Carl S. Shoup (New York Times obituary) taught a course at Columbia in the business school with the title “The balancing of government budgets” that was listed with economics department course offerings as “Economics b114”. One finds this course listed in the annual Bulletin of the Faculty of Political Science beginning in the Spring session of 1938 and then every year through 1943 with the exception of 1940.
In this posting you will find his selected bibliographies on deficit financing in periods of depression and the special problem of financing defense and war.
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[Course Description]
Economics b114—The balancing of governmental budgets. 3 points Spring Session. Professor Shoup.
Tu. and Th. at 9. 415 Business.
An analysis of the factors governing the choice between normal recurring revenue, such as taxes, and extraordinary revenue such as loans, devaluation profits, etc. Particular attention is paid to the relations of public finance to money and banking in these problems.
Source: Division of History, Economics, Public Law, and Social Science. Courses offered by the Faculty of Political Science for the Winter and Spring Sessions 1940-41. Columbia University, Bulletin of Information, 40th Series, No. 29 (June 29, 1940), p. 38.
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In this posting I have assembled three selected bibliographies two of which are undated and all three are without attribution to Shoup or any university identification. Two of the bibliographies are identified as belonging to a course “Economics b114”. These bibliographies are found in two folders (“Student years” and “University of Wisconsin, Econ b114”) filed far apart (boxes 5 and 75, respectively) in the Milton Friedman papers at the Hoover Institution.
Milton Friedman taught at Columbia up through 1939-40 followed by a year at University of Wisconsin in 1940-41. None of the courses that Friedman taught at Wisconsin for which I found material in the his papers had a prefix “b” before the course number and it seems pretty unlikely (one would really need to consult the course catalogues for the University of Wisconsin to be sure…I have not) that the course numbering between the Columbia business school and the Wisconsin economics department would coincide.
I have concluded that the part of the Shoup reading list dealing with defense and war related finance was filed by a Hoover archivist with Friedman’s course materials at Wisconsin (incorrectly) because the date on that selected bibliography coincided with Friedman’s Wisconsin years (and perhaps it was actually found with materials from his business cycle class, Economics 176, at Wisconsin).
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Economics b114
Selected Bibliography on Deficit Financing in Periods of Depression
Chase, Stewart, Idle Money, Idle Men
Clark, J. M., Economics of Planning Public Works
Clark, J. M., “An Appraisal of the Workability of Compensatory Devices,” American Economic Review, March, 1939 Supplement (Proceedings), pp. 194-208
Clark, J. M., “Effects of Public Spending on Capital Formation”, in National Industrial Conference Board, Capital Formation and its Elements, 1939.
Colm, G. and Lehmann, F., Economic Consequences of Recent American Tax Policy, Supplement I to Social Research, 1938, 108 p.
Colm, G. and Lehmann, F., “Public Spending and Recovery in the United States,” Social Research, May, 1936, Vol. III, 129-66.
Dennison, H. S. and others, Toward Full Employment, 1938, 297 p.
Eccles, Marriner, Economic Balance and a Balanced Budget (Weissman, editor)
Galbraith, J. K., The Economic Effects of the Federal Public Works Expenditures, 1933-1938, 131 p. 1940.
Galbraith, J. K., “Fiscal Policy and the Employment-Investment Controversy”, Harvard Bus. Rev., Autumn, 1939.
Gayer, Arthur, “Fiscal Policies,” American Economic Review, March, 1938 Supplement (Proceedings), 90-112. (Reprints on reserve at Business Library).
Gayer, A. D. and Rostow, W. W., How Money Works, Public Affairs Pamphlets No. 45, 1940, 30 p.
Gill, C., Wasted Manpower: The Challenge of Unemployment, 1939, 312 p.
Graham, B. L., “Storage and Stability – A Plan for Monetizing the Commodity Surplus”, in Roberts, Geo., A Forum on Finance, 1940.
Haley, B. F., “The Federal Budget: Economic Consequences of Deficit Financing,” Am. Eco. Rev., Feb., 1941, 67-87.
Hansen, A. H., Full Recovery or Stagnation? 1938, pp. 267-329.
Hicks, U. K., “Balancing the Budget” (Ch. XVII) and “Taxation and the Trade Cycle” (Ch. XVIII), in The Finance of British Government, 1920-1936. (1938)
Jaszi, G., “The Budgetary Experience of Great Britain in the Great Depression,” in Public Policy: A Yearbook (Harvard), 1940.
Kahn, R. F., “The Relation of Home Investment to Unemployment,” Economic Journal June, 1931.
Keynes, J. M., The General Theory of Employment, Interest and Money
Keynes, J. M., The Means to Prosperity
Keynes, J. M., NY. Times, Editorial page, June 10, 1934 (p. 1 of editorial section) and July 7, 1934.
Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory,” Canadian Journal of Economics and Political Science, Nov., 1940, espec. p. 574-80.
Lutz, H. L., The Business Man’s Stake in Government Finance, Stanford Univ. 1939, espec. pp. 16-20, 23-44, 45-66.
Lutz, H. L., “The Failure of the Spending Policy,” N. Y. Sun, Jan. 6, 1940
Meyers, A. L., “Government Borrowing and Creation of National Income,” Chap. IV, in Modern Economic Problems. 1939.
Myers, M. G., Monetary Proposals for Social Reform, 1940, 191 p.
Myrdal, Gunnar, “Fiscal Policies in the Business Cycle,” A.E.R., 1939 Proceedings, 183-93.
Pigou, A. C., “Inflation, Deflation and Reflation,” Ch. IV in Economics in Practice, 1936.
Round Table on “The Workability of Compensatory Devices,” A.E.R. 1939 Proceedings, 224-29.
Samuelson, P. A., “Theory of Pump-Priming Reexamined,” Am. Eco. Rev., Sept., 1940, 492-506.
Seltzer, L. H., “Direct versus Fiscal and Institutional Factors,” Am. Eco. Rev. Feb., 1941, 99-107.
Slichter, Sumner, “Is America Finished?” N.Y. Sun, Jan. 6, 1940
Slichter, Sumner, “Profits and Prosperity,” Atlantic Monthly, Nov., 1938.
Smith, D. T., Deficits and Depression
Smith, D. T., “Is Deficit Spending Practical?” Harvard Bus. Rev., Autumn, 1939.
Smith, D. T., “An Analysis of Changes in Federal Finance, July 1930-1938 Rev. Econ. Statistics, Nov., 1938.
Smith, D. T., Review of Haley’s Paper, ibid., 88-98.
T.N.E.C., Hearings, Part 9: Hansen, Currie, etc.
Twentieth Century Fund, Debts and Recovery, 1938, 366 p.
U. S. Treasury, Borrower,” Fortune, January, 1939.
University of Chicago, Round Tables. “The Economics of Pump-Priming.” May 1, 1938, “Purchasing Power and Prosperity,” July 31, 1938.
Vanguard Press, An Economic Program for American Democracy.
Williams, John H., “Deficit Spending”, Am. Eco. Rev. Feb. 1941, 52-66.
Source: Milton Friedman papers, Hoover Institution Archives. Box 5, Folder 12 “Student years”. [Note above my reasons to believe this folder also has material not from Friedman’s “student years”.]
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Economics b114
Bibliography of Recent Materials Dealing with the Financing of Defense and War
February 5, 1941
American Council of Public Affairs, Economic Mobilization
Bowen, I., and Worswick, G. D. N., “The Controls and War Finance,” Oxford Econ. Papers, Sept., 1940.
Brown, F. H., and others, War Finance in Canada, 1940.
Clarke, R. W. B., The Economic Effort of War, London, 1940.
Connely, E.F., “Financing our Preparedness Program,” Banker’s Mag., Aug., 1940.
*Durbin, E.F.M., How to Pay for the War, London, 1939.
Editorial Research Reports, Methods of Financing War, June 3, 1940.
George, E.B., “Prices and Profits in a Defense Economy,” Dun’s Review, Nov., 1940.
*Greer, Guy, “Arming and Paying for It,” Harpers, Nov., 1940.
Hardy, C.O., “War and Capital Formation,” in Capital Formation and Its Elements, National Industrial Conference Board, 1939, pp. 134-50.
*Hardy, C.O., “Wartime Control of Prices,” 1940.
*Hart, A.G., Economic Policy for Rearmament, U. of Chicago Public Policy Pamphlet No. 33.
Kazekevitch, V.D., “The War and American Finance,” Science and Society, Spring, 1940.
*Keynes, J.M., How to Pay for the War, New York, 1940.
Morgan, S., “Deficit Financing in Germany,” in Roberts (editor), Forum on Finance, New York, 1939, pp. 3-22.
*Moulton, Harold G., Fundamental Issues in National Defense, Brookings, Jan. 13, 1941.
National Industrial Conference Board, Consumption, Savings, and Defense Financing, and Fiscal Possibilities for National Defense, Supplements to Economic Record, 1940.
*New Republic symposium: How to Pay for Defense, July 29, 1940 (Groves, Keynes, Chase, Cooke, Soule).
Pigou, A. C., “War Finance and Inflation,” Economic Journal, Dec., 1940.
Radice, E.A., “Consumption, Savings, and War Finance,” Oxford Economic Papers, Sept., 1940.
Riches, E.J., “Deferred Pay: the Keynes Plan,” Inter. Labor Review, June, 1940.
Robbins, L., “How Britain Will Finance the War,” Foreign Affairs, April, 1940.
Staudinger, H., and Lehmann, F., “Germany’s Economic Mobilization for War,” National Industrial Conference Board Economic Record, July 24, 1940.
*U.S. Government, Budget for Fiscal Year Ending June 30, 1942.
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The next page immediately follows the previous but it lacks a date and the formatting of the bibliography deviates from the previous two. Being alphabetically ordered and going from “Annals” to “Williams” with perhaps a quarter of empty page below, it is clearly a separate list. None of the titles are the same with the previous two lists, so I have presumed this is a likely update from the middle of the second session 1941.
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Annals, American Academy of Political and Social Science: Billions for Defense, March, 1941, 1-215.
Bach, G.L., “Rearmament, Recovery and Monetary Policy”, American Economic Review, March, 1941, 27-41.
Eccles, M. S., “Economic Preparedness for Defense and Post Defense Problems, Federal Reserve Bulletin, Jan., 1941.
Gilbert, R. V., and others, “Exploring the Factors Involved in Reemployment of Labor and Capital”, Savings Bank Journal, Dec., 1940.
Hansen, A. H., “Defense Financing and Inflation Potentialities,” Review of Economic Statistics, Feb., 1941.
Hearings, Public Debt Act of 1941: Committee on Ways and Means, Jan. 29 and 30, 1941, 106pp: Subcommittee of Committee on Finance, Feb. 12, 1941 47p.
Musgrave, R. A., “Inflationary Dangers of the Public Debt and the Tax System”, Taxes, Feb., 1941
Paul, R. E., and others, “Exploring the Financing of National Defense and Its Economic Consequences,” Savings Bank Journal, Oct., 1940
Plumptre, A. F. W., “An Approach to War Finance,” Canadian Journal of Economics and Political Science, Feb., 1941, 1-12.
Secretary of the Treasury, Report for Fiscal Year Ended June 30, 1940.
Stewart, Maxwell, “How Shall We Pay for Defense?” Public Affairs Pamphlet, No. 52, 1941.
Williams, John H. “Economic and Monetary Aspects of the Defense Problem,” Federal Reserve Bulletin, Feb. 1941
Source: Milton Friedman papers, Hoover Institution Archives. Box 75, Folder 2 “University of Wisconsin, Econ b114”. [Note above my reasons to believe this folder contains a reading list from the Shoup course at Columbia University.]
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Research Tip: Shoup Collection at Yokohama National University Library
“The Shoup Collection consists of 3,000 volumes of books, 100 titles of periodicals and enormous amount of documents held by an American economist Dr. Carl Sumner Shoup (1902-2000) who is known to have issued the report of Japanese tax system called “Shoup Mission.” In particular, the documents of his lecture notes, working memoranda and letters including those from Douglas MacArthur, Supreme Commander for Allied Forces, and from Shigeru Yoshida, former Prime Minister, are precious inheritances that can only be found at this library.”
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Image Source: The Columbia Spectator Archive. March 8, 1967.