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Columbia Exam Questions History of Economics

Columbia. Types of Economic Theories, Exam questions. W. C. Mitchell, 1914, 1923-37

 

 

This post provides about two dozen examinations I have found for the legendary course “Types of Economic Theory” that was taught for several decades at Columbia University by Wesley Clair Mitchell. Given the enormous work Mitchell clearly put into this course, judging from the vast archival record of his notes, I am rather struck by the utter lack of imagination reflected in the examination questions. A single good secondary text would have been enough to ace his exams. Maybe students were different then and required no incentive to read original texts and attend lectures…yeah, right.

Stenographic student notes for the course  were originally prepared by John Meyers during 1926-27 with new editions prepared periodically up through the Spring session 1935. These mimeographed and bound lecture notes were later edited by Joseph Dorfman and reprinted by Augustus M. Kelley. Volume I (1967) can be borrowed for two weeks at a time at the archive.org website; Volume II (1949) is available at the hathitrust.org web site.

Lecture Notes on Types of Economic Theory, Volume I. New York: Augustus M. Kelley, 1967.
(Mercantilism, Smith, Bentham, Malthus, Ricardo, Philosophical Radicals, John Stuart Mill). 

Lecture Notes on Types of Economic Theory, Volume II. New York: Augustus M. Kelley, 1949.
(Jevons, Marshall, Fetter, Davenport, Von Wieser. Schmoller, Walras, Cassel, Veblen, Hobson, Commons).

Finding aid for the Wesley Clair Mitchell papers, 1898-1953. at Columbia University Archives.

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Types of Economic Theory
Special Examination for Mr. Hall [?]
Jan. 27, 1914.

  1. Expound Bentham’s theory of how men’s actions are determined.
  2. Explain the character of the economic man as found in Ricardo’s “Principles.”
  3. What, if anything, did Senior add to the concept of the economic man?
  4. What evidence of Bentham’s, of Ricardo’s, and of Senior’s influence do you find in J. S. Mill’s Principles of Political Economy?

Please return this paper with your answers to
W. C. Mitchell, 37 W. 10thStreet.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 1, Folder “A529, 1/27/14”.

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Examination (10 copies)
Economics 121
January 25, 1923
1:15 p.m. 614 Kent

  1. Give a brief sketch of Adam Smith’s life, with special reference to the experiences which prepared him for writing the “Wealth of Nations”.
  2. How did Malthus come to write his “Essay on the Principle of Population”? How does the second edition differ from the first?
  3. What bearing had Jeremy Bentham’s work on the development of economic theory?
  4. Outline Ricardo’s theory of distribution. How did he demonstrate his “laws”?
  5. Who were the Philosophical Radicals? What did they do?

161 W. 12thSt.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A60, 1/25/23”.

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Economics 121
Types of Economic Theory
Professor Mitchell
(50 copies desired)

  1. Sketch Adam Smith’s life, pointing out the experiences which influenced the development of his economic theory.
  2. What was Bentham’s felicific calculus, and what interest has it for economists?
  3. What effect did the struggle over the corn laws in 1812-15 have upon the development of English economic theory?
  4. Expound Ricardo’s theory of distribution.
  5. Who were the Philosophical Radicals and for what did they stand?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A16, 2/8/23”.

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Economics 121
Deficiency Examination
April 8, 1924

  1. Who were the Physiocrats? What influence did their views have upon the Wealth of Nations?
  2. How did the French Revolution affect the development of economic theory in England?
  3. Give an account of the Corn-Law struggle in 1812-15, and show its influence upon Classical political economy.
  4. & 5. State the leading differences between economic theory as expounded by Adam Smith and Ricardo.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A61, 4/8/24”.

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Economics 121
Types of Economic Theory
Deficiency Examination
April 25, 1924

  1. Discuss the question whether Ricardo held an “iron law” of wages.
  2. State briefly who the following persons were and what relation they had to the development of economic theory.
    David Hume; S. de Sismondi; J. B. Say;
    Sir James Steuart; Richard Jones; Francis Place;
    R. J. Turgot; Thomas Tooke; J. R. McCulloch;
    Jeremy Bentham
  3. What bearing had the Industrial Revolution on the rise of economic theory?
  4. Just what did the term “distribution of wealth” mean to Ricardo?
  5. What distinction did J. S. Mill make between the character of the laws of distribution and of production, and what importance did he attach to this distinction?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A62, 4/25/24”.

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Economics 122
Types of Economic Theory.
Final Examination
1:10 p.m. May 16th1924

  1. What are the chief differences between the “mechanics of utility,” as developed by Jevons, and classical political economy?
  2. How far is Marshall able to carry his analysis of prices back to what he calls “real forces”?
  3. Compare the types of economic theory represented by Davenport and Veblen.
  4. Discuss the possibility of developing a scientific treatment of economic welfare.
  5. Along what lines do you think we should endeavor to develop economic theory in the near future?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A63, 5/16/24”.

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Examination
Types of Economic Theory
Economics 121
Tuesday, January 27, 1925

  1. State the leading contents of “The Wealth of Nations”.
  2. Sketch the historical background of Malthus’ “Essay on the Principle of Population.”
  3. What is the classical theory of rent, and what led to its development?
  4. Who were the Philosophical Radicals and what did they do?
  5. Compare Ricardo’s and John Stuart Mill’s treatises on Political Economy.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A57, 1/27/25”.

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Economics 122
Types of Economic Theory
Final Examination
Saturday, May 23, 1925
1:00 p.m. 309 Business.

  1. Characterize briefly the chief types of economic theory now current.
  2. Compare the theory of prices as expounded by Davenport with the theory of prices as expounded by Jevons.
  3. Why is the theory of production little emphasized in recent economic treatises?
  4. State the chief contributions to economic theory made by Marshall and Veblen.
  5. Draw up a brief outline of the topics which you think a treatise on economic theory should cover.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection. Box 2, Folder “A54, 5/23/25”.

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Economics 121
Types of Economic Theory
Mid-year Examination
Thursday, Jan. 27, ‘29
1:10 p.m. 401 Fayerweather

  1. What contact did Adam Smith make with the Physiocrats? What influence did this contact have upon the Wealth of Nations?
  2. Discuss the connection between social developments in England and the Malthusian theory of population.
  3. Compare the scope of economic theory as presented in Ricardo’s Principles of Political Economy and Taxation and in the Wealth of Nations.
  4. In what way did Jeremy Bentham influence the development of economic theory?
  5. Discuss the history of political economy in England between Ricardo’s death and 1848.
  6. Explain the significance of what John Stuart Mill held to be the most important innovation in his Principles of Political Economy.

 

Special examination, March 16
[handwritten notes]

  1. Expound Adam Smith’s “obvious and simple system of natural liberty.”
  2. Who discovered the classical theory of rent, and under what circumstances?
  3. Who were the leading figures among the Philosophical Radicals? What did they attempt to accomplish in social science and in social life?
  4. Contrast the methods of economics practiced by Malthus and Ricardo.
  5. What is the wages-fund doctrine? Point out its most serious shortcomings as an explanation of the process by which wages are determined.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A55, 1/27/27”.

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Economics 122
Final Examination
May 14, 1927
1:30 p.m. 301 F.

  1. Discuss the dictum: “…a special theory of value is at least quite unnecessary in economic science.”
  2. Contrast the types of economic theory represented by Fetter and Veblen.
  3. What advantage, if any, can an economic theorist derive from the study of psychology? of history?
  4. What are the characteristics of Marshall’s theory which differentiate it from the other types studied?
  5. Why has the production of wealth ceased to be a leading topic of economic theory? Do you think more attention should be paid to that problem in the near future? Why?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection,  Box 2, Folder “A56, 5/14/27”.

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Economics 121
Types of Economic theory
Examination
February 2d, 1928
1:10 p.m. Fayweather

  1. Compare the types of economic theory represented by Davenport and Cassel.
  2. Discuss Fetter’s attempt to eliminate “the old utilitarianism and hedonism which have tainted the terms and conceptions of values ever since the days of Bentham?”
  3. How does Veblen’s treatment of human nature differ from Marshall’s treatment?
  4. Is there a significant difference between the conception of economics developed by the historical school and by the “institutional theorists”?
  5. What implications do you see in the contention that economics is one of the sciences of human behavior?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection,  Box 2, Folder “A58, 2/2/28”.

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Economics 121
Types of Economic Theory

  1. Discuss the relations between the Wealth of Nations and economic conditions during the 18th century in Great Britain.
  2. What bearing had the work of Jeremy Bentham on the development of classical political economy?
  3. Outline Ricardo’s theory of value.
  4. Discuss the development of economic theory in England between 1817 and 1848.
  5. Compare the conditions influencing the development of industrial technique and of economic theory.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A59, 1/29/29”.

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Economics 121
Types of Economic Theory
Examination
1:10 p.m., January 28, 1930

  1. Outline briefly the Wealth of Nations
  2. Compare the treatment of distribution by Adam Smith and Ricardo.
  3. State John Stuart Mill’s view of the “principle of population”
  4. Sketch the development of political economy between Ricardo’s death and 1848.
  5. What is the “felicific calculus”?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A64, 1/28/30”.

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COLUMBIA UNIVERSITY
Economics 122
TYPES OF ECONOMIC THEORY
[handwritten note: “Final Exam May 1930”]

  1. Discuss the treatment of “real forces” in economic activity by Jevons, Marshall and Davenport.
  2. Compare the psychological concepts used by Schmoller, Fetter and Veblen.
  3. Sketch the argument of Hobson’s welfare economics.
  4. Compare the framework of economic theory presented in John Stuart Mills’ and in Marshall’s “Principles”.
  5. Discuss the question whether the theory of value should be excluded from economics.

 

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A397, 5/?/30”.

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Deferred examination in Economics 121.
April 15, 1931

  1. What was the Corn Law controversy in Great Britain and what bearing did it have upon the development of economic theory?
  2. Discuss John Stuart Mills’ treatment of the theory of value.
  3. What is the relationship between the theory of value and the theory of distribution in Ricardo?
  4. Compare the views of Adam Smith and Malthus on the population problem.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A53, 4/15/31”.

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Economics 122
Types of Economic Theory
Examination, 9 A.M.
May 19, 1931
301 Fayerweather

  1. Compare the scope of economic theory as presented by Marshall, Schmoller and Davenport.
  2. What do you understand “institutional economics” to be?
  3. Expound Fetter’s theory of interest.
  4. What is the central problem of economic theory according to Cassel, and how does he attack it?
  5. What advances has economic theory made since the days of Ricardo?

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 2, Folder “A359, 5/19/31”.

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ECONOMICS 121
TYPES OF ECONOMIC THEORY
Examination, 4:10 p.m., January 31, 1933, 410 Fayerweather

  1. Discuss the relation between the development of economic theory and of economic life in England from the time of Adam Smith to the time of Ricardo.
  2. Expound Malthus’ “principle of population”.
  3. Analyze Ricardo’s method of developing economic theory.
  4. What did J. S. Mill regard as the chief contribution to economic theory. Why did he attribute great importance to this idea?
  5. Compare the theories of value presented by Ricardo and by Jevons.

 

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A49  1/31/33”.

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COLUMBIA UNIVERSITY
Examination…..Economics 122…..Types of Economic Theory
1:10 p.m. Thursday, May 25, 1933

  1. Show how Marshall integrated economic theory
  2. Compare the types of economic theory developed by Davenport and Cassel.
  3. What is “institutional economics?”
  4. Can historical study contribute to economic theory? Give reason for your answer.
  5. Discuss the relations between economics and psychology.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3,  Folder “A399  5/25/33”.

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ECONOMICS 121
Types of Economic Theory
1.10 p.m. January 30, 1934

  1. Discuss the influence of economic developments in England upon the theoretical work of Smith, Malthus and Ricardo.
  2. Discuss the influence of the work of these men upon economic developments.
  3. Present the felicific calculus.
  4. Sketch the working conceptions of human nature entertained by William Godwin, Malthus and John Stuart Mill, and show how those conceptions shaped their theorizing.
  5. Give a brief summary of Ricardo’s leading propositions.

Source:  Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A50  1/30/34”.

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Economics 122
TYPES OF ECONOMIC THEORY
Final examination
1.10 p.m. Friday, May 25, 1934
302 Fayerweather

  1. Discuss the scope of economics as represented by Davenport and Schmoller.
  2. What were Marshall’s chief contributions to the development of economic theory?
  3. State your conception of “institutional” economics.
  4. Compare the psychological views of Jevons and Fetter.
  5. Expound Cassel’s theory of pricing.

Source:  Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A398  5/25/34”.

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ECONOMICS 121
TYPE OF ECONOMIC THEORY
[28 January 1935]

  1. State Adam Smith’s argument for adopting “the simple and obvious system of natural liberty.” What bearing has it upon national economic planning?
  2. Discuss the conceptions of human nature implied by Ricardo’s theories of rent, profits, and wages.
  3. What do you understand by “the levels of analysis” in economic theory?
  4. Compare the expectations concerning “the futurity of the laboring classes” entertained by Ricardo and John Stuart Mill.
  5. Contrast the methods of inquiry employed by Malthus and Ricardo.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A51  1/28/35”.

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FINAL EXAMINATION IN TYPES OF ECONOMIC THEORY
Economics 122
Tuesday, May 21, 1935
301 Fayerweather

  1. State and discuss the merits of the program for rebuilding economic theory developed by the Historical School.
  2. Compare the types of economic theory represented by Marshall and by Cassel.
  3. Discuss Veblen’s critique of orthodox economic theory.
  4. Compare the types of economic theory represented by Fetter and by Davenport.
  5. What in your opinion are the leading problems of economic theory?

Source:  Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A396  5/21/35”.

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EXAMINATION IN ECONOMICS 121
TYPES OF ECONOMIC THEORY
[Handwritten note:  Jan. 1936]

  1. Give an outline of the Wealth of Nations.
  2. Sketch Ricardo’s theory of distribution.
  3. Compare the implications of the “principles of population” for the future of mankind as seen by Malthus and by J. S. Mill.
  4. Discuss the “levels of analysis” in J. S. Mill’s Principles of Political Economy.
  5. Compare the methods of establishing economic propositions employed by Malthus and Ricardo.

.Source:  Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A65  1/?/36”

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ECONOMICS 121
TYPES OF ECONOMIC THEORY
Examination Jan. 23, 1937
1:10 p.m. Fayerweather Hall

  1. State and discuss Adam Smith’s argument for “the obvious and simple system of natural liberty”.
  2. What relation does Bentham’s felicific calculus have to economic theory?
  3. Compare the conceptions of human nature entertained by Malthus and by John Stuart Mill.
  4. What position does the theory of distribution hold in the economic theory of Adam Smith, Ricardo and Mill?
  5. Expound briefly Mill’s theory of value and point out its chief limitations.

Source: Columbia University Libraries, Manuscript Collections. Mitchell, W.C. Collection, Box 3, Folder “A52 1/23/37”.

Image Source: Wesley Clair Mitchell from Albert Arnold Sprague’s and Claudia C. Milstead’s Genealogical Website.