The second graduate course in economic theory, Economics 202a and 202b, at Harvard in 1948-49 taught by Leontief were renumbered versions of the courses taught by Leontief in 1947-48 that are posted below. I was struck by the significant reorganization of the course content between the two versions so I thought it would be useful to make both syllabi available at Economics in the Rear-View Mirror.
Being someone who almost never manages to get an entire syllabus decided by the start of the semester for a new course, I was reassured to see that Leontief appears also to have engaged in some just-in-time delivery of his semester reading assignments.
Also interesting to see chapters from John Rae’s 1834 book as assigned reading.
The first graduate course in economic theory was taught by Chamberlin in 1947-48.
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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….
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[Course Enrollments, Economics 102a and 102b, 1947-48]
[Economics] 102a. Professor Leontief. Economic Theory, II (F).
41 Graduates, 1 Senior, 1 Sophomore, 20 Public Administration, 7 Radcliffe: Total 84.
[Economics] 102b. Professor Leontief. Economic Theory, II (Sp).
28 Graduates, 11 Public Administration, 5 Radcliffe, 1 Other: Total 45.
Source: Harvard University. Report of the President of Harvard College and Reports of the Departments for 1947-48, p. 90.
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Economics 102a
Economic Theory
Fall Term, 1947-48
Readings until November 10
Theory of Production
Douglas, Paul: Theory of Wages, Chs. I – IX
Fisher, I. : A Three-Dimensional Representation of the Factors of Production and Their Remuneration Marginally and Residually, Econometrica, Oct., 1939
Cassel, J.: Law of Variable Proportions [in] Readings in the Theory of Income Distribution
Durand, D.: Some Thoughts on Marginal Productivity, Journal of Political Economy, Dec., 1937.
Reder, M. W.: An Alternative Interpretation of the Cob-Douglas Function, Econometrica, July-Oct., 1943.
Bronfenbrenner, M.: Production Functions: Cobb-Douglas, Interfirm, Intra-firm, Econometrica, Jan., 1944.
Kalecki, M.: The Distribution of National Income [in] Readings in the Theory of Income Distribution.
Lange, O.: Note on Innovations, Review of Economic Statistics, Feb., 1943. [in] Readings in the Theory of Income Distribution
Hicks, J.: Distribution and Economic Progress, Review of Economic Studies, Oct., 1936.
Bloom, G.: Technical Progress, Cost and Rent, Economica, Feb., 1942.
For General Reference
Hicks, J. R.: Theory of Wages
Lerner, A. P.: Economics of Control
Boulding: Economic Analysis
Selected Problems in the Analysis of Demand
Marshall, A.: Principles, Book II, Ch. 2.
Knight, F.: Ethics and the Economic Interpretation in Ethics of Competition
N.R.C.: Consumption Expenditure in U.S., Appendix C
Stone, J. R.: The Marginal Propensity to Consume: A Statistical Investigation, Review of Economic Studies, Oct., 1938.
Centers and Cantril, Income Satisfaction and Income Aspirations, Journal of Abnormal and Social Psychology, Vol. XLI, No. 1.
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Economics 102[a]
Fall Term, 1947-48
Reading, November 10 – January 4
- Samuelson, Welfare Economics, Chapter VIII [in Foundations of Economic Analysis]
- De Scitovszky, “Note on Welfare Propositions in Economics,” Review of Economic Studies, November 1941.
- Hicks, “Foundations of Welfare Economics, Economic Journal, 1939.
- P. Lerner, The Economics of Control, Chs. 9, 15 and 16.
- Meade and Fleming, “Price and Output Policy of State Enterprise,” Economic Journal, 1944.
- Coase, “The Marginal Cost Controversy,” Economica, August, 1946.
- Troxel, “Incremental Cost Determination of Public Utility Prices,” Journal of Land and Public Utilities Economics, November, 1942.
- Troxel, “Limitations of Incremental Cost Patterns of Pricing,” Journal of Land and Public Utilities Economics, February, 1943.
- Troxel, “Incremental Cost Control under Public Ownership,” Journal of Land and Public Utilities Economics, August, 1943.
- H. Phelps Brown, Framework of the Pricing System.
Reading Period Assignment
Oscar Lange, Price Flexibility and Employment
or (for those who know some calculus)
Paul Samuelson, Foundations of Economic Analysis, Chs. IV. and V.
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Economics 102b
Spring Term, 1948
Capital, Interest, and Economic Development
Part I: Capital and Income:
National wealth: Stock and flow concepts. Dollar measures and physical measures. Capital and income. Capital in production. Depreciation and obsolescence. Period of production and the speed of turnover. The time shape of production and consumption process.
Reading:
Simon Kuznets, “On Measurement of National Wealth,” Studies in Income and Wealth, Vol. 2 National Bureau of Economic Research, New York, 1938, pp. 3-61.
Simon Kuznets, “National Product since 1869,” Reproducible Wealth—Its Growth and Industrial Distribution, Part IV, National Bureau of Economic Research, New York, 1946, pp. 185-234.
John Rae, New Principles of Political Economy, 1834, Chs. I-V.
Irving Fisher, Nature of Capital and Income, Chs. I, IV, V, XIV, XVII, Macmillan, New York, 1906.
Nicolas Kaldor, “Annual Survey of Economic Theory, “The Recent Controversy on the Theory of Capital, Econometrica, July, 1937, pp. 201-233.
Part II: Theory of Interest:
Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.
Reading: Will be assigned later.
Part III: Economic Development and Accumulation of Capital:
Statics and Dynamics. The general problem of economic growth. Saving, investment, and the growth of income. Acceleration principle. Technical change. Accumulation and employment.
Reading: Will be assigned later.
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Economics 102b
Spring Term, 1948
Capital, Interest, and Economic Development
Part II: Theory of Interest:
Productivity of Capital. Expectations, risk, and uncertainty. Inventory speculation. Interest as cost and the demand for capital. Saving and the supply of capital. Monetary theory of interest. Theory of assets.
Reading:
Irving Fisher, The Theory of Interest, chapters. VII, VIII, IX, X, XI, XVI, XVII, and XVIII. 1930.
Readings in Theory of Income Distribution, Blakiston, Philadelphia, 1946.
Frank Knight, “Capital and Interest,” pp. 384-417.
John M. Keynes, “The Theory of the Rate of Interest,” pp. 418-424.
D. H. Robertson, “Mr. Keynes and the Rate of Interest”, pp. 425-460.
Part III: Economic Development and Accumulation of Capital:
Statics and Dynamics. The general problem of economic growth. Saving, investment, and the growth of income. Acceleration principle. Technical change. Accumulation and employment.
Reading:
Bresciani-Turoni, “The Theory of Saving”, Economica, Part I, February 1936, pp. 1-23; Part II, May 1936, pp. 162-181.
Domar, “Expansion and Employment”, American Economic Review, March 1947, pp. 34-55.
Schelling, “Capital Growth and Equilibrium”, American Economic Review, December 1947, pp. 864-876.
Harrod, “An Essay in Dynamic Theory”, Economic Journal, March 1939, pp. 14-33.
Pigou, “Economic Progress in a Stable Economy”, Economica, August 1947, pp. 180-188.
Stern, “Capital Requirements in Progressive Economies”, Economica, August 1945, pp. 163-171.
A. Sweezy, “Secular Stagnation?” In Harris, Postwar Economic Problems, McGraw-Hill, New York, 1943, pp. 67-82.
Hansen, “Economic Progress and Declining Population Growth”, American Economic Review, March 1939, pp. 1-15.
de Scitovsky, “Capital Accumulation, Employment, and Price Rigidity”, Review of Economic Studies, February 1941, pp. 69-88.
Reading: Schumpeter, Theory of Economic Development, Harvard University Press, Cambridge, 1936.,
Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-1948 (2 of 2)”.