The previous post is a Harvard Crimson article that reported on a major re-evaluation of the undergraduate economics program in 1959. The place of the junior tutorial was described as follows:
“The analytic material ejected from Ec. 1 has found refuge in Sophomore tutorial, while Ec. 98 (Junior tutorial) although heavily biased towards the empirical is the only course in the Department offering an overall view of the field.”
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Course Enrollments
[Economics] 98a Tutorial for Credit—Junior Year. Professor Smithies. Half course, Fall.
Total 65: 11 Seniors, 48 Juniors, 2 Sophomores, 4 Radcliffe.
[Economics] 98b Tutorial for Credit—Junior Year. Professor Chamberlin. Half course, Spring.
Total 61: 13 Seniors, 46 Juniors, 2 Radcliffe.
Source: Harvard University. Report of the President of Harvard College, 1960-61. Page 75.
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HARVARD UNIVERSITY
Department of Economics
Fall 1960
Economics 98a
MACROECONOMICS
Professor Smithies
Reading List
- The English Classical System
Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chs. 1, 2, 3; Book II; Book IV, chs. 1, 3, 8.
David Ricardo, Principles of Political Economy, chs. 2-6, 21.
W. J. Baumol, Economic Dynamics, ch. 2.
Malthus, T. R., An Essay on the Principle of Population (1st & 2nd editions), Macmillan, London, 1914.
Malthus, T. R., Principles of Political Economy, Book II, ch. I, “On the Process of Wealth.”
- Marxian Dynamics
M.M. Bober, Karl Marx’s Interpretation of History, chs. 1-3 and 9-13.
P. Sweezy, The Theory of Capitalist Development, chs. 4-6, 8, 9.
Suggested:
Joan Robinson, An Essay on Marxian Economics.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.
- The Neo-Classical School and the Schumpeterian System
J. A. Schumpeter, The Theory of Economic Development.
____________, Business Cycles, Vol. I, chs. 3, 4.
____________, Capitalism, Socialism, and Democracy, Part II.
A. Marshall, Principles of Economics, Book VI, chs. 12, 13, Appendixes A, C, D.
Suggested:
A. A. Young, “Increasing Returns and Economic Progress,” Economic Journal, December 1928, reprinted in R. V. Clemence (ed.) Readings in Economic Analysis, Vol. 1.
R. Solow, “A Contribution to the Theory of Economic Growth,” QJE, Feb. 1956.
A. Smithies, “Productivity, Real Wages, and Economic Growth,” QJE, May 1960.
- Keynesian Economics.
J. M. Keynes, The General Theory of Employment, Interest, and Money, chs. 3, 19, 22-24.
A. Hansen, Monetary Theory and Fiscal Policy, chs. 3-6.
L. Klein, The Keynesian Revolution, ch. 3.
Suggested:
Income, Employment and Public Policy, “Essays in Honor of Alvin H. Hansen”, chs. 1, 5, 6.
S. E. Harris (ed.), The New Economics, chs. 39, 40.
- Business Cycles.
A.H. Hansen, Business Cycles and National Income, chs. 11-24.
Tinbergen and Polak, The Dynamics of Business Cycles, ch. 13.
- Business Cycles and Economic Growth.
E. Domar, “Expansion and Employment,” American Economic Review, March 1947, also reprinted in Essays in the Theory of Economic Growth, ch. IV.
A. Smithies, “Economic Fluctuations and Growth,” Econometrica, January 1957.
Wm. Fellner, “The Capital-Output Ratio in Dynamic Economics,” in Money, Trade, and Economic Growth (Essays in Honor of J. H. Williams).
- Inflation.
Bernstein and Patel, “Inflation in Relation to Economic Development,” International Monetary Fund, Staff Papers, Nov. 1952.
Kenneth K. Kurihara, Post-Keynesian Economics, ch. 2.
Staff Report on Employment, Growth, and Price Levels, Joint Economic Committee, Congress of the U.S., December 24, 1959, ch. 5.
- Economic Analysis and Economic Policy.
J. Tinbergen, Economic Policy: Principles and Design, chs. 1, 2, 3.
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (1 of 2)”.
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HARVARD UNIVERSITY
Department of Economics
Economics 98b
MICROECONOMICS
Spring 1961
Professor Chamberlin
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Week of Tuesday |
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Feb. 7 |
Markets, Perfect and Imperfect |
| Chamberlin, Monopolistic Competition, Chapter II, including note on Deviation from Equilibrium. | |
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Feb. 14, 21 |
General Relations of Demand, Supply, Cost and Value |
| Marshall, Principles, Book V, Chapters 1-11, Appendix H.
Robinson, Joan, “Rising Supply Price,” Economica, New Series VIII, (1941). (Also in AEA Readings in Price Theory, Vol. VI, and in Robinson, Joan, Collected Economic papers). |
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Feb. 28 |
The Production Function and the Cost Curve of the Firm |
| (No lecture)
Boulding, Economic Analysis, Third Edition, chapters 28, 34, or revised edition, Chapters 24, 31 to p. 698. Monopolistic Competition, 6th or 7th edition, Appendix B. (Also in Towards a More General Theory of Value, Essay 9.) |
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Mar. 7, 14 |
General Analysis of Monopolistic Competition. Product Differentiation. The Group |
| Monopolistic Competition, Chapters 1, 4, 5, 9.
Chamberlin, “Monopolistic Competition Revisited,” Towards a More General Theory of Value, Essay 3. Robinson, Joan, Imperfect Competition, Foreword, Introduction, Chapters 1, 2. Triffin, Monopolistic Competition and General Equilibrium Theory, pp. 78-89. |
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Mar. 21 |
Oligopoly |
| Monopolistic Competition, Chapter 3, Appendix A.
Fellner, Competition Among the Few, Chapter 1. Arant, Willard, “Competition of the Few Among the Many,” QJE, 70:327 (1956). Clark, J.M., “Toward a Concept of Workable Competition,” AER, 1940. (Also in AEA Readings in Price Theory) Suggested: Fellner, further chapters. |
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Mar. 28 |
Nonprice Competition |
| “The Product as an Economic Variable,” Towards a More General Theory of Value, Essay 6.
Monopolistic Competition, Appendix C, Chapters 6, 7. |
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Apr. 2-9 |
SPRING VACATION |
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Apr. 11, 18, 25, |
Microincome Theory, Wages, Exploitation, Collective Bargaining |
| Hicks, The Theory of Wages, Chapters 1, 2, 4.
Robertson, “Wage Grumbles,” Readings in Income Distribution, No. 12. Robinson, Imperfect Competition, Chapter 25. Monopolistic Competition, (5th or later edition), Chapter 8; pp. 215-18. Chamberlin, “Monopoly Power of Labor,” Towards a More General Theory of Value, Essay 12. Dunlop, “Wage Policies of Trade Unions,” Readings, No. 19. |
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (2 of 2)”.
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ECONOMICS 98b—PAPER
[Spring 1961]
Due any time, but not later than May 9.
The purpose of this paper is to give an opportunity for a bit of “theorizing” of your own. The paper may be either constructive or critical, but the emphasis should be on your own contribution, rather than on developing the subject more generally, or expounding it mainly in terms of the ideas and views of others.
The ideal subject would be chosen by yourself—either an adverse reaction to, or further development of: something said in lectures, in the assigned or related reading, or in tutorial discussions. A rounded treatment or essay on the subject is not desired—rather something in the nature of a “Note” (say for the Quarterly Journal), which would either present an idea of its own or criticize one which has been presented by someone else. (A good illustration of this latter is Essay 13 in Towards a More General Theory of Value.) Brevity is therefore desirable. Papers should normally be from six to twelve pages (typed, double spaced), with fifteen as an absolute limit. Extensive reading is not indicated; (in an extreme case there might even be none at all), but a great deal of time should be given to thinking through carefully what you want to say.
The accompanying list of topics is suggestive only; as stated above, one chosen by yourself might be better. In any case your subject should be approved; and the question of reading should be taken up with your tutor.
SUGGESTED TOPICS
Some further analysis of the classroom market problem, or of a variation on it. (Material between page 236 to the end in the article as printed would illustrate further developments from the original problem.)
Marginal cost pricing as against Marshall’s short run normal analysis.
The Representative Firm Revisited.
Comment on Modigliani’s article: “New Developments on the Oligopoly Front,” JPE 66:215 (1958).
Mr. Kaldor’s concept of advertising cost. (“The Economic Aspects of Advertising,” Review of Economic Studies, Vol. XVIII (1) No. 45.)
Some aspect of spatial equilibrium.
A review of Machlup, “Marginal Analysis and Empirical Research,” AER, Sept. 1946.
Review of Gottlieb, “Price and Value in Industrial Markets,”Economic Journal, March 1959.
Is equilibrium with external economies possible under perfect competition? Under monopolistic competition?
Temporal Differentiation.
Some aspect of empirical cost curves.
“Bilateral Oligopoly”—Big Business and Big Labor.
Measures which might be taken to reduce “excess capacity.”
A critique of Stigler’s “Monopolistic Competition in Retrospect,” in his Five Lectures on Economic Problems.
“‘Entry’ is often not the literal appearance of a new firm, but the decision of an old one to add the new product to its line.” What effect would this have on the conventional analysis?
“Conjectural Variation” as a solution to oligopoly.
How would more attention to sales maximization and less to profit maximization affect the analysis?
Deliberate product obsolescence: Implications for public policy.
The Lester-Machlup controversy over the wage elasticity of the demand for labor.
Comment on “Some Basic Problems in the Theory of the Firm” by Papandreou in A Survey of Contemporary Economics, Vol. II.
If the concept of a “group” were to be abandoned, following Triffin, what would happen to the analysis in Chapter 5?
Review of Alchian, “Uncertainty, Evolution and Economic Theory,” JPE 1950; also in AEA Readings in Industrial Organization and Public Policy.
The Economic Analysis of Industry-Wide Advertising.
My Own Grumbles on Wages. (Suggested by the title of Roberson’s article assigned later in the course.)
The case for assuming imperfect, instead of perfect, knowledge in economic theory.
Stigler on the Kinked Demand Curve. (“The Kinky Oligopoly Demand Curve and Rigid Prices,” AEA Readings in Price Theory, and criticism by Efroymson in QJE 69:119 (1955).
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003.Box 7, Folder “Economics, 1960-1961 (1 of 2)”.
Image Source: John Simon Guggenheim Memorial Foundation website. Arthur Smithies (1955 Fellow), Edward H. Chamberlin (1958 Fellow).