It was fifty years ago this September that I entered the graduate program in economics at M.I.T. This is why the brochure outlining the graduate program as of the academic year 1974-75 is something I am particularly delighted to add as the newest digitized artifact to Economics in the Rear-view Mirror.
In other news, I just realized that I am now older than everyone seen on the faculty portrait taken in 1976.
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Names of the assembled have been provided in an earlier post.
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MIT’s 1961 graduate economics brochure has been transcribed and posted earlier.
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MASSACHUSETTS INSTITUTE OF TECHNOLOGY
The Graduate Program in Economics
1974 – 1975
TABLE OF CONTENTS
Schematic Schedule of Typical Entering Student
MASSACHUSETTS INSTITUTE OF TECHNOLOGY
The Graduate Program in Economics
1974–75
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- General Information
[Table of Contents]
- General Information
Graduate study in economics began at M.I.T. in 1941 and has since developed to its present size of some 110 full-time students and 33 faculty members. Its major emphasis is on the training of doctoral candidates in a broad program of advanced study and research for professional careers in universities or colleges, in governmental and private research organizations, or in business or financial concerns. At the present time the demands on a professional economist are such that the depth and breadth of the doctoral program have become indispensable training for a successful career. The Department, therefore, ordinarily admits to full-time graduate study only candidates for the Ph.D. In order to maintain a close and continuing contact between students and faculty, the entering class is normally held to 30.
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- Program of Studies
[Table of Contents]- Ph.D. in Economics
[Table of Contents]
- Ph.D. in Economics
- Program of Studies
The doctorate normally requires the full-time concentration of the student for three or four years. Formal requirements are limited in number. The candidate must (1) demonstrate a mastery in five fields of study in economics, one of which is economic theory, both micro and macro; (2) achieve a specified level of competence in economic history, econometrics, and statistics; (3) submit and defend a dissertation that represents a contribution to knowledge; and (4) be in residence for a minimum of two years.
These requirements are met not merely by passing some appropriate set of subjects, but through an over-all preparation of subject matter and techniques that goes beyond course work. Candidates may differ in their rate of progress toward the satisfaction of these requirements, depending on their background, preparation, and interests. Normally, however, the satisfaction of requirements, other than the dissertation, is completed by the end of the second year.
The dissertation is a test of the candidate’s ability to conduct independent research — to formulate a significant topic and to bring to bear on it the analytic and quantitative tools of economics. The dissertation is prepared under the direction of departmental committee. Upon submission of the completed thesis, the candidate is examined orally by the thesis committee.
The Department has no general foreign language requirements. When a foreign language is essential for full access to the literature in the field of the student’s major interest (for example, European Economic History, Communist Economies) or to his thesis research, a language requirement will be imposed by the Department upon the recommendation of the Thesis Supervisor or the Graduate Registration Officer. Such a requirement will be administered by the Department of Foreign Literatures and Linguistics, and can be met by satisfactory course work at other schools, at M.I.T., or by examination.
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- Interdepartmental Ph.D. Program
[Table of Contents]
- Interdepartmental Ph.D. Program
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Occasionally students may desire a program that overlaps more than one department, but which in content and depth meets doctoral standards. At the initiative of the student, and with the approval of faculty members of each department, arrangements can be made to have the Dean of the Graduate School appoint a committee to guide the entire Ph.D. program. For details see the Graduate Student Manual. One such program, for instance, has been worked out with the Department of Urban Studies and Planning.
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- Master’s Program
[Table of Contents]
- Master’s Program
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In very special and rare cases, students are admitted for study programs leading to the M.S. in Economics. This is awarded upon the satisfactory completion of a program, approved by the Graduate Registration Officer, of a year’s full-time study, including the presentation of a satisfactory thesis. The master’s program usually involves completion of the Department’s core requirements (see below), a semester of econometrics, and two semesters of a special field, in addition to the thesis.
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- Admission to the Graduate School
[Table of Contents]
- Admission to the Graduate School
To be admitted into the program, a student must hold a Bachelor’s degree or its equivalent from an accredited college or university. It is not essential that the undergraduate degree be in economics. Graduate students entering the Department have had a wide variety of major background preparation varying from literature to physics. Some preparation in undergraduate economics, especially in economic analysis, is almost a necessity. Candidates who, upon admission, are deficient in mathematics are strongly urged to take mathematics in the summer before entering the program or work on a recommended self-study program in calculus to prepare for 14.102 Mathematics for Economists.
Completed application forms for admission must be submitted to the Admissions Office at M.I.T. by January 15 of the calendar year in which the applicant wishes to enter. In addition to the Institute application forms, the Department expects each applicant to submit a statement (one or two pages) explaining his interest in economics. An informal questionnaire is provided for his general guidance. Entrance is normally in September. February entrance is granted only under exceptional circumstances, since many subjects given in the spring are continuations of work given in the fall.
All applicants are urged to take the Graduate Record Examinations no later than the January preceding the September in which they wish to enter. They should take the quantitative and verbal aptitude tests as well as the test in economics. (Information can be obtained by writing to Graduate Record Examinations, Educational Testing Service, Box 955, Princeton, New Jersey 08540. Students in western states or in eastern Asia or the Pacific should write to 1947 Center Street, Berkeley, California 94704.)
Decisions regarding admission are the responsibility of the Departmental Graduate Admissions Committee, which bases its judgment on the undergraduate academic record of the applicant, both in general and with respect to particular subjects, on the letters of recommendation, and on the Graduate Record Examinations. Further information may be secured by writing to the chairman of the committee. Notices of acceptance are sent out by April 1, and candidates have until April 15 to notify the Department of their choice.
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- Fellowships, Scholarships, and Financial Assistance
[Table of Contents]
- Fellowships, Scholarships, and Financial Assistance
While in the past virtually all graduate students received financial aid through scholarships, fellowships, or assistantships, the financial situation has changed to such an extent that complete support can no longer be assured. Moreover, the outlook is so uncertain that no definite statement is possible, even about minimum aid. Every effort will be made within the limits of our financial resources to support students who perform effectively. In view of this uncertainty, the Department is making efforts to expand the number of research assistantships, but students should expect to earn or borrow a larger proportion of their support than has been true in the past.
The sources of financial support are varied. (1) Many students are assisted by fellowships for which there is a national competition, such as those given by the National Science Foundation (NSF), the Ford Foundation, the Danforth Foundation, the Canada Council, and by foreign governmental agencies. Applications for such fellowships must be made directly to the appropriate foundation or agency, and an application for admission must also be made to M.I.T. (2) Awards of scholarships or fellowships are also made from M.I.T. funds or endowments. These include the Hicks Fellowship in Industrial Relations, the Graduate Economics Alumni Fellowships, endowed Institute fellowships, and a limited number of departmental awards. (3) A third group of students is supported by part time teaching and research assistantships and instructorships. In the past, research and teaching assistantships have been limited to candidates who have passed their general examination and are engaged in thesis research. However, in the light of the present financial stringency, these rules may be relaxed somewhat with respect to limited research assistantships for second year students. (4) Finally, students in good standing can avail themselves of loans through the Office of Financial Aid. U.S. citizens who are planning to be teachers may avail themselves of an NDEA loan, a substantial portion of which is forgiven upon entry into and continuance in teaching. They are also eligible for government-insured loans that are partially subsidized. Foreign students. however, may borrow only through the Graduate Loan Fund at the prime interest rate.
Entering students should apply for financial aid not later than January 15 of the calendar year in which they plan to enter. First-year awards are made on April 1, and applicants are given until April 15 to accept. Departmental awards for second and subsequent years are made in June. It is entirely appropriate for students to apply both for national awards and to M.I.T., since the outcome of national competitions is known before our awards are announced. Fellowships normally will include some cash payment toward living expenses, up to $2,000 for a single or married person without dependents, made in two equal installments at the beginning of each term. In offering scholarships and fellowships, the Department takes into account need as well as professional promise.
Remuneration for research assistantships varies, but in 1974-75 is normally at the rate of $6,585 per academic year for half-time work, out of which tuition of $3,350 must be paid. A half-time teaching assistantship in 1974-75 covers the tuition and pays $3,510 for the academic year — a total of $6,860. A very few half-time instructorships, for students who have demonstrated conspicuously effective teaching as an assistant, cover tuition plus $4,345 for living expenses — a total of $7,695 for the academic year.
As a supplement to academic-year appointments, both interdepartmental and departmental research groups are possible sources of full-time summer employment.
The academic performance of the student body is periodically reviewed to determine whether or not normal academic progress is being made. Failure to maintain normal progress may result in reduction or withdrawal of financial support. Students are invited at all times to discuss academic problems with their graduate registration officer, and the Department makes every effort to accommodate the needs of individual students.
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- Foreign Students
[Table of Contents]
- Foreign Students
The Department has always welcomed foreign graduate students. They have typically constituted a significant portion of the student body. Some M.I.T. fellowships are available to entering foreign students, though the number is limited and the competition severe. Foreign students have an additional burden of transportation expense to cover and for this reason it is highly desirable to try to obtain at least partial support from other sources as well.
General information on scholarships, grants and travel can be obtained from the Institute of International Education, 809 United Nations Plaza, New York, New York, 10017, or from the Cultural Affairs Officer or the United States Information Service Office nearest the student’s place of residence.
Foreign applicants are required to submit evidence of their ability to carry on studies in English. Applicants whose native language is not English are required to take the test of English as a Foreign Language (TOEFL). Students whose schooling has been in English may request a waiver from the Advisor to Foreign Students at M.I.T. TOEFL is administered by the Educational Testing Service, Princeton, New Jersey, 08540; registration material and information about the test may be obtained by writing to the above address.
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- Living Arrangements
[Table of Contents]
- Living Arrangements
The Department is located in the Sloan Building, which, along with the adjoining Hermann Building, contains contiguous faculty offices, classrooms and seminar rooms, and student and faculty lounges. This complex also houses the Sloan School of Management, the Department of Political Science, and the Center for International Studies. The Dewey Library occupies two floors of the Hermann Building and contains the social science collection at M.I.T., reading rooms, and carrels to which thesis writers are assigned individually.
On-campus housing for graduate students is limited. Applications should be sent to the On Campus Housing Office, Room E18-307, M.I.T. Help in securing off-campus housing is given by the Community Housing Service, E18-306, M.I.T. Students should be alerted to the fact that Cambridge rental units are limited and in heavy demand. Transportation is convenient; the Sloan Building is located one block from the Kendall Square subway station.
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- Graduate Economics Associations
[Table of Contents]
- Graduate Economics Associations
The Graduate Economics Association, composed of all graduate students, is a lively organization that sponsors monthly seminars and social events, and is one of the channels through which mutual student-faculty problems are discussed. The seminars permit discussions of current research by distinguished economists and occasional dialogues between faculty members. They are often followed by small dinners to which graduate students and faculty are invited, permitting more discussion among visitors, students and faculty. The Association annually elects nine student representatives to participate as voting members in Department meetings and other Department committees. Student representatives are full participants in all matters except those involving specific, identifiable individuals, or undergraduate matters. This policy at present excludes the discussion of details, but not the general policy, of tenure decisions, review of non-tenure faculty, new appointments, review of student performance, admissions and financial support.
The Black Graduate Economics Association provides a forum for the development and utilization of economic tools for solving the problems faced by Black people, encourages policies and programs which help increase the supply of highly qualified Black economists, opens lines of communication with other Black graduate students, Black economists, and the Black community, stimulates academic excellence, and provides outlets for various social activities. The BGEA has helped develop audio-visual aids now in use in many Black colleges’ economics departments, engaged in Institute recruiting projects, and participated in conferences of Black economists and administrators of Black colleges and universities. An econometric model of income and expenditures in Black communities is in its initial stage of development as a research project.
- The Ph.D. Program in Detail
[Table of Contents]- General Plan of the Program
[Table of Contents]
- General Plan of the Program
Students who complete the Ph.D. program should have a thorough understanding of the existing principles of economic theory and of the economic structure; an ability to think systematically about, and apply quantitative methods to, economic problems. The program gives roughly equal emphasis to these two goals, with formal courses and examinations to meet the first, and seminars, workshops, papers and the dissertation to meet the second. The student spends most of his first two years attempting to understand the existing ideas of economics. A basic principle of the program is that these ideas are sufficiently worthwhile so that their study is a necessary prelude to their use or criticism.
Throughout the program, there are formal provisions for students to engage in original work. During the first two years, term papers are often required. During the second year each student prepares a research paper as part of the requirement in econometrics. Second-year students are also encouraged to take part in workshops in their fields of primary interest. After passing the general examination, at the end of the second year or earlier, students spend full time in their own independent, original work. Their only formal obligation is to participate actively in the weekly meetings of the workshops in their fields of research.
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- The Core of the Graduate Curriculum
[Table of Contents]
- The Core of the Graduate Curriculum
The Department offers an integrated set of subjects in economic theory, mathematics, econometrics and economic history.
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- Economic Theory
[Table of Contents]
- Economic Theory
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The core in economic theory consists of two subject-years equally divided between microeconomics (14.121-14.124) and macroeconomics (14.451-14.454). These subjects are described in Section III of this report. The material is divided into half-semester subjects. The microtheory sequence starts in the fall term and runs through the first year, while the macrotheory sequence starts in the spring term and continues through the fall term of the second year. A qualifying examination on these subjects is offered three times a year — in September, December-January, and May — that must be passed in order to satisfy this part of the core requirement. The examination will cover each of the eight portions of the theory core, and a syllabus is available for each.
When a student feels sufficiently well qualified in the subject matter of any of the theory core subjects, he may take the qualifying examination, either before or after a particular set of lectures is offered. Only a passing grade is recorded when the examination is taken in advance of the lectures. If he fails to pass, he can then enroll for that particular section of theory and take the examination again at the end of that term. Should he pass some portion of theory by the preliminary examination, he could substitute a subject in advanced economic theory in the half-term in which he would have taken the basic theory subject. In principle, it is possible to pass all eight units of the theory core in this way and to proceed directly to more advanced work.
The Schedule for the Qualifying Examination in Theory is as follows:
| Subject matter covered in: | Preliminary | Regular | Make-up |
| 14.121-122 | Sept.-Year I | Dec.-Year I | Sept.-Year II |
| 14.123-124, 14.451-452 | Jan.-Year I | May-Year I | Jan. Year II |
| 14.453-454 | Sept.-Year II | Dec.-Year II | Sept.-Year III |
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- Mathematics
[Table of Contents]
- Mathematics
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The minimal core requirement in mathematics is calculus and linear algebra. Calculus is required for Statistics (14.381). While not stated as a formal prerequisite for the core theory subjects, it is virtually a necessity for mastering them.
If a student’s preparation in calculus were inadequate to satisfy the prerequisite for 14.102 Mathematics for Economists, the completion of the statistics and economics core requirements would be postponed a year. Econometrics (14.382 and 14.383 and most advanced theory subjects (14.141-14.149) require linear algebra. Students who have had a year of calculus and who want more mathematical training normally would take Mathematics for Economists (14.102) in the first term.
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- Econometrics
[Table of Contents]
- Econometrics
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The econometrics and statistics core requirement can be satisfied by (1) Statistics (14.381); (2) either Econometrics (14.382 and 14.383) or Applied Econometrics (14.388); and the completion of a piece of empirical research the equivalent of a term paper. This paper is due by the end of the fall term of the second year.
Entering students who lack calculus, and cannot take 14.102 in the first term, have two choices: either to postpone the three-term sequence: 14.381, 14.382, and 14.383 — to their third through fifth terms, or to take the two-term sequence, 14.381 and 14.388, in their third and fifth terms.
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- Economic History
[Table of Contents]
- Economic History
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The core requirement in economic history is the satisfactory completion of one subject in American Economic History (14.731), European Economic History (14.733), or Russian Economic History (14.781).
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- Special Fields
[Table of Contents]
- Special Fields
In addition to the satisfactory completion of the core requirements, competence in four special fields must be demonstrated, two by passing a general examination and two by either satisfactory course work or a general examination. Preparation for a field examination normally consists of a year’s course work. Satisfaction of a field by course work alone requires the achievement of a grade of B or better in each of the two terms of subject matter. (The econometrics and history requirements can be satisfied with a grade of B-.) The areas in which the Department offers specialization are: advanced economic theory, international economics, labor economics, economic development, urban economics, monetary economics, fiscal economics, statistics and econometrics, economic history, industrial organization, comparative economic systems, Russian economics, human resources and income distribution, and, outside the Department, finance, production, transportation, and operations research. It is possible to use econometrics as a field without preparation beyond the core requirements. Economic history can be offered as a field by adding a second subject to the one satisfying the core requirement.
Students normally demonstrate competence in all four fields by the end of their second year. That is, they normally finish their required course work and general examinations by that time. In the event that scheduling or other difficulties interfere with this timing, one field other than theory or econometrics (including the paper — see II.B.3 above), or one subject in a field and in history, may be postponed until the third year. Before making such a deferment, students should consult with their Graduate Registration Officer.
Students planning to take the general examination before the end of the second year — the usual time — should consult in advance with their Graduate Registration Officer. In any case, such students would still be held to the above schedule.
Schematic Schedule of Typical Entering Student
[Table of Contents]
| [First year] | [Second year] | |||
| 1st [term] | 2nd [term] | 3rd [term] | 4th [term] | |
| Theory: Micro | 14.121-2 | 14:123-4 | ||
| Theory: Macro | 14.451-2 | 14-453-4 | ||
| Statistics and Econometrics | 14.381
or 14.381 |
14.382 | 14.383
14.388 |
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| Mathematics | 14.102 | |||
| Special Fields and History | 1 subject | 1-2 subjects | 2 subjects | 4 subjects |
| Total Number of Subjects | 4 | 4 | 4 | 4 |
*The minimal number of subjects to satisfy the special field and history requirements depends on whether history or econometrics is offered as a special field. If neither are offered, 9 subjects are required; if history, 8 subjects; if econometrics, 7 subjects; if both, 6 subjects.
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- Dissertation
[Table of Contents]
- Dissertation
Upon satisfaction of the core and field requirements, the Ph.D. candidate embarks on original research culminating in a completed dissertation that is defended orally. Thesis writers are required to participate in the workshop most germane to the subject of their thesis over the period of time they are working on it. Upon agreement on a topic with a primary thesis supervisor, a secondary thesis supervisor will be chosen by the student, subject to the approval of the Graduate Committee. A third faculty reader will be appointed by the Graduate Committee in consultation with the candidate when a final draft of the thesis will reasonably be expected to be completed within six months. The third faculty reader will have as his main function the unitary reading of the complete final draft of the thesis. These three faculty members will be the candidate’s thesis committee and are responsible for its acceptance and final defense.
In order to give adequate time for the final thesis review and revision, the completed draft must be submitted for final review a month before the Institute dates for submission of the dissertation. In 1975 the formal Institute dates are January 5, May 2, and August 11.
- Graduate Subject in Economics
[Table of Contents]- General Economics and Theory
[Table of Contents]
- General Economics and Theory
| 14.101 | Mathematics for Economists Prereq.:————— |
Units |
| Year: G(1) | 3-0-6 | |
| Elementary calculus. Applications in economics. (Not offered 1974-75) |
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| 14.102 | Mathematics for Economists Prereq.: 14.101 |
Units |
| Year: G(1) | 3-0-6 | |
| Vector spaces and matrices; multivariate calculus and maximization with equality constraints; elementary differential equations. | H. A. Freeman | |
| 14.121 | Microeconomic Theory I (A) Prereq.: 14.04 |
Units |
| Year: G(1) (1st half of term) | 2-0-4 | |
| Monopoly, oligopoly, product differentiation, monopsony. Comparison with pure competition. Comparative statics. Partial equilibrium welfare analysis. | R. L. Bishop | |
| 14.122 | Microeconomic Theory II (A) Prereq.: 14.121 |
Units |
| Year: G(1) (2nd half of term) | 2-0-4 | |
| Introduction to the theory of resource allocation and the price system. Emphasis on the use of efficiency prices as a guide to decentralized decision making. | M. L. Weitzman | |
| 14.123 | Microeconomic Theory III (A) Prereq.: 14.122 |
Units |
| Year: G(2) (1st half of term) | 2-0-4 | |
| Theory of the producer and consumer. Cost functions, expenditure functions. Theory of distribution. Introduction to general equilibrium. | H. R. Varian | |
| 14.124 | Microeconomic Theory IV (A) Prereq.: 14.123 |
Units |
| Year: G(2) (2nd half of term) | 2-0-4 | |
| Capital theory and welfare economics. | P. A. Samuelson | |
| 14.132 | Schools of Economic Thought (A) Prereq.:14.122 |
Units |
| Year: G(2) | 3-0-6 | |
| Economic ideas developed by different groups of economists in recent times. | R. L. Bishop, P. A. Samuelson |
|
| 14.141 | General Equilibrium Theory Prereq.:14.124 |
Units |
| Year: G(1) (2nd half of term) | 2-0-4 | |
| General equilibrium. Existence and stability of competitive equilibrium. The core of an economy. (Not offered in 1974-75) | F. M. Fisher | |
| 14.142 | Mathematical Programming and Economic Theory (A) Prereq.:14.122 |
Units |
| Year: G(2) (1st half of term) | 2-0-4 | |
| A rigorous treatment of linear and non-linear programming with applications to economic model building, including activity analysis and input-output. | M. L. Weitzman | |
| 14.143 | Advanced Theory of the Market III (A) Prereq.: 14.122 |
Units |
| Year: G(2) (2nd half of term) | 2-0-4 | |
| Oligopoly and product differentiation, advertising, equilibria with seasonal or cyclical demand shifts. | R. L. Bishop | |
| 14.144 | Applied Price Theory Prereq.:14.122 |
Units |
| Year: G(1) (1st half of term) | 2-0-4 | |
| Applications of price theory treated topically. Selected topics in price theory, with focus changing from year to year. Current emphasis is on the economics of exhaustible and renewable natural resources. | R. M. Solow | |
| 14.145 | Economics of Uncertainty Prereq.:14.124 |
Units |
| Year: G(2) | 3-0-9 | |
| Individual behavior under uncertainty. Equilibrium and welfare under uncertainty. Search and information. | J. A. Hausman, P. A. Diamond |
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| 14.148 | Advanced Topics in Microeconomic Theory (A) Prereq.:14.124 |
Units |
| Year: G(2) | Arr. | |
| 14.149 | Advanced Topics in Microeconomic Theory (A) Prereq.:14.124 |
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| Year: G(2) | Arr. | |
| Advanced topics in microeconomic theory of current interest. | Staff | |
| 14.151 | Mathematical Approach to Economics (A) Prereq.:14.122 |
Units |
| Year: G(2) | 3-0-6 | |
| The use of mathematical methods in all the fields of economics. | P. A. Samuelson | |
| 14.191 | Economics Seminar (A) Prereq.:14.121, 14.122 |
Units |
| Year: G(1) | 3-0-6 | |
| 14.192 | Economics Seminar (A) Prereq.:14.121, 14.122 |
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| Year: G(2) | 3-0-6 | |
| Special economic problems. In 1974-75, 14.192 — Economics of Public Sector. | J. Rothenberg | |
| 14.193 | Seminar: Topics in Economics (A) Prereq.:14.121, 14.451 |
Units |
| Year: G(1) | 3-0-6 | |
| 14.194 | Seminar: Topics in Economics (A) Prereq.:14.122, 14.452 |
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| Year: G(2) | 3-0-6 | |
| Topics in economics of current interest. | Staff | |
| 14.195 | Reading Seminar in Economics (A) Prereq.:14.122 |
Units |
| Year: G(1) | Arr. | |
| 14.196 | Reading Seminar in Economics (A) Prereq.:14.122 |
|
| Year: G(2) | Arr. | |
| Reading and discussion of special topics in economics. (Open to advanced graduate students by arrangement with individual numbers of the staff.) | Staff | |
| 14.197 | First-Year Graduate Seminar (A) Prereq.: 14.04 |
Units |
| Year: G(1) | 2-0-6 | |
| Seminar limited to first-year graduate students. Discussion of projects of students, professional literature, methodology, economic policy, extending beyond regular curriculum. | J. N. Bhagwati | |
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- Industrial Economics
[Table of Contents]
- Industrial Economics
| 14.271 | Problems in Industrial Economics (A) Prereq.: 14.04 |
Units |
| Year: G(1) | 3-0-6 | |
| Small and large enterprises in the American economy; market structures; degrees of monopoly and competition; requisites of public policy. | M. A. Adelman | |
| 14.272 | Government Regulation of Industry (A) Prereq.: 14.271 |
Units |
| Year: G(2) | 3-0-6 | |
| Follows 14.271. Development of anti-trust policy, generally and in specific cases. “Public utility” price fixing, government ownership as alternative. | P. L. Joskow | |
| 14.291 | Industrial Economics Seminar (A) Prereq.:14.271 |
Units |
| Year: G(1) | 3-0-6 | |
| 14.292 | Industrial Economics Seminar (A) Prereq.:14.271 |
|
| Year: G(2) | 3-0-6 | |
| Readings, discussions, reports on such topics as industrial price policies, government regulation of industry, competitive practices, and similar problems in industrial economics. | Staff | |
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- Statistics and Econometrics
[Table of Contents]
- Statistics and Econometrics
| 14.371 | Statistical Inference (A) Prereq.: 18.02 |
Units |
| Year: G(1) | 3-0-9 | |
| A compact one-term course in elementary probability and statistical Inference. Axiomatic probability, random variables, distribution functions, mathematical expectation, generating functions, transformations of random variables, simple correlation and regression models, the normal distribution, sampling theory, point and interval estimation, maximum likelihood, least squares, testing statistical hypotheses. The exposition is somewhat more mathematical than
14.381. |
H. A. Freeman | |
| 14.373 | Time-Dependent Probability (A) Prereq.: 14.371 or 18.303 |
Units |
| Year: G(2) | 3-0-6 | |
| Markov chains and Markov processes, the relevant ergodic theorem, Kolmogorov equations, time series theory; spectral density functions, harmonic representation, autoregressive models. | H. A. Freeman | |
| 14.374 | Design and Analysis of Scientific Experiments (A) Prereq.: 14.381 |
Units |
| Year: G(2) | 3-0-6 | |
| Application of statistical theory to the design and analysis of scientific experiments. Factorial and fractional factorial designs. Applications to experimentation in the physical, chemical, biological, medical, and social sciences. | H. A. Freeman | |
| 14.381 | Statistical Method in Economics (A) Prereq.: 14.101 or 18.02 |
Units |
| Year: G(1) | 4-0-8 | |
| Self-contained introduction to probability and statistics which serves as a background for advanced econometrics. Elements of probability theory, sampling theory, asymptotic approximations, decision theory approach to statistical estimation focusing on regression, hypothesis testing and maximum likelihood methods. Illustrations from economics and application of these concepts to economic problems. | J. A. Hausman | |
| 14.382 | Econometrics I (A) Prereq.:14.102, 14.381 |
Units |
| Year: G(2) | 4-0-8 | |
| 14.383 | Econometrics II (A) Prereq.:14.382 |
|
| Year: G(1) | 4-0-8 | |
| Theory and economic application of the linear multiple regression model. Identification and structural estimation in simultaneous models. Analysis of economic policy and forecasting in macroeconomic models. A term paper involving substantive original empirical research is required in 14.383. | R. F. Engle, R. E. Hall, J. A. Hausman | |
| 14.386 | Advanced Topics in Econometrics (A) Prereq.: 14.383 |
Units |
| Year: G(2) | 3-0-6 | |
| Selected topics including specification error, non-linear estimation, simulation, aggregation, and the derivation of economic policy models. (Not offered in 1974-5) | R. F. Engle, R. E. Hall, J. A. Hausman | |
| 14.388 | Applied Econometrics (A) Prereq.: 14.102, 14.381 |
Units |
| Year: G(1) | 3-0-9 | |
| Theory and practice of econometrics. The linear regression model, tests of hypotheses, generalized least squares, distributed lags, and simultaneous equations. Emphasis on applications. A term paper required. | R. F. Engle | |
| 14.391 | Workshop in Economic Research (A) Prereq.:14.124, 14.454 |
Units |
| Year: G(1) | 2-0-10 | |
| 14.392 | Workshop in Economic Research (A) Prereq.:14.124, 14.454 |
|
| Year: G(2) | 2-0-10 | |
| Designed to develop research ability of students through intensive discussion of dissertation research as it proceeds, carrying out of individual or group. research projects, and critical appraisal of current reported research. Workshops divided into various fields, depending on interest and size. | Staff | |
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- National Income and Finance
[Table of Contents]
- National Income and Finance
| 14.451 | Macroeconomic Theory I (A) Prereq.: 14.06 |
Units |
| Year: G(1) (1st half of term) | 2-0-4 | |
| Macroeconomic analysis of general equilibrium. Financial markets and investment. Intertemporal equilibrium and growth models. | S. Fischer | |
| 14.452 | Macroeconomic Theory II (A) Prereq.: 14.451 |
Units |
| Year: G(2) (2nd half of term) | 2-0-4 | |
| Determination of aggregate output, employment, and prices under static conditions. Keynes and alternate theories. The Phillips Curve. Inflation in the short and long run. | R. E. Hall | |
| 14.453 | Macroeconomic Theory III (A) Prereq.: 14.452 |
Units |
| Year: G(1) (1st half of term) | 2-0-4 | |
| Quantitative macroeconomics. Consumption, investment, and other components of aggregate demand. Structure of complete econometric models of the U.S. economy | R. E. Hall | |
| 14.454 | Macroeconomic Theory IV (A) Prereq.: 14.453 |
Units |
| Year: G(1) (2nd half of term) | 2-0-4 | |
| Growth models. Capital theory. | R. M. Solow | |
| 14.458 | Advanced Topics in Macroeconomic Theory (A) Prereq.: 14.454 |
Units |
| Year: G(1) | Arr. | |
| 14.459 | Advanced Topics in Macroeconomic Theory (A) Prereq.: 14.454 |
|
| Year: G(2) | Arr. | |
| Advanced topics in macroeconomic theory of current interest. | Staff | |
| 14.462 | Monetary Economics I (A) Prereq.: 14.122, 14.452 |
Units |
| Year: G(2) | 3-0-6 | |
| Examination of sources and determinants of supply of money with special attention to roles of commercial banks, Federal Reserve System, and Treasury. Discussion of nature of demand for money. Role of monetary policy in determination of level of economic activity. (Not offered in 1974-5; substitute 15.432 Capital Markets and Financial Institutions) | F. Modigliani | |
| 14.463 | Monetary Economics II (A) Prereq.: 14.122, 14.452 |
Units |
| Year: G(1) | 3-0-6 | |
| General equilibrium theory of money, interest, prices, and output; portfolio problems, cost of capital, and the effects of monetary phenomena on investment and accumulation of wealth with special reference to problems arising from uncertainty. | S. Fischer | |
| 14.471 | Fiscal Economics I (A) Prereq.:14.122, 14.452 |
Units |
| Year: G(1) | 3-0-6 | |
| 14.472 | Fiscal Economics II (A) Prereq.:14.122, 14.452 |
|
| Year: G(2) | 3-0-6 | |
| Examination, both theoretic and quantitative, of governmental fiscal institutions and behavior: the budget process, taxation, expenditure, pricing, and debt activities. | P. A. Diamond, A. F. Friedlaender | |
| 14.482 | Income Distribution Economics (A) Prereq.: 14.124 |
Units |
| Year: G(1) | 3-0-9 | |
| Modern theories and empirical studies of the determinants of the distribution of income and wealth. | L. C. Thurow | |
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- International, Interregional, and Urban Economics
[Table of Contents]
- International, Interregional, and Urban Economics
| 14.572J | Regional Economic Analysis (A) Prereq.: 14.03 or 14.05 |
Units |
| Year: G(2) | 3-0-6 | |
| Analysis of regional economies with emphasis on the sources, characteristics, and implications of spatial concentrations of economic activities. Urban development in its regional setting is examined and the special problems of lagging areas in both developing and developed countries. Methods of integrating national and regional planning. | J. R. Harris | |
| 14.573J | Urban Economic Analysis I (A) Prereq.: 14.03 or 14.05 |
Units |
| Year: G(1) | 3-0-6 | |
| Patterns and processes of growth and structural change within metropolitan areas. The land use market and the spatial structure of the metropolitan community. The housing market: demand and supply, growth, aging, and renewal. The urban transportation system and its problems. Models of the metropolis. In each of these topics, emphasis on the resource allocation process, its efficiency and implications for income distribution. | W. C. Wheaton | |
| 14.574J | Urban Economic Analysis II (A) Prereq.: 14.573J |
Units |
| Year: G(2) | 3-0-6 | |
| Continuation of 14.573J. The nature and problems of government decision-making in metropolitan areas. The economies of segregation, congestion, and pollution in the metropolitan area. Urban-suburban relations; market and government. Welfare economics and the normative theory of local public policy. Applied normative analysis: criteria for public expenditures; cost benefit analysis. Examination of public policy issues in current urban problems; poverty, race, the spatial form of the city, optimal land use patterns, growth and renewal, development and new communities. | J. Rothenberg | |
| 14.581 | International Economics I (A) Prereq.: 14.04, 14.06 |
Units |
| Year: G(1) | 4-0-8 | |
| Theory of international trade and applications in commercial policy. | J. N. Bhagwati | |
| 14.582 | International Economics II (A) Prereq.: 14.581 |
Units |
| Year: G(2) | 4-0-8 | |
| Adjustment in international economic relations with attention to foreign exchange markets, balance of payments, and the international monetary system. | C. P. Kindleberger | |
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- Labor Economics and Industrial Relations
[Table of Contents]
- Labor Economics and Industrial Relations
| 14.671J | Labor Economics (A) Prereq.: 14.64 or 15.663 |
Units |
| Year: G(1) | 3-0-6 | |
| Primary emphasis on the structure of labor markets and the determinants of wage levels, unemployment, the distribution of income and employment opportunity. Special attention will also be given to the impact of unions on both wage and non-wage elements of collective bargaining in the light of the characteristics and objectives of particular unions. Other special topics growing out of recent research in labor economics. | M. J. Piore, C. A. Myers |
|
| 14.672J | Public Policy on Labor Relations (A) Prereq.: 14.64, 15.663 |
Units |
| Year: G(1) | 3-0-6 | |
| Major trends in legislation and other government activities affecting the work place. Topics include wage and price controls, equal opportunity employment, and government regulation of union organization, collective bargaining, industrial disputes, wages and hours of work, and work-place health and safety. The broad economic and social questions raised by these trends also explored. | M. J. Piore D. Q. Mills |
|
| 14.674J | Comparative Systems of Industrial Relations and Human Resource Development (A) Prereq.: 14.64, 15.663 |
Units |
| Year: G(2) | 3-0-6 | |
| International and comparative analysis of industrial relations systems and systems of human resource development. Concentration on an examination of selected issues involving interest groups and the strategies of economic development, including discussion of the nature and functions of labor and management organization in different contexts; the role of the state in establishing procedures and in shaping the substance of industrial relations; the participation of interest groups in the formulation of economic and social policy: manpower and economic growth in the context of comparative systems of human resource development; worker participation in management, and other topics. | C. A. Myers E. Tarantelli |
|
| 14.691J | Research Seminar in Industrial Relations (A) Prereq.:14.671J or 14.672J |
Units |
| Year: G(1) | 3-0-6 | |
| 14.692J | Research Seminar in Industrial Relations (A) Prereq.:14.14.691J |
|
| Year: G(2) | 3-0-6 | |
| Discussion of important areas for research in industrial relations, frameworks for research, research techniques, and methodological problems. Centered mainly on staff research and the thesis research of advanced graduate students | C. A. Myers | |
| 14.672J | Public Policy on Labor Relations (A) Prereq.: 14.64, 15.663 |
Units |
| Year: G(1) | 3-0-6 | |
| Major trends in legislation and other government activities affecting the work place. Topics include wage and price controls, equal opportunity employment, and government regulation of union organization, collective bargaining, industrial disputes, wages and hours of work, and work-place health and safety. The broad economic and social questions raised by these trends also explored. | M. J. Piore D. Q. Mills |
|
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- Economic History
[Table of Contents]
- Economic History
| 14.731 | American Economic History (A) Prereq.: 14.121 |
Units |
| Year: G(1) | 3-0-6 | |
| Survey of the beginnings of American industrialization, emphasizing a quantitative approach and the nineteenth century. Topics include effects of government economic policies, such as land distribution and tariffs, the importance of railroads, profitability of slavery. | P. Temin | |
| 14.732 | Russian Economic History (A) Prereq.: 14.122 |
Units |
| Year: G(2) | 3-0-9 | |
| A comparative study of the major problems in Russian economic history prior to 1917 both for their own sake and as a background for understanding of the events of 1917 and of the Soviet policies since. The topics covered vary yearly depending on the interests of the participants, but the land and peasant problems and industrialization methods emphasized. | E. D. Domar | |
| 14.733 | European Economic History (A) Prereq.: 14.121 |
Units |
| Year: G(1) | 3-0-6 | |
| Development of the European economy since 1750 and, especially since 1850, with emphasis on growth and slowdown, the transition from local to national and European-wide institutions, and extra-European relations. | C. P. Kindleberger | |
| 14.734 | Problems in Economic History (A) Prereq.: 14.731, 14.732, or 14.733 |
Units |
| Year: G(2) | 3-0-6 | |
| Analysis of problems of industrial society, concentrating on the century after 1860 and on the American experience. Topics vary yearly and include effects of wars on welfare and growth, the nature of the long deflation of the late nineteenth century, the contrast in international relations before and after 1914, the depression of the 1930’s. | P. Temin | |
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- Economic Development
[Table of Contents]
- Economic Development
| 14.771 | Problems of Economic Development (A) Prereq.: 14.122, 14.452 |
Units |
| Year: G(1) | 3-0-6 | |
| Analysis of problems of the rural sector in developing countries, urban-rural migration, unemployment, sectoral balance and efficiency of private resource allocation. | R. S. Eckaus | |
| 14.772 | Theory of Economic Development (A) Prereq.: 14.122, 14.452 |
Units |
| Year: G(2) | 3-0-6 | |
| Analysis of problems of international trade and development; study of structure and use of planning models for development policy and use of cost benefit analysis. | J. N. Bhagwati | |
| 14.773 | Optimal Growth Theory (A) Prereq.: 14.124, 14.454 |
Units |
| Year: G(2) | 3-0-9 | |
| The optimal growth problem, duality theory, development and application of the maximum principle. The behavior of optimal trajectories for a variety of situations. (Alternate years. Offered 1974-75.) | M. L. Weitzman | |
| 14.774J | Transfer and Adaptation of Technology in Developing Countries (A) Prereq.: Permission of Instructor |
Units |
| Year: G(2) | 3-0-6 | |
| Consideration of the problems of transferring and adapting technologies originating and used in the richer countries of the world to the developing nations. Specific topics include: political, institutional, economic, and engineering issues involved in the transfer of technology. | R. S. Eckaus, F. Moavenzadeh, N. Choucri | |
| 14.782 | Capitalism, Socialism and Growth (A) Prereq.: 14.122, 14.452 |
Units |
| Year: G(1) | 3-0-6 | |
| A comparative study of capitalist and socialist economies mainly from the point of view of development and growth, and with major emphasis on the economy of the Soviet Union. | E. D. Domar | |
| 14.783 | Theory of Central Planning (A) Prereq.: 14.124 |
Units |
| Year: G(2) | 3-0-9 | |
| Multilevel planning. Decomposition principles and their application. Planning with prices and with quantities. Materials balancing and input-output. Applications of inventory theory. The problems posed by non-convexities. (Alternate years. Not offered 1974-75.) | M. L. Weitzman | |
- The Faculty in Economics
[Table of Contents]
Morris A. Adelman, Ph.D., Harvard; Professor of Economics.
Sidney S. Alexander, Ph.D., Harvard; Professor of Economics.
Jagdish N. Bhagwati, Ph.D., M.I.T.; Professor of Economics.
Robert L. Bishop, Ph.D., Harvard; Professor of Economics; Chairman, Graduate Admissions Committee.
E. Cary Brown, Ph.D., Harvard; Professor of Economics; Head of Department.
Peter A. Diamond, Ph.D., M.I.T.; Professor of Economics; Graduate Registration Officer; Chairman, Department Graduate Committee.
Evsey D. Domar, Ph.D., Harvard; Professor of Economics; Graduate Placement Officer.
Richard S. Eckaus, Ph.D., M.I.T.; Professor of Economics; Graduate Registration Officer; Chairman, Committee on Economic Research.
Robert F. Engle, III, Ph.D., Cornell; Associate Professor of Economics.
Stanley Fischer, Ph.D., M.I.T.; Associate Professor of Economics.
Franklin M. Fisher, Ph.D., Harvard; Professor of Economics (on leave).
Harold A. Freeman, S.B., M.I.T.; Professor of Statistics.
Ann F. Friedlaender, Ph.D., M.I.T.; Professor of Economics.
Robert E. Hall, Ph.D., M.I.T.; Professor of Economics; Graduate Registration Officer.
John R. Harris, Ph.D., Northwestern; Associate Professor of Economics.
Jerry A. Hausman, Ph.D., Oxford; Assistant Professor of Economics.
Karl G. Jugenfeldt, Ph.D., Visiting Professor of Economics (Spring Term).
Paul L. Joskow, Ph.D., Yale; Assistant Professor of Economics.
Charles P. Kindleberger, Ph.D., Columbia; Professor of Economics.
Edwin Kuh, Ph.D., Harvard; Professor of Economics.
Franco Modigliani, D.Jur., Rome, and D.Soc.Sci., New School of Social Research; Institute Professor; Professor of Economics.
Charles A. Myers, Ph.D., Chicago; Professor of Industrial Relations.
Michael J. Piore, Ph.D., Harvard; Associate Professor of Economics (on leave, Spring Term).
Jerome Rothenberg, Ph.D., Columbia; Professor of Economics.
Paul A. Samuelson, Ph.D., Harvard; Institute Professor; Professor of Economics.
Abraham J. Siegel, Ph.D., California (Berkeley); Professor of Industrial Relations; Associate Dean of Management.
Robert M. Solow, Ph.D., Harvard; Institute Professor; Professor of Economics.
Lance J. Taylor, Ph.D., Harvard; Professor of Nutritional Economics.
Peter Temin, Ph.D., M.I.T.; Professor of Economics.
Lester C. Thurow, Ph.D., Harvard; Professor of Economics (on leave, Spring Term).
Hal R. Varian, Ph.D., California (Berkeley); Assistant Professor of Economics.
Martin L. Weitzman, Ph.D., M.I.T.; Professor of Economics.
William C. Wheaton, Ph.D., Penn.; Assistant Professor of Economics.
Source: M.I.T., Institute Archives. MIT Department of Economics Records, Box 2, Folder “Department Brochures”.