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Courses Harvard Syllabus

Harvard. O.H. Taylor’s undergraduate course, Intellectual Background of Economic Thought, 1941

 

 

Starting in the academic year 1940-41, Harvard’s advanced undergraduate honors course in economic theory (Economics 1) was split into two semester courses Economics 1a (Chamberlin: Economic Theory) and 1b (This post. Taylor: Intellectual Background of Economic Thought). The last time Economics 1 was offered as a year course (1939-40), it was taught by Professor Chamberlin, Associate Professor Leontief and Instructor O.H. Taylor. Two years later, 1941-42, the second semester course 1b was taught by Professor Haberler and Associate Professor Leontief under the title “Theory of Production and Distribution of the National Income”. In 1942-43, Economics 1b as “Theory of Production and Distribution of the National Income” was taught a last time by Professor Leontief and Dr. Monroe.

Only for the second semester of 1940-41 was Dr. Overton Hume Taylor to offer Economics 1b according to the syllabus transcribed for this posting. Not a mover and shaker within the Harvard economics department, he was clearly a serious scholar-economist, though out of step with the economics profession of his day. Most historians of economics will recognize a soulmate in Taylor.

Overton Hume Taylor (1897-1987) was born in Colorado, received his B.A. at the University of Colorado in 1921 and Ph.D. from Harvard in 1928. He held the rank of instructor 1929-1960, promoted to professor, 1960-64. He retired from Harvard in 1964, going on to teach at Vanderbilt University.

Here is a link to Taylor’s A History of Economic Thought (1960). 

Recent addition: the final examination questions for “The Intellectual Background of Economic Thought” from the Spring term of 1940-41

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[Course Listing]

Economics 1b 2hf. The Intellectual Background of Economic Thought.

Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor) Fri. at 11. Dr. O. H. Taylor.

 

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1940-41, Second Edition, p. 55.

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[Course Enrollment]

[Economics] 1b 2hf. Dr. O. H. Taylor.—The Intellectual Background of Economic Thought.

14 Juniors, 1 Sophomore:   Total 15.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1940-41, p. 58.

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Economics 1b

The Intellectual Background of Economic Thought

Reading, Lectures, and Discussions. February – May, 1941

 

Read during semester

G. H. Sabine: A History of Political Theory

 

During February

Morris Cohen: Reason and Nature, pp.
A. N. Whitehead: The Function of Reason
Carl Becker: The Heavenly City of the 18th C. Phil’s
O. H. Taylor: Two Articles, Econ. and Nat. Law, Q.J.E. vol. 44, p. 1 and 205.

 

During March

Crane Brinton: The Pol. Ideas of the Eng. Romanticists
Othmar Spann: A History of Econ. Theory
Sidney Hook: The Meaning of Marx
and others

 

During April

Crane Brinton: Eng. Pol. Thought in the 19th Cent. Sections (see Table of Contents) on Bentham, Coleridge, Mill, Cobden, Carlyle, Bagehot, T.H. Green, Spencer.
Alexander Gray: The Development of Econ. Doctrine
R. G. Tugwell and Others: The Trend of Economics. Chapters by Mitchell, Tugwell, Wolfe, Clark, and Knight
Henry Simons: A Positive Program for Laissez-Faire

 

Lectures and Discussions

February 3. Introductory Lecture. Ideologies and Economics. Classical Economics and Liberalism, Marxism, Romantic Nationalism, Modern Liberalism and Positivism. General Background of Intellectual History. Beginnings of Modern Science, Liberalism, Positivism, and Romanticism.
February 5. Lecture. A Criticism of the Economic Interpretation of History.
February 7. Class Discussion of Two Previous Lectures.
February 10. Lecture. Classical Economics and the Moral Basis of Free Enterprise Liberalism.
February 12. Lecture. The Defects of the Old Liberalism, and the Present Crisis.
February 14. Class Discussion of Two Previous Lectures.
February 17. Lecture. Western Positivism and German Romanticism.
February 19. Lecture. Western Positivism and German Romanticism – continued.
February 21. Class Discussion.
February 24. Lecture. The Origins of Positivism and the Mechanistic Cosmology and Sociology.
February 26. Lecture. Teleology and Mechanism, Moral and Natural Science, Mediaeval and Modern Phil.
February 28. Class Discussion.
March 3. Lecture. The Transition from the Moral to the Social Sciences. Ambiguities in the Transition Period. Classical Economics and Liberalism.
March 5. Lecture. The recent Growth of Pure Positivism, and the Change in Liberalism.
March 7. Class Discussion.
March 10. Lecture. The Origins and Nature of the Romantic Movement.
March 12. Lecture. Kant, and Romanticism in German Philosophy and Social Science.
March 14. Class Discussion.
March 17. Lecture. Adam Mueller, Frederich List, and the Historical School: Organicism, Nationalism, and Historical Relativity.
March 19. Lecture. Spiritual-Cultural Science, Culture Epochs; Sombart and Weber; Spann and the Nazis.
March 21. Class Discussion.
March 24. Lecture. The Backgrounds of Marx: Utopian Socialism, Classical Economics, and Hegel. Contributions of Each.
March 26. Lecture. The Essentials of Marxism, and its Relations to the Liberal and Romantic Traditions.
March 28. Class Discussion.
April 7. Lecture. The Physiocrats and Adam Smith. Economic Self-Interest and a Moral, Social Order.
April 9. Lecture. Utilitarianism and Classical Economics.
April 11. Class Discussion.
April 14. Lecture. Ricardian Economics, Utility Economics, and Mathematical Economics.
April 16. Lecture. Marginal Productivity and Distributive Justice.
April 18. Class Discussion.
April 21. Lecture. Monopolistic Competition and its Implications for Public Policy.
April 23. Lecture. The Positivist—and—Modern-Liberal Trend in Monetary and Cycle Theory. J. M. Keynes.
April 25. Class Discussion.
April 28. Lecture. Capitalism, Democracy, Class Struggle, and Liberalism.
April 30. Lecture. Economic Planning in a Free Society.
May 2. Class Discussion.

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Reading Period
May 5-27, 1941

Economics 1b:   Read the following:

Robbins, Nature and Significance of Economic Science.

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Source: Harvard University Archives (HUC 8522.2.1). Syllabi, course outlines and reading lists in Economics, 1895-2003: Box 2. Folder “1940-41”.

Image Source: Harvard Album, 1952.

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Bibliography Suggested Reading Syllabus

Marxism. Recommended sequence of readings. Dannenberg, 1918

While the outline of this posting was explicitly intended for independent self-study, it nonetheless provides a sequence of readings (i.e. a syllabus) for the study of Marxism recommended by someone who sees himself squarely in the orthodox Marxian tradition in 1918.  It is interesting to note that the outline is essentially cast as a preparation to read Capital seen as “an important and tedious[!] task”. Personally, I would be surprised if any university syllabus had actually been based on this outline, but one does get the sense that Karl Dannenberg thought long and hard about his choices and the optimal ordering of the readings which is what a course syllabus should be all about, so it could be a useful benchmark for comparing the actual course syllabi that we find. Besides correcting a few minor misspellings, I have added boldface to highlight the recommended readings.

For a briefing on the author and the periodical in which the outline first appeared, see the introduction to the reprint edition of seven issues of the American socialist periodical, The Radical Review by Joseph R. Conlin (1968). 

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[p. 85]

AN OUTLINE FOR THE STUDY OF MARXISM

[Karl Dannenberg,  originally published in The Radical Review, April 1918.  Pagination taken from the separate publication of his articles.]

AS a fitting supplement to the lectures published under this title in the first three numbers of this magazine, I will now endeavor to furnish the reader with a compilation of works which I deem absolutely essential for a serious and comprehensive study of Socialism. In the humble opinion of the writer, such a study must inevitably lead to a scientific understanding of Marxism — an understanding quite imperative to an intelligent and sound appreciation of Capitalism.

There is probably no social theory outside of the various religious conceptions, and no book except the Bible that can boast of more adherents and advocates the world over than Socialism and “Capital.” Socialism is to-day a factor in the social and political life of every nation, and the theoretical propositions and basic principles of Marxism are at this turbulent period the revolutionary force and intellectual standard around which the workers and all truly disinterested students of Sociology and Political Economy rally in their struggle against the debasing influences of the mercenary Social Sciences. Marxism can, therefore, and without indulging in exaggeration, lay claim to the legacy of Classical Political Economy, and consider itself the only legitimate heir to the scientific values of this science. And acting in accord with this dictate of social development, Marx has raised upon the solid foundation laid by a Petty, Smith, Ricardo and Mill a structure truly massive, colossal and inspiring in its mighty grandeur, and overpoweringly convincing, yes unassailable and irrefutable in the scientific profundity of its construction.

As has been amply elucidated and sufficiently explained, the two propositions upon which the theoretical system of Marx rests and whose proper appreciation is absolutely necessary for a [p. 86] thorough and rational understanding of Marxism are the Materialist Conception of History and the Socialist critique and analysis of capitalist production, or Capitalism. I have dwelt at length upon these two fundamental phases of Socialist letters in my lectures, and, therefore, do not consider it essential to enter upon a discussion of them here, or to even emphasize the importance of their proper study and assimilation.

Every scientist will concede that the basis for a competent understanding of or mastery over any branch of learning rests solely in systematic study and the well organized classification and application of the knowledge or subject matter absorbed. Socialism is no exception to the rule. For a thorough knowledge of the elements of Socialist Philosophy and Economics a well planned and systematically executed course of critical reading and diligent study is absolutely essential. Such a course of reading and study is, however, taking the present conditions in the field of Socialist literature as a criterion, not so easily compiled; especially, if the prospective student attempts to perform this task himself, i. e., without procuring the advice or counsel of a competent authority. In no field of intellectual endeavor or pursuit, in no science are there more snares, snags and traps awaiting the unwary and trusting student than in the field of theoretical Socialism. And when we view the innumerable collections of irresponsible, defective, yes in many cases fundamentally erroneous works which are daily offered to the public as “recognized textbooks” on Socialism, then we can easily account for this ungratifying situation and also readily explain the Babylonian confusion and criminal inconsistency at times rampant in the Socialist movement. Furthermore, when perceiving that such “textbooks,” which in the most cases are at best only unquestionable testimonials of their author’s ignorance of Socialism, are circulated by responsible agencies in the Socialist Party, then the unbiased Socialist, to whom clarity in Socialist letters is more than a cherished aspiration, must confess [p. 87] that it certainly is not such a simple task after all for the uninitiated seeker to arrive at a clear and scientific conception of Marxism.

I believe I am not exaggerating when I state that no movement has placed its founder upon a higher pedestal, or paid a greater tribute to its master than the Socialist movement. If anyone desires to view an example of deep gratitude and noble affection let him study the whole-hearted idolization of Karl Marx indulged in by the proletariat the world over. There is no civilized country upon the globe in which there are not hundreds of thousands of workingmen who proclaim themselves adherents to Marx’s teachings. The picture of this great thinker adorns the parlor of every Socialist home, and can be found in every Socialist or trades-union hall. His masterpiece and textbook of scientific Socialism, “Capital,” enjoys the undivided admiration of all Socialists. Be they orthodox revolutionists or plastic opportunists matters not, in the laudation of Marx and his works they are one and claim to be — Marxists. Another peculiarity, which has its origin in the object to exploit the international reputation of Marx for political purposes, is the persistency of Socialist organizations or factions with the most conflicting principles to proclaim their position to be in conformity with Marxian precepts, or to be the only “true” Marxian position. Consequently, since the death of Marx, the most farcical and disgusting political campaigns and pillaging expeditions have been labelled or masqueraded in the guise of Marxism, and are even at this late day usurping the name of the great master for the purpose of political capital. These unsavory tactics and ungratifying conditions are made possible and tolerated in the Socialist movement, because the reverence entertained for and unbounded confidence placed in Marx are not predicated upon a sound knowledge of or an even superficial familiarity with the actual works of this celebrated economist. There is probably no book in the scientific literature of the world that enjoys greater popularity, is more appealed to, [p. 88] oftener recommended and less read than “Capital.” In consequence, it will be difficult to find another science, enjoying the same popularity as Marxism, in whose name are propagated so many conflicting and erroneous views. As already insinuated, the cause for these ungratifying conditions can be traced to the colossal ignorance prevalent amongst so-called “Marxian” Socialists on matters Marxian. Therefore, the only force able to curb and eventually obliterate “these evil powers of darkness” is familiarity with the works of their idol, and an acquaintance with the lucid teachings of their much heralded leader, through a systematic study of Socialist classics. The organization of classes or circles for the study of Socialist classics should, consequently, be seriously taken in hand by all Socialists who have the healthy development of Marxism at heart. A vigorous, revolutionary political and industrial movement of Socialism can only flow from a sound theoretical conception of Marxism; no conscious, effective and revolutionary policy can be expected from the vast majority of the political and economic forces now operating under the banner of Socialism.

* * *

When a student enters upon the study of Socialism, the first truism he should remember is that Socialism as a science does not occupy itself nearly so extensively with the contemplation and elucidation of future society, as with the examination and economic analysis of the present one. Scientific Socialism is, therefore, not as it is generally and mistakenly assumed, a theoretical system dealing solely with the multifarious phases of the Cooperative Commonwealth, but one which constitutes primarily an inquiry into the origin, foundation, laws and tendencies noticeable in the development of capitalist production. In consequence, a knowledge of Socialism does not consist of an individual’s competence to memorize a definition formulating the economic and social basis of Socialist production, i. e., setting forth the economic groundwork of the Industrial Republic and the [p. 89] social consequences resulting therefrom, but rather of his ability to file a brief for Socialism, by convincingly pointing out the necessity for and inevitability of the Cooperative Commonwealth germinating in the womb of capitalist society. A knowledge of Socialism demands, therefore, in the first place not so much a study of future society as it does a thorough investigation of present social and economic life. In consequence, Socialism represents more an investigation of capitalist production and an exposition of the social and economic laws underlying the same than an abstract theory or speculation of Industrial Democracy. However, it must be also emphasized that in order to have a normal, that is scientifically sound conception of future society, and an understanding of the forces and social elements making for it, a deep and scientific appreciation of Capitalism is absolutely indispensable.

As an excellent introduction into the so-called mysteries of Economics and the peculiarities of the Socialist nomenclature, also as a textbook of Socialism unparalleled for lucidness, pithiness and accuracy I recommend a close study of “Das Erfurter Programm,” by Karl Kautsky, published in English complete under the name of “The Class Struggle” and translated by Wm. E. Bohn, or chapters of which are issued in pamphlet form under the titles of “The Working Class,” “The Capitalist Class,” “The Class Struggle” and “The Socialist Republic,” translated and adapted to American conditions by Daniel De Leon. There is probably no book in the by no means limited assortment of Socialist literature that equals this work in its scrupulous accuracy of exposition; an accuracy made doubly effective because it is coupled with a remarkable and rare simplicity in the presentation of Marxian fundamentals. Here we have a compendium of Socialism, written by a Marxian scholar of international repute, classical in its treatment of the subject matter, and truly deserving the widest possible circulation in the Socialist and labor movement. “Das Erfurter Programm,” as the German [p. 90] title of “The Class Struggle” suggests, was originally written to furnish a theoretical explanation and scientific elucidation of the programme of the German Social Democracy, adopted at Erfurt, 1891, to the workers. The very purpose and nature of such a work makes out of it a rich source of information for particularly the serious student ; because here the penetrating rays of Marxism are thrown upon the programmatic demands and principles of a political party of Socialism, and employed or utilized to verify the same before the bar of science. “Das Erfurter Programm” (”The Class Struggle”) succeeds admirably in presenting and explaining Socialist fundamentals to the novice or uninitiated. However, in doing this, it claims to be, as already stated, substantiating the demands and theoretical propositions laid down in the Erfurt programme of the Social Democratic Party. In the opinion of the writer, the object of this splendid work has been only partially fulfilled, at least the object of its publishers, because as an advocate of sound, scientific fundamentals it has no rival in Socialist literature, in consequence, neither can it find its equal as a repudiator of palliatives and so-called immediate demands, so popular in the German Social Democracy and with which the Erfurt programme is overloaded.

Possessing a working knowledge of the genesis and character of capitalist production, also of the economic and social status of the various classes in present society, the student should now seek to familiarize himself more thoroughly with the Socialist conception of social evolution, i. e., with the philosophical foundation of scientific Socialism. Familiarity with the elements and propositions of Historical Materialism will also lead to a better understanding and more competent appreciation of social phenomena, and simultaneously equips the reader with the knowledge that will henceforth enable him to differentiate intelligently between Utopian and Scientific Socialism. An intensive study of Frederick Engels’ masterpiece “Development of Socialism from Utopia to a Science” is now recommended. In conjunction with these philo-[p. 91]sophical studies, the student ought to read the “Preliminary Remarks” to “Principles of Political Economy,” by John Stuart Mill. In this introduction the great English Economist gives in a lucid and brilliant form a short resume of the principal stages in the evolution of the human race. If this work is not procurable, then the student can commence immediately with the “Evolution of Property,” by Paul Lafargue. However, a diligent perusal of Mill’s “Preliminary Remarks” can not be too strongly recommended.

In order to develop and broaden the student’s knowledge of Political Economy, the study of the following works is now opportune and must be carried out in the order they are listed: “Wage, Labor and Capital,” by Karl Marx; “High Cost of Living,” by Arnold Petersen; “Value, Price and Profit,” by Karl Marx.

Knowing the economic and social forces underlying social development, also possessing a scientific conception of social phenomena and historical manifestations; furthermore, being somewhat familiar with the general phases of social evolution, it is now desirable and quite essential that the student begin a somewhat systematic study in Ethnology, Sociology and History. As an introduction to this interesting course of reading, the student should slowly and patiently explore that treasure island of facts, that monumental work in Ethnology, “Ancient Society,” by Lewis H. Morgan. A thorough and diligent study of this classic is absolutely imperative and will greatly assist in the proper understanding of the subsequent periods in historical development. A study of the following works is now recommended : “The Ancient Lowly,” by C. Osborne Ward; “Two Pages from Roman History,” by Daniel De Leon; “Crises in European History,” by Gustav Bang; “An Introduction to the Study of the Middle Ages” and “Medieval Europe,” by Ephraim Emerton; “The Middle Ages,” by Henry Hallam; “History of European Morals,” by William Edward Hartpole Lecky; “General History [p. 92] of Civilization in Europe,” by Francois Pierre Guillaume Guizot; “History of Civilization in England,” by Henry Thomas Buckle; and as supplementary reading “The Mysteries of the People, or History of a Proletarian Family Across the Ages,” by Eugene Sue, translated from the original French by Daniel De Leon. The last work by Sue in this series consists of 21 volumes, and is really a universal history in itself, depicting the class struggle as it has raged through the ages and under the different social systems. For a study of social development in America the works listed below will be found suitable ; these works are written by scholars well ground in the theories of Historical Materialism, and, consequently lay bare the actual driving forces responsible for and behind social change in this country: “American Industrial Evolution from Frontier to Factory,” by Justus Ebert; “Social Forces in American History,” by A. M. Simons; and “The Workers in American History,” by James Oneal.

It is now also necessary that the student acquaint himself with the inception and growth of the Socialist movement, a growth, however, that has not always kept abreast with the development of theoretical Socialism. The following classics of Socialist literature and historic documents should now be critically read: “The Communist Manifesto,” by Karl Marx and Frederick Engels; “Revolution and Counter-Revolution, or Germany in 1848,” erroneously credited to and published under the name of (Karl Marx, but actually written by Frederick Engels; “The Class Struggle in France 1848-1850,” by Karl Marx; “The Eighteenth Brumaire of Louis Napoleon,” by Karl Marx; and “The Civil War in France” (“The Paris Commune”), by Karl Marx. In conjunction with the foregoing the following works, dealing in the main with American conditions and problems, may be profitably read: “History of Socialism in the United States,” by Morris Hillquit; “Proceedings of the Ninth Convention of the S. L. P.”; “Proceedings of the Tenth National Convention of the S. L. P., 1900”; “New Jersey Socialist Unity Conference”; [p. 93] “Flashlights of the Amsterdam Congress,” by Daniel De Leon; “Launching of the I. W. W.,” by Paul F. Brissenden; and “Proceedings of the First Convention of the Industrial Workers of the World, Chicago, 1905.”

Fully equipped with the various subjects and phases constituting the theoretical system of Marxism, and being also somewhat familiar with the various stages and periods of social development, the student is now amply prepared to take up the study of works usually considered too ponderous or “academic” for the unprepared worker. These works form the basis of the theoretical structure of Marxism, and their study is, therefore, synonymous with imbibing the Socialist philosophy at its “original sources.” The first of this class of works to be assiduously studied is Frederick Engels’ “Landmarks of Scientific Socialism” (Anti-Duehring). In conjunction with this invaluable gem of Socialist literature “Feuerbach, Roots of Socialist Philosophy,” by the same author; and “A Critique to Political Economy” and “Poverty of Philosophy,” by Karl Marx should be read; special attention being given to the Preface of the “Critique.” In this connection “The Theoretical System of Karl Marx,” by Louis B. Boudin, will also serve as very effective and profitable supplementary reading.

The next and final work to be taken up in this course of reading will be the study of “Capital,” the so-called foundation or basic work of Socialist Political Economy. Before, however, commencing this important and tedious task, the student should do some additional preliminary reading and rehearse his studies in Economics. He should, for example, reread “Wage, Labor and Capital,” “Value, Price and Profit,” etc., and particularly seek to master the contents of Marx’s “A Critique to Political Economy,” already referred to above. Furthermore, a perusal of works of a critical and more or less controversial nature, occupying themselves with the various phases of Marxism as formulated and substantiated in “Capital,” will be of great assistance [p. 94] to a proper understanding of this masterpiece. For this purpose, the following brochures are recommended as collateral reading: “Vulgar Economy,” by Daniel De Leon; “Marx on Mallock, or Facts versus Fiction,” by the same author; “Was Marx Wrong?”, by I. M. Rubinow; and “Karl Marx and Boehm-Bawerk, Vulgar Economy Illustrated,” by W. H. Emmett.

The study of “Capital” can now be taken up, and in this connection the following suggestions should be observed. The social and historical significance of this work has been, I believe, sufficiently emphasized and dealt with in the lectures proper and, therefore, requires no further elucidation. What is now of prime importance to the prospective reader or student of “Capital” is a plan or course of procedure netting the best possible results with the smallest expenditure of energies. It can not be denied, all popular assertions notwithstanding, that “Capital” is to the average workingman, unaccustomed to scientific works, quite a tedious and ponderous volume; furthermore, that an indiscriminate and unsystematic reading of this book is not very conducive to either the spirit and future efforts of the reader, or to an intelligent appreciation of the work itself. As underscored in this article before, in the humble opinion of the writer, an EXHAUSTIVE course of preliminary reading and study is absolutely essential, yes, a prerequisite, for a proper understanding of “Capital.” Hence if classes or individuals, not equipped with the aforementioned knowledge so necessary for a proper perception or understanding, i. e., unprepared and untrained to assimilate or digest the intellectual food offered in this monumental work, give up their studies in despair, then the reason should not be ascribed to the “ponderous form of presentation in ‘Capital’,” but to the insufficient preparation and inability of these students to understand the nature and mode of Marx’s investigations and deductions. However, those who have diligently followed the lecturer through his discourses and studied the books recommended in this Outline need have no fears on this [p. 95] score, and will experience no difficulties in understanding “Capital.”

To the student desirous of conserving energy, also to the teachers of “Capital” I would suggest and warmly recommend that they begin the study of the book not in the customary way, but commence with Part VIII, The So-Called Primitive Accumulation. This section deals with and graphically depicts the social and economic origin of capital and capitalist production, and shatters once and for all time that well-known myth of capital being the result or fruit of abstinence. In a powerful and highly fascinating style, Marx unrolls before the eyes of the reader a picture vividly showing the birth, development and culmination of Capitalism. Here we have a history of the capitalistic stage in the endless chain of social development, a history written by the formulator of Historical Materialism, and it is truly a presentation throbbing with the creative vitality only inherent in convincing and irrefutable arguments : arguments taken from and corresponding with the indisputable facts of historic data and events. In this section of the book the secret of primitive accumulation, the expropriation of the peasants and their dispossession from the soil, the bloody and barbarous legislation against the expropriated in the 15th, 16th and 17th Centuries, the genesis of agrarian and industrial capital, and the historical tendencies of capitalist accumulation are exposed and dispassionately analyzed ; including a scientific dissection of our modern theory of colonization — an examination that will prove to be particularly Interesting when read in the light of the present war.

From this part of the book turn to Part III, Chapter X, on The Working Day, and read Section 1, The Limits of the Working Day, Section 2, The Greed for Surplus Labor. — Manufacturer and Boyard, Section 3, Branches of English Industries without Legal Limits to Exploitation, Section 4, Day and Night Work. — The Relay System, Section 5, The Struggle for a Normal Working Day, — Compulsory Laws for the Extension of the Working [p. 96] Day from the Middle of the 14th to v the End of the 17th Century, Section 6, The Struggle for the Normal Working Day — Compulsory Limitation by Law of the Working Time.— The English Factory Acts, 1833 to 1864, Section 7, The Struggle for a Normal Working Day.— Reaction of the English Factory Acts on Other Countries. As the sub-headings sufficiently indicate, this chapter deals solely with the historical growth of and tendencies developed by capitalist exploitation, and thus furnishes an indictment of fact fearlessly laying bare the revolting, barbarous and anti-social character of the capitalist system of production.

In order to refresh the student’s memory along the lines of the Materialist Conception of History, and for the purpose of familiarizing him with a brilliant piece of applied Historical Materialism, he should turn to Part IV, and assiduously peruse Chapter XV, dealing with Machinery and Modern Industry. In this chapter the following interesting problems are taken up: The Development of Machinery, The Value transferred by Machinery to the Product, The Proximate Effects of Machinery on the Workman (Appropriation of Supplementary Labor- Power by Capital, The Employment of Women and Children, Prolongation of the Working Day, Intensification of Labor), The Factory, The Strife between Workman and Machinery, The Theory of Compensation as regards Workpeople displaced by Machinery, Repulsion and Attraction of Workpeople by the Factory System, Revolution effected in Manufacture, Handicrafts, and Domestic Industry by Modern Industry, The Factory Acts, etc., and Modern Industry and Agriculture.

Being fully acquainted with the origin, development and tendencies of Capitalism, also quite familiar with the historical role assumed by it in the process of social evolution, the student is now sufficiently equipped to study the economic structure and laws of the capitalist system of production. And to this phase of investigation the remaining and largest part of “Capital” is devoted. Having digested such works as “Value, Price and [p. 97] Profit,” “The Class Struggle,” “A Critique to Political Economy,” etc., the student is well ground and at home in the Socialist and scientific terminology, also in the elements of Marxian Economics, and should, therefore, experience no difficulties in the study of such portions of the work dealing primarily with the investigation and analysis of capitalist production in its pure economic form. The first Chapter of Part I can be defined as the bedrock of Socialist Economics. In the four sections composing this masterly treatise on Commodities, the basic principles and substance of Marxian Economics are laid down. In this chapter such highly important subjects as The two Factors of a Commodity, Use Value and Value (the Substance of Value and the Magnitude of Value), The Twofold Character of the Labor embodied in Commodities, The Form of Value or Exchange Value and The Fetishism of Commodities are subjected to an examination, the findings resulting therefrom elucidated and formulated in concise statements and accurate deductions. A mastery of the first ninety-six pages of “Capital” is, consequently, essential for an intelligent understanding of the remaining chapters in the book; because such a mastery equips the student with a faculty of scientific conception and differentiation quite conducive and necessary to further progress; again, the fact of being at home in the labyrinth of theoretical definitions and economic complexities constituting the groundwork of Marxian Economics is in itself an invaluable asset to the future intellectual labors of the student, and implies, without exaggeration, a knowledge of the quintessential principles of Marxism. Once the student has a correct conception of such familiar terms as Wealth, Value, Use Value, Exchange Value, Commodity, Labor Power, Surplus Value, Capital, etc., the hardest or most irksome part of the task can be considered accomplished. The remaining chapters in the work can now be taken up and studied in their regular order, including a re-reading of those previously studied, and the student should, relatively considered, experience no exceptional difficulties in his work.

[p. 98] To not a few readers this course of study will no doubt seem ponderous and unnecessarily voluminous. It will probably strike many as being too “academic,” “theoretical” and “impractical.” The absence of the current and popular works and tracts on Socialism may also seem inexplicable to some and earn for this course the reputation of being too “scientific” or “orthodox.” To all these antiquated and well known but superficial criticisms and stereotype platitudes the author has only one reply to make, namely: that the above is to be a course in Marxian Socialism, aiming solely to equip the students with a working knowledge of the fundamentals and basic elements of the Socialist philosophy. It is not to be a course in the various “adaptations” and “practical” revisions or abortions of Marxism, popularly taught to a naive and guileless public as “scientific” Socialism by a set of unscrupulous political fakirs. All the works listed and recommended in this course are recognized classics of Socialism, and can be considered as standing proof for the absolute superfluousness of the countless collection of books and pamphlets published on this subject, all claiming to be “popular expositions” of Socialism and “filling a long felt want.” Most of these works contain as a rule nothing else but the intellectual drivel of a coterie of, in many cases, well meaning but ignorant pseudo intellectuals, and in other instances may be classified as the output of a set of unprincipled mercenaries, who see in the labor and Socialist movement a lucrative field for the realization of their personal ambitions. Therefore, the author sincerely trusts that the perusal and diligent study of the works listed in this course will assist to create a sound conception of Marxism and a demand for scientific SOCIALIST literature in the Socialist movement.

 

Source: Karl Dannenberg. Karl Marx, The Man and His Work, and The Constructive Elements of Socialism. Three Lectures and Two Essays. New York: The Radical Review Publishing Association, 1918, pp. 85-99.

 

 

Categories
Harvard Syllabus

Harvard. Taxation Theory and Methods. Taussig, 1897-98

 

Frank W. Taussig took over this taxation course from Charles E. Dunbar in 1896/97. The course was a graduate course that juniors and seniors were permitted to attend. About a decade later the topic was absorbed into Charles Bullock’s teaching portfolio. The reading list is for the academic year 1897-98. It is not altogether obvious what Taussig intended with the pairings of readings within curly brackets.  I presume he meant that students were allowed to choose from the two items.

After posting this material, I have added a transcription of the final examination for this course.

________________________________________

[Course Announcement]

*71 hf. The Theory and Methods of Taxation, with special reference to Local Taxation in the United States. Half-course (first half-year.) Tu., Th., and (at the pleasure of the instructor) Sat., at 1.30. Professor Taussig.

Source: Harvard University, Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1897-98 (second edition, 1897), p. 39.

________________________________________

[Course Enrollment]

[Economics ] 71. Professor Taussig.—The Theory and Methods of Taxation, with special reference to Local Taxation in the United States. 2 or 3 hours. 1st half year.

Total 42: 5 Graduates, 27 Seniors, 9 Juniors, 1 Sophomore.

Source: Annual Reports of the President and the Treasurer of Harvard College 1897-98, (Cambridge, Massachusetts, 1899), p. 78.

________________________________________

 

ECONOMICS 71.

Seligman, [Edwin R. A.] — Essays in Taxation.
[1st edition, 1895; 2nd edition, 1897; 3rd edition, 1900; 4th edition, 1903; 5th edition, 1905; 6th edition, 19097th edition, 19118th edition, 1913; 9th edition, 192110th edition, 1925]

Bastable, [C.F.] — Public Finance.
[1st edition, 1892; 2nd edition, 1895; 3rd edition, 1903]

Leroy-Beaulieu, [Paul] —Science des Finances, Vol. I [Des Revenus Publics]
[3rd edition (1883); 5th edition (1892)6th edition (1899)]

Say, [Léon] — Dictionnaire des Finances. [1889]
[Tome I: A — D (1889); Tome II: E — Z (1894)]

Quarterly Journal of Economics, cited as Q. J. E.

Dowell, [Stephen] — History of Taxation and Taxes in England [1884].
Vol. I (Taxation, From the Earliest Times to the Civil War); Vol. II (Taxation, From the Civil War to the Present Day); Vol. III (Direct Taxes and Stamp Duties); Vol. IV (Taxes on Articles of Consumption)]

[Palgrave, R. H. Inglis (editor). Dictionary of Political Economy (1899).
Vol. I, A — E; Vol. II, F — M; Vol. III, N — Z]

PRELIMINARY QUESTIONS: CLASSIFICATION.

Seligman, Ch. IX.
Bastable, Bk. II, Ch. I; Bk. III, Ch. 1

 

TAXES ON LAND.

{Leroy-Beaulieu. Bk. II, Ch. VI;
Say, article “Foncière (Contribution).” 233-241.}
Bastable, Bk. IV, Ch. I.
Dictionary of Political Economy, article “Land Tax.”

 

HABITATION TAXES.

{Leroy-Beaulieu, Bk. II, Ch. VII.
Say, article “Personelle-Mobilière,” 850-857.}
Dowell, Vol. III, 186-192.

 

INCOME TAXES.

Leroy-Beaulieu, Bk. II, Ch. X.
Bastable, Bk. IV, Ch. IV.
{Dowell, Vol. III, 99-122;
Article “Income Tax in the United Kingdom,” in Dictionary of Political Economy, Vol. II.}
J. A. Hill, The Prussian Income Tax, Q. J. E., January, 1892.
Seligman, Ch. X, iii, iv.

 

BUSINESS TAXES.

{Say, article “Patentes,” pp. 743-752;
Leroy-Beaulieu, Bk. II, Ch. VIII.}
J. A. Hill—The Prussian Business Tax, Q. J. E., October, 1893.

 

SUCCESSION TAXES.

Seligman, Ch. V; Ch. IX, i.
Bastable, Bk. III, Ch. III.

 

PROGRESSION.

{Leroy-Beaulieu, Bk. II, Ch. II;
Bastable, Bk. III, Ch. III.}
Seligman, Progressive Taxation [1894], pp. 190-200; pp. 39-53 (Switzerland). [2nd edition, 1908]]

 

DIRECT TAXES BY THE UNITED STATES.

C. F. Dunbar, The Direct Tax of 1861, Q. J. E., July, 1889; Vol. III, pp. 436-446.
J. A. Hill, The Civil War Income Tax, Q. J. E., July, 1894.
C. F. Dunbar, The New Income Tax, Q. J. E., October, 1894.

 

LOCAL TAXES IN ENGLAND.

Blunden, Local Taxation and Finance, Ch. III, IV, V.

 

LOCAL TAXATION IN THE UNITED STATES.

Seligman, Ch. II, IV, VI, XI.
Ely, Taxation in American States, part III, Ch. VII.
Plehn, The General Property Tax in California, (Economic Studies, Vol. II, No. 3), Part II, 151-178.
Angell, The Tax Inquisitor System in Ohio, in Yale Review, February, 1897.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, folder “1897-1898”.

Image Source: Harvard College Album, 1900.

Image Source:  Frank W. Taussig (Original black and white image from of Frank William Taussig from a cabinet card photograph, 1895, at the Harvard University Archives HUP.

Categories
Courses Harvard Syllabus

Harvard. Undergraduate Economic Theory (Shorter Course). Monroe, 1937-8

Arthur Eli Monroe was a 100% Harvard man from his undergraduate days through his retirement: a member of the Harvard class of 1908; at various times (senior) lecturer and (senior) tutor of economics in Kirkland House; held the rank of assistant professor of economics from 1922/23 through 1927-28; and served as managing editor of the Quarterly Journal of Economics through the May 1948.

Monroe’s 1918 Ph.D. dissertation was published as Monetary Theory before Adam Smith (Harvard University Press, 1923). He edited a collection of writings from Aristotle through Hume in Early Economic Thought (1924). He published Value and Income (Harvard University Press, 1931) that is among the assigned readings for the course below.

Published biographical detail is pretty scarce. From his passport application (submitted in April 1922) we find that Monroe was born in West Brookfield, Massachusetts on August 2, 1885. His father Eli Monroe was born in Canada and emigrated to the United States in 1859. His mother (born in Vermont according to the U.S. Census), was Louise Arsino. He listed France, Italy, Switzerland, Germany, Austria, Belgium, Holland, and Czechoslovakia as the countries he intended to visit leaving on the Laconia from the port of Boston May 31, 1922. Monroe’s World War II Draft Registration Card (April 26, 1942) lists him as being 5-7 ½ inches tall, weighing 140 lbs., and having a ruddy complexion. I have been unable to determine exactly when and where Monroe died. He was still listed among the American Economic Association members as of 1966, having an address in Cambridge, Massachusetts, but he was no longer listed in 1969.

The “longer” undergraduate course in economic theory at Harvard (2 semesters) was taught by Edward Chamberlin, Economics 1. Interesting to note in Monroe’s course are the seven chapters assigned from Keynes’ General Theory already in December 1937.

____________________________________

 

[Course description]

Economics 2a 1hf. Economic Theory (shorter course)

Half-course (first half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 10. Dr. Monroe.

 

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1937-38 (2nd edition). Official Register of Harvard University, Vol. 34, No. 44 (October 1, 1937), p. 148.

____________________________________

 

[Course enrollment]

[Economics] 2a 1hf. Dr. Monroe.—Economic Theory (shorter course).

9 Seniors, 53 Juniors, 6 Sophomores, 1 Freshman, 6 Other.   Total 75.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1937-38, p. 84.

____________________________________

ECONOMICS 2a
1937-38

October:

A. E. Monroe: Value and Income.

Chs. 5, 6, 7, 8

J. B. Clark: The Distribution of Wealth.

Chs. 8, 9, 12, 13, 19, 21, 22

Irving Fisher: The Theory of Interest

Chs. 4, 5, 6, 7

 

November:

J. R. Hicks: The Theory of wages

Chs. 1, 2, 5, 6

A. E. Monroe: Quarterly Journal of Economics

August, 1933, pp. 627-646

A. E. Monroe: Value and Income

Chs. 3 (secs. 1 and 2), 11, 13, 15

 

December:

F. H. Knight: Risk, Uncertainty and Profit

Chs. 7, 8, 9, 10

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

Chs. 2, 3, 10, 11, 13, 14, 19

 

Reading Period: One of the following:

A. Gray: The Development of Economic Doctrine

Chs. 1, 2, 3, 4, 5, 6, 8, 9

A. G. B. Fisher: The Clash of Progress and Secuirty

Entire

P. T. Homan: Contemporary Economic Thought

Essays on Veblen, Marshall, Mitchell

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder “1937-1938”.

Image Source: Harvard Album 1942.

 

Categories
Chicago Suggested Reading Syllabus

Chicago. Economics 300A. Core Theory. Gary Becker, 1956

The first required course in economic theory in a graduate program is intended (to mix metaphors) to get students on the same page and up to speed with core theory. I have posted earlier Chicago material for Jacob Viner, Milton Friedman [ (1946), (1947) and (1948)], and Lloyd Metzler. While this posting moves us well into the 1950s  and out my historian’s comfort zone (i.e. into my own lifetime), for younger followers of Economics in the Rear-view Mirror 1956 probably seems ancient enough to be included here. Besides which, it is never in bad taste to extend a time series by adding an additional observation. It is interesting to note that Alfred Marshall has survived at least this long on the Chicago required reading list for economic theory.

_______________

Economics 300A
Autumn 1956
Reading Assignments by G. Becker

 

NOTES:

1) A knowledge of the material in George Stigler, A Theory of Price or in Kenneth Boulding, Economic Analysis, is a prerequisite.
2) Readings marked with an asterisk (*) are recommended, not required.

 

I. INTRODUCTION

Friedman, M., Lecture Notes, pp. 1-16.
Knight, F. H., The Economic Organization, pp. 1-37.
Friedman, Milton, “The New Methodology of Positive Economics,” in Essays in Positive Economics.
*Hayek, F. A., “The Use of Knowledge in Society,” American Economic Review, September 1945, reprinted in Individualism and Economic Order.
*Keynes, J. N., The Scope and Method of Political Economy, pp. 1-83.

 

II. DEMAND ANALYSIS

Marshall, A., Principles of Economics, Book III, chs. 2-4; Book V, chs. 1-2.
Friedman, M., Notes, pp. 16-68.
Friedman, M., “The Marshallian Demand Curve,” Journal of Political Economy, December 1949, reprinted in Essays in Positive Economics.
Hicks, J. R., Value and Capital, Part I.
*Hicks, J. R., A Revision of Demand Theory.
*Slutsky, E., “On the Theory of the Budget of the Consumer,” Readings in Price Theory.
Knight, F. H., Risk, Uncertainty and Profit, ch. 3.
Schultz, H., The Meaning of Statistical Demand Curves, pp. 1-10.
Working, E. J., “What do Statistical ‘Demand Curves’ Show?”, reprinted in Readings in Price Theory.
Wold, H., Demand Analysis, ch. 1.
*Stigler, G.J., “The Early History of Empirical Studies of Consumer Behavior,” Journal of Political Economy, April 1954.
Friedman, M., Notes, pp. 69-75.
*Friedman, M., Notes, pp. 69-75.
*Friedman, M., and Savage, L. J., “The Utility Analysis of Choices Involving Risk,” reprinted in Readings in Price Theory.
Friedman, M., “The Expected Utility Hypothesis and the Measurability of Utility,” Journal of Political Economy, December 1952, pp. 463-474.
*Alchian, A., “The Meaning of Utility Measurement,” American Economic Review, March 1953, pp. 28-50.
Friedman, M., “Choice, Chance, and the Personal Distribution of Income,” Journal of Political Economy, August 1953, pp. 277-290.

 

III. SUPPLY OF PRODUCTS

Friedman, M., Notes, pp. 75-132.
Marshall, A., Book V, chs. 3, 4, 5, 12, Appendix H.
*Viner, J., “Cost Curves and Supply Curves,” reprinted in Readings in Price Theory.
*Robinson, J., Economics of Overhead Costs, ch. 9.
Robinson, J., “Rising Supply Price,” in Readings in Price Theory.
Apel, H., “Marginal Cost Constancy and Its Implications,” American Economic Review, December 1948, pp. 870-885.
*Coase, R. H., “The Nature of the Firm,” in Readings in Price Theory.
Chamberlin, E., The Theory of Monopolistic Competition, chs. 3, 4, 5.
Stigler, G. J., “Monopolistic Competition in Retrospect,” in Five Lectures on Economic Problems.
*Triffin, R., Monopolistic Competition and General Equilibrium Theory, esp. Part II.
Harberger, A. C., “Monopoly and Resource Allocation,” Proceedings of the American Economic Review (May 1954).
Stigler, G. J., “Competition in the United States,” in Five Lectures on Economic Problems.
Stigler, G. J., “The Statistics of Monopoly and Merger,” Journal of Political Economy, February 1956.
Stigler, G. J., “The Kinky Oligopoly Demand Curve and Rigid Prices,” in Readings in Price Theory.
*Robinson, E.A.G., Monopoly.
*Robinson, E.A.G., The Structure of Competitive Industry.
*Plant, A., “The Economic Theory Concerning Patents for Inventions,” Economica, February 1934.

 

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

Image Source: Photo credited to Joe Sterbenc/Becker Friedman Institute published on-line with the story “University mourns Gary Becker,” The Chicago Maroon May 6, 2014.

 

Categories
Economic History Fields Harvard Suggested Reading Syllabus

Harvard. Modern Economic History Seminar. Usher, 1937-41

For the seminar “Topics in Modern Economic History” taught by Abbott Payson Usher (1883-1965) at Harvard, I have been able to find syllabi from the fall term of 1937-38 and both terms for 1938-39 and 1940-41 which, judging from the enrollment figures reported in the annual president’s report, were the only years the seminar with Usher (alone) had actually taken place. Only after the Second World War do we see a seminar with this title having student enrollment figures reported (Usher and Walt Rostow in 1947-48 and then Usher and Gerschenkron in 1948-49.

_____________________________________________

Economics 136 (formerly 22).
Seminar.
Topics in Modern Economic History

Two consecutive hours a week, to be arranged. Professor Usher.

Source: Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1937—38 (First edition). Official Register of Harvard University, Vol. 34, No. 5 (March 1, 1937), p. 149.

_____________________________________________

Enrollments in the seminar:
Topics in Modern Economic History
1937/38-1940/41

1937-38.

[Economics] 136. (formerly 22). Professor Usher.—Seminar. Topics in Modern Economic History

7 Graduates. Total 7.

 

1938-39.

[Economics] 136. Professor Usher.—Seminar. Topics in Modern Economic History

9 Graduates, 1 Senior. Total 10

 

1939-40.

[not offered]

 

1940-41.

[Economics] 136. Professor Usher.—Seminar. Topics in Modern Economic History

9 Graduates, 1 Senior. Total 10

 

Source: Harvard University. Reports of the President, 1937-38, p. 86; 1938-39, p. 99; 1940-41, p. 59.

_____________________________________________

 

[Seminar.
Topics in Modern Economic History.
A. P. Usher]

 

Calendar
Economics 136
First Term

1937-38

  1. Oct. 7.     Schools of Economic Historians.
  2. Oct. 18.   Sombart and the Ideal Type Method
  3. Nov. 5.    History as a genetic science.
  4. Nov. 19.  Historical Process: evolution or fluctuation
  5. Dec. 3.    A Pluralistic Concept of Social Evolution
  6. Dec. 17.  The Historical Significance of Locational Theory.
  7. Jan. 7     Autarchy as an objective of economic policy.

Suggested Reading

  1. Gras, N. S. B. The Rise and Development of Economic History, The Economic History Review, I, pp. 12-34.
  2. Parsons, T. Capitalism in Recent German Literature, Journal of Political Economy, vol 36, pp, 641-661; vol. 37, pp. 31-51.
  3. Sée, H. Science et Philosophie de l’histoire, pp. 116-156, 228-233.
    or
    Rickert, H. Die Grenzen der naturwissenschaftlichen Begriffsbildung, 1902, pp. 1-29, 289-304; 1913, 1-29, 256-273; 1921, pp. 1-23, 215-230.
  4. Tarde, G. Social Laws, pp. 1-67.
  5. Tarde, G. Social Laws, pp, 144-213.
    or Ogburn, W. F. Social Change, 1923. pp. 56-145.
  6. Weber, Alfred. Theory of the Location of Industries.
    Hoover, E. M. Jr. Location Theory of the Shoe and Leather Industries.
  7. Heckscher, E.F. Mercantilism, I, pp. 19-44, II, pp. 13-52.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder 1937-1938.

_____________________________________________

[1938-39 Seminar:
Topics in Modern Economic History,
A. P. Usher]

Economics 136
Reading on General Seminar Topics.

I. Schools of Economic Historians.            Oct. 4.

Gras, N. S. B. The Rise and Development of Economic History, The Economic History Review, I, pp. 12-34.
Gide, C. and Rist, C. History of Economic Thought, chapters on the historical school.

II. Sombart and the Ideal Type Method. Oct. 18.

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

III. History as a Genetic Science    Nov. 1.

Sée, H. Science et Philosophie de l’histoire, pp. 116-156, 228-233.
or
Rickert, H. Die Grenzen der naturwissenschaftlichen Begriffsbildung, ed. 1902, pp. 1-29, 289-304; ed. 1913, 1-29, 256-273; ed. 1921, pp. 1-23, 215-230.

IV. Historical Process, evolution or fluctuation? Nov. 15.

Tarde, G. Social Laws, pp. 1-67.
Sorokin, P. Social Dynamics, I, chap. IV; vol II, ch. X.

V. A Pluralistic Concept of Social Evolution.       Nov. 29.

Tarde, G. Social Laws, pp, 144-213.
or Ogburn, W. F. Social Change (1923) pp. 56-145.

VI. Autarchy as an objective of Social Policy.      Dec. 6.

Heckscher, E.F. Mercantilism, I, pp. 19-44, II, pp. 13-52.

VII. The origin and development of liberalism. Dec. 30.

Allen, J.W. A History of Political Thought in the Sixteenth Century, (11928) Part II, ch. III; Part III, ch. VIII.
Hobhouse, L.T. Liberalism. Selections at discretion

*   *   *  *   *

[“2nd Term” in pencil]
Economics 136
1938-39

A final examination will be scheduled, consisting of an essay prepared prior to the examination upon any one of the topics listed below.

No student will be responsible for more material than is presented by the titles suggested under the various topics. Relevant material will be selected from the titles listed.

1. The significance of the scientific method for economic history.

Whitehead, A. N.       The Function of Reason,
___________________          Science and the Modern World.
___________________          The Concept of Nature.
Sée, H.            Science et Philosophie de l’histoire.

2. The problem of novelty in the theory of social evolution.

Bergson, H.    Creative Evolution.
Tarde, G.        La Logique Sociale.
___________         Social Laws.
___________         L’invention considerée comme moteur de l’evolution sociale.
Usher, A. P.    A History of Mechanical Inventions.

3. Pluralism and multilinear concepts of social evolution.

James. W.       Pluralism.
Tarde, G.        Social Laws.
___________         La Logique Sociale.
Ogburn, W. F.            Social Change.

4. The Process of Innovation.

Koffka, K.       The Growth of the Mind.
Gilfillan, S.C.   The Sociology of Invention.
Rossman, J.    The Psychology of the Inventor.
Usher, A.P.     A History of Mechanical Inventions.

5. Logical Problems of the Genetic Sciences.

Baldwin, J.M. Development and Evolution.
Rickert, H.      Die Grenzen der naturwissenschaftlichen Begriffsbildung.

6. The concept of industrial evolution.

Bücher, K. Industrial Evolution

7. The Ideal Type Method and the Theory of Social Evolution

Parsons, T. Capitalism in Recent German Literature, Journal of Political Economy, vol. 36, 641-661; 37, 31-51.
Nussbaum, F.L. A History of the Economic Institutions of Modern Europe.
or
Weber, M. General Economic History.

8. Karl Marx and the Materialistic Interpretation of History.

Bober, M. Karl Marx’s Interpretation of History.
Sée, H. The Economic Interpretation of History.

9. The Concept of Capitalism as a basis for the interpretation of modern economic history.

any one of the following texts:
Hobson, J.A.    The Evolution of Modern Capitalism.
Sée, H.           Modern Capitalism.
Hammond, J. L. and Barbara. The Rise of Modern Industry.
Bober, M. Karl Marx’s Interpretation of History.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder 1938-1939.

_____________________________________________

[1940-41 Seminar:
Topics in Modern Economic History,
A. P. Usher]

Economics 136
1940 – 1941

Calendar

  1. Oct. 3.    The Development of Economic History.
  2. Oct. 17.  Werner Sombart and Max Weber as exponents of the ideal type method
  3. Oct. 31.  History as a genetic science.
  4. Nov. 14. The Nature of Historical Process.
  5. Dec. 5.    A Pluralistic Concept of Social Evolution
  6. Dec. 19.  Mercantilism.

Reading

There will be an examination at Mid-year consisting of a three hour essay prepared on some topic drawn from, or related to, the work of the general meetings of the class. Readings suggested as preparation for class discussion will not in all instances serve as an adequate basis for the examination essay. A supplementary list of books for essay topics is therefore added.

1. The Development of Economic History.

Gide, C. and Rist, C. History of Economic Thought, Book IV, Chap. I.
Ingram, J. K. History of Political Economy. ed. 1898, chapters VI, VII; ed. 1915, chapters VI, VIII.

2. Werner Sombart and Max Weber as exponents of the ideal type method

Parsons, T. Capitalism in Recent German Literature, Journal of Political Economy, vol 36, pp. 641-661; vol. 37, pp. 31-51.
Weber, General Economic History, pp. 338-370. German ed. 1924, pp. 289-315.

3. History as a genetic science.

Sée, H. Science et Philosophie de l’histoire, pp. 116-156, 228-233.
or
Rickert, H. Die Grenzen der naturwissenschaftlichen Begriffsbildung, 1902, pp. 1-29, 289-304; 1913, 1-29, 256-273; 1921, pp. 1-23, 215-230.

4. The Nature of Historical Process.

Tarde, G.        Social Laws, pp. 1-67.

5. A Pluralistic Concept of Social Evolution

Tarde, G. Social Laws, pp, 144-213.
or Ogburn, W. F. Social Change (1923) pp. 56-145.

6. Mercantilism.

Heckscher, E.F. Mercantilism, I, pp. 19-44, II, pp. 13-52.

*   *   *  *   *

[As can be seen from the date here, for the second term of 1940-41, Usher simply used his second term syllabus from 1938-1939 with a couple of penciled additions. These additions are given below in boldface within square brackets]

Economics 136
1938-39

A final examination will be scheduled, consisting of an essay prepared prior to the examination upon any one of the topics listed below.

No student will be responsible for more material than is presented by the titles suggested under the various topics. Relevant material will be selected from the titles listed.

[In many cases, any one of the titles listed will be sufficient.]

1. The significance of the scientific method for economic history.

Whitehead, A. N.       The Function of Reason,
___________________          Science and the Modern World.
___________________          The Concept of Nature.
Sée, H.            Science et Philosophie de l’histoire.

2. The problem of novelty in the theory of social evolution.

Bergson, H.    Creative Evolution.
Tarde, G.        La Logique Sociale.
___________         Social Laws.
___________         L’invention considerée comme moteur de l’evolution sociale.
Usher, A. P.    A History of Mechanical Inventions.

3. Pluralism and multilinear concepts of social evolution.

James. W.       Pluralism.
Tarde, G.        Social Laws.
___________         La Logique Sociale.
Ogburn, W. F.            Social Change.

4. The Process of Innovation.

Koffka, K.       The Growth of the Mind.
Gilfillan, S.C.   The Sociology of Invention.
Rossman, J.    The Psychology of the Inventor.
Usher, A.P.     A History of Mechanical Inventions.

5.  Logical Problems of the Genetic Sciences.

(Baldwin, J.M. Development and Evolution.
Rickert, H.      Die Grenzen der naturwissenschaftlichen Begriffsbildung.
[Haldane, R. B. The Reign of Relativity.]

6. The concept of industrial evolution.

Bücher, K. Industrial Evolution

7. The Ideal Type Method and the Theory of Social Evolution

Parsons, T. Capitalism in Recent German Literature, Journal of Political Economy, vol. 36, 641-661; 37, 31-51.
Nussbaum, F.L. A History of the Economic Institutions of Modern Europe.
or
Weber, M. General Economic History.

8. Karl Marx and the Materialistic Interpretation of History.

Bober, M. Karl Marx’s Interpretation of History.
Sée, H. The Economic Interpretation of History.

9. The Concept of Capitalism as a basis for the interpretation of modern economic history.

any one of the following texts:
Hobson, J.A.    The Evolution of Modern Capitalism.
Sée, H.               Modern Capitalism.
Hammond, J. L. and Barbara. The Rise of Modern Industry.
Bober, M.         Karl Marx’s Interpretation of History.

[10. Religion and the Rise of Capitalism

Tawney, R. H. Religion and the Rise of Capitalism.
Robertson, H. M. The Rise of Economic Individualism.]

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder 1940-41.

Image Source:  Harvard Class Album 1939.

Categories
Columbia Courses Exam Questions Suggested Reading Syllabus

Columbia. Core Economic Theory. Hart, 1946-47

Up through the academic year 1945-46, Arthur F. Burns offered the first core economic theory course, Economic Analysis (Economics 153-154), in the Columbia graduate program. The following year, 1946-47, the course was taught by the visiting professor of economics (who would be offered and accepted a regular appointment that same year), Albert G. Hart. In 1947-48 Economic Analysis was given a new course number, Economics 103-104, and taught in three sections by Hart, Stigler, Vickrey.
From Hart’s materials for Economic Analysis (1946-1947), I provide below transcriptions of “Introductory Notes” along with the “Prospectus and Background” and the “Outline of Economics 153—154” that includes reading assignments from a 92 page set of typed course notes. Midterms and final semester exams have been appended to this posting.

 

Introductory Notes

Prospectus and Background

Outline of Economics 153-154

Midterm exam, ca. late November 1946

First term final examination, January 21, 1947

Midterm exam, April 14, 1947

Final examination, May 22, 1947

_____________________________

*Economics 153-154—Economic Analysis. 3 points each session. Professor Hart.

M. and W. at 10. 301 Fayerweather.

Character, uses, and limitations of received economic theory. “Equilibrium” of economic units, markets, and clusters of markets; “process analysis.” Translation of policy problems into questions of theory, and of theory problems into questions of fact.

*Designed primarily for candidates for the degree of Doctor of Philosophy in Economics.

 

 

Economics 159—160—Economic Theory. 3 points each session. Mr. Vickrey.

Tu. and Th. at 9. 301 Fayerweather.

A systematic course in neoclassical economics, designed to prepare students for more advanced studies. Emphasis is placed on economic theory as a tool for analyzing economic changes.

[Note that Vickrey was listed in the Bulletin of Information that announced the courses for 1946-47. From the January 1947 examination below it is clear that Stigler taught either an additional section of Economics 153 or he taught Economics 159 instead of Vickrey in the autumn 1946 term. In any event the next year found all three (Hart, Stigler and Vickrey) teaching separate sections of the new core theory course, Economics 103-104.]

 

Source.   Columbia University Bulletin of Information, 46th Series, No. 37 (August 10, 1946). History, Economics, Public Law, Sociology, and Anthropology: Courses offered by the Faculty of Political Science (Winter and Spring Sessions, 1946-1947),p. 40-41.

 

_____________________________

 

Economics 153-154
ECONOMIC ANALYSIS
Outline

A. G. Hart, October 15, 1946

Economics 153—i
ECONOMIC ANALYSIS

Introductory Notes

The attached outline is aimed to clarify the general structure of the 153-143 course. Note that the topical outline becomes increasingly vague as to reading assignments toward the latter part of the course; this will be filled in later, as I get the feel of the class’s effective reading pace and as I improve my forecast of the time-table.

 

Arrangement of Outline

By way of orientation, the topical outline has been carried clear through to May. The detailed sentence outline, however, is brought only up to the current date; “to be continued”.

The sentence outline is intended to serve as at least a partial substitute for classroom notes. It is based on the notes from which I speak in class, and aims to carry the main thread of the argument. My own experience as a graduate student was that trying to get detailed notes interfered with thinking things through in classes; and I want to put the class in a position where class notes can be somewhat sketchy. If facilities can be managed, I hope at least part of the time to be able to give out installments of the sentence outline in advance, to maximize the extent to which I can accept interruptions in class without losing the thread.

From time to time there will be written exercises, supplementary reading suggestions, etc.

 

Why This Sequence of Topics?

The organization of the material is intended to minimize the chief normal learning-difficulty of economic theory, which arises from having to carry seemingly unrelated pieces of analysis some time in separate packages before they fit together. I am trying by my first and second “approximations” to keep the various special topics continuously in perspective; to fit in each piece almost as soon as it is developed; and to avoid carrying forward excess baggage in the way of gadgets which later prove useless.

The “first and second approximations” should not be identified with either “statics and dynamics” or “perfect and imperfect competition”. In my view, the best stopping-place for a first approximation is a good way short of a full account of “statics”; in particular, it leaves out a good many institutional insights which can be handled after a fashion in “static” terms. The “second approximation”, needless to say, will stop a good deal short of a well-rounded account of “economic dynamics”—for the very good reason that a satisfactory “dynamics” is not yet worked out. As to imperfect competition, some elements of the subject go into the first approximation; and a good many, to my taste, classify as useless gadgets and go out altogether.

 

Acquaintance with Authors

It is not a primary objective of the course to acquaint students with authors. But part of the process of learning theoretical analysis is to observe the theoretical frameworks set up by a few of the masters. The reading list will give the elements of the point of view of Marshall, Keynes, Hicks, Stigler or Boulding, and one aspect of the thinking of Lange; Fisher, Knight, Pigou and J. M. Clark will be represented only by fragments, and many other important writers not at all. The foregoing constitutes a minimum list of theorists whose mark should be represented in an economist’s bookshelf.

 

____________________________________

 

PROSPECTUS AND BACKGROUND

 

I. Conceptions of the Course. I propose to treat economic theory not as an auxiliary to the economist’s work (like statistical method), but as the core of economics.

A. It is tempting to think of economics as composed of two classes of sub-fields: subject-matter fields (money, international trade, labor, etc.) relating to particular sets of institutions and their working: tools (theory, statistics, history, perhaps law).
B. Theory has a claim to be the distinctive feature by which economics can be identified.
C. In essence, theory is a systematic check list of questions: an economist is one who knows the questions.
D. The course aims at coverage (an “advanced principles”) rather than at maximum proficiency on a small number of topics.
E. I refuse to accept the view that theoretical and institutional approaches are competitive:

1. Neither type of knowledge of economics makes the other dispensable.
2. Each type of knowledge contributes to the applicability of the other.

 

II. Content of Economic Theory. Economic theory is a way of dealing with economic quantities; but it deals also with people and social groups.

A. Considering that economics purports to be a social science, it is astounding how far it turns out to operate by manipulation of abstract quantitative symbols.
B. The human side of economics comes in through the choice of hypotheses; but the central questions economics asks about people are quantitative.
C. In general, economic theory deals with choice among alternatives; with substitution of one means to an end for others; and with compromises among partially conflicting goals by maximizing something. It has to criticize goals themselves, with an eye on the degree to which goals are set to make the game interesting.
D. The quantities with which economics deals are in the first instance events (final services, productive services, transactions). “Goods” turn out to be “bundles of services”: wealth has the dimensions rate-of-service X time.

 

III. Plan of the Course. The course is planned as a “spiral” progression across a wide range of topics:

A. Its first stage is an analysis of national income and product, following Hicks.
B. Beyond that stage, analysis will run in terms of:

1. The economic unit (firm or household)
2. Markets as inter-relations of units
3. Unemployment and fluctuations
4. “Welfare economics”

C. In the second stage, these four problems will be considered in “Statics”—i.e., they are carried up to the point at which anticipations and uncertainty take on importance, but not further. The idea is to postpone refinement of analysis till after looking at the theorist’s concept of a “system of economics”.
D. In the third stage, elements of uncertainty will be brought to the surface, and the more general theoretical consequences of institutionalist insights not recognized in the second stage will be drawn.
E. In view of numbers, class meetings cannot be conducted primarily as discussions; but I shall welcome questions and argument, and hope to provide much of the benefit of discussion via written assignments and conferences. Student reliance must be largely on learning cooperatively.

IV. Economics as a Field. The field of economics deserves the best of human intelligence; and the profession is one in which its members can take pride.

A. The critical importance of economics is visible in the policy field: whether or not our society cracks up depends largely on whether a minimum of wisdom (or good luck) guides our economic policy.
B. Waiving the question whether economics is “a science”, it is a field in which it takes a great deal of mental power, and a heroic effort to correct biases, to make major contributions.
C. Economics has its weaknesses and its record of failures (though nothing like as black a record as the public may think); but its professional standards deserve respect, and its prospects seem hopeful.

 

____________________________________

 

AGH—10/9/46

OUTLINE FOR ECONOMICS 153-154

[PART I]

I. Introduction. (Sept. 30-Oct. 2: 2 hours)

Required:

Hicks and Hart, Social Framework of American Economy, Chapter 1

Suggested Supplements:

Stigler, Economics of Price, Chapter 1

 

II. The Economic Process. (National Income and Output: Oct. 7, 9, 16: 3 hours)

Required:

Hicks and Hart, Parts I and IV; over II-III lightly.

Suggested Supplements:

F. H. Knight, teaching materials reproduced from Social Science II Syllabus (Univ. of Chicago Bookstore)

[PART II]

III. The Economic Unit: schematic view

A. The Firm and Costs (Oct. 18, 23, 25, perhaps 30: 3 to 1 hours hours)

Required:

Option:
Stigler, Chapters 7-9; 1st Section of Chapter 10 or
Boulding, Economic Analysis, Chapters 22-23, followed by 21

B. The Household (perhaps October 30; Nov. 4, 6, 11, 13,18, perhaps 20: 5 to 7 hours)

Required:

Option:
Stigler, Chapter V, or Boulding, chapters 29-30,
Hicks, Value and Capital, Chapters I-II
Marshall, Book III
Hicks, Note to Chapter II; Chapter III

 

IV. Inter-Relations of Units: “Markets”, First Approximation

A. Introduction: Interplay of units; aggregation; clearing the market (Oct. 30: 1 hour)

B. Monopoly: One unit versus many. (Nov. 4, 6

Required: Cournot, Chapter V

C. Perfect Competition on inter-related markets: factor markets; “general equilibrium”. (Nov. 18, 20, 25, 27: 3-4 hours)

Required: Cournot, Chapter V

D. Monopoly: One unit versus many. (Nov. 4, 6

Required:

Stigler, Chapter 10
Cassel, Theory of Social Economy
Hicks, Value and Capital, Part II (Chapters IV-VIII)

E. Variations on a Classical Theme: monopolistic competition (Dec. 2, 4, 9, 11: 4 hours)

Required:

Stigler, Part III (Chapters 11-15) (or alternative to be assigned)

Reserve of time: December 16, 18: 2 hours.

F. Inter-temporal and inter-spacial markets. (Jan. 6, 8, 13: 3 hours)

Required:

I. Fisher, or alternative to be assigned.
[Assignment: Irving Fisher, Theory of Interest, pp. 99-149, 178-230 or Rate of Interest, pp. 117-177. If possible, also Theory of Interest,pp. 231-315 or Rate of Interest, pp. 374-415 Cf. Stigler, Ch. 17, and Boulding, Ch. 33.]

Reserve of time: January 15: 1 hour.

 

V. Welfare Economics—First Approximation: (Feb. 3, 5, 10, 12: about 4 hours)

Losses through unemployment and through inefficient use of employed resources; equalization of returns at the margin as welfare criterion; system-wide external economies; inequality and incentives; substantial identity of welfare economics for capitalist and socialist economies.

Readings: Lange on Socialism; Lerner; Robbins-Kaldor-Hicks journal discussion; Simons.

[Marshall, Principles, Book V, Ch. XIII (pp. 462-476
A.P. Lerner, Economics of Control, pp. 1-105
O. Lange, Economics of Socialism (with Lippincott and Taylor; Lange essay) or “On the Economic Theory of Socialism”, Rev. Ec. Studies, Oct. 1936, pp. 53-71, and Feb., 1937, pp. 123-142
H. C. Simons, Positive Program for Laissez-Faire
L. Robbins, “Interpersonal Comparisons”, Econ. Jour., Dec., 1938, pp. 635-641
N. Kaldor, “Welfare Propositions” Ibid., Sept., 1939, pp. 549-552
D. H. Robertson, “Wage Grumbles” in Readings in Theory of Income Distribution, pp. 221-236
]

 

VI. Unemployment Fluctuations—First Approximation (Feb. 17, 19, 21, 26: about 4 hours)

Effects of general inadequacy of demand with limited price flexibility; “propensities” to save, invest, as influenced by government budgets, foreign trade, money, etc.; basis for expecting fluctuations in demand; the prescription of “Flexibility”.

 

Readings: Keynes, Lerner, NPA, A. F. Burns

[A. P. Lerner, Economics of Control, Chapters 22-23 (pp. 271-301)
Gardiner C. Means, Monetary Theory of Employment, Chapters V-VI (mimeographs; on reserve)
National Planning Association, National Budgets for Full Employment (pamphlet, Washington, 1945)

Additional stuff if time:

J. M. Keynes, General Theory of Employment, Interest and Money, Books III-IV (pp. 89-254)
A. F. Burns, Economic Research and the Keynesian Thinking of Our Times (New York, National Bureau of Economic Research, 1946) pp. 3-29
Oscar Lange, Price Flexibility and Employment, Bloomington, Indiana, 1944

(following mentioned with regard to use of numerical Keynesian models for forecasting)

Nicholas Kaldor in Beveridge’s Full Employment in a Free Society, Smithies and Mosak in Econometrica, for critical discussion cf., the 1945-1946 volumes of American Economic Review]

 

PART III: FIRST STEPS TOWARD REALISM

VII. The Unit—Second Approximation (March 3, 5, 10, 12, 17, 19: about 6 hours)

Imperfect access to markets; anticipations and planning; uncertainty, flexibility and liquidity; qualifications to first approximation arising from fact unit is social group; “just prices”, confederations of units and price rigidity.

Readings: Knight, Hart, Keynes, Hicks, Berle and Means;_______________]

[Assignment:
Hicks, Value and Capital, Chapters IX-X; XIV-XVIII (pp. 113-140, 171-236)
Hart, Anticipations, Uncertainty and Dynamic Planning (Chicago, 1940)
Means, Monetary Theory of Employment (mimeo) Chapter V.
Ad lib., A. A. Berle and G. C. Means, Modern Corporation and Private Property]

 

VIII. Markets—Second Approximation (March 24, 26; Apr. 7, 9: about 4 hours)

Gradations of price rigidity; imperfect clearing of markets; peculiarities of markets for productive services, perishables and durables; consistency, and inconsistency of expectations and locus of surprises; unintended saving and investment; differences of opinion and speculation.

Readings: Lindahl, Hicks, Keynes;_________________________

[Assignment:
Means, Monetary Theory of Employment (mimeo), Chapter VI.
E. Lindahl, Money and Capital, pp. 21-69
Mentioned with respect to “locus of surprises”: Hart, AER, Supplement, March 1938 and Rev. Econ. Stat., May, 1937 “of a sketch by Lindahl mimeographed in 1934).]

 

IX. Unemployment and Fluctuations—Second Approximation (April 16, 18, 23, 25: about 1 hour)

Uses and limitations of “modes”; uncertainty and interest; “stagnations”; inevitability of fluctuations in major comments; the policy issues.

Readings: To be worked out.

[For details and bibliography see National Planning Association, National Budgets for Full Employment and Hart and Mosak in AER, 1945-46.]

 

X. Welfare Economics—Second Approximation (May 5, 7, 12, 14: about 4 hours)

The economists’ struggle against proposals to enable groups to “earn” more by producing less; “social justice”; economic warfare within the nation and conditions of disarmament; adaptation of economic policy to social structure; role of reason in contemporary society.

Readings: To be worked out.

Reserve of time: Nil! Whence it becomes urgent to jam V into January if possible, pushing all of IV back before Christmas. By bet is that this can’t be done, however, and that in consequence Part III (especially VIII) must be skimped.

 

____________________________________

 

ECONOMICS 153

[Undated but would fit into syllabus between Sections III and IV in November 1946]

Answer 4 questions:

1) What is Marshall’s theory of demand? In what direction has this theory been extended by modern research? What problems in demand theory deserve, in your judgment, the greatest attention in the years ahead? Why?

2) What are indifference curves? What can they contribute to the understanding of consumers’ behavior? To the understanding of producers’ behavior? To pure economic theory?

3) What does a demand curve of unitary elasticity mean? What does an average cost curve of unitary elasticity mean? Is the Marshallian demand curve equivalent to an average revenue curve, an average cost curve, or a marginal revenue curve? Why? Assuming a linear demand curve, indicate the elasticity of demand at ‘critical points’ on this curve. Will farmers benefit more from a short crop than from a bumper crop? Is there any conflict in this respect between the interests of farmers as individuals and as a class?

4)    (a) What, briefly, does the principle of diminishing return mean to Lucretius, Mill, Marshall, Stigler?

(b) Over what range of industry does ‘the’ principle of diminishing return apply? over what range of factors? over what range of output?

(c) What is ‘the’ principle of increasing return and how is it related to ‘the’ principle of diminishing return?

5) (a) Suppose that two factors of production are used in producing a certain commodity, one factor being fixed and the other variable. How much of the variable factor will a producer seeking the least-cost combination use, if the variable factor is free? If the fixed factor is free? if neither factor is free? if the price of both factors is doubled? if the price of the fixed factor is doubled while the price of the variable factor remains unchanged? Explain your answers.

(b) Suppose that both factors may be varied freely and that each costs money. How much of each factor will the producer use? Why?

(c) Same as (b), but suppose the number of factors is ten instead of two.

 

____________________________________

ECONOMICS 153-159

Composite Final Examination
January 21, 1947
306 Mines
1:10—4:00

Answer enough questions to add up to 120 “minutes”. Students in Stigler’s section must include question 1. Do not answer both 1 and 6, nor both 1 and 9.

1. (60 minutes) There are 100 each of A and B farms in a competitive economy. The product schedules of one farm are

Total Product
Number of Laborers A Farm B Farm
1 40 40
2 90 80
3 140 115
4 185 145
5 225 170
6 260 190
7 290 205
8 315 215

i. Determine wages and rents on both types of farms when there are 240 laborers.
ii. Determine wages and rents on both types of farms when there are 900 laborers.
iii. And 910 laborers, no laborer divisible.
iv. With 900 laborers, those on the A farms organize and succeed in setting a wage rate of 40.
v. And then they raise the standard rate to 47.
vi. Congress, dominated by radicals, levies a 20 per cent tax on wages. There are 900 laborers, and full competition.

 

2. (30 minutes) Explain as briefly as possible each of the following statements.

i. For a monopolist, marginal cost is greater than marginal revenue at any output at which the demand is inelastic.
ii. Demand has no influence on the price of the product of a competitive industry that uses no specialized resources.
iii. The elasticity of a straight line demand curve varies from point to point.
iv. The imposition of a license fee does not affect short-run normal price.

 

3. (30 minutes) Write a short essay on utility theory, in one of its variants, taking into account:

i. The need for “going behind” the demand curve to explain observable behavior.
ii. The empirical evidence that supports the utility theory.
iii. The uses, if any, to which the utility theory can be put.

 

4. (15 minutes) Define each of the following concepts and write a brief paragraph on its place in contemporary economic theory:

a) Opportunity cost
b) Economic rent
c) Net profit
d) Consumer’s surplus
e) Marshallian long-run
f) Quasi-rent
g) Factor of production

5. (15 minutes) Explain the difference between the “marginal utility” and “indifference curve” approaches to the theory of consumption, and evaluate the advantages attributed to the latter.

6. (30 minutes) Explain the meaning and implications of “constant returns to scale”, Under constant returns to scale, what is the relation between the amounts of the factors used, their respective marginal productivities, and the total product.
Illustrate the meaning of increasing, constant, diminishing and negative returns to one factor–amounts of other factor being held constant—within the framework of constant returns to scale. In a range where there are increasing returns to one factor, what is implied about returns to other factors?

7. (15 minutes) Give an exposition, illustrated as well as decorated by diagrams, of one of the standard special cases of monopolistic competition theory—such as (a) a price leader “holding up the umbrella” for a fringe of small “independents”; (b) product differentiation with free entry; (c) substitution of selling-cost competition for price competition; (d) cartel with enforceable output quotas but open membership; (e) spatial competition with free entry but tabu on price competition (gasoline stations with fixed per-gallon markup).

8. (15 minutes) Do the same for one other of these cases. DO NOT TREAT MORE THAN TWO ALTOGETHER.

9. (30 minutes) Suppose a perfectly competitive industry, with long-run constant costs, is in long-run equilibrium. Trace adjustment to a new short-run and long-run equilibrium when a tax per unit of output is put into effect unexpectedly but permanently.
What difference will it make if the tax is per unit of input instead (the input affected accounting for, say, ¼ the industry’s costs)?
Where the tax is per unit of output, what difference will it make if the industry is subject to long-run increasing costs?

10. (30 minutes) Suppose a household has its “income” given in kind—in a “commodity X” rather than in “money”. Draw up a diagram with “money” graphed vertically and “X” horizontally, and trace out the loci of accessible combinations of X and money (“opportunity paths” alias “budget lines”) for several different prices of X.
Assuming both X and money to be necessities (in the sense that the household will always prefer a some-of-each combination to any alternative comprising some of one and none of the other), is it possible to draw on this diagram a field of indifference curves so shaped that the points of maximum attainable satisfaction along these opportunity paths will show the household retaining more X (“supplying” less X) at higher prices than at lower prices of X? If so, draw such a field of curves; if not, show geometrically why it cannot be done.
Relate this analysis to the supply by households of agricultural commodities for which overhead costs overshadow variable costs (apples?). To the supply of labor (regarding X as leisure, of which less is retained as more time is devoted to work).

11. (15 minutes) Is the “law of diminishing returns”, construed in terms of variable proportions of inputs, a “law” of engineering, social relations, or individual psychology? (or is it strictly a parlor accomplishment for economists?) Justify your answer.

12. (30 minutes) (a) Economists generally accept a strong presumption that demand curves have a “negative slope”: i.e., that increasing a price reduces the amount demanded. What are the main pieces of evidence by which this presumption can be supported? Do you consider the evidence adequate?
(b) On the supply side, economists feel a much weaker presumption that increasing a price will increase the amount supplied, particularly where many of the suppliers have only one type of commodity (or service) to sell. What are the grounds for this difference in the strength of the presumption?

13. (30 minutes) Describe the Walrasian equations and discuss their significance in relation to the determinateness of the general equilibrium of a simple exchange economy.

14. (15 minutes) Discuss bilateral monopoly (monopolistic seller facing monopsonistic buyer) in relation to the efficiency of the bargaining and exchange process, the determinacy of the general equilibrium, and factors affecting the result.

15. (15 minutes) Distinguish between impatience and marginal time preference as a basis for interest. What other factors besides interest affect the supply of savings and capital?

16. (30 minutes) The following table shows the estimated yearly traffic over a proposed bridge at various rates of toll:

Toll Cars per year
$2.00 None
1.50 1,000,000
1.00 2,000,000
.50 3,000,000
.00 4,000,000

If the bridge can be built at an annual cost of $3,500,000 for interest, depreciation, and repairs, would it be worth while, from the point of view of the community as a whole, (a) if no toll is to be charged; (b) if a toll of $1 is to be charged, the balance of the cost coming from taxes. Can such a bridge be undertaken privately? If so, how?

If the bridge costs only $2,000,000 and a private company undertakes it, charging $1 toll, what is the net social loss as compared with operating without a toll? If the cost is $1,500,000 and the necessary toll is 50 cents? Discuss the qualifications, if any, to be attached to your conclusions. Note: Consider the demand curve to be continuous, not a series of steps; i.e., at a toll of $.10, traffic is 3,800,000, at $.20, 3,600,000, etc. Ignore wear & tear on bridge.

 

____________________________________

 

Economics 154
Hour Examination
April 14, 1947

  1. (30 minutes) Write a brief essay on “external economies and diseconomies of large scale production”, touching upon:

a) Economies external respectively to firm and to industry
b) Distinction between external economies operating via changes in production functions and via price changes
c) Effects analogous to external economies in the affairs of households
d) The Marshall-Pigou tax and subsidy proposal

  1. (20 minutes) Comment on the sense and degree in which “welfare economics” is handicapped by limitations on the “interpersonal comparison of utilities”.

 

____________________________________

 

Final Examination
Economics 151 and 160
May 22, 1947

Answer one question in each group and four questions in all.

Group I

1. Explain the following propositions:

a. If the proportion in which two factors of production are used in producing a commodity in a certain industry is not alterable, the industry’s demand for factor A will be less elastic (1) the less elastic is the demand for the commodity, (2) the smaller the proportion of total costs that factor A accounts for, and (3) the less elastic is the supply of factor B.

b. If the proportions in which the two factors are used can be altered, the demand for A will be less elastic the less easily it can be substituted for factor B.

2. What reasons are advanced by Adam Smith and J. S. Mill to explain persistent differences between the wages of labor in different occupations? Under what conditions would demand be important?

3. What deviations from the “social optimum” of welfare economics result from monopolistic competition? Discuss (a) the use of existing resources; (b) investment; (c) income distribution.

Group II

4. Explain two of the following propositions and indicate how imperfections in the loan market affect their validity.

a. To maximize their satisfaction from income, individuals borrow or lend in a volume that equates their marginal rates of time preference with the market rate of interest.
b. It pays investors to undertake all ventures in which the rate of return over cost (internal rate) is as high as the market rate of interest.
c. Current rates of interest for loans of different maturity imply specifiable expectations of rates of interest to rule in the future.

5. “For the individual, the rate of interest will determine the choice among his optional income streams (investment opportunities), but, for society as a whole, the order of cause and effect is reversed. The rate of interest will be influenced by the range of options open to choice.”

6. Which of the following statements about interest have been supported by which of the economists listed below, and which of the statements have not been supported?

a. Interest equates the supply and demand for capital.
b. Interest reflects the superiority of roundabout methods of production.
c. Interest represents the rate at which the total stock of capital in the community increases.
d. The rate of interest corresponds to the rate of decline of the marginal productivity of capital.
e. Interest is the reward for the sacrifice of liquidity.
f. Savings tend towards the point at which interest equals the marginal propensity to consume.
g. Interest arises from the exploitation of labor by capital.
h. Interest is a monopoly profit exacted by bankers through the exercise of the sovereign power to coin money.

Böhm-Bawerk, J. B. Clark, Commons, Fisher, Keynes, Marx, Nobody, Soddy, Veblen.

Explain the reasoning behind one of the statements.

7. What are the relations between the spot price of a commodity (cotton), the spot price expected to rule six months from now, and the (“futures”) price at which a contract will be entered into now for execution six months from now? Explain with allowance for uncertainty.

 

Group III

8. “…it is not the rate of interest, but the level of incomes which ensures equality between saving and investment.” Explain.

9. Expound and criticize Means’s doctrine of price rigidity as cause of unemployment.

10. Comment on F. H. Knight’s view that “in the absence of uncertainty the velocity of circulation of money would be infinite.” How far and what sense does uncertainty explain the “transactions, precautionary and speculative motives” to hold money?

 

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Collection, Box 62, Folder “Sec (4) Ec 153-154 Columbia = 103-104 Micro, grads”.

Image Source:  Obituary in The Columbia Spectator, October 3, 1997.

Categories
Chicago Courses Suggested Reading Syllabus

Amherst. Honors Section of Introductory Economics. Paul H. Douglas, 1925

Paul H. Douglas left the University of Chicago to take a job at Amherst in the mid-1920s because his wife Dorothy was unable to get a job at the University of Chicago due to nepotism rules of that time and she found a job for herself at Smith College in Massachusetts. There he began his collaboration with the mathematician Charles Wiggins Cobb that resulted in the statistical fitting of the specification of the production function now named after them. See Cobb and Douglas,  “A Theory of Production”, AER 1920.

 I found the following carbon copy of the report Douglas wrote about his pedagogic experiment with an honors section of introductory economics at Amherst during the second semester of the 1924-25 academic year in the papers of the head of the economics department at the University of Chicago in 1925. Besides the reading list of supplemental reading for his honors section, Douglas includes “teaching evaluations” written by the students.

 _______________________________________

The University of Chicago
The School of Commerce and Administration

September 26, 1925

 

Professor L. C. Marshall
University of Chicago
Chicago, Illinois

Dear Professor Marshall:

I am enclosing a report of the Honors Section which I conducted in Economics I last year, which you may find of interest, even at this late date.

Faithfully yours,
[signed]
Paul H. Douglas

PHD:EPR

 

_______________________________________

Amherst, Mass.
June 18, 1925

 

Report to the President and the Instruction Committee of Amherst College on the Special Honors Section given in Economics I during the year 1924-1925.

I. Composition of Group

With the consent of the President and the Dean, the Special Honors Section was set up in Economics I immediately after New Years 1925. The first men invited to join were Messrs. W. B. Carter, Jr. [William Harrison Carter, Jr. (Class of 1926) from Woodhaven, N.Y.], Sperry Butler [Sperry Butler (Class of 1926) from Hubbard Woods, Illinois], O. R. Pilat [Oliver Ramsey Pilat (Class of 1926) from New York, N.Y.], M. O. Damon [Mason Orne Damon (Class of 1926) from Ft. Dodge, Iowa], W. J. Kyle [William Joseph Kyle, Jr. (Class of 1926) from Waynesburg, Pennsylvania], and E. S. Nole [sic. Everett Stearns Noble (Class of 1926) from Coconut Grove, Florida]; these men were all on the Dean’s List. A few weeks later Douglas Tomkins [Douglas Tomkins (Class of 1926) from Brooklyn, N.Y.] was added with the approval of the Dean. These men were excused from attending the regular class exercises and met one evening a week in the Economic Seminar room with the instructor. These sessions ranged from two to three and one-half hours in length.

 

II. Work Covered

The group read the text used by the ordinary section in the course, namely, Taussig’s Principles of Economics, 2 volumes, but the chief reading was done in additional assignments amounting on the whole to approximately one book a week. These other readings were in the main the cream of the literature on the economic topics considered. The list of supplementary reading covered was as follows:

First week Bagehot, “Lombard Street;” Kemmerer, “The A B C of the Federal Reserve System.”
Second Week Selected chapters from Mitchell, “Business Cycles.”
Third Week Fisher, “Stabilizing the Dollar;” Keynes, “A Tract on Monetary Reform.”
Fourth Week One of the following: Withers, “Money Changing;” Clare, “A B C of Foreign Exchange;” Cross, “Domestic and Foreign Exchange: Theory and Practice.”
Fifth Week Viner, “Dumping;” and discussion of text of McNary-Haugen Bill
[JPE 1922, part I, JPE 1922, part II]
Sixth Week Adam Smith, “Wealth of Nations,” Book IV, Chapter 2.
Seventh Week Taussig, “Some Aspects of the Tariff Problem” Chapter I or II, and “Tariff, Free Trade, and Reciprocity.”
Eighth Week Wolfe, “[Savers’] Surplus and the Interest Rate,” Quarterly Journal of Economics 1920; Selected Chapters from Clark, “Distribution of Wealth.”
Ninth Week Hobson, “Economics of Unemployment.
Tenth Week Ricardo. “Principles of Political Economy,” Chapter 2.
Selected Chapters from Henry George, “Progress and Poverty.
Eleventh Week Adam Smith on Differences in Wages, Book I, Chapter 10, part 1.
Twelfth Week The Basic Rate of Wages; Selected chapters from Clark, “Distribution of Wealth.”
Thirteenth Week Population—Malthus, “Essay on Principle of Population. Comparative chapters from the 1st and 2nd editions. [first edition, sixth edition]
Also one of the following: Carr-Saunders, “The Population Problem,” or J. R. Smith, “The World’s Food Resources.”
Fourteenth Week Profits—Either Hardy, “Risk and Risk Bearing,” or Knight, “Risk, Uncertainty and Profit.”
Fifteenth Week Mitchell, King and Knauth; “Incomes in the United States.” [Vol. I Summary] [Vol. II Detailed Report]
Sixteenth Week (1) Webb, “Industrial Democracy.” Chapter on “Higgling on the Market;” and (2) Fitch, “Causes of Industrial Unrest;” or Hoxie “Trade Unionism in the United States.”
Seventeenth Week Douglas, “Wages and the Family.”
Eighteenth Week Ripley, “Railway Problems, “ 1st volume; or Acworth, “Elements of Railway Economics.”
Nineteenth Week Either Haney, “Business Organization and Combination,” or Jones, “The Trust Problem.”
Twentieth Week Selected Chapters from Seligman, “Essays in Taxation.”

The members of the group seemed to read virtually all the assignments and to canvas the field thoroughly.

 

III. Personal Appraisal of Work

Personally I was very much pleased with the results of the work. The group seemed to me to cover several times as much ground as the men in the three ordinary sections of the class; and the work was much more thoroughly treated than it would have been had they been compelled to move in the lock-step of the ordinary sections. As a by-product of the work one of the men, Mr. Butler, worked out an algebraic statement of the Ricardian Theory of Distribution; to my knowledge, this has never before been done in the literature of Economics. In conjunction with Mr. Carter, he also worked out a graph of various elasticities of demand representing them on both an absolute and logarithmic scale. The group as a whole did brilliant work on the final examination which was fare more severe than that given to the rest of the class. Four men secured a grade of ninety-five or better, even with the stringent marking that I applied. Two of the men received low nineties, one of these men having been handicapped by illness. The seventh member, who was the weakest person in the group passed the final with only a grade of 78.

 

IV. Appraisal by Members of the Class

I asked the various members of the class to give me their criticisms of the work done and I am attaching those written statements.

 

Question One: Have you enjoyed meeting with the group more than you did as a member of an ordinary section? Do you think you have gained a greater knowledge of economics as a result?

“Meeting in the smaller section has been far more enjoyable than the regular class, and I believe that I have gained a greater knowledge of economics as a result. I believe that being able to talk freely with the instructor and members of a small group such as ours gives a student a chance not only to clarify himself on doubtful points, but to get the opinion of others on topics in which he is especially interested. This is impossible in the large classes, where discussion has to be conducted for the benefit of the whole section.
“Moreover, the longer classes must necessarily be retarded, by their very size, and by the fact that the class as a whole can go no faster (that is, cover no more ground) than the least capable or least industrious members. I think this is often a cause for lack of interest among the men who are able to do advanced work.”

“I have not only enjoyed meeting with the group more than the regular classes, but feel that I have derived greater benefit thereby.”

“I am very glad to have an opportunity to express myself on the matter of the honors section in Economics 1. I feel that it has been the most instructive and interesting course that I have taken at Amherst. In the first place, the group has been small enough so that each of us could have the difficulties which he encountered, explained and discussed by the remainder of the group. Then too, the group was not only small, but uniform, so that it was unnecessary for some members to be held back by other slower members, as is the case in the ordinary section. Undoubtedly we have covered more ground, and covered it more thoroughly, than we could have in the regular class.”

“My time in the honor section has been more thoroughly utilized and consequently more enjoyable than in the regular class. I feel certain that I have learned more economics, as a result.”

“The answer is emphatically yes—both in knowledge and enjoyment the honors section has far surpassed the ordinary class meeting-to this I attribute the attitude of the instructor which I think in any such course must be decisive.”

“I feel sure that as a result of the meetings with the group I have gained a much clearer and more comprehensive knowledge of Economics. This was the result partly of the discussions on the various topics and partly of a heightened interest in the course. A true interest in the subject was aroused which is impossible in the regular class meetings.”

“That I have enjoyed meeting with the group more than with the ordinary section is beyond question. Being an ardent advocate of the honors system I am delighted to find it as agreeable and valuable in practice as in theory. Before this morning (the time of the examination) I was a bit doubtful whether I actually knew more economics than if I had stayed in the regular section. While there were parts of the examination which were very complicated, I didn’t once feel that I was completely at a loss although I am aware of mistakes I may have made. As to the factual knowledge of the course I believe that probably exact definitions and the details of various parts may at this moment be better known by those in the regular division, although I would wager I have a better grasp of the fundamentals, and a clearer idea of the relation of the various factors than most of the regular members. Moreover I believe they will stick whereas the definitions and details will quickly fade from the memories of those who did not have the opportunity to tie up these principles by their application to present day conditions as we did. Therefore I feel that I know more real economics than I would have otherwise.”

 

Question Two: What is the relative amount of work which you have done in the honors section as compared with that which you did before you entered it?

“It was necessary to do more work in the honor section, for the reasons which are stated in the answer to question one. Also, there is considerable of the element of pride involved; I found that if I didn’t know a thing that others members of the section did, I was, ashamed of myself. Then, too, the honor section, with its freedom of discussion, is conducive to thinking, which is, after all, rather rare among Amherst students. More men in regular classes drop the subject as soon as they have left the class room. I believe that a little thought is particularly valuable in economics, for after the principles are grasped, a little consideration permits them to be developed and applied. I consider this “studying” of a sort more valuable than the perusal of textbooks, though the latter is essential to the former.”

“I have done considerably more reading after having been placed in the group division.”

“I have certainly done more work than I did in the regular section. Since we have not been forced to follow a fixed plan or outline of work, many interesting topics have come up which would have passed by otherwise. In general I have done the work assigned to the regular class plus reading in at least one other book. Since all the members of the group have been able to cover more work than is give, or could be given, in the ordinary section, we have been able to talk over more different books and points of view, than we could have in the regular section where the discussion, to benefit the class as a whole, must necessarily be limited by the reading capacity of the slower members. As the work has been more interesting, the extra time required has been no hardship, but has seemed to be especially remunerative.”

“I have spent from one to two additional hours a week for this section.”

“In actual time I have not done much more; but the type of work has been of a decidedly different character. Instead of rather automatic memorizing has come a feeling that this thing must be thought out independently. This sounds platitudinous, but it is true.”

“The amount of work I did in preparation for the group meetings was considerably greater than that done for the regular class meetings at the beginning of the year.”

“I have generally spent all of Monday afternoon and frequently other hours on the seminar work. This is somewhat in excess of the time needed for the regular class work.”

Question Three: As the work was given out, did it seem excessive or could more have been done conveniently?

“I could have conveniently done more work than was assigned though the hour of the section was not the best possible for me.”

“The work as assigned did not seem excessive.”

“The work did not seem excessive. Except that my schedule was unusually heavy this year, I could readily have done more.”

“The assignments seem well-proportioned. I do not think more would be advisable, however.”

“The work as assigned did at times seem excessive—at least to do thoroughly–, but this was seldom the case.”

“In general the work was not excessive usually being of an elastic nature above a certain minimum. I do not think that under our present system of college education in which every man who is at all able is expected to enter a host of student activities, I could have conveniently put in more time on the work. There were occasions when I did more and others when I did less than the average above mentioned, as the pressure of work in activities varied.”

 

Question Four: Would you favor the continuance of an honors section and if so what suggestions would you have for the improvement of the work?

“I am strongly in favor of a continuance of this system. It enables men who can and will do work that is more advanced to free themselves from the handicaps mentioned in the answer to question one. It certainly deserves a further trial, at least.”

“I am very strongly in favor of the continuance of such honor sections. We were able to pass over hurriedly some of the more elemental and obvious material, and as a result had more time for the discussion of the complex and deeper questions. A greater interest in the material discussed was aroused, with me at least, because of the removal of the drive and compulsion of the ordinary class-room.”

“I should favor strongly the continuance of an honors section, altho I realize it means much extra work for some member of the Faculty. It seems to me that such a group should not have more that eight members and that these members should not be picked before the middle of the first term. I can offer no suggestions for the improvement of the work. But I believe that this plan has not only benefitted the members of the honors section, but all the members of the ordinary section.”

“I am heartily in favor of an honors section.
“Perhaps the work might be improved by further splitting of the topics studied, allowing each student to specialize on one phase. I feel a general lack, in all my courses, of definite and exact knowledge. I think that possibly more thorough study is a limited field supplemented by well-informed discussion from several points of view would help to clarify my all too vague impressions.”

“Yes!! By all means. Caution: No more than approximately those present now should be admitted in any such section.
“The men must be genuinely interested—not those looking for escape from work—for this reason the selection of the group might well be made on the basis of the first term’s work as at present.
“I like the idea of one man leading the section each week—with a paper preferably which takes a definite stand. This ought to encourage discussion, and occasionally, controversy.”

“Yes, I would favor the continuance of such sections in Economics and other subjects also. I feel that I have derived more enjoyment and more value out of the meetings with the group than I have in any other course I have taken in college.”

“I would most certainly favor the continuance of an honors section in this,–and the introduction of the plan in other courses where the material admitted of treatment of this type. I think each group should be chosen by the professor from his regular group on the combined basis of marks, interest and ability. There are other courses in Amherst where the drag of the work due to the time necessary to explain and re-explain various fundamental phases of the work is even more noticeable than in the regular sections of the economics class. Could those who were fortunate enough to be able to go ahead without this repetition, be placed in a special section similar to our honors group, I feel sure they at least would find their college work vastly more inspiring and helpful.

“There is one suggestion I should like to make which I think might add somewhat to the value of such work. It is that any such group should carry on some definite piece of constructive investigation along the line of the course which appears most interesting to them. Each might contribute a paper or all work together under the direction of the professor on such a research. I believe it would serve to centralize much of the other work done. This might be done by the devotion of an occasional meeting to gathering together such special work at various stages in its progress. Otherwise I see very little which could be desired more than we have had this year.”

_______________________________________

From the Amherst College Catalog 1924/1925

Economics 1. Principles of economics. The present industrial system with special reference to American conditions. A study of the development of the main features of present industrial society, value and distribution and a number of modern social problems.

Elective for Juniors.

  1. Mon., Tu., Wed., 2.00, Chapel 5.
  2. Mon., Tu., 8.35, Thu., 9.30, Chapel 4.
  3. Wed., Sat., 9.30, Fri., 3.00, Chapel 5.

Professor Douglas and Mr. Taylor. [George Rogers Taylor, Ph.D., Instructor in Economics and Political Science]

_______________________________________

 

Sources:

The University of Chicago Archives. Department of Economics. Records. Box 6, Folder 7.
Amherst College Catalog 1924/25, p. 33, 81, 147ff.

 

Image Source: Amherst College. Olio 1926, p. 36.

Categories
Courses Harvard Syllabus

Harvard. Undergraduate Public Finance Reading List. H. H. Burbank, 1936

Harold Hitchings Burbank (1887-1951) has gone down in the history of economics as being the chairman of the Harvard economics department who let the up-and-coming Paul Samuelson get away to M.I.T. A more positive legacy perhaps was the role he played in his younger years as one of the founders of Harvard’s tutorial system and its administrator within the department of economics. In any event Burbank’s footprints in the sands of the history of economics have only survived as Jurassic fossils of that pre-Samuelson era of economics and he is mostly remembered as the incarnation of the Dark Side in the familiar legend of the rise of M.I.T. economics. 

Burbank was a specialist in Public Finance and this posting features the syllabus for his Public Finance course for undergraduates and graduate students requiring remedial work in the field.

New addition: from the fantastic Harvard archives collection of old final examinations, I am able to provide a transcription of the final examination in public finance for this course.

_____________________________

[Course Announcement]

Economics 4 2hf. Public Finance

Half-course (second half-year). Mon., Wed., Fri., at 9. Professor Burbank.

 

Source: Harvard University. Announcement of the Course of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1935-36 (second edition), p. 137.

_____________________________

 

[Course Enrollment]

[Economics] 5 2hf. Professor Burbank.—Public Finance

35 Seniors, 27 Juniors, 3 Sophomores, 1 Other:   Total 66.

Harvard University. Report of the President of Harvard College and reports of departments for 1935-36, p. 82.

_____________________________

 

Economics 52
Public Finance
1935 — 1936

 

The required reading assignments and the suggested readings are given on the following pages.

A report on some special subject in the general field of Public Finance is required of all students registered in the course. Seniors, candidates for honors in the Division of History, Government, and Economics, are expected to undertake the report. The reports may be either written or oral. If written they will be graded and included in the course grade; if oral, they will not be graded, but they must be completed satisfactorily to secure final credit for the course.

Reports are due:

For seniors: On or before April 6
For others: On or before May 1

For selection of subjects and bibliography suggestions, all students should consult Dr. Eugene E. Oakes during the first three weeks of the course. He will be available by appointment in Kirkland H-15 at the following hours:

Monday 10-11 A.M.
Tuesday 3-5 P.M.
Thursday 3-5 P.M.

Appointments may be made before or after the lectures. Office hours for the oral reports will be announced later.

An attempt is made in all cases to arrange topics which are of particular individual interest, or are suitable as correlative work in fields of concentration in preparation for the divisional examinations. No report is acceptable unless the subject has been approved.

Possible subjects, among others, are as follows:

(1) Special problems on the relation of public and private finance.
(2) The present taxation problem in a particular state or county.
(3) A critical study of some particular kind of tax—income taxes, inheritance taxes, business taxes, etc.
(4) Theories of the incidence of taxes.
(5) Various administrative problems, such as budget or assessment procedure.
(6) The financial history of the United States.

Assignments and Readings in Public Finance

 

Attention is directed particularly to the following books:

Bastable, C.F. Public Finance
*Bullock, C.J. Selected Readings in Public Finance (3d. ed.)
Dewey, D.R. Financial History of the United States (11th ed.)
Fagan, E.D., and Macy, C.W. Public Finance
Hibbard, B.H. A History of the Public Land Policies
Lutz, H.L. The State Tax Commission
Mills, M.C. and Starr, G.W. Readings in Public Finance and Taxation
Seligman, E.R.A. Essays in Taxation (10th ed.)
Seligman, E.R.A. The Income Tax
Seligman, E.R.A. Studies in Public Finance
Great Britain Report of the Committee on National Debt and Taxation (The Colwyn Report, 1927)
Great Britain Report of the Committee on National Expenditure (The May Report, 1931)
National Tax Association Proceedings
National Tax Association Bulletin
*Lutz, H.L. Public Finance (2d ed.)

 

February 3 – 14 Public Expenditures, Public Works, and the Budget.

Required Lutz, Public Finance, Ch. 1-7.
Bullock, Selected Readings, Ch. 2, 3 (Sect. 9, 13)
Suggested Bastable, Public Finance, Bk. I, ch. 1-8.
Fagan and Macy Public Finance, Ch. 1-4.
Great Britain, Report of the Committee on National Expenditure (1931)
Haig, R.M., Public Finances of Post War France, Ch. 20.
Mills & Starr, Readings, Ch. 1-5.
National Industrial Conference Board, Cost of Government in the United States, 1925-26, 1926-27, 1929-30.
National Industrial Conference Board, Federal Finances, 1923-32.
National Industrial Conference Board, Report on Recent Social Trends, Vol. II, Ch. 25-26.
Willoughby, W.F., Financial Condition and Operations of the National Government, 1921-30.
Clark, J.M., Economics of Planning Public Works
Gayer, A.D., Public Works in Prosperity and Depression
Buck, A.E., The Budget in Governments of Today.
Mallet,British Budgets, 1887-1913
Mallet & George, British Budgets (Second Series) 1913-1921, and 1921-1933.

 

 

February 17 – 28 Public Revenues Other than Taxes; the Public Domain; Public Ownership; Administrative Revenues.

Required Lutz, Public Finance, Ch. 8-12.
Mills & Starr, Readings, Ch. 7, 9.
Suggested Bastable, Public Finance, Bk. II, Ch. 1-5.
Fagan and Macy Public Finance, Ch. 5-7.
Hibbard, A History of the Public Land Policies.
Knoop, D., Principles and Methods of Municipal Trading.
Mills & Starr, Readings, Ch. 7-8.
                           Report of the National Resources Board, Part II.
                           Report of the United States Post Office.
Seligman, Essays in Taxation, Ch. 14-15.
Splawn, Government Ownership and Operation of Railroads.
Taussig, Principles of Economics (3rd. ed.), Vol. II, Ch. 62.

 

March 2 – 13 Taxation: Principles and Incidence.

Required Lutz, Public Finance, Ch. 13-14.
Bullock, Selected Readings, Chs. 8-9.
Taussig, Principles of Economics, Ch. 68, 70, 71.
Mills & Starr, Readings, Ch. 11 (sect. 24).
Suggested Bastable, Public Finance, Bk. III, Chs. 3, 5.
Brown, H.G., Economics of Taxation.
Carver, T.N., Essays in Social Justice, Ch. 17.
Dalton, H., Principles of Public Finance, (8th ed.), Ch. 6-12.
Fagan and Macy Public Finance, Ch. 8-9.
Seligman, Progressive Taxation in Theory and Practice.
Seligman, Shifting and Incidence of Taxation, (3rd ed.), Part I.
Silverman, H.A., Taxation, Its Incidence and Effects.
Stamp, J.C., The Fundamental Principles of Taxation.
Taussig, Some Aspects of the Tariff Question (3rd ed.), Ch. 1.

 

March 16 – 27 Taxation of Land; Single Tax; General Property Tax; Taxation of Business.

Required Lutz, Public Finance, Ch. 17-18.
National Tax Association, Second Report of a Model System of State and Local Taxation.
Tax Policy League, The Place of State Income Taxation in the Revenue Systems of the State.
Mills & Starr, Readings, Ch. 17 (sect. 42, 43).
Suggested Blakey, Taxation in Minnesota, Ch. 5, 6.
Fagan and Macy Public Finance, Ch. 10-14.
Fairchild and Associates, Forest Taxation in the United States.
Jensen, J. P., Property Taxation in the United States.
Leland, S., Classified Property Tax.
Mills & Starr, Readings, Ch. 12-13.
National Industrial Conference Board, State and Local Taxation of Business Corporations.
Watson, J.P., The City Real Estate Tax in Pittsburgh.
Welch, R.B., State and Local Taxation of Banks in the U.S.

 

March 29 – April 4   Vacation

 

April 6 – 17 Income Tax; Inheritance Tax; Sales Tax.

Required Lutz, Public Finance, Ch. 19-23.
Bullock, Selected Readings, Ch. 11 (sect. 46)
Mills & Starr, Readings, Ch. 14 (sect. 36), 16 (sect. 40).
Suggested  

Blakey, Taxation in Minnesota, Ch. 15.

The State Income Tax.

Buehler, General Sales Taxation.
Haig, R.M., Taxation of Excess Profits in Great Britain.
Haig & Shoup, The Sales Tax in American States, pp. 1-108.
Fagan and Macy Public Finance, Ch. 15-21.
Mills & Starr, Readings, Ch. 14-20, 25, 26.
National Industrial Conference Board, General Sales or Turnover Taxation.
National Industrial Conference Board, State Income Taxes.
National Industrial Conference Board, Sales Taxes: General, Selective, and Retail.
Rignano, E., The Social Significance of the Inheritance Tax.
Seligman, Essays in Taxation, Ch. 22-24 (War Finance).
Shultz, The Inheritance Tax.

 

April 20 – May 1. Public Credit.

Report on Special Subject: Final Date for Students other than Seniors — May 1.

Required Lutz, Public Finance, Ch. 24-29.
Mills & Starr, Readings, Ch. 24 (sect. 58).
Suggested Bastable, Public Finance, Bk. V.
Brown, H.G., Economics of Taxation, Ch. 1-2.
Bullock, Selected Readings, Ch. 22-24.
Burgess, W.R., Reserve Banks and the Money Market, Ch. 6.
Fagan and Macy Public Finance, Ch. 22-27.
Hargreaves, The National Debt.
Hendricks, The Federal Debt, 1919-30.
Love, R.A., Federal Financing, esp. Ch. 8-14.
Pigou, Public Finance, Part III.
Seligman, Essays in Taxation, Ch. 23-24.
Studensky, P., Public Borrowing.
Beckhart, B., New York Money Market, Vol. IV, Part II.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder “1935-1936”.

Image Source: Harvard Class Album 1934.

Categories
Courses Harvard Syllabus

Harvard. The Corporation and its Regulation. Course Syllabus. Crum, Mason & Chamberlin, 1934

The division of labor among the three professors jointly responsible for this course appears to be according to topic. The accounting business clearly fell to Crum.  Why Mason is listed ahead of Chamberlin (seniority? or order of topic within the course) is not explicit. For now I’ll just conjecture that Mason taught the Dewing (i.e. Finance) part of the course and Chamberlin then taught the Berle and Means material. The enrollment numbers indicate it was a popular course (maybe as pre-law or pre-MBA preparation for economics majors?).

More recently added:  the final examination questions for the course.

______________________________

[From the Course Catalogue]

Economics 4a 1hf. The Corporation and its Regulation

Half-course (first half-year). Tu., Th., Sat., at 11. Professor Crum, Associate Professor Mason, and Associate Professor Chamberlin.

 

Source: Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1934—35 (second edition). Official Register of Harvard University, Vol. 31, No. 38 (September 20, 1934), p.126.

______________________________

[Course Enrollment]

4a 1hf. Professor Crum, Associate Professors Mason and Chamberlin.—The Corporation and its Regulation.

161 Total: 1 Graduate, 52 Seniors, 86 Juniors, 11 Sophomores, 11 Others.

Source: Harvard University Archives, Report of the President of Harvard College and the departments for 1934-35, p. 81.

______________________________

 

Economics 4a
The Corporation and its Regulation

Reading Assignments, 19341935

BOOKS:

S. Baldwin, Modern Political Institutions
Paton and Stevenson, Accounting Principles
A. S. Dewing, Financial Policy of Corporations (1934 edition) [link to 1926 edition]
Berle and Means, The Modern Corporation and Private Property
Bonbright and Means, The Holding Company
Seager and Gulick, Trust and Corporation Problems
J. B. Hubbard, ed., Current Economic Policies

* * * * * * *

October 1-6: Baldwin, Ch. 6.
October 8-13: Paton and Stevenson, pp. 1-207 (Omit Ch. 5)
October 15-20: Paton and Stevenson, Ch. 22.
October 22-17: Dewing, Book IV, Chs. 7, 8,9.
October 29-November 3: Dewing, Book III, Chs. 3, 4.
November 5-10: Dewing, Book I, Chs. 3, 4, 5.
November 12-17: Dewing, Book V, Ch. 3 and pp. 730-736.
November 19-24: Berle and Means, Book II, Chs. 1, 2, 3.
November 26-December 1 Berle and Means, Book II, Chs. 5-8, Book IV (complete).
December 3-8: Bonbright and Means, Chs. 1, 2, 3, 6 (omit Supplment), 13.
December 10-15: Berle and Means, Book III (complete).
Hubbard, pp. 575-610.
December 17-22: Seager and Gulick, Chs. 25, 27.
Hubbard, pp. 110-126.

* * *  * * * *

Reading Period: Dewing, Book V, Chs. 9, 11, 12; Book VI, Ch. 5.
Berle and Means, Book I, Chs. 3, 4.
Hubbard, pp. 610-636.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC8522.2.1). Box 2, Folder “1934-1935”.

Image Source: Crum, Mason and Chamberlin from Harvard Album 1934.