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Chicago. Price Theory. Econ 300A, Friedman. 1946.

The first cohort of students to receive their graduate price theory training from Milton Friedman during the autumn quarter of 1946 at the University of Chicago (Economics 300A ) included a future Nobel prize winner (James Buchanan), a future labor economist and Chicago/Princeton professor (Albert Rees), a future textbook author (Richard Leftwich, whose text incidentally was the text used in the early concentration freshman economics course I took at Yale in the Fall semester of 1969), and Army Air Corps Silver-Star recipient and the future head of C.I.A. Soviet economics research (Rush V. Greenslade).

Interestingly enough, Milton Friedman is listed as a member of the faculty in the Announcement for the Sessions of 1946-1947 but the courses 300A, B were not yet in included in the May 15, 1946 Announcements. The readings and basic structure of the course were slightly modified from the course he offered at Columbia in 1939-40.

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[Course Description]

300A,B. Price Theory. A systematic study of the pricing of final products and factors of production under essentially stationary conditions. Covers both perfect competition and such imperfectly competitive conditions as monopolistic competition, oligopoly, and monopoly. 300A deals primarily with the pricing of final products; 300B, with the pricing of factors of production. Prereq: Econ 209 or equiv. and Econ 213 or equiv or consent of instructor.

300A. Aut: MWF 9:30; Win: MWF 10:30; Friedman.

300B. Win: MWF 9:30; Spr: MWF 9:30; Friedman.

 

Source:   University of Chicago, Announcements. Vol. XLVII, No. 4 (May 15, 1947), The College and the Divisions. Sessions of 1947-1948, p. 224.

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Econ 300 A. Autumn Quarter [1946]
Record of Meetings

[Handwritten notes by Milton Friedman]

Wed Oct 2 Qualifying exam.
Fri Oct 4 a) Marshall a la Memorials, pp. 47, 86.
b) Defn of the economic problem[,] Economics
c) Distnctn betw. positive & normative
Mon Oct 7 Knight[‘]s fcns of econ organization
Wed Oct 9 [ditto] completed
Fri Oct 11 Reln betw wants & activities
Mon Oct 14 a) Initial discussion of d. c.
Wed Oct 16 [ditto] completed
b) [Initial discussn ] of s. c.
Fri Oct 18 No meeting (to be held later
Mon Oct 21 Equil of d & s.
Wed Oct 23 Elast. of Dem
Fri Oct 25 Elast completed & assumptns ind. demand
Mon Oct 28 Ass. and dem. c. completed; stat. d.c.
Wed Oct 30 Complete statistical demand curves
Fri Nov 1 Stochastic dem. curve. d.c. of ind cons. throu m. u.
Mon Nov 4 Eqn of ind cons; math & graph. demontratn
Wed Nov 6 Dervatn of d & eng curves
Fri Nov 8 Diff with utility theory
Mon Nov 11 Indiff curve theory
Wed Nov 13 [ditto]
Fri Nov 15 Examination
Mon Nov 18 Discussion of exam: Income vs. substitution effects
Wed Nov 20 Diff with indifference theory; dem curve for prod of an indiv prod.
Fri Nov 22 Dem curve for prod of ind prod; Econ of Ind firm
Mon Nov 25 Relat of cost curves of ind foirm to supply curve of industry
Wed Nov 27 (extra meeting to make up for Oct. 18)
Reading period
Mon Dec 9 Diff kinds of monopolistic conditions
Wed Dec 11
Fri Dec 13
Mon Dec 16
Wed Dec 18 examination
Fri Dec 20 examination

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Qualifying Examination, Economics 300A
Autumn Quarter, 1946

1. Comment briefly on the following two sentences, taken from newspaper stories:

a. “Demand went up and therefore price went up.”

b. “Price went up and therefore demand declined.”

 

2. Indicate which of the following statements are true (T) and which false (F):

[T] If a one per cent increase in price will cause more than a one per cent reduction in amount demanded, the demand for the commodity is elastic.

[F] Cost of production affects price only through its effect on the rate of production.

[F] If production of a commodity is completely monopolized, and if the monopolist takes full advantage of his position, no changes in the cost of production will have any effect upon price.

[F] A fixed tax (say, a license tax of $10,000) would operate to increase the price at which a monopolist would make the largest net return (or largest net earnings).

[blank] An individual firm will undertake to equalize marginal revenue and marginal cost.

[F] An excise tax is likely to increase the price of a competitively produced commodity by the full amount of the tax.

[T] If price exceeds the competitive producer’s average expense it will therefore be advantageous for him to increase his rate of production.

[T] A monopoly will never operate at a price at which the demand of its product is inelastic.

 

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[undated copy of a class handout, ca. 1946-47]

An arithmetical example of the effects of changes in tastes and the distribution of income on the distribution of commodities.

1. Descriptive data:

a. Population. There are three classes in the community—rich, middle-class, and poor. Their numbers are fixed throughout the example, but their incomes vary. The numbers and original family incomes are:

Rich: 1,000 families, $10,000 income

Middle-class: 10,000 families, $3,000 income

Poor: 1,000 families, $1,000 income

b. Commodities. There are two commodities: housing; and all other, which will be treated as a single commodity.

c. Tastes. In the original position the tastes of all income classes are identical. The tastes are described by the following schedules of marginal utilities, which, it will be noticed, follow the Bernoulli hypothesis. (It will be observed also that the analysis is independent of the measurability of utility. Marginal utilities are used only for simplicity of exposition. If the student will triple the marginal utilities for one income class and carry through the analysis, he will reach the same answers, assuming he does not make arithmetical mistakes.)

 

Housing

Other

Quantity

 Marginal Utility Quantity

Marginal Utility

1

 1.00 1

1.00

2

 0.50 2

0.50

3

 0.33 3

0.33

4

 0.25 4

0.25

5

 0.20 5

0.20

Additional values can be found for either schedule from the formula, marginal utility = 1/quantity.

 

2. The Original Distribution of Goods.

a. Each family will seek maximum utility, and this entails buying housing and other commodities in such quantities that

marginal utility of housing = marginal utility of other
  price of housing                                 price of other

In addition each family is faced by the budget limitation that the amount spent on housing plus the amount spent on other equal income.

b. We can construct a demand curve for (say) housing by (say) the poor, using arithmetical procedures.

i. First divide the marginal utilities of housing and other by their unit prices. Let these prices be $2 per unit and $1 per unit, respectively. We secure schedules:

Housing

Other

Quantity

 Marginal Utility
Per Dollar		 Quantity

Marginal Utility
Per Dollar

1

 0.500 1

1.00

2

 0.250 2

0.50

3

 0.167 3

0.33

4

 0.125 4

0.25

5

 0.100 5

0.20

 

ii. Then find the combinations such that the marginal utility per dollar is equal. For example, 1 housing unit and 2 other units; 2 housing units and 4 other units. Only one of these many combinations meets our budget limitation, that the poor family spend $1,000. Continuing the table or the logic, the family will buy 250 housing units if the prices are as given.

iii. Carry this procedure through for all possible prices of housing and other, for each income class.

iv. Add the demand schedules so secured, compare with the given supplies, read off prices, and then the quantities received by each type of family.

v. Since steps iii and iv will require several years, it is more economical to take a course in sub-freshman algebra and proceed as follows:

c. Our two conditions of proportionality of marginal utilities to prices and the budget limitation can be written as

1/(q1p1) = 1/(q2p2)

q1p1 + q2p2 = R,

where q1 is the quantity of housing, p1 its price, the corresponding symbols with subscript 2 refer to other, and R is income.

We then proceed deftly as follows:

i. The demand curve for housing by a family is the quantity that will be purchased at various prices, so we wish to find how q1 varies with p1. If we substitute the proportionality-of-marginal-utilities equation into the budget equation, we secure

q1p1 + q1p1 = R,

or q1=R/(2p1).

By symmetry the same demand curve holds for other, using subscript 2.

ii. We now add up the demand curves of all families. The aggregate demand of the 1,000 rich families is

1,000 x 10,000/(2p1) = 5,000,000/p1

that of the middle class,

10,000 x 3,000/(2p1) = 15,000,000/p1

and that of the poor, starving families is

1,000 x 1,000/(2p1) = 500,000/p1.

iii. The fixed supply of both housing other is 205,000 units. The price is set where quantity supplied equals quantity demanded, i.e.,

205,000 = 20,500,000/ p1

so the price of housing (and of other) will be $100.

iv. And now by going back to demand curves, in i above, we can find the quantity each family secures of each commodity.

d. The final answers are:

i. The rich family secures $10,000/(2x$100) = 50 units of housing and 50 units of other.

ii. The middle class family secures $3,000/(2x$100) = 15 units of housing and 15 units of other.

iii. The poor family secures $1,000/(2x$100) = 5 units of housing and 5 units of other.

3. After the War: Larger Money Incomes and a More Equal Distribution of these Incomes.

a. Let us assume that after a highly successful war, this community now has the following income structure:

Rich: 1,000 families, $18,000 income

Middle-class: 10,000 families, $6,000 income

Poor: 1,000 families, $4,000 income

Thus the aggregate money income of the community has doubled, but is now more equally distributed by any reasonable measure.

b. We proceed to the solution exactly as before. Indeed nothing has changed but the incomes of individual families so we may use the same demand equations.

c. The final answers are:

i. The rich family secures 45 units of housing and 15 units of other.

ii. The middle-class family secures 15 units of housing and 15 units of other.

iii. The poor family secures 10 units of housing and 10 units of other.

The price per unit of either commodity has risen to $200.

4. Still After the War: The Rich get House-Conscious

a. For various reasons best left unexplored, the rich acquire a greater desire for housing. In terms of our example, the marginal utility of any quantity of housing doubles for them (so marginal utility = 2/q). We proceed as usual.

b. The final results are:

The price of a unit of housing soars to $214.63; that of a unit of other commodities crashes to $185.37.

i. The rich family secures 55.91 units of housing and 32.37 units of other commodities.

ii. The middle-class family secures 13.98 units of housing and 16.18 units of other commodities.

iii. The poor family secures 9.32 units of housing and 10.79 units of other commodities.

5. The Final Comparison

Original
Position

Greater Equality

Same Tastes

Rich-roof-ravenous

Housing

Rich

 50,000 45,000

55,000

Middle-class

 150,000 150,000

139,800

Poor

 5,000 10,000

9,300

Other Commodities

Rich

 50,000 45,000

32,400

Middle-class

 150,000 150,000

161,800

Poor

 5,000 10,000

10,800

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MIDQUARTER EXAMINATION IN ECONOMICS 300A
Autumn, 1946

1. Descriptive data:

a. Population: a community consists of three classes—rich, middle-class, and poor. The numbers and family incomes are:

Rich: 1,000 families, $10,000 income per family.

Middle-class: 10,000 families, $3,000 income per family.

Poor: 1,000 families, $1,000 income per family.

b. Commodities: There are two commodities: housing and food, considered as single composite commodities.

c. Demand curves: All individuals in the community have the following demand curves:

h = I/(2 ph)

f = I/(2 pf)

where

h= number of housing units per time unit.

ph = price per housing unit.

f = number of food units per time unit.

pf = price per food unit.

I = income of the family per time unit.

d. Supplies available.

There are available 205,000 housing units, and 205,000 food units. These amounts are available regardless of price and cannot be increased in the period considered.

Questions:

Determine:

a. The aggregate demand curve for the entire community for (1) housing, (2) food.

b. The prices that will prevail, assuming a free market.

c. The quantity of food and housing consumed by a family of each class.

d. The elasticity of the market demand curve for each product at a quantity of 205,000 units.

 

2. Appraise the following quotation from A. C. Pigou: “Since elasticity measures variations in quantity (demanded or offered) divided by variations in a price, the elasticity of demand for anything will be seven times as large for seven similar demanders as it is for one.”

 

3. “As Sir R. Giffen has pointed out, rise in the price of bread makes so large a drain on the resources of the poorer laboring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it.” Marshall, p. 132.

a. Give your own verbal explanation of how such a positively sloping demand schedule can arise.

b. Draw an indifference curve diagram that will display this phenomenon.

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Final Examination for Economics 300A
Autumn, 1946
Part I

1. Define briefly the following terms:

a. Income elasticity of demand

b. Demand curve for the product of an individual firm

c. Supply curve

d. Marginal revenue

e. Cross elasticity of demand

f. Oligopoly

 

2. Discuss critically the following quotation from Stigler:

“The principle of an increasing Syx [the marginal rate of substitution of y for x] corresponds to the older theory of diminishing marginal utility of a commodity as its quantity increases. More precisely: if Syx is increasing, then the marginal utilities of y and x must be decreasing; if the marginal utilities of y and x are decreasing, then Syx is probably, but not necessarily, increasing.”

3. Assume that the demand curve for complete flashlights of a standardized type is known; that the case and bulb are produced separately from the batteries; that the cost of putting the batteries in the case can be neglected; that the number and type of batteries put in each flashlight is fixed and unchangeable; that the supply curves of (1) case and bulb assembly and (2) batteries are known; and that the markets for complete flashlights, case and bulb assemblies, and batteries are reasonably competitive.

a. Indicate how to derive the demand curve for batteries alone. Under what assumptions is this demand curve valid; and for what kinds of problems is it relevant?

b. Suppose the supply curve of case and bulb assembly shifts to the right (i.e., supply increases). What effect will this have on the price of batteries?

c. Under what conditions would you expect the derived demand curve for batteries to be extremely inelastic?

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Final Examination for Economics 300A
Autumn, 1946
Part II

4. Statistical demand curves for fluid milk are derived by two different procedures.

(1) Data for a particular year for the 48 states of the United States are used to obtain a correlation equation expressing (a) the price of fluid milk in a state as a function of (b) per capita consumption of fluid milk in that state and (c) per capita income in that state.

(2) Data for a period of years for the United States are used to obtain a correlation equation expressing (a) the price of milk in the United States as a function of (b) the per capita consumption of fluid milk in the United States and (c) the per capita income in the United States.

Under what conditions, if any, would you expect the results to be identical? If the results are not identical, discuss the relative advantages and disadvantages of each. Indicate the conditions under which you would expect (1) to give a better estimate of “the” demand curve for milk and, the conditions under which you would expect (2) to give a better estimate. How, if at all, could one determine which set of conditions prevails.

5. “In conversations with gold mining engineers a phrase glibly and frequently repeated is ‘sweetening the ore.’ By this phrase reference is made to the practice of diverting production in profitable periods to the poorer ores and perhaps restricting output in the richer fields. Under this practice the better ores are preserved for periods in which mining costs have risen so that over a long period of time output can be held more steady. Contributing also to a policy of sweetening the ores is the reluctance of producers to install capital equipment in a period in which the tendency is for mining expenses to increase with the general advance of wages and living costs. By the time the equipment is installed it might be expected that wages and price levels would be adjusted to the increased price of gold.”

Discuss the wisdom of the policy described in this quotation from the point of view of the individual producer. Assume that the individual producer seeks to maximize the present net capital value of his mining properties. Discuss separately (a) the alleged policy of “diverting production in profitable periods to the poorer ores and perhaps restricting output in the richer fields”; (b) the alleged policy of postponing the installation of capital equipment.

6. Assume a change in the laws so that less stringent conditions are imposed for bankruptcy and reorganization in a particular field (say the production of steel). As a consequence, a number of steel firms reorganize, wiping out a large part of their bonded debt. What would you expect to be the short- and long-run effects of these events on (a) the output and prices of the reorganized firms; (b) the amount of investment in the industry; (c) the rate of interest paid by the industry for new loans; (d) the output and prices of the industry? In each case, give the basis for your answer.

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Source: Hoover Institution Archive. Milton Friedman Papers, Box 76, Folder 9 University of Chicago Econ. 300A.

Image Source: Columbia University, Columbia 250 Celebrates Columbians Ahead of Their Time.

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Courses Harvard Syllabus

Harvard. Money. Economics 8. A. Piatt Andrew, 1901-1902

Abram Piatt Andrew 600

Because A. Piatt Andrew is listed for the Fall semester course on money in 1900-1901 and 1902-1903, and the first semester’s required reading is identical for all three academic years (including 1901-02), I have assumed that the more complete listing from 1901-02 (that includes three pages of bibliography) is A. Piatt Andrew’s work. Not only was he to go on to play an important role in Senator Aldrich’s national monetary commission, he was a founder of the American Field Service during the First World War and won election to the U.S. Congress seven times. But for our purposes, his role as critical staffer in the work that would lead to the establishment of the U.S. Federal Reserve System is what makes him most interesting.

The exam questions for the course were transcribed and included in a later post.

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ANDREW, Abram Piatt, Jr., economist, was born at La Porte, Ind., Feb. 12, 1873, son of Abram Piatt and Helen (Merrill) Andrew, and grandson of Abram Piatt Andrew, a pioneer surveyor and turnpike builder of Hamilton Co., who settled in northern Indiana in 1831. He was educated at the Lawrenceville (N.J.) School, at Princeton University (1893) and Harvard University (1895-97), receiving the degree of Ph.D. from the last in 1900. He also studied at the universities of Halle, Berlin and Paris in 1898-99. In 1900 he became instructor in the department of economics at Harvard University and during 1903-09 was assistant professor of economics and assistant editor of the “Quarterly Journal of Economics.” In 1908 Sen. Aldrich organized the national monetary commission to devise a plan of permanent relief from such financial depressions as overcame the United States in 1907. Mr. Andrew was employed to assist the commission in its researches, and obtaining two years’ leave of absence from his university, he visited London, Berlin, Paris and other financial centers of Europe to study their methods of conducting business and to get information regarding the national and other laws governing banks and stock transactions. Upon his return to this country he had charge of editing the commission’s report, which comprised twenty large volumes and constituted the most comprehensive and valuable publication dealing with the world’s banking and financial interest ever published. His duties at Washington included arranging for the contribution of special articles by men of the highest standing in their particular lines. In August, 1909, Pres. Taft appointed him director of the mint. The statistical presentations made by that office are the most celebrated of their kind in the world. Numerous articles, many of which have since been republished as pamphlets have been contributed by Prof. Andrew to leading publications. Among those which have attracted wide attention was “The Treasury and the Banks under Secretary Shaw,” an arraignment of the latter’s policies, issued at the time of his retirement as secretary of the treasury in 1907. He has published several articles on currency questions as they concern Oriental countries, notably one on the adoption of the gold standard in India. He also wrote “The End of the Mexican Dollar,” “The Influence of the Crops upon Business,” “Hoarding in the Panic of 1907,” and “Substitutes for Cash in the Crisis of 1907,” in which he describes more than 200 substitutes used for money at that time. Prof. Andrew predicted the panic of 1907 in an article published in the New York “Journal of Commerce” on Jan. 1, 1907, and also predicted a rapid recovery in an interview published in the “Boston Daily Advertiser.” Nov. 2, 1907. For several years he was Harvard faculty representative of the “Cèrcle Francais,” and in that capacity entertained most of the distinguished Frenchmen who came to America in that period. In 1906 the French government conferred upon him the title of “Officier d’Académie.” He is unmarried.

Source: The National Cyclopaedia of American Biography, Vol. XIV, Supplement I, New York: James T. White & Company, 1910, pp.430-431.

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From the Course Catalogue, 1901-1902

[Economics] 8. Money, Banking and International Payments. Tu., Th., Sat., at 11. Drs. Andrew and Sprague, and Mr. Meyer.

Source: Harvard University. Courses of Instruction Provided by the Faculty of Arts and Sciences for the Academic Year 1901-02 (2nd edition), June 25, 1901.

__________________________

Course Enrollment

For Undergraduates and Graduates:—

[Economics] 8. Drs. Andrew and Sprague, and Mr. Meyer. — Money. Banking and International Payments.

Total 78: 5 Graduates, 35 Seniors, 30 Juniors, 4 Sophomores, 4 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 78.

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Course Description

  1. Money, Banking, and International Payments.
    Tu., Th., Sat., at 11. Drs. Andrew and Sprague, and Mr. Meyer.

The first part of the year will be devoted to a general survey of currency legislation, experience, and theory. The course will begin with a history of the precious metals, which will be connected, in so far as possible, with the history of prices, and with the historical development of theories as to the causes underlying the value of money. The course of monetary legislation in the principal countries will be followed, with especial attention to its relation to the bimetallic controversy; but the experiences of various countries with paper money will also be reviewed, and the influence of such issues upon wages, prices, and trade examined. Some attention, moreover, will be given in this connection to the non-monetary means of payment and to the large questions of monetary theory arising from their use.

The second part of the course will begin with an historical account of the development of banking. Existing legislation and practice in various countries will be analyzed and compared. The course of the money markets of New York, London, Paris, and Berlin will be followed during a series of months, and the various factors, such as stock exchange operations and foreign exchange payments, which bring about fluctuations in the demand for loans and the rate of discount upon them, will be considered. The relations of banks to commercial crises will also be analyzed, the crises of 1857 and 1893 being taken for detailed study.

The course will conclude with a discussion of the movement of goods, securities, and money, in the exchanges between nations and in the settlement of international demands. After a preliminary study of the general doctrine of international trade, it is proposed to make a close examination of some cases of payments on a great scale, and to trace the adjustments of imports and exports under temporary or abnormal financial conditions. Such examples as the payment of the indemnity by France to Germany after the war of 1870-71, the distribution of gold by the mining countries, and the movements of the foreign trade of the United States since 1879, will be used for the illustration of the general principles regulating exchanges and the distribution of money between nations.

Course 8 is open to students who have passed satisfactorily in Course 1. With the consent of the instructors, it may be taken by Seniors and Graduates as a half-course in either half-year.

Source: Harvard University Archives. Official Register of Harvard University 1901-1902, Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901), pp. 42-43.

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ECONOMICS 8
FIRST HALF-YEAR
[1901-02, Dr. A. Piatt Andrew]

BOOKS TO BE PROCURED

Francis A. Walker: International Bimetallism.

J. Laurence Laughlin: History of Bimetallism in the United States.

Leon[ard] Darwin: Bimetallism.

REQUIRED READING

October

Walker: 1-84.

Macaulay: History of England, ch. XXI. (Passages concerning the currency and its reform.) [vol. 4].

Macleod: Theory of Credit, 738-760, 551-573 [(2nd ed.) Vol I; Vol II—Part I; Vol II—Part II]; or Theory of Banking, I, 516-539, II, 1-95: or Sumner, American Currency, 231-310.

The Bullion Report in Sumner, History of American Currency, Appendix: or in Sound Currency pamphlet, Vol. II, No. 14.

Laughlin: 109-206.

Walker: 85-110, 118-183.

November

Laughlin: 1-105, 209-280.

Walker: 110-117, 183-9, 217-224.

Darwin: 1-154.

December

Taussig: Recent Investigations on Prices in the United States, in the Yale Review for November, 1893.

Walker: 190-288.

Darwin: 157-280.

Taussig: The International Silver Situation in the Quarterly Journal of Economics for October 1896.

January

(To be assigned later.)

The most complete bibliography of monetary questions is Ad. Soetbeer’s Litteraturnachweis über Geld und Münzwesen, Berlin , 1892. This work is chronologically arranged, covers the period from the year 1500 to 1892, and includes books in all languages. A short annotated list of the more important writings on money will be found in the [Palgrave’s] Dictionary of Political Economy. London, 1896. Vol. II, pp. 795-6. [Vol. I (A-E);  Vol. II (F-M);  Vol. III (N-Z)]For a record of more recent and currently appearing works upon the same subject consult Division VIII of the classified bibliography in the Quarterly Journal of Economics. The titles in this list are briefly annotated and refer to articles in periodicals as well as to books.

The following list includes, with a few exceptions, only books of contemporary issue, and only such as will be reserved in the library, and members of the course are recommended to familiarize themselves with as many of them as possible.

Bimetallic League Publications. Manchester, 1888-1900.

[The Proceedings of the Bimetallic Conference held at Manchester, 4th and 5th April, 1888. The Bimetallic League, 1888.
The bimetallic question: deputation to the Prime Minister and to the Chancellor of the Exchequer, May 30th, 1889
Bimetallism, speech by Henry Chaplin, M.P., in the House of Commons, June 4th, 1889  ]

Bourguin (M.). La Mesure de la Valeur et la Monnaie. Paris, 1896. pp. 276.

Cairnes (J.E.). Essays in Political Economy. London, 1873. pp. 371.

Carlile (W.W.). The Evolution of Modern Money. London, 1901. pp. 373.

Chalmers (R.). A history of currency in the British Colonies. London, 1893. pp. 496.

Chevalier (M.). La Monnaie. Paris, 1866 (2d ed.). pp. 779.

Darwin (L.B.) Bimetallism. London, 1898. pp. 341.

Davis (A. McF.). Currency and Banking in the province of Massachusetts Bay. Part I, Currency. [Part II, Banking] New York, 1901. pp. 473.

Farrer (Lord). Studies in Currency. London, 1898. pp. 405.

Fisher (I.). Appreciation and Interest. New York, 1896. pp. 98.

Giffen (R.). The Case against Bimetallism. London, 1896. pp. 254.

Giffen (R.). Essays in Finance. London, 1880. pp. 347.

Giffen (R.). Essays in Finance. Second Series. London, 1887. pp. 474.

Report of the Monetary Commission of the Indianapolis Convention. Chicago, 1898. pp. 608.

Ruding (R.). Annals of the Coinage of Great Britain. 4 vols. London (3d ed.) 1840. [Vol. I; Vol. II; Vol. III; Vol. IV].

Russell (H.B.). International monetary conferences. New York, 1898. pp. 477.

Senior (N. W.). The Cost of Obtaining Money. London, 1830. pp. 103.

Senior (N.W.). The Value of Money. London, 1840. pp. 84.

Shaw (W.A.). A History of Currency, 1252-1894. London, 1895. pp. 437.

Shaw (W.A.). Writers on English Monetary History, 1626-1730. London, 1896. pp. 244.

Soetbeer (A.). Materials for the illustration and criticism of the currency question. Berlin, 1886.

Sound Currency pamphlets. New York, 1894 to 1901.

Sumner (W. G.). History of American Currency. New York, 1874. pp. 391.

Taussig (F.W.). The Silver Situation in the United States. New York (3d. ed.) 1896. pp. 157.

Walker (F.A.). International Bimetallism. New York, 1896. pp. 297.

Walker (F.A.). Money. New York, 1878, pp. 550.

Walker (F.A.). Money in its relation to Trade and Industry. New York, 1880. pp. 339.

White (H.). Money and Banking. Boston, 1896. pp. 488. [2nd edition, 1902]

Wicksell (K.). Geldzins und Güterpreise. Jena, 1898. pp. 189. [Kahn Translation]

Willis (H.P.). A History of the Latin Monetary Union. Chicago, 1901. pp. 332.

Wolowski (M.). L’or et l’argent. Paris, 1870. pp. 440 + 125.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, HUC 8522.2.1, Box 1, Folder “1901-1902”.

Image source: http://www.federalreservehistory.org/People/DetailView/253

Categories
Bibliography Syllabus

Sadler’s Syllabus and Course of Readings in Economics, 1891

This posting gives a bibliography and suggested course of reading published as part of a 26 page Syllabus of a Course of Lectures on The Change in Political Economy with an Outline of a Course of Study prepared by Michael E. Sadler, M.A. (“Student and Steward of Christ Church, Oxford; Secretary, and formerly lecturer, to the Oxford University Extension”). The syllabus was published by University Extension Lectures under the auspices of the American Society for the Extension of University Teaching in 1891, judging from the date stamp (Feb 29, 1892 of the Wisconsin Historical Society) and an opening quote from Marshall’s Principles of Economics (1890). 

Sir Michael Ernest Sadler (1861-1943) was an undergraduate in Trinity College, Oxford where he was deeply influenced by the lectures of John Ruskin. He became President Elect of the Oxford Students’ Union in June 1882 and gained a first-class degree that July. In May 1885 began what was to become a distinguished career in education as the Secretary to the Oxford University Standing Committee of the Delegacy for Local Examinations. Over the next nine years he travelled and organized lectures for the education of the working classes in the Midlands. Because of his success in this work, he was invited in 1891 to give three talks to the National Conference on University Extension in Philadelphia. An appreciative biographical essay was written by J. H. Higginson, “Michael Ernest Sadler (1861-1943)”, published in Prospects: the quarterly review of comparative education (Paris, UNESDDCO: International Bureau of Education), vol. 24, no. 3/4, pp. 455-69.

While this takes us away from my focus on graduate economics education in the United States, England, like France and Germany, mattered enormously for the development of economics in the United States. Also the weight given to Saint-Simon is at least as much a sign of the times as well as the political position of Sadler. In his 1961 AEA Presidential address, Paul Samuelson wrote: “…reading Gide and Rist you would be forgiven for thinking that Robert Owen was almost as important as Robert Malthus; that Fourier and Saint-Simon were much more important than Walras and Pareto…”   as opposed to reading Schumpeter (History of Economic Analysis). For someone learning their economics at the end of the nineteenth century and early twentieth century the various socialist analyses/critiques/proposals were indeed very much part of the development of economics. Cf. Laughlin’s 1891 proposal for the expansion of economics at Cornell or Carver’s 1919-20 course at Harvard or,  much later even, Douglas’s 1938 course at Chicago.

________________________________

SELECTED LIST OF BOOKS.

I. Subject-Matter.

The Wealth of Nations. By Adam Smith.
L’Industrie. By St. Simon.
L’ Organisateur. [By St. Simon.]
Du Système Industriel. [By St. Simon.]
Catéchisme des Industriels. [By St. Simon.]
Nouveau Christianisme. [By St. Simon.]
Principles of Political Economy. By John Stuart Mill.
Autobiography. [By John Stuart Mill.]
Economic Studies. By Walter Bagehot.
The Wages Question. By General Francis Walker.
Principles of Economics.  [8th edition] By Alfred Marshall.

II. History.

History of Political Economy, with Introduction, by Edmund J. James. By Dr. Ingram.
The Industrial Revolution. By Arnold Toynbee.

 

III. Criticism.

Essays in Political Economy. By T. E. Cliffe Leslie.
Adam Smith. By R. B. Haldane.
St. Simon et le St. Simonisme. By Paul Janet.
Les Économistes Français du XVIIIme Siècle. By Léonce de Lavergne.
Histoire des Doctrines Économiques. By A. Espinas.
Unto this Last. By John Ruskin.

 

SUGGESTED COURSE OF READING ON THE SUBJECT.

The best book to begin with is Dr. Ingram’s History of Political Economy, originally published in Part 74 of the Encyclopedia Britannica. The student will do well to read the whole of Dr. Ingram’s treatise beginning with the section headed “Third Modern Phase; System of Natural Liberty.”

This done, the reader should turn to Mons. de Lavergne’s Economistes Francais de dix-huitième siècle (1870, Paris, Guillamin). Convenient chapters will also be found in Mons. Espinas’ Histoire des Doctrines Economiques (Paris, Colin, 1891), especially Part 4.

Next, the student should certainly read Adam Smith’s Wealth of Nations. He is strongly advised not to content himself with any summary or analysis of this great work, the style of which has an incommunicable charm. Taken in its historical position, this classical treatise on Political Economy will be found by the student to be of immense value to him in later researches.

After reading Adam Smith, turn to Cliffe Leslie’s Essays on Political and Moral Philosophy, second edition, especially Essays 3, 5, 7, 14, 15, 16. Special attention should be paid to Book 5, Chapter 1.

Haldane’s Life of Adam Smith, 1887, will also be found useful, but advanced students will also derive much pleasure from Dugald Stewart’s Account of Life and Writings of Adam Smith, prefixed to Wakefield’s edition of Wealth of Nations, 1843.

At this point Toynbee’s Lectures on the Industrial Revolution should be carefully read, together with Brentano’s Guilds and Trade Unions.

He should then turn to Saint Simon, reading his Autobiography (Volume I of the collected works, Paris, Dentu, 1868), and paying special attention to Vols. III, IV, V, VI of the collected edition and particularly to L’Industrie, L’Organisateur, Du système industriel, and the Nouveau Christianisme.

For the life of Saint Simon, read Saint Simon et le Simonisme, Janet (Paris, Bailliere, 1878).

Then take Vol. IX of Saint Simon’s Collected Works,  [Note: Oeuvres de Saint-Simon et d’Enfantin. 47 vols. Paris: Dentu, 1865–1878. → Saint-Simon’s writings are found in Volumes 15, 18-23, and 37-40.] and read Catéchisme des Industriels (troisième cahier) which is really Comte’s work. Next compare this with Comte’s Système de Politique Positive, especially Appendice Général, troisième partie (edition, Paris, 1854). Also refer to Littré, Auguste Comte et la Philosophie Positive, especially Chapter III.

For the influence of these ideas on English Political Economy read John Stuart Mill’s Autobiography, especially the end of Chapter II and the whole of Chapter V and the greater part of Chapter VII.

For the later development of Political Economy read Bagehot’s Economic Studies and Professor Henry Sidgwick’s Principles of Political Economy, especially Books I-III.

For the protest against Political Economy make a careful study of John Ruskin’s Unto this Last; also read Ruskin’s Munera Pulveris and Fors Clavigera. Refer also to Karl Marx’s Capital.

For a summary of the present position of Political Economy consult Professor Marshall’s Principles of Economics. [8th edition]

 

Source: Michael E. Sadler, M.A.(1891). Syllabus of a Course of Lectures on The Change in Political Economy with an Outline of a Course of Study.

 

 

 

Categories
Columbia Courses Syllabus

Columbia. Money and Banking Reading List. Angell, 1933

This reading list for J. W. Angell’s courses on Money and Banking at Columbia University from 1933 was found in Milton Friedman’s papers at the Hoover Institution.

_____________________

READING LIST IN MONEY AND BANKING (Economics 127-128)
Revised: 1933

# Required reading.

## Required reading, to be prepared for class-room discussion. It will be found advisable, in the required reading, to follow the order of titles as here given.

1. FINANCIAL ORGANIZATION OF THE UNITED STATES

# [✓] Mitchell, W. C., Business Cycles: The Problem and Its Setting: vol. I (1927), chap. 2, esp. pp. 116-154.

# [✓] Noyes, A. D., Forty Years of American Finance: 1865-1907 (1909).

# [✓] ————–, The War Period of American Finance: 1908-1925 (1926).

[one of (Goldenweiser, Kemmerer, Willis)]

#Goldenweiser, E. A., The Federal Reserve System in Operation (1925).

# Kemmerer, E. W., The A.B.C. of the Federal Reserve System (9 ed., 1932).

#Willis, H. P., The Federal Reserve System (1923).

__________

#Beckhart, B. H., The Discount Policy of the Federal Reserve System (1929), chaps. 1, 3, 4.

# Burgess, W. R., The Reserve Banks and the Money Market (1927).

#Reed, H. L., The Development of Federal Reserve Policy (1922).

#————-, Federal Reserve Policy, 1921-1930 (1930).

#Hardy, C. O., Credit Policy of the Federal Reserve System (1932).

# [✓] National Industrial Conference Board, The Banking Situation in the U. S. (1932).

# [✓] Magee, J. D. et al., The National Recovery Program (1933).

__________

Dewey, D. R., Financial History of the United Sttes (1930).

Dowrie, G. W., American Monetary and Banking Policies (1930).

Kilborne, R. D., Principles of Money and Banking (2 ed., 1929).

Moulton, H. G., Financial Organization of Society (3 ed., 1930).

Rodkey, R. G., The Banking Process (1929).

White, H., Money and Banking (5 ed., 1914).

__________

Anderson, B. M., The “Free Gold” of the Federal Reserve System (Chase Economic Bulletin, Sept 29, 1930).

Chamber of Commerce of the U. S., The Federal Reserve System (2 parts: 1929).

Dunbar, C. F., The Theory and History of Banking (5 ed., 1929); see section on the Federal Reserve.

Federal Reserve Bank of New York, Monthly Review (also see other cities).

Federal Reserve Bulletin.

Federal Reserve System: Committee on Bank Reserves, Member Bank Reserves (1931).

Harris, S. E., Twenty Years of Federal Reserve Policy (2 vols., 1932); has an excellent bibliography.

Spahr, W. The Federal Reserve System and the Control of Credit (1931).

Strong, B., Interpretations of Federal Reserve Policy (ed. W. R. Burgess, 1930).

Tippetts, C. S., State Banks and the Federal Reserve System (1929).

United States: House: Committee on Currency and Banking, Hearings on the Stabilization of the Price Level for Commodities in General (the Strong Bill) (69: 2 Congress, H. R. 7895, 2 vols., 1926; 70: 1 Congress, H. R. 11806, 1928).

————-: Senate: Committee on Banking and Currency, Hearings on the Operation of the National and Federal Reserve Banking Systems (71:3 Congress, S. Res. 71; in 7 parts, 1931).

Warburg, P. M., The Federal Reserve System (2 vols, 1930).

Willis, H. P., and Steiner, W. H., Federal Reserve Banking Practise (1926).

__________

American Acceptance Council, Facts and Figures Relating to the American Money Market (1931). Also see other publications of the Council.

Beckhart, B. H., ed., The New York Money Market (4 vols., 1931-32).

Bell, J. W., Recent Changes in the Character of Bank Liabilities and the Problem of Bank Reserves (Am. Econ. Rev., March, 1931, Suppl.)

Cartinhour, G. T., Branch, Group and Chain Banking (1931).

Curris, L., The Decline of the Commercial Loan (Quar. Jour. Econ., Aug., 1931).

Eliot, Clara, The Farmer’s Campaign for Credit (1927).

Furniss, E. W., Foreign Exchange (1922); section on New York money market.

Hoover, C. B., Brokers’ Loans and Bank Deposits (Jour. Pol. Econ., 1932).

Lawrence, J. S., Banking Consolidations in the U. S. (1930).

National Bureau of Economic Research, various volumes and current reports.

National Industrial Conference Board, Economic Reconstruction Legislation of 1933 (1933).

Owens, R. N., and Hardy, C. O., Interest Rates and Stock Speculation (1925); 2 ed., 1930).

Persons, C., Credit Expansion, 1920 to 1929, and Its Lessons (Quar. Jour. Econ., Nov., 1930).

Riefler, W. W., Money Rates and Money Markets in the U. S. (1930).

Rogers, J. H., America Weighs Her Gold (1931).

United States: House: Committee on Currency and Banking, Hearings on Branch, Chain and Group Banking (71:2 Congress, H. Res. 141; in 15 parts, 1931).

Young, Allyn A., An Analysis of Bank Statistics of the United States (Rev. Econ. Stat., 1928; reprinted separately).

__________

President’s Conference on Unemployment: Committee on Recent Economic Changes, Recent Economic Changes in the U. S. (2 vols., 1929).

 

2. FINANCIAL ORGANIZATION OF LEADING FOREIGN COUNTRIES
(Also see Part 5)

#Beckhart, B. H., The Discount Policy of the Federal Reserve System (1929), chaps. 1, 2.

__________

(Read at last two in this group)

#Andréadès, A., The Bank of England, (2 ed., 1924).

#Bagehot, W., Lombard Street (14 ed., 1915).

#Beckhart, B. H., The Banking System of Canada (1929).

#Brown, W. A., England and the New Gold Standard (1929).

#Conant, C. A., History of Modern Bnaks of Issue (6 ed., 1927).

#Dulles, E. L., The French Franc, 1914-1928 (1929).

#Flink, S., The German Reichsbank (1931).

#Riesser, J., The German Great Banks (Natl. Monetary Commission Reports; 1910).

#Rogers, J. H., The Procdss of Inflation in France, 1914-1927 (1929).

#Whale, P. B., Joint Stock Banking in Germany (1930).

#Willis, H. P., and Beckhart, B. H., eds., Foreign Banking Systems (1929).

__________

Arndt, E. H. D., Banking and Currency Developments in South Africa (1928).

Cassel, G., Money and Foreign Exchange After 1914 (1922).

———, Post-War Monetary Stabilization (1928).

Dulles, E. L., The Bank for International Settlements at Work (1932).

Edie, L. D., and Weaver, D., Velocity of Bank Deposits in England (Jour. Pol. Econ., Aug., 1930).

Federal Reserve Bulletin (articles and statistics on foreign monetary and banking conditions).

Furniss, E. S., Foeign Exchange (1922); section on the London money market.

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted); sections on the London money market.

Gregory, T. E., The Return to Gold (1925).

Harris, S. E., Monetary Policies of the British Empire (1931).

Hawtrey, R. C., Monetary Reconstruction (1923).

Katzenellenbaum, S. S., Russian Currency and Banking, 1914-1924 (1925).

Kemmerer, E. W., Modern Currency Reforms (1916).

Kemmerer, E. W., and Vissering, G., Report on the Resumption of Gold Payments by the Union of South Africa (1925).

Keynes, J. M., Indian Currency and Finance (1913).

Lavington, F., The English Capital Market (1921).

Mason, D. M., Monetary Policy, 1914-1925 (1927).

Parker, W., The Paris Bourse and French Finance (1919).

Peake, E. G., An Academic Study of Some Money Market and Other Statistics, 1884-1914 (1923).

Spalding, W. F., Eastern Exchange, Currency and Finance (4 ed., 1924).

________________, The London Money Market (1922).

United Kingdom: Committee on Finance and Industry, Report (Cd. 3897; 1931) (The Macmillan Report).

Withers, H., The Meaning of Money (3 ed., 1924).

Young, J. P., Central American Currencies (1925).

 

3. THE GENERAL THEORY OF MONEY, BANKING AND PRICES

##Layton, Sir W. T., Introduction to the Study of Prices (1920).

#Mitchell, W. C., Business Cycles: The Problem and its Setting: vol. I (1927), chap. 2, esp. pp. 116-154.

##Fisher, Irving, The Purchasing Power of Money (1911).

##Keynes, J. M., Monetary Reform (1924), pp. 1-95.

##Angell, J. W., Theory of International Prices (1926), pp. 116-135, 178-186, 274-280, 308-312, 324-331.

##Gregory, T. E., The Gold Standard and its Future (1932), chaps. 1, 2.

#Steiner, W. H., Some Aspects of Banking Theory (1920).

__________

##Hawtrey, R. G., Currency and Credit (3 ed., 1927).

##Foster, W. T., and Catchings, W., Profits (1925).

##Mitchell, W. C., Business Cycles: The Problem and its Setting: vol. I (1927), Chap. 1.

##Keynes, J. M., Treaties on Money (2 vols., 1930).

##Robertson, D. H., Banking Policy and the Price Level (1926).

##Hayek, F., Prices and Production (1931).

#Hansen, A. H., and Tout, H., Annual Survey of Business Cycle Theory (Econometrica, April, 1933).

##Angell, J. W. Money, Prices and Production: Some Fundamental Concepts (Quar. Jour. Econ., November, 1933).

__________

#Phillips, C. A., Bank Credit (1921), chaps. 1-6.

__________

Anderson, B. M., The Value of Money (1917).

Auspitz, R., and Lieben, R., Recherches sur la théorie des prix (trans. Into French, 2 vols., 1914).

Cannan, E. A., Money (6 ed., 1929).

Dunbar, C. F., Theory and History of Banking (5ed., 1929).

Dunkman, W. E., Qualitative Credit Control (1933).

Edie, L. T., Money, Production and Prices (1929).

Fisher, Irving, Mathematical Investigations in the Theory of Value and Prices (1895; reprinted 1925).

Foster, W. T., and Catchings, W., Money (1929).

Greidanus, T., The Value of Money (1932).

Hahn, L. A., Geld und Kredit (3 ed., 1929).

Hawtrey, R. G., The Art of Central Banking (1932).

Kemmerer, E. W., Money and Credit Instruments in Relation to Prices (2 ed., 1909).

Knapp, G. F., The State Theory of Money (1905; translated 1924).

Laughlin, J. L., Principles of Money (1903).

————, Money, Credit and Prices (1931).

Leaf, W., Banking (1927).

Marshall, Alfred, Money, Credit and Commerce (1923).

———————, Official Papers (1926); esp. No. 2.

Mill, J. S., Principles of Political Economy (1848; ed. W. J. Ashley, 1920), Bk. III, chaps. 7-14, 19, 21, 22, 24.

Mises, L. von, Theorie des Geldes und der Umlaufsmittel (2 ed., 1924).

Monroe, A. E., Monetary Theory before Adam Smith (1923).

Pollak Foundation, Prize Essays (1927) (criticisms of Foster and Catchings’ Profits).

Robertson, D. H., Money (1922).

Taussig, F. W., Principles of Economics (3 ed., 1923), Bk. III.

__________

Aftalion, A., L’Or et sa distribution mondiale (1932).

Angell, J. W. Monetary Prerequisites for Employment Stabilization (chapter in The Stabilization of Employment, edited by C. F. Roos, 1933).

Angell, J. W., and Ficek, K., The Expansion of Bank Credit (Jour. Pol. Econ., Feb. and April, 1933).

Bell, J. W., Recent Changes in the Character of Bank Liabilities and the Problem of Bank Reserves (Am. Econ. Rev., March, 1932. Supplement).

Blackett, Sir Basil P., Planned Money (1933).

Bradford, F. A., Some Aspects of the Stable Money Question (Quar. Jour. Econ., Aug., 1931).

Copeland, M. A., Money, Trade and Prices—A Test of Causal Primacy (Quar. Jour. Econ., Aug., 1929).

Currie, L., The Decline of the Commercial Loan (Quar. Jour. Econ., Aug., 1931).

Davenport, H. J., Velocities, Turnovers and Prices (Am. Econ. Rev., March, 1931).

Edie, L. T., Gold, Production and Prices (1928).

Einzig, P., International Gold Movements (1930).

Gardner, W. R., Central Gold Reserves, 1925-1931 (Am. Econ. Rev., March, 1932).

Hawtrey, R. G., The Gold Standard in Theory and Practise (1927).

—————–, Monetary Reconstruction (1923).

Hoover, C. B., Brokers’ Loans and Bank Deposits (Jour. Pol. Econ. 1932).

Kisch, C. H., and Elkins, W. A., Central Banks (1928).

Lawrence, J. S., Borrowed Reserves and Bank Expansion (Quar. Jour. Econ., Aug., 1928).

—————–, The Stabilization of Prices (1928).

League of Nations, The Course and Phases of the World Economic Depression (1931).

—————–, World Economic Survey (annual since 1932).

League of Nations: Gold Delegation, Reports, Documents, etc. (1930ff.)

Lounsbury, R. H., Velocity Concepts and Prices (Quar. Jour. Econ., 1931).

Mlynarski, F., Gold and Central Banks (1929).

Neiswanger, W. A., The Expansion of Bank Credit (Am. Econ. Rev., June, 1933).

Pigou, A. C., and Robertson, D. H., Economic Essays and Addresses (1931).

Rogers, J. H., The Effect of Stock Speculation on the New York Money Market (Quar. Jour. Econ. , May, 1926).

Royal Institute of International Affairs, The International Gold Problem (1931).

Shaw, W. A., The Theory and Principles of Central Banking (1930).

Snyder, C., New Measures of the Relations of Credit and Trade (Proceedings, Academy of Political Science, Jan., 1931).

Sprague, O. M. W., and Burgess, W. R., Money and Credit and Their Effect on Business (chapter in Recent Economic Changes in the U. S., vol. 2, 1931).

Stamp, Sir Josiah, Papers on Gold and the Price Level (1931).

Williams, J. H., The Crisis of the Gold Standard (Foreign Affairs, Jan. 1932).

—————–, The Monetary Doctrines of J. M. Keynes (Quar. Jour. Econ., Aug., 1931).

Willis, H. P., Central Banking (Encyclopedia of the Socieal Sciences: vol. 3, 1930).

 

4. BUSINESS CYCLES (in addition to titles given in Part 3)

Adams, A., Economics of Business Cycles (1925).

Aftalion, A., Les crises périodiques de surproduction (1913).

Clark, J. M., The Economics of Overhead Costs (1923).

Hansen, A. H., Business-Cycle Theory (1927).

Hawtrey, R. G., Good and Bad Trade (1913).

Hayek, F., Monetary Theory and the Trade Cycle (1933; a collection of earlier essays).

Hexter, M. B., Social Consequences of Business Cycles (1925).

Kuznets, S., Cyclical Fluctuations (1926).

————–, Equilibrium Economics and Business Cycle Theory (Quar. Jour. Econ., May, 1930).

————–, Monetary Business Cycle Theory in Germany (Jour. Pol. Econ., April, 1930=.

————–, Secular Movements in Production and Prices (1930).

Lavington, F., The English Capital Market (1921).

—————-, The Trade Cycle (1922).

Mills, F. C., The Behavior of Prices (1927).

————-, Economic Tendencies (1932).

Mitchell, W. C., Business Cycles (1913).

—————–, Business Cycles (Encyclopedia of the Social Sciences, vol. 3, 1930).

—————–, Business Cycles: The Problem and Its Setting (vol. I, 1927).

Persons, W.M., Indices of General Business Conditions (Rev. Econ. Stat., 1919; reprinted separately).

Pigou, A. C., Industrial Fluctuations (2nd ed., 1929).

Robertson, D. H., A Study of Industrial Fluctuations (1915).

Snyder, C., Business Cycles and Business Measurements (1927).

Souter, R. W., Equilibrium Economics and Business Cycle Theory (Quar. Jour. Econ., Nov., 1930).

Thorp, W. L., and Mitchell, W. C., Business Annals (1926).

Wagemann, E., Economic Rhythms (translated 1929).

 

5. UNSTABLE AND DEPRECIATED CURRENCIES: SILVER
(ALSO SEE PART 2).

#Angell, J. W., Theory of International Prices (1926), chaps. 7, 17.

#Keynes, J. M., Monetary Reform (1924), chaps. 2, 3.

#Taussig, F. W., International Trade (1927), chaps. 26-30.

#Angell, J. W., Exchange Depreciation. Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

__________

Angell, J. W., Monetary Theory and Monetary Policy (Quar. Jour. Econ., 1925).

Bordes, J., The Austrian Crown (1924).

Brown, W. A., England and the New Gold Standard (1929).

Cassel, G., Money and Foreign Exchange after 1914 (1922).

———–, Post-War Monetary Stabilization (1928).

Dulles, E.L., The French Franc, 1914-1928 (1929).

Fetter, F. W., Monetary Inflation in Chile (1931).

Graham, F. D., Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923 (1930).

Hawtrey, R. G., Monetary Reconstruction (1923).

Hecksher, E. P. Swedish Monetary History, 1914-1925 (article in the Carnegie Endowment’s Economic and Social History of the World War, volume on Sweden, Norway, etc., 1930).

Keynes, J. M., Treatise on Money (2 vols. 1930);see index for relevant sections.

Nogaro, B., Modern Monetary Systems (translated 1927).

Rist, C., La déflation en pratique (1924).

Rogers, J. H., The Process of Inflation in France, 1914-1927 (1929).

United States: Senate: Commission of Gold and Silver Inquiry, Foreign Currency and Exchange Investigation (by J. P. Young; 2 vols., 1925).

—————————–, Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

Young, J. P., Central American Currencies (1925).

__________

#Elliston, H. B., The Silver Problem (Foreign Affairs, April, 1931).

Gregory, T. E., The Silver Situation (Manchester University, 1932).

Leong, Y. S., Silver (1933).

 

Source: Hoover Institution Archives. Papers of Milton Friedman. Box 5, Folder 12 “Student years”.

Categories
Courses Exam Questions Harvard Syllabus

Harvard. Intro to Mathematical Economics. Schumpeter, Leontief 1935-42

Graduate classes in Mathematical Economics (Econ 13b in 1934-35, Econ 104b in later years) were taught every second year by Edwin Biddle Wilson (1934-35, 1936-37, 1938-39, 1940-41, 1942-43). An introduction for undergraduates and graduates was offered by Joseph Schumpeter in 1934-35 (Econ 8a), but the course was taken over and offered for nearly a decade by Wassily Leontief (new course number beginning 1936-37, Econ 4a). In this posting you will find different scraps from the Schumpeter/Leontief course over the years.

 

____________________________

[Schumpeter’s exam questions (1934-35)]

[Note these exam questions are in the Ec11 Folder. Instructor: Schumpeter according to course catalogue]
[Introduction to the Mathematical Treatment of Economic Theory, 1934/35 academic year]

 

Ec 8a
Midyear Exam Febr 4th 1935

Answer at least three of the following questions:

  1. Define elasticity of demand, and deduce that demand function, which corresponds to a constant coefficient of elasticity.
  2. Let D be quantity demanded, p price, and D = a – bp the demand function. Assume there are no costs of production. Then the price p0 which will maximize monopoly-revenue is equal to one half of that price p1, at which D would vanish. Prove.
  3. A product P is being produced by two factors of production L and C. The production-function is P = bLkC1-k , b and k being constants. Calculate the marginal degrees of productivity of L and C, and show that remuneration of factors according to the marginal productivity principle will in this case just exhaust the product.
  4. In perfect competition equilibrium price is equal to marginal costs. Prove this proposition and work it out for the special case of the total cost function
    y = a + bx, y being total cost, x quantity produced, and a and b
  5. If y be the satisfaction which a person derives from an income x, and if we assume (following Bernoulli) that the increase of satisfaction which he derives from an addition of one per cent to his income, is the same whatever the amount of the income, we have dy/dx = constant/x.
    Find y. Should an income tax be proportional to income, or progressive or regressive, if Bernoulli’s hypothesis is assumed to be correct, and if the tax is to inflict equal sacrifice on everyone?

[Following derivation added in pencil]
{{p}_{1}}=\frac{a}{b}

\frac{dp}{dD}=-\frac{1}{b}

\frac{d\,\,Dp}{dp}=D+p\frac{dD}{dp}=

=a-bp-bp=a-2bp

\therefore p=\frac{a}{2b}

Source: Harvard University Archives. Joseph Schumpeter Lecture Notes HUC(FP)–4.62, Box 9, Folder: “Ec 11 Fall 1935”.

 

Transcription of Schumpeter’s official typed version of the Economic 8a, 1934-35.

____________________________

[1935-36]

*Economics 8a 2hf. Introduction to the Mathematical Treatment of Economics
Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief. [Course may be taken by either undergraduates or graduates for credit.]

Economics A [Principles of Economics] and Mathematics A, or their equivalents, are prerequisites for this course.

 

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1935-36 (2nd edition), p. 138.

____________________________

[Excerpt from undated lecture notes, in Folder “Introduction mathematical economics 1937”]

Intr. to Math. Ec.

Introduction

Math. Ec. Economics & Mathematics

I. The subject of m.e. and Economic Theory is the same.

MathEconVennDiagram

  1. Parts of Economics – non-quantitative in character.
  2. Parts of Economics—quantitative but can be handled without math symbols. (marg. cost [unclear word].
  3. Quantitative—of such complexity that it hardly can be handled without math. symbols (f. ex. general equilibrium distribution etc.)

Fundamental difference only in the method of handling.

Non-math economists “are mathematicians without knowing it”

 

II. Two application of math. in economics.

a) theory b) statistics

Difference in application of math to economic theory and f.ex. to physics: More general type of argument Instead of definite interrelation we have knowledge only of some characteristics.

Math economics is not imitation of physics.

 

III. Fundamental problem of math. ec.:

Translation of economic problems into mathematical terms and back. Math. economist must know economics and mathematics.

In math. econ. To formulate a problem means to solve it.

IV. The aim of this course is to

  1. teach you to apply math. to the analysis of theor. ec. problem.

Mostly we will dwell in “region 2” although some time we will advance into the “region 3”.

Main subjects.

Theory of value.

Theory of production.

  1. Procedure:

a) lecture on fundamental problem

b) Discussion of special applications

c) Solution of problems out of class.

3. Knowledge of math:

a) elementary algebra

b) elementary calculus

c) partial derivatives

Knowledge of ec.

Ec A [Principles of Economics].

4. Graphic analysis vs. calculus.

Graphic analysis is a summary which helps us to talk of.

 

V.  Literature

  1. Antoine A. Cournot (1801-1877).
    “Researches into the mathematical principles of the theory of wealth” (1838)

Léon Walras (1834-1910).
“Elements of pure political economy” (1874-1877)

Vilfredo Pareto (1848-1923)
“Cours d’Economie Politique” (1896)
“Manuale d’economiea politica” (1906)

  1. Irving Fisher
    “Mathematical Investigations in the Theory of value and prices” (1892)
    F. Y. Edgeworth (1845-1926)
    Alfred Marshall (1842-1924)  “Appendix to the Principles”

Italian School
“Econometrica”
“Review of Economic Studies”
etc.

  1. No good textbook

A. L. Bowley
“The Mathematical Groundwork of Economics”, 1924.

Evans
“Introduction into mathematical economics”.

Source: Harvard University Archives. Wassily Leontief Papers. HUG 4517.30, Box 5, Folder “Introduction to Mathematical Economics (notes)”.

____________________________

[Reading Period assignment: 1936, Leontief ]

Economics 8a: Evans, G. C., Mathematical Introduction to Economics, Chs. I and II.

 

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

____________________________

[Course Final Exam 1936, Leontief]

[carbon copy]

1935-36

HARVARD UNIVERSITY
ECONOMICS 8a2

 

Answer THE FIRST and at least THREE of the subsequent questions:

  1. Discuss the relation between the cost function and the production function of a single enterprise.
  2. Prove that in the point where the average unit costs are the smallest, they are equal to the marginal costs.
  3. Given a total revenue curve, R = Aq –Bq2, and a total cost curve, C= K + Lq, find the monopoly output, the monopoly price and the net revenue of monopolist. (A, B, K, and L are constants.)
  4. Discuss Cournot’s analysis of competition between two monopolies (duopoly).
  5. Given the production function Z = x½ y½ find out whether the two factors x and y are complementary or competing.
  6. Derive the relation between factor prices and marginal productivities under conditions of free competition (fixed prices).

Final   1936

 

Source: Harvard University Archives. Wassily Leontief Papers. Box 5, Folder “(notes Introduction to Mathematical Economics”

____________________________

[Reading Period assignment: 1937, Leontief ]

 Economics 4a:

A. Cournot, Researches into Mathematical Economics.

Ch. IV, pp. 44-55;
Ch. V, pp. 56-61.
Ch. IX, pp. 99-107.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1936-1937”.

____________________________

[Reading Period assignment: 1938, 1939, 1940, Leontief]

Economics 4a: Read the following

  1. Cournot, Researches into Mathematical Economics. Chs. IV, V, VII, VIII, IX.
  2. Evans, Mathematical Introduction to Economics, Ch. II.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folders “1937-1938”, “1938-39”, “1939-40”.

____________________________

[Course Outline, Leontief]

Economics 4a
1939-40
Introduction to the Mathematical Treatment of Economic Theory

 

Introductory remarks. The profit function and the profit tax. The cost function; total, fixed, variable, marginal and average costs. Minimum average total and minimum average variable costs. General properties and the cost function. Aggregate cost function of a multiple plant enterprise.

The revenue function, the demand function and the price. Marginal revenue and elasticity concept. Principle of dimensional transformation. Conditions for the existence of an individual supply function.

Introduction into the theory of the markets. Necessary and sufficient conditions for the existence of market supply and market supply functions. Competition and monopoly. Theory of discrimination.

Introduction into the study of the production function. Marginal productivity, increasing and diminishing returns. Complementary and competing factors. Principle of minimum costs. Cost function and production function.

Introduction into the theory of consumers behavior: Concept of the indifference varieties.

Introduction into the analysis of dynamic economies. The cobweb problem and basic equilibrium concepts.

Introduction into the theory of general interdependence. Data and variables, basic equations and unknowns.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 2, Folder “1939-1940”.

____________________________

[Course Outline, Leontief]

Economics 4a
1941-42 [also for 1942-43]

 

  1. Introductory remarks.
    The profit function.
    Maximizing profits.
  2. The cost functions: Total costs, fixed costs, variable costs, average costs, marginal costs, increasing and decreasing marginal costs.
    Minimizing average total and average variable costs.
  3. The revenue function.
    Price and marginal revenue.
    Demand function
    Elasticity and flexibility.
  4. Maximizing the net revenue (profits).
    Monopolistic maximum.
    Competitive maximum.
    Supply function.
  5. Joint costs and accounting methods of cost imputation.
    Multiple plants.
    Price discrimination.
  6. Production function.
    Marginal productivity.
    Increasing and decreasing productivity.
    Homogeneous and non-homogeneous production functions.
  7. Maximizing net revenue, second method.
    Minimizing costs for a fixed output.
    Marginal costs and marginal productivity.
  8. Introduction into the theory of consumers’ behavior.
    Indifference curves and the utility function.
  9. Introduction to the theory of the market.
    Concept of market equilibrium.
    Duopoly, bilateral monopoly.
    Pure competition.
  10. Cobweb problem.
  11. Introduction into the theory of general equilibrium.

 

Reading: R. G. D. Allen, Mathematical Analysis for Economists.

Evans, Introduction into Mathematical Economics.

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth.

Weekly problems.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folders “1941-1942”. “1942-1943 (1 of 2)”.

____________________________

[Reading Period assignment: 1942, Leontief]

 

Evans, Introduction into Mathematical Economics. Ch’s I, II, III

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth. pp. 44-55, 56-66, 99-107.

Econ. 4.[a]

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folder “1941-1942”.

Categories
Courses Harvard Syllabus

Harvard. Sociology Syllabus. Carver, 1917-18


Economics 8, Principles of Sociology, was taught by Professor Thomas Nixon Carver in 1917-18. The course could be taken by both undergraduates and graduate students. 17 students were registered (7 Seniors, 8 Juniors, 2 other classifications). Links to all readings are provided!

Added later to Economics in the Rear-View Mirror: mid-year exam questions (from February 1923 for a later version of the course) and the final examination questions from June 1918.

 

_____________________________

ECONOMICS 8
I
Introduction

1.  Various definitions of Sociology.

Spencer, Principles of Sociology. Part I, chaps. 1.
Carver, Sociology and Social Progress. Pages 1-14 and 65-70

2.  Sociology considered.

1) As the study of the development and progress of social groups, particularly the sovereign group called the state or the nation.
2) As a study of human adaptation as it is affected and modified by the social group.

Carver, Sociology and Social Progress. Pages 88-120.
Spencer, Principles of Sociology. Part II, chaps. 1-6.

3.  Adaptation.

(a) Passive.
(b) Active.

    The Environment.

(a) Physical.
(b) Social.

Bristol, Social Adaptation, Preface and Introduction.
Carver, Sociology and Social Progress. Pages 174-270.

4.  The method of trial and error, or of variation and selection in adaptation.

Carver, Sociology and Social Progress. Pages 276-391.

 

II
Physical Adaptation

5.  The Problem of race improvement.

Carver, Sociology and Social Progress. Pages 392-418, 631-715.

6.  Heredity and Environment as factors in the determination of individual character.

Bristol, Social Adaptation. Chaps. 4, 5, and 6.

7.  Tests of fitness for survival.—The validity of the economic and commercial as compared with the political tests.

Carver, Sociology and Social Progress. Pages 121-126, 419-471, and 522-576.
Carver, Essays in Social Justice. Chap. 7.

8.  The selective agencies at work in modern society.

Carver, Sociology and Social Progress. Pages 676-715.
Carver, Essays in Social Justice. Chap. 5.

 

III
Moral Adaptation

9.  The breeding up of a tame, domesticated, or socialized variety of the human species as opposed to a wild, unsocial or criminal variety.

Carver, Sociology and Social Progress. Pages 577-592.
Spencer, Principles of Sociology. Part III, chaps. 1-3, and 9-12.

10. Morality considered as the economizing and utilizing of human energy, and immorality as the wasting or dissipating of that energy.

Spencer, Principles of Sociology. Part IV, chaps. 1, 11, and 12.
Carver, Essays in Social Justice. 1 and 2.
Carver, Sociology and Social Progress. Pages 577-592.

11. The variation and selection of moral codes.

Sumner, Folkways. Sections 1-40; 159-165; 712-728.

12. Forms of conflict.

(a) Destructive.
(b) Deceptive.
(c) Persuasive.
(d) Productive

Carver, Essays in Social Justice. Chaps. 3, 4, and 5.
Carver, Sociology and Social Progress. Pages 133-173.

13. The earmarks of a good religion.

Carver, The Religion Worth Having.

14. Sympathy; Imitation; Consciousness of Kind.

Carver, Sociology and Social Progress. Pages 472-521.

15. Earmarks of a good man.

A. Knowledge of environment.

(a) physical.
(b) social.

B. Forethought.

(a) industry.
(b) thrift.

C. Dependability.

(a) honesty.
(b) sobriety.
(c) courage.
(d) fidelity.

Ross, Social Control. Pages 1-88; 432-442.
Bristol, Social Adaptation. Pages 301-304.

 

IV
Control of the Physical Environment

16. Scarcity; Economy; Wellbeing.

Spencer, Principles of Sociology. Part VI, chaps. 1, 2, 3, 21, 22, 23.

17.  Desire and repugnance; attainment of good and avoidance of harm.
Production and destruction.

Spencer [sic, “Carver” is correct], Sociology and Social Progress. Pages 127-132.
Spencer, Principles of Sociology. Part VI, chaps. 1, 15, 16

18. Proportionality.

(a) of consumers’ goods.
(b) of producers’ goods.

19.  Valuation.

Carver, Essays in Social Justice. Pages 85-202.

Cost.
Coördination of labor performed:

(a) at different places.
(b) at different times.

Carver, Essays in Social Justice. Pages 203-263.

20. The storing of social energy.
The standard of living.

Veblen, The Theory of Business Enterprise. Pages 1-82, 133-150.

21. The battle of the standards.
Economic competition.

Taussig, Principles of Economics. Vol. II, pages 443-478.

22. Poverty and the uneconomic distribution of human talent.
Summary—The earmarks of a good industrial system.

A. An ample product.
B. Distributed in proportion to merit.
(see Earmarks of a good man)
C.  Consumed rationally.

Carver, Essays in Social Justice. Pages 264-375.

 

V
Control of the Social Environment

23. Purpose of social control.

(a) release,
(b) direction,
(c) storing of social energy.

Right of the state to be.
Limits of state interference.

Carver, Essays in Social Justice. Pages 376-429.
Carver, Sociology and Social Progress. Pages 788-808.

24. Source of social control.

Is monarchy a more highly evolved form of government than democracy?
Republican and democratic theories.
Psychology of self-government.

Spencer, Principles of Sociology. Part V, chaps. 1, 2, 17, 18.

25. Voting a means of increasing governmental sensitiveness.
Can democracy select good men?

Spencer, Principles of Sociology. Part V, chap. 19.
Carver, Sociology and Social Progress. Pages 716-788.

26. Can democracy discipline itself?
The earmarks of a good government.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, Folder “1917-1918”.

Categories
Columbia Courses Syllabus

Columbia. Public Finance Syllabus. Seligman circa 1923

A printed copy of the syllabus and list of readings for the one-year, two course sequence for public finance of Edwin R. A. Seligman can be found in the papers of Robert Murray Haig who succeeded Seligman in teaching this public finance course at Columbia  in 1931-32.  The latest date in the list of readings is 1923, so I date the syllabus to the 1923-24 academic year. I have merged the reading list with the syllabus so that the reading assignments are paired with the class session(s).

_____________________________

Economics 101–Public Finance. 3 points Winter Session. Professor Seligman.
M. and W. at 1:10. 515 Kent.

General introduction and history of public finance. Different kinds of public revenues, including public domain and public property, public works or industrial undertakings, fees, and special assessments. General theories and principles of taxation, incidence of taxation, and newer social theories of taxation.

Economics 102–Public Finance. 3 points –Spring Session. Professor Seligman.
M. and W. at 1:10. 515 Kent.

Application of general principles to consideration of actual systems of taxation. Practical American problems of federal, state, and local taxation. Classes of public expenditure and fiscal principles which govern them. Public debt, methods of borrowing, redemption, etc. Fiscal organisation of state. Budgets, national,  state, and local.

Students who have not completed Economics 101 are admitted to Economics 102 only by special permission.

Source: Columbia University. Bulletin of Information, 23rd Series, No. 35 (June 2, 1923). History, Economics and Public Law: Courses Offered by the Faculty of Political Science. Announcement 1923-1924,  p. 20.

_____________________________

Columbia University
In the City of New York
ECONOMICS 101-102

OUTLINE OF LECTURES
ON
PUBLIC FINANCE

By Edwin R. A. Seligman

ECONOMICS 101

Part I
Introduction

  1. Finance and the Science of Finance. Public Finance and Fiscal Science.
  2. Relation to Economics. Content and Method.

Shirras, ch. i; Lutz, ch. i; Bastable, introduction, ch. i; Dalton, ch. i.

  1. Growth of Public Finance.

Bullock, ch. iii; Lutz, ch. ii.

  1. History and literature of Fiscal Science

Bullock, ch. i; Bastable, ch. ii; Shirras, ch. ii.

  1. The general theory of Public Finance.

Adams, introduction; Dalton, chs. ii, iii; Peck, ch. ii.

Part II
Public Revenues

  1. Historical development of public revenues.
  2.      The ancient world: Greece, Rome.
  3.      The middle ages: feudal income.
  4.      The absolute monarchy: England, the Continent.
  5.      The modern state.

Seligman I, ch. i.

  1. Classification of public revenues.

Seligman I, ch. xiv; Adams, part II, preliminary chapter; Shirras, ch. xiii; Lutz, ch. ix; Bastable, book II, ch. i; Plehn, part II, ch. i; Dalton, ch. iv.

Book I
Quasi-public Revenues

  1.    I. Prices.

   Bastable, book II, ch. ii.

  1.           Public domain.

Lutz, ch. x; Bullock, ch. v; Davies, ch. iii.

  1.                The public domain of the United States.

Adams, part II, book I, ch. i; Hibbard, chs. iv-vi, x, xv.

  1.           Public property; funds and investments.

Bastable, book II, ch. v; Dalton, ch. xiv.

  1.           Public industry: business enterprise.

Shirras, ch. xxx; Bastable, book II, ch. iii.

  1.                Fiscal monopolies.

Adams, part II, book i, ch. ii; Madsden, ch. ii.

  1.                Social monopolies: commercial undertakings.

Lutz, ch. xi; Davies, chs. vii, x, xiii.

  1.                     Coinage, credit and insurance.
  2.                     Post office, telegraph and telephone.
  3.                     Markets, docks and harbors.

Bullock, ch. vi; Smith, chs. i-iii, viii;
Barker, ch. xvi.

  1.                     Roads, canals and railways.

Dixon, chs. ix-xiv; Barker, chs. x-xii.

  1.                     Municipal monopolies; water, light and power.

Lutz, ch. xii; Watkins, passim; Barker, chs. i-ix, xiii-xv.

  1.                Public prisons and workshops.

Bastable, book II, ch. iv.

  1.    II. Fees: history, classification, description, criticism.

Bullock, ch. vii; Urdahl, part I, chs. i, ix, x; part II, chs. vi and viii; Lutz, ch. xiii.

  1.    III. Special assessments: history, theory, purposes, methods, extent, criticism.

Rosewater, chs. i, ii and v.

Book II
Taxation—General

  1. Definitions and terminology.

Lutz, ch. xiv; Bastable, book III, ch. i.

  1. Classification of taxes.

Adams, part II, book II, ch. i; Dalton, ch. v.

  1. Historical development of taxation.

Plehn, part II, ch. iv.

  1.           Ancient taxation.

Seligman I, pp. 34-37.

  1.           Mediaeval taxation.

Kennedy, chs. ii-iv; Seligman I, pp. 38-56.

  1.           Modern taxation.

Plehn, ch. v.

  1.           Local taxation.

Cannan, chs. i-iv.

  1. Essentials of taxation.

Lutz, ch. xv; Bastable, book III, ch. ii.

  1.           Reason of taxation.

Weston, ch. iii

  1.           Function of taxation.

Stamp, ch. vi; Bullock, ch. ix.

  1.           Nature of taxation.

Seligman I, ch. x; Jones, ch. i.

  1.           Limits of taxation.

Adams, ch. i.

  1.           Source of taxation.

Bullock, ch. viii.

  1. Incidence of taxation.

Seligman II, introduction; Bastable, book III, ch. v; Plehn, part II, ch. x.

  1.           Theories of incidence.

Seligman II, part I; Dalton, ch. vii; Hobson, ch. iii;
Brown, chs. iii, v; Shirras, ch. xviii; Lutz, ch. xvii.

  1.           General principles.

Conference I, pp. 424-433; Seligman II, part II, ch. i.

  1.           Application to separate taxes.

Seligman II, part II, chs. ii-viii; Seligman III, ch. ii [iii?]; Brown, chs. vii-x; Shirras, ch. xix.

  1. Influence and effects of taxation.

Seligman III, ch. iii; Stamp I, ch. v; Stamp II, ch. iv; Bullock, ch. viii; Dalton, chs. x-xii.

  1. Canons and principles of taxation.

Bastable, book iii, ch. vi; Jones, ch. iii; Stamp I, ch. i.

  1.           Secondary canons.

Jones, ch. iv; Stamp I, ch. iv.

  1.           Primary canons.

Plehn, part II, ch. iii; Bullock, ch. ix.

  1.    I. Uniformity and equality of taxation.

Bastable, book III, ch. iii; Weston, chs. v-vi; Robinson, ch. ii.

  1.           Basis of taxation.

Hobson, part I, chs. i, ii; Dalton I, part II, ch. ix.

  1.           Norm of taxation.

Seligman IV, introduction; Robinson, ch. iv.

  1.           Graduation of taxation.

Seligman III, introduction; Adams, part II,
book ii, ch. ii; Stamp I, ch. ii.

  1.                History of progressive taxation.
  2.                Facts of progressive taxation.

Seligman III, part i.

  1.                Theory of progressive taxation.

Seligman III, part ii, chs. i-iv; Weston, ch. vii.

  1.           Differentiation of taxation.

Seligman IV, pp. 22-25; Weston, ch. vii; Stamp I, pp. 83-91.

  1.    II. Universality of taxation.
  2.           Exemptions.

Seligman IV, pp. 25-29; Conference, xii, p. 477.

  1.           Double taxation.
  2.                 By the same jurisdiction.

Seligman I, ch. iv.

  1.                 By competing jurisdictions.

Conference, ii, p. 547; iv, p. 261; ix, p. 358.

  1. The tax system. Single versus plural taxation.

Bastable, book III, ch. iv.

  1.           The single tax.

Seligman I, ch. iii; Hunter, ch. xvi.

  1. Tax administrations. Tax commissions.

Seligman I, chs. xiii, xix-xxi; Lutz, passim.

 

Book III
Taxation—Special

Part I.—Direct Taxes: Taxes on Wealth.

  1. Impersonal taxes.

Bastable, book IV, ch. i.

  1.    I. Tax on real estate.

Bullock, ch. xiv.

  1.           Land tax. Taxation of forests and mines.

Conference, v, p. 345, iv, p. 313; vi, p. 371; vii, 387; viii, 338; xiii, p. 405; xiv, p. 36; xv, p. 127; Young, chs. i, v-vi and ix; King, chs. i-iv.

  1.                Unearned increment and land-value taxes.

Sheftel, chs. i, vii-x; Seligman I, ch. xvii; New York Report, pp. 100-120; Bullock, ch. xix.

  1.                House tax.

Haig I, pp. 262-280; New York Report, pp. 7-60, 85-99.

  1.    II. Tax on personal property.

Conference, xi, pp. 118, 218.

  1.           Tax on tangibles.

Hunter, ch. xi.

  1.           Tax on intangibles.

Conference, viii, p. 207; Wells, chs. xviii-xix; Hunter, ch. xii.

  1.    III. Business tax.

Bastable, book iv, ch. ii; Conference, i, p. 442; xl, p. 185.

  1.           License tax.

Bullock, ch. xvi; Conference, ii, p. 273; Hunger, ch. x.

  1.           Corporation tax.

Seligman I, chs. vi-viii; Conference, v, p. 139; vii, p. 372; Bullock, ch. xvii.

  1.           Excess-profits and other business taxes.

Haig II, summaries.

  1. Personal taxes.
  2.           Poll tax.

Bastable, book iv, ch. iii; Bullock, ch. 4.

  1.           Expenditure tax. Luxury tax.

Seligman I, ch. ii; Conference, iv, p. 299.

  1.           General property tax.

Pethick-Lawrence, passim; Soward, ch. xi; Allen, ch. viii; Pigou, part IV, ch. xi; Dalton II.

  1.                     The capital levy. Capital increment tax.

Seligman IV, part ii; Conference, vi, p. 321; ix, p. 279; x, pp. 126, 279; Haig III, pp. 1-20; Bullock, ch. xii; Comstock, chs. i, xi.

  1.           Income tax.

Seligman I, ch. v; Bullock, ch. xviii; Hunter, ch. xiv.

  1. Mixed taxes. Inheritance tax.

Conference, iv, p. 279; Soward, chs. viii, xiii.

Part II.—Indirect Taxes: Taxes on Exchange and Consumption.

  1. General considerations.

Bastable, book IV, ch. vi; Robinson, ch. iii; Pigou, part IV, ch. v.

  1. Taxes on commodities.

Bullock, ch. xxi; Plehn, part II, ch. vi; Smith, chs. viii, ix.

  1.           Customs duties.

Bastable, book IV, ch. vii; Plehn, part II, ch. vii.

  1. Stamp taxes.

Bullock, ch. xxi.

  1. Taxes on transactions.

Smith, ch. vi.

  1.      Sales tax. Luxury tax.

Industrial Conference Board, ch. iv; Seligman VI, passim.

  1. Taxes on transportation and communication.

Bastable, book IV, ch. viii.

Part III.—Local Taxation.

  1. English system.

Grice, chs. ii, iii; Cannan, ch. vi; Webb, chs. i-iii; Robinson, ch. vii.

  1. Continental systems.

Grice, chs. viii, xi, xv-xviii.

  1. American system.
  2. Relation of local, state and federal finance.

Seligman I, chs. xii, xxi.

  1. Local option and separation.

Seligman I, ch. xi; Conference, v, p. 271; ix, p. 42.

  1. Selection of local revenues.
  2. General conclusion.

Bullock, ch. xiii; Adams I, part II, ch. vi; Seligman I, [no chs. listed]

_____________________________

ECONOMICS 102

Part III
Public Expenditures

  1. General considerations.

Lutz, ch. iii; Shirras, ch. iii; Bastable, book i, ch. i; Bullock, chs. ii, iii; Adams, part i, book i.

  1. History.

Lutz, ch. v; Dalton, ch. xvi.

  1. Principles

Lutz, ch. vii; Shirras, ch. iv.

  1. Classification.

Lutz, ch. iv; Shirras, ch. v.

  1.           A. General governmental expenditures.

Bastable, book i, ch. vi.

  1.           B. Protective expenditures.

Shirras, ch. vi; Bastable, book i, ch. ii.

  1.           C. Judicial and reformatory expenditures.

Bastable, book i, ch. iii.

  1.           D. Educational and charitable expenditures.

Shirras, ch. viii; Bastable, book i, ch. v.

  1.           E. Health and recreation expenditures.

Shirras, ch. vii; Bastable, book i, ch. iv.

  1.           F. Commerce and industry expenditures.

Shirras, ch. ix.

  1.           G. Public debt expenditures.

See Part IV.

  1. Conclusion

Lutz, ch. viii; Shirras, ch. xii; Bastable, book i, ch. viii; Dalton, chs. xviii-xx; Rosa, passim.

Part IV
Public Credit

  1. General considerations

Bastable, book v, ch. ii; Dalton, part iii, ch. xxi; Lutz, ch. xxiv; Shirras, ch. xxxiii.

  1. History of public credit.
  2. War chests and reserves.

Bastable, book i, ch. iii, iv; Shirras, ch. xxxv-xxxvi.

  1. Theories of public credit.

Bullock, ch. xxii; Bastable, book v, ch. v.

  1. Influence of public indebtedness.

Bullock, ch. xxiii; Adams, book iii, ch. i; Dalton, ch. xxii; Pigou, part iv, ch. viii.

  1. Debts versus Peace and war finance.

Seligman, ch. xxiii; Adams II, part ii, ch. i; Allen, ch. vi; Robinson, ch. viii; Hunter, ch. xix; Pigou, part iv, chs. viii and ix.

  1. Classification of public debts.
  2.           A. Compulsory, patriotic and voluntary loans.
  3.           B. Funded and floating debts.
  4.           C. Bonds and annuities.
  5.           D. Temporary and perpetual debts.
  6.           E. Premium and discount bonds.

Bastable, book V, ch. vi; Adams II, part ii, ch. ii; Hollander, passim; Hunter, ch. xvi; Lutz, ch. xxvi.

  1. Contraction of public debts. Methods of emission.

Adams II, part ii, ch. iii.

  1. Conversion of public debts. Refunding.

Bastable, book v, ch. vii; Lutz, ch. xxvii.

  1. Redemption and payment of public debts.

Adams II, part ii, ch. iv; Bullock, chs. xxiv-xxv; Dalton, ch. xxiii; Shirras, ch. xxxviii.

  1. Government paper money.

Seligman V, passim.

  1. Local indebtedness.
  2.      State debts.
  3.      Municipal debts.

Bastable, book v, ch. vii; Bullock, ch. xxvi.

 

Part V
The Budget

  1. History of the budget.

Stourm, introduction; Bastable, book vi, ch. i.

  1. Comparison of European and American budgets.

Adams I, book ii, ch. i; Ford, chs. ii, iv, viii.

  1. Preparation, form and composition of the budget.

Stourm, part i; Higgs, ch. i; Adams, book ii, ch. ii; Bastable, book vi, ch. ii; Buck, chs. vi-viii; Shirras, ch. xxxviii.

  1. Presentation, discussion and vote of the budget.

Stourm, part ii; Higgs, ch. iii, iv; Adams, book ii, ch. iii; Bastable, book vi, ch. iii; Shirras, ch. xxxvix.

  1. Execution of the budget.

Stourm, part iii; Higgs, ch. v,vi; Adams, book ii, ch. iv; Buck, chs. xi-xii; Lutz, ch. xxx; Shirras, ch. xl.

  1. Control of the budget.
  2.      Administrative control.
  3.      Judicial control.
  4.      Legislative control.

Stourm, part iv; Adams, book ii, chs. iv, v.

  1.      Conclusion.

Higgs II, passim.

_____________________________

REFERENCES

Allen, J. E.—The War Debt. 1919.

Adams I, Adams, H. C.—The Science of Finance. 1898.

Adams II, Adams, H. C.—Public Debts. 1887.

Bastable, C. F.—Public Finance. 3d ed., 1903.

Buck, A. E.—Budget Making. 1921.

Bullock, C.—Selected Readings in Public Finance 2d ed., 1920.

Cannan, E.—History of Local Rates in England. 2d ed., 1912.

Comstock, A.—State Taxation of Personal Incomes. Columbia Studies, no. 223. 1921.

Conference—Proceedings of the Conference of the National Tax Association, vols. i-xv, 1907-1923.

Daniels, W. M.—The Elements of Public Finance. 1889.

Dalton I, Dalton, H.—Principles of Public Finance. 1923.

Dalton II, Dalton, H.—The Capital Levy Explained. 1923.

Ford, H. J.—The Cost of our National Government. 1910.

Grice, J. W.—National and Local Finance. 1910.

Haig I, Haig, R. M.—The Exemption of Improvements from Taxation. 1915.

Haig II, Haig, R. M.—The Taxation of Excess Profits in Great Britain. 1920.

Haig III, Haig, R. M.—The Federal Income Tax. Columbia Lectures, ed. by Haig, 1921.

Higgs, H.—The Financial System of the United Kingdom. 1914.

Hobson, J. A. Taxation in the New State. 1919.

Hollander, J. H.—War Borrowing. 1919.

Hunter, M. H.—Outlines of Public Finance. 1921.

Industrial Conference Board—Report of the Tax Committee of the National Industrial Conference Board, no. 18. 1920.

Jones, R.—The Nature and First Principles of Taxation. 1914.

Kennedy—English Taxation, 1640-1799. 1913.

King, W. I.—The Valuation of Urban Realty for Taxation. 1914. (University of Wisconsin Series.)

Lutz, H. L.—State Tax Commissions. 1918.

New York Report—Final Report of the committee on Taxation of the City of New York, 1916.

Pethick-Lawrence, F. W.—A Levy on Capital. 1918.

Pigou, A. C.—Economics of Warfare. 1920.

Plehn, C. C.—Introduction to Public Fiance. 4th ed., 1920.

Robinson, M. E.—Public Finance. 1922.

Rosa, E.-B.—Expenditures and Revenues of the Federal Government. In Annals of the American Academy of Political and Social Science. Vol. XCV. May, 1921.

Seligman I—Essays in Taxation. 9th ed., 1921.

Seligman II—The Shifting and Incidence of Taxation. 4th ed., 1921.

Seligman III—Progressive Taxation. 2d ed., 1908.

Seligman IV—The Income Tax. 2d ed., 1914.

Seligman V—Currency Inflation and Public Debts. 1921.

Secrist, H.—An Economic Analysis of the Constitutional Restrictions upon Public Indebtedness in the U. S. (University of Wisconsin Series.)

Sheftel, Y.—The Taxation of Land Values. 1916.

Smith, H. F.—The United States Federal Internal Tax History. 1914.

Soward, A. W., and Willan, W. E.—The Taxation of Capital. 1919.

Stamp I, Stamp, Sir Josiah—The Fundamental Principles of Taxation. 1921.

Stamp II, Stamp, Sir Josiah—Wealth and Taxable Capacity. 1922.

Stourm, R.—The Budget, American Translation, 1917.

Webb, S.—Grants in Aid., New ed., 1920.

Wells, D. A.—The Theory and Practice of Taxation. 1900.

Weston, S. F.—Principles of Justice in Taxation. Columbia Studies, vol. xviii, 1903.

Young, L. E.—Mine Taxation in the United States. University of Illinois Studies, 1916.

Seligman—Studies in Public Finance [last item typed addition]

 

 

Source: Columbia University Libraries, Manuscript Collections. Robert M. Haig Papers. Box 15 Lecture Notes (3). Folder “Bibliography”.

Image Source: National Civic Federation Review (1905), p. 229.

Categories
Columbia Courses Syllabus

Columbia. Readings International Economics. Angell, 1933

This course title is a bit misleading from today’s perspective. The emphasis is on international finance and commercial policy with maybe one-third of the second semester devoted to trade theory. This course reading list comes from Milton Friedman’s Papers at the Hoover Institution though this particular course was apparently not ever taken for credit by Milton Friedman. I have not yet found a more recent picture of Angell than this passport photo taken when he was 23-24 years of age.

__________________________

Economics 125-126—International trade. 3 points each session. Professor J. W. Angell.
M. and W. at 11. 301 Fayerweather.

World trade currents today; the foreign trade of the United States. The foreign exchanges and the world money markets. The classical theory of international trade; the maintenance of equilibrium in trade; international capital movements. Tariffs and the protective controversy. The effects of currency depreciation. Reparations and inter-ally debts.

Students who have not completed Economics 125 are admitted to Economics 126 only by permission of the instructor.

Source: Columbia University. Bulletin of Information 32 Series, No. 33 (May 14, 1932). History, Economics, Public Law, and Social Science. Courses Offered by the Faculty of Political Science for Winter and Spring Sessions 1932-33, pp. 28-29.

__________________________

READING LIST IN INTERNATIONAL TRADE
Economics 125-126
Revised: 1933

#          Required reading

##       Required reading, to be prepared for class-room discussion

 

FIRST SEMESTER

  1. The Balance of International Payments: World Trade Currents

# U.S. Dept. of Commerce, The Balance of International Payments of the U. S. in 19__ (Trade Information Bulletin). This study is made annually; read study for current year.

Boggs, T. F., The International Trade Balance (1922).

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U.S. (Review of Economic Statistics, 1919; reprinted separately).

German Statistical Office, Wirtschaft und Statistik (this journal contains semi-annual studies of the German balance of payments).

Great Britain, Board of Trade, Journal (contains annual survey of the British balance of payments).

League of Nations, Memorandum on Balance of Payments (appears about every two years).

Lewis, Cleona, The International Accounts (1927).

Meynial, P., La Balance des Comptes (articles appearing about once a year on the French balance of payments, in La Vie Économique Française or in the Revue d’Éonomie Politique).

_____________________

Bishop, A. L., Outlines of American Foreign Commerce (1923).

Cowden, D., Measures of Exports of the U. S. (1931).

Day, C., History of Commerce (1917; new ed. 1931).

Johnson, E. R., History of the Domestic and Foreign Commerce of the U. S. (1915).

League of Nations, World Economic Survey: 1931-32; 1932-33 (successive volumes).

U.S. Dept. of Commerce, Commerce Yearbook (annual).

 

  1. Foreign Exchange; Money Markets

##Furniss, E. S., Foreign Exchange (1922). [✓]

# Keynes, J. M., Monetary Reform (1924), pp. 125-151. [✓]

#Angell, J. W., Foreign Exchange (Encyclopedia of the Social Sciences, 1931). [✓]

Cross, I. B., Domestic and Foreign Exchange (1923).

Edwards, G. W., International Trade Finance (1924).

Escher, F., Elements of Foreign Exchange (1910).

Whitaker, A. C., Foreign Exchange (1921).

_____________________

Bagehot, W., Lombard Street (1873; 14 ed. 1915).

Beckhart, B. H., ed., The New York Money Market (4 vols.: 1931-32).

Burgess, W. R., The Reserve Banks and the Money Market (1927).

Goschen, Viscount G. J., Foreign Exchange (1861; reprinted 1926).

Spalding, F., The London Money Market (1924).

Withers, H., International Finance (1916).

———–, The Meaning of Money (1909, reprinted).

 

  1. Tariffs: International Commercial Policies

##Taussig, F. W., Selected Readings in International Trade (1921): pp. 62-69; Parts II, III.

#Ashley, P., Modern Tariff History (1920).

#Delle Donne, O., European Tariff Policies (1928).

#Taussig, F. W., Necessary Changes in Our Commercial Policy (Foreign Affairs, April, 1933).

#————, Some Aspects of the Tariff Question ( 3 ed. 1931).

#————, Tariff History of the U. S. (7 [(corrected by MF) 8] ed., 1931).

American Tariff League, Statistical Bulletin.

Allix, E., Les Droits de Douanes (2 vols.; Paris, 1932).

Berglund, A., and Wright, P. G., The Tariff on Iron and Steel (1929). Also see other studies in this series (Institute of Economics) for other commodities.

Beveridge, Sir W. H., ed., Tariffs: The Case Examined (1931).

Bidwell, P., Tariff Policy of the U. S. (Council on Foreign Relations, 1933).

Cairnes, J. E., Leading Principles of Political Economy (1874): Part III, ch. 4.

Crompton, G., The Tariff (1927): esp. chs. 13, 14.

Eiteman, W. J., The Rise and Decline of Orthodox Tariff Propaganda (Quar. Jour. Econ., Nov. 1930).

Foreign Policy Association, Reports, passim.

Graham, F. D., Some Aspects of Protection Further Considered (Quar. Jour. Econ., 1923).

Gregory, T. E., Tariffs (1921).

Grunzel, J., Economic Protectionism (translated 1916).

Hewins, A. S., Trade in the Balance (1924).

Marshall, A., The Fiscal Policy of International Trade (British Parliamentary Papers, 1908; Cd. 321).

McClure, W., Commercial Policy of the U. S. (1924).

Page, T. W., Making the Tariff in the U. S. (1929).

Schüller, R., Schutzzoll und Freihandel (1905).

Stanwood, E., American Tariff Controversies in the 19th Century (1903).

Stewart, M. S., Tariff Issues Confronting the New Administration (Foreign Policy Association, Reports, March 29, 1933).

Taussig, F. W., Free Trade, The Tariff and Reciprocity (1920).

—————–, State Papers and Speeches on the Tariff (1893).

—————–, The Tariff Act of 1930 (Quar. Jour. Econ., Nov. 1930).

U. S. Dept. of Commerce, Trade Information Bulletins, passim.

U. S. Tariff Commission, Reports, etc. (so far as published).

Wright, P. G., Sugar in Relation to the Tariff (1924).

_____________________

#Angell, J. W., Financial Foreign Policy of the U. S. (Council on Foreign Relations), 1933). [✓]

[One (of Culbertson, Donaldson or Fisk/Peirce)]

#Culbertson, W. S., International Economic Policies (1925).

# Donaldson, J., International Economic Relations (1926).

#Fisk, G. M., and Peirce, P. S., International Commercial Policies (1923), esp., chs. 8, 11, 12.

# Williams, B. H., Economic Foreign Policy of the U. S. (1929). [✓]

Delaisi, F., Political Myths and Economic Realities (1927); also other works.

Donham, W. B., National Ideals and Internationalist Idols (Harvard Business Review, April, 1933).

Eulenberg, F. Aussenhandel und Aussenhandelspolitik (1929).

Fontana-Russo, L. Traité de politique commerciale (1908).

Knight, M. M., Water and the Course of Empire in North Africa (Quar. Jour. Econ., Nov. 1928).

Moon, P. T., Imperialism and World Politics (1927).

Somary, F., Changes in the Structure of World Economics since the War (1931).

Viner, J., Dumping (1923).

———-, Memorandum on Dumping (League of Nations, 1927).

Wallace, B. B., and Edminster, L. R., International Control of Raw Materials (1930).

Whittlesey, C. R., Governmental Control of Crude Rubber (1931).

 

SECOND SEMESTER

  1. The General Theory of International Trade

## Ricardo, D., Principles of Political Economy (1817): ch. 7.

## Mill, J. S., Principles of Political Economy (1848): Bk. III, chs. 17-22, 25.

## Cairnes, J. E., Leading Principles of Political Economy, (1874): Part III, chs. 1, 2, 3, 5.

#   —————-, Essays in Political Economy (1873): chs. I, II.

## Bastable, C. F., Theory of International Trade (4 ed., 1903): chs. 1-4.

## Taussig, F. W., International Trade (1927): chs. 1-18.

# Angell, J. W., Theory of International Prices (1926): chs. 14, 16, 18.

# —————, Equilibrium in International Trade (Quar. Jour. Econ., May, 1928).

#Viner, J., International Trade: Theory (Encyclopedia of the Social Sciences, 1932).

Burns, A. F., A Note on Comparative Costs (Quar. Jour. Econ., 1928).

Carr, R. M., The Role of Prices in the International Trade Mechanism (Quar. Jour. Econ., 1931).

Cournot, A. A., Principes de la théorie des richesses (1863).

Graham, F. D., The Theory of International Values Re-Examined (Quar. Jour. Econ., 1923).

——————, The Theory of International Values (Quar. Jour. Econ., Sept. 1932).

Haberler, G., The Theory of Comparative Costs Once More (Quar. Jour. Econ., 1929).

Keynes, J. M., Treatise on Money (2 vols.; 1930): esp. ch. 21.

Mangoldt, J., Grundriss der Volkswirtschaftslehre (1863; 2 ed., 1871).

Marshall, A., Pure Theory of Foreign Trade (1879; reprinted in Royal Economic Society, Reprints of Scarce Tracts, vol. i: 1930).

Ohlin, B., Equilibrium in International Trade (Quar. Jour. Econ., 1928).

———–, Interregional and International Trade (1933).

Pareto, V., Cours d’économie politique (2 vols.; 1896-97).

Williams, J. H., The Theory of International Trade Reconsidered (Econ. Jour., 1929).

Yntema, T. O., A Mathematical Reformulation of the Theory of International Trade (1932).

Young, A. A., Marshall on Consumer’s Surplus in International Trade (Quar. Jour. Econ., 1924).

Zapoleon, L. B., International And Domestic Commodities and the Theory of Prices (Quar. Jour. Econ., May, 1931).

 

  1. International Capital Movements; Reparations and Inter-Ally Debts

## Taussig, F. W., International Trade (1927): chs. 19-25.

# Angell, J. W., Theory of International Prices (1926): Appendix I.

# Gregory, T. E., The Gold Standard and Its Future (1932): chs. 1, 2.

Bullock, C. J., Williams and Tucker, The Balance of Trade of the U. S. (Review of Economic Statistics, 1919: reprinted separately).

Einzig, P. Some New Features of Gold Movements (Econ. Jour., 1930).

———–, International Gold Movements (1930).

Feis, H., Europe: The World’s Banker, 1870-1914 (1930).

Graham, F. D., International Trade of the U. S., 1862-1879 (unpublished thesis in Harvard University Library: 1922).

Hobson, C. K., The Export of Capital (1912).

Jenks, L. H., The Migration of British Capital to 1875 (1927).

McGuire, C., Italy’s International Economic Position (1926). Also see other Institute of Economics studies of post-war European finance.

National Industrial Conference Board, The International Financial Position of the U. S. (1929).

Rogers, J. H., America Weighs Her Gold (1931).

Viner, J., Canada’s Balance of International Indebtedness, 1900-1913 (1924).

Williams, J. H., Argentine International Trade, 1880-1900 (1920).

_____________________

Agent General for Reparation Payments, Reports (Berlin, 1924-1930).

Angell, J. W., The Recovery of Germany (1929).

#————–, Reparation (Encyclopedia of the Social Sciences, 1934).

————–, Reparations and the Inter-Ally Debts in 1930 (Foreign Policy Association, Reports, April 29, 1931, 2 ed., August, 1931).

International Conciliation (series; see especially no’s. 262, 282).

Keynes, J. M., The Economic Consequences of the Peace (1919).

Long, R. C., The Mythology of Reparations (1928).

McFadyean, Sir Andrew, Reparation Reviewed (1930).

Moulton, H. G., and Pasvolsky, L., War Debts and World Prosperity (1932).

—————————————–, World War Debt Settlements (1926).

National Industrial Conference Board, The Inter-Ally Debts and the United States (1925).

Reparation Commission, Reports, etc. (1922 ff.).

Royal Institute of International Affairs (London), Survey of International Affairs (annual, on intergovernment debts see especially volumes for 1920-23 and for 1926).

Schacht, H., The End of Reparations (translated, 1931).

Wheeler-Bennett, J. W., and Latimer, H., Information on the Reparation Settlement (1930).

World Peace Foundation (reprints of many documents on intergovernment debts, with explanatory comments).

 

  1. Depreciated Currencies and Foreign Exchanges

#Angell, J. W., Theory of International Prices (1926): chs. 7, 17.

#—————–, Exchange Depreciation, Foreign Trade and National Welfare (Proceedings, Academy of Political Science, June, 1933).

# Keynes, J. M., Monetary Reform (1924): chs. 2, 3.

# Taussig, F. W., International Trade (1927): chs. 26-30.

Angell, J. W., Monetary Theory and Monetary Policy (Quar. Jour. Econ.., 1925).

Brown, W. A., England and the Gold Standard (1928).

Cassel, G., Money and Foreign Exchange After 1914 (1922).

————, Post-War Monetary Stabilization (1928).

Dulles, E. L., The French Franc, 1914-1928 (1929).

Fetter, F. W., Monetary Inflation in Chile (1931).

Graham, F. D., Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923 (1930).

Keynes, J. M., Treatise on Money (1930): see index for relevant sections.

Nogaro, B., La monnaie (1924). English translation: Modern Monetary Systems (1927).

Rist, C. La déflation en pratique (1924).

Rogers, J. H., The Process of Inflation in France, 1914-1927 (1929).

U. S. Senate, Commission of Gold and Silver Inquiry: Foreign Currency and Exchange Investigation (by J. P. Young. 2 vols.; 1925).

U. S. Tariff Commission, Depreciated Exchange and International Trade (2 ed., 1922).

__________________________

Source: Hoover Institution Archives, Milton Friedman Papers, Box 5, Folder 5.12 (Student years)

Image Source:  James Waterhouse Angell’s July 18, 1922 U.S. passport application. National Archives.

Categories
Chicago Courses Syllabus

Chicago. Money and Banking, Economics 330 Mints, 1932

The following reading list for Lloyd Wynn Mints’ course “Money and Banking” (Summer Quarter of 1932) was hand-marked by Albert G. Hart indicating either required or recommended readings. Everything in italics and within square brackets, [], are Hart’s additions. I have substituted asterisks for Hart’s use of checkmarks. My additions are placed inside parentheses within the square brackets [()].

________________________________________________

E: THE FINANCIAL SYSTEM AND FINANCIAL ADMINISTRATION

Courses 330, 331 are introductory to the problem and research courses.

330, 331. Money and Banking.–This is a double course having two objectives. (1) The student is expected to make a wide acquaintance with the literature of the field and to become familiar with those theories and principles in the fields of money and banking which are essential to an intelligent understanding of the problems arising in these fields. The relation of a medium of exchange to the processes by which changes in the price level are brought about is critically examined. Consideration is given to the principles which should govern the operations of individual commercial banks and of the banking system, and to the relation of these operations to changes in the price level and business conditions. (2) Time is devoted to a discussion of the feasibility of control of economic activities through the pecuniary system. The outstanding issues in international finance are surveyed. Prerequisite: accounting and statistics and Economics 230 or its equivalent. Summer, Autumn, Winter, Mints.

Source: Announcements, The University of Chicago, Vol. XXXII, no. 12 February 1932. Arts, Literature and Science for the Sessions of 1932-33, p. 358.

________________________________________________

 

Economics 330
Money and Banking

  1. The functions of money and banking
    1. The origins of money
      1. Monroe, Monetary Theory before Adam Smith (See the table of contents)
      2. Moulton, Readings in Money and Banking, pages 45-74
      3. Phillips, Readings in Money and Banking, pages 7-25
    2. The functions of money
      1. Monroe (See table of contents)
      2. Mill, Principles of Political Economy, Book III, ch. 7
      3. Foster and Catchings, Money, pages 1-52
      4. Holdsworth, Money and Banking, ch. 1
      5. Johnson, Money and Currency, ch. 1 and 2
      6. Kinley, Money, ch. 1
      7. Marshall, Money, Credit, and Commerce, pages 12-20
      8. Moulton, Financial Organization of Society, ch. 1-3
      9. Moulton, Money and Banking, Part I, pages 5-13, 31-44
      10. Scott, Money and Banking, pages 1-49
    3. The functions of banking
      1. Gilbart, The History, Principles and Practice of Banking, Michie edition, Vol. I, pages 210-223
      2. Mill, Book III, ch. 11
      3. McLeod, Theory and Practice of Banking, Vol. I, pages 313-326
      4. [*]Agger, Organized Banking, pages 3-36
      5. [*]Conant, Principles of Money and Banking, Vol. II. Pages 206-219; 239-255
      6. [*]Dunbar, Theory and History of Banking, pages 1-19
      7. [*]Moulton, In the Journal of Political Economy, Vol. 26, pages 484-508; 638-663; and 849-881
      8. Watkins, (and Moulton) in the Journal of Political Economy, Vol. 27, pages 578-605
      9. Steiner, Some Aspects of Banking Theory, pages 34-67
      10. Veblen, Theory of Business enterprise, pages 91-132
  2. Statement of theories concerning the relation of money and banking to the price level
    1. Monroe, chs. 7, 12, 19, 22, 29, 30, 34
    2. [1*]Ricardo, Principles of Political Economy (Gonner edition) ch. 27
    3. [2*]Mill, Book III, chs. 7-13
    4. Laughlin, Principles of Money, chs. 8 and 9
    5. [3*]Fisher, Purchasing Power of Money, chs. 2-5 [,8]
    6. Anderson, The Value of Money, ch. 20 [sample]
    7. [4?*]Cassel, Theory of Social Economy, ch. 11
    8. [5*]Hawtrey, Currency and Credit, pages 1-110 [(3rd ed. )]
    9. Keynes, Monetary Reform, pages 81-95
    10. Cannan, Money, 4th or 5th edition, parts I and II.
    11. Robertson, Money, revised edition, chs. 2, 3, and 4.
    12. [*]Marshall, Money, Credit, and Commerce, pp. 38-50
    13. Phillips, Readings in Money and Banking, pp. 178-212
    14. [**]Pigou, The Value of Money, in the Quarterly Journal of Economics for 1917-18, pp. 38-65
    15. Foster and Catchings, Money, ch. 10
    16. Kemmerer, Relation of Money and Credit to Prices, Book I, chs. 1 and 2; Book II, chs. 1 and 8
    17. Scott, Money and Banking, ch. 4
    18. [**]Keynes, A Treatise on Money, Vol. I, chs. 9-12 and 14[-17]
  3. Appraisal of these theories by means of
    1. Logical analyses
      [Vol I of Keynes, pp. 53-120, 221-39]

      1. Anderson, The Value of Money, chs. 2-19
      2. Burns, The Quantity Theory and Price Stabilization, in The American Economic Review for December, 1929; Part III, pp. 573-579.
      3. [*]Davenport, Velocities, Turnovers and Prices, in The American Economic Review for March, 1930; pp. 9-19
        [cf. Marget in J.P.E.]
      4. Laughlin, The Principles of Money, ch. 8
      5. Lewinski, Money, Credit and Prices, chs. 1 and 3
    2. Examination of the process of changes in the price level
      1. In countries whose governmental budgets were unbalanced
        1. Early European experiences
          1. Moulton, Money and Banking, pp. 89-95; 144-148
          2. Fisher, pp. 252-256
          3. Seligman, Currency Inflation and Public Debts
          4. Johnson, Money and Currency, ch. 14
          5. Walker Money ch. 16
          6. [*]Cannan, The Paper Pound of 1797-1821; contains the text of the Bullion Report
          7. Sumner, History of American Currency, ch. 2 and the appendix, pp. 311-324; contains the text of the Bullion Report
          8. [*]Hawtrey, Currency and Credit, 1st. and 2nd. Editions, chs. 15 and 16; 3rd edition, chs. 17 and 18
          9. Andreades, A History of the Bank of England, pp. 161-242
          10. [?]Angell, The Theory of International Prices, ch. 3
            [Harris, Assignat]
        2. American experience: pre-war
          [D C Barrett, Greenbacks]

          1. White, Money and Banking, Book II, pp. 79-192
          2. Moulton, Money and Banking, pp. 148-199; 210-248
          3. Hepburn, History of Currency in the United States, chs. 2, 11 and 13; but see also the table of contents
          4. Sumner, especially pp. 1-59 and 189-227
          5. Johnson, Money and Currency, pp. 272-290
          6. [Best]Mitchell, History of Greenbacks, especially Part I, chs. 1 and 2; and Part II, ch. 10
          7. Noyes, Forty Years of American Finance, chs. 1-3
          8. Fisher, pp. 256-265
          9. Walker, Ch. 15
        3. American experience: World War
          1. Garrett, Government Control over Prices (published by the War Trade Board), pp. 23-59.
          2. Comptroller’s Reports. See, for example, that for 1926, especially pp. 268-282.
          3. Annual Reports of the Secretary of the Treasury; that for 1920, pp. 104-6; 413-16.
          4. Federal Reserve Bulletins.
          5. The Statistical Bulletin of the Standard Statistics Company.
          6. Annual Report of the Federal Reserve Board for 1926; especially pp. 40-2; 134; 142-3; and 220.
          7. The Review of Economic Statistics for July, 1927; pp. 121-141.
          8. Hardy and Cox, Forecasting Business Conditions, chs. 19-22 and Appendix A.
        4. European experience: World War
          Great Britain

          1. [*]Young, John Parke, European Currency and Finance (U. S. Senate Commission of Gold and Silver Inquiry). Vol. I, pp. 273-306; 442-69.
            [Something (from items 2-9)]
          2. Withers, Bankers and Credit, chs. 2, 4, and 5.
          3. Kirkaldy, British Finance, 1914-1921.
          4. Shaw, Currency, Credit and the Exchanges, chs. 1 and 3.
          5. Hawtrey, Monetary Reconstruction.
          6. Keynes, A Treatise on Money, Vol. II, pp. 170-89.
          7. Jack, The Restoration of European Currencies, ch. 2.
          8. Robertson, revised edition, ch. 6.
          9. Harris, Monetary Problems of the British Empire, pp. 65-82, 157-168.

          France

          1. [*]Rogers, The Process of Inflation in France, chs. 6, 11, and 12.
          2. Dulles, The French Franc, 1914-1928, chs. 1, 7, 8 and 9.
          3. Young, Vol. I, pp. 307-46; 470-93.
          4. Moulton and Lewis, The French Debt Problem.
          5. Jack, ch. 7.

          Germany

          1. [*]Graham, Exchange, Prices, and Production in Hyper-Inflation: Germany, 1920-1923, pp. 3-173.
          2. Young, Vol. I, pp. 387-430; 522-42.
          3. Rogers, ch. 7
          4. Jack, ch. 6.
          5. Moulton and McGuire, Germany’s Capacity to Pay.
          6. Keynes, Economic Consequences of the Peace.
          7. Schacht, Stabilization of the Mark.

          Austria

          1. [*]de Bordes, The Austrian Crown, pp. 144-229.
          2. Young, Vol. II, pp. 9-25, 291-297.
          3. Jack, ch. 10

          Some general references on the theory of international prices.

          1. Mill, Book III, chs. 20-22.
          2. Young, Vol. I, pp. 29-49.
          3. Taussig, Principles of Economics, first edition, Vol. I, pp. 458-462.
          4. Viner, Canada’s Balance of International Indebtedness, pp. 191-255.
          5. Cassel, Money and Foreign Exchange after 1914, pp. 137-169, 187-202.
          6. Keynes, Monetary Reform, pp. 95-116.
          7. Taussig, International Trade, pp. 34-42, 337-408; but especially pp. 337-358.
          8. Angell, The Theory of Internaitonal Prices, chs. 7, 14-17.
      2. During a peace-time business cycle.
        1. [*]Mitchell, Business Cycles: The Problem and its Setting, ch. 2.
        2. Mitchell, Business Cycles (1913), pp. 6-18.
        3. Pigou, Industrial Fluctuations, Part I, chs. 8, 12-17; but particularly chs. 8 and 12.
        4. Cassel, Theory of Social Economy, chs. 17 and 19, and pp. 458-467.
        5. Keynes, A Treatise on Money, Vol. I, chs. 18 and 19.
        6. Fisher, ch. 4.
        7. Foster and Catchings, Money, particularly ch. 20, but also ch. 18.
        8. Foster and Catchings, Profits, last chapter.
        9. Anderson, ch. 10.
        10. Laughlin, pp. 92-112.
        11. Adams, Economics of Business Cycles, pp. 198-233.
        12. Hansen, Business Cycle Theory, chs. 1 and 6.
        13. Wagemann, Economic Rhythm, chs. 18 and 19.
        14. Copeland, Two Hypotheses Concerning the Equation of Exchange, in the Journal of the American Statistical Association, Proceedings, 1929, pp. 146-48.
        15. Copeland, Recent Changes in Our Wholesale Price Level, in the Journal of the American Statistical Association, Proceedings, 1930, pp. 164-169.
        16. Copeland, Special Purpose Indexes for the United States, 1919-1927, in the Journal of the American Statistical Association for June, 1929, pp. 109-122.
        17. Some convenient sources of data:
          1. Hardy and Cox, Appendix A.
          2. Schluter, The Pre-War Business Cycle
          3. Standard Statistics Bulletin
          4. Federal Reserve Bulletin
          5. Annual Reports of the Federal Reserve Board
          6. Survey of Current Business
      3. During a longer period covering several cycles.
        1. Cassel, Theory of Social Economy, pp. 467-473.
        2. Fisher, chs. 10-12 and respective appendices.
        3. Laughlin, Money and Prices, chs. 2-4, and 6.
        4. Anderson, ch. 19.
        5. Davis, The Quantity Theory and Recent Statistical Studies, in the Journal of Political Economy for March, 1921, pp. 213-221.
        6. Working, Prices and the Quantity of the Circulating Medium, 1890-1921, in the Quarterly Journal of Economics for 1922-23, pp. 228-256.
        7. Working, Bank Deposits as a Forecaster of the General Price Level, in the Review of Economic Statistics for 1926, pp. 120-133.
        8. Snyder, New Measures in the Equation of Exchange, in the American Economic Review for December, 1924, pp. 699-713.
        9. Edie, Gold Production and Prices before and after the World War.
        10. Burns, The Quantity Theory and Price Stabilization, in the American Economic Review for December, 1929, pp. 561-573.
        11. Kitchin; Berridge; Coyle; a series of articles on the production and consumption of gold, in the Review of Economic Statistics for 1920-21, 1924-26, and 1929.

[Business cycle

Hawtry Trade & Credit. “Trade Cycle”
J. M. Clark JPE Mar 1917 “Business Acceleration & law of demand”, Overhead Costs ch 19, esp. pp. 386-96]

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers. Box 60. Folder “Mints, Money 1932”.

Categories
Chicago Courses Syllabus

Chicago. Banking Theory and Monetary Policy. Mints, 1942

“Lloyd Mints, though less brilliant and exciting than Viner, served the same function for us in monetary theory that Viner did in price theory. His Economics 330 and 331 introduced us to the organic core of monetary theory. Like Viner, Mints concentrated on the fundamentals, not on institutional arrangements. He was thorough and meticulous in his presentations and, again, like Viner, assigned us readings ranging over a wide variety of views.”
Rose Friedman in Milton and Rose D. Friedman, Two Lucky People: Memoirs (1998), p. 38.

________________________________________________

E: MONEY, BANKING, AND BUSINESS CYCLES

  1. Money.—An examination of various theories of the factors which determine the value of money in the short and in the long run. Prerequisite: Economics 230 [Mints’ course, Introduction to Money and Banking] or equivalent. Summer, 1:30; Autumn, 2:30; Mints.
  1. Banking Theory and Monetary Policy.—Theories upon which the Federal Reserve Act is based; the validity of these theories; and the possible objectives and techniques of central-bank and monetary management. Prerequisite: Same as for Economics 330. Summer, Winter, 2:30, Mints.

Source: Announcements, The University of Chicago, Vol. XLI, No. 10 (April 25, 1941). The College and the Divisions for the Sessions of 1941-42, p. 310.

________________________________________________

NOTE: The following reading list for Lloyd Wynn Mints’ course “Banking and Monetary Policy” (Winter Quarter of 1942) was hand-marked by Norman Kaplan with sufficient detail to warrant including his notes with the original reading list. Everything in italics and within square brackets, [], are Kaplan’s additions. A few non-italicized corrections/comments of mine are inside parentheses within the square brackets [()].

The identical printed reading list can be found at the Hoover Institution Archives, Milton Friedman’s papers (Box 5, Folder 12: Student years), together with other course reading lists. Since Milton Friedman himself never took this course according to his own course records and his copy of the reading list for Economics 331 definitely looks to be of a later vintage (at least less worn) from that of his reading list for Economics 330, we cannot conclude with any certainty that the reading list remained completely unchanged for the entire decade 1932-42.

________________________________________________

ECONOMICS 331
BANKING AND MONETARY POLICY

[Lloyd Mints, University of Chicago, Winter Quarter 1942]

  1. Theoretical and historical foundations of the Federal Reserve Act
    1. Theoretical
      1. Smith, The Wealth of Nations, part of Book II, chapter 2; in Everyman’s edition, pages 266-286 [in Vol I; for sake of completeness, Vol II]; in Cannan’s edition, pages 285-304
        [Read]
      2. Ricardo, Reply to Mr. Bosanquet’s Practical Observations on the Report of the Bullion Committee, chapter 5; in Gonner’s edition of Ricardo’s essays, pages 113-119
      3. Mill, Principles of Political Economy, Book III, chapter 24
      4. Scott, Money and Banking; in the second edition, pages 147-176
      5. Willis, The Federal Reserve, pages 46-84, 176-191
      6. Warburg, The Discount System in Europe (The National Monetary Commission)
      7. Dunbar, The Theory and History of Banking, chapters 3, 5, and 6
      8. Agger, Organized Banking, pages 31-33, 37-63, 140-174
        [Read pp. 31-33]
      9. Conant, The Principles of Money and Banking, Vol. II, pages 17-110, 143-163
      10. Moulton, Commercial Banking and Capital Formation, in the Journal of Political Economy, Vol. 26 (1918), pages 705-731
      11. Cannan, The Meaning of Bank Deposits, in Economica for January, 1921, pages 28-36
      12. Phillips, Bank Credit, chapter 3
        [Read]
      13. Angell and Ficek, The Expansion of Bank Credit, in the Journal of Political Economy, Vol. 41 (1933), pages 1-32, 152-193
        [Read Viner, Trade, pp. 218-288]
    2. Historical: The development of the Bank of England and the London money market
      1. Dunbar, The Theory and History of Banking, the chapter on the Bank of England
        [Read]
      2. Feavearyear, The Pound Sterling, A History of English Money
      3. Andreades, A History of the Bank of England
      4. Bagehot, Lombard Street, chapters 3, 7, 9-12
      5. Whitaker, Foreign Exchange, the chapter on “Foreign Money Market Factors”; in the first edition, chapter 8
        [Read]
      6. Leaf, Banking, chapters 3, 7 and 8
      7. Willis and Beckhart, Foreign Banking Systems, chapter 17
      8. Report of the Committee on Finance and Industry (The Macmillan Report), chapter 4
      9. The Report of the Bullion Committee; to be found in “The Paper Pound of 1797-1821,” edited by Cannan
        [Read]
      10. Gregory, the introduction to the reprint of the “History of Prices,” by Tooke and Newmarch; especially pages 69-91
    3. Historical: the development of banking in the United States before 1913
      1. Dewey, State Banking before the Civil War; and Chaddock, the Safety Fund Banking System in New York, 1829-1866 (The National Monetary Commission)
      2. Hepburn, History of Currency in the United States
      3. Noyes, The War Period of American Finance
      4. Sprague, Crises Under the National Banking System, chapter 1
        [*Read]
      5. Davis, Origin of the National Banking System
      6. The appropriate chapters in any good economic history of the United States
        [Read]
      7. Miller, Banking Theories in the United States before 1860
  1. The organization and operation of the Federal Reserve system
      1. Hardy, Credit Policies of the Federal Reserve System
        [Read]
      2. Burgess, The Reserve Banks and the Money Market
        [Read]
      3. Currie, The Suppply and Control of Money in the United States
        [Read a little if you have time]
      4. Willis and Steiner, Federal Reserve Banking Practice
        [Omit]
      5. Annual Report of the Federal Reserve Board for 1923, pages 3-39
        [*Read. Written by Walter W. Stewart, Mints thinks. Represents position of old Board which was homogeneous & consistent until 1934.]
      6. Woodworth, Supplement to Kilborne’s “Principles of Money and Banking” (1934; on recent developments)
      7. The Federal Reserve Bulletin for September, 1935 (the banking act of 1935)
      8. Huffman, Expansion Possibilities of Our Banking System, in the Journal of Political Economy, Vol. 34 (1926), pages 717-741.
        [Read if you want to]
        [added: Willis, Federal Reserve (not Res. System, a later book cf. A.5 for pages) 1st 2 or 3 chapters on what it was they were interested in in getting banking reform]
  1. The Problem of Monetary Policy
      1. Keynes, The Means to Prosperity
        [Omit]
      2. ________, Monetary Reform, pages 167-222[Read, not so important]
      3. ________, A Treatise on Money, Vol. I, pages 185-220, Vol. II, pages 211-408
        [Omit]
      4. Hawtrey, Trade Depression and the Way Out; in the first edition, pages 68-84
        [Read this or ch. 8 (of The Art of Central Banking by Hawtrey)]
      5. ________, The Art of Central Banking, chapters 5,7, and 8
        [(Read) ch. 8 or pp. 68-84 (of Trade Depression and the Way Out by Hawtrey)]
      6. Whittlesey, Banking and the New Deal (Public Policy Pamphlet No. 16)
        [Read if you want to]
      7. Fisher, 100% Money
        [Read if you don’t understand 100% money]
      8. Gayer, Monetary Policy and Economic Stabilization
        [Read if you want to]
      9. Report of the Committee on Finance and Industry (the Macmillan Report)
        [Read if you want to]
      10. Simons, Currency Systems and Commercial Policy; in the Report of the Commission of Inquiry into National Policy in International Economic Relations, pages 344-349
        [Read]
      11. ________, Rules versus Authorities in Monetary Policy, in the Journal of Political Economy for February, 1936
        [Read Esp.]
      12. ________, A Positive Program for Laissez Faire (Public Policy Pamphlet No. 15)
        [Read]
      13. Gregory, The Gold Standard and its Future
        [Read if you want to]
      14. Hansen, Economic Stabilization in an Unbalanced World, pages 277-323
        [Read]
      15. Robertson, Banking Policy and the Price Level
        [ Written as a reaction against stable price level protagonists.]
      16. ________, Theories of Banking Policy, in “Economic Essays and Addresses,” by Pigou and Robertson, pages 95-115
        [Also in Robertson’s Essays in Monetary Theory]
      17. Harrod, The Expansion of Credit in an Advancing Community, in Economica, New Series, Vol. I (1934), pages 287-299
        [Omit]
      18. Durbin, The Problem of Credit Policy, pages 80-87, 109-241
        [Omit]
      19. Mahr, Monetary Stability (Public Policy Pamphlet No. 9)
        [Omit]
      20. Cassel, A Theory of Social Economy; in the McCabe translation, pages 414-419, 473-481
        [You might read this if you want to]

[Read these:

Henry Villard, “Federal Reserve System’s Monetary Policy in 1931 & 1932.” JPE (To be read in connection with II)

L.V. Chandler, “Monopolistic Elements in Commercial Banking” JPE
G. L. Bach, “Monetary Policy & the Price Level”, typewritten condensation of doctoral dissertation

Optional on gold vs. Paper

C. R. Whittlesy, International Monetary Issues, chs. 4-7 (for paper)
F. A. Hayek, Monetary Nat’lism & Internat’l Stability (for gold)
Gregory, pro-gold standard
Heilperin (a book Mints can’t remember published in last 3 years)

You should read some in:

Hansen, Fiscal Policy & Business Cycles, ch. 15 esp.]

________________________________________________

Source: Kaplan, Norman Maurice. Papers, [Box 3, Folder 6], Special Collections Research Center, University of Chicago Library.

Image Source: From a Japanese webpage that certainly appears to be about the Chicago School(s) of Economics. Here is the link to the picture of Mints.