John D. Black took over the agricultural economics courses at Harvard that were previously the responsibility of Thomas Nixon Carver. The course of this post was co-taught by Professor Black and Dr. Charles D. Hyson and was simultaneously taught to both Harvard undergraduates and graduate students. Following the course syllabus for 1947-48 are the midyear exams for both the undergraduate and graduate courses and the final year-end exam for the undergraduates. I have been unable to find the graduate examination questions for the year-end final (they were not included in the collection of examinations archived at Harvard).
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Course Enrollment
[Economics] 7a. Professor Black and Dr. Hyson.—Consumption, Distribution and Prices (F)
Total 86: 43 Seniors, 30 Juniors, 11 Sophomores, 1 Freshman, 1 Radcliffe.
[Economics] 7b. Professor Black and Dr. Hyson.—Consumption, Distribution and Prices (Sp).
Total 44: 25 Seniors, 15 Juniors, 4 Sophomores.
[Economics] 107a. Professor Black and Dr. Hyson.—Consumption, Distribution and Prices (F)
Total 13: 5 Graduates, 5 Public Administration, 3 Radcliffe.
[Economics] 107b. Professor Black and Dr. Hyson.—Consumption, Distribution and Prices (Sp).
Total 8: 1 Graduate, 4 Public Administration, 3 Radcliffe.
Source. Harvard University. Report of the President of Harvard College 1947-1948, pp. 89.
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SYLLABUS FOR ECONOMICS 7 AND 107
1947-1948
The required readings for Economics 7 and Economics 107 will be chosen from the references given below. The symbols used for frequently cited references are as follows:
**S.D.—Stewart and Dwehurst, DOES DISTRIBUTION COST TOO MUCH?, Twentieth Century Fund, 1942.
**Shep.—Shepherd, G.S., AGRICULTURAL PRICE ANALYSIS, Iowa State College Press, 1947 (revised edition).
**Waite—Waite and Cassady, THE CONSUMER AND THE ECONOMIC ORDER, McGraw-Hill Co., 1939.
*Cassels—Cassels, J.M., A STUDY OF FLUID MILK PRICES, Harvard University Press, 1937.
**T.N.E.C.—PRICE BEHAVIOR AND BUSINESS POLICY, Temporary National Economic Committee, Monograph No. 1, Government Printing Office, Washington, D.C., 1941.
**Nourse—Nourse, E.G., PRICE MAKING IN A DEMOCRACY, Brookings Institution, 1944.
**Dew.—Dewhurst and Associates, AMERICA’S NEEDS AND RESOURCES, Twentieth Century Fund, New York, 1947.
**Stig.—Stigler, G.J., THE THEORY OF PRICE, Macmillan Company, 1946.
**M.B.—Maynard and Beckman, PRINCIPLES OF MARKETING, Ronald Press, 1947.
*Nicholls—Nicholls, W.H., IMPERFECT COMPETITION WITHIN AGRICULTURAL INDUSTRIES, Iowa State College Press, (reprinted 1947).
**Com.—Department of Commerce, MARKET ANALYSES FOR BUSINESS, May, 1947.
PART I—INTRODUCTION
Ch. 1. Definition of the Field
M.B., Ch. 1.
Black, J.D. and Galbraith, J.K., “The Quantitative Position of Marketing in the United States”, Quarterly Journal of Economics, May, 1935.
S.D., pp. 3-14; 115-123.
Ch. 2. The Importance of the Field
Cassels, J.M., “The Significance of Early Economic Thought on Marketing,” Journal of Marketing, October 1936, Vol. 1, No. 2, pp. 129-133.
S.D., pp. 15-22; 123-126.
Ch. 3. The Evolution of Markets and Marketing
Marshall, A., PRINCIPLES OF ECONOMICS, 8th ed., Bk. V, Ch. 1.
M.B., Ch. 2.
PART II—CONSUMPTION ASPECTS
Ch. 4. The Field of Consumption Economics Considered in Relation to Marketing.
M.B., Chs. 3, 4, and 5.
Ch. 5. The Nature and Classification of Human Wants and Goods or Utilities
Dew., Chs. 5, 6, 7.
Waite, Chs. 1 and 14.
Scope and Method Bulletin No. 11, Research in Farm Family Living. Social Science Research Council, (1933), pp. 3-8; 45-58.
Ch. 6. The Dimensions of Utility and Its Measurement
Stig., Ch. 5.
Dew., Ch. 4.
The Review of Economic Statistics, November 1946, Five Views of the Consumption Function”.
Inadequate Diets and Nutritional Deficiencies in the U.S. Their Prevalence and Significance. Bulletin of National Research Council, November 1943.
Scope and Method Bulletin, cited above, pp. 13-18; 31-42.
Ch. 7. Levels of Consumption
Scope and Method Bulletin, cited above, pp. 8-18.
Dew.—Ch’s. 8, 9, and 10.
Waite—Ch’s. 3, 12, and 13.
Ch. 8. Consumer Income and Income Elasticity
Dew.—Ch’s. 11 and 12.
Woytinsky, W.S., “Relationship Between Consumers’ Expenditures, Savings, and Disposable Income”, Review of Economic Statistics, February, 1946.
Ch. 9. The Consumer Purchases and Related Studies
Waite—Ch’s. 9, 13, 16, and 17.
Ch. 10-11. Administration of Income
Dew.—Ch’s 13 and 14.
Waite—Ch’s 20 and 21.
Ch. 12. The Cost of Living and its Measurement
Bureau of Labor Statistics, The Cost of Living Index of the BLS, and appraisal of “The Cost of Living” by George Meany and R. J. Thomas, labor members of the President’s Committee on the Cost of Living, February 28, 1944.
Bureau of Labor Statistics, Report of the President’s Committee on the Cost of Living, Monthly Labor Review, January, 1945.
Mills, Bakke, Cox, Reid, Schultz, and Stratton (Special Committee of the American Statistical Association), “An Appraisal of the BLS Cost of Living Index”, Journal of the American Statistical Association, December, 1943.
National Industrial Conference Board. A Critical Analysis of the Meany-Thomas Report on the Cost of Living, April 1944.
Waite—Ch. 5.
Ch. 13. Consumer Sovereignty
Dew.—Ch. 15.
PART III—MARKETING ORGANIZATION
Ch. 14. Production Economics Aspects of Marketing
M.B.—Ch’s 6 to 8.
Ch. 15. Approaches to Marketing Organization Analysis
[note: no reading item listed here]
Ch. 16. The Definition of a Market
Fetter, “The Economic Law of Market Areas”, Quarterly Journal of Economics, May, 1924.
Price, Marketing of Farm Products, Ch. 16.
Shepherd, MARKETING OF FARM PRODUCTS, Appendix A.
Ch. 17. Marketing Agencies
M.B.—Ch’s. 9 to 11.
Ch. 18. Classification by Commodities
M.B.—Ch’s. 13 to 15.
Ch. 19. The Census of Distribution
M.B.—Ch’s. 16 to 18.
Ch. 20. The Location of Markets
Dean, W.H., THE THEORY OF THE GEOGRAPHIC LOCATION OF ECONOMIC ACTIVITIES, Edward Brothers, Ann Arbor, Michigan, 1938.
S.D.—Ch. 4.
Ch. 21. Inter-Unit Marketing Organization
M.B.—Ch. 19 and 20.
Ch. 22-23. Intra-Unit Marketing Organization
M.B.—Ch. 36.
S.D.—Ch. 2, pp. 33, 36, 37.
Com.—pp. 86-91.
PART IV—MARKET PRICE
Ch. 24. The Function of Market Prices
M.B.—Ch. 32.
Stig.—Ch. 2.
S.D.—Ch. 2.
Waite—Ch’s. 14, 15.
Ch. 25. The Behavior of Prices
Shep.—Ch’s. 1, 2, and 3.
Cassels, J.M.—Ch’s 1, 5, and 9.
Com.—pp. 43-50.
Nicholls—Ch. 18.
Ch. 26. Demand
Stig.—Ch. 6.
Shep.—Ch’s. 4, 5, and 6.
Cassels—Ch’s 1, 6, and 9.
Working, E.J.—“What Do Statistical Demand Curves Show?” Quarterly Journal of Economics, February, 1927.
Waite—Ch. 10.
Ch. 27. Supply
Stig.—Ch’s 7 to 10, inclusive
Shep.—Ch’s. 10 and 11
Black, J.D., “The Elasticity of Supply of Farm Products”, Journal of Farm Economics, 1924.
Cassels—Ch’s 1 and 2.
Cassels, J.M., “The Nature of Statistical Supply Curves”, Journal of Farm Economics, April, 1933.
Mighell, R.L. and Allen, R.H., “Supply Schedules—Long Time and Short Time”, Journal of Farm Economics, August, 1940.
Reynolds, L.G., “The Canadian Baking Industry: A Study of an Imperfect Marekt,”Quarterly Journal of Economics, August, 1938.
Reynolds, L.G., “Competition in the Rubber Tire Industry,” American Economic Review, September 1938.
Waite—Ch. 6.
Ch. 28. Selling Prices under Imperfect Competition
Cassels—Ch’s. 9 and 10.
Nicholls—Ch’s 5 to 11, inclusive
Stig.—Ch’s 11 to 14, inclusive
TNEC—Part I, Ch’s 2 and 3.
Hyson, G.D. and Sanderson, F.H., “Monopolistic Discrimination in the Cranberry Industry”, Quarterly Journal of Economics, May, 1945.
Waugh, F.V. et al, “The Controlled Distribution of a Crop Among Independent Markets”, Quarterly Journal of Economics, November, 1936.
Waite—Ch. 6.
Ch. 29. Buying Prices under Imperfect Competition
Nicholls, Ch’s—16 and 17.
TNEC—Part III, Ch’s 1 and 2.
Ch. 30. Futures markets and Speculation
M.B.—Ch’s. 28 and 29.
Howell, L.D., Cotton Prices in Spot and Futures Markets, USDA Technical Bulletin No. 6851, 1939.
Shepherd, THE MARKETING OF FARM PRODUCTS, Ch’s 9 and 10.
Ch. 31. Price Forecasting
Shep.—Ch’s 7, 8, 9, and 13.
PART V—SELLING AND BUYING
Ch. 32. The Selling Function
TNEC—Part I, Ch. 4[?].
S.D.—p. 225.
Ch. 33. Advertising
M.B.—Ch. 23.
S.D.—pp. 225-229.
Borden, Neil, “Findings of the Harvard Study on the Economic Effects of Advertising”, Journal of Marketing, April, 1942.
Waite—Ch. 11.
Ch. 34. The Buying Function
M.B.—Ch. 22.
TNEC—Part I, Appendix 2.
Nicholls, Ch’s. 12-15, inclusive.
Ch. 35-36. Price Policy
S.D.—Ch. 2.
Cassels—Ch. 6.
Nourse—Ch’s 6, 10, and 11.
TNEC.—Part I, Preface and C-h. 1.
PART VI—MARKETING MARGINS, COSTS, INCOME, AND EFFICIENCY
Ch. 37. Margins and Costs
S.D.—Ch’s. 2, 6, and 7.
TNEC.—Part III, Ch’s. 2 and 3.
Ch. 38. The Incidence of Marketing Costs
S.D.—Ch’s. 10 and 11, pp. 333-349[?].
Nourse—Ch’s. 8 and 9.
TNEC., Part II, Ch. 1.
Ch. 39. Incomes in Commodity Distribution
S.D.—Ch. 5.
Ch. 40. Marketing Efficiency
M.B.—Ch’s. 37 and 38.
PART VII—AUXILIARY FUNCTIONS
Ch. 41. Transportation
M.G.—Ch. 24.
S.D.—Ch. 8, pp. 210-222.
Ch. 42. Warehousing and Storage
M.B.—Ch. 25.
S.D.—p. 225.
Ch. 43. The Financing of Marketing
M.B.—Ch. 27.
S.D.—pp. 229-244.
Ch. 44. The Insurance of Commodity Distribution
[note: no reading item listed here]
PART VIII—COOPERATION IN COMMODITY DISTRIBUTION
Ch. 45. Principles and Philosophy of Cooperation as Exhibited in Commodity Distribution
Black, J.D., Cooperative Central Marketing Organization, University of Minnesota Exp. Sta. Bulletin No. 211, April, 1924.
Childs, Marquis, SWEDEN: THE MIDDLE WAY, 1938, (conclusions only).
Ch. 46. Cooperative Selling
M.B.—Ch. 21.
S.D.—pp. 85-94.
Ch. 47. Cooperative Buying and Consumer Organization
M.B.—Ch. 12.
Sorenson, THE CONSUMER MOVEMENT, Ch’s 1, 4-9, inclusive.
Waite—Ch. 18.
PART IX—PUBLIC ACTIVITY IN COMMODITY DISTRIBUTION
Ch. 48. The Functions of Government in Commodity Distribution and Prices
M.B.—Ch’s. 37 to 39.
S.D.—Ch. 11, pp. 349-367.
Nourse—Ch’s. 1 to 5 inclusive.
Ch. 49. The Marketing Services
M.B.—Ch’s. 26 and 30.
Waite—Ch’s 6 and 7.
Ch. 50. Government Controls
Nourse—Ch’s 12 to 14, inclusive.
S.D.—Ch. 11; pp. 333-348.
Ch. 51. Price Control
Shep.—Ch’s 14 and 155.
TNEC.—Part III, Ch. 1.
Ch. 52. Marketing Operations
Shepherd, G.S., MARKETING OF FARM PRODUCTS, Ch. 14.
Ch. 53. Intergovernmental Commodity Agreements
Mason, Edward, CONTROLLING WORLD TRADE, McGraw-Hill, 1946, Part II.
Davis, J.S., INTERNATIONAL COMMODITY AGREEMENTS: HOPE, ILLUSION, OR MENACE?, The Committee on International Economic Policy, New York, 1947.
REPORT OF THE DRAFTING COMMITTEE OF THE PREPARATORY COMMITTEE OF THE UNITED NATIONS CONFERENCE ON TRADE AND EMPLOYMENT, United Nations Economic and Social Council. Lake Success, New York, January 20 to February 25, 1947, Ch’s 5 to 7, inclusive.
PART X—CONCLUSION
Ch. 54. Outlook and Policy
Com.—pp. 1-42; 51-85.
Dew.—Ch’s 6 and 26.
S.D.—Ch. 11.
Hyson, C.D., “Savings in Relation to Potential Markets”, American Economic Review, December, 1946.
Hyson, C.D., “Maladjustments in the Wool Industry and Need for New Policy,” Journal of Farm Economics, May, 1947.
Waugh, F.V., “Does the Consumer Benefit From Price Stability?”, Quarterly Journal of Economics, August, 1944.
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics, 1947-1948 (1 of 2)”.
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1947-48
HARVARD UNIVERSITY
MIDYEAR EXAMINATION
January 1948
ECONOMICS 7a
Commodity Consumption, Distribution and Prices
Answer No. 1, and 5 of the remaining 6.
- a. Cite all the conditions that may make competition “imperfect”.
- Point out the differences between Maynard and Beckman’s and Stigler’s sets of conditions.
- Why do Maynard and Beckman object to the term “imperfect” competition?
- Is their objection valid? Give reasons for your answer.
- a. Explain the statement that “utility has a time dimension,” and show the relevance of this time dimension to determination of the relative productivity of four or five different types of marketing operations or activities.
- Comment on the statement: Introducing the time dimension into measurement of utility does not introduce ethical considerations.
- a. Explain and illustrate by a diagram unit elasticity of demand, elastic demand, and inelastic demand.
- Explain income elasticity.
- Show how demand elasticity and income elasticity are related to each other.
- Outline the four approaches to analysis of marketing organization and indicate the advantages of each.
- a. Make a classification of markets on two or more bases.
- Outline briefly the principles that are involved in the location of major types of markets.
- Contrast the marketing systems for farm products and for manufactured products, defining the functions performed by the marketing agencies engaged in each.
- Explain briefly 4 of the following 5:
- Standard of living.
- Consumer sovereignty.
- Inter-unit marketing organization.
- Regular wholesaler.
- Supplementary relationship.
MIDYEAR EXAMINATION
January 1948
ECONOMICS 107a
Commodity Consumption, Distribution and Prices
Answer No. 1; 4 questions out of the remaining 6 listed above; and 2 out of the following 3.
- Explain the aggregate consumption function and the individual consumption function, and show their significance in marketing analysis.
- Comment on the several attempts to determine the relative growth of marketing and other forms of economic activity in the United States.
- Explain briefly 3 of the following 4:
- Indifference curves (as explained, for example, in Stigler’s Chapter 5.)
- LePlay’s approach to consumption analysis.
- Principal features of the Consumer Purchases Study.
- Either Wicksteed’s or Patton’s main lines of thought on consumption economics.
Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001.Box 15. Faculty of Arts and Sciences, Papers Printed for Final Examinations, History, History of Religions, …,Economics, …, Military Science, Naval Science. January, 1948.
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1947-48
HARVARD UNIVERSITY
FINAL EXAMINATION
May 1948
ECONOMICS 7b
Commodity Consumption, Distribution and Prices
(Answer No. 1, and any 5 of the remaining 6)
- Outline the basic doctrines of a sound price policy as presented by Nourse. Appraise his doctrines and discuss them critically with particular reference to the price policy and business behavior of the individual firm. (45 minutes)
- Explain how the relative elasticities of the demand for Class I and for Class II milk are related to the practice of discriminative marketing. Illustrate with diagram. (27 minutes)
- What is the effect of speculation in futures contracts upon commodity prices? Does speculation stabilize prices? Appraise. (27 minutes)
- Prices of what types of commodities are flexible, inflexible? Why these differences? (27 minutes)
- Outline a group of measures and procedures that will promote efficiency in commodity distribution. (27 minutes)
- Discuss cost analysis as a tool of marketing analysis. (27 minutes)
- In what ways can cooperation contribute most effectively to efficiency in commodity distribution? (27 minutes)
[Note: examination questions for Economics 107b not included in collection]
Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001.Box 15. Faculty of Arts and Sciences, Papers Printed for Final Examinations, History, History of Religions, …,Economics, …, Military Science, Naval Science. May, 1948.
Image Source: Professor John D. Black in Harvard Class Album 1945.