Tag: Dewey

Dartmouth A.M. John Gilbert Thompson. Long-lag for interest rate effect, 1929

Post author By Irwin Collier
Post date 2024-06-15

The reasons for this post are the fact that “John G. Thompson” is not a unique identifier for economic authorship and my desire to distinguish John G. Thompson from John G. Thompson without using subscripts. Today we meet Mr. John Gilbert Thompson (1862-1940), an educational administrator turned business economist/forecaster. He spent over thirty years in the field of education, achieving some distinction as the first principal of the State Normal School in Fitchburg, Massachusetts. In the dozen or so years before his retirement in ca. 1932 he worked at the Simonds Saw and Steel Company in Fitchburg, where he was employed, according to press accounts, as “assistant to the treasurer”, “efficiency director”, “economist”, and finally “assistant to the president”.

Particularly worthy of note for Economics in the Rear-view Mirror is Thompson’s contribution to the panel “Appraisal of Economic Forecasts” chaired by Wesley C. Mitchell at the December 1929 meeting of the American Statistical Association ( see below ). His principal empirical finding was contained in a single chart ( included below ) showing the long lag between a change in the commercial paper rate and an inverse movement in the level of economic activity, as proxied by the Federal Reserve’s index of industrial production. It might come as something of a surprise to readers here that a former teaching-college principal turned economic forecaster [anyone out there ever heard of his financial newsletter Looking Ahead?] was seeing long-lags some thirty years before Milton Friedman was to make “long and variable lags” fashionable.

Of lesser interest is discovering a Simonds Saw and Steel Company’s essay competition in economics for high school and normal school students that later evolved into a prize competition for established academic and business economists. Here we encountered the name of Dr. John L. Tildsley, once a teacher of economics in the New York City High School of Commerce and then District Superintendent for High Schools in New York City. Like Thompson, Tildsley was a strong advocate for the inclusion of economics in the high school curriculum. Economics in the Rear-view Mirror is mildly proud to offer content regarding these two leaders in American education.

Note: The other John G. Thompson’s full name was John Giffin Thompson. He was a University of Wisconsin Ph.D. (1907), career-long economic researcher, and the subject of an earlier post as well.

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Life, Career and Publications
of John Gilbert Thompson

1862. Born June 23 in New Bedford, MA.

1886. Dartmouth A.M., Phi Beta Kappa

1886. December 27. Married Helen Susan Titus (1863-1938) in Hancock N.H. She was a direct descendant of Peregrin White of the Mayflower. They had seven sons (from The Boston Globe, Nov. 6, 1940, p. 19), five were still alive at the time of his death in 1940.

1886-1893. Principal of schools in Winchester, N.H., Sandwich [Mass], Southboro [Mass]; Superintendent of schools in Northboro [Mass] and Leominster [Mass]. Fitchburg Sentinel, Nov. 1, 1940, p.9.

1894. Together with Thomas E. Thompson (a younger brother), Master of John R. Rollins School, Lawrence, Mass. Fables and Rhymes for Beginners. The First Two Hundred Words. Boston: Ginn & Company.

1895-1920. Principal of State Normal School (Fitchburg, Massachusetts)

1895. Together with Thomas E. Thompson, Superintendent of Schools, Leominster, Mass. Fairy Tale and Fable, Second Year: An Introduction to Literature and Art. New York: The Morse Company. (Revised Seventh edition, 1902)

1899. Together with Thomas E. Thompson, Superintendent of Schools, Leominster, Mass. For Childhood Days, First Year. New York: The Morse Company. (3^rd ed. 1901)

1902. Together with Thomas E. Thompson, Superintendent of Schools, Leominster, Mass. New Century Readers: Nature, Myth and Story. Third Year. New York: Silver, Burdett and Company. (Second edition)

1916. Word from Word Readers: Book One. Boston: Silver, Burdett and Company.

1916. Word from Word Readers: Book Three. Boston: Silver, Burdett and Company.

1917. Together with Inez Bigwood, The Thompson Readers: Manual for Teachers. Boston: Silver, Burdett and Company.

1917. Together with Inez Bigwood, The Thompson Readers: Book One. Boston: Silver, Burdett and Company.

1917. Together with Inez Bigwood, The Thompson Readers: Book Two. Boston: Silver, Burdett and Company.

1917. Together with Inez Bigwood, The Thompson Readers: Book Four. Boston: Silver, Burdett and Company.

1918. Together with Inez Bigwood, The Thompson Readers: Word Building for Recitation and Seat Work. Boston: Silver, Burdett and Company.

1918. Together with Inez Bigwood, Lest We Forget: World War Stories. Boston: Silver, Burdett and Company.

1919. Together with Inez Bigwood, Winning a Cause: World War Stories. Boston: Silver, Burdett and Company.

1920. A Quarter of a Century of Years and Poems. Edition limited to one thousand copies, numbered and signed by the author. Includes photograph of John G. Thompson.

Library of Congress copy Number 12 was dedicated “To His Excellency Calvin Coolidge”.

1919-1932. “Assistant to the treasurer”, “efficiency director”, “economist”, “assistant to the president” at Simonds Saw and Steel Company.

1928. Together with Gifford K. Simonds, The American Way to Prosperity, 1928.

After retirement continued to publish the financial paper/newsletter Looking Ahead with Alvan T. Simonds.

1940. October 31. Died in Westborough, MA. Buried in Hancock, N.H.

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Adam Smith Essay for High School and Normal School Students
Sponsored by
Simonds Saw Mfg. Company, 1920

                  Very few high schools give any instructions to help pupils understand economic laws that affect their daily living, and very few normal schools in the United States give those who are to become teachers any instruction that will enable them to judge intelligently in regard to their own status, their own wages, or to talk over with their pupils the conditions of industry and business which are affecting their welfare and their lives. Even the junior high school pupil would be interested to know how prosperity and adversity move in waves and how one is brought about by prudence, thrift and industry and the other by carelessness, shiftlessness and extravagance. Any boy or girl twelve years or over can be made to see that everyone in the world is paying for the destruction caused by the World War and that “no one liveth to himself alone.” Much of the unrest among the working classes and of the misunderstanding between labor and capital is due to ignorance. It is a gross neglect, almost a criminal one, that those directing our public schools have failed to see the danger and to do something about remedying the lack. It is a sad comment when one can say that the children of working parents are given a careful study of the Punic Wars and never hear anything about economics in their high school course. It is even worse that those who are to become teachers are graduated as ready to teach without ever having studied the subject, either in high school or normal school.

                  Mr. Alvan T. Simonds, President of the Simonds Saw Manufacturing Company of Fitchburg; Mass., Chicago, Ill., Montreal, Que., Lockport, N. Y., a life-long student of economics and interested in bringing about a better understanding on the part of the laborer, the capitalist, and the public, realized this deficiency in our public school and normal school education. To discover to what an extent the subject of economics was studied, he offered in September, 1920, two prizes of $1,000 and $500 for the best two essays on an economic subject. The contest was open to pupils in high schools and normal schools in the United States and Canada and the prizes were made large enough to make the competition worth while to anyone who was fitted to enter it. The subject chosen was “Present Economic Conditions and the Teachings of Adam Smith in the Wealth of Nations.” It was selected because it gave contestants a definite book to study and the opportunity to connect the study of that book with the life of which they were a part. It was not indefinite and distant from them, but definite and concerned today.

                  The contest was advertised in the Saturday Evening Post, in the Journal of Education, and the School Review and in many other publications. Personal letters were sent to state superintendents and principals of normal schools.

                  The results are what might have been expected by one who knew the status of economic teaching in the United States. It is left almost entirely for the college and even there it is elective. This is not true, however, in New York City, due to the foresight and the efforts of Dr. John L. Tildsley, formerly teacher of economics in the New York City High School of Commerce, and now District Superintendent for High Schools in New York City. The study of economics is required of all pupils in the senior year of the New York City high schools. Over 125 pupils entered the contest in the city of New York, but only twenty-five finished their essays and submitted them to the judges.

                  In Fitchburg, Massachusetts, at the State Normal School each member of the graduating class as a requirement for graduation has to submit a thesis and the supervision of the theses is divided among the different instructors. Those who worked under the direction of Miss Inez Bigwood were allowed to submit their essays both for the Simonds contest and as a graduating thesis. Beside one essay submitted by a convict in California, twenty-seven were received from normal pupils and sixty-five from high school pupils. Almost every section in the United States was represented, as well as Canada with essays from Vancouver and Montreal. There were few essays from the South, although Texas, Tennessee and South Carolina were represented. The Pacific Coast was represented by California, Oregon and Washington, while there were one or two from nearly every state in the Middle West.

                  The first prize of $1,000 was awarded to David Koch, High School of Commerce, New York City. The second prize of $500 was awarded to Aloysius Thiemann, Reedsburg High School, Reedsburg, Wis.

                  It is interesting to notice that both prizes were won by high school pupils, one from the largest city in the United States and one from a small town in Wisconsin.

                  The judges were Wallace B. Donham, Dean of the Harvard School of Business Administration, Cambridge, Mass., and John G. Thompson, Principal of the State Normal School (On leave), Fitchburg, Mass.

                  It is hoped that this contest and the lessons taught by it will awaken school officials to the necessity of requiring the study of economics in high schools and normal schools and of teachers who are to teach in junior high schools and grades above.

                  In order that those who are already saying that economics is a subject too difficult for high school pupils and certainly beyond the mental ability of junior high school pupils, let me add that the first prize of $1,000 was won by a boy only seventeen years of age, who began to be interested in economics when he was in the last year of the elementary school and read books upon the subject outside his regular school work. His essay was of such understanding and power that the judges, who worked independently, both questioned whether it could possibly be the work of a high school pupil. Investigation by Dr. Tildsley established beyond doubt that it was the boy’s own work and just about what his teacher of economics in the High School of Commerce declared could be expected from him.

David Koch, who won the first prize of $1,000, is seventeen years of age. His father came from Russia to the United States in 1897. He is a button-hole maker by trade. Dr. John L. Tildsley, district superintendent of high schools in New York City, reports that David Koch began to study economics in the last year of the elementary school and has been interested in it ever since, that is for about four years. He was a student at the New York High School of Commerce and studied economics there. His economic teacher reports “He was head and shoulders above the other pupils in the economics class and knew more economics than some of the teachers.” Mr. Tildsley writes further as follows:—

“You will be interested to know that when Koch entered the high school he had the reputation of being quite radical but as the result of his school work and especially his study of economics he has lost most of his radicalism. I believe that a great stimulus has been given to the teaching of economics in this country through the offer of these prizes.”

Aloysius Thiemann, winner of the second prize, is sixteen years of age and graduates from the Reedsburg, Wisconsin, High School this year. Mr. A. B. Olson, superintendent of the Reedsburg public schools, writes as follows: —

“Aloysius Thiemann was promoted to high school from the seventh grade, he having proven through educational tests that it would be unnecessary, for him to do the eighth grade work. His work in high school has been uniformly strong. Last year Aloysius Thiemann won the State of Wisconsin Civil Service Essay Contest and the school was presented the State Loving Cup to be kept for one year. In regard To future plans, I find that Aloysius Thiemann plans to attend Notre Dame University and will probably take up the course in Journalism.”

John G. Thompson,
Assistant to the President,
Simonds Manufacturing Company

Source: Thompson, John G. “EDUCATIONAL FORUM.” The Journal of Education, vol. 93, no. 24 (2334), 16 June 1921, pp. 672–73.
JSTOR, http://www.jstor.org/stable/42830956

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Award of 8th Simonds Prize (1930)

Walter Earl Spahr, a professor of New York university, was awarded the first prize of $1000 in the eighth annual Alvan T. Simonds annual economic contest last year. The subject was “The Federal Reserve System and the Control of Credit.”

Dr. Spahr is professor of economics and chairman of the department of economics, school of commerce, accounts and finance, New York university. Dr. Spahr received his A.B. from Tarlham college, Ind., in 1914; A.M. from the University of Wisconsin in 1917, and Ph.D. from Columbia university in 1925. He taught economics at Datmouth college and Columbia university before going to New York university in 1923.

He has published several notable magazine articles as well as the article in the New Encyclopedia Brittanica on “The Stockbroker in the United States.” He is joint author with R. J. Swenson of “Methods and Staus of Scientific Research with Particular Application to the Social Sciences.” His home address is 8 Michigan road, Bellerose, Long Island, N.Y.

The second prize of $500 was awarded to Ivan W. Elder, managing editor of the North Pacific Banker, Portland, Ore. He is a graduate of Reed College, Ore.

Honorable mention was awarde to Helen Elizabeth Ham, 333 E. 43d street, New York city.

The judges were Dr. Davis R. Dewey, professor of economics, Massachusetts Institute of Technology, and John G. Thompson, assistant to the president, Simonds Saw & Steel Co.

The largest number of essays came from the United States, yet excellent ones were received from Hawaii, Japan, India, South Africa, England and Scotland, thus circling the world.

Source: The Fitchburg Sentinel (August 26, 1930), p. 9.

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Long lag between changes in the interest rate and (inverse) changes in economic activity

Ninety-First Annual Meeting of the American Statistical Association Held at Hotel Washington, Washington, D. C. December 27-30, 1929.

Friday, December 27, 1929
2:30 P. M.

Appraisal of Economic Forecasts

Chairman:
Wesley C. Mitchell, Columbia University

Papers:

Garfield V. Cox, University of Chicago
Seymour L. Andrew and Harold M. Flinn, American Telephone and Telegraph Company

Discussion:

Donald Tucker, Massachusetts Institute of Technology
Arthur W. Marget, University of Minnesota
J. G. Thompson, Simonds Saw and Steel Company

* * * * * * * * * * * * * * *

John G. Thompson, Discussion
[emphasis added]

“Since 1919 I have been working with Alvan T. Simonds, President of the Simonds Saw and Steel Company, trying to convince business executives and others interested that major movements in money rates, reversed, forecast major swings in business…we have used the volume of manufacture, as reported by the Harvard Economic Society, or the volume of industrial production, as reported by the Federal Reserve Board. We have found that major movements in these are forecast by major swings of money rates, reversed. The particular series of money rates selected, however, must be as free as possible from the influences of speculation. Therefore we have selected commercial paper rates, New York. The accompanying chart shows that each major swing in commercial paper rates, reversed, is followed some months later by a major swing in industrial production. The major swings are represented as straight lines connecting the peaks and the valleys of the three-year cycle, which has been repeated now four times since the War. Minor swings, including seasonal swings, have been neglected, but in each case the extreme high point has been connected with the next extreme low point, or the extreme low point with the next extreme high point…The light dotted line beginning in the spring of 1929 and running down to the middle of 1930 is the estimated course of industrial production, as made in December, 1928. The chart represents the movements as falling in three-year cycles and shows each cycle separated from the others….

…In attempting to convince those interested that (as this chart shows) money rates, reversed, do forecast major swings in business, the chief difficulty seems to be the long lag between the corresponding movements. The general belief seems to have been, and to be, that when money rates ease off, business immediately or almost at once turns upward. As a matter of fact and as the chart shows, this upward turn does not begin until several months later.”

Source: “Ninety-First Annual Meeting of the American Statistical Association Held at Hotel Washington, Washington, D. C. Friday, December 27, to Monday, December 30, 1929.” Journal of the American Statistical Association, vol. 25, no. 169, 1930, pp. 48-49. JSTOR, http://www.jstor.org/stable/2277188

Image Source: Fitchburg State University website. Home/About/History of Fitchburg State/Hall of Presidents/John G. Thompson (1895-1920).

Tags Dewey, Friedman, Marget, Mitchell, SpahrWE, Thompson_JGilbert, Tildsley, TuckerDS

Bibliography Economists M.I.T.

M.I.T. Writings and addresses of Francis A. Walker, 1857-1897

Post author By Irwin Collier
Post date 2023-03-12

BIBLIOGRAPHY OF THE WRITINGS
AND REPORTED ADDRESSES
OF FRANCIS A. WALKER.

The following bibliography, based upon memoranda and scrap books left by General Walker, has been prepared under the supervision of the Secretary of the [American Statistical] Association. It will be observed that references to newspapers have been included containing reports of addresses delivered on various occasions, but these have been mentioned only when the report was fairly complete, and appeared to be in the main accurate. The Secretary of the Association [David Rich Dewey] will be glad to receive corrections or additions.

1857. More Thoughts on the Hard Times. (Signed W.) National Era (Washington), October 29.

1858. Mr. Carey and Protection. (Not signed.) National Era (Washing top), January 21.

Why Are We Not a Manufacturing People? (Signed F. A. W.) National Era, January 28.
Mr. Carey on the History of Our Currency. (Signed F. A. W.) National Era, June 3.
Mr. Carey’s Letters.-Continued. (Signed F. A. W.) National Era, June 17.

1858-60. Contributions to the Ichnolite: a monthly magazine published by the students of Amherst College. Vols. 5, 6, 7, and 8.

1860. Contributions to The Undergraduate, New Haven. (After No. 1 the name of the magazine was changed to University Quarterly.) Vols. 1 and 2.

1868. On the Extinguishment of The National Debt. By “Poor Richard.” Bankers’ Magazine, July, vol. 23, pp. 20-34.

1868. Mr. Grote’s Theory of Democracy. Bibliotheca Sacra, October, vol. 25, pp. 687-733.

1868. Many editorial articles in the Springfield Republican.

1868-69. Editor of the Monthly Reports of the Bureau of Statistics, Treasury Department, on the Commerce and Navigation of the United States. Series 1868-69, Nos. 21-29, pp. 287. Series 1869-70, Nos. 1-3, pp. 152.

1869. Is It a Gospel of Peace? Lippincott’s Magazine, August, vol. 4, pp. 201-05.

1869. Annual Report of the Deputy Special Commissioner of the Revenue in charge of the Bureau of Statistics on the Commerce and Navigation of the United States for the Fiscal Year Ended June 30, 1868. (Dated August 20, 1869.) Part 1, pp. 729; Part 2, pp. 352; Part 3, pp. 144. Also 40th Congress, 3d Session. House Ex. Doc., vol. 16. Washington.

1869. The National Debt. Lippincott’s Magazine, September, vol. 4, pp. 316-18.

1869. Annual Report of the Operations of the Bureau of Statistics to the Secretary of the Treasury for the Year 1869. (Dated October 13.) Pp. 6. Also 41st Congress, 2d Session. House Ex. Doc. No. 2, vol. 4, pp. 337-42. Washington.

1869. American Industry in the Census. Atlantic Monthly, December, vol. 24, pp. 689-701.

1870. What to do with the Surplus. Atlantic Monthly, January, vol. 25, pp. 72-86.

1870. A Reply to Mr. Kennedy on the Errors of the Eighth Census. Letter in Washington Chronicle, January.

1870. An Oration at the Soldiers’ Monument Dedication in North Brookfield, Mass., January 19. Pph., pp. 5-35. Also in Springfield Republican, January 20.

1870. The Report of the Special Commissioner. Lippincott’s Magazine, February, vol. 5, pp. 223-30.

1870. The Legal Tender Act (With Henry Adams). North American Review, April, vol. 110, pp. 299-327. Also published in Chapters of Erie and Other Essays, by Charles F. Adams, Jr., and Henry Adams, pp. 302-32.

1870. Annual Report of the Deputy Special Commissioner of the Revenue in charge of the Bureau of Statistics on the Commerce and Navigation of the United States for the Fiscal Year Ended June 30, 1869. (Dated February 7, 1870.) Pp. viii. Part 1, pp. 227; Part 2, pp. 436; Part 3, pp. 94. Also 41st Congress, 2d Session. House Ex. Doc., vol. 15. Washington.

1870. Communication from the Superintendent of the Census submitting a draft of an Act amendatory of the Census Act of 1850. (Dated February 17.) 41st Congress, 2d Session. House Ex. Doc. No. 161, pp. 3.

1870. A Statement of the Superintendent of the Census relating to the amount to be saved to the Treasury by dispensing with certain copies of the Census Returns required by the Act of 1850. (Dated April 6.) 41st Congress, 2d Session. Senate Ex. Doc. No. 79, vol. 2, pp. 3. Washington.

1870. The Indian Problem. Review of Keim’s Sheridan’s Troopers on the Borders. The Nation, June 16, vol. 10, p. 389.

1871. Letter from the Superintendent of the Ninth Census addressed to Hon. W. B. Stokes relative to field-work performed by assistant marshals. (Dated January 14.) 41st Congress, 3d Session. House Mis. Doc. No. 31, vol. 1, pp. 3.

1871. Report of the Superintendent of the Census on Estimates of Expenditures, etc. (Dated December 20, 1870.) 41st Congress, 3d Session. House Ex. Doc. No. 29, vol. 7, pp. 4.

1871. Report of the Superintendent of the Census, December 26. Reprinted as a preface to vol. 1 on Population. Pp. xlviii. Washington.

1872. Letter from the Commissioner of Indian Affairs upon the action of the Department relating to the Kansas Indian Lands in the State of Kansas. (Dated December 2, 1871.) 42d Congress, 2d Session. Senate Mis. Doc. No. 10, vol. 1, pp. 4. Washington.

1872. Letter from the Superintendent of the Census containing a report of the number of persons employed in obtaining the Ninth Census, time employed, amount paid to each, etc. (Dated December 6, 1871.) 42d Congress, 2d Session. Senate Ex. Doc. No. 4, vol. 1, pp. 186.

1872. Reports of the Ninth Census, 1870. 3 quarto volumes and Compendium.

1872. Annual Report of the Commissioner of Indian Affairs to the Secretary of the Interior for the year 1872, November 1. Washington. Pp. 471. Also 42d Congress, 3d Session. House Ex. Doc. No. 1, vol. 3, Part 5, pp. 389-847. Washington.

1873. The Indian Question. North American Review, April, vol. 116, pp. 329-88. Also republished in book The Indian Question.

1873. Some Results of the Census of 1870. Read before the Social Science Association, Boston, May 15. Published in Journal of Social Science, No. 5, pp. 71-97. Also printed separately.

1873. American Irish and American Germans. Scribner’s Monthly, June, vol. 6, pp. 172-79.

1873. The Relations of Race and Nationality to Mortality in the United States. Read before the American Health Association. Published in Reports and Papers of the American Public Health Association, vol. 1, pp. 18-35. Also republished in Statistical Atlas, 1874.

1873. Our Population in 1900. Atlantic Monthly, October, vol. 32, pp. 487-95.

1874. Report of the Superintendent of the Census, November 15, 1873. 43d Congress, 1st Session. House Ex. Doc. No. 1, Part 5, vol. 4, pp. 757-63.

1874. Indian Citizenship. International Review, May-June, vol. 1, pp. 305-26. Also republished in book The Indian Question.

1874. Handbook of Statistics of the United States, compiled by M. C. Spaulding. Review in The Nation, May 14, vol. 18, p. 319.

1874. Mr. D. A. Wells and the Incidence of Taxation. Letter in The Nation, June 11, vol. 18, pp. 378-79.

1874. The Wages Question. Address before the Alexandria and Athena Societies of Amherst College, July 8. Published in New York Times, July 9; also Springfield Republican, July 9.

1874. Statistical Atlas of the United States based on the results of the Ninth Census, 1870, with contributions from many eminent men of science and several departments of the Government. Compiled with authority of Congress. (The Preface and Introduction, and of the Memoirs and Discussions, The Progress of The Nation, and Relations of Race and Nationality to Mortality in the United States, were written by General Walker.) Washington. Plates 54.

1874. Legislators and Legislation. Letter in Providence Journal.

1874. Wages and the Wages-Fund. Letter to the Financier, August 29. (In reply to Prof. A. L. Perry.)

1874. The Indian Question. Boston. Pp. 268.

1874. Cairnes’s Political Economy. Review in The Nation, Nov. 12, vol. 19, p. 320.

1874. Our Foreign Population. Chicago Advance, November 12, December 10, and January 14, 1875.

1875. Report of the Superintendent of the Census, November 1, 1874. (Dated New Haven.) 43d Congress, 2d Session. House Ex. Doc. No. 1, Part 5, vol. 6, pp. 721-30. Washington.

1875. The Wage-Fund Theory. North American Review, January, vol. 120, pp. 84-119.

1875. The Hard Times. Address before the New Haven Chamber of Commerce, February 23. Abstract in Springfield Republican, February 25.

1875. The First Century of the Republic: Growth and Distribution of Population. Harper’s Monthly, August, vol. 51, pp. 391-414. Also published in book First Century of the Republic, pp. 211-37.

1875. Our Domestic Service. Scribner’s Monthly, December, vol. 11, pp. 273-78.

1876. Maps (three) in History of the United States, by J. A. Doyle. New York.

1876. Census. Encyclopædia Britannica (9th edition), vol. 5, pp. 334-40.

1876. The Wages Question. A Treatise on Wages and the Wages Class. New York; London, 1877. Pp. iv, 428.

1877. The Philadelphia Exhibition. Part 1. — Mechanism and Administration. International Review, May-June, vol. 4, pp. 363-96.
The Late World’s Fair. Part 2. — The Display. July-August, vol. 4, pp. 497-513.
The Late World’s Fair. Part 3. — The Display. September October, vol. 4, pp. 673-85.
These are also published in The World’s Fair: Philadelphia, 1876; A Critical Account, pp. 68; also in A Critical View of the Great World’s Fair, pp. 68.

1878. The United States. Johnson’s Cyclopædia (1st edition), vol. 4, Part 2, pp. 1029-56.

1878. United States Centennial Commission. International Exhibition, 1876. Editor of Reports and Awards. Philadelphia, 1878; also Washington, 1880. 6 vols.

1878. Money. (Lectures, Johns Hopkins University.) New York and London. Pp. xv, 550.

1878. Remarks addressed to the International Monetary Conference, Paris, August 22. 45th Congress, 3d Session. Senate Ex. Doc. 58, pp. 73-79. Also printed separately.

1878. Report of the Superintendent of the Census, January 17. (Dated New Haven.) Pp. 21. Also 45th Congress, 3d Session. House Ex. Doc. No. 1, Part 5, vol. 9, pp. 839-57. Washington.

1878. Interview of the Select Committees of the Senate of the United States and of the House of Representatives to make provision for taking the Tenth Census, with Prof. Francis A. Walker, Superintendent of the Census, December 16. 45th Congress, 30 Session. Senate Mis. Doc. No. 26; pp. 20.

1879. The Monetary Conferences of 1867 and 1878, and the Future of Silver. Princeton Review, January, vol. 3, N. S., pp. 28-54.

1879. Money in Its Relations to Trade and Industry. (Lectures, Lowell Institute, Boston.) New York and London. Pp. iv, 339.

1879. The Present Standing of Political Economy. Sunday Afternoon, May, vol. 3, pp. 432-41.

1879. Report of the Superintendent of the Census, November 15. Pp. 16. Also 46th Congress, 2d Session. House Ex. Doc. No. 1, Part 5, vol. 10, pp. 307-20. Washington.

1880-82. Census Bulletins, Nos. 1-305. Also Extra Census Bulletins.

1880. The Principles of Taxation. Princeton Review, July, vol. 6, N. S., pp. 92-114.

1881-88. Reports of the Tenth Census, 1880. 22 quarto volumes and Compendium (Parts 1 and 2). Washington.

1881. Report of the Superintendent of the Census, December 1, 1880. 46th Congress, 3d Session. House Ex. Doc. No. 1, Part 5, vol. 10, pp. 423-26. Washington.

1881. Letter to Secretary of Interior giving complete returns of the population of each State and Territory on the 1st day of June, 1880. Letter of January 17 to Hon. S. S. Cox, pp. 5-18. The Alabama Paradox — Letter to Hon. S. S. Cox, January 17, pp. 19-20. The Moiety Question. — Letter to Hon. S. S. Cox, January 15, pp. 20-24. 46th Congress, 3d Session. House Ex. Doc. No. 65, vol. 18, pp. 1-2. (The Moiety Question reprinted in 1891.)

1881. Letter from the Superintendent of the Census respecting the execution of the law for taking the Tenth and subsequent censuses, with accompanying schedules. (Dated January 25.) 46th Congress, 3d Session. Senate Ex. Doc. No. 28, vol. 1, pp. 35.

1881. Report of the Superintendent of the Census, November 1, pp. 65. Also 47th Congress, 1st Session. House Ex. Doc. No. 1, Part 5, vol. 10, pp, 665-727. Washington.

1882. American Agriculture. Princeton Review, May, vol. 9, N. S., pp. 249-64.

1882. The Growth of the United States. The Century, October, vol. 24, pp. 920-26.

1883. Remarks on the Character of President W. B. Rogers, October 12, before the Society of Arts. Published in Proceedings of the Society of Arts, 1882-83, pp. 5-7. Also printed separately.

1883. American Manufactures. Princeton Review, March, vol. 11, N. S., pp. 213-23.

1883. Remarks on Giving the Name of William B. Rogers to the Main Building, Massachusetts Institute of Technology, May 29. (Printed for private distribution.)

1883. Political Economy. New York and London. Pp. iv, 490.

1883. The Unarmed Nation. Our Duty in the Cause of International Peace. Address delivered at Smith College, Northampton, June 20. Published in the Springfield Republican, June 21.

1883. Henry George’s Social Fallacies. North American Review, August, vol. 137, pp. 147-57.

1883. Land and Its Rent. Boston and London. Pp. vi, 232.

1884. President’s Report, Massachusetts Institute of Technology, December 12, 1883. Boston. Pp. 31.

1884. The Second and Third Army Corps. Letter in The Nation, March 27, vol. 38, p. 274.

1884. Political Economy. (Briefer Course, abridged from work of 1883.) New York. Also republished under the title A Brief Political Economy. London, 1886. Pp. iv, 415.

1884. Industrial Education. Read before the American Social Science Association, September 9. Published in Journal of Social Science, No. 19, pp. 117-31.

1884. Public Revenue. Lalor’s Cyclopædia of Political Science, Political Economy, and United States History, vol. 3, pp. 618-29; The Wage Fund, ditto, pp. 1074-77; Wages, ditto, pp. 1077-85.

1884. President’s Report, Massachusetts Institute of Technology, December 10. Boston. Pp. 20.

1885. Letter to the Secretary of the Interior, February 24, regarding the Accounts of Richard Joseph. 49th Congress, 1st Session. House Ex. Doc. No. 127, pp. 5-7.

1885. Shall Silver be Demonetized? North American Review, June, vol. 140, pp. 489-92.

1885. President’s Report, Massachusetts Institute of Technology, December 9. Boston. Pp. 24.

1886. Gettysburg. Lecture in Lowell Institute Course, Boston, March 4. Published in Boston Herald, March 5.

1886. What Industry, if Any, Can Profitably be Introduced into Country Schools? Science, April 15, vol. 9, p. 365.

1886. History of the Second Army Corps in the Army of the Potomac. New York. Pp. xiv, 737. Second edition, 1891, pp. xx, 737.

1886. The Military Character and Services of Major-General W. S. Hancock. Address delivered at the meeting of the Vermont Officers’ Reunion Society, Montpelier, Vt., November 3. Published in Free Press (Burlington), November 5. Read (revised and corrected) before the Military Historical Society of Massachusetts, February 13, 1888. Published in the Papers of the Military Historical Society of Massachusetts, vol. 10, pp. 49-67. Under the title Hancock in the War of the Rebellion, read before the New York Commandery of the Loyal Legion, February 4, 1891. Published in Personal Recollections of the War of the Rebellion. (New York Commandery of the Loyal Legion.). Vol. 1 (1891), pp. 349-64. Published in the Brooklyn Standard Union, February 7 and 14, 1891.

1886. Geography of New England: A Supplement to Maury’s Manual of Geography. Pp. 24.

1886. Sumner at Fair Oaks. National Tribune (Washington), October 14. Couch at Fredericksburg, ditto, October 21. Hancock at Gettysburg, ditto, October 28. Warren at Bristoe, ditto, November 4.

1886. President’s Report, Massachusetts Institute of Technology, December 8. Boston. Pp. 32.

1887. Socialism. Scribner’s Magazine, January, vol. 1, pp. 107-19. Also published in Phillips Exeter Lectures (1885-86). Boston, 1887, pp. 47-78.

1887. A Plea for Industrial Education in the Public Schools. Address to the Conference of Associated Charities of the City of Boston, February 10. Pph., pp. 34.

1887. General Hancock and the Artillery at Gettysburg. The Century, March, vol. 33, p. 803. Also published in Battles and Leaders of the Civil War (The Century Co.), vol. 3, pp. 385-86.

1887. The Source of Business Profits. Read before the Society of Arts, March 24. Published in Proceedings of the Society of Arts, 1886-87, pp. 76-90. Also published, with additions and alterations, in the Quarterly Journal of Economics, April, vol. 1, pp. 265-88. Printed separately, Pph., pp. 26.

1887. Wolseley on Lee. Letters in The Nation, March 31, vol. 44, p. 269; April 28, pp. 362-63.

1887. Arithmetic in Primary and Grammar Schools. Remarks before the School Committee of Boston, April 12. Published as School Document No. 9, 1887. Pp. 20. Also Pph., pp. 29.

1887. Sketch of the Life of Amasa Walker. In History of North Brookfield, Mass. The same expanded in the New England Historical and Genealogical Register, April, 1888, vol. 42, pp. 133-41. Also printed separately, Pph., pp. 14.

1887. Meade at Gettysburg. Battles and Leaders of the Civil War (The Century Co.), vol. 3, pp. 406-12.

1887. Memoir of William Barton Rogers, 1804-82. Read before The National Academy of Sciences, April. Published in Biographical Memoirs of National Academy, vol. 3, 1895, pp. 1-13. Also Pph., pp. 13.

1887. The Socialists. The Forum, May, vol. 3, pp. 230-42.

1887. Political Economy. (Revised and enlarged.) New York and London. Pp. vi, 537.

1887. Reply (before the Boston School Board) to Supervisor Peterson on the Study of Arithmetic in Grammar Schools, June 14. Published in Popular Educator, September, vol. 3, pp. 209-11.

1887. The Labor Problem of Today. Address delivered before the Alumni Association of Lehigh University, June 22. Printed by the Association. New York. pp. 29.

1887. Manual Education in Urban Communities. Address before The National Educational Association, Chicago, July 15. Published in Addresses and Proceedings of The National Educational Association, 1887, pp. 196-205.

1887. What Shall We Tell the Working Classes? Scribner’s Magazine, November, vol. 2, pp. 619-27.

1887. Arithmetic in the Boston Schools. Read before the Grammar School Section of the Massachusetts Teachers’ Association at Boston, November 25. Published in The Academy, Syracuse, N. Y., January, 1888. vol. 2, pp. 433-44. Also printed separately.

1888. United States: Part III.-Political Geography and Statistics. Encyclopædia Britannica (9th edition), vol. 23, pp. 818-29.

1888. President’s Report, Massachusetts Institute of Technology, December 14, 1887. Boston. Pp. 39.

1888. Remarks at the Opening of the Sixteenth Triennial Exhibition of the Massachusetts Charitable Mechanic Association, September 27, 1887. Published in Proceedings of the Annual Meeting of January 18, 1888, p. 56.

1888. The Eleventh Census of the United States. Quarterly Journal of Economics, January, vol. 2, pp. 135-61. Also printed separately, Pph., pp. 27.

1888. The Military Character and Services of Major-General Hancock. (See 1886.)

1888. The Bases of Taxation. Political Science Quarterly, March, vol. 3, pp. 1-16.

1888. A Reply to Mr. Macvane: On the Source of Business Profits. Quarterly Journal of Economics, April, vol. 2, pp. 263-96. Also printed separately; Pph., pp. 36.

1888. Economy of Food. Science, May 18, vol. 11, pp. 233-34.

1888. Efforts of the Manual Laboring Class to Better Their Condition. Address as President, American Economic Association, May 21. Publications of the American Economic Association, vol. 3, pp. 7-26.

1888. The Intermediate Task.—Protection and American Agriculture. The National Revenue. A Collection of Papers by American Economists. Edited by Albert Shaw. Pp. 135-151. (Pp. 137-151 reprinted from the revised edition of Political Economy. New York, 1887.)

1888. The Knights of Labor. Princeton Review, September, vol. 6, N. S., pp. 196-209.

1888. President’s Report, Massachusetts Institute of Technology, December 12. Boston. Pp. 50.

1888. Philip Henry Sheridan. Eulogy delivered before the City Government of Boston, December 18. Published in Sheridan Memorial, pp. 41-117; Boston Herald, December 19. Also printed separately.

1889. Recent Progress of Political Economy in the United States. Address as President, American Economic Association, December 27, 1888. Publications of the American Economic Association, vol. 4, pp. 17-40.

1889. Memoir of E. B. Elliott. Proceedings of the American Academy of Arts and Sciences, vol. 24, pp. 447-52.

1889. Census. Johnson’s Cyclopædia (Revised, 1889-90), vol. 1, pp. 78-88 (New edition, 1895); vol. 2, pp. 152-59.

1889. Ventilating Public Buildings. Letter in Boston Post, January 22.

1889. Can Morality be Taught in the Public Schools without Sectarianism? Christian Register, January 31.

1889. The Laborer and His Employer. Lecture delivered at Cornell University, February. Published in Scientific American, June 1, Supplement No. 700.

1889. The Growth of The Nation in Numbers, Territory, and the Elements of Industrial Power. Oration before the Phi Beta Kappa, Brown University, June 18. Published in Providence Journal, June 19.

1889. Indian Schools. Letter to General Armstrong in Southern Workman, October, 1889; quoted in Proceedings of Seventh Annual Meeting, Lake Mohonk Conference, pp. 36-37.

1889. First Lessons in Political Economy. New York; London, 1890. Pp. viii, 323.

1889. The Nation’s Celebration. The Independent (New York), September 26.

1889. Address before the Newton Tariff Reform Club, November 20. Abstract in Springfield Republican, November 22.

1889. Industrial Training. A Talk to the Commercial Club of Providence, November 17. Reported in Providence Journal.

1889. Civil Service Reform. Thanksgiving-Day Discourse. The Independent (New York), November 28.

1890. Annual Report of the President, Massachusetts Institute of Technology, December 11, 1889. Boston. Pp. 48.

1890. The Nation That Was Saved. Oration at Reunion of New Hampshire Soldiers, Weirs, August 29, 1889. Printed in Veteran’s Advocate, Concord, N. H., January, vol. 7, pp. 2-3.

1890. The Study of Statistics in Colleges and Technical Schools. Technology Quarterly, February, vol. 3, pp. 1-8.

1890. Mr. Bellamy and the New Nationalist Party. Atlantic Monthly, February, vol. 65, pp. 248-62. (Address delivered before the Economic Association of Providence, December, 1889. Reported in Providence Journal.) Also printed separately, Pph., pp. 15.

1890. America’s Fourth Centenary. The Forum, February, vol. 8, pp. 612-21.

1890. The Eight-Hour Agitation. Address before the Young Men’s Christian Union, Boston, March 1. Published in Boston Journal, March 3.

1890. Protection and Protectionists. Quarterly Journal of Economics, April, vol. 4, pp. 245-75.

1890. Address at the Memorial Exercises of the Thomas G. Stevenson Post, G. A. R., May 30. Published in Boston Journal, May 31.

1890. The Eight-Hour Law Agitation. Atlantic Monthly, June, vol. 65, pp. 800-10. Also printed separately, Pyh., pp. 22.

1890. The Great Review. Oration before the Society of the Army of the Potomac, Twenty-first Annual Reunion, Portland, Maine, July 3. Published in Report of the Proceedings of the Society of the Army of the Potomac, 1890, pp. 18-32; also in Boston Journal, July 4.

1890. Address on Presenting Diplomas of Graduation, June 3. Boston Journal, June 4; also Technology Quarterly, August, vol. 3, p. 202.

1890. Statistics of the Colored Race in the United States. Publications of the American Statistical Association, September-December, vol. 2 (Nos. 11-12), pp. 91-106.

1890. Democracy and Wealth. The Forum, November, vol. 10, pp. 243-55.

1890. The Changes of the Year. Technology Quarterly, November, vol. 3, pp. 281-86.

1890. Why Students Leave School. Letter in Boston Herald, December 14.

1890. The Tide of Economic Thought. Address as President of the American Economic Association, December 26. Publications of the American Economic Association, vol. 6 (1891), pp. 15-38. Also printed separately, Pph., pp. 24.

1891. Annual Report of the President, Massachusetts Institute of Technology, December 10, 1890. Boston. Pp. 52.

1891. Panic from Coinage. Evidence before the Committee on Coinage, January 29. 51st Congress, 2d Session. House Report 3967, Part 3. Reports and Hearings, pp. 54-58.

1891. Against Free Coinage of Silver. Speech in Faneuil Hall, January 20. Published in Boston Journal, January 21.

1891. Hancock in the War of the Rebellion. (See 1886.)

1891. Testimony before Committee of New York Legislature, March 7, regarding Eleventh Census of the United States in New York. Reported in New York Times, March 8.

1891. Charles Devens. An address delivered before the Commandery of the State of Massachusetts Military Order of the Loyal Legion, March 19. Published in Circular No. 7, Series 1891, March 20; Boston Journal, March 20; also Pph., pp. 20.

1891. Usefulness of a Five-Year Course. Letter in The Tech, April 9, vol. 10, pp. 177-79.

1891. The United States Census. The Forum, May, vol. 11, pp. 258-67.

1891. The Great Count of 1890. The Forum, June, vol. 11, pp. 406-18.

1891. The Place of Schools of Technology in Education. Remarks at the Graduating Exercises of the Worcester Polytechnic Institute, June 18. Published in W. P. I., Worcester, July 15, pp. 79-80.

1891. A Reply to the Article: The Economists and the Public. Letter in Evening Post (New York), June 27.

1891. The Place of Scientific and Technical Schools in American Education. Address delivered at the 29th University Convocation of the State of New York, Albany, July 8. Published in Regents’ Bulletin, No. 8, January, 1893, pp. 375-88; also the larger portion in Technology Quarterly, December, vol. 4, pp. 293-303; and in the Educational Review under the title The Place of Schools of Technology in American Education, October, vol. 2, pp. 209-19.

1891. The Colored Race in the United States. The Forum, July, vol. 11, pp. 501-09.

1891. The Doctrine of Rent and the Residual Claimant Theory of Wages. Quarterly Journal of Economics, July, vol. 5, pp. 417-37.

1891. Immigration and Degradation. The Forum: August, vol. 11, pp. 634-44.

1892. Annual Report of the President, Massachusetts Institute of Technology, December 9, 1891. Boston. Pp. 56.

1892. Growth and Distribution of Population in the United States. The Chautauquan, March, vol. 14, pp. 656-58.

1892. Dr. Böhm-Bawerk’s Theory of Interest. Quarterly Journal of Economics, July, vol. 6, pp. 399-416.

1892. Immigration. Yale Review, August, vol. 1, pp. 125-45.

1892. Normal Training in Women’s Colleges. Educational Review, November, vol. 4, pp. 328-38.

1893. Annual Report of the President, Massachusetts Institute of Technology, December 14, 1892. Boston. Pp. 65.

1893. Massachusetts Institute of Technology. — Length of Course. — Degrees at Scientific Schools. Letter in Engineering News, January 26, vol. 29, pp. 90-91; February 2, p. 108.

1893. Scientific and Technical Schools. Address delivered at opening of Engineering Building, Pennsylvania State College, February 22. Published in Proceedings at the Formal Opening of the Engineering Building, Pennsylvania State College, pp. 23-30; also in Pennsylvania School Journal, April, vol. 41, pp. 435-38.

1893. Remarks on the Dedication of the New Science and Engineering Buildings of McGill University, Montreal, February 24. Published in Technology Quarterly, April, vol. 6, pp. 65-68. Also printed separately.

1893. The Free Coinage of Silver. Journal of Political Economy, March, vol. 1, pp. 163-78.

1893. Sickles at Gettysburg. Letter in The Nation, May 11, vol. 56, p. 346.

1893. College Athletics. Address before the Phi Beta Kappa Society, Alpha of Massachusetts, at Cambridge, June 29. Published in Boston Transcript, June 30; Harvard Graduates’ Magazine, September, vol. 2, pp. 1-18; Technology Quarterly, July, vol. 6, pp. 116-31. Also printed separately, Pph., pp. 16.

1893. How Far Do the Technological Schools, as They Are at Present Organized, Accomplish the Training of Men for the Scientific Professions, and How Far and for What Reasons Do They Fail to Accomplish Their Primary Purpose? Address on opening Congress of Technological Instruction, Chicago, July 26. Published in Addresses and Proceedings of International Congress of Education, Chicago, pp. 528-34.

1893. The Technical School and the University. A Reply to Prof. Shaler. Atlantic Monthly, September, vol. 72, pp. 390-94. Technology Quarterly, October, vol. 6, pp. 223-29. Also printed separately, Pph., pp. 7.

1893. Address on Taking the Chair as Président-Adjoint, International Statistical Institute, Chicago, September 11. Published in Bulletin L’Institut International de Statistique, Tome viii, 1895, pp. xxxvi-ix.

1893. Value of Money. Paper read before the American Economic Association, September 13. Published in Quarterly Journal of Economics, October, vol. 8, pp. 62-76. Also printed separately, Pph., pp. 17.

1893. Annual Report of the President, Massachusetts Institute of Technology, December 13. Boston. Pp. 61.

1894. International Bimetallism. Address delivered before the Liberal Club of Buffalo, N. Y., February 16. Published in book The Liberal Club, pp. 107-38.

1894. [Neo-Bimetallism in Boston.] Letter in Evening Post (New York), February 24.

1894. State House Reconstruction. Remarks at a Hearing at the State House, March 1. Published in Boston Transcript, March 6. Also in Pph. Save the State House, pp. 20-24.

1894. Bimetallism: A Tract for Times. Pph., pp. 24.

1894. Bimetallism. Address delivered before the Boston Boot and Shoe Club, March 28. Published in The Shoe and Leather Reporter, April 5. Also printed separately, Pph., pp. 15.

1894. Par of Exchange. Letter in Evening Post (New York), April 3.

1894. General Hancock. (Great Commanders Series.) New York. Pp. vi, 332.

1894. How May Closer Articulation Between the Secondary Schools and Higher Institutions be Secured? Discussion of the question at the Ninth Annual Meeting of the New England Association of Colleges and Preparatory Schools, October 12. Published in Addresses and Proceedings of the Ninth Annual Meeting of the New England Association of Colleges and Preparatory Schools, pp. 22-25. Also published in School Review, December, vol. 2, pp. 612-15.

1894. The Relation of Professional and Technical to General Education. Educational Review, December, vol. 8, pp. 417-33.

1894. Annual Report of the President, Massachusetts Institute of Technology, December 12. Boston. Pp. 86.

1895. Bimetallism. Address delivered before the Springfield Board of Trade, March 27. Published in Springfield Union, March 28.

1895. The Making of The Nation. (The American History Series.) New York. Pp. xv, 314.

1895. Reply to Criticism on Springfield Address. Letter in Evening Post (New York), April 5.

1895. The Restriction of Immigration. Address delivered at Cornell University, April 12. Published in the Transactions of the Association of Civil Engineers of Cornell University, 1895, pp. 73-85.

1895. The Growth of American Nationality. The Forum, June, vol. 19, pp. 385-400.

1895. Obituary: Samuel Dana Horton. The Economic Journal, June, vol. 5, pp. 304-06.

1895. The Relation of Manual Training to Certain Mental Defects. Paper read at the Sixty-fifth Annual Meeting of the American Institute of Instruction, July 9. Published in Journal of Proceedings of American Institute of Instruction, 1895, pp. 23-32. Also printed separately, Pph., pp. 12.

1895. The Quantity-Theory of Money. Quarterly Journal of Economics, July, vol. 9, pp. 372-79.

1895. The Argument for Bimetallism. The Independent (New York), October 10.

1895. “Severe Work at the Tech.” Letter in Boston Herald, November 20.

1895. The Restriction of Immigration. Address delivered before the Manufacturers’ Club of Philadelphia, December 16. Published in Manufacturers’ Record, December 21.

1896. Annual Report of the President, Massachusetts Institute of Technology, December 11, 1895. Boston. Pp. 74.

1896. Reply to General Greeley Curtis regarding General Hooker. Letter in Boston Herald, February 5.

1896. Bimetallism in the United States. The Bimetallist (London), February, vol. 2, pp. 38-41.

1896. Currency and Prices. Letter in The Economist (London), April 18, vol. 54, pp. 491-92. Also published under the title A Criticism of the Right-Hon. G. J. Shaw-Lefevre, in The Bimetallist (London), May, vol. 2, pp. 97-98.

1896. The Relation of Changes in the Volume of the Currency to Prosperity. Paper read before the American Economic Association, December 28, 1895. Published in Economic Studies (American Economic Association), April, vol. 1, pp. 23-45.

1896. Letter to Senator Teller on the Silver Question, April 13. Quoted as an appendix to Senator Teller’s speech in the Senate, April 29.

1896. On Teaching English Composition in Colleges. Boston (Massachusetts Institute of Technology). Pph., pp. 5.

1896. Something About the Par of Exchange. Letter in Evening Post (New York), May 29.

1896. Money. Dictionary of Political Economy (Edited by R. H. Inglis Palgrave), vol. 2, pp. 787-96. Quantity-Theory of Money. (To be published in vol. 3.)

1896. Henry Saltonstall. Technique, 1897, pp. 32-34.

1896. Restriction of Immigration. Atlantic Monthly, June, vol. 77, pp. 822-29.

1896. Address before the British Bimetallic League, London, July 13. Published in The Bimetallist (London), July, vol. 2, pp. 139-45. Also published in The National Review, under the title The Monetary Situation and the United States, August, vol. 27, pp. 783-92.

1896. International Bimetallism. (Lectures delivered at Harvard University.) New York and London. Pp. iv, 297.

1896. International Bimetallism: A Rejoinder. Yale Review, November, vol. 5, pp. 303-12.

1896. International Bimetallism. Address delivered before the School masters’ Club of Massachusetts, November 7. Published in the Boston Herald, November 7; also in The Bimetallist (London), December, vol. 2, pp. 218-29.

1896. Technical Education. Address delivered at the Dedication of the Thomas S. Clarkson Memorial School of Technology, Potsdam, N. Y., November 30. (To be published.)

1897. Annual Report of the President, Massachusetts Institute of Technology, December 9, 1896. Boston. Pp. 80.

1897. Remarks at the First Meeting of the Washington Members of the American Statistical Association, Washington, December 31, 1896. Publications of the American Statistical Association, March, vol. 5 (No. 37), pp. 180-87.

1897. General Gibbon in the Second Corps. Paper read before the New York Commandery of the Loyal Legion, May 6, 1896. (To be published in Personal Recollections of the War of the Rebellion. New York Commandery of the Loyal Legion. Vol. 2.)

Source: D. R. D. [David Rich Dewey], Bibliography of the Writings and Reported Addresses of Francis A. Walker. in Publications of the American Statistical Association, vol. 5 (1896-1897), pp. 276-290.

Image Source: MIT Museum website. Francis Amasa Walker file. Colorized by Economics in the Rear-View Mirror.

Tags Dewey, WalkerFA

Bibliography Johns Hopkins M.I.T. Public Finance

M.I.T. History of Public Finance Bibliography. Dewey, 1936

Post author By Irwin Collier
Post date 2023-02-27

As a graduate student at M.I.T. nearly fifty years ago, I spent a good part of my time when on campus at one of the many study desks along the windows at Dewey Library. At that time I had no idea who Davis Rich Dewey (after whom the library had been named) was. I presume this was true for most of my classmates too, M.I.T. not being known for the study of the history of economics, though Paul Samuelson’s continuous interest in casting old theories in mathematical form was by no means chopped liver.

As is noted in the short biography below, Dewey’s long career neatly overlapped with the first half-century of economics as a distinct academic discipline in North American universities. Thus it is fitting that Economics in the Rear-View Mirror gather and preserve artifacts left by Dewey in the course of his research and teaching.

Dewey’s magnum opus Financial History of the United States, first published in 1903, went through twelve editions (seven revisions) by 1934. He dedicated the book to the Seminary in History, Politics, and Economics at Johns Hopkins University which he attended from 1883 to 1886. That dedication immediately follows the brief biography. This in turn is followed by a fully-linked fourteen item bibliography of general works on the history of U.S. public finance suggested “for students, teachers, and readers.”. Further suggestions by Dewey will be added sometime sooner or later, so stay tuned.

_____________________________

Davis Rich Dewey, 1858-1942

Davis Rich Dewey was Professor of Economics at M.I.T. and one of several people who helped shape the profession of economics as it is practiced today. Best known for his writings on United states economic history, his professional career spans fifty years (1886-1940), the formative period of the modern economics profession.

In 1883 Davis R. Dewey entered the graduate department of economics at Johns Hopkins University, secured a fellowship, and spent summers working as a correspondent for Bradstreet’s Financial Review. He graduated from Johns Hopkins with the doctorate in 1886 having studied history, economics and political economy. His Ph.D. thesis, entitled “A History of American Economic Literature…” was a survey of the practice of the early U.S. economics profession.

Upon his graduation, Dewey received an appointment as instructor in history and political science at the Massachusetts Institute of Technology. From the first he was integrally involved in research, publishing his first articles, “Municipal Revenue from Street Railways” [AEA Publications, Vol. II, No. 6 (1888), pp. 551-562] and “A Syllabus on Political History since 1815…” in 1889.

At M.I.T. Dewey served as an Instructor (1886-1888), then Assistant Professor of Economics and Statistics (1888-1889), Associate Professor (1889-1892) and finally Professor and Department Chairman (1893-1933). He taught a course in engineering administration from 1913- 1931, when a separate department of engineering administration was created, largely due to his efforts. He served as the Chairman of the M.I.T. Faculty from 1911-1913.

Dewey was influential in the internal affairs of two major professional organizations, the American Economic Association and the American Statistical Association. While still a graduate student, he had participated in the founding meeting of the American Economic Association and in 1909 he became its president. When that Association’s journal The American Economic Review was started in 1911, he served as its first editor, a post he held until 1940. The medal on the Dewey Library homepage was awarded to Davis R. Dewey upon the occasion of his retirement as editor of American Economic Review in 1940. Also in his first year of service at M.I.T., he became a member and was elected secretary of the American Statistical Association, an office he held until 1906. As secretary, and as a member of the Publications Committee, Dewey helped to edit the publications of that organization as well.

Davis R. Dewey was interested in the quality of education, as demonstrated by the following quotation,

“The Student will too often leave with…no systematic knowledge of the economic world, nor any well-defined theory of its workings. There must therefore be a far greater insistence upon…methods which will improve the missing experience.”

Davis R. Dewey was an associate of M.I.T. President Francis Amasa Walker whose Discussions in Economics and Statistics [Volume I: Finance and Taxation, Money and Bimetallism, Economic Theory. Volume II Statistics, National Growth, Social Economics] he edited for publication in 1899, shortly after Walker’s death. He was also associated with the editor Albert Bushnell Hart. Davis R. Dewey wrote his acclaimed Financial History of the United States for Hart’s American Citizen Series in 1903, and a volume entitled National Problems for Hart’s American Nation Series in 1907. In 1904 Financial History of the United States won the John Marshall Prize offered by Johns Hopkins. Dewey was a contributor to Palgrave’s Dictionary of Political Economy, the New International Encyclopedia Americana, Encyclopedia Britannica, American Year Book and the Commonwealth History of Massachusetts.

A representative of the modern field of economics, Davis R. Dewey was indifferent to theorizing which had little to do with empirical fact. He was above all a practitioner, insisting that applied knowledge we the true realm of the academic economist. Davis R. Dewey also maintained a lively interest in the politics of academe and followed several academic freedom cases of his day.

He died on December 13, 1942. The Dewey Library was named in his memory.

Written by Keith Morgan, Dewey Library Economics Bibliographer, 1994

Source: Webpage “Davis Rich Dewey, 1858-1942,” MIT Libraries, Dewey Library for Social Sciences and Management. Links added by Economics in the Rear-View Mirror.

_____________________________

Financial History of the United States (12th edition).
New York: Longmans, Green and Co., 1936.
by
Davis Rich Dewey, Ph.D., LL.D.,
Emeritus Professor of Economics and Statistics
Massachusetts Institute of Technology

To the Seminary
of the
Department of History, Politics, and Economics
of Johns Hopkins University,

Of which the author was a member from 1883 to 1886. Under the guidance of Adams, Ely, and Jameson, we read and learned. The first has gone, leaving affectionate memories and organized activities of permanent usefulness; the others are still doing their work in a spirit of broad-minded sympathy and fine scholarship.

_____________________________

Suggestions for Students, Teachers, and Readers

[Following three pages dedicated to general works on U.S. political history and biography, Dewey offers almost seventeen full pages dedicated to the subject of public finance. In this post we begin with the transcription of the most general works in public finance Dewey recommends. The curator of Economics in the Rear-View Mirror has been able to find links to the fourteen annotated items in Dewey’s list.]

II. Financial Histories

There are but few histories devoted exclusively to public finance; only one, indeed, that by Bolles, covers the general field over an extended period. The reader must therefore rely upon works on taxation, the tariff, coinage, and banking, and for special topics and episodes will often find the most satisfactory treatment in the political histories and biographies already referred to. The following volumes represent those which are most general in their treatment; of these the works of Bolles and Noyes are especially to be recommended; the narrative by Bolles stops with 1885, while the smaller work by Noyes is confined to the period 1865-1907. There is a great need of detailed works on the expenditures of the government and the various phases of treasury administration.

Adams, Ephraim D. The Control of the Purse in the United States Government. (Reprinted from the Kansas University Quarterly, April, 1894.) — An academic study of the debates in Congress on the interpretation of constitutional provisions relating to treasury management, loans, taxation, and money bills. Careful references are given.

Bolles, Albert Sidney. American Finance, with Chapters on Money and Banking. (N. Y., 1901.) — Especially valuable on expenditures; treats also of State finance. A discussion of present conditions rather than historical.

Bolles, Albert Sidney. The Financial History of the United States. (2d ed. N. Y., 1884-1886. 3 vols.) — Vol. I includes the period 1774-1789; II, 1789-1860; III, 1861-1885. The only single work which covers an extensive period; it represents research, and is closely restricted to questions of finance; no attempt is made to sketch in the political and social background, and the reader may be confused without preliminary reading. The author leans to protection, and takes the banker’s point of view in questions of currency. The work is especially valuable for chapters on accounting and expenditures. Referred to as Bolles.

1^st edition (1879), Vol. I (Frank Taussig’s copy!)
1^st edition (1883), Vol. II
1^st edition (1886), Vol. III
2^nd edition (1884), Vol. I
2^nd edition (1885), Vol. II
2^nd edition (1885), Vol. III
3^rd edition (1892), Vol. I

Bourne, Edward Gaylord. The History of the Surplus Revenue of 1837. (N. Y., etc., 1885.) — A brief, scholarly monograph with abundant references and bibliography. In addition to the historical account, it summarizes the earlier proposals of distribution of surplus funds in the treasury.

Bronson, Henry. Historical Account of Connecticut Currency, Continental Money, and the Finances of the Revolution. (In New Haven Colony Hist. Soc. Papers, Vol. I. New Haven, 1865.) — This is more than a local study; the author is drawn into a general review of the financial measures of the Revolutionary War. The essay is scholarly and the style vigorous.

Bullock, Charles Jesse. Finances of the United States, 1775-1789, with Especial Reference to the Budget. (Madison, 1895. Univ. of Wisconsin. Bulletin, Economics, etc., Vol. I, No. 2.) — The best monograph on the finances of the Revolutionary period, with bibliographies at the beginning of each chapter. Indispensable to the advanced student.

Kearny, John Watts. Sketch of American Finances, 1789-1835. (N. Y., 1887.) — A brief study of 150 pages, clear and helpful in questions concerning the treatment of the debt. Little attention is given to taxation.

Noyes, Alexander Dana. Thirty Years of American Finance, 1865-1896. (N. Y., etc., 1898.) — Treats the earlier period very briefly, but is of special value for 1878-1895. Relation of public finance to the money market is given prominence. This has been replaced by Forty Years of American Finance (1909), bringing the history down to 1907. The references to the earlier edition have been allowed to stand.

Schuckers, Jacob William. Brief Account of the Finances and Paper Money of the Revolutionary War. (Philadelphia, 1874.) — The style is somewhat rhetorical, and, while the writer has on the whole chosen sound authorities, the essay does not indicate a very wide research. Is an interesting account within a moderate space.

Scott, William A. The Repudiation of State Debts. (N. Y. etc., 1893.) — Chapters 2-6 are historical, describing various acts of repudiation in twelve States. Of value as explaining some of the remote influences affecting federal credit, 1825-1850.

Spaulding, Elbridge Gerry. History of the Legal Tender Paper Money issued during the Great Rebellion. (Buffalo, 1869.) — The title is hardly accurate; the volume is largely a collection of documents, speeches, etc., relating to the legal tender acts.

Sumner, William Graham. The Financier and Finances of the American Revolution. (N. Y., 1891. 2 vols.) — Contains a mine of valuable material, but is not clearly arranged.

Vol. 1 (1892)
Vol. 2 (1892)

Sumner, William Graham. A History of American Currency. (N. Y., 1874.) — A series of topical notes designed for reference rather than consecutive reading.

Wells, David Ames. Practical Economics. (N. Y., etc., 1885.) — Treats of the silver question, tariff revision, and, most valuable of all, experience of the United States in taxing distilled spirits, subsequent to the Civil War.

Source: Davis Rich Dewey, Financial History of the United States (Twelfth edition). New York: Longmans, Green and Co., 1936, pp. xi-xiii.

Image Source: Davis Rich Dewey portrait at the MIT Museum website. Retouched and colorized by Economics in the Rear-View Mirror.

Tags Dewey

AEA

American Economic Association. Economic Studies, 1896-1899

Post author By Irwin Collier
Post date 2020-04-20

A few posts ago I put together a list of links to the contents of eleven volumes of monographs published by the American Economic Association from 1886 through 1896.

Those eleven published volumes were briefly followed (1896-1899) by two series of AEA publications, viz.: the bi-monthly Economic Studies, and an extremely short “new series” of larger monographs that would be printed at irregular intervals. In 1900 the American Economic Association reverted to the policy of issuing its monographs, called the “third series” of the publications, at quarterly intervals.

This post provides links to the 1896-1899 intermezzo of AEA publications.

______________________

American Economic Association
ECONOMIC STUDIES.

Price of the Economic Studies $2.50 per volume in paper, $3.00 in cloth. The set of four volumes, in cloth, $10.00.

VOLUME I, 1896
[prices in paper]

No. 1 (Apr., Supplement) Eighth Annual Meeting: Hand-Book and Report. Pp. 178. Price 50 cents.

No. 1 (Apr.). The Theory of Economic Progress, by John B. Clark, Ph.D.; The Relation of Changes in the Volume of the Currency to Prosperity, by Francis A. Walker, LL.D. Pp. 46. Price 50 cents.

No. 2 (Jun.). The Adjustment of Wages to Efficiency. Three papers: Gain Sharing, by Henry R. Towne; The Premium Plan of Paying for Labor, by F.A. Halsey; A Piece-Rate System, by F.W. Taylor. Pp. 83 Price 50 cents.

No. 3 (Aug.). The Populist Movement. By Frank L. McVey, Ph.D. Pp. 81 Price 50 cents.

No. 4 (Oct.). The Present Monetary Situation. An address by Dr. W. Lexis, University of Göttingen translated by Professor John Cummings. Pp. 72. Price 75 cents.

Nos. 5-6 (Dec.). The Street Railway Problem in Cleveland. By W.R. Hopkins. Pp. 94. Price 50 cents.

VOLUME II, 1897

No. 1 (Feb., Supplement). Ninth Annual Meeting: Hand-Book and Report. Pp. 162. Price 50 cents.

No. 1 (Feb.). Economics and Jurisprudence. By Henry C. Adams, Ph.D. Pp. 48. Price 50 cents.

No. 2 (Apr.). The Saloon Question in Chicago. By John E. George, Ph.B. Pp. 62. Price 50 cents.

No. 3 (Jun.). The General Property Tax in California. By Carl C. Plehn, Ph.D. Pp. 88. Price 50 cents.

No. 4 (Aug.). Area and Population of U. S. at Eleventh Census. By Walter F. Willcox, Ph.D. Pp. 60. Price 50 cents.

No. 5 (Oct.). A Discourse Concerning the Currencies of the British Plantations in America, etc. By William Douglass. Edited by Charles J. Bullock, Ph.D. Pp. 228. Price 50 cents.

No. 6 (Dec.). Density and Distribution of Population in U.S. at Eleventh Census. By Walter F. Wilcox, Ph.D. Pp. 79.Price 50 cents.

VOLUME III, 1898

No. 1 (Feb., Supplement). Tenth Annual Meeting: Hand-Book and Report. Pp. 136. Price 50 cents.

No. 1 (Feb.). Government by Injunction. By William H. Dunbar, A.M., LL.B. Pp. 44. Price 50 cents.

No. 2 (Apr.). Economic Aspects of Railroad Receiverships. By Henry H. Swain, Ph.D. Pp. 118. Price 50 cents.

No. 3 (Jun.). The Ohio Tax Inquisitor Law. By T. N. Carver, Ph.D. Pp. 50. Price 50 cents.

No. 4 (Aug.). The American Federation of Labor. By Morton A. Aldrich, Ph.D. Pp. 54. Price 50 cents.

No. 5 (Oct.). Housing of the Working People in Yonkers. By Ernest Ludlow Bogart, Ph.D. Pp. 82. Price 50 cents.

No. 6 (Dec.). The State Purchase of Railways in Switzerland. By Horace Micheli; translated by John Cummings, Ph.D. Pp. 72. Price 50 cents.

VOLUME IV, 1899

No. 1 (Feb.). I. Economics and Politics. By Arthur T. Hadley, A.M.; II. Report on Currency Reform. By F. M. Taylor, F.W. Taussig, J.W. Jenks, Sidney Sherwood, David Kinley; III. Report on the Twelfth Census. By Richmond Mayo-Smith, Walter F. Willcox, Carroll D. Wright, Roland P. Falkner, Davis R. Dewey. Pp.70. Price 50 cents.

No. 2 (Apr.). Eleventh Annual Meeting: Hand-Book and Report. Pp. 126. Price 50 cents.

No. 2 (Apr.). Personal Competition: Its Place in the Social Order and Effect upon Individuals; with some Consideration upon Success. By Charles H. Cooley, Ph.D. Pp. 104. Price 50 cents.

No. 3 (Jun.). Economics as a School Study. By Frederick R. Clow, A.M. Pp. 72. Price 50 cents.

Nos. 4-5 (Aug.-Oct.). The English Income Tax, with Special Reference to Administration and Method of Assessment. By Joseph A. Hill, Ph.D. Pp. 162. Price $1.00.

No. 6. (Dec.) The Effects of Recent Changes in Monetary Standards upon the Distribution of Wealth. By Francis Shanor Kinder, A.M. Pp.91. Price 50 cents.

______________________

NEW SERIES

No. 1 (Dec., 1897). The Cotton Industry. By M. B. Hammond. Pp. 382. (In cloth $2.00.) Price $1.50.

No. 2 (Mar., 1899). Scope and Method of the Twelfth Census. Critical discussion by over twenty statistical experts. Pp. 625. (In cloth $2.50.) Price $2.00.

Tags AdamsHC, AldrichMA, Bogart, Bullock, Carver, ClarkJB, Clow, Cooley, Cummings, Dewey, DunbarWH, Falkner, Georgescu, Hadley, Halsey, Hammond, HillJA, HopkinsWR, Jenks, Kinder, Kinley, Lexis, Mayo-Smith, McVey, Micheli, Plehn, Sherwood, Swain, Taussig, TaylorFM, TaylorFW, TowneHR, WalkerFA, Willcox, Wright

AEA Bibliography

American Economic Association. Monographs: 1886-1896

Post author By Irwin Collier
Post date 2020-04-15

Besides transcribing and curating archival content for Economics in the Rear-view Mirror, I occasionally put together collections of links to books and other items of interest on pages or posts that constitute my “personal” virtual economics reference library. In this post you will find links to early monographs/papers published by the American Economic Association.

Links to the contents of the four volumes of AEA Economic Studies, 1896-1899 have also been posted.

A few other useful collections:

The virtual rare-book reading room (classic works of economics up to 1900)

The Twentieth Century Economics Library

Laughlin’s recommended teacher’s library of economics (1887)

_____________________

PUBLICATIONS OF THE AMERICAN ECONOMIC ASSOCIATION. MONOGRAPHS.
1886-1896

_____________________

General Contents and Index to Volumes I-XI.
Source: Publications of the American Economic Association, Vol XI (1896). Price 25 cents.

VOLUME I

No. 1 (Mar. 1886). Report of the Organization of the American Economic Association. By Richard T. Ely, Ph.D., Secretary. Price 50 cents.

Nos. 2 and 3 (May-Jul. 1886). The Relation of the Modern Municipality to the Gas Supply. By Edmund J. James, Ph.D. Price 75 cents.

No. 4 (Sep. 1886). Co-öperation in a Western City. By Albert Shaw, Ph.D. Price 75 cents.

No. 5 (Nov. 1886). Co-öperation in New England. By Edward W. Bemis, Ph.D. Price 75 cents.

No. 6 (Jan. 1887). Relation of the State to Industrial Action. By Henry C. Adams, Ph.D. Price 75 cents.

VOLUME II

No. 1 (Mar. 1887). Three Phases of Co-öperation in the West. By Amos G. Warner, Ph.D. Price 75 cents.

No. 2 (May 1887). Historical Sketch of the Finances of Pennsylvania. By T. K. Worthington, Ph.D. Price 75 cents.

No. 3 (Jul. 1887). The Railway Question. By Edmund J. James, Ph.D. Price 75 cents.

No. 4 (Sep. 1887). The Early History of the English Woolen Industry. By William J. Ashley, M.A. Price 75 cents.

No. 5 (Nov. 1887). Two Chapters on the Mediaeval Guilds of England. By Edwin R. A. Seligman, Ph.D. Price 75 cents.

No. 6 (Jan. 1888). The Relation of Modern Municipalities to Quasi-Public Works. By H. C. Adams, George W. Knight, Davis R. Dewey, Charles Moore, Frank J. Goodnow and Arthur Yager. Price 75 cents.

VOLUME III

No. 1 (Mar. 1888). Three Papers Read at Meeting in Boston: “The Study of Statistics in Colleges,” by Carroll D. Wright; “The Sociological Character of Political Economy,” by Franklyn H. Giddings; “Some Considerations on the Legal-Tender Decisions,” by Edmund J. James. Price 75 cents.

No. 2 (May 1888). Capital and its Earnings. By John B. Clark, A.M. Price 75 cents.

No. 3 (Jul. 1888) consists of three parts: “Efforts of the Manual Laboring Class to Better Their Condition,” by Francis A. Walker; “Mine Labor in the Hocking Valley,” by Edward W. Bemis, Ph.D.; “Report of the Second Annual Meeting,” by Richard T. Ely, Secretary. Price 75 cents.

Nos. 4 and 5 (Sep.-Nov. 1888). Statistics and Economics. By Richmond Mayo-Smith, A.M. Price $1.00.

No. 6 (Jan. 1889). The Stability of Prices. By Simon N. Patten, Ph.D. Price 75 cents.

VOLUME IV

No. 1 (Mar. 1889). Contributions to the Wages Question: “The Theory of Wages,” by Stuart Wood, Ph.D.; “The Possibility of a Scientific Law of Wages,” by John B. Clark, A.M. Price 75 cents.

No. 2 (Apr. 1889). Socialism in England. By Sidney Webb, LL.B. Price 75 cents.

No. 3 (May. 1889). Road Legislation for the American State. By Jeremiah W. Jenks, Ph.D. Price 75 cents.

No. 4 (Jul. 1889). Report of the Proceedings of Third Annual Meeting of the American Economic Association, by Richard T. Ely, Secretary; with addresses by Dr. William Pepper and Francis A. Walker. Price 75 cents.

No. 5 (Sep. 1889). Three Papers Read at Third Annual Meeting: “Malthus and Ricardo,” by Simon N. Patten; “The Study of Statistics,” by Davis R. Dewey, and “Analysis in Political Economy,” by William W. Folwell. Price 75 cents.

No. 6 (Nov. 1889). An Honest Dollar. By E. Benjamin Andrews. Price 75 cents.

VOLUME V

No. 1 (Jan. 1890). The Industrial Transition in Japan. By Yeijiro Ono, Ph.D. Price $1.00.

No. 2 (Mar. 1890). Two Prize Essays on Child-Labor: I. “Child Labor,” by William F. Willoughby, Ph.D.; II. “Child Labor,” by Miss Clare de Graffenried. Price 75 cents.

Nos. 3 and 4 (May-Jul. 1890). Two Papers on the Canal Question. I. By Edmund J. James, Ph.D.; II. By Lewis M. Haupt, A.M., C.E. Price $1.00.

No. 5 (Sep. 1890). History of the New York Property Tax. By John Christopher Schwab, A.M. Ph.D. Price $1.00.

No. 6 (Nov. 1890). The Educational Value of Political Economy. By Simon N. Patten, Ph.D. Price 75 cents.

VOLUME VI

No. 1 and 2 (Jan.-Mar. 1891). Report of the Proceedings of the Fourth Annual Meeting of the American Economic Association. Price $1.00.

No. 3 (May 1891). I. “Government Forestry Abroad,” by Gifford Pinchot; II. “The Present Condition of the Forests on the Public Lands,” by Edward A. Bowers; III. “Practicability of an American Forest Administration,” by B. E. Fernow. Price 75 cents.

Nos. 4 and 5 (Jul.-Sep. 1891). Municipal Ownership of Gas in the United States. By Edward W. Bemis, Ph.D. with appendix by W. S. Outerbridge, Jr. Price $1.00.

No. 6 (Nov. 1891). State Railroad Commissions and How They May be Made Effective. By Frederick C. Clark, Ph.D. Price 75 cents.

VOLUME VII

No. 1 (Jan. 1892). The Silver Situation in the United States. Ph.D. By Frank W. Taussig, LL.B., Ph.D. Price 75 cents.

Nos. 2 and 3 (Mar.-May 1892). On the Shifting and Incidence of Taxation. By Edwin R.A. Seligman, Ph.D. Price $1.00.

Nos. 4 and 5 (Jul.-Sep. 1892). Sinking Funds. By Edward A. Ross, Ph.D. Price $1.00.

No. 6 (Nov. 1892). The Reciprocity Treaty with Canada of 1854. By Frederick E. Haynes, Ph.D. Price 75 cents.

VOLUME VIII

No. 1 (Jan. 1893). Report of the Proceedings of the Fifth Annual Meeting of the American Economic Association. Price 75 cents.

Nos. 2 and 3 (Mar.-May 1893). The Housing of the Poor in American Cities. By Marcus T. Reynolds, Ph.B., M.A. Price $1.00.

Nos. 4 and 5 (Jul.-Sep. 1893). Public Assistance of the Poor in France. By Emily Greene Balch, A.B. Price $1.00.

No. 6 (Nov. 1893). The First Stages of the Tariff Policy of the United States. By William Hill, A.M. Price $1.00.

VOLUME IX

No. 1 (Supplement, Jan. 1894). Hand-Book and Report of the Sixth Annual Meeting. Price 50 cents.

Nos. 1 and 2 (Jan.-Mar. 1894). Progressive Taxation in Theory and Practice. By Edwin R.A. Seligman, Ph.D. Price $1.00, cloth $1.50.

No. 3 (May. 1894). The Theory of Transportation. By Charles H. Cooley Price 75 cents.

No. 4 (Aug. 1894). Sir William Petty. A Study in English Economic Literature. By Wilson Lloyd Bevan, M.A., Ph.D. Price 75 cents.

Nos. 5 and 6 (Oct.-Dec. 1894). Papers Read at the Seventh Annual Meeting: “The Modern Appeal to Legal Forces in Economic Life,” (President’s annual address) by John B. Clark, Ph.D.; “The Chicago Strike”, by Carroll D. Wright, LL.D.; “Irregularity of Employment,” by Davis R. Dewey, Ph.D.; “The Papal Encyclical Upon the Labor Question,” by John Graham Brooks; “Population and Capital,” by Arthur T. Hadley, M.A. Price $1.00.

VOLUME X

No. 3, Supplement, (Jan. 1895). Hand-Book and Report of the Seventh Annual Meeting. Price 50 cents.

Nos. 1,2 and 3 (Jan.-Mar.-May 1895). The Canadian Banking System, 1817-1890. By Roeliff Morton Breckenridge, Ph.D. Price $1.50; cloth $2.50.

No. 4 (Jul. 1895). Poor Laws of Massachusetts and New York. By John Cummings, Ph.D. Price 75 cents.

Nos. 5 and 6 (Sep.-Nov. 1895). Letters of Ricardo to McCulloch, 1816-1823. Edited, with introduction and annotations by Jacob H. Hollander, Ph.D. Price $1.25; cloth $2.00.

VOLUME XI

Nos. 1, 2 and 3 (Jan.-Mar.-May 1896). Race Traits and Tendencies of the American Negro. By Frederick L. Hoffman, F.S.S., Price $1.25; cloth $2.00.

No. 4 (Jul. 1896). Appreciation and Interest. By Irving Fisher, Ph.D., Price 75 cents.

Image Source: As of 1909 the former Presidents of the American Economic Association (S. N. Patten in the center, then clockwise from upper left are R. T. Ely, J. B. Clark, J. W. Jenks, F. W. Taussig.) in Reuben G. Thwaites “A Notable Gathering of Scholars,” The Independent, Vol. 68, January 6, 1910, pp. 7-14.

Tags AdamsHenry, Andrews, Ashley, Balch, Bemis, Bevan, Bowers, BreckenridgeRM, BrooksJG, ClarkFC, ClarkJB, Cooley, Cummings, Dewey, Ely, Fernow, FisherFM, Folwell, Giddings, Goodnow, Graffenried, Hadley, Haupt, HaynesFE, Hinshaw, HoffmanFL, Hollander, JamesEJ, Jenks, KnightGW, Mayo-Smith, Moore, Ono, Outerbridge, Patten, Pepper, Pinchot, ReynoldsM, Ross, Seligman, Taussig, WalkerFA, WarnerAmos, WebbS, William Hill, Willoughby, Woods, Worthington, Wright, Yager

Curriculum M.I.T.

M.I.T. Course Descriptions for Economics and Statistics, 1930-31

Post author By Irwin Collier
Post date 2018-03-02

Before the dawn of the Samuelson era at M.I.T., the department had definitely a different look and feel. Davis R. Dewey was a reasonably known scholar of public finance in his day. But the mixture of business and economics is the most striking impression one takes away from the course offerings. Look at the program 30 years later! The group portrait of the M.I.T. economics department in 1976 reveals the addition of one woman!

Back row: Foster, Fiske, Thresher, Underwood, Elder
Middle row: Ingraham, Raymond, Fernstrom, Doten, Silverman
Front row: Schell, Dewey, Tucker, Porter

Source: The M.I.T. Yeaarbook, Technique 1930, p.

________________________

Faculty of Economics, Statistics [and Business]

Davis Rich Dewey, A.B., University of Vermont’79, Ph.D., Johns Hopkins ’86, L.L.D., University of Vermont ’10.
Professor of Political Economy and Statistics; in charge of the Department of Economics and Statistics: in charge of the course in Engineering Administrations.

Floyd Elmer Armstrong, B.A., ’14, M.A., ’15 University of Michigan.
Professor of Political Economy

Carroll Warren Doten, Ph.B., ’95, A.M. ’99, University of Vermont; A.M., Harvard University ’02.
Professor of Political Economy.

Erwin Haskell Schell, S.B. ’12, M.I.T.
Professor of Business Management.

Donald S. Tucker, A.B., Colorado College ’06; A.M., Williams College ’12; Ph.D., Columbia University ’23.
Professor of Political Economy.

Charles H. Porter, A.B., Brown University ’00; S.B. ’03.
Associate Professor of Accounting.

Karl Dickson Fernstrom, S.B. ’10.
Associate Professor of Business Management.

Fairfield Eager Raymond, A.B., Harvard University ’18; S.B. ’21.
Assistant Professor of Industrial Research.

Wyman Parkhurst Fiske, A.B. ’20, M.A.B. ’23, Harvard University; LL.B., Suffolk Law School ’27.
Assistant Professor of Accounting.

Robert Fairchild Elder, A.B., Harvard University ’22.
Non-Member of the Faculty, Instructor.

F. Leroy Foster, S.B. ’25.
Non-Member of the Faculty, Instructor.

Olin Ingraham, Ph.B., A.M.
Instructor.

Abraham George Silverman, S.B., Harvard University ’21; M.A., Stanford University ’23; A.M., Harvard University ’24.
Non-Member of the Faculty, Instructor.

Brainerd Alden Thresher, S.B. ’20; A.M., Harvard University ’28.
Non-Member of the Faculty, Instructor.

Raymond Underwood, S.B. ’29
Non-Member of the Faculty, Assistant.

Oscar W. Hausserman, A.B. ’12, LL.B., ’16, Harvard University.
Special Lecturer for Business Law

Joseph Chrisman MacKinnon, S.B. [?]
Registrar of Business Administration, M.I.T.

________________________

DESCRIPTION OF SUBJECTS
ECONOMICS AND STATISTICS
M.I.T., 1930-31

In this Department is grouped the instruction given in general economics to students all courses, and also the more specialized subjects provided for the course in Business and Engineering Administration (XV).

Subjects Ec1 to Ec99

Ec21. Political Economy. [Prerequisite: E12] Less extensive in its scope than Political Economy Ec31, Ec32. More emphasis is placed upon fundamental principles, and less time devoted to such subjects as money, banking, trusts, labor problems, etc., which are covered by special subjects in Course XV. [Doten]

Ec31, Ec32. Political Economy. [Prerequisite: E12] Elementary but comprehensive. Consists of an analysis and description of the existing economic structure of society, a brief study of economic theory and the application of that theory to some of the more important economic questions. Special attention is given in Ec32 to fundamental business processes including principles of accounting, corporate organization and finance, credit and banking, labor problems and business management. [Dewey and D. S. Tucker]

Ec35. Political Economy. [Prerequisite: E31] Given for students in Course XIII-A. Covers Ec31 and part of Ec32. [Armstrong]

Ec37. Banking. [Prerequisite: E21, Ec65] Credit instruments, credit documents, national banks, state banks, trust companies, savings banks, different kinds of loans, securities for loans, credit statements, the bank statement, the money market, relation of the treasury and crop movement to money market, clearing house, domestic and foreign exchange. [Dewey]

Ec45. Industrial Relations. Covers in general the same field as G21, though in somewhat abbreviated form. Special consideration is given to the history of the railroad brotherhoods and to the federal laws applicable to disputes in that industry as well as to its personnel problems. [Doten]

Ec46. Industrial Relations. [Prerequisite: E21 or Ec31] Intended to familiarize the student with the more important problems which arise out of the relation of employer and employee under present conditions of industry. In addition to a consideration of the organizations and policies of the parties to the contract of employment, it deals with the principles and to some extent the technique of employment management or personnel work. [Doten]

Ec471, Ec472. [Prerequisite: E21 or Ec31, G21] Personnel Management (A). Principles and technique of personnel work, sometimes called human engineering. Problems that arise in practice in recruiting, training and maintaining a labor force. Comparative studies of the methods and practices in selection, including mental and trade tests; placement, promotion and transfer; education and training; job analysis and specifications; the measurement and control of turnover; regularization of employment; absenteeism and tardiness, and other specific problems. Other topics for investigation will include methods of wage payment; benefit plans, including pensions and insurance; health and welfare work; housing; labor legislation, including safety supervision and workmen’s compensation. [Doten]

Ec50. Accounting. [Prerequisite: E12] Systematic recording of financial data is a requisite of business; its basis double entry bookkeeping. But more important for management, stockholders and the general public is analysis directed toward useful conclusions. Instruction therefore, deals with balance sheets, profit and loss statements, surplus, depreciation reserves, methods of report analyses, etc. Actual corporation reports and records are studied. [C. H. Porter, W.P. Fiske]

Ec51. Cost Accounting (B). [Prerequisite: E50, Ec70] Methods of determining costs of materials, processes of labor and machines; the distribution of direct costs and overhead expenses; cost data to test management and to show the particular sources of profits or losses; shipping orders; inventories; recording and payment of wages. The development of standard costs as a basis for management and industrial control is emphasized. [C. H. Porter, W.P. Fiske]

Ec521. Analysis of Business Statements (A). [Prerequisite: E51] Aims to develop analytical ability in the interpretation of business statements and reports. Will include analysis of actual statements, study of type and information needed for complete analysis, adequacy of accounting methods used, structure and content of statements. Points of view of the creditor, the investor and the manager will be considered. Will include study of statements of financial condition, statements of earnings, operating and cost reports, both published statements and internal reports. Methods will include ratios, trends, standards of comparison, and absolute change. [Fiske]

Ec522. Control Through Business Records (A). [Prerequisite: E51] Control of any but the smallest business depends upon an adequate system for the gathering of information needed by executives. Will examine the fundamental principles behind records systems and the extent to which various actual systems meet the requirements for which they were set up. Periodic reports, budgets, costs, cash control, internal check, inter-company and branch office control, voucher procedure, inventory records, payroll procedure, expense control, sales records, machine accounting and special problems of control in various industries will be considered. A general study of some complete record system or a detailed study of some special problem of control will be required of each student. [Fiske]

Ec53. Building Finance (B). [Prerequisite: E21] Describes the financing of new building projects as well as the financing of the building constructor. The topics studied include the valuation of real estate, method appraisal, depreciation, financing by first and second mortgages, mortgage companies, building and loan associations, construction loans, bank credit and the administration of finance. Special attention will be devoted to those aspects of building finance which are connected with the problem of securing new business for the building constructor. [D. S. Tucker]

Ec542. Public Utility Accounting and Analysis (A). [Prerequisite: E21, E50, E57] The special accounting problems of gas and electric companies; a study of the figures needed by the operating management of the companies; the reaction of cost and sales analysis on rates and rate forms; both problems and discussion will be based very largely on actual cases. [C. H. Porter]

Ec551. Public Utility Finance (A). [Prerequisite: E21, E50, E57] Lectures, readings and reports on the financial organization and operation of public utilities, with an analysis of their security issues. Attention is given to government control of financing, the analysis of public utility reports, and the market position of utility stocks and bonds. The operations of holding companies and finance companies and their relation to operating companies constitute an important part of the work. [Armstrong]

Ec552. Public Utility Regulation and Rates (A). [Prerequisite: Ec551] The development and evolution of public utility regulation; the various methods of regulation contrasted and compared; the legal foundations of regulation, the legal duties imposed upon pubic utilities and their legal rights; rates, rate structures and rate control, with much attention to important rate cases; valuation of utility properties and a comparisons of the different methods proposed for determining the rate base. Students will devote some time to actual attendance at hearings before the Public Utility Commission. [Armstrong]

Ec56. Corporate Organization. [Prerequisite: E21, E50] The organization and control of corporations with some attention to other forms of business. Consideration is given to procedure and problems of incorporation, relationships of the parties in the corporation, and combinations of corporations in our large industrials. Public utility corporations are studied briefly with the purpose of presenting the relations of public service corporations and the public. [Armstrong]

Ec57. Corporate Finance and Investments. [Prerequisite: E56] Covers fundamental principles of financial organization and management. The various types of corporate securities are examined, the financial problems of the promoter, the incorporators and the later financial management are studied and illustrations are drawn from concrete cases. The latter part of this subject considers more specifically the different kinds of investment securities with exercises in investment analysis, and a discussion of the methods of the exchanges, brokerage and speculation. Lecturers from investment houses assist in this branch of the subject. [Armstrong]

Ec591. Public Utility Management and Finance (A). [Prerequisite: E21 or Ec31] Deals with the theoretical and practical phases of public utility management. The subject matter will include a brief study of corporate organization and management in general, followed by the application of the general principles of finance and management to public utility enterprises. Emphasis will be placed upon problems of capitalization, holding company organization and certain phases of accounting which bear upon the financial policies of these companies. [Armstrong]

Ec592. Public Utility Management and Finance (A). [Prerequisite: E591] A continuation of Ec591 including public relations, rate making, valuation and regulation by commissions. Some attention will be given to analysis of territory served. In addition to instruction by members of the Institute Faculty, a broad range of topics of direct concern to pubic utilities and to users and refiners of fuels will be covered by lectures by men of special achievement in their several fields. [Armstrong]

Ec61, Ec62. Business Law. [Prerequisite: E37, Ec57] (1) General principles of contract law; and (2) special kinds of contracts, such as contracts for sale of real estate, contracts for sale of personal property, contracts of employment, and bills and notes; (3) agency; (4) forms of business enterprise from standpoint of legal structure, i.e., corporations, partnerships, business trusts, etc. [Hausserman]

Ec63. Business Law and Organization (A). [Prerequisite: E31] A graduate study of business organization from both a legal standpoint and a management standpoint. The subject of contracts and the personal relations of individuals within the organization are emphasized. The advantages and disadvantages of various types of organization are discussed. [Hausserman]

Ec65. Statistics. [Prerequisite: E12] Elementary instruction is given in the construction of statistical tables and charts, official sources of commercial and financial statistics of the United States, and the interpretation of such material. Some attention is given to the statistical methods of forecasting. [Dewey]

Ec661, 662. Statistical Methods (A). [Prerequisite: E65, M21] Study of the principles and methods used in more advanced statistical analysis. Some of the topics included are correlation of two variables, multiple and partial correlation, simple sampling and the basic theory of probability with special reference to business problems. Determination of historical trends and periodic fluctuations of economic time series will receive attention preparatory to the major problem of business forecasting. [MacKinnon]

Ec681, Ec682. Business Cycles (A). [Prerequisite: E37, Ec57, Ec65] A study of the fluctuations in the different phases of business. In this is involved statistical interpretation, theories of the business cycle, studies of the intercausation of the different types of business changes, the interpretation and experimental tests of forecasting methods. [Ingraham]

Ec70, Ec71, Ec72. Business Management Ec71, Ec72 (B). [Prerequisite: E56] Deals with problems of the production and distribution of manufactured goods. Among the more important topics considered are: Organization; plant location, layout and equipment; purchasing; intra-factory transportation; traffic; inspection; stores; design; time, motion and fatigue study; production control; office organization, layout and equipment; commercial research; marketing methods, sales promotion and advertising. As far as possible the practices of production and marketing are studied in parallel, thus emphasizing the development of similar principles of scientific management in both fields. [Schell]

Ec74. Contracting Management. Deals with the business aspects of the building industry. The following topics are considered from an administrative viewpoint: organization, estimating, purchasing, contracts, insurance, sales promotion, control of equipment, control of materials, office control, regularization of work, research coordination of sales, finance and construction programs, organization and management of small construction enterprises, cost accounting and the law of contracts. [Schell]

Ec751, Ec752. Manufacturing Analysis (A). [Prerequisite: E72] Deals with the conduct of professional engineering analyses of management methods in a manufacturing establishment. Schedules are prepared for the critical investigation of such functions as organization, arrangement and maintenance of buildings and equipment, product research and design, purchasing traffic control, storage of materials and product, intra-factory transportation, quality control, salvage, time study and production control. Library research, field interviews and inspections, and a brief thesis are requirements of the course which is conducted as a seminar. [Schell]

Ec761, Ec762. Marketing of Manufactured Products. [Prerequisite: E72 or equiv.] Advanced practice in the organization of the various marketing functions, such as market research, sales forecasting, quota setting, budgets, and sales incentives. Familiarity with current practice is a prerequisite. Trends in development of marketing functions are studied, with the aim of preparing a technique for analyzing the efficiency of any marketing organization. Special emphasis is given to the coordination of selling methods, and to the fundamentals underlying sales policies. The marketing of goods sold to the manufacturers and the marketing of goods sold to the ultimate consumer are handled separately. Readings in current sources, field investigations of specific problems, and a brief thesis are required. [Elder]

Ec781, Ec782. Standards of Measurement in Industrial Management (A). [Prerequisite: Ec70, Ec71, Ec72] Measurement in management is a new conception of the relation of executive responsibilities to the success of any industrial enterprise through the recognition of the principle that a qualitative unit of measure is essential to the scientific regulation of any activity. Weekly classroom discussions based on original investigations will be devoted to a study of practical standards employed in industry and the derivation of methods of measuring and evaluating accomplishment as typified by financial and management ratios, the kilo man-hour, productivity index, economic production and purchase quantities, economic processes, wages, time and motion study, office efficiency ratios, economic sales volume, etc. [Raymond]

Ec80. Ocean Shipping Administrations. [Prerequisite: E31] Deals with the types of ocean services and traffic agencies and their organizations; rate and traffic agreements; ocean shipping documents; ocean rates and regulation; marine insurance; and admiralty law. Its purpose is to acquaint the student with the more important aspects of the business administration of ocean shipping activities. [Fernstrom]

Ec90, Ec91. Investment Analysis (A). [Prerequisite: Ec50, Ec57, Ec65] Various methods of analyzing financial reports of companies whose securities are placed upon the market. Testing of ratios for appraising the value of the security. Risks versus yield of junior and senior obligations; yields and risk of common stock; problems raised by convertible securities; measurements of risks and yield of the securities of new industries; of the securities of stationary and dwindling industries; relation of price to earnings; risk and yield of securities of holding companies and investment trusts; railroad records and derivative ratios; tests of investment bank statements, of business ratios; tests of investment bank statements, of business ratios applicable to investments, and of systems of rating. [Ingraham]

Ec95. Industrial Traffic Management. [Prerequisite: Ec72] A detailed study of the organization and operation of a traffic management department of an industrial plant. The course deals with industry’s conception, interpretation and use of such matters as freight classifications, rate structures, routes, carrier-shipper relations, common carrier liabilities, general and special services, national and state common carrier regulations and protective insurance. Due consideration is given to the types of transportation agencies such as rail, water, air, motor truck, mail, parcel post and express. [Fernstrom]

The following subjects are offered as general studies. For description of G25 see Division of General Studies, page 231.

Ec46. Industrial Relations. G25. Investment Finance.

Source: Course Catalogue of the Massachusetts Institute of Technology 1930 – 1931, pp. 222-225; 281-282

Image Source: Davis R. Dewey in the M.I.T. Yearbook, Technique 1931, p. 47.

Tags Armstrong, Dewey, Doten, Fernstrom, Fiske, PorterCH, Raymond, Schell, TuckerDS

Chicago Economists

Chicago. Milton Friedman from Cambridge to T.W. Schultz. 29 Mar 1954

Post author By Irwin Collier
Post date 2016-06-07
1 Comment on Chicago. Milton Friedman from Cambridge to T.W. Schultz. 29 Mar 1954

About a week ago I posted Milton Friedman’s letter from Cambridge, England to T. W. Schultz dated 28 October 1953. Today we have the next carbon copy of a letter to Schultz from Cambridge in the Milton Friedman papers at the Hoover Institution in which Friedman discusses a range of issues from a one-year appointment in mathematical economics at Chicago, the Cowles’ Directorship appointment, and postdoctoral fellowships. The letter ends with a laundry-list of miscellaneous comments from Arthur Burns’ Economic Report to the President through the reception of McCarthy news in England. Friedman’s candid assessments of many of his fellow-economists make this letter particularly interesting. More to come!

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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Milton Friedman to T.W. Schultz
29 March 1954

15 Latham Road
Cambridge, England
March 29, 1954

Dear Ted:

Of the people you list as possible visiting professors while Koopmans is away, Solow of M.I.T. is the one who offhand appeals to me the most. I have almost no doubt about his absolute competence: I read his doctoral dissertation at an early stage and saw something of him last summer and the preceding summer when he was spending some time at Hanover in connection with one or another of Bill Madow’s projects. He has a seminal mind and analytical ability of a very high order. My only questions would be the other that you raise, whether he is broadly enough interested in economics. And here I am inclined to answer with an uncertain yes, relying partly on the fact that he is flexible and capable of being induced. I do not know Dorfman of California either personally or through his writings. My question about him is that I believe that we would do best if we could use this opportunity in general to bring in someone with a rather different point of view and who will provide a broadening of the kind of thing done under the heading of mathematical economics, and my impression is that Dorfman is very much in the same line as Koopmans – but here too, I don’t have much confidence in my knowledge. As you know, I think very highly of both Modigliani and Christ, but as of the moment for this particular spot, would prefer Solow, partly on grounds of greater differentiation of product.

One rather harebrained possibility that has occurred to me outside your list is Maurice Allais, the French mathematical economist who is Professor at École des Mines. Allais is a crackpot genius in many respects. He came out of engineering and is largely self taught, which means he holds the erroneous views he has discovered for himself as strongly as the correct ones. I have always said that if he had, at a formative age, had one year of really good graduate education in economics he might have become one of the really great names. At the same time, Allais is an exceedingly active and stimulating person who works in mathematical economics of a rather different kind than we have been accustomed to. I think it would be a good thing to have him around for a year – both for us and him – though I am most uncertain that it would be for a longer period. I don’t have any basis for knowing whether Allais would be interested.

I have tried to think over the other European mathematical economists to see if they offer other possibilities. There are others in France: Guilbaud [Georges-Théodule Guilbaud (1912-2008)], Boiteux [Marcel Boiteux (1922-)] (I don’t have that spelled right), but none seem to me as good as Allais for our purposes. There are Frisch and Haavelmo in Norway, Wold in Sweden; of these, Haavelmo would be the best. I find it hard to think of anybody in England who meets this particular bill, and would be at all conceivable. Dick Stone? Has just been over and is not primarily mathematical but might be very good indeed in some ways. Is certainly econometric minded and fairly broadly so. R.G.D. Allen? Has done almost nothing in math. econ. for a long time.*

*[handwritten footnote, incomplete on left side presumably because carbon paper folded on the corner: “…real possibility here is a young fellow at the London School, A. W. Phillips…invented the “machine” Lerner has been peddling. He came to econ. out of ….good indeed. He has an important paper in the mathematics of stabilization (over) policies, scheduled to appear(?) in Econ. Journal shortly.”]

Getting back home, the names that occur to me have, I am sure, also occurred to you. Is Kenneth Arrow unavailable for a year’s arrangement? What about Vickrey? I don’t believe that in any absolute sense I would rate Vickrey above Christ, say, but for us he has the advantage of bringing a different background and approach.

The above is all written in the context of a definite one-year arrangement in the field of mathematical economics. I realize, of course, that this may turn out to be an undesirable limitation. This is certainly an opportunity to try someone whom we might be interested in permanently; and it may be possible to make temporary arrangements for math. econ. for the coming year – via DuBrul, Marschak, etc. The difficulty is that once I leave this limited field, the remainder is so broad that I hardly know where to turn. For myself, I believe we might well use this to bring someone in in money, if that possibility existed. If it did, I should want strongly to press on you Harry Johnson, here at Cambridge, but originally a Canadian educated at the University of Toronto, who is the one new person I have come to know here who has really impressed me.

One other person from the US left out of the above list but perhaps eligible even within the narrower limitations is William Baumol. Oughtn’t he be considered?

Within the narrower limitations, my own listing would, at the moment, be: Allais, Solow, Baumol, Arrow, Vickrey, Phillips. I would hasten to add that my listing of Arrow fourth is entirely consistent with my believing him the best of the lot in absolute competence, and the one who would still go to the top of this list for a permanent post.

I turn to the other possibility you raise in your letter, a permanent post a la the Tobin one. I am somewhat puzzled how to interpret the change of view, you suggest, I assume that the person would be expected to take over the directorship of Cowles. If this is so, it seems to me highly unfortunate to link it with a permanent post in the department. Obviously, the best of all worlds would be if there were someone we definitely wanted as a permanent member of the department who also happened to be interested in the Cowles area and was willing to direct, or better interested in directing, Cowles. In lieu of this happy accident, I would myself like to see the two issues kept as distinct as possible; to have the Cowles people name a director, with the aid and advice but not necessarily the consent, of the department; have the department offer him cooperation, opportunity to teach, etc., but without having him a full-fledged permanent member. I hope you will pardon these obiter dicta. I realize that this is a topic you have doubtless discussed ad nauseam; what is even more important, if after such discussion, you feel differently, I would predict that you would succeed in persuading me to your view; which is why I leave it with these dicta and without indicating the arguments – you can provide them better than I.

The issue strikes me particularly forcefully because I do feel that in terms of the needs of the department, our main need is not for someone else mainly in the Cowles area; it is for someone to replace either Mints in money, or me in orthodox theory, if I slide over to take Mints’ role.

For Cowles’ sake as well as our own, there might be much to be said for having the directorship be the primary post for whoever comes. It seems to me bad for Cowles to have that post viewed as either a sideshow or a stepping stone. For directorship of Cowles, some names that occur are: Herbert Simon; Dorothy Brady; with more doubt Modigliani. One possibility much farther off the beaten track is Warren Nutter, who has, I gathered, been a phenomenal administrative success in Wash. at Central Intelligence Agency; yet is an economist. Would Charlie Hitch, who has been running Rand’s economic division be completely out?

[Handwritten note: “You know, Gregg Lewis might be better than any of these if he would do it!]

If the post is to be viewed as primarily a professorship in the department, with Cowles directorship as a sideline, I have great difficulty in making any suggestions: I would not, in particular, be enthusiastic about any of those mentioned in the preceding paragraph. Arrow, yes, but he is apparently out. Simon Kuznets, yes, but he would be likely to make Cowles into something altogether different that it is. I feel literally stuck in trying to think of acceptable candidates. Perhaps I can be more useful in reacting to other suggestions.

Let me combine with this some comments on your March 15 letter, which I should have answered long since.

On the post-doctoral fellowship, I feel less bearish than you, primarily, I suppose because I am inclined to lay a good deal of emphasis on the intangible benefits from having a widespread group of people who have had a year at Chicago. It seems to me that a post-doctoral fellowship is more likely to do this than a staff appointment, both because it is likely to bring in a wider range of people to apply and because it is rather more likely to have a one or two year limit and so a more rapid turnover. What has disappointed me most is the limited number of people among whom we have been forced to choose. Why is it that we don’t get more applications? Is it because we do treat it now like a staff appointment? Do we advertise it as widely as we might and stimulate a considerable number of applicants? Or is it simply because the great increase in number of post-doctoral fellowships available (and decrease in quality of people going in for economics?) has lowered the demand for any one fellowship? I find it hard to believe that making it into a staff appointment would help much in providing more adequate review and appraisal – this is I believe a result of the limitations of time on all of us – but it might give it greater prestige and make it more valuable to the recipient in this way, though, it would cost him tax and limit freedom.

I believe that part of the problem you raise about the postdoctoral fellowship has little to do with it per se but is a general problem about the department. Is our own work subject to as much discussion and advice from our colleagues as each of us would like? The answer seems to me clearly no. The trouble is – and I am afraid it is to some extent unavoidable and common at other places – that we have so many other duties and tasks to perform that being an intellectual community engaged in cross-stimulation perforce takes a back seat. This disease is I think one that grows as the square of the professional age. From this point of view, I think that the more junior people around the better in many ways and I think this one of the real virtues of the development of research projects that will enable us to keep more beginners around.

On the whole, I continue to think that the fellowship idea is sound, in the sense that we ought to have a number of people around who have no assigned duties. I would defend the Mishan result in these terms. I think he was a most useful intellectual stimulant and irritant to have around even if his own output was not too striking. The virtue of the fellowship arrangement is that it enables you to shape the hole to the peg. I cannot of course judge about Prais. But I am surprised by your adverse comments on Dewey’s use of it; I would have thought his one of the clearly most successful post-doctoral fellowships so far.

As you have doubtless heard, Muth has decided to go to Cowles. I am sorry that he has. I think he is good. I am somewhat troubled about the general problem of recruiting for the Workshop at a distance. In addition to Muth, I had heard from Pesek, whom I encouraged but left the matter open because he would rather have a fellowship that he applied for that would pay his travelling expenses to Washington. My general feeling is that it would be a mistake to take anyone just because I am not on the spot, that it would be far better to start fairly slowly, and let the thing build up, adding people as they turn up next year. Any comments or suggestions would be greatly appreciated.

I am delighted to hear about Fred’s ford project. I had a wire from Willits recently re Harberger and I assume it was in connection with his proposed project. Al Rees will be a splendid editor, I feel, and it is excellent to have him entirely in the department. I hardly know what to think of Morton Grodzins as Dean. I assume that his appointment measn that he was regarded as a successful administrator at the Press. Grodzins has great drive and energy, is clearly bright and intelligent, but whether he has the judgment either of men or of directions of development that is required, and the ability to raise money that Tyler displayed, is something I have less confidence in. Who is taking over the Press?

I enjoyed your comments on both Arthur Burns and McCarthy. With respect to the first, I thought the economic report extraordinarily good, both in its analysis of the immediate situation and in its discussion of the general considerations that should guide policy. It showed courage, too, I think in its willingness to say nasty things about farm supports and minimum wages to mention two. My views about the recession are indicated by the title of a lecture I am scheduled to give in Stockholm towards the end of April: “Why the American Economy is Depression-proof”. After all, there is no reason why Colin Clark should be the only economist sticking his neck out. It continues to seem to me that the danger to be worried about is over-reacting to this recession and in the process producing a subsequent inflationary spurt. Arthur seems to me to be showing real courage in holding out against action. To do something would surely be the easy and in the short run politically popular course.

McCarthyism has of course been attracting enormous attention here. Indeed, for long it has crowded almost all other American news into the background with the result that it has given a thoroughly distorted view of America to newspaper readers. I enclose a clipping in this connection which you may find amusing. it is not a bad summary, though I trust I put in more qualifications.

We have gotten an opportunity to go to Spain via an invitation to lecture at Madrid (Earl’s doing, I suspect), so Rose and I are leaving next week for a week there. Shortly after our return we go to Sweden and Denmark for a couple of weeks. We are very much excited by the prospects. Best regards to all.

Yours

[signed]
Milton

Source: Hoover Institution Archives. Milton Friedman Papers. Box 194, Folder “194.6 Economics Department S-Z, 1946-1976”.

Image: Left, Milton Friedman (between 1946 and 1953 according to note on back of photo in the Hoover Archive in the Milton Friedman papers). Right, Theodore W. Schultz from University of Chicago Photographic Archive, apf1-07484, Special Collections Research Center, University of Chicago Library.

Tags Allais, AllenRGD, Arrow, Baumol, Boiteux, Brady, BurnsAF, Christ, Colin Clark, Cowles, Dewey, DorfmanR, DuBrul, Friedman, Frisch, Guilbaud, Haavelmo, Hamilton, Harberger, Hitch, JohnsonH, Koopmans, Kuznets, Lerner, LewisG, Madow, Marschak, Mints, Mishan, Modigliani, Muth, Nutter, Pesek, Phillips, Prais, Rees, SchultzTW, Simon, Solow, Stone, Tobin, Vickrey, Willits, Wold

Life, Career and Publications of John Gilbert Thompson

Adam Smith Essay for High School and Normal School Students Sponsored by Simonds Saw Mfg. Company, 1920

Award of 8th Simonds Prize (1930)

Long lag between changes in the interest rate and (inverse) changes in economic activity

Appraisal of Economic Forecasts

John G. Thompson, Discussion [emphasis added]

BIBLIOGRAPHY OF THE WRITINGS AND REPORTED ADDRESSES OF FRANCIS A. WALKER.

Davis Rich Dewey, 1858-1942

Financial History of the United States (12th edition). New York: Longmans, Green and Co., 1936. by Davis Rich Dewey, Ph.D., LL.D., Emeritus Professor of Economics and Statistics Massachusetts Institute of Technology

Suggestions for Students, Teachers, and Readers

American Economic Association ECONOMIC STUDIES.

VOLUME I, 1896 [prices in paper]

NEW SERIES

PUBLICATIONS OF THE AMERICAN ECONOMIC ASSOCIATION. MONOGRAPHS. 1886-1896

General Contents and Index to Volumes I-XI. Source: Publications of the American Economic Association, Vol XI (1896). Price 25 cents.

VOLUME I

VOLUME II

VOLUME III

VOLUME IV

VOLUME V

VOLUME VI

VOLUME VII

VOLUME VIII

VOLUME IX

VOLUME X

VOLUME XI

Faculty of Economics, Statistics [and Business]

DESCRIPTION OF SUBJECTS ECONOMICS AND STATISTICS M.I.T., 1930-31

Milton Friedman to T.W. Schultz 29 March 1954

Life, Career and Publications
of John Gilbert Thompson

Adam Smith Essay for High School and Normal School Students
Sponsored by
Simonds Saw Mfg. Company, 1920

John G. Thompson, Discussion
[emphasis added]

BIBLIOGRAPHY OF THE WRITINGS
AND REPORTED ADDRESSES
OF FRANCIS A. WALKER.

Financial History of the United States (12th edition).
New York: Longmans, Green and Co., 1936.
by
Davis Rich Dewey, Ph.D., LL.D.,
Emeritus Professor of Economics and Statistics
Massachusetts Institute of Technology

American Economic Association
ECONOMIC STUDIES.

VOLUME I, 1896
[prices in paper]

PUBLICATIONS OF THE AMERICAN ECONOMIC ASSOCIATION. MONOGRAPHS.
1886-1896

General Contents and Index to Volumes I-XI.
Source: Publications of the American Economic Association, Vol XI (1896). Price 25 cents.

DESCRIPTION OF SUBJECTS
ECONOMICS AND STATISTICS
M.I.T., 1930-31

Milton Friedman to T.W. Schultz
29 March 1954