Category: Undergraduate

Categories
Chicago Economists Funny Business M.I.T. Undergraduate

Chicago. Paul Samuelson’s 50th Class Reunion Questionnaire, 1985

For his 50th class reunion Paul A. Samuelson filled out the following one page questionnaire. Besides revealing the youthful musical taste of this Chicago educated Wunderkind, Samuelson’s responses sometimes even illustrate his writing style (e.g. 7 8/9 grandchildren). I was most struck by his declared favorite professor during these formative years. Guess, then read.

____________________________________

CLASS OF 1935 SURVEY

Your former classmates are interested in what you’re doing.

 

Name Paul A. Samuelson                Maiden Name [blank]

Address MIT E52-383

City/State/Zip Code Cambridge, MA 02139

Your past and present occupation and employer Professor of Economics, Massachusetts Institute of Technology

Anything you wish to mention about your job Overpaid/underworked

Spouse’s name and occupation Risha Samuelson, Painter

No. of children 6       No. of grandchildren 7 8/9            No. of great-grandchildren [blank]

Degrees received and institutions attended AB U of C 1935; AM 1936, Ph.D. Harvard 1941, 2 dozen honorary degrees, including Chicago

Favorite class and professor at the University, and why Henry Simons, Economics! Great economist, great person.

Most rewarding, exciting, or unusual experience as a student Being reborn as a scientist-scholar

Most memorable moments since graduation Nobel Prize, 1970; birth of triplets, 1953; first-born, 1946

Favorite song or band of the ‘30s Wayne King, Hal Kemp, Paul Whiteman

Other affiliations (clubs, professional associations, political parities) [blank]

Have you received any civic, community, or academic honors? Yes

Accomplishments, interests, hobbies that you find especially significant Tennis

Future plans Economic writing

Please share any other information that your classmates may find interest I was given a great education, in the Midway’s golden age

 

Please return this form by April 15, 1985. You may attach an additional sheet if needed. Mail to: Reunion ’85 Network, 5757 S. Woodlawn Avenue, Chicago, IL 60637

[pencil note: Sent 2/22-85]

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Paul A. Samuelson Papers, Box 4, Folder “Personal”.

Image Source:  Henry Calvert Simons. University of Chicago Photographic Archive, apf1-07614, Special Collections Research Center, University of Chicago Library.

Categories
Courses Harvard Syllabus Undergraduate

Harvard. Intermediate Economic Theory and Policy. Monroe, 1947-48

Before heading off to the pastures of retirement, Harvard’s Arthur Eli Monroe taught a year-long undergraduate intermediate economics course, Economic Theory and Policy. His syllabi for 1947-48 show a serious attempt to weave contemporary textbook material with readings from major contemporary works and links to the history of economics.

A less than serious attempt was made, it appears to me, in writing the questions for the final examination for the two terms. They appear to be of the give-the-student-enough-rope-to-hang-himself variety.

More biographical information for Monroe can be found in the earlier posting:

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

 

_________________________________

Monroe’s 1948 AEA Listing

Monroe, Arthur Eli, 5 Concord Ave., Cambridge 38, Mass. (1915) Retired, teach., edit.; b. 1885; A.B., 1908, A.M., 1914, Ph.D., 1918, Harvard. Fields 1ab, 7, 9. Doc. dis. Monetary theory before Adam Smith(Harvard Univ. Press, 1923). Pub. Early economic thought (1924), Value and income (1931) (Harvard Univ. Press); “Demand for labor,” Q.J.E., 1933. Dir. W.W. in Amer.

 

Source: American Economic Association, Alphabetical List of Members (as of June 15, 1948). The American Economic Review, Vol. 39, No. 1 (January 1929), p. 131.

_________________________________

 

Course Staffing and Enrollments: Economics 1a and 1b, 1947-48

[Economics] 1a. Dr. Monroe.—Economic Theory and Policy (F)

Total 74: 1 Graduate, 45 Seniors, 19 Juniors, 2 Sophomores, 6 Radcliffe, 1 Other.

 

[Economics] 1b. Dr. Monroe.—Economic Theory and Policy (Sp)

Total 46: 2 Graduates, 38 Seniors, 3 Juniors, 3 Radcliffe.

 

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

_________________________________

Harvard University
Economics 1a
Fall Term — 1947-48

J. F. Due: Intermediate Economic Analysis*, Chs. I – IV, incl.
G. J. Stigler: Theory of Price, Chs. 5, 6.
N. Kaldor: Economic Journal, March, 1934. [The equilibrium of the Firm, Vol. 44, No. 173, pp. 60-76.]
A. E. Monroe: Value and Income, Ch. XV.

HOUR EXAMINATION—October 30.

Due: Intermediate Economic Analysis, Chs. V, VI.
K. E. Boulding: Economic Analysis, Chs. 24, 25.
E. H. Chamberlin: Monopolistic Competition, Chs. III, V.
Joan Robinson: Economics of Imperfect Competition, Chs. 17, 18, 19.

HOUR EXAMINATION—December 4.

Chamberlin: Monopolistic Competition, Chs. VI, VII.
R. Triffin: Monopolistic Competition…pp. 78-108.

READING PERIOD—One of the following:

A. Gray: Development of Economic Doctrine, Chs. III – X, incl.
P. T. Homan: Contemporary Economic Thought, Essays on Veblen, Marshall, Mitchell
A. G. B. Fisher: Class of Progress and Security, Chs. I – VIII, incl.

Conference periods: Saturdays, 9:30 – 12:30, Littauer M-14.

*Authorized for Veterans’ purchase.

_________________________________

 

Economics 1b
Spring Term — 1948

 

J. F. Due: Intermediate Economic Analysis*, Chs. 8, 11.
J. B. Clark: Distribution of Wealth, Chs. 11, 12.
J. R. Hicks: Theory of Wages, Chs. 1, 4, 6.
A. E. Monroe: Quarterly Journal of Economics, August, 1933. [The Demand for Labor, Vol. 47, No. 4, pp. 627-646.]
E. H. Chamberlin: Theory of Monopolistic Competition, Ch. 8

HOUR EXAMINATION—March 4.

J. F. Due: Intermediate Economic Analysis, Chs. 9, 10.
E. v. Böhm-Bawerk: Positive Theory of Capital, Book V.
A. E. Monroe: Value and Income, Ch. 8.
J. M. Keynes: General Theory of Employment…, Chs. 13, 15.
C. R. Bye: Developments…in the Theory of Rent, Chs. 1, 2, 3.

HOUR EXAMINATION—April 15.

J. F. Due: Intermediate Economic Analysis, Ch. 12.
F. H. Knight: Risk, Uncertainty and Profit, Chs. 8, 9.

*READING PERIOD—One of the following:

A. G. Gruchy: Modern Economic Thought, Chs. 5, 7, 8.
Theodore Morgan: Income and Employment, Chs. 1 – 15, incl.
Henri Sée: Modern Capitalism

CONFERENCE PERIODS: Saturdays, 9:30 – 12:30, Littauer M-14.

 

*Authorized for Veterans’ purchase.

 

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

Image Source:  Harvard Album, 1942.

Categories
Exam Questions Harvard Undergraduate

Harvard. History of Political and Economic Thought, A.B. Correlation Exam, 1939

Today’s posting is a transcription of the “correlation examination” questions for the history of political and economic thought given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • Six Correlation Examinations given to Honors Candidates.

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

 

______________________

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS
CORRELATION EXAMINATION
HISTORY OF POLITICAL AND ECONOMIC THOUGHT

(Three hours)

 

            Answer either FOUR or FIVE questions, selected from TWO or THREE groups. If questions are taken from only TWO groups, at least TWO questions must be answered in each group. If you answer FOUR questions, write about an hour on ONE of them and mark your answer “Essay.” This question will be given double weight.

 

A
Use a separate blue book for the questions in this part.

  1. “The greatest contribution of the Hellenistic Age in the field of political thought was the idea of cosmopolitanism.”
  2. “Dante’s De Monarchia represents both the culmination and the close of medieval political theorizing on international relations.”
  3. “Luther accepted the medieval conception of the social order, while at the same time rejecting all its sanctions.”
  4. “The Leviathan of Hobbes is the best philosophical comment on the Tudor system.”
  5. Who in your opinion is more typical of the eighteenth-century French thought: Montesquieu, Voltaire or Rousseau?
  6. “In a historical discussion of Romanticism, the term should be used in the plural, not in the singular.”
  7. “Hegel’s philosophy, with its emphasis on the historical continuity and collective nature of society, contributed to the growth of various types of political and social thought.”
  8. Discuss the impact of the theory of Evolution on the idea of Progress.
  9. “The Dictatorship of the Proletariat is a modern version of the Enlightened Despotism.”
  10. “It is highly significant that the present-date dictatorships, while frankly admitting they are anti-liberal nature, all pretend that they are more democratic than the old democracies.”

B
Use a separate blue book for the questions in this part.

  1. To what extent are the classifications of types of governments given by Plato and Aristotle useful at the present day? What amendments or additions would you suggest?
  2. The theory of popular sovereignty in the Middle Ages.
  3. “When Machiavelli based his instruction for Princes on the freedom from restraint, it seemed to the men of his day and unheard-of innovation, a monstrous crime.”
  4. “What is called totalitarianism is really the rediscovery of the doctrine of sovereignty, well-established in the 16th century, by nations which have more recently come to national life and the realization of it. Nothing has been added to the doctrine except the confusion of legal omnipotence with a practical omnicompetence.”
  5. “It was in truth a revolutionary act when Rousseau struck out the contract of rulership from the contractual theory; but it was not wholly without preparation that this stroke fell.”
  6. “It is in general a necessary condition of free institutions that the boundaries of governments should coincide in the main with nationalities.”
  7. How would you explain the weakness and inadequacy of American political thought in the period since the early years of the 19th century?
  8. “The idea of the totalitarian State was born in the last world war, which became a totalitarian war.”
  9. “The Fascist state is not legal but social; it deals with men as they are, not with legal patterns or abstractions. It does not recognize the “rights of citizens”; it offers men, services.”

 

C
Use a separate blue book for the questions in this part.

  1. “For a modern student, seeking to understand and to judge the medieval doctrines about ‘usury’, both the theoretical arguments supplied by Aristotle, and the religious attitude of the Church, are less important than certain medieval economic conditions.”
  2. “The basis of mercantilism was not confusion of the ideas, money and wealth, but a set of conditions which made the policy inevitable and right in that era.”
  3. “Few writers in history have exerted an influence upon the policies of any nation, equal to that of Adam Smith over British fiscal and commercial policy throughout the nineteenth century.”
  4. “The two parts of Ricardo’s system of economic theory were inconsistent; his theory of value or exchange implied, given free markets or free competition, a perfect harmony of all individual interests with one another and the public interest; but his theory of distribution, or wages, profits, and rent, implied a conflict of class-interests, in which Capital robs Labor while the Landlords Rob both.”
  5. “The classical tradition of economic theory is not responsible for the economic interpretation of history; for Marx was led to the latter, not at all by the ideas he borrowed from the classical economists, but wholly by Hegel’s philosophy of history, which he converted from ‘dialectical idealism,’ into his own theory of ‘dialectical materialism.’”
  6. “The ‘marginal utility’ and ‘productivity’ theories were invented in the late 19th century by the Austrian economists, J. B. Clark, and others, in an effort to refute Marx; and they failed to do this, because Marx had written about actual capitalism, while these new theories assumed an economic system that never did, or could, exist.”
  7. “The history of economic theory, in relation to that of the public policies discussed by economists, shows how small a part reason plays in the conduct of human affairs. To take only one example; although all economists have agreed, for a century, that Free Trade is beneficial, and Protection is harmful to every nation, only England heeded them for a little while, and they are now ignored on this issue, thru-out the world.”
  8. “The majority of the nineteenth century economists scarcely recognized, and their present-day successors are still far from understanding, the worst disease of the modern economic system, i.e., that which has caused it, ever since the outset of the industrial revolution, to break down every tenth year or so, in a world-wide depression.”
  9. “The ‘trust-busting’ era in American history had behind it the over-simple theory of business competition and monopoly, of the 19th century economists. But economists now possess a more realistic theory of ‘monopolistic competition,’ which may lead in time to public acceptance, and regulation of monopolies, replacing futile efforts to suppress them.”
  10. “The early, classical economic theory properly emphasized the ‘long-run’ effects of disturbing changes in economic conditions, which if allowed to work themselves out, usually correct the distressing, immediate effects that public opinion always wants governments to correct at once. But as more recent economic theorists have turned to ‘short-run’ analysis, they have fallen a prey, themselves, to the popular fallacies exploded by their predecessors.”

May 12, 1939.

 

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

Categories
Economic History Exam Questions Harvard Undergraduate

Harvard. A.B. Correlation Examination, American Economic History, 1939

Today’s posting is a transcription of the “correlation examination” questions for American economic history given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • Six Correlation Examinations given to Honors Candidates.

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

__________________________

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS
CORRELATION EXAMINATION
AMERICAN ECONOMIC HISTORY
(Three hours)

Answer either FOUR or FIVE questions, including TWO from each group. If you answer FOUR questions, write about an hour on ONE of them and mark your answer “Essay.” This question will be given double weight.

A
Use a separate blue book for the questions in this part.

  1. Did the colonies profit economically from their position in the British colonial system?
  2. Describe and contrast the land policies of Massachusetts and Virginia in the colonial period.
  3. How much of the weakness of the government under the Articles of Confederation would you attribute to the economic condition of the country?
  4. Why die New York rather than Boston, Philadelphia, Baltimore, Norfolk or Charleston become the pre-eminent port of the United States?
  5. Was slavery profitable?
  6. Can the Republican party on its record 1865 to 1900 be spoken of as the “sound money party”?
  7. Describe the efforts of state governments to regulate the railroads in the period before 1887.
  8. How do you account for the triumph of the American Federation of Labor over the Knights of Labor?
  9. Is there a continuity between the Progressive movement of the early part of this century and the economic policies of Franklin Delano Roosevelt?

 

B
Use a separate blue book for the questions in this part.

  1. “The real forces behind the trust movement were very plain and simple. A lot of excellent bankers in Wall Street found that they could buy two and two, put them together and sell to the public for six or seven or eight.”
  2. “The farmers have always tried to put the blame for their ‘troubles’ on some external factor—money, railroads, trusts—but the real cause was always the same: overproduction.”
  3. Sketch the more important consequences of immigration into the United States in the period 1870-1914.
  4. “The momentary flowering of canal transport in this country a hundred years ago had little basis outside the alluring fantasies of that generation of state planners.”
  5. What important consequences of the public land policy in the nineteenth century remain today?
  6. Discuss the effects of the Napoleonic Wars on American economic life.
  7. “In industrial production America went directly from the handicraft stage to the factory system.”
  8. Explain briefly the attitudes in different regions of the country on questions of monetary and banking policy during the period 1820-1850.
  9. What methods were used by the United States Government to mobilize its economic resources during the World War?

May 12, 1939.

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

 

 

Categories
Exam Questions Harvard Undergraduate

Harvard. Market Organization and Control. Special Examination, 1939

Today’s posting is a transcription of the “special examination” questions in market organization and control given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • One of the Six Correlation Examinations given to Honors Candidates. (May 12, 1939; 3 hours)

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

_____________________________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

 

________________________

 

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

DIVISION SPECIAL EXAMINATION
Market Organization and Control

(Three hours)

PART I

(About one hour)

  1. Write an essay on one of the following topics:
    1. public control of stock markets,
    2. significance of NRA for future public policy,
    3. the Federal Trade Commission—an appraisal,
    4. two-price plans for farm products,
    5. farm tenancy,
    6. cooperative marketing in agriculture,
    7. public planning for electricity in Great Britain and in the United States,
    8. the question of relief for the railroads,
    9. the concept of “natural monopoly”,
    10. the holding company in industry and in public utilities,
    11. rural electrification,
    12. legislative and administrative standards for government price control.

 

PART II

(About one hour)

Answer two questions. Candidates for honors must answer one starred question

  1. (*) What problems do you think especially need study in a “monopoly investigation”?
  2. (*) “With a basing point system competition in such crude matters as price and quality has been put aside, and all that seems to remain is a gentlemanly emulation in the art of making friends and influencing people.”
  3. Discuss the relations of vertical combination to efficiency and to monopoly.
  4. “Pure competition is not the path to economic progress in an industrial age.”
  5. (*) “Selection of a short-run agricultural program should depend on long-run objectives. If the eventual aim is to reduce farm capacity some type of domestic allotment scheme is appropriate for short-run policy; if the purpose is to maintain present capacity unchanged for two or three decades, then export subsidy is indicated for the short run.”
  6. (*) In the case where farm products are purchased by a few large buyers can the prices paid be kept permanently below the level that they would approximate if there were many small buyers? Explain.
  7. Would you agree with the view that the important public problems concerning agriculture are those of land use and conservation rather than those of prices, costs, and incomes?
  8. “the fact that during the twenties the farmers did not move on into some non-agricultural pursuit shows that the incomes that they received were sufficient to keep them on the farms. Hence there was no real overcapacity in agriculture.”
  9. (*) The elimination of excessive profits from utility operations is, in itself, no proof of successful rate regulation.”
  10. (*) What do you think should be the objectives of regulation of securities and financial practices of operating utility companies? What principles of financial regulation seem best fitted to achieve these aims?
  11. Discuss some of the important economic problems in the field of communications.
  12. “If the utility has a thousand transactions a day and its charge on each is but a reasonable compensation for the benefit received by the party dealing with it, such charges do not become unreasonable because the aggregate of the profits is large.”

 

PART III

(About one hour)

Answer two questions.

  1. “The manufacturers who reduce output to maintain high prices nevertheless understand that the soundest principles of economics have been violated when farmers are assisted by government to plough under cotton and slaughter little pigs. These same farmers, however, will in the same breath denounce the railroads and utilities for not expanding production by reducing rates.”
  2. “Sizes of firms have nothing to do with the degree of price flexibility in a market. That depends fundamentally on conditions of demand and of costs.”
  3. How may prices of farm products and location of agricultural production be affected by freight rates?
  4. “Where a large proportion of the costs are fixed, competition is likely to be a poor regulator of industry. It seems highly probable that some industries escaped a situation somewhat analogous to that of farming because of monopolistic elements in competition.”
  5. Do you agree with the view that price discrimination is desirable in public utilities but undesirable in other industries? Explain.
  6. “A reduction in corporate taxes would be the most effective antitrust measure to get lower prices.”
  7. Do you think that total employment and total consumption of goods and services in the country as a whole can be influenced appreciably by (a) the policies of public utility managements and of regulatory commissions, or (b) the policies of farmers and of the Secretary of Agriculture?
  8. “The organization and mechanism of the socialist economy is almost identical with that of monopolistic corporate capitalism. It is the results which would differ.”
  9. “In the future the policies of labor unions will have more influence on industrial prices than the policies of business executives.”

 

May 10, 1939.

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

Categories
Exam Questions Harvard Undergraduate

Harvard. Money and Government Finance. Division Exam, 1939

Today’s posting is a transcription of the “special examination” questions in money and finance given at Harvard in May 1939. Note that by finance, government finance/fiscal policy was understood.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • One of the Six Correlation Examinations given to Honors Candidates. (May 12, 1939; 3 hours)

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

_____________________________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

 

________________________

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

DIVISION SPECIAL EXAMINATION
Money and Finance

(Three hours)

PART I

(About one hour)

  1. Write an essay on one of the following topics:
    1. the depression of 1937-1938,
    2. the Federal Reserve System since the War,
    3. currency depreciation,
    4. price levels and foreign exchange under inflation,
    5. the recent and current policies of Germany with respect to foreign exchange and foreign trade, and their effects on the world economy,
    6. international short-term balances,
    7. the ability-to-pay theory of taxation,
    8. the burden of the public debt,
    9. taxes and subsidies as means to increase the national income,
    10. financing social security,
    11. taxation and the business cycle,
    12. the Federal Reserve Board and the Treasury.

 

PART II

(About one hour)

Answer two questions. Candidates for honors must answer one starred question

  1. (*) According to a recent proposal, new money (supplementary to our present currency) would be freely issued at a fixed price against the delivery of a stated composite of storable raw materials and redeemable at any time in the same commodity composite. Discuss the possibilities of this scheme as a means of mitigating the business cycle.
  2. (*) Explain (a) the factors that determine the current level of total consumption and investment in a community in a given period, and (b) the possible effects of the current on the future level of consumption and investment.
  3. “Inflation means that artificial purchasing power, which represents no goods and services available for exchange, is enabled to bid for goods and services.”
  4. Discuss the importance and the principles of proper control of the quality of bank credit.
  5. (*) “When a country is off the gold standard, its government and central bank have the power to control the exchange rate and prevent external events from causing domestic deflation and unemployment. And in this case even if the government and the bank are not conscious of this power and have no conscious policy, their actual behavior will precisely determine the exchange rate, and the output and income of the country.” Discuss.
  6. (*) Can the general conclusions of the classical theory of international trade be supported if the theory of comparative labor costs is replaced by a type of analysis consistent with the ideas about costs and values now accepted in general economic theory? Explain.
  7. “In practical world politics, the difference between the South Manchurian Railway Company and the Japanese Government, or between the Anglo-Persian Oil Company and the British Government, is the difference between Tweedledum and Tweedledee.”
  8. Outline and explain the principal changes that have occurred in the balance of payments of the United States in the last two decades.
  9. (*) Are there any satisfactory criteria to distinguish between “productive” and “unproductive” government expenditure?
  10. (*) How may expenditure by government of funds obtained through taxes affect the incidence of the taxes?
  11. “All taxes tend to depress wages or increase prices and to lower the standard of living.”
  12. “Equity in taxation is an elusive mistress, whom perhaps it is only worth the while of philosophers to pursue ardently and of politicians to watch warily.”

 

PART III

(About one hour)

Answer two questions.

  1. “The budget should be balanced by issue of gold certificates. The government owns the gold and it has every right to use it to pay its debts.”
  2. “Keynes’s economic system is a reversion to the economic doctrines of mercantilism.”
  3. Compare the probably effectiveness of banking reform and tax reform as methods of preventing harmful inequalities of income.
  4. “The ‘abstinence’ for which investors are presumed to be rewarded under our system of private capitalism has too often become total and permanent abstinence, because our commercial bankers have departed from their proper functions and become mortgage bankers or bond salesmen, or even croupiers for the gambling games carried on in stock exchanges.”
  5. Do you think that the financing of a large governmental deficit by the banking system makes it difficult for private investment to expand enough to provide full employment?
  6. “The true meaning of laissez-faire, as the Classical economists well understood, is positive action by government in the spheres of money, public finance, and foreign trade to provide a framework within which free enterprise can function to bring desirable results.”
  7. “Free competition is essential to the proper functioning of capitalism and the necessity for competition in the banking business is perhaps the primary requisite in this respect.”
  8. Do you think that the foreign markets for this country’s surplus farm products are being seriously jeopardized by the present administration’s agricultural policies? Explain.
  9. “Public finance, above all, must ‘change with the times’, for the failure to adapt public finance to changing social pressures has always been a potent cause of revolution.”

 

May 10, 1939.

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

Categories
Economic History Exam Questions Harvard Undergraduate

Harvard. Economic History since 1750. Division Examination, 1939

Today’s posting is a transcription of the “special examination” questions in economic history since 1750 given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • One of the Six Correlation Examinations given to Honors Candidates. (May 12, 1939; 3 hours)

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

_____________________________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

________________________

 

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

DIVISION SPECIAL EXAMINATION
Economic History since 1750

(Three hours)

PART I

(About one hour)

  1. Write an essay on one of the following topics:
    1. the effects of technological change upon economic and political change in the period 1750-1850 or 1850-1940,
    2. Ricardo’s influence on the policies and economic development of England,
    3. labor and politics during the last fifty years in France, or Great Britain,
    4. Bismarck’s policies and their effects on Germany’s economic development,
    5. causes and effects of the growth of restrictions on international trade in the last half-century,
    6. the corporation in America prior to 1850,
    7. prosperity-depression cycles in agriculture and in industry—comparative chronology and characteristics in any fifty-year period,
    8. the development of banking during the nineteenth century in the United States, France, or Germany,
    9. the influence of the railroads on the American economy, 1840-1900.

 

PART II

(About one hour)

Answer two questions.

  1. How do you explain the world-wide fall of the price level in the latter part of the nineteenth century?
  2. To what extent have the causes of “economic imperialism” in modern history been economic causes?
  3. Sketch the principal favorable and unfavorable effects of the rise and spread of the factory system on the welfare of “the toiling masses.”
  4. Explain the principal economic consequences for Germany of the last world war and the Versailles Treaty.
  5. Outline the systems of land tenure in England and France in the nineteenth century and their effects on the development of agriculture in those countries.
  6. Has the Industrial Revolution ended? If so, when did it end?
  7. Explain the monetary events and theories of England’s “restriction period,” and their effects on later English legislation and monetary policy.
  8. Discuss the development of one of the following industries in Europe between 1870 and 1914 and its effects on European economic history: electricity, oil, chemicals.
  9. Discuss the economic causes and effects of the high rate of population growth that characterized the nineteenth century.
  10. “In the farm problem of the twentieth century the United States government is reaping both what it sowed and what it did not sow in its land policy of the preceding century.”
  11. What were the principal economic activities in the different sections of this country at that time and the changes in it during the next half-century.
  12. What part did economic factors play in causing the Civil War in the United States?
  13. Is there any good evidence that monopoly elements in the American economy increased between 1850 and 1910?

PART III

(About one hour)

Discuss two of the following questions.

  1. “The failure of the royal government of France to balance its budget brought on the French Revolution. In the light of that experience, it is folly to think that American democracy in our time can save itself by deficit financing to provide employment.”
  2. “The great errors of economic policy in the nineteenth century were excessive political interference with relative prices and disastrous neglect of the positive responsibilities of government under a free enterprise system.”
  3. “Economic history demonstrates that tariff policy exercised no significant effect on the economic development of leading European countries in the nineteenth century.”
  4. “Liberty of contract has provided both a great stimulus to economic progress and a great deterrent to social progress.”
  5. “A casual acquaintance with the history of the nineteenth century is sufficient to dismiss the claims of those who would substitute a ‘managed’ currency for sound money.”
  6. “Those who seek to ensure a market uncontrolled either by the state or by powerful interests in the state must be theoreticians rather than historians.”
  7. “The most potent influence on industrial organization in the United States has been American inventive genius.”

 

May 10, 1939.

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

Categories
Exam Questions Harvard Undergraduate

Harvard. A.B. Division Examination, Economic Theory, 1939

Today’s posting is a transcription of the “special examination” questions in economic theory given at Harvard in May 1939.

Concentrators in Economics will have to pass in the spring their Junior year a general examination on the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.
Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.
[Source: Harvard Crimson, May 31, 1938]

A printed copy of questions for twelve A.B. examinations in economics at Harvard for the academic year 1938-39 can be found in the Lloyd A. Metzler papers at Duke’s Economists’ Papers Project. 

Economic Theory,
Economic History Since 1750,
Money and Finance,
Market Organization and Control,
Labor Economics and Social Reform.

  • One of the Six Correlation Examinations given to Honors Candidates. (May 12, 1939; 3 hours)

Economic History of Western Europe since 1750,
American Economic History,
History of Political and Economic Thought,
Public Administration and Finance,
Government Regulation of Industry,
Mathematical Economic Theory.

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

________________________

DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

DIVISION SPECIAL EXAMINATION
Economic Theory

(Three hours)

A candidate may, at his option, write hour essays on TWO topics in Part I and omit Part II.

Part I

(About one hour)

  1. Write an essay on one of the following topics:
    1. monopolistic competition and excess capacity,
    2. selling costs and social waste,
    3. the theory that interest is the price paid for ‘the service of waiting’,
    4. the effects on employment of a general cut in money wage-rates in the early stages of depression,
    5. the nature and causes of ‘pure profit’.

Part II

(About one hour)

Answer two questions.

  1. Explain, and discuss briefly, the meanings, the main ‘geometric’ properties and relations, and the main uses as aids to analysis, of the following ‘tools’: the demand curve for a firm’s output; the firm’s marginal revenue curve; its short- and long-period curves of average total unit costs; and its curve of marginal costs.
  2. “Although the ‘individual firm approach’ to value theory is in general superior, the ‘whole industry approach’ of Marshall still is capable of being used, without assuming ‘pure competition’, as an effective way of exploring certain important problems, which the other approach leaves out of sight.” Discuss.
  3. Explain the essential propositions of the ‘marginal productivity theory’ of income distribution in an economy characterized by pure competition; and the principal changes which must be made in this theory when account is taken (a) of monopoly elements in the markets in which products are sold, and (b) of monopoly elements in the markets in which factors are hired.
  4. “Those who hold that competitive allocation of economic resources in free markets would bring maximum satisfaction only if incomes were approximately equal, are in effect admitting that the market neither does, nor can, give sound guidance in any economic system that relies upon the profit motive to keep going.”
  5. Discuss the proper definitions, provinces, difference in assumptions, and relation to each other, of economic ‘statics’ and ‘dynamics’.
  6. Explain and discuss one major, novel concept introduced into economic theory by J. M. Keynes.

 

Part III

(About one hour)

Discuss two of the following questions.

  1. “Men are no longer units; they are being compulsorily coagulated into groups, and the forces of combination and regulation are producing a society very different from that which the nineteenth century Political Economy set out to interpret.”
  2. “The nature of an economic law is such that it can be neither established nor refuted by an appeal to the facts.”
  3. “The conception of the economic process as a circus off commodities and prices divorced from class relations is neither Marxian nor Classical.”
  4. “If we find something approaching pure competition in any branch of production, we can conclude that it is subject to increasing costs.”
  5. “Given fresh natural resources to develop, a rapidly increasing population, and foreign markets for goods and capital, even a trustified capitalism might be able to maintain high utilization of economic resources and an increasing national income. But in the absence of these favoring conditions it will be undermined more and more by direct government action to ward off the ever-present tendency to continuous depression.”

 

May 10, 1939.

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Lloyd A. Metzler Papers, Box 7; [Harvard University], Division of History, Government and Economics, Division Examinations for the Degree of A.B., 1938-39.

 

Categories
Columbia Courses Undergraduate

Columbia. Undergraduate Economic Courses Chosen. 1923-1929

In a university with the scope of  Columbia, economics courses are taught within several different administrative units. While the economics department that grew within the graduate Faculty of Political Science is of primary importance, we probably want to keep an eye on developments in the undergraduate programs of Columbia College and Barnard College and courses taught in the Business School. The following table caught my eye in a folder labelled “Columbia College” in an archival box of the economics department. I have inserted a column with the course names found in the annual university catalogue. I find it interesting that “comparative economic systems” was already a course designation no later than 1921-22 (p. 114 of the departmental listings in the 1921-22 catalogue, taught by assistant professor W. E. Weld). Google N-Gram first registers the use of “comparative economic systems” in 1955.

From the 1921-22 catalogue (p. 38): William E. Weld, Assistant Professor of Economics,  A.B., Wooster, 1903; A.M., 1909; Ph.D., Columbia, 1920. He went on to become professor and Dean at Rochester University (1929-1937) and President of Wells College (1936-48).  Here is his obituary in the New York Times.

Historical enrollment figures by class as well as course-staffing information are easily available (on-line!) for Harvard in the Annual Reports of the President. For other universities  I just continue to look for relevant administrative memos (like that posted here) in departmental and university records.

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

__________________

COURSES AND ELECTIONS
[by Columbia College Students]

I A. Elections by Courses

 

Course number or letter

 [course name] Or, is this course one in business? 1928-29* 27-28 26-27 25-26 24-25 23-24

Increased
Decreased
Steady
Economics

1

 Principles of Economics—Principles and practical problems. 6 points. 301 271 259 274 281 322

1r

 – 7 – – –

–
2 – 230 241 244 264

286

3

 Economic institutions in operation. 2 points. 12 20 – – – –
6 Principles of economics. Combination of Economics 1-2. 5 points. – 56 60 52 29

32

7

 Phases of American economic life. 2 points. – 14 17 9 41 20

8

 Proposals for economic reorganization. 2 points. – 8 23 15 33

8

9

 Comparative economic systems, or International comparison and economic welfare. 6 points. 19 – 35 34 10

20
10 – – 33 29 9

13

11

 Early, Legal economics. Then, The development and content of present-day economic theory. 4 points 8 15 – – 15 23
12 – 11 – – 9

8

14

 Financial organization. 2 points. Yes – – 25 6 –

–

17

 Elements of business administration “ 152 107 82 81 94 138
18 “ – 90 67 53 68

105

20

 Earlier, Elements of Business Administration. Later, Financial and business organization. 4 points. “ – 41 16 11 13 26
33 Methods in social sciences. 2 points. – – – 4 15

–

101

 Public finance. 6 points. Yes 15 13 11 17 21 38
102 “ – 11 6 12 12

25

103

 Principles of money and banking. 3 points. “ 75 38 26 28 25

54

104

 The organization of the banking system. 3 points. “ – 31 23 25 19

34

105

 Labor problems. 3 points. 20 7 14 6 10 32
106 Corporation and trust problems. 3 points. – 13 9 5 10

31

107

 Fiscal and industrial history of the United States. 3 points. 3 – 3 – – –
108 Railroad problems; economic, social and legal. 3 points. – – 4 – 7

–

131

 Earlier, Legal economics. Later, Legal factors in economics. 4 points. 5 8 8 6 – –
132 – 6 3 2 –

–
Total Elections of Economics Courses by Columbia College Students 621* 1010 972 923 1002 1254

*For Winter Session Only

 

Source: Columbia University Libraries and Archives. Columbiana. Department of Economics Collection. Box 6, Folder “Columbia College”.

Image Source: Art and Picture Collection, The New York Public Library. (1913). Library Columbia University, New York City. Retrieved from http://digitalcollections.nypl.org/items/510d47e2-8bad-a3d9-e040-e00a18064a99

Categories
Bibliography Courses Harvard Suggested Reading Syllabus Undergraduate

Harvard. Empirical Economics. Orcutt, 1950

This is the second batch of material I post from Guy Henderson Orcutt’s undergraduate course Economics 110 at Harvard. His bibliography on the scientific method was included in the previous posting.

A four item reading list for Economics 110 in 1949-50 and a selective reading list (Part I, no part II in the folder) for the 1950-51 course have been transcribed for this posting.

One more bibliographic list is filed under 1949-50, Economics 110: “A Bibliography of Statistical or Inductive Studies of the Determinants of Imports or Exports”. That bibliography is identical to Appendix 4B of Orcutt’s famous paper, Measurement of Price Elasticites in International Trade (Review of Economics and Statistics, Vol. 32, No. 2. May, 1950), 117-132. This material was explicitly discussed in the academic year 1950-51 in the course in Economics 210b (see Orcutt’s course offerings below).

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

______________________________________

1949-50
Economics 110
Reading List

(Additions will be made to this list)

Henry Schultz—The Theory and Measurement of Demand, University of Chicago Press, 1938.

William H. Nicholls—Labor Productivity Functions in Meat Packing, University of Chicago Press, 1948.

Dale Yoder, D. G. Paterson, et al—Local Labor Market Research, University of Minnesota Press, 1948.

Jacob Marschak—Introduction to Econometrics, Mimeographed lectures (Buffalo and Chicago). Only about two dozen copies are still available. They can be mailed for $2.25 a copy plus postage. To obtain them write the Cowles Commission, University of Chicago, Chicago 37, Illinois. I expect to use this book for Economics 110 and Economics 125b this semester and for mathematical economics next fall.

 

Source:   Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 4, Folder “Economics, 1949-50, (1 of 3)”

______________________________________

 

[Course offerings 1950-51: Orcutt’s Empirical Economics]

Economics 110a. Empirical Economics: National Income and Business Fluctuations

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Assistant Professor Orcutt.

This course will deal with the empirical foundations of economic theory in the fields of national income and business fluctuations, The methods by which various types of prediction are attempted will be given considerable attention.

 

[Economics 110b. Empirical Economics: The Price Mechanism]

Half-course (fall term). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Assistant Professor Orcutt.

Omitted in 1950-51; to be given in 1951-52.

This course will deal with the empirical foundations of economic theory concerning the functioning of the price mechanism. The agricultural and foreign trade sectors will receive particular attention.
Properly qualified undergraduates will be admitted Economics 210b.

 

Economics 210a. Empirical Economics: National Income and Business Fluctuations
Half-course (fall term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 11. Assistant Professor Orcutt.

This course will deal with the problems and techniques of testing economic theory and of prediction in the fields of national income and business fluctuations.

 

Economics 210b. Empirical Economics: The Price Mechanism

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 11. Assistant Professor Orcutt.

This course will deal with the problems and techniques of testing economic theories and predictions concerning the functioning of the price mechanism. The agricultural and foreign trade sectors will receive particular attention. Properly qualified undergraduates will be admitted to this course.

 

Source. Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences During 1950-51. Official Register of Harvard University, Vol. XLVII, No. 23 (September, 1950) , pp. 80, 84.

______________________________________

 

A Selected List of Readings Relevant to
Economics 110a and 210a
Part I

Asher Achinstein, Introduction to Business Cycles, Thomas Y. Crowell Company, 1950

John Maurice Clark, Strategic Factors in Business Cycles, National Bureau of Economic Research (1935), reprinted Augustus M. Kelley, Inc., 1949
http://papers.nber.org/books/clar34-1

James Duesenberry, Income, Saving and the Theory of Consumer Behavior, Harvard University Press, 1949

William J. Fellner, Monetary Policies and Full Employment, University of California Press, 1946

Edwin Frickey, Economic Fluctuations in the United States, Harvard University Press, 1942

Gottfried Haberler, Prosperity and Depression, 3rd ed., 1943, reprinted by United Nations, 1946

P. M. Hauser and W. R. Leonard, Government Statistics for Business Use, John Wiley and Sons, New York, 1946

J. R. Hicks, A Contribution to the Theory of the Trade Cycle, Clarendon Press, Oxford, 1950

Lawrence R. Klein, Economic Fluctuations in the United States, 1921-1941, John Wiley and Sons, New York, 1950

Tjalling C. Koopmans and others, Statistical Inference in Dynamic Economic Models, John Wiley and Sons, New York, 1950

Wassily Leontief, Structure of the American Economy, 1919-1929, Harvard University Press, 1941

Jacob Marschak, Introduction to Econometrics, Cowles Commission, University of Chicago, 1949

A. F. Burns and Wesley C. Mitchell, Measuring Business Cycles, National Bureau of Economic Research, 1946

Oskar Morgenstern, On the Accuracy of Economic Observations, Princeton University Press, 1950

Philip Neff and Annette Weifenbach, Business Cycles in selected Industrial Areas, University of California Press, 1949

W. Nelson Peach and Walter Krause, Basic Data of the American Economy, 3rd ed., Richard D. Irwin, Inc., Chicago

D. H. Robertson, A Study of Industrial Fluctuation, 1915, reprinted by London School of Economics and Political Science, 1948

Richard Ruggles, An Introduction to National Income and Income Analysis, McGraw-Hill, Inc., 1949

J. Tinbergen, Statistical Testing of Business-Cycle Theories, Vol. I, “A Method and Its Application to Investment Activity,” Vol. II, “Business Cycles in the United States of America, 1919-1932,” League of Nations Economic Intelligence Service, Geneva, 1939

J. Tinbergen and J. J. Polak, The Dynamics of Business Cycles, University of Chicago Press, 1950

U.S. Department of Commerce, Bureau of the Census, Historical Statistics of the United States, 1789-1945

Thomas Wilson, Fluctuations in Income and Employment (3rd ed.), Pitman Publishing Company, New York, 1949

 

 

Source:   Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 4, Folder “Economics, 1949-50, (1 of 3)”

Image Source: Cropped from portrait in Harold W. Watts (1991). Distinguished Fellow: An Appreciation of Guy Orcutt. Journal of Economic Perspectives, Vol. 5, No. 1, Winter, pp. 171-179.