Milton Friedman wasn’t the only person teaching graduate price theory at the University of Chicago in the postwar years. During the academic year 1948-49 both the Harvard-trained Lloyd A. Metzler and Milton Friedman offered parallel sessions of Economics 300 A&B during the same quarters. Both taught the course going into the early 1950s. While the overlap is significant to be sure, the differences of the two approaches, Chicago vs. Harvard, are fairly clear.
One of the advantages of consulting multiple archives is that I was able to find this Autumn 1948 reading list for Economics 300A, not in Lloyd A. Metzler’s papers at Duke but in Milton Friedman’s papers at Hoover. This list of readings does not square with Friedman’s course organization but also has no name and the course catalogue for 1948-49 does not identify Metzler. Since it matches the later years’ reading lists found in the Metzler papers, we know the nameless Economics 300A for the Autumn Quarter at the University of Chicago was taught by Metzler too.
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Economics 300A
Autumn 1948
I. The Theory of Consumer’s Choice
A. Marshall, Principles of Economics, Book III.
J. R. Hicks, Value and Capital, Chapters I – V, and appendices to these chapters.
W. S. Jevons, Theory of Political Economy, Chapters I – IV.
P. A. Samuelson, Foundations of Economic Analysis, Chapters III, V, VII.
M. Friedman [& L. J. Savage], “The Utility Analysis of Choices Involving Risk,” Journal of Political Economy, LVI (August, 1948) 279-304.
I. Fisher, “Measuring Marginal Utility,” in Economic Essays in Honor of John B. Clark (1927).
II. Production Functions and Cost Schedules
J. M. Cassels, “On the Law of Variable Proportions,” in Explorations in Economics (1936).
J. R. Hicks, Value and Capital, Chapter VI, VII, VIII, and appendices to those chapters.
J. Robinson, The Economics of Imperfect Competition, Chapter II.
P. A. Samuelson, Foundations, Chapter IV.
G. J. Stigler, The Theory of Price, Chapters VII, VIII.
III. Market Price under Perfect Competition.
J. Robinson, Economics of Imperfect Competition, Book III.
A. Marshall, Principles, Book V.
G. J. Stigler, The Theory of Price, Chapters IX, X.
IV. Monopoly and Monopolistic Competition.
J. Robinson, Economics of Imperfect Competition, Books II, IV, V, and X.
E. Chamberlin, Theory of Monopolistic Competition, IV, V, VI, VII.
V. Duopoly, Oligopoly, Bilateral Monopoly.
J. Marschak, “Neumann’s and Morgenstern’s New Approach to Static Economics,” Journal of Political Economy, LIV, (April 1946).
E. Chamberlin, Theory of Monopolistic Competition, Chapter III.
H. G. Lewis, “Some Observations on Duopoly Theory.” American Economic Review, XXXVIII (May 1948, supplement) 1-9.
O. Morgenstern, “Oligopoly, Monopolistic Competition, and the Theory of Games,” American Economic Review, XXXVIII (May 1948, supplement) 10-18.
VI. Modern Price Theory and Welfare Economics.
A. Burk (Bergson), “A Reformulation of Certain Aspects of Welfare Economics,” Quarterly Journal of Economics (1937-38).
A. C. Pigou, The Economics of Welfare (4th Edition), Part II, Chapters I – XI.
A. P. Lerner, The Economics of Control, Chapters I – XIX.
P. A. Samuelson, Foundations, Chapter VIII.
J. R. Hicks, “The Foundations of Welfare Economics,” Economic Journal XLIX (1939).
G. J. Stigler, “The New Welfare Economics,” American Economic Review, XXXIII (1943), 355-359.
Source: Hoover Institution, Milton Friedman Papers. Box 76, Folder 9 “University of Chicago Econ. 300 A”.
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Economics 300B
Major Topics and Selected Readings
Winter, 1949
Lloyd A. Metzler
The principal books to be used are as follows:
A. Marshall, Principles of Economics, eighth edition, reprinted 1947.
J. R. Hicks, Value and Capital, second edition, 1946.
B. Haley and W. Fellner, editors, Readings in the Theory of Income Distribution, reprinted 1947.
G. J. Stigler, Production and Distribution Theories, 1941.
I. Production Functions and the Doctrine of Marginal Productivity
B. Haley and W. Fellner, Readings, Chapters 5, 6, 7, 11.
Stigler, Production and Distribution Theories.
P. H. Douglas, “Are There Laws of Production?”, American Economic Review, XXXVIII (1948) 1-41.
II. The Theory of Wages
B. Haley and W. Fellner, Readings, Chapters 13, 14, 16, 17, 19.
J. R. Hicks, The Theory of Wages, 1932.
R. A. Lester, “Shortcomings of Marginal Analysis for Wage-Employment Problems”, American Economic Review, 1946.
F. Machlup, “Marginal Analysis and Empirical Research”, American Economic Review, 1946.
G. J. Stigler, “The Economics of Minimum Wage Legislation,” American Economic Review, 1946.
III. Capital and Interest
E. Böhm-Bawerk, The Positive Theory of Capital, 1891.
I. Fisher, The Theory of Interest, 1930.
W. Fellner and B. Haley, Readings, Chapters 20, 21, 22, 23,24, 26.
J. M. Keynes, General Theory of Employment, Interest and Money, Book IV.
A. Marshall, Principles, the relevant chapters in Books IV and VI.
J. R. Hicks, Value and Capital, Parts III and IV.
IV. Inter-relations of Wages, Interest, and Profits.
F. H. Knight, Risk, Uncertainty and Profits.
J. A. Schumpeter, The Theory of Economic Development.
O. Lange, Price Flexibility and Employment.
K. Wicksell, Interest and Prices.
K. Wicksell, Lectures on Political Economy, Vol. I, Part 2.
Source: Duke University David M. Rubenstein Rare Book & Manuscript Library. Lloyd Appleton Metzler Papers, Box 9, Folder: “Reading Lists 300 A & B — 302”.
Source Image: “From family album, taken while Lloyd Metzler was a student at Harvard.”
“Lloyd A. Metzler” by Margiemetz – Own work. Licensed under CC BY-SA 3.0 via Commons.