Harvard students first experienced Joseph Schumpeter’s teaching in 1927-28 in an advanced theory course (Economics 15: Modern Schools of Economic Thought) previously taught by Allyn Young [examination questions for Economics 15 for 1921-27 have been posted earlier] and in a money and banking course. For both courses this posting provides the reading period assignments, course enrollments and final examination questions from the end of the second term. The examination questions for the first term of Economics 15 for 1927-28 are posted here. The examination questions for the first term of Economics 38 for 1927-28 are posted here.
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Course Enrollments
[Economics] 15. Professor J. A. Schumpeter (University of Bonn).—Modern Schools of Economic Thought.
Total 16: 10 Graduates, 1 Senior, 1 Junior, 4 Radcliffe.
[Economics] 38. Professor J. A. Schumpeter (University of Bonn).— Principles of Money and of Banking.
Total 25: 19 Graduates, 2 Seniors, 1 Junior, 2 Radcliffe, 1 Other.
Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1927-1928, p. 75.
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HARVARD UNIVERSITY
(Inter-Departmental Correspondence Sheet)
Cambridge, Massachusetts
December 6, 1927
Dear Burbank:
The question of the assignment of readings for the reading period is, of course, no easy one in the case of an audience which is so little homogeneous as mine. In both courses I have told them that what I really want is to advise them individually according to everyone’s own needs, and that I wish them to call in my consultation hours before breaking up. With this proviso, I have recommended for those who do not wish for such individual advice, and at the same time still want to take the course for credit, the following:
First, as to Money and Banking:
The looking over of the two volumes of the Senate Commission of Gold and Silver Inquiry on European Currency and Finance, serial 9, volume I and [volume] II, Washington, 1925, (not that they will read it through, all of them, but they will get out of them a quantity of ideas of the European currency situation which, after all, is both theoretically and practically important for them to know).
Second, for the course Economics 15:
I have told them that we do not want to make them read, but to make them think, and I have suggested that they should take one of the three following books and read it critically, and follow up problems or arguments which may strike them in doing so:
Allyn Young, Economic Problems
Hawtrey, The Economic Problem
Sir Alfred Mond, Industry and Politics.
Cordially yours,
[signed]
Josef Schumpeter
Source: Harvard University Archives. Department of Economics. Correspondence & Papers 1902-1950 (UAV.349.10), Box 7.
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DEPARTMENT OF ECONOMICS
SPRING READING PERIOD—1928
Economics 15
- Students who have had a modicum of mathematical training are recommended to work up carefully either:
A. L. Bowley: Mathematical Groundwork of Economics (1924).
or
A. Cournot: Mathematical Principles of the Theory of Wealth, ed. of 1927. - Others:
A. C. Pigou: Economics of Welfare. [1932 edition]
or The Colwyn Report.
[Report of the Committee on National Debt and Taxation (1927); Minutes of Evidence taken before the Committee on National Debt and Taxation. Vol. I and II. (1927)]
Economics 38
- W. R. Burgess: The Reserve Banks and the Money Market, 1927.
- Kirsch and Elkins: Central Banks, 1928.
- W. S. Jevons: Investigations in Currency and Finance, ed. 1909.
[1884 edition]
or
3a) Report of the Royal Comm. On Indian Currency and Finance, 1926.
Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. (HUC 8522.2.1). Box 2, Folder “Economics, 1927-28”.
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1927-28
HARVARD UNIVERSITY
ECONOMICS 15
Modern Schools of Economic Thought
- Write as fully as possible on any one of the following subjects:
- What is the meaning and importance of the doctrine of maximum satisfaction and its relation to the concept of economic equilibrium?
- What do you think of the view that recurrent depressions are due to the inability of earnings to flow promptly into the hands of consumers?
- Describe the principle underlying Professor Irving Fisher’s method of measuring marginal utility. What do you think of it?
- Answer briefly two out of the four following questions:
- Professor H. L. Moore’s statistical demand curve for pig iron slopes up instead of down. How do you account for this?
- What is an indifference curve in the sense of Pareto as distinguished from the sense in which Edgeworth uses that concept?
- Discuss Professor Edgeworth’s proposition that equilibrium is indeterminate in the case of bilateral monopoly.
- What is the difference between physical and value marginal product? Which seems to you more significant, and why?
Final. 1928.
Source: Harvard University Archives. Harvard University. Examination Papers 1928 (HUC 7000.28, 70 of 284). Harvard University Faculty of Arts and Sciences. Papers Printed for Final Examinations: History, Church History,…Economics,…Military Science, Naval Science. June, 1928.
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1927-28
HARVARD UNIVERSITY
ECONOMICS 38
Principles of Money and of Banking
I
Discuss ONE of the following topics, devoting at least half your time to this part of the paper.
- A capital levy is among the measures recommended for the restoration of a disorganized currency. State the conditions under which this measure may be expected to improve the situation.
- The Bank of France used to defend its gold reserve by redeeming its notes in five-franc silver pieces and charging a premium if redemption in gold was insisted upon. How does this method differ from the method of protecting the gold reserve by means of an increase in the discount rate?
II
Discuss TWO of the following questions more briefly.
- It has been stated that open market operations cannot stave off credit inflation because of their comparatively insignificant amount. (Lehfeldt.) Is this correct?
- What is meant by saying that savings do not create deposits?
- The chances are that gold production will slow down in the next decade. Are we to expect a general depression on that account? (Cassel.)
- During the first three months of the current year there was a net outflow of more than $90,000,000 of gold from this country. How do you interpret this fact and what consequences do you expect therefrom?
Final. 1928.
Source: Harvard University Archives. Harvard University. Examination Papers 1928 (HUC 7000.28, 70 of 284). Harvard University Faculty of Arts and Sciences. Papers Printed for Final Examinations: History, Church History,…Economics,…Military Science, Naval Science. June, 1928.
Image source: Joseph A. Schumpeter at table with books, photograph, ca. 1930. Detail from image posted at Harvard University Archives. Joseph Schumpeter Papers. HUGBS 276.90p (38).