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Exam Questions Harvard Suggested Reading

Harvard. Readings and Exam for Business Cycles. Schumpeter 1949-50

Joseph Schumpeter died January 8, 1950. The final examination questions transcribed in this post come from an official printed collection of final examinations, so that it seems likely and certainly possible, given required lead times for printing, that these were among Schumpeter’s last questions for his students.

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Course Enrollment

[Economics] 245a (formerly Economics 145a). Business Cycles and Economic Forecasting.
(F) Professor Schumpeter.

Total 31: 26 Graduates, 3 Seniors, 1 Public Administration, 1 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1949-1950, p. 75.

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Course Reading List

Economics 245a
Fall Term, 1949-50

This course will divide up into two parts: The first and smaller part will serve as a general introduction to the history, techniques, and bearings of business-cycle analysis and will be made longer or shorter according to the needs (or previous selected topics and give as much opportunity as possible for discussions and essays. Some knowledge of advanced theory and some training in statistics are necessary in order to reap full benefit from this course. Individual requirements will be taken care of in consultation.

  1. Books:

G. v. Haberler, Prosperity and Depression, 1941.

J. M. Clark, Strategic Factors in Business Cycles (National Bureau of Economic Research, 1934)

Readings in Business-Cycle Theory (Vol. II of the American Economic Association series of republished articles, Blakiston, 1944.

E.C. Bratt, Business-Cycle Forecasting (3rd ed., 1948; a textbook that may help less advanced students).

A.C. Pigou, Industrial Fluctuations, 1929.

E. Frickey, Economic Fluctuations in the U.S. (Harvard Economic Studies No. 73)

A.H. Hansen, Fiscal Policy and the Business Cycle, 1941.

Burns and Mitchell, Measuring Business Cycles (1946) (National Bureau).

F. C. Mills, Price-Quantity Interactions in Business Cycles, 1946 (Nat’l. Bureau).

  1. Articles:
    1. (a) H.L. Beales, “The Great Depression,” Economic History Review, October, 1934.
      (b) W.W. Rostow, “Explanations of the Great Depression,” Economic History Supplement to Economic Journal, February, 1940.
    2. (a) J. Tinbergen: “Suggestions on Quantitative Business-Cycle Theory,” Econometrica, 1935.
      (b) J. Tinbergen: Econometric Business-Cycle Research,” Review of Economic Studies, February, 1940.
    3. R. F. Harrod, “Imperfect Competition and the Trade Cycle,” Review of Economic Statistics, May, 1936.
    4. N. Kaldor, “A Model of the Trade Cycle, Economic Journal, March, 1940.
    5. (a) L.A. Metzler, “Business Cycles and the Modern Theory of Employment,” American Economic Review, June, 1946.
      (b) L.A. Metzler, “Nature and Stability of Inventory Cycles,” Review of Economic Statistics, 1941.
      (c) L. A. Metzler, “Factors Governing the Length of Inventory Cycles,” Review of Economic Statistics, February, 1947.
      (d) M. Abramowitz, “The Role of Inventories in Business Cycles,” National Bureau of Economic Research, Occasional Paper No. 26, May, 1948.

Source: Harvard University Archives. Syllabi, course outlines and reding lists in Economics, 1895-2003. Box 5, Folder “Economics, 1949-1950 (3 of 3)”.

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1949-40
HARVARD UNIVERSITY
ECONOMICS 245a
[Final Examination. January, 1950]

One question may be omitted. Arrange your answers in the order of the questions.

  1. Discuss briefly the National Bureau method of measuring business cycles.
  2. Many authors have asserted that economic progress is “unstabilizing.” What does this mean precisely?
  3. Discuss briefly the main “price-quantity interactions in business cycles.”
  4. State, and give your opinion about the explanatory value of, the acceleration principle.
  5. “In a progressive economy, the rate of interest which stabilizes the price level is below the rate which keeps the flow of money incomes constant.” Explain and criticize.
  6. It is often asserted that agriculture is not an active element in business cycles. It is “the football of business.” Do you agree?

Source: Harvard University Archives. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, … , Military Science, Naval Science, February 1950 in Final Exams—Social Sciences, etc. Feb. 1940 (HUC 7000.28, Vol. 81).

Image Source:  Harvard Classbook 1947.