Category: Syllabus

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Exam Questions Harvard Suggested Reading Syllabus

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

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

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

Applied Economic Analysis, 1955-56.

________________________

Course Enrollment

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

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

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

________________________

HARVARD UNIVERSITY
Department of Economics

Economics 106
Reading List, Fall 1956

  1. Economic Analysis and Public Policy

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

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

  1. The Ricardian System

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

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

Suggested:

Ricardo, Chs. 1, 31

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

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

Mimeographed paper on Smith and Ricardo*

  1. Marxian Dynamics

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

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

Suggested:

Joan Robinson, An Essay on Marxian Economics.

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

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

Mimeographed paper on Marx*

  1. The Neo-classical System

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

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

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

Suggested:

E. Phelps Brown, Framework of the Pricing System

  1. The Schumpeterian System

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

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

Suggested:

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

Mimeographed paper on Schumpeter*.

  1. Keynesian Economics

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

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

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

Suggested:

A. Hansen, A Guide to Keynes

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

  1. Post-Keynesian Growth Theorists

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

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

Suggested:

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

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

*Available in Lamont and Littauer Libraries.

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

________________________

1956-57
HARVARD UNIVERSITY

Economics 106
Fall 1956
Final Examination

Part I
(30 Minutes)
Answer the following question.

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

Part II
(One Hour)
Answer the following question.

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

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

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

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

________________________

Harvard University
Department of Economics

Economics 106
[Spring term, 1956-57]

Part I Aggregative Theories (continued from 1st term)

  1. Post-Keynesian Growth Theorists

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

W. Baumol, Economic Dynamics, Ch. 4

Suggested:

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

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

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

Part II Public Policy and Economic Goals

  1. Full Employment and Price Level Stability

    1. General

Maxwell, Fiscal Policy

    1. Policy Approaches

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

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

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

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

Lerner, Economics of Control, Ch. 24.

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

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

  1. Continued Growth

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

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

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

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

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

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

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

  1. International Equilibrium

Snider, Introduction to International Economics, Ch. 11.

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

Humphrey, American Imports, Chapter 24.

  1. General

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

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

________________________

1956-57
HARVARD UNIVERSITY
Department of Economics

Economics 106
Applied Economic Analysis
Final Examination

ANSWER FIVE (5) OF THE FOLLOWING SIX QUESTIONS.

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

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

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

Categories
Exam Questions Harvard Socialism Suggested Reading Syllabus

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

 

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

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

__________________________

Course Enrollment

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

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

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

__________________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Professors Tinbergen and Tsuru, Spring 1957

Socialism and Planning
Outline

I. Socialism
Feb. 4 (Tinbergen) Introductory and remarks on treatment of the subject
4 (Tinbergen) History of socialism: “utopian” and “scientific”
6 (Tsuru) History of socialism: “utopian” and “scientific” (cont.)
8,11 (Tinbergen) Types of socialist doctrines in the post-Marxian period (revisionism, Fabianism, etc.)
13, 15, 18 (Tsuru) Economic characteristics of socialism
20 (Tinbergen) Recent socialist policies:
(1) Wage policy
25 (Tinbergen) (2) Social insurance
27
Mar. 1		 (Tinbergen) (3) Socialization
4 (Tinbergen) (4) Anti-depression policy
6 (Tinbergen) (5) War-time regulations
8 (Tinbergen) (6) Regulations of agricultural markets
11 (Tinbergen) (7) Income distribution
13, 15 (Tsuru) (8) Recent socialist policies in the Soviet Union
18, 20 (Tsuru) (9) Recent socialist policies in mainland China
II. Planning
Mar. 22,25 (Tinbergen) Use made of planning since 1940 (also critique of free-pricing society)

27, 29

Apr. 8

 (Tinbergen) “Free” planning illustrated by The Netherlands
10, 12 (Tinbergen) Some points of planning for detailed control
15 (Tinbergen) Development planning: (1) Italy
17, 22 (Tsuru) Development planning: (2) India
24, 26 (Tsuru) “Planning vs. the law of value”

 

READINGS
*Obligatory reading.

Books

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Articles

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

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

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

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

__________________________

HARVARD UNIVERSITY

Final Examination
ECONOMICS 111a
Spring 1957

(Tinbergen & Tsuru)

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

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

__________________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Socialism and Planning
Outline and Extended Bibliography

(Professor Tsuru)

An Appraisal of Marx’s Contribution to Socialism

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

 

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

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

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

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

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

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

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

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

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

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

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

[12] K. Marx, Civil War in France

[13] N. Lenin, State and Revolution

*   *   *   *

Economic Characteristics of Socialism

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

 

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

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

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

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

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

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

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

[8] K. Marx, Das Kapital

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

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

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

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

[13] John Strachey, Contemporary Capitalism, 1956

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

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

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

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

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

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

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

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

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

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

 

Categories
Exam Questions Harvard Policy Suggested Reading Syllabus

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

 

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

*  *  *  *  *  *  *  *  *  *

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

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

_______________________

Course Enrollment

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

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

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

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

_______________________

HARVARD UNIVERSITY
Department of Economics

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

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

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

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

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

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

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

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

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

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

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

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

Heilbroner, R. L., The Worldly Philosophers.

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

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

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

Malthus, T. R., Essay on Population.

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

Marx, Karl, Communist Manifesto.

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

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

Ricardo, David, Notes on Malthus, Chapter 7.

Robinson, Joan, Essay on Marxian Economics.

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

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

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

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

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

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

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

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

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

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

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

Reading Period Assignment:

No additional assignment

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

_______________________

1955-56
HARVARD UNIVERSITY

Economics 206
Mid-year Examination
January, 1956

(Three Hours)

Answer four (4) of the following six questions.

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

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

_______________________

HARVARD UNIVERSITY
Department of Economics

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

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

Readings:

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

Baumol, Economic Dynamics, Ch. 4

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

  1. “Real” Factors
  2. Institutional Conditions

Readings:

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

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

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

Lilienthal, Big Business: A New Era

Slichter, The American Economy, Ch. 2.

Part III. Public Policy and Economic Goals

  1. Full Employment
  2. Price Stability
  3. Equitable Income Distribution
  4. Efficient Resource Allocation
  5. Economic Growth
  6. International Equilibrium

Readings:

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

Economic Report of the President, January 1956.

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

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

Hansen, Business Cycles and National Income, Part III.

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

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

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

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

Maxwell, Fiscal Policy

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

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

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

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

United Nations, National and International Measures for Full Employment.

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

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

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

_______________________

HARVARD UNIVERSITY
Department of Economics

Economics 206
Final Examination
June, 1956

Answer four (4) of the following seven questions:

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

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

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

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Cal Tech Carnegie Mellon Chicago Economists Suggested Reading Syllabus UCLA

Carnegie-Mellon. Economics of the Firm reading list. Richard W. Roll, 1967

 

It shouldn’t come as a surprise that economists who were pack rats with respect to their professional and personal papers often provide a significant source of material from their colleagues. Martin Bronfenbrenner was one such paper hoarder. Whenever I stumble across an economist’s materials in someone else’s archival papers, I feel a disproportionate obligation to transcribe the stuff, since it is somewhat unlikely that a fellow historian of economics seeking material on economist X would search the papers of economist Y without having good cause. And so, stumbling upon the reading list for one of Richard Roll’s first Carnegie-Mellon courses in a folder of Martin Bronfenbrenner’s papers, I now add that course reading list below. 

Note: “GI” before the course number matches the course numbering for Carnegie Mellon seen in Bronfenbrenner’s papers, but 1968 is given in Roll’s own c.v. for the start of his assistant professorship there. This probably means he was initially hired as an ABD [“all-but-dissertation”] instructor and promoted upon the completion of the requirements for his Chicago Ph.D.

_____________________

Richard W. Roll

Born: October 31, 1939

1961, B.A.E. (Aerospace Engineering), Auburn University, 1961
1963, M.B.A., University of Washington
1968, Ph.D., University of Chicago

Ph.D. thesis. The Behavior of Interest Rates: An Application of the Efficient Market Model to U.S. Treasury Bills awarded the Irving Fisher Prize as best American dissertation in economics (1968).

 

1961-64 The Boeing Company, Seattle and New Orleans, Aeronautical Engineer

1968-73 Carnegie-Mellon University, Pittsburgh, Assistant and Associate Professor

1973-75 European Institute for Advance Studies in Management, Brussels, Belgium, Professor

1975-76 Centre d’Enseignement Superiéure des Affaires, Jouy-en-Josas, France, Professeur Associé

1976-2014 University of California, Los Angeles, The Anderson School
Professor of Finance, Allstate Chair, 1982-2002, Japan Alumni Chair, 2002-2011, Joel Fried Chair in Applied Finance, 2011-2014, Professor Emeritus, 2014-

1985-87 Goldman, Sachs & Co., New York, Vice-President and Director of Mortgage Securities Research

1985-2005 Roll and Ross Asset Management Corporation, Culver City, CA, Co-Chairman of the Board

1992-95 WP Capital Management, Greenwich, CT, Managing Director

2002 Visiting professor, Université de Toulouse, France

2003- Founder and Principal, Compensation Valuation, Inc.

2009-2012 Co-Founder and Research Director, Factor Advisors

2014- Linde Institute Professor of Finance, California Institute of Technology

 

1987, President, American Finance Association

Fellow, Econometric Society

Source: C.V. (July 15, 2015)

Fun fact:

At Boeing the early 1960s, Richard Roll worked on the Minuteman missile and the Saturn moon rocket.

Source: Richard W. Roll webpage (Mar 16, 2020) Caltech, Division of the Humanities and Social Sciences.

_____________________

ECONOMICS OF THE FIRM

R. Roll
GI-351
Fall, 1967

TEXT: Kalman J. Cohen and Richard M. Cyert, Theory of the Firm: Resource Allocation In a Market Economy, (1965)

A mid-term exam of 1½ hours will be given the week of Nov. 4. One-fourth of the final grade will be based on the mid-term and three-fourths on the final. Problem sets will be distributed periodically. These are intended to guide you in assessing your performance and will not usually be turned in.

Readings in the list below are divided into three categories:

  1. No preceding symbol indicates a required reading.
  2. A preceding * indicates an optional reading.
  3. A preceding $ indicates material that Ph.D. students should know.

Most of the material uses basic mathematics. The non-mathematician can be helped immeasurably by referring to R.G.D. Allen, Mathematical Analysis for Economists. Students will find that a thorough reading of J. Johnston, Econometric Methods, complements this course and will also be of aid in future courses.

*  *  *  *  *  *  *  *  *  *  *  *  *

SUPPLEMENTAL TEXTS
(books)

Armen A. Alchian and William A. Allen, University Economics, (2nd edition, 1967)

R. G. D. Allen, Mathematical Analysis for Economists, (1964)

William J. Baumol, Economic Theory and Operations Analysis, (1965)

Gregory Chow, Demand for Automobiles in the United States, (1957)

Joel Dean, Managerial Economics, (1957)

Milton Friedman, Essays in Positive Economics, (1953)

J. R. Hicks, The Theory of Wages, (1963)

J. R. Hicks, Value and Capital, (1946)

H. S. Houthakker and Lester D. Taylor, Consumer Demand in the United States, 1929-1970, (1966)

J. Johnston, Econometric Methods, (1960)

J. Johnston, Statistical Cost Analysis (1960)

Richard H. Leftwich, The Price System and Resource Allocation, (1960)

Edwin Mansfield, Managerial Economics and Operations Research, (1966)

Alfred Marshall, Principles of Economics, Ninth (Variorum ) edition, (1961)

James Quirk and Rubin Saposnik, Introduction to General Equilibrium Theory and Welfare Economics, (1968)

Paul A. Samuelson, Foundations of Economic Analysis, (1963)

Ezra Solomon, The Management of Corporate Capital, (1959)

Milton H. Spencer and Louis Siegelman, Managerial Economics, (1964)

George J. Stigler, Essays in the History of Economics, (1965)

George J. Stigler, The Theory of Price, (1967)

Leon Walras, Elements of Pure Economics, (1954)

Leonard Weiss, Case Studies in American Industry, (1967)

John Kenneth Galbraith, The New Industrial State, (1967)

 

PERIODICALS

American Economic Review, (December, 1948), (June, 1964)

American Economic Review, Papers and Proceedings, (May, 1954) (June, 1958) (May, 1961)

Journal of Business, (October, 1955) (April, 1965)

Journal of Political Economy, (April, 1954) (Feb, 1957) (August, 1958)

Quarterly Journal of Economics, (August, 1967)

*  *  *  *  *  *  *  *  *  *  *  *  *

  1. Introduction to the Economic Problem, Resource Allocation

Text, Ch. 1
*Leftwich, pp. 1-22.

  1. The Methodology of Model Building

Marshall, pp. 29-37.

Text, Ch. 2
*$ “The Methodology of Positive Economics” in Friedman
*J. Johnston, Econometric Methods, pp. 3-39. (This reading requires an elementary knowledge of probability).

  1. The Fundamentals, Supply and Demand
    1. Price determination under perfect competition.

Text, ch. 4

*Weiss, “Pure Competition and Agriculture”, pp. 19-50
*Alchian and Allen, ch. 7
$George Stigler, “Perfect Competition, Historically Contemplated”, Journal of Political Economy, (Feb., 1957), reprinted in George J. Stigler, Essays…
*An example of model building and demand analysis, Gregory Chow, Demand for Automobiles in the United States

    1. Theory of Cost and Production
      1. Alternative costs

Stigler, Theory of Price, ch. 6

*W. Lee Hansen and Burton A. Weisbrod, “Economics of the Military Draft”, Quarterly Journal of Economics, (August 1967) Mimeographed copies on reserve.

      1. Theory of Production

Text, chs. 6-8

$Marshall, pp. 337-380
*Stigler, Theory of Price, chs. 7-8
$Samuelson, Foundations, ch. IV

      1. Estimating Cost Curves

Johnston, Statistical Cost Analysis, pp. 26-73

*Joel Dean, pp. 278-347
*Johnston, Statistical…pp. 136-194
$Apel, “Marginal Cost Constancy and its Implications”, American Economic Review, December, 1948

      1. Temporal cost allocation

Alchian and Allen, chs. 13-14

    1. Theory of Consumer Demand
      1. Utility Theory

Text, pp. 65-83

$J. R. Hicks, Value and Capital, chs. I-III

      1. Estimating Demand Curves

Text, pp. 83-87

*Stigler, “The Early History of Empirical Studies of Consumer Behavior”, J.P.E., (April, 1954), reprinted in Essays in the History…
*Joel Dean, “Estimating the Price Elasticity of Demand”, in his Managerial Economics, pp. 180-191. Reprinted in Mansfield, pp. 55-65.
*E.S. Houthakker and Lester D. Taylor, pp. 5-29, ch.4 presents estimated demand curves for 84 categories of personal consumption expenditures.

  1. Monopoly and Oligopoly
    1. Theory
      1. Monopoly

Text, ch. 10, pp. 187-200
Alchian and Allen, ch. 17

*Stigler, Theory of Price, ch. 11
*Galbraith, pp. 166-218

      1. Oligopoly

Stigler, Theory of Price, chs. 12-13

*Text, ch. 12

    1. Cases of monopoly

Text, pp. 200-203
Weiss, ch. 4

*Arnold C. Harberger, “Monopoly and Resource Allocation”, American Economic Review Papers and Proceedings, (May, 1954)

    1. Pricing and Advertising
      1. *Rules of thumb — Joel Dean, pp. 427-467
      2. $Peak-Load Pricing — Jacques Dreze, “Some Postwar Contributions of French Economists”, American Economic Review, (June, 1964), pp. 8-27. This article is bound in the back of the AER, Vol. 54, part 2.
      3. Advertising

Lester G. Telser, “How Much Does It Pay Whom to Advertise”, American Economic Review, Papers and Proceedings, 1961, pp. 194-205

*Kristian S. Palda, “The Measurement of Cumulative Advertising Effects”, Journal of Business, (April, 1965)

  1. Demand and Supply of Productive Services
    1. Theory

Stigler, Theory of Price, ch. 14
Text, Ch. 13

*Marshall, pp. 381-393

    1. Capital

Stigler, Theory of Price, ch. 17
Ezra Solomon, “Measuring a Company’s Cost of Capital”, Journal of Business, (October, 1955) reprinted in The Management of Corporate Capital, Ezra Solomon, ed.

$ Jack Hirshleifer, “On the Theory of Optimal Investment Decision,” Journal of Political Economy, (August, 1958) reprinted in Solomon
$Fraco Modigliani and Merton H. Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, (June, 1958) reprinted in Solomon

    1. Labor

Alchian and Allen, ch. 20

*Weiss, ch. 6
$Hicks, Theory of Wages, ch. I-III
*Alchian and Allen, ch. 21

  1. General Equilibrium, Welfare Economics and Government Participation in the Market Place

Baumol, ch. 13
Alchian and Allen, ch. 24
*Text, chs. 9, 14
$Walras, pp. 153-172
$Quirk and Saposnik, ch. 2
*Weiss, Ch. 3

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Martin Bronfenbrenner. Box 25, Folder “Micro-econ and Distribution 1 of 2, 1966-1971, n.d.”.

Image Source: Richard Roll in the Auburn University Yearbook, 1960 Glomerata, p. 134

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Gender M.I.T. Modigliani Race Suggested Reading Syllabus Undergraduate

M.I.T. Undergraduate Finance Reading List. Kuh, 1962

 

Edwin Kuh (1925-86) was hired by the Sloan School at M.I.T. in 1954, completing his Harvard Ph.D. in 1955. He was promoted to full professor of economics and finance in 1962 and was a joint appointment of the Sloan School and the department of economics. Mostly known as a pioneer in the application of econometric methods to forecasting, his New York Times obituary notes that in 1971 he worked together with Lester Thurow and John Kenneth Galbraith to devise proposals to promote affirmative action.

The undergraduate course reading list for finance transcribed for this post was fished out of Franco Modigliani’s papers at the Economists’ Papers Archive at Duke University.

_______________________

15.46 FINANCE
E. Kuh
Fall Semester, 1962

I. CAPITAL MARKETS (2 weeks)

W.L. Smith, “Monetary Policy and Debt Management”, Chapter 9, Staff Report on Employment, Growth and Price Levels, Joint Economic Committee, 1959, pp. 315-407.

R. L. Rierson, The Investment Outlook, Bankers Trust Co., 1962.

II. CAPITAL BUDGETING (8 weeks)

A. Decision Criteria—New Asset Demand

P. Massé, Optimal Investment Decisions, Ch. 1.

V. L. Smith, Investment and Production, Ch. 1, Ch. 3, pp. 62-72, Ch. 9.

E. Solomon, editor, The Management of Corporate Capital, Essays II—3, 5, 6, 7, 8.

D. Bowdenhorn, “Problems in the Theory of Capital Budgeting”, Journal of Finance, December 1959, pp. 473-92.

B. Decision Criteria—Replacement Demand

V. L. Smith, Investment and Production, Ch. 5.

P. Massé, Optimal Investment Decisions, Ch. 2.

C. Cost of Capital—Risk and Uncertainty

H. Markowitz, Portfolio Selection, 1959, pp. 1-34, 180-201, 287-97.

J. Hirschleifer, “Risk, the Discount Rate and investment Decisions”, Proceedings of the American Economic Association, May, 1961, pp. 112-120.

F. Modigliani and M. H. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, June, 1958, pp. 473-492.

L. Fisher, “Determinants of Risk Premiums on Corporation Bonds”, Journal of Political Economy, June, 1959, pp. 217-37.

E. Kuh, “Capital Theory and Capital Budgeting”, Metroeconomics, (August-December, 1960), pp. 64-80.

D. Cost of Capital—Rationing

V. L. Smith, Investment and Production, Ch. 7.

E. Kuh, Capital Stock Growth, excerpts from Ch. 2 (mimeo).

E. Solomon, ed., The Management of Corporate Capital, Essay II-4.

III. DIVIDEND POLICY (2 weeks)

J. Lintner, “Distribution of Incomes of Corporations Among Dividends, Retaining Earnings, and Taxes,” American Economic Review, Supplement, May, 1956.

S. Dobrovolsky, Corporate Income Retention, 1915-1943.

IV. CURRENT POSITION (1 week)

D. Greenlaw, “Liquidity Variations Among Selected Manufacturing Companies,” M.I.T. Masters Thesis, 1957.

C. H. Silberman, “The Big Corporation Lenders,” in Readings in Finance from Fortune, Holt, 1958.

V. DEPRECIATION (2 weeks)

R. Eisner, “Depreciation Allowances, Replacement Requirements and Growth,” American Economic Review, December, 1952.

E. C. Brown, “The New Depreciation Policy Under the Income Tax: An Economic Appraisal,” National Tax Journal, March, 1955.

Article on Depreciation Practices in Europe, National City Bank Newsletter, September, 1960.

E. C. Brown, “Tax Incentives for Investment”, Proceedings, American Economic Review, May, 1962, pp. 335-45.

William H. White, “Illusions in the Marginal Investment Subsidy”, National Tax Journal, March 1962.

E. C. Brown, “Comments on Tax Credits as Investment Incentives”, National Tax Journal, June 1962, pp. 198-204.

 

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Franco Modigliani Papers, Box T1, Folder: “Capital Markets, 15.432. Spring 1963”.

Image Source: MIT Museum website. People: Kuh, Edwin.

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Exam Questions Harvard Socialism Suggested Reading Syllabus

Harvard. Economy of Russia. Enrollment, Outline, Readings, Final Exam. Leontief, 1949

 

The course outline for Leontief’s The Economy of Russia course taught in the Spring term of 1949 is identical to that of the previous year’s version (only the Dobb book has been updated to a more recent edition). The value-added of this post is found in the course enrollment numbers, links to most readings, and the final exam questions.

Fun fact: Jacob Marschak was an editor of the Bienstock et al. book Management in Russian Industry and Agriculture assigned in Leontief’s course.

______________________

Enrollment

[Economics] 112b (formerly Economics 12b). The Economy of Russia (Sp). Professor Leontief.

Total 44: 19 Graduates, 10 Seniors, 6 Juniors, 2 Sophomores, 1 Public Administration, 6 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1948-49, p. 76.

______________________

Economics 112b
The Economy of Russia
Spring Term, 1949

  1. From the Emancipation to the Revolution
    1.  Agricultural development and reforms
    2.  First stages of industrialization

Reading assignments:

Bowden, Karpovich, and Usher, An Economic History of Europe since 1750, Ch. 29, pp. 598-615.
Hubbard, L. E., The Economics of Soviet Agriculture, Chs. 1-8, pp. 1-63.
Maynard, J., The Russian Peasant, Chs. 1, 2, pp. 13-62.

  1. War and Revolution
    1. War economy up to the October Revolution
    2. Agrarian revolution and the nationalization of industries

Reading assignments:

Maynard, Ch. 6, pp. 63-81.
Baykov, A., The Development of the Soviet Economic System, Chs. 1, 2, 3, pp. 1-48.

  1. War Communism
    1. Industrial collapse
    2. Agricultural contraction

Reading assignments:

Dobb, M. Russian [sic, “Soviet” is used in the later edition] Economic Development since the Revolution, Ch. 5, pp. 97-125.

  1. The New Economic Policy
    1. Private enterprise and the socialized sector
    2. Agricultural recovery
    3. Industrial reconstruction

Reading assignments:

Maynard, Ch. 10, pp. 148-182.
Baykov, Chs. 4-9, pp. 49-152.

  1. The Economics of High Pressure Industrialization
    1. Capital accumulation
    2. Structural change

Reading assignments:

Yugow, A., Russia’s Economic Front for War and Peace, Ch. 2, pp. 30-42, and Ch. 9, pp. 198-219.
Baykov, A., Ch. 10, pp. 153-158.
Dobb, M., Ch. 8, pp. 177-208.

  1. Socialist Agriculture
    1. The process of socialization (collectivization)
    2. The Kolkhoz
    3. The Sovkhoz and machine-tractor station
    4. Development of agricultural output and its allocation

Reading assignments:

Baykov, Ch. 13, pp. 189-311; Ch. 17, pp. 309-334.
Yugow, Ch. 3, pp. 43-81.
Maynard, Ch. 15, pp. 279-309.
Bienstock, Schwarz, and Yugow, Management in Russian Industry and Agriculture, Chs. 10-17, pp. 127-179.

  1. Industrial Expansion
    1. The three Five-Year Plans
    2. Industrial organization
    3. Labor and unions

Reading assignments:

Yugow, Ch. 2, pp. 13-30; Chs. 7 and 8, pp. 149-197.
Bienstock…, Chs. 1, 2, 3, 5, 8, and 9.
Baykov, Ch. 11, pp. 159-187; Ch. 13, pp. 212-233; Ch. 16, pp. 277-308; and Ch. 18, pp. 335-363.
Bergson, A., The Structure of Soviet Wages, Chs. 1, 2, pp. 3-25; Chs. 11, 12, 13, and 14, pp. 159-210.
Report of the C.I.O. Delegation to the Soviet Union, 1947.
Dobb, M., Ch. 16, pp. 407-453.

  1. Functional Structure of the Economic System
    1. Prices, wages, taxes, and profits
    2. The governmental budget as an instrument of economic policy
    3. Methods of planning
    4. Principles of planning

Reading assignments:

Baykov, Ch. 15, pp. 251-276; Ch. 20, pp. 423-479.
Yugow, Ch. 4, pp. 82-95; Ch. 10, 11, pp. 219-243.
Bienstock…, Ch. 4, pp. 47-57; Ch. 6, pp. 66-90; Introduction, pp. xiii-xxxii.
Lange, Oscar, The Working Principles of Soviet Economy, American-Russian Institute.
Dobb, M., Chs. 13 and 14, pp. 313-348.

  1. War and Post-War
    1. Soviet war economy
    2. The new Five-Year Plan
    3. Soviet economy and world economy

Reading assignments:

Schwartz, Harry, Russia’s Postwar Economy
Gerschenkron, A., Economic Relations with the U.S.S.R.
Yugow, Ch. 5, pp. 96-122.
Dobb, M., Ch. 12, pp. 290-312.

General reading:

Gregory, J., and Shave, D. W., The U.S.S.R., A Geographical Survey, Part I, pp. 1-250.

Reading Period Assignments
May 8-May 27, 1949

Economics 112b: Read both N. Voznesnesky, The Economy of the U.S.S.R. during World War II, Public Affairs Press, 1948, and The Annals of the American Academy of Political and Social Science, May, 1949, “Soviet Union since World War II,” read all articles on economic subjects contained in this issue.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 4, Folder “Economics 1948-49 (1 of 2)”

______________________

1948-49
HARVARD UNIVERSITY
ECONOMICS 112b
[Final Examination]

Please Write Legibly

Answer FOUR questions

  1. Describe the organization of Russia’s agriculture on the eve of 1861, outline the economic basis of the Reform, and indicate its principal economic consequences.
  2. Describe the New Economic Policy, discuss the reasons for its adoption and the causes of its liquidation.
  3. Compare the successive Five Year Plans and indicate the principal distinctive features of each one of them.
  4. Describe the structure of the Soviet price system and compare its role in the operation of the planned economy with the role of the competitive price mechanism in a capitalist economy.
  5. Analyze the use of economic incentives in the operation of Soviet industry and agriculture.

 

Source: Harvard University Archives. Harvard University, Final examinations 1853-2001. Box 16. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Military Science, Naval Science. June, 1949.

Image Source: Drawn from the J. F. Horrabin poster “The Workers’ Country Must Be Built by Work”. Frontispiece for Maurice Dobb’s special trade union edition of Russian Economic Development since the Revolution. London: 1928.

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Exam Questions Harvard Socialism Suggested Reading Syllabus

Harvard. Economics of Socialism. Outline, Readings, Final Exam. Schumpeter, 1949

 

This post provides the course outline, reading assignments and final exam for Joseph Schumpeter’s Economics of Socialism from the last time he taught the course (he died January 8, 1950).

______________________

Transcriptions of socialism course materials à la Harvard

Socialism. (Ec 111) taught by O.H. Taylor in 1954-55.

Economics of Socialism (Ec 111) taught by Taylor in 1952-53

Economics of Socialism (Ec 111) taught by Schumpeter, Taylor with lectures by Gerschenkron and Galenson in 1949-50.

Economics of Socialism (Ec 11b) taught by Schumpeter in 1945-46

Economics of Socialism (Ec 11b) taught by Schumpeter in 1943-44

Economics of Socialism (Ec11b) taught by Sweezy in 1939-40

Economics of Socialism (Ec11b) taught by Mason and Sweezy in 1937-38

Programs of Social Reconstruction  (Ec 7c) taught by Mason  in 1933

Economics of Socialism, Anarchism and the Single Tax  (Ec 7b) taught by Carver  in 1920

Socialism and Communism (Ec 14) taught by Carver and Bushnee in 1901-02

Socialism and Communism (Ec 14) taught by Edward Cummings. Exams from 1893-1900.

______________________

Course Enrollment

[Economics] 111b (formerly Economics 11b). Economics of Socialism (Sp). Professor Schumpeter.

Total 72: 16 Graduates, 20 Seniors, 21 Juniors, 7 Sophomores, 8 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1948-49, p. 76.

_________________________

Economics 111b
Spring 1949
Outline and Assignments

After an introduction that is to cover briefly the development of pre-Marxist socialist thought (one week), Marxist and neo-Marxist sociology and economics will be discussed (five weeks). Then the modern theory of centralist socialism will be developed (four weeks). Finally, the problems of imperialism, revolution, and transition and the actual situation and prospect of socialist groups will be touched upon (two weeks).

  1. Pre-Marxist Socialist Thought

Assignment: H. W. Laidler, Social-Economic Movements, Parts I and II.

  1. Marxist Sociology and Economics

M. M. Bober, Karl Marx’s Interpretation of History, 2nd edition 1948, Part I, Chapter 6; Part IV.
Karl Marx, Capital (Modern Library Edition), Volume I, Chs. 1, 4, 5, and 6.
P. M. Sweezy, The Theory of Capitalist Development, Chs. II-XII.
M. Dobb, Political Economy and Capitalism, Chs. I and IV.

  1. The Modern Theory of Centralist Socialism.

A. P. Lerner, Economics of Control, 1944, Chs. V-XIV.
Meade and Fleming, “Price and Output Policy of State Enterprise,” Economic Journal, 1944.
Abram Bergson, Structure of Soviet Wages, Ch. II:
M. Dobb (as above) Ch. VIII (with Appendix).

  1. Imperialism; the State and the Revolution; Problems of Transition.

M. Dobb (as above) Ch. VII.
Lenin, State and Revolution, 1926.

Suggestions:
Lenin, What is to be Done?
P. M. Sweezy, (as above) Chs. XIII-XIX.

Reading Period: Evolutionary Socialism, 1909.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 4, Folder “Economics 1948-49 (1 of 2)”

_________________________

1948 –49
Harvard University
Economics 111b
[Final Examination]

Answer five out of seven questions. At least two must be chosen from group I.

I

  1. Discuss Marx’s theory of cycles, organizing your answer around the following foci:
    1. falling tendency of the rate of profit
    2. the reserve army of unemployed
    3. capital accumulation and replacement cycles.
  2. What was Bernstein’s point of view about the breakdown of capitalism? What was the significance of the controversy for Marxist economics?
  3. Discuss the economic aspects of the proportions in which factors are combined in a centrally directed economy with reference to marginal substitution, indivisibilities, and pricing.

II

  1. What was the tactical significance of three of the following issues that arose within the 2nd International:
    1. Millerandism
    2. Revisionism
    3. participation in the World War
    4. timing and leadership of revolution (Lenin)
  2. Discuss the dependence, if any, of Marxian economics on Marxian sociology.
  3. Describe the role of the rate of interest in the allocation of resources between present consumption and investment for future production in a socialist economy.
  4. Discuss the rule that prices should equal marginal cost with special reference to intervals of increasing and decreasing costs.

 

Source: Harvard University Archives. Harvard University, Final examinations 1853-2001. Box 16. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Military Science, Naval Science. June, 1949.

Image Source: Harvard Classbook 1947.

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Undergraduate Public Finance, reading list and semester exams. Burbank and Musgrave, 1938-1939

 

Richard Abel-Musgrave received his Ph.D. in economics from Harvard in 1937. The following year he co-taught the undergraduate public finance course with Harold Burbank. The course reading list for the first term was incomplete in the Harvard University archives, but since the material corresponded very closely to that found in the 1937-38 folder, I have inserted the material as noted below.

___________________________

Course Enrollment

[Economics] 51. Professor Burbank and Dr. Abel-Musgrave.—Public Finance.

Total 58: 36 Seniors, 16 Juniors, 4 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1938-39, p. 98.

___________________________

Assignments for Economics 51
First Half-Year 38/39

Attention is directed particularly to the following books:

*Lutz, H.L. Public Finance (3d ed.)
Bastable, C.F. Public Finance (3d ed.)
Bullock, C.J. Selected Readings in Public Finance (3d. ed.)
Dalton, H. Principles of Public Finance (9th ed.)
Dewey, D.R. Financial History of the United States (11th ed.)
Fagan [E.D.] and Macy [C.W.] Public Finance
Hibbard, B.H. A History of the Public Land Policies
Lutz, H.L. The State Tax Commission
Mills [M.C.] and Star [G.W.] Readings in Public Finance and Taxation
Seligman, E.R.A. Essays in Taxation (10th ed.)
Seligman, E.R.A. The Income Tax
Seligman, E.R.A. Studies in Public Finance
Stamp, Sir Josiah Fundamental Principles of Taxation (2nd ed.)
Great Britain Report of the Committee on National Debt and Taxation
(The Colwyn Report, 1927)
Great Britain Report of the Committee on National Expenditure
(The May Report, 1931)
National Tax Association Proceedings
National Tax Association Bulletin
Annual Report of the Secretary of the Treasury

 

Sept. 28  – Oct. 7; Pre-depression expenditures.

REQUIRED:
Introduction Lutz,  Ch. 1,2,3.
The increase of expenditure Lutz, Ch. 4,5.
War Finance Mills & Starr, Ch. 22, Sels. 52, 53.
Lutz, pp. 764-774

SUGGESTED:

Bastable, Public Finance, Bk. I, ch. 1-8.

Bullock, Readings, Ch. 2, 3.

Fagan & Macy, Public Finance, Ch. 1-4.

Haig, Public Finances of Post War France, Ch. 20.

Mallet, British Budgets, 1887-1913, 1913-1921, 1921-1933.

National Industrial Conference Board, Federal Finances, 1923-32.

National Industrial Conference Board, Cost of Government in the United States, 1925-26, 1926-27, 1929-30.

Report on Recent Social Trends, Vol. II, Ch. 25-26.

Smith, Deficits and Depressions, Ch. III.

Willoughby, W.F., Financial Condition and Operations of the National Government, 1921-30.

 

October 10  – 28; Depression expenditures and Finance.

REQUIRED:
Public Works Clark, The Economics of Public Works, Ch. 4-8, 11, 16.
Fagan & Macy, Ch. 3, Section 2.
The Debt Lutz, Chs. 29,31,33.
Bullock, Ch. 22,23.
Social Security Finance Anonymous (Wilcox), The Old Age Reserve Account, Q.J.E., May 37.
1937 Proceedings, National Tax Association, pp. 57-81.

SUGGESTED:

Current Economic Policies, Slichter on Public Works.

Dalton, Unbalanced Budgets: A study of the financial crisis in fifteen countries.

Gayer, Public Works in Prosperity and Depression.

Great Britain, Report of the Committee on National Expenditures, 31.

Hansen, A., Full Recovery or Stagnation, Part IV.

Hubbard, J., The Banks, the Budget, and Business.

Mallet, British Budgets, 21-33.

National Resources Committee, Public Works Planning.

Smith, Deficits and Depressions, Ch. 4-7.

Bastable, Public Finance, Bk. V.

Burgess, W.R., Reserve Banks and the Money Market, Ch. 6.

Fagan & Macy, Public Finance, Ch. 22-27.

Beckhart, B., New York Money Market, Vol. IV, Part II.

Hargreaves, The National Debt.

Hendricks, The Federal Debt, 1919-30.

Love, R.A., Federal Financing, esp. Ch. 8-14.

Pigou, Public Finance, Part III.

Matsushita, Economic Effects of Public Debts.

Seligman, Essays in Taxation, Ch. 23-24.

Studensky, P., Public Borrowing.

Burns, E.M., Social Security.

Douglas, Social Security in the United States.

Pribram, Reserves in Old Age Benefit Plans, Q.J.E., August 38.

Social Security Board, Social Security in America.

 

October 31  – Nov. 4; Proper limits to public spending.

REQUIRED:
Classical views Bullock, ch. 2.
Effects of Public Spending Dalton, ch. 2,3,18-20.
Lutz, ch. 8.

SUGGESTED:

De Marco, First Principles of Public Finance, ch.1.

Pigou, Public Finance, Part I.

Pigou, Economics of Welfare, Part IV, ch. 7-12.

Sidgwick, H., The Principles of Political Economy, 301, col., Book III.

 

[Pages missing, following three topics taken from the 1937-38 syllabus]

The Possibilities of Expenditure Control.

Required: Lutz, Ch. 6
Mills & Starr, Ch. 4, Section 8
Hillhouse & Welsh, Tax Limits Appraised.
Lutz, Ch. 35, 36.
Reorganization of the Executive Departments.
Suggested: Buck, A.E., The Budget in Governments of Today.
Buck, A.E., Public Budgeting.
Mallet, British Budgets, 1887-1913.
Mallet & George, British Budgets, 1913-1921, 1921-1932.

Revenues other than Taxes

Required: Lutz, Ch. 9, 19
Lutz, Ch. 11,12,13.
Mills & Starr, Ch. 7.
Mason, Power Aspects of the T.V.A., Q.J.E., Vol. 50, pp. 377-414.
Railroads and Government Annals, pp. 106-125, 133-141, 146-150.
Suggested: Bastable, Public Finance, Bk. II, Ch. 1-5.
Fagan & Macy, Public Finance, Ch. 5-7.
Knoop, D., Principles and Methods of Public Trading.
Public Administration Service, A Housing Program for the United States.
Current Developments in Housing, Annals, March 1937, pp. 83-95, 151-161.
Report of the United States Post Office.
Robson, W.A., Public Enterprise.
Seligman, Essays in Taxation, Ch. 14-15.
Splawn, Government Ownership and Operation of Railroads.
Tennessee Valley Authority, 1933-1937.

The Public Domain and Public Borrowing.

Required: Lutz, Ch. 10
Lutz, Part 4.
Bullock, Ch. 22, 23.
Suggested: Hibbard, Public Land Policies of the United States.
National Resources Board, Report of, Part II.
Nowell & Jessness, Land Use in Northern Minnesota.
Bastable, Public Finance, Bk. V.
Brown, H.G., Economics of Taxation, Ch. 1-2.
Burgess, W.R., Reserve Banks and the Money Market, Ch. 6.
Fagan & Macy, Public Finance, Ch. 22-27.
Hargreaves, The National Debt.
Hendricks, The Federal Debt, 1919-30.
Love, R.A., Federal Financing, esp. Ch. 8-14.
Pigou, Public Finance, Part III.
Seligman, Essays in Taxation, Ch. 23-24.
Studensky, P., Public Borrowing.
Beckhart, B., New York Money Market, Vol. IV, Part II.

___________________________

Economics 51
Assignments for the Second Half-Year
1938-39

(For general references see outline for first term.)

February 6 – 17. The Nature of Taxation and Criteria for a Sound Tax System.

Required: Introduction Lutz, Ch. 15, 16, 17.
Justice in Taxation Bullock, Ch. 8, 9.
Carver, Essays in Social Justice, Ch. 17.
Suggested: Bastable, Public Finance, Bk. III, Ch. 3,5.
Dalton, Public Finance, Ch. 4-9 (9th ed.)
Seligman, Progressive Taxation in Theory and Practice.
Stamp, Fundamental Principles of Taxation. (3d.ed).

February 20 – 27. Incidence and Effects of Taxation.

Required: Shifting of taxes Fagan and Macy, Ch. 9, sec. 2.
Lutz, pp. 378-386.
Shifting and effects Colwyn Report (Majority), Part I, Sec. 4.
Dalton, Public Finance, Ch. 10, 11, 12.
Suggested: Brown, H.G. Economics of Taxation.
Silverman, Taxation, Its Incidence and Effects.
Taussig, Some Aspects of the Tariff Question, (3rd ed.), Ch. 1.
Buehler, “Public Expenditures and Taxes”, in American Economic Review, Dec. 1938.

March 1 – 6. Property Taxation and its Reform

Required: Lutz, Ch. 22, 23
Fagan and Macy, Ch. 12, 14.
Silverhertz, Assessment of Real Property in the U.S.
Suggested: Blakey, Taxation in Minnesota, Ch. 5, 6.
Bullock, Readings, Selections 45, 46.
Fagan & Macy, Public Finance, Ch. 10, 11, 13.
Henry George, Progress and Poverty.
Fairchild, Forest Taxation in the U.S.
Jensen, Property Taxation in the United States.

March 8 – 24. Income Taxation: Personal and Business

Required: Federal Income Tax Personal:  Lutz, Ch. 20,21.
Corporate: Lutz, pp. 602-615.
Capital Gains: Fagan & Macy, Ch. 16, Pt. I.
State and Local Lutz, pp. 615-621.
Model Plan of State and Local Taxation.
Mills and Starr, Sel.42.
Suggested: Blakey, The State Income Tax.
Fagan & Macy, Ch. 15,16,17.
National Industrial Conference Board, State Income Taxes.
Seligman, The Income Tax.

 

March 27 – 31. Other Business Taxation

Required: Capital Stock and Excess Profits-Tax Lutz, pp. 587-602, 621-623.
Undistributed Profits Tax How Shall Business Be Taxed, Ch. 8,9,10.
Taxation of Banks Lutz, pp. 623-31.
Taxation of Public Utilities Mills & Starr, Sel. 43.
Summary How Shall Business Be Taxed, Ch. 4.
Suggested: Buehler, Undistributed Profits Tax.
Fagan & Macy, Public Finance, Ch. 19.
Haig, The Taxation of Excess Profits in Great Britain.
National Industrial Conference Board, State and Local Taxation of Business Corporations.

April 3 – 10. Vacation.

April 10 – 14. Death Duties

Required: Lutz, Ch. 27
Fagan and Macy, Ch. 18.
Rigano, Social Significance of the Inheritance Tax
Suggested: Schultz, The Inheritance Tax.

April 17 – 19. Commodity Taxation.

Required: Lutz, Ch. 24,26
Fagan and Macy, Ch. 20, Sect. 1,2.
Suggested: Buehler, General Sales Taxation.
Jacoby, N.H., Retail Sales Taxation.
National Industrial Conference Board, General Sales or Turnover Taxation.
Ibid., Sales Taxes, General, Selective, or Retail.

April 21 – May 6. Current Problems.

Required: Coordination of Tax System Lutz, Ch. 7.
Haig, “Co-ordination of Federal and State Tax Systems”,
Proceedings of National Tax Association, 1932.
Bitterman, Grants In Aid, Ch. 20[?].
Taxation and the Cycle Hicks, Finance of British Government, Ch. 18.
Budget, Debt and Tax Sources President’s Budget Message, Jan. 5, 193[?].

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 2. Folders “Economics, 1938-39” and “Econommics, 1937-38”.

___________________________

1938-39
HARVARD UNIVERSITY
ECONOMICS 51
[Mid-Year Examination]

Choose ONE question for an hour essay, and FOUR questions for half-hour answers. Wherever (a) and (b) are indicated take ONE PART ONLY; both cannot be taken.

  1. (a) What do you consider the most important factors underlying the post war expansion in Federal spending in the United States?
    (b) “The increase in spending the world over shows that the rise in the spending of the United States government is not to be explained in terms of party politics or New Deal theories. The underlying causes are more basic and general.” Discuss.
  2. (a) “Deficit spending in the depression is inevitable to finance necessary relief expenditures. But it is also desirable since it results in a rise in employment which in turn reduces the need for relief. There is no reason to expect a continuous deficit policy.” Discuss.
    (b) “The fear of a growing public debt is an unfortunate superstition. A ‘bigger and better’ public debt is, in fact, the only salvation for capitalism.” Discuss.
  3. Do you think that extravagance in public spending may be reduced by (1) centralization of fiscal control, and/or (2) governmental reorganization of existing spending units? Which measure do you favor?
  4. (a) “A determination of the relative efficiency of public and private enterprise meets with insurmountable obstacles. The ‘yard-stick’ criterion is a dangerous illusion.” Discuss.
    (b) “Government enterprises are perfect monopolies. The experience with private monopoly should make us realize what to expect from public ownership.” Discuss.
  5. Would you amend the Old Age Annuity Provision of the Social Security Act of 1935? If so, why and how?
  6. (a) Do you consider the German and English experience with the coordination of State and Local finances applicable to the United States? What lessons in particular may be learned?
    (b) Do you consider the allocation of ‘Block Grants’ under the British Local Government Act of 1929 a satisfactory solution of the grant problem? Could it be applied to Federal grants in the United States? With what possible amendments?
  7. “If it is realized that political democracy depends upon parliamentary control over public finances, it must similarly be realized that the Budget System is the key factor in the execution of such control. The United States Budget System is fully satisfactory from this point of view.” Do you agree?

 

Source: Harvard University Archives. Harvard University Mid-Year Examinations, 1852-1943. Box 13. Bound Volume: Mid-Year Examinations, 1939. Papers Printed for Mid-Year Examinations [in] History, History of Religions, …, Economics, …, Military Science, Naval Science. January-February, 1939.

___________________________

1938-39
HARVARD UNIVERSITY
ECONOMICS 51
[Year-end Examination]

I

Write an hour essay on one question, and half-hour answers on three questions. Indicate essay question.

  1. “‘Justice in taxation’ is indeed a dangerous concept. It lacks precision, is readily abused and beclouds the real issue of the tax problem.” Discuss with detailed and accurate illustrations.
  2. “From the interdependence of prices it follows that the burden of a tax, no matter where the point of impact may be, will spread throughout the economic system and finally will come to rest upon the consumers at large.” Discuss.
  3. Take either (a) or (b). Both cannot be taken.
    1. “The taxation of business has been the most criticized part of the federal tax system; and for this there is good reason.” Discuss.
    2. To what extent would you attribute the failure or success of the New Deal to its tax policy? Present your point of view with reference to specific
  4. “The rivalry between Federal State and Local governments for tax sources is unfortunate. To obtain a well balanced tax system, a sharp division of revenue sources between the different levels of government is necessary.” Discuss.
  5. Give a critical account of the ‘Model Plan of State and Local Taxation.’

II

Write for one half-hour on one of the following:

  1. “The experience of the world war has shown that tax-finance of wars is neither possible nor desirable.” Discuss.
  2. Discuss the main factors to be considered in determining the ‘taxable capacity’ of a country. Illustrate with reference to the United States.
  3. Discuss some of the major characteristics of post-war British tax policy. In what respects does it set an example for future American policy?

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 4, Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Military Science, Naval Science. June, 1939.

Images Sources: Richard A. Musgrave (right). University of Michigan Faculty History Project.

Categories
Johns Hopkins Suggested Reading Syllabus

Johns Hopkins. International Economics Reading List. Balassa, 1968

 

The content of the course titled “International Economics” taught by Bela Balassa at Johns Hopkins University in 1968 was actually limited to pure trade theory, commercial policy and economic integration. The reading list for Balassa’s other course at Johns Hopkins University, “Trade and Economic Development“, was posted earlier. 

___________________

Department of Economics
International Economics 641
Fall, 1968
Dr. Balassa

Bibliography and Reading List

Abbreviations of Books

Books are referred to by authors unless otherwise noted.

RIT, Readings in International Economics

RTIT, Readings in the Theory of International Trade

Balassa, B., The Theory of Economic Integration

Baldwin et al, Trade, Growth and the Balance of Payments

Caves, R., Trade and Economic Structure

Haberler, G., The Theory of International Trade

Johnson, H.G., International Trade and Economic Growth

Linder, S.B., An Essay on Trade and Transformation

Marshall, Money, Credit, and Commerce

Meade, J. E., Trade and Commerce

_________, A Geometry of International Trade

Mill, J. S., Principles of Political Economy

Ohlin, B., Interregional and International Trade

Ricardo, D., The Principles of Political Economy

Scitovsky, T., Economic Theory and Western European Integration

Travis, W.P., The Theory of Trade and Protections

Vanke, J., International Trade: Theory and Economic Policy

Viner, J., I, Studies in the Theory of International Trade

_________ II, The Customs Union Issue

Abbreviations of Periodicals

AER, American Economic Review

BOUIS, Bulletin of Oxford University Institute of Statistics

Econ., Economica

EI, Economia Internazionale

EJ, Economic Journal

ER, Economic Record

IEP, International. Economic Papers

JPE, Journal of Political Economy

Ky, Kyklos

OEP, Oxford Economic Papers

QJE, Quarterly Journal of Economics

RES, Review of Economics and Statistics

RESt, Review of Economic Studies

WA, Weltwirtschaftliches Archiv

NOTE: The non-starred items are assigned, the starred ones recommended .

General Surveys

Haberler, G., A Survey of International Trade Theory, Special Papers in International Economics, No. 1, Princeton University, Princeton, New Jersey

Corden, W.M., Recent Developments in the Theory of International Trade, ibid., No. 7

Bhagwati, J., “The Pure Theory of International Trade,” Economic Journal, March, 1964

Chipman, J.S., “A Survey of the Theory of International Trade,” Econometrica, July, October,1965, January, 1966

Caves, R.E., Trade and Economic Structure

Kemp, M.C., The Pure Theory of International Trade

I. The Classical Theory of International Trade

Ricardo, ch. 7

Mill, Book III, ch. 17, 18, 25

Marshall, Appendix J.

Haberler, ch. IX-XII

Viner, I, ch. VIII

*Mynt, H., “The Classical Theory of International Trade and the Underdeveloped Countries,” EJ, June, 1958.

*Vanek, J., “An Afterthought on the ‘Real Cost-Opportunity Cost’ Dispute and some Aspects of General Equilibrium Under Conditions of Variable Factor Supplies,” RESt, June, 1959.

*Walsh, V.C., “Leisure and International Trade,” Econ., August, 1959

II. Criticisms and Extensions of the Classical Theory

Williams, J.H., “The Theory of International Trade Reconsidered,” RTIT, ch. 12

Graham, F.D., “The Theory of International Values Re-Examined,” RTIT, ch. 14

Whitin, T.M., “Classical Theory, Graham’s Theory, and Linear Programming in International Trade,” QJE, November, 1953.

Ohlin, ch. I-VI, Appendix III.

Robinson, R., “Factor Proportions and Comparative Advantage,” RIT, ch. 1

Kenen, P.B., “Nature, Capital, and Trade,” JPE, October, 1965

*Metzler, L., “Professor Graham’s Theory of International Values,” AER, June, 1950

*Posner, M.V., “International Trade and Technical Change,” OEP, October, 1961

*Becker, G.S., “A Note on Multi-Country Trade,” AER, September, 1952.

*Kravis, I.B., “Availability and Other Influences on the Commodity Composition of Trade,” JPE, April, 1956

*Michaely, M., “Factor Proportions in International Trade: Current State of the Theory, ” Ky, 1964 (4)

III. Comparative Costs and International Trade: Further Developments

Leontief, W., “The Use of Indifference Curves in the Analysis of Foreign Trade,” RTIT, ch. 10

Samuelson, P., “Social Indifference Curves,” QJE, February, 1956

Haberler, G., “Some Problems in the Pure Theory of International Trade,” RIT, ch.13

Isard, W., and M.J. Peck, “Location Theory and International and Interregional Trade,” QJE, February, 1954

Linder, ch. 3

Balassa, B., “Tariff Reductions and Trade in Manufactures Among Industrial Countries,” AER, June, 1966

*Lösch, A., “A New Theory of International Trade,” IEP, Vol. 6

*Posner, M.V., “International Trade and Technical Change,” OEP, October, 1961

*Grubel, H.G., “Intra-Industry Specialization and the Pattern of Trade,” CJEPS, August, 1967

*Matthews, R.C.O., “Reciprocal Demand and Increasing Returns,” RESt (1949- 50)

*Vanek, ch. XII-XIV

*Ohlin, ch. X-XII

*Meade, II, ch. I-III

IV. Comparative Cost Theory: Empirical Verification

Leontief, W., “Domestic Production and Foreign Trade,” RIT, ch. 30 and RES, November, 1956

Vanek, J., “The Natural Resource Content of Foreign Trade, 1870-1955, and the Relative Abundance of Natural Resources in the United States,” RES, May, 1959

Keesing, D.B., “Labor Skills and International Trade,” RES, August, 1965

Gruber, W., Mehta, D., and Vernon, R., “The R & D Factor in International Trade and International Investment of United States Industries,” JPE, February, 1967

MacDougall, G., “British and American Exports: A Study Suggested by the Theory of Comparative Costs,” EJ, December, 1951

Balassa, B., “An Empirical Demonstration of Comparative Cost Theory,” RES, August, 1963

*Comments on the Leontief-Paradox:

Ellsworth, RES, August, 1954
Swerling, RES, August, 1954
Valavanis-Vail, JPE, December, 1954
Buchanan, EI, November, 1955
Valavanis, Robinson, Elliott, Vaccale, Leontief, RES, February, 1958
Kreinin, AER, March, 1965

*Minhas, B.S., An International Comparison of Factor Costs and Factor Use.

*Moroney, J.R., and Walker, J.M., “A Regional Test of the Heckscher-Ohlin Hypothesis,” JPE, December, 1966

V. Factor-Price Equalization and Income Distribution

Heckscher, E., “The Effect of Foreign Trade on the Distribution of Income,” RTIT, ch. 13

Samuelson, P., “International Factor Price Equalization Once Again,” RIT, ch. 3

Johnson, H.G., “Factor Endowments, International Trade and Factor Prices,” in Johnson, ch. 1 and RIT, ch. 5

Balassa, B., “The Factor-Price Equalization Controversy,” WA, Vol. 87, No. 1 (1961)

Rybczynski, T.M., “Factor Endowments and Relative Commodity Prices,” RIT, ch. 4

Stolper, W., and Samuelson, P., “Protection and Real Wages” RTIT, ch. 15

*Lancaster, K., “Protection and Real Wages: A Restatement,” EJ, June, 1967

*Bhagwati, J., “Protection, Real Wages and Real Income,” EJ, December, 1959

*Pierce, I., McKenzie, L.W., and Samuelson, P., “More About Factor Price Equalization,” IER, October, 1967

*Samuelson. P., “Equalization by Trade of the Interest Rate Along With the Real Wage,” in Baldwin, pp. 35-52

*Jones, R.W., “The Structure of Simple General Equilibrium Models,” JPE, December, 1965

*Minabe, N., “The Stolper-Samuelson Theorem, the Rybczynski Effect, and the Heckscher-Ohlin Theory of Trade Pattern and Factor Price Equalization,” CJEPS, August, 1967

Travis, ch. II, III

VI. Gains from Trade

Viner, J, ch. IX (up to p. 565)

Samuelson, P., “The Gains from International Trade,” RTIT, ch. 2

Samuelson, P., “The Gains from International Trade Once Again,” EJ, December, 1962

Meade, I , ch. IX

Baldwin, R.E., “The New Welfare Economics and Gains in International Trade,” RIT, ch. 12

*Giersch, H., “The Trade Optimum,” IEP, Vol. 7

*Kenen, D.B., “On the Geometry of Welfare Economics,” QJE, August, 1957

*Kemp, M.C., “The Gains from International Trade,” December, 1962

*Vanek, ch. XV

VII. The Theory of Tariffs

Scitovsky, T., “A Reconsideration of the Theory of Tariffs,” RTIT, ch. 16

Metzler, L.A., “Tariffs, International Demand, and Domestic Prices” RIT, ch. 2

Johnson, “Optimum Tariffs and Retaliation,” in Johnson, ch. II

_________, “The Cost of Protection and the Scientific Tariff,” JPE, August, 1960

Balassa, B., “Tariff Protection in Industrial Countries : An Evaluation,” RIT, ch. 3

Corden, W.M., “The Structure of the Tariff System and the Effective Protective Rate,” JPE, June, 1966

*Meade II, ch. VI

*Vanek, ch. XVI

*Lerner, A.P., “The Symmetry Between Import and Export Taxes,” RIT, ch. 11

*Fleming, J.M., “The Optimal Tariff from an International Point of View,” RES, February, 1956

*Baldwin, R.E., “The Effect of Tariffs on International and Domestic Prices,” QJE, February, 1960

*Johnson, H.G., “A Model of Protection and the Exchange Rate,” RESt, Vol XXXIII No. 2

*Bhagwati, J., “On the Equivalence of Tariffs and Quotas,” in Baldwin, pp. 53-67

VIII. Trade and Factor Movements

Mundell, R.A., “International Trade and Factor Mobility,” RIT, ch. 7

McDougall, G.D.A., “The Benefits· and Costs of Private Investment from Abroad: A Theoretical Approach,” RIT, ch. 10

Corden, W.M., “Protection and Foreign Investment,” ER, May, 1967

Vernon, R., “International Investment and International Trade in the Product Cycle,” QJE, May 1966

Johnson, H.G., Comparative Cost and Commercial Policy Theory in a Developing World Economy (Stockholm, Alqvist and Wiksell, 1968)

Jones, R. W., “International Capital Movement and the Theory of Tariffs and Trade,” QJE, February, 1967

*Olivera, J.H.G., “Is Free Trade a Perfect Substitute for Factor Mobility?”, EJ, March, 1967

*Corden, W.M., “The Economic Limits of Population Increase,” ER, November, 1955

*Jasay, A.E., “The Social Choice between Home and Overseas Investment,” EJ, March, 1960

*Frankel, M., “Home vs. Foreign Investment,” BOUIS, August, 1960.

*Penrose, E., “Foreign Investment and the Growth of the Firm,” EJ, June, 1956

*Kemp, M.C., “Foreign Investment and National Advantage,” ER, March, 1962

IX. Economic Integration

Viner, II, ch. I-IV, VII

Balassa, B., ch. 1-12

Scitovsky, ch. I, III

Lipsey, R.G., “The Theory of Customs Unions: A General Survey,” EJ, September·, 1960

Spraos, “The Conditions for a Trade Creating Customs Union,” EJ, March, 1964;

Mishan, “Comment,” March, 1965; Spraos, “Rejoinder,” September, 1965

Johnson, H.G., “An Economic Theory of Protectionism, Tariff Bargaining, and the Formation of Customs Unions,” JPE, June, 1965

Balassa, B., “Trade Creation and Trade Diversion in the European Common Market,” EJ, March, 1967

*Lipsey, R.G. and Lancaster, K., “The General Theory of the Second Best,” RESt, 1956-57 (1)

*Dosser, D., “Welfare Effects of Tax Unions,” RESt, June, 1964

*Meade, J.E., The Theory of Customs Unions

*Cooper, C.A., and Massell, B.V., “A New Look at Customs Union Theory,” December, 1965

*Michaely, M., “On Customs Unions and the Gains from Trade,” EJ, September, 1965

*Flanders, June, “Measuring Protectionism and Predicting Trade Diversion,” JPE, April, 1965

*Krause, L.B., The Meaning of European Economic Integration for the United States, Ch. 2-3

Source: Johns Hopkins University. Eisenhower Library, Ferdinand Hamburger, Jr. Archives, Department of Political Economy. Series 5/6. Box 6/1, Folder “Course Outlines and Reading Lists c. 1900, c. 1950, 1963-68”.

Image Source: Portrait of Bela Balassa in the Johns Hopkins University Yearbook, Hullabaloo 1976. Note that the image posted on the Béla Belassa page at the website Alchetron mistakenly uses a photo of Balassa Sándor Erkel Ferenc.

 

 

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M.I.T. Suggested Reading Syllabus

M.I.T. Reading list for graduate Monetary Economics I. Modigliani and Poole, 1977

In the previous post we find the reading list for the nominally second course for the money field at M.I.T. However typically the courses were taken in the reverse order (Monetary Economics II (14.463) in the Fall followed by Monetary Economics I (14.462) in the Spring. 

I will go out on a limb here and assert that Ben Bernanke’s graduate training in monetary economics was, if not exactly these two courses, then observationally equivalent content-wise to this and the previous course. 

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Earlier versions

Albert Ando and Franco Modigliani’s reading list for monetary economics at M.I.T. in 1960/61.

William Poole’s 1964 reading list at Johns Hopkins University for Monetary Theory.

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14.462—Monetary Economics
Franco Modigliani and William Poole
Spring 1977

Asterisks indicate required reading

Abbreviations

AER: American Economic Review
BPEA: Brookings Papers on Economic Activity
EI: Economic Inquiry
IER: International Economic Review
JEL: Journal of Economic Literature
JF: Journal of Finance
JMCB: Journal of Money, Credit, and Banking
JME: Journal of Monetary Economics
JPE: Journal of Political Economy
NBER: National Bureau of Economic Research
NEER: New England Economic Review
OQM: Milton Friedman, The Optimum Quantity of Money and Other Essays
QJE: Quarterly Journal of Economics

General References

Shapiro, Solomon and White. Money and Banking. Fifth edition. Hot, Rinehart and Winston, 1968.

Jacobs, Farwell and Heave. Financial Institutions. Fifth edition. Irwin, 1972.

I. Introduction—The Nature of Money and Other Claims

Einzig, Paul, Primitive Money, Pergamon Press. 1966.

*Federal Reserve System, Flow of Funds Accounts, 1967-1975. Washington, D.C.

*Friedman, Milton and Anna J. Schwartz, Monetary Statistics of the United States, pp. 86-198.

*Patinkin, Donald, “Money and Wealth: A Review Article,” JEL 7 (Dec. 1969), 1140-60.

Robertson, Dennis Money. Cambridge University Press. Chapters 1-3.

*Tobin, James, Manuscript. Chapters 1 and 2.

II. The Supply of Money and the Balance Sheets of Commercial Banks

Brunner, Karl and Allan Meltzer, “Some Further Investigations of Supply and Demand Functions for Money,” JF, May 1964.

Burger, Albert, The Money Supply Process. Wadsworth, 1971.

Cagan, Phillip, Determinants and Effects of Changes in the Stock of Money, 1876-1960. NBER, 1965. Chapters 2 and 3.

Federal Reserve Bank of Boston, Controlling Monetary Aggregates, I and II. Conference Series Number 1 and 9.

Fouzek, P.G., Foreign Central Banking, Federal Reserve Bank of New York.

Frost, Peter, and Thomas Sargent, “Money Market Rates, the Discount Rate and Borrowing from the Federal Reserve,” JMCB, February 1970.

Goldfeld, Stephan and Edward Kane, “The Determinants of Member Bank Borrowing,” JF, September 1966.

Hester, Donald and James Pierce, Bank Management and Portfolio Behavior, Cowles Foundation, 1975.

*Meade, James, “The Amount of Money and the Banking System,” reprinted in Readings in Monetary Theory, American Economic Association Series.

*Meek, Paul, Open Market Operations, Federal Reserve Bank of New York, 1973.

*Modigliani, Franco, Robert Rasche and J. Phillip Cooper, “Central Bank Policy, the Money Supply and Short Term Interest Rates,” JMCB, May 1970.

*Poole, William, “Commercial Bank Reserve Management in a Stochastic Model: Implications for Monetary Policy,” JF 23 (Dec. 1968), pp. 769-91.

Poole, William and Charles Lieberman, “Improving Monetary Control,” BPEA, 1972:2.

*Thomson, Thomas, James Pierce and Robert Parry, “A Monthly Money Market Model,” JMCB, November 1975.

Tobin, James, Manuscript, Chapter 8.

___________, “Commercial Banks as Creators of Money,” Chapter 16 of his book, Macroeconomics.

Willis, Parker, Federal Funds Market, Federal Reserve Bank of Boston, 1970.

III. Other Financial Intermediaries and their Balance Sheets

Committee on Banking, Currency and Housing, House of Representatives, “Financial Institutions and the Nation’s Economy,” November 1975.

Dougal, Herbert E., Capital Markets and Institutions, Prentice Hall, Third edition, 1975.

Federal Reserve Bank of Boston, Policies for a More Competitive Financial System, Conference Series #8.

Federal Reserve Staff Study: Ways to Moderate Fluctuations in Housing Construction (Board of Governors of the Federal Reserve System, 1972); see especially papers by Gramley, Fisher and Seigman, and Poole.

Goldsmith, Raymond, Financial Instiutions, Random House, 1968.

Gurley, John and Edward Shaw, Money in a Theory of Finance, Brookings, 1960.

Guttentag, Jack and Robert Lindsay, “The Uniqueness of Commercial Banks,” JPE, September/October 1968.

New Mortgage Designs for Stable Housing in an Inflationary Environment (Federal Reserve Bank of Boston Conference Series, No. 14); see especially papers by Lessard and Modigliani, and those reviewing foreign experience.)

*Patinkin, Donald, “Financial Intermediaries and the Logical Structure of Monetary Theory,” AER, March 1961.

*Treasury, “Recommendations for Change in the U.S. Financial System,” Washington, D.C., August 1973.

IV. The Demand for Money

Note: Familiarity with the material on the demand for money covered in 14.451 and 14.463 will be assumed.

Brunner, Karl and Allan Meltzer, op. cit.

Chow, Gregory, “On the Long-Run and Short-Run Demand for Money,” JPE, April 1966.

Fisher, Irving, The Purchasing Power of Money, Macmillan, 1931. Chapters 1-4 and 8.

Friedman, Milton, “The Quantity Theory of Money, A Restatement,” OQM, Aldine, 1969.

*___________, “The Demand for Money: Some Theoretical and Empirical Results,” OQM.

___________, “Interest Rates and the Demand for Money,” OQM.

*Goldfeld, Stephen, “The Demand for Money Revisited,” BPEA, 1973:3.

*___________, “The Case of the Missing Money,” BPEA, 1976:3.

Gould, John P. and Charles R. Nelson, “The Stochastic Structure of the Velocity of Money,” AER, 64 (June 1974), pp. 405-18.

Hicks, John, “A Suggestion for Simplifying the Theory of Money,” Readings in Monetary Theory, op. cit.

Keynes, J.M., “A Treatise on Money,” The Collected Writings, St. Martin’s Press, 1971.

___________, The General Theory, Chapters 13, 15, 17.

Laidler, D.E.W., The Demand for Money: Theories and Evidence, International Textbook Company, 1969.

Miller, Merton and Daniel Orr, “A Model of the Demand for Money by Firms,” QJE, August 1966.

Modigliani, Franco, “Liquidity Preference,” International Encyclopedia of the Social Sciences, Vol. 9, MacMillan Company & Free Press, 1968, pp. 394-409.

___________, Rasche and Cooper, op. cit.

Tobin, James, “The Interest Elasticity of [the] Transactions Demand for Cash,” Chapter 14 of Macroeconomics.

V. Interest Rate Determination and Term Structure

*Fama, Eugene, Short-Term Interest Rates as Predictors of inflation,” AER, June 1975.

Fisher, Irving, The Theory of Interest, Macmillan, 1930.

Fisher, Lawrence, “Determinants of the Risk Premium on Corporate Bonds,” JPE, June 1959.

*Friedman, Benjamin, “Financial Flow Variables and the Short-Run Determination of Long-Term Interest Rates,” unpublished.

*___________, “Substitution and Expectation Effects on Bond Supply and the Long-Term Interest Rate,” unpublished.

Kane, Edward and Burton Malkiel, “Expectations and Interest Rates: A Cross-Sectional Test,” JPE, August 1969.

*Lutz, Friedrich, “The Structure of Interest Rates,” in AEA Readings in the Theory of Income Distribution.

Malkiel, Burton, The Term Structure of Interest Rates, Princeton University Press, 1966.

Modigliani, Rasche and Cooper, op. cit.

*Modigliani, Franco and Robert Shiller, “Inflation, Rational Expectations and the Term Structure of Interest Rates,” Economica, February 1973, pp. 12-43.

___________, and Richard Sutch, “Debt Management and the Term Structure of Interest Rates,” JPE, August 1967, Supplement No. 4, pp. 569-589.

Nelson, Charles, The Term Structure of Interest Rates, Basic Books, 1972.

___________, and William Schwert, “On Testing the Hypothesis that the Real Rate of Interest is Constant,” AER, 1977 (forthcoming).

Rutledge, John, A Monetarist Model of Inflationary Expectations, Lexington Books, 1974.

Roll, Richard W., The Behavior of Interest Rates.

Tobin, James, “An Essay on the Principles of Debt Management,” Chapter 21 in Macroeconomics.

VI. The Transmission Mechanism, etc.

Note: Familiarity with the standard IS-LM and related models, as covered in 14.451, will be assumed.

Andersen, Leonall and Keith Carlson, “A Monetarist-Model for Economic Stabilization,” Federal Reserve Bank of St. Louis Review, April 1970.

Ando, Albert and Franco Modigliani, “Econometric Analysis of Stabilization Policies,” AER, May 1969.

___________, and ___________, Robert Rasche and Stephen Turnovsky, “On the Role of Expectations of Price and Technological Change in an Investment Function,” IER, June 1974.

Baily, Martin Neil, “Contract Theory and the Moderation of Inflationary Expectations by Recession and by Controls,” BPEA, 1976:3.

Bischoff, Charles, “Business Investment in the 1970’s: A Comparison of Models,” BPEA, 1971:1.

Blinder, Alan and Robert Solow, “Analytic Foundations of Fiscal Policy,” in Economics of Public Finance, Brookings Institution, 1974.

*De Menil, George and Jared Enzler, “Prices and Wages in the FMP Econometric Model,” in The Econometrics of Price Determination, Otto Eckstein, ed., 1970.

*Friedman, Milton, “The Role of Monetary Policy,” in OQM.

___________, and Anna Schwartz, The Great Contraction, Princeton, 1965.

*Gordon, Robert J., “Recent Developments in the Theory of Inflation and Unemployment,” JME, 2, (April 1976), pp. 185-219.

Gramlich, Edward, “The Usefulness of Monetary and Fiscal Policy as Discretionary Stabilization Tools,” JMCB, May 1971.

Jaffee, Dwight and Franco Modigliani, “A Theory and Test of Credit Rationing,” AER, December 1969.

*Holt, Charles, “Job Search, Phillips’ Wage Relation, and Union Influence: Theory and Evidence,” in E.S. Phelps, ed., Microeconomic Foundations of Employment and Inflation Theory, Norton, 1970.

Keeton, William, “An Analysis of Interest Rate Ceilings,” unpublished.

*Lucas, Robert, “Some International Evidence on Output-Inflation Tradeoffs,” AER, June 1972.

___________, “An Equilibrium Model of the Business Cycle,” JPE, 83 (Dec. 1975), pp. 113-44.

Modigliani, Franco, “Monetary Policy and Consumption: …,” in Consumer Spending and Monetary Policy, The Linkages, Federal Reserve Bank of Boston, Conference Series #5, June 1971.

___________, “The Channels of Monetary Policy in the FMP Econometric Model of the U.S.,” in Modelling the Economy, G.A. Renton, ed., Heinemann Educational Books, 1975.

___________, and Lucas Papademos, “Monetary Policy for the Coming Quarters: The Conflicting Views,” NEER, March/April 1976.

*___________, “Models of the Economy and Optimal Stabilization Policies,” June 1976, unpublished.

Mortenson, Dale, “A Theory of Wage and Employment Dynamics,” in Phelps, op. cit.

Sargent, Thomas, “Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment,”BPEA, 1973:2.

VII. Monetary Policy: Optimal Control and Related Issues

Athans, Michael, “The Discrete Time Linear-Quadratic-Gaussian Stochastic Control Problem,” Annals of Economics and Social Measurement, October 1973, pp. 449-493.

*Brainard, William, “Uncertainty and the Effectiveness of Policy,” AER, May 1967.

Fischer, Stanley and J. Phillip Cooper, “Stabilization Policy and Lags,” JPE, July/August 1973.

*Friedman, Benjamin, “Targets, Instruments, and Indicators of Monetary Policy,” JME, October 1975.

Holbrook, Robert S., “Optimal Economic Policy and the Problem of Instrument Instability,” AER, March 1972.

Pierce, James L., “Quantitative Analysis for Decisions at the Federal Reserve,” Annals of Economic and Social Measurement, January 1974.

*Poole, William, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model,” QJE, May 1970.

___________, “The Making of Monetary Policy: Description and Analysis,” EI, 13 (June 1975), pp. 253-65.

___________, “Benefits and Costs of Stable Monetary Growth,” in Karl Brunner and Allan H. Meltzer, eds., Institutional Arrangements and the Inflation Problems (Carnegie-Rochester Conference Series on Public Policy, Vol. 3, 1976).

VIII. Monetary Policy: Rational Expectations and Related issues

Barro, Robert J., “Rational Expectations and the Role of Monetary Policy,” JME, 2 (January 1976), pp. 1-32.

___________, and Stanley Fischer “Recent Developments in Monetary Theory,” JME, 2 (April 1976), pp. 133-67.

Fischer, Stanley, “Recent Developments in Monetary Theory,” AER, 65 (May 1975), pp. 157-66.

*Lucas, Robert E., “Econometric Policy Evaluation: A Critique,” in Karl Brunner and Allan H. Meltzer, eds., The Phillips Curve and Labor Markets (Carnegie-Rochester Conference Series on Public Policy, Vol. 1; Supp. To JME).

*Modigliani, Franco, “The Monetarist Controversy Or, Should We Foresake Stabilization Policies?” (AEA Presidential Address).

*Muth, John F., “Rational Expectations and the Theory of Price Movements,” Econometrica, 29 (July 1961), pp. 315-35.

*Poole, William, “Rational Expectations in the Macro Model,” BPEA, 2, 1976, pp. 463-514.

*Sargent, Thomas J. and Neil Wallace, “’Rational’ Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule,” JPE, 83 (April 1975), pp. 241-54.

___________ and ___________, “Rational Expectations and the Theory of Economic Policy,” JME, 2 (April 1976), pp. 169-83.

 

Source: Copy of mimeographed course reading list from the files of Irwin L. Collier. Provided by Robert Dohner (our friendship goes back to our internships at the Nixon Council of Economic Advisers in the year of Watergate).

Image Sources: Nobel Prize Web Page for Franco Modigliani;  William Poole at the Federal Reserve Centennial, 2014.