The only surprises in the following list of relevant readings for the Columbia University oral examinees in economic theory are (i) the number of introductory or intermediate level items and (ii) the overwhelming identification of economic theory with microeconomics, indeed, only 1/5 of the topics have to do with income theory (i.e. macroeconomics). Monetary economics is found under distribution theory.
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[Handwritten note at top of page:] 1961
Preparation for the Oral Examination in Economic Theory:
A Communication from the Faculty to the Candidates
The following list of topics and relevant readings are recommended to the attention of students preparing for the oral examination in economic theory. The readings are in no sense “required” since, in most cases, they are merely a small sampling of a voluminous literature that contains many other works of comparable or superior merit. The readings listed below, however, are a good place to begin; and when the student has no previous acquaintance with the literature relevant to a topic, he is advised to begin with a book or article marked [.
TOPICS AND RELEVANT READINGS
Preface: Methodology in Economics
Boulding, The Skills of the Economist (1958)
Friedman, Essays in Positive Economics (1953)
[Knight, “The Limitations of Scientific Method in Economics,” in The Ethics of Competition (1935)
Papandreou, Economics as a Science (1958)
[Robbins, The Nature and Significance of Economic Science (2d ed., 1946)
Schoeffler, The Failures of Economics (1955)
Part I: The Theory of Demand
- Consumer Behavior
Hicks, Value and Capital (2d ed. 1946) Part I
[Little, A Critique of Welfare Economics (2d ed., 1957)
Robertson, Utility and All That (1952)
Vickery, “Measuring Marginal Utility by Reactions to Risk,” in 13 Econometrica 3/9 (1945)
- The Industry Demand Curve
Bailey, “The Marshallian Demand Curve,” in 62 J. Pol. Econ. 255 (1954)
[Friedman, “The Marshallian Demand Curve,” in 57 J. Pol. Econ. 463 (1949)
Schultz, Henry, Statistical Studies in the Theory of Demand (1938)
Working, “What Do Statistical ‘Demand Curves’ Show,” in 41 Q. J. Econ. 212 (1927); reprinted in A.E.A. Readings in Price Theory
Yeager, “Methodenstreit over Demand Curves,” in 68 J. Pol. Econ. (1960)
- The Firm Demand Curve
Stigler, “The Kinked Demand Curve and Rigid Prices,” in 55 J. Pol. Econ. 432 (1947)
Sweezy, Paul, “Demand Under Conditions of Oligopoly,” in 47 J. Pol. Econ. 568 (1939); reprinted in A.E.A. Readings in Price Theory
Part II: The Theory of Production
- Industry Cost Curves
Ellis and Fellner, “External Economies and Diseconomies,” 33 Am. Econ. Rev. 493 (1943); reprinted in A.E.A. Readings in PriceTheory
[Knight, ”Some Fallacies in the Interpretation of Social Cost,” in The Ethics of Competition (1935); also in A.E.A. Readings in Price Theory
Scitovsky, “Two Concepts of External Economies,” 62 J. Pol. Econ. 143 (1954)
Schwartzman, “The Methodology of the Theory of Returns to Scale,” 10 Oxford Economic Papers 98 (1958)
- Cost Curves in the Firm
Clark, J.M., Studies in the Economics of Overhead Costs (1923)
Dean, Joel, Statistical Determination of Costs (1936)
Eiteman and Guthrie, “The Shape of the Average Cost Curve,” 42 Am. Econ. Rev. 832 (1952)
Staehle, “The Measurement of Statistical Cost Functions,” 32 Am. Econ. Rev. 321 (1942); reprinted in A.E.A. Readings in Price Theory
[Viner, “Cost Curves and Supply Curves,” 3 Zeitschrift für Nationalökonomie 23 (1932); reprinted in A.E.A. Readings in Price Theory
- Capitalization
Fisher, Irving, The Nature of Capita1 and Income (1927)
[Samuelson, Economics (3d ed. 1955) Appendix to Ch. 29
- Activity Analysis
[Baumol, W. J., “Activity Analysis in One Lesson,” 68 Am. Econ. Rev. 837 (1958)
Dorfman, Samuelson and Solow, Linear Programming and Economic Analysis (1958)
Makower, Activity Analysis (1957)
Spivey, Linear Programming (1960)
- Input-Output Analysis
Cameron, “The Construction of the Leontief System,” 19 Rev. Econ. Stud. 19 (1951)
Dorfman, Samuelson, and Solow, Linear Programming and Economic Analysis (1958)
[Leontief, The Structure of the American Economy, 1919-1939 (2d ed. 1951)
Input-Output Analysis (National Bureau, 1955)
Part III: The Theory of Markets
- Competition, Pure, Perfect and Workable
Clark, J. M., “Toward a Concept of Workable Competition, Am. Econ. Rev. (1940; reprinted in A.E.A. Readings in Social Control
Fetter, “The Economic Law of Market Areas,” 38 Q. J. Econ. 520 (1924); reprinted in The Masquerade of Monopoly
Knight, Risk, Uncertainty, and Profit (1922)
[Stigler, “Perfect Competition, Historically Contemplated,” 65 J. Pol.Econ. l (1957)
- Monopoly
Greenhut and Pfouts, “The Pricing Policies of a Spatial Monopolist,” 9 Metroeconomics 153
[Patinkin, “Multiple-Plant Firms Cartels, and Imperfect Competition,” 61 Q. J. Econ. 173 (1947)
Robinson, Joan, Economics of Imperfect Competition (1933). Books IV, V and VI
- Oligopoly
Baumol, Business Behavior, Value and Growth (1959), Part I
Fellner, Competition Among the Few (1949)
Hotelling, “Stability in Competition,” 39 Econ. J. 41 (1929); reprinted in A.E.A. Readings in Price Theory
Lerner and Singer, “Some Notes on Duopoly and Spatial Competition,” 45 J. Pol. Econ. 145 (1937)
[Modigliani, “New Developments on the Oligopoly Front,” 66 J. Pol. Econ. 215 (1958)
Stigler, “A Theory of Delivered Price Systems,” 39 Am. Econ. Rev. 1143 (1949)
- Game Theory
[Luce and Raiffa, Games and Decisions (1957)
Shubik, Strategy and Market Structure (l959)
[Stone, J. R. N., ”The Theory of Games,” 58 Econ. J. 184 (1948)
- Monopolistic and/or Imperfect Competition
Chamberlin, E., The Theory of Monopolistic Competition (7th ed. 1955)
Dewey, ”Imperfect Competition No Bar to Efficient Production,” 66 J. Pol. Econ. 24 (1958)
[Robinson, Joan, The Economics of Imperfect Competition (1933)
Schumpeter, Capitalism, Socialism, and Democracy (2d ed. 1947) Chapters 7 and 8
Smithies, “Equilibrium in Monopolistic Competition,” Q. J. Econ. (November, 1940)
Part IV: The Theory of Distribution
- Capital and Interest: Without Money
Böhm-Bawerk, The Positive Theory of Capital, (1888)
Fisher, Irving, The Nature of Capital and Income (1927)
[Knight, “Diminishing Returns from Investment,” 52 J. Pol. Econ. 26 (1944)
Knight, “’Capital, Time, and the Interest Rate,” Economica 257 (1934)
- Capital and Interest: With Money
[Hart, Money, Debt and Economic Activity (2d ed. 1953)
Htcks, Value and Capital (2d ed. 1946) Parts III and IV
Metzler, “Wealth, Saving, and the Rate of Interest,” 59 J. Pol. Econ. 93 (1951)
Patinkin, Money, Interest, and Prices (1956)
Wicksell, Interest and Prices (English ed. 1936)
- Land as Capital
Robinson, Economics of Imperfect Competition (1933) Ch. 8
Worcester, ”A Reconsideration of Rent Theory,” 36 Am. Econ. Rev. 258 (1946)
- Distribution According to Marginal Productivity
[Samuelson, Principles of Economics (3d ed. 1955) Appendix to Chapter 27
Stigler, Production and Distribution Theories (1946) Ch. 12
[Stonier and Hague, A Textbook of Economic Theory (1953) Ch. 16
- Labor and Wages
Conrad and Meyer, “The Economics of Slavery in the Ante Bellum South,” 66 J. Pol. Econ. 95 (1958)
Douglas, Paul, The Theory of Wages (1934)
[Dunlop, John, Wage Determination Under Trade Unions (1944)
Lampman, “Recent Changes in Income Inequality Reconsidered,” 64 Am. Econ. Rev. 251 (1954)
Lester, R.A., “Marginalism and Labor Markets,” 37 Am. Econ. Rev. 135 (1947); with rejoinders by Machlup and Stigler
Mincer, J. “Investment in Human Capital and Personal Income Distribution,” 66 J. Pol. Econ. 281 (1958)
- Profit and Uncertainty
Davis, R. M., “The Current State of Profit Theory,” 62 Am. Econ. Rev. 245 (1952)
Hart, A.G., Anticipations Uncertainty and Dynamic Planning (1940)
[Knight, Risk, Uncertainty, and Profit (1922)
Shackle, Expectation in Economics (1949)
Weston, “The Profit Concept and Theory: A Restatement,” 62 J. Pol. Econ. 152 (1954)
- The Problem of Optimum Efficiency
Beckwith, B.P., Economic Theory of a Socialist Economy (1949)
Lerner, The Economics of Control (1944)
Pigou, Economics of Welfare (4th ed. 1932)
[Reder, The Theory of Welfare Economics (1947)
Vickery, “Some Objections to Marginal Cost Pricing,” 56 J. Pol. Econ. 218 (1948)
Vickery, “Utility, Strategy and Social Decision Rules,” 74 Q. J. Econ. 507 (1960)
- General Equilibrium
Hicks, Value and Capital (2d ed. 1946)
[Stigler, Production and Distribution Theories (1946) Ch. 9
[Stigler, Theory of Price (1952) Ch. 16
Walras, Elements of Political Economy ( 1874)
Part V: The Theory of National Income
- Income Theory Before Keynes
Bellamy, Edward, “Parable of the Water Tanks,” in Equality (1897)
Foster, W. T. and Catchings, The Road to Plenty (1928)
[Haberler, Prosperity and Depression (2d ed. 1939)
Hobson, J. A., The Problem of the Unemployed (1896)
Mitchell, W. C., Business Cycles: The Problem and Its Setting (1927)
Robinson, Joan, An Essav on Marxian Economics (1947)
- The General Theory and its Reception
[Keynes, The General Theory of Interest, Employment and Money (1935)
[Klein, The Keynesian Revolution (1947)
Pigou, Keynes’ General Theory (1950)
Hansen, A Guide to Keynes (1953)
Harris, ed., The New Economics (1949)
Terborgh, The Bogey of Economic Maturity (1945)
- Recent Developments in Income Theory
Christ, C., “Aggregative Econometric Models” 46 Am. Econ. Rev. 385 (1956)
[Friedman and Becker, “A Statistical Illusion in Judging Keynesian Models,” 65 J. Pol. Econ. 64 (1957)
Klein and Goldberger, An Econometric Model of the United States,
1929-1952 (1955)
Weintraub, A General Theory of the Price Level, Output, Income Distribution and Economic Growth (1959)
- Some Problems of Economic Growth
Brems, Output, Employment, Capita1, and Economic Growth (1959)
[Domar, Essays in the Theory of Economic Growth (1957)
Harrod, Toward a Dynamic Economics (1948)
Smithies, “Economic Fluctuations and Growth,” 25 Econometrica 1 (1957)
USEFUL TEXTBOOKS AND GENERAL COMMENTARIES ON ECONOMIC THEORY
Allen, R.G.D., Mathematical Economics
Bain, Pricing, Distribution, and Employment
Baumol, Economic Dynamics
Boulding, Economic Analysis
Chamberlain, A General Theory of Economic Process
Fellner, Modern Economic Analysis
Hansen, A Guide to Keynes
Henderson and Quandt, Microeconomic Theory
Leftwich, The Price System and Resource Allocation
Machlup, Models of Sellers’ Competition
Makower, Activity Analysis
Klein, The Keynesian Revolution
McKenna, Aggregate Economic Analysis
McKenna, Intermediate Economic Theory
Robinson, Introduction to the Theory of Employment
Samuelson, Principles of Economics
Scitovsky, Welfare and Competition
Stigler, The Theory of Price
Stonier and Hague, A Textbook of Economic Theory
Robertson, D.H., Lectures on Economic Principles
Source: Columbia University Libraries, Manuscript Collections. Department of Economics Collection, Box 1, Folder “Eco. Dept.—Qualifying Examination Committee”.
Image Source: August Rodin’s Le Penseur at Columbia University. InSapphoWeTrust from Los Angeles, California, USA, CC BY-SA 2.0, via Wikimedia Commons.
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