Don Patinkin took reasonably detailed notes in two of Jacob Viner’s three graduate courses in international economics in 1944 from which it is a fairly easy task to put together course outlines and the corresponding lists of assigned as well as suggested readings and references.
Just as in his core economic theory course Economics 301, Price and Distribution Theory, Viner appears to have given reading assignments generally in blocks at a time that one presumes he wrote or had written on a black board to be copied into student’s notes. During his lectures there was the occasional new reference to be given.
A Chicago quarter is a dozen weeks long. Viner packed into the first dozen weeks a historical survey of mercantilism followed by one on the bullionist controversy and found time to talk about both exchange rate determination and the pure theory of trade as well as the competing plans by Keynes and White put forward on the eve Bretton Woods conference. An educational tour-de-force.
Almost all of the readings have been properly identified and brought into proper bibliographic form. And if this is not enough, I include Patinkin’s list of 19 Ph.D. examination questions for the field.
More recently I have posted the bibliography and exam questions for this course as taught by Viner in the Winter Quarter of the 1932/33 year. That information was found in the Milton Friedman papers in the Hoover Institution archives.
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Econ. 370
International Trade and Finance
Jacob Viner
Winter Quarter, 1944
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[Course Description]
XI. INTERNATIONAL ECONOMIC RELATIONS
- International Trade and Finance. The theory of international values, the mechanism of adjustment of international balances, foreign-exchange theory, the international aspects of monetary and banking theory, and tariff theory. Prereq: Econ 301 or equiv. Win: M, W, F 9, Viner.
Source: The University of Chicago, Announcements, The College and the Divisions. Sessions of 1943-1944. Vol. XLIII, No. 10 (August 10, 1943), p. 317.
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[Course Outline and Reading Assignments]
| Subject | LECTURES |
| MERCANTILISM | |
| BULLIONIST CONTROVERSY | |
| INT’L MECHANISM: SIMPLE SPECIE | |
| role of exchange rate fluctuations | |
| role of price changes | |
| role of specie flow | |
| income elasticity for imports | |
| terms of trade | |
| unilateral payments | |
| inductive studies | |
| purchasing power parity theory | |
| FRACTIONAL RESERVES | |
| short term capital movements | |
| inter-regional adjustments | |
| flight capital | |
| fixed and flexible exchanges | |
| current int’l monetary agreement discussion | |
| PURE THEORY OF INTERNATIONAL TRADE | |
| Ohlin on determinants of specialization | |
| Alternative cost doctrine | |
| The case for FREE TRADE | |
| Graphical analysis—Edgeworth on gains from trade | |
Mercantilism
Viner, Studies, ch. 1 & 2.
Heckscher, Mercantilism, II, 175-261.
—— Ency. Soc. Sciences, v. 10, pp. 333b-339a.
—— Econ. Hist. Review, Nov. 1936.
Viner, Review of Heckscher, Econ. Hist. Review, v. 6.
—— “Balance of Trade”, Ency. Soc. Sciences, v. 2, pp. 399-406.
Seligman, Bullionists, Ency. Soc. Sciences, v. 3, pp. 60-64.
Mun, England’s Treasure, ch’s 2, 3,4,5,6,7,8,19,20.
Hume’s Essays: “Of Money”, “Of the Balance of Trade”
Malynes
Bullionist Controversy
Viner, Studies, ch. 3 & 4.
Silberling, “Financial & Monetary Policy” (Q.J.E.—skim; Feb. & May 1924).
Angell, James W. Theory of international prices. Ch III & Appendix A, pp. 427-503.
Viner—Review of Angell. J.P.E. (pp. 601-611 only).
Ricardo—High Prices of Bullion in McCulloch edition of Works or in Gonner ed. Ricardo’s Essays.
Mechanism of International Equilibrium
E. M. Bernstein, J.P.E. 1939
Imre de Vegh in Review of Econ. Statistics, 1941
Leontieff (Essays in Honor of Taussig)
Robertson—Viner. QJE Feb 1939.
Ricardo, Principles ch. 7.
J.S. Mill, Principles, Book III, chs. 17 & 18.
Ohlin—Interregional & International Trade. ch’s 1,2,4,14,20; Appendices I & II.
Viner—Studies ch. 6.
[for material of ch. 5 (Viner) see—
Elmer Wood—Eng. Theories of Central Banking Control
E.V. Morgen. Hist. of Central Banking Theories
Wadrey [?], Ph.D. thesis]
read Ellsworth—Int’l Economics—chs. 5 &6—well organized
Mosak — Dr.’s thesis on material of ch. 6
Bronfenbrenner — Studies in Math. Economics-Lange
Haberler — Theory of Int’l Trade
International Mechanism Under Gold Standard, Fractional Reserves
[Viner] Studies — ch. 7
Explorations in Economics [Taussig Festschrift]: Currie [Domestic Stability & the Mechanism of Trade Adjustment to Int’l. Capital Movements]—pp.46-56, also Angell pp. 15-19, Leontief [Notes on the Pure Theory of Capital Transfer]—pp.84-91.
E. M. Bernstein, J.P.E., June 1940.
J.C. Gilbert, R.E. Studies V (1937-8), 187ff.
Imre de Vegh, R.E. Stat, 1942. [sic]
Paish, Economica, Nov. 1936
Interest Rates & Capital Movements
O. M. W. Sprague [Economic Adviser to the Bank of England]—Memorandum [presented after the Bank for International Settlements in May 1932]: Statistical Data on Foreign Short-Term Loans—their Collection & Use
[Paish, F. W.] Banking Policy & Int’l Payment. Economica [Nov.] 1936.
Gilbert. Review of Econ. Studies V. 5, pp. 187 ff.
The “Gold Standard”
[criticism of…next three items]
Keynes — Treatise on Money.
Whittlesey
Graham & Whittlesey. Golden avalanche
Bretton Woods:
Get Keynes’ plan (British Ministry of Information) & White (Treasury) plan (revised of July)
see also FR bulletin
Princeton bibliography on this.
Williams’ July- 1943 and Jan 1944, Foreign Affairs.
Irving Trust Co. Symposium. Read: texts of agreement
Goldenweiser, E. A.
articles by Kemmerer, Viner, Williams
C. P. Kindleberger, Short-Term Capital Movement (1936)
Marco Fanno. Normal and Abnormal Cap. movements.
Paul Einzig. Foreign Balances (1936)
Viner—Two plans for int’l monetary standard. Yale Review.
Pure theory of Int’l Trade
Viner—Studies ch.’s 8-9.
Lerner-(two articles) Diagrammatical Represent. Economica 346-56, 1932-34 319-34.
Leontieff — Use of Indifference Curves—Q.J.E. 1933.
Samuelson — Welfare Econ A.E.R. 1938.
Kaldor — Tariff — Economica 1940.
De Scitovszky — Reconsideration of Tariff — Review of Econ Studies—summer 1942.
J.C. Gilbert—Rev. Econ. Studies V. 3 “Present State of Int’l Theory”
Q.J.E. May 1938 Robertson on [Viner’s] Studies pp. 539ff.
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Bibliography for Viner’s Economics 370 in 1944
Angell, James W. Theory of international prices: History, criticism and restatement. Harvard Economic Studies No. 28, Cambridge, Harvard University Press, 1926.
Angell, James W. Equilibrium in international payments: the United States, 1919-1925. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).
Bernstein, E. M. Exchange rates under the gold standard. Journal of Political Economy, Vol. 48, No. 3 (Jun., 1940), pp. 345-356.
Bronfenbrenner, Martin. International transfers and the terms of trade: An Extension of Pigou’s Analyis. In Studies in mathematical economics and econometrics: in memory of Henry Schultz (1942).
Currie, Lauchlin. Domestic stability and the mechanism of trade adjustment to international capital movements. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936)
De Scitovszky, T. A reconsideration of the theory of tariffs. The Review of Economic Studies, Vol. 9, No. 2 (Summer, 1942), pp. 89-110.
de Vegh, Imre. Imports and income in the United States and Canada. The Review of Economics and Statistics, Vol. 23, No. 3 (Aug., 1941), pp. 130-146
Einzig, Paul. Foreign balances. London: Macmillan, 1938.
Ellsworth, P. T. International economics. New York: Macmillan, 1938.
Encyclopaedia of the Social Sciences. Edwin R. A. Seligman and Alvin Johnson (eds.). New York, Macmillan Co.
Explorations in economics, notes and essays contributed in honor of F. W. Taussig. New York: McGraw-Hill, 1936.
Fanno, Marco. Normal and abnormal international capital transfers. University of Minnesota Press, 1939.
Fisher, Irving. The purchasing power of money. Its determination and relation to credit, interest and crises. New York: Macmillan, 1911.
Gilbert, J. C. The present position of the theory of international trade. The Review of Economic Studies, Vol. 3, No. 1 (Oct., 1935), pp. 18-34.
Gilbert, J. C. The mechanism of interregional redistributions of money. The Review of Economic Studies, Vol. 5, No. 3 (Jun., 1938), pp. 187-194.
Graham, Frank D. and Charles R. Whittlesey. Golden avalanche. Princeton: Princeton University Press, 1939.
Haberler, Gottfried. The theory of international trade. Trans. by Alfred Stonier and Frederic Benham. London: William Hodge, 1936.
Heckscher, Eli F. Mercantilism (2 vols.) London: George Allen and Unwin, first edition, 193; revised, second edition, 1955. Original Swedish edition, 1931). (Review Essay by John J. McCusker in EH.net)
Heckscher, Eli F. Mercantilism. The Economic History Review, Vol. 7, No. 1 (Nov., 1936), pp. 44-54
Hume, David. Essays, moral, political, and literary. Eugene F. Miller (ed.). Indianapolis: Liberty Fund, Inc.
Kaldor, Nicholas. A note on tariffs and the terms of trade. Economica, New Series, Vol. 7, No. 28 (Nov., 1940), pp. 377-380.
Keynes, John Maynard. A treatise on money. (2 vols.) New York: Harcourt, Brace and Company, 1930.
Kindleberger, Charles P. International short-term capital movements. New York: Columbia University Press, 1939.
Leontief, Wassily W. The use of indifference curves in the analysis of foreign trade. The Quarterly Journal of Economics, Vol. 47, No. 3 (May, 1933), pp. 493-503.
Leontief, Wassily. Note on the pure theory of capital transfer. In . In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).
Lerner, A. P. The diagrammatical representation of cost conditions in international trade. Economica, No. 37 (Aug., 1932), pp. 346-356.
Lerner, A. P. The diagrammatical representation of demand conditions in international trade. Economica, New Series, Vol. 1, No. 3 (Aug., 1934), pp. 319-334.
Malynes, Gerard. A treatise of the canker of England’s commonwealth, 1601. in Tawney and Power, Tudor economic documents, III, 1924, pp. 386-505.
Malynes, Gerard. The circle of commerce or the ballance of trade, in defence [sic] of free trade [sic], 1623.
Mill, John Stuart. Principles of political economy with some of their applications to social philosophy. (7th ed.). A. J. Ashley (ed.). London: Longmans, Green and Co., 1909.
Morgan, E.Victor The theory and practice of central banking, 1797-1913. Cambridge,: Cambridge University Press, 1943.
Mosak, Jacob L. General-Equilibrium theory in international trade (University of Chicago doctoral dissertation, 1941).Bloomington, IN: Principia Press, 1944.
Mun, Thomas. England’s Treasure by Forraign Trade (1664). New York, Macmillan and Co., 1895.
Ohlin, Bertil G. Interregional and international trade. Harvard Economic Studies No. 39. Cambridge: Harvard University Press, 1933.
Paish, F. W. Banking policy and the balance of international payments. Economica, New Series, Vol. 3, No. 12 (Nov., 1936), pp. 404-422.
The Works of David Ricardo (New edition). J. R. McCulloch (ed.). London: John Murray, 1888.
Economic Essays by David Ricardo. Edited with introductory essay and notes by E. C. K. Gonner. London, G. Bell and Sons, 1926.
Ricardo, David. Principles of Political Economy and Taxation, E. C.K. Gonner (ed.). London, George Bell and Sons, 1903.
Robertson, D. H. Changes in international demand and the terms of trade. The Quarterly Journal of Economics, Vol. 52, No. 3 (May, 1938), pp. 539-540.
Robertson, D. H. Indemnity Payments and Gold Movements. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 312-314.
Robertson, D. H. Indemnity Payments and Gold Movements: A Rejoinder. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 317.
Samuelson, Paul A. Welfare economics and international trade. The American Economic Review, Vol. 28, No. 2 (Jun., 1938), pp. 261-266
Shields, Murry (ed.) International financial stabilization: a symposium. New York: Irving Trust Company, 1944.
Silberling, Norman J. Financial and Monetary Policy of Great Britain During the Napoleonic Wars, Quarterly Journal of Economics, Vol. 38, No. 2 (Feb., 1924), pp. 214-233; No. 3 (May, 1924), pp. 397-439.
Sprague, O. M. W. “Statistical Data on Foreign Short-term Funds; their Collection and Use.” Paper read before an assembly of central bank governors following the General Meeting at the Bank for International Settlements in May 1932. [mentioned in Third Annual Report, Bank for International Settlements, Basle (May 8, 1933), p. 22.]
Studies in mathematical economics and econometrics: in memory of Henry Schultz. Oscar Lange, Francis McIntyre and Theodore O. Yntema (eds.). Chicago: University of Chicago Press, 1942.
Viner, Jacob. Angell’s Theory of International Prices. Journal of Political Economy, Vol. 34, No. 5 (Oct., 1926), pp. 597-623.
Viner, Jacob. Review of Heckscher. The Economic History Review, Vol. 6, No. 1 (Oct., 1935), pp. 99-101
Viner, Jacob. Studies in the Theory of International Trade. New York: Harper and Brothers Publishers, 1937.
Viner, Jacob. Indemnity Payments and Gold Movements: A Reply. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 314-317.
Viner, Jacob. Two plans for international monetary stabilization. Yale Review, Vol. XXXIII (1943-44), p. 77ff.
Whittlesey, Charles Raymond. International monetary issues. New York: McGraw-Hill, 1937.
Williams, John H. Currency stabilization: The Keynes and White Plans. Foreign Affairs, Vol. 21, No. 4 (Jul., 1943), pp. 645-658.
Williams, John H. Currency stabilization: American and British attitudes. Foreign Affairs, Vol. 22, No. 2 (Jan., 1944), pp. 233-247
Wood, Elmer. English theories of central banking control, 1819-1858, with some account of contemporary procedure. Harvard Economic Studies 64. Cambridge: Harvard University Press, 1939.
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Ph. D. Exam questions in int’l trade
- Basic determinants of course of trade (direction, volume, constituent items) between regions in absence of legal barriers. How reconcile this with statement that course of trade determined by (1) comparative cost of prod. (2) relative scarcities of factors of production in regions.
- Explain differences & similarities in mechanism of capital transfer under (a) int’l metallic standard & (b) flexible exchanges.
- Is it possible to demonstrate superiority of fixed over flexible exchanges, or vice versa, from a national point of view, on purely a priori grounds? Why or why not?
- Role in int’l monetary equilibrium of (a) official gold price (b) stabilization fund (c) sterilization (d) tripartite agreement.
- Give an account of the evolution of terms of trade theorizing or explain the role in mercantilist thought of (a) bullionist doctrine (b) balance of labor doctrine c) quantity theory of value of money.
- Discuss the role in Eng. mercantilist thinking of (a) considerations of power as distinguished from consideration of plenty (b) provision motive (c) quantity theory of money.
- Discuss the role of “income elasticity” in the older & newer literature on the mechanism of adjustment of int’l balances.
- Discuss the role of short-term capital movements under flexible & fixed exchanges.
- Explain the possibilities & the limitations of national gain in the long-run thru governmental restriction on for. trade.
- int’l monetary system
- Explain the relationship to each other in int’l static equilibrium of (a) comparative costs (b) relative scarcity of factors (c) reciprocal demand.
- Discuss role in operations of pre-1914 gold standard of (a) central banking (b) London money market (c) exchange rate fluctuations.
- Explain role in mechanism of adjustment to disturbances of int’l balances of payments of (a) income elasticity (b) price elasticity (c) final purchase (or income) velocity.
- Note on following pre-Smithian doctrines (a) power vs. plenty as objectives of trade policy (b) the desirability or undesirability of hoards of the precious metals (c) a divinely ordained “universal economy.” (d) balance of labor.
- What are the possibilities in the long run, of national & of world economic gains from the imposition by national units of restrictions on foreign trade.
- Role of int’l short-term capital movements in int’l monetary & trade mechanism.
- Under free trade the nature of interregional specialization is determined by the relative scarcities of the factors of production in the diff. regions.
- What is meant by relative scarcity of factors of prod.
- Do the exponents of this theory mean “determined solely”
- Does free trade necessarily conduce to the lessening of the differences in the relative rates of remuneration of the diff. categories of “factors of production” as between diff. countries.
- If you were setting up a system of equalities to illustrate the nature of int’l equilibrium under free trade—what “standard of living” consideration would you take care of & how?
- Discuss interrelationships (if any) of balance of power, balance of trade, “balance of labor” considerations in English mercantilist doctrine.
- Explain basic theoretical issues between bullionists & the ant-bullionists of Restriction period & indicate to what extent Ricardo’s views were not generally accepted by the bullionists.
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Source: Don Patinkin Papers. David M. Rubenstein Rare Book & Manuscript Library, Duke University.. Box 3 (Course Materials and Class Notes), Folder “Patinkin as Student: Notebooks (1944)”.
Image Source: University of Chicago Photographic Archive, apf1-08488, Special Collections Research Center, University of Chicago Library. The photograph is dated 14 June 1944.