Abh. d. preuss. Akad. d. Wissenschaften, Phil.-Hist. Klasse, 1940, No. 9
H. W. R. Wadem, “The Concept of Legal Certainty”, Modern Law Review, IV, 1941
Feb. 28 LAW AND THE COURTS: DIVISION OF POWERS, APPLICATION AND CREATION OF THE LAW. DUE PROCESS
Literature as under 5 and 6
Mar. 7 8. ADMINISTRATION AND DISCRETION
J. Dickinson, Administrative Justice and the Supremacy of the Law, Harvard University Press, 1927
W. Robson, Justice and Administrative Law
J. Roland Pennock, Administration and the Rule of Law, New York, Farrar & Rinehart 1941

 

Source:  Hoover Institution Archives. Papers of Friedrich A. von Hayek. Box 112, Folder 16.

Image Source: University of Chicago Photographic Archive, apf1-02719, Special Collections Research Center, University of Chicago Library.