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Harvard. Economic Theory. Enrollment, Readings, Exams. Carver, 1901-1902.

 

Professor Frank W. Taussig began what was to turn into a two year leave of absence starting with the academic year 1901-02. The previous year, assistant professor Thomas Nixon Carver apparently took over Taussig’s “advanced” theory course sometime late in the academic year and continued to teach it in the latter’s absence.

This post continues our series of Harvard’s economic courses for 1901-02, providing a linked reading list for Carver’s economic theory course along with the semester exams for the year-long course.

Carver’s 1949 autobiography is available at the hathitrust.org web archive. He writes there (p. 132):

At the end of the year, 1900-1901, Professor Taussig’s health failed, probably as the result of some very hard and discouraging work he had done on the State Tax Commission. He therefore took a year’s leave of absence which was lengthened to two years. This necessitated a change in my program.

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Course Announcement

For Undergraduates and Graduates
  1. Economic Theory. Mon., Wed., Fri., at 2.30. Asst. Professor [Thomas Nixon] Carver.

Course 2 is intended to acquaint the student with some of the later developments of economic thought, and at the same time to train him in the critical consideration of economic principles and the analysis of economic conditions. The exercises are accordingly conducted mainly by the discussion of selected passages from the important writers; and in this discussion the students are expected to take an active part. Lectures are given at intervals outlining the present condition of economic theory and some of the problems which call for theoretical solution. Theories of value, diminishing returns, rent, wages, interest, profits, the incidence of taxation, the value of money, international trade, and monopoly price, will be discussed. Marshall’s Principles of Economics, Böhm-Bawerk’s Positive Theory of Capital, Taussig’s Wages and Capital, and Clark’s Distribution of Wealth will be read and criticised.

Course 2 is open to students who have passed satisfactorily in Course 1.

Source: Harvard University Archives. Annual Announcement of the Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901).  Official Register of Harvard University 1901-1902. Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. pp. 36-37.

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Course Enrollment

For Undergraduates and Graduates:—

[Economics] 2. Asst. Professor Carver. — Economic Theory.

Total 32: 5 Graduates, 6 Seniors, 17 Juniors, 2 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 77.

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Course Readings

ECONOMICS 2.
1901-1902

General Reading. Prescribed.

Marshall. Principles of Economics.
Taussig. Wages and Capital.
Böhm-Bawerk. Positive Theory of Capital.
Clark. The Distribution of Wealth.

References for Collateral Reading. Starred references are prescribed.

I. VALUE.

  1. Adam Smith. Wealth of Nations. Book I. Chs. 5, 6, and 7.
  2. Ricardo. Pol. Econ. Chs. 1 and 4.
  3. Mill.    “        “     Book III. Chs. 1-6.
  4. Cairnes.     “        “     Part I.
  5. *Jevons. Theory of Pol. Econ. Chs. 2-4.
  6. Sidgwick. Pol. Econ. Book II. Ch. 2.
  7. Wieser. Natural Value.
  8. *Clark. Philosophy of Wealth. Ch. 5

II. DIMINISHING RETURNS.

  1. Senior. Pol. Econ. Pp. 81-86.
  2. *Commons. The Distribution of Wealth. Ch. 3. 

III. RENT.

  1. Adam Smith. Wealth of Nation. Book I. Ch. 2. Pts. 1-3.
  2. *Ricardo. Pol. Econ. Chs. 2 and 3.
  3. Sidgwick. “   “       Book II. Ch. 7.
  4. Walker. “     “       Pt. IV. Ch. 2.
  5. Walker. Land and its Rent.
  6. Hyde. The Concept of Price Determining Rent. Jour. Pol. Econ. V.6. p. 368.
  7. Fetter. The Passing of the Old Rent Concept. Q.J.E. Vol. XV. P. 416.

IV. CAPITAL

  1. Adam Smith. Wealth of Nations. Book II.
  2. Senior. Pol. Econ. P. 58-81.
  3. Mill.      “       “       Book I. Ch. 4-6.
  4. Roscher. “      “       Book I. Ch. 1. Secs. 42-45.
  5. Cannan. Production and Distribution. Ch. 4.
  6. Jevons. Theory of Political Economy Ch. 7.
  7. Fisher. What is Capital? Economic Journal. Vol. VI. P. 509.
  8. Fetter. Recent Discussion of the Capital Concept. Q.J.E. Vol. XV. P. 1.
  9. *Carver. Clark’s Distribution of Wealth. Q.J.E., Aug. 1901. 

V. INTEREST.

  1. Adam Smith. Wealth of Nations. Book I. Ch. 9.
  2. Ricardo. Pol. Econ. Ch. 6.
  3. Sidgwick. “     “        Book II. Ch. 6.
  4. *Carver. Abstinence and the Theory of Interest. Q.J.E, Vol. VIII. P. 40.
  5. Mixter. Theory of Saver’s Rent. Q.J.E. Vol. XIII. P. 345.

VI. WAGES.

  1. Adam Smith. Wealth of Nations. Book I. Ch. 8.
  2. *Ricardo. Pol. Econ. Ch. 5.
  3. Senior.   “       “      Pp. 141-180 and 200-216.
  4. Senior. Lectures. Pp. 1-62.
  5. Mill. Pol. Econ. Book II. Chs. 11, 12, 13, and 14.
  6. Cairnes. Pol. Econ. Part II. Chs. 1 and 2.
  7. Sidgwick. “       “      Book II. Ch. 8.
  8. Walker. “       “      Part IV. Ch. 5.
  9. Hadley. Economics. Ch. 10.
  10. *Carver. Wages and the Theory of Value. Q.J.E. Vol. VIII, P. 377.

VII. PROFITS.

  1. Walker. Pol. Econ. Part IV. Ch. 4.
  2. Hobson. The Law of the Three Rents. Quar. Jour. Econ. Vol. V. P. 263.
  3. Clark. Insurance and Business Profits. Quar. Jour. Econ. Vol. VII. P. 40.
  4. *Hawley, F. B. in Quar. Jour. Econ. Vol. VII. P. 459; Vol. XV. Pp. 75 and 603.
  5. MacVane, in in Quar. Jour. Econ.,  Vol. II. P. 1.
  6. Haynes, in               “     “       “     Vol. IX, P. 409.

Source: Harvard University Archives. HUC 8522.2.1, Box 1 of 10 (Syllabi, course outlines and reading lists in Economics, 1895-2003). Folder: 1901-1902.

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Mid-year examination, 1902
ECONOMICS 2

Discuss the following topics.

  1. The relation of utility to value.
  2. The price of commodities and the price of services.
  3. Various uses of the term “diminishing returns.”
  4. The law of diminishing returns as applied to each of the factors of production.
  5. Prime and supplementary cost: illustrate.
  6. Joint and composite demand and join and composite supply.
  7. Quasi rent.
  8. Real and nominal rent.
  9. Consumer’s rent.
  10. The equilibrium of demand and supply

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 6, Bound volume: Examination Papers, Mid-Years, 1901-02.

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Final examination, June 1902
ECONOMICS 2

  1. State some of the different meanings which have been given to the law of diminishing returns, and define the law as you think it ought to be.
  2. Can you apply the law of joint demand to the wages fund questions?
  3. What is meant by an elastic demand and how does it affect monopoly price.
  4. Discuss Clark’s distinction between capital and capital goods.
  5. Under what conditions would there be no rent, and how would these conditions affect the value of products?
  6. Explain Clark’s theory of Economic Causation.
  7. What is the source of interest?
  8. What is the relation of the standard of living to wages?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 6, Bound volume: Examination Papers, 1902-03. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College (June, 1902), p. 21.

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Collection of Carver’s economic theory readings and exams,
1900/01 through 1902/03

Harvard. Core economic theory. Readings and Exams. Carver, 1900/01-1902/03