The following examination consisting of six questions (answer five) comes from George Stigler’s papers at the University of Chicago Archives. It is safe to assume that Stigler penned these questions.
The questions from the 1989 prelim on the History of Economic Thought are found in the following post.
________________________
History of Economic Thought
Summer, 1974
WRITE IN BLACK INK
WRITE THE FOLLOWING INFORMATION ON THE FIRST PAGE OF YOUR EXAMINATION PAPER:
— Your code number and not your name
— Name of examination
— Date of examination
Write only on one side of each page.
Write the following information on each following page of your examination paper:
— Top left: code number
— Top right: number of page
When you fold your paper at the end of the exam, write your code number on the back of the last page, and indicate total number of pages.
Results of the examination will be sent to you by letter.
Write on five of the following questions.
- John Stuart Mill is undergoing a rehabilitation of reputation after long being viewed as a pallid synthesizer of classical doctrines. Is this improved reputation deserved?
- Precisely how is the product-after-deduction-of-rent divided between labor and capital in the Ricardian system? Is the short run division different from the long run division? Is the system in equilibrium?
- Jevons is the founder of quantitative economics. What is the basis for this claim? Why did this type of work appear as late (or early?) as the 1860’s?
- Smith rated some forms of investment as socially preferable to others. What was his ranking of agriculture, manufactures and trade? Was his analysis valid?
- John A. Hobson, N. Lennin [sic], and others have authored theories of imperialism, which, in spite of various differences, have in common the proposition that modern expansionist wars and diplomatic entanglements are a consequence of the economic structure and dynamics of capitalism. Against this point of view, it has been argued that aggressive expansionism is much older than modern capitalism, and that economic interests have been used as a pawn of the political ambitions of statesmen. What kind of evidence would you regard as valid to evaluate the appropriateness of either type of theory on the relationships between economic change and war.
- Malthus’ gloomy prediction that the standard of living could not rise above a subsistence level proved wrong with respect to the Western world. List as many reasons as you can to account for this. Also, state as precisely as possible how Western population trends of the past two centuries can be related to (a) the law of diminishing returns and (b) shifts in production-possibility frontiers.
Source: University of Chicago Archives. George Stigler Papers, Addenda. Box 33 (2005-16), Folder: “Exams & Prelim Questions.”
Image Source: George Stigler page at the University of Chicago Booth School of Business website.