While Harvard archive’s collection of old course syllabi and reading lists offers a treasure chest of material, there still are plenty of “missing observations” and lost pages between us and a complete record. Fortunately there is often significant inertia in the actual syllabi so that interpolation is less hazardous than one might expect in filling the gaps. As noted below, the reading list for the Spring term was not found in the corresponding folder for Harvard economics course syllabi in the Harvard archives.
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Arthur Smithies’ syllabus for this course as taught in 1949-50 has been transcribed and posted.
Robert Baldwin’s reading lists and exams for 1955-56 have been likewise transcribed and posted.
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Course Enrollment
[Economics] 206. Economic Analysis and Public Policy. Professor Smithies and Assistant Professor Baldwin. Full course.
(F) Total 49: 9 Graduates, 36 Other Graduates, 1 Senior, 1 Radcliffe, 2 Others.
(S) Total 51: 10 Graduates, 37 Other Graduates, 1 Senior, 1 Radcliffe, 2 Others.
Source: Harvard University. Report of the President of Harvard College 1956-57, p. 70.
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HARVARD UNIVERSITY
Department of Economics
Economics 206
Reading List, Fall 1956
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Economic Analysis and Public Policy
F. H. Knight, “Economic Objectives in a Changing World,” Economics and Public Policy, The Brookings Institution, 1955.
A. Smithies, “Economic Welfare and Policy,” Ibid.
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The Ricardian System
David Ricardo, Principles of Political Economy, Chs. 2-6, 21.
W. J. Baumol, Economic Dynamics, Ch. 2.
Suggested:
Ricardo, Chs. 1, 31
G. J. Stigler, “The Ricardian Theory of Value and Distribution,” The Journal of Political Economy, LX, 3 (June 1952).
J. S. Mill, Principles of Political Economy, Bk. 3, Ch. 6 and 14;
Mimeographed paper on Smith and Ricardo*
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Marxian Dynamics
Karl Marx, A Contribution to the Critique of Political Economy, Preface.
M. M. Bober, Karl Marx’s Interpretation of History, Chs. 1-3, 9-13.
Suggested:
Joan Robinson, An Essay on Marxian Economics.
P. Sweezy, The Theory of Capitalist Development, Chs. 4-6, 8, 9,
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.
Mimeographed paper on Marx*
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The Neo-classical System
L. Walras, Elements of Pure Economics, Part I.
G. Cassel, The Theory of Social Economy, Ch. 4
W. S. Jevons, The Theory of Political Economy, Introduction.
Suggested:
E. Phelps Brown, Framework of the Pricing System
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The Schumpeterian System
J. A. Schumpeter, Business Cycles, Vol. I, Chs. 3, 4.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part II
Suggested:
J. A. Schumpeter, The Theory of Economic Development.
Mimeographed paper on Schumpeter*.
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Keynesian Economics
J. M. Keynes, The General Theory of Employment, Interest, and Money, Ch. 19.
D. Dillard, The Economics of J. M. Keynes, Chs. 2, 3.
A. Hansen, Business Cycles and National Income, Part II
Suggested:
A. Hansen, A Guide to Keynes
J. M. Keynes, The General Theory of Employment, Interest, and Money.
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Post-Keynesian Growth Theorists
E. Domar, “Expansion and Employment,” American Economic Review, March 1947.
W. Baumol, op. cit., Ch. 4
Suggested:
R. Harrod, Towards a Dynamic Economics, Ch. 3.
D. Hamberg, Economic Growth and Instability, Ch. 2, 3
*Available in Lamont and Littauer Libraries.
Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder: “Economics, 1956-1957 (1 of 2).
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1956-57
HARVARD UNIVERSITY
Economics 206
Fall 1956
Final Examination
Answer FIVE of the following seven questions.
- What conclusions can be drawn concerning the optimization of resource allocation in a competitive versus a monopolistic economy? Consider the problem under both static and dynamic conditions.
- Analyze the possible employment effects of an increase in the money supply in the Keynesian and the neo-classical aggregate models.
- Both Ricardo and Marx assert that real wages tend to be driven to a subsistence level in the long-run. Contrast the reasoning of these two writers in reaching this conclusion.
- Contrast the reasons why the classical writers were pessimistic about development prospects under capitalism whereas the neo-classical economists were quite optimistic about growth possibilities.
- Neo-classical writers claim that long-run equilibrium at a less than full employment level is impossible. Keynesians, on the other hand, assert that less than full employment equilibrium is possible. Carefully explain the reasons why these two groups differ on this point.
- What were the major policy recommendations of Ricardo? Analyze how, according to Ricardo, the adoption of these measures would postpone the arrival of the stationary state.
- Contrast the role of the interest rate as a determinant of investment in the Schumpeterian, neo-classical, and Keynesian models.
Source: Harvard University Archives. Final examinations, 1853-2001. Box 25, Volume: Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, January 1957.
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Note: The reading list for Economics 206, Spring Term 1957 was not found in the Harvard archives with the other filed course syllabi from 1956-57.
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HARVARD UNIVERSITY
Economics 206
Spring Examination, 1957
Answer FOUR of SEVEN.
- a) Under what conditions could the U.S. economy achieve uninterrupted growth? Do you think these conditions are likely to prevail?
b) What sort of obstacles to steady growth would you expect to find in the U.S. economy? Are they self-correcting or would you recommend specific policies to overcome them? - Is an equal or unequal distribution of income more compatible with the achievement of steady growth? What are the chief determinants of income distribution in the United States? Would you expect a shift in distribution as the economy grows?
- Analyze the causes of inflationary pressure. With our present institutional arrangements, what policy measures would you advocate to alleviate an inflation? Discuss any changes in present institutions that you feel would be desirable for combating inflation. Would your policy measures change if you were operating under changed legal or institutional arrangements? (i.e. Would you use the same instruments in a different way?)
- What is the meaning of balance of payments disequilibrium? How would you deal with such a disequilibrium in a country that had a goal of maximizing economic growth?
- Do you think there was a fundamental change in the U.S. economy between the prosperous ‘20’s and the depressed ‘30’s or between the ‘30’s and the post World War II era? If so, what were these changes and how do they contribute to an explanation of the behavior of the economy in these periods? If not, how would you explain the mixed performance of the economy?
- How can the traditional theory of the firm be used to explain the distribution of income? Would the theory lead you to expect a different distribution in an imperfectly competitive economy than in a purely competitive one?
- Are large budgets consistent with equilibrium growth? What effect on growth would an increase in government expenditure have if (a) it is deficit financed, (b) it is tax financed?
Source: Harvard University Archives. Final examinations, 1853-2001. Volume 113 (HUC 7000.28) Final Exams—Social Sciences—June 1957: Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, June 1957.
Image Sources: (Left) John Simon Guggenheim Memorial Foundation website. Arthur Smithies (1955 Fellow); (Right) Robert Baldwin from Selection from photograph (ca. 1975) of Robert E. Baldwin from the University of Wisconsin Archives/The University of Wisconsin Collection/The UW-Madison Collection/UW-Madison Archives Images.