James S. Earley was an assistant professor of economics on leave from the University of Wisconsin during Milton Friedman’s year in Madison, 1940-41. The syllabus for his course transcribed for this post was found in Milton Friedman’s papers along with Friedman’s own syllabus for the course (next post).
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James S. Earley, Life and resources.
1908 (October 16) Born, Valley City, North Dakota
1932 A.B., Antioch College
1934 M.A., University of Wisconsin
1937-67 Faculty member at the University of Wisconsin
1939 Ph.D., University of Wisconsin
1940-41 Economist, National Defense Advisory Commission and Office of Price Administration and Civilian Supply
1941-45 Economist, Office of Price Administration, serving as member of the Economic Adviser’s Panel and later as Head Economist in the Office of the Economic Adviser
1945 Adviser on British Commonwealth Financial Affairs, Department of State
1967- University of California, Riverside
1997 (July 5) Died in Riverside, CA
Earley’s wartime papers (1942-1945) are available at the Harry S. Truman Library.
An Oral History Interview with James Earley was conducted in 1982 and is available on-line at the UW-Madison Oral History Program. He discusses the hiring of Milton Friedman at 41:43 of the second part of the interview.
Warren J. Samuels, (2003), Lectures by James S. Earley on the development of economics, University of Wisconsin, 1954–1955, in Warren J. Samuels (ed.) Histories of Economic Thought (Research in the History of Economic Thought and Methodology, Volume 21 Part 2) Emerald Group Publishing Limited, pp.89 – 271
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ECONOMICS 150S—ECONOMIC THEORY
Summer Session, 1940
James S. Earley
Syllabus
Six Week Session: Topics I-VII, inclusive
Eight Week Session: Topics I-XI, inclusive
(**before a reference denotes reading requires of all students. *denotes reading required of graduate students but not of undergraduates. References marked ≠ are required of undergraduate students only. Other references are for additional reading, as desired. Copies of all required works will be found in Bascom Reading Room or in the Periodical Room; most of the others will also be found in Bascom. Full titles and references are given in the appended bibliography.)
I. (June 25, 26)
Nature, Purposes, and Methods of Economic Analysis
**Marshall, Appendices C, D.: Book I, Chap. III.
Meyers, Chapters I, II.
Keynes, J. Neville.
Knight, Ethics of Competition, pp. 105-47.
Knight, Risk, etc., Chap. I.
McIsaac and Smith, Chap. I.
Robbins, esp. Chaps. IV, V.
Roll, Part I, Sections 1, 2, 3, 5.
Fraser.
II. (June 27, 28, 29)
Consumer Demand
**Garver & Hansen, pp. 103-110, and Chap. IX.
*Marshall, Book III, Chaps. III, IV, VI.
≠Meyers, Chaps. III, IV.
Benham, op. cit., Appendix on Indifference Curves, pp. 89-98.
Hicks, Value and Capital, Chaps. I, II, III.
Knight, Ethics, pp. 15-60.
Knight, Risk, etc., Chap. III, esp. pp. 58-73.
McIsaac and Smith, Chap. IV, pp. 51-68.
Roll, Part II, Section I.
Boddy, Stigler and Garver, pp. 4-10.
III. (July 1, 2, 3)
Average and Marginal Curves; Types of Market Situations
**Meade, pp. 101-7; “Appendix of the Graphs”, pp. 411-424.
**Meyers, Chap. V.
**McIsaac and Smith, pps. 33-50; 128-31.
McIsaac and Smith, pp. 69-81.
Robinson, Imperfect Competition, Chap. 17.
IV. (July 5, 6)
Market Price: Temporary Equilibrium of Demand and Supply under Competitive and “Monopolistic” Conditions.
*Marshall, Book V, Chap. II.
≠Meyers, Chap. VI, pp. 63-75, and Chap. VII.
Davenport, Chap. V.
Garver & Hansen, Chap. VIII, pp. 110-125; 128-131.
Knight, “Cost of Production”, Sections I, II.
V: (July 8, 9, 10, 11, 12, 15, 16)
“Normal” Price: The Time Analysis; Costs of Production; The Economics of the Firm; “Normal” Equilibrium Under Competitive Conditions
**Marshall, Book V, Chaps. III, V.
**Meyers, Chap. VIII.
*Knight, “Cost of Production—“, Sections I-IV inc
*Robinson, Imperfect Competition, pp. 92-97.
Boddy et al, pp. 11-18; 19-23.
Chamberlin, Chap. II.
Garver and Hansen, Chap. X, esp. pp. 160-167.
Henderson, Chap. X.
Hicks, Value and Capital, Chaps. IV, V, VI.
Knight, Risk, etc., Chap. III.
Marshall, Book V, Chap. IV.
Meade, Part II, Chap I, pp. 107-116.
McIsaac and Smith, pp. 85-110; 114-27; 163-78.
Taussig, Vol. I, Chaps. 12-16.
Viner, “Cost Curves and Supply Curves”.
First Examination, Wenesday, July 17.
VI. (July 18, 19, 22, 23, 24)
“Normal Equilibrium Under Monopolistic Conditions; Competitive vs. Monopolistic Conditions and Economic Welfare
**Meade, Part II, Chaps. II, III, VI.
**Meyers, Chaps. IX.
Chamberlin, Chaps. IV, V.
Dennison and Galbraith, Chaps. I-VI.
Garver and Hansen, Chap. XII, XIII.
Harrod.
Marshall, Book V, Chap. XIV.
Meade, Part II, Chaps. VII, VIII.
McIsaac and Smith, pp. 128-62; 178-86.
Pigou.
Robinson, Imperfect Competition, Chaps. 3, 11, 13.
Taussig, Vol. I, Chaps. 17, 18.
Meyers, Chap. X.
VII. (July 25, 26, 29, 30, 31, August 1)
The Theory of Distribution: General Principles, Competitive and Monopolistic
**Meade, Part II, Chap. V.
**Meade, Part III, Chap. I.
*Chamberlin, Chap. VIII. (3rd edition).
*Marshall, Book V, Chap. VI.
≠Meyers, Chap. XI.
McIsaac and Smith, pp. 248-59.
McIsaac and Smith, Chap. X.
Henderson, Chap. V.
Hicks, Value and Capital, Chaps. VII, VIII.
Robinson, Imperfect Competition, Chaps. 20, 21, 22, 27.
Final Exam for Six Weeks Students, Second Exam for Eight Weeks Students: August 2.
VIII. (August 5, 6)
Rent
**Marshall, pp. 415-424.
*Holland.
*Robinson, Imperfect Competition, Chap. 8, sections 1-7 inclusive.
≠Garver and Hansen, Chap. XXV.
Henderson, Chap. VI.
Marshall, Book V, Chaps. VIII, IX, X; Book VI, Chap. IX.
Meyers, Chap. XIV.
McIsaac and Smith, pp. 278-94.
IX. (August 7, 8, 9)
Wages
*Dobb, pp. 70-108.
*Marshall, Book VI, Chap. III, IV, V.
≠Meyers, Chap. XII.
≠Marshall, Book VI, pp. 559-73.
Garver and Hansen, Chap. XXVI.
Hicks, J. R., Theory of Wages, esp. pp. 8ff.
Meade, Part IV, Chap. II.
Robinson, Imperfect Competition, Chaps. 25, 26.
Robertson.
X. (August 12 13)
Profits
**Meyers, Chap. XV.
*Knight, Article on “Profit” in Encyclopedia S.S.
Knight, Risk, etc., esp. pp. 22-48; 264-90.
Garver and Hansen, Chap. XXVII.
Marshall, Book VI, Chap. VII.
McIsaac and Smith, Chap. XIV, pp. 344-57; 374-8.
XI. (August 14, 15)
Interest
**Meyers, Chaps. XIII, XVI.
**Robinson, Introduction, Chaps. VIII, IX.
*Keynes, J. M., Chaps. 13, 14.
Hicks, Value and Capital, Chaps. XI, XII, XIII.
Lerner.
McIsaac and Smith, Chaps. XII, XIII.
Meade, Part I, Chaps. II, III.
Meade, Part IV, Chap. III.
Marshall, Book VI, Chap. VI.
Final Examination for Eight Weeks Students: Friday, August 16.
Bibliography
Frederic Benham. Economics, especially Appendix to Chap. VI, “Indifference Curves”, pp. 89-100.
F.M. Boddy, G. J. Stiger and F. B. Garver. Materials for Advanced General Economics.
E. Chamberlin. Theory of Monopolistic Competition (3rd edition).
H. J. Davenport. Economics of Enterprise.
H. S. Dennison & J. K. Galbraith. Modern Competition and Business Policy.
Maurice Dobb. Wages.
L. M. Fraser. Economic Thought and Language.
Garver and Hansen. Principles of Economics (1937 edition).
Lewis Haney. Value and Distribution.
R. F. Harrod. “Doctrines of Imperfect Competition”, Quarterly Journal of Economics, 1934, pp. 442 ff.
H. D. Henderson. Supply and Demand.
J. R. Hicks. Theory of Wages.
J. R. Hicks. Value and Capital.
M. Tappan Holland. “Marshall on Rent”, Economic Journal, Sept. 1930, pp. 369-383.
J. M. Keynes. General Theory of Employment, Interest and Money.
J. Neville Keynes. Scope and Method of Political Economy.
W. H. Kiekhofer. Economic Principles, Problems and Policies.
F. H. Knight. Article entitled “Cost of Production and Price Over Long and Short Periods” in Ethics of Competition (pp. 186-216) or in Journal of Political Economy for 1921 (pp. 304-35).
F. H. Knight. Article on Profit in Encyclopedia of the Social Sciences.
F. H. Knight. Risk, Uncertainty and Profit.
A. P. Lerner. “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938. (pp. 211-30)
Alfred Marshall. Principles of Economics (5th to 8th eds.)
Albert L. Meyers. Elements of Modern Economics.
J. E. Meade & C. J. Hitch. Introduction to Economic Analysis and Policy (American Edition, 1938).
McIsaac and Smith. Introduction to Economic Analysis.
A. C. Pigou, Economics of Welfare.
D. H. Robertson. “Wage Grumbles” and “Economic Incentive” in Economic Fragments.
Joan Robinson. Economics of Imperfect Competition.
Joan Robinson. Introduction to the Thoery of Employment.
Lionel Robbins. Nature and Significance of Economic Science.
Erich Roll. Elements of Economic Theory.
F. W. Taussig. Principles of Economics (Fourth Edition, 1939).
Jacob Viner. Article on “Cost” in Encyclopedia of the Social Sciences.
Jacob Viner. “Cost Curves and Supply Curves”, Zeitschrift für National-Ökonomie, 1932, (pp. 23-46). The Article is in English.
Source: Hoover Institution Archives. Papers of Milton Friedman. Box 81, Folder 10 “Economics Miscellaneous”.
Image Source: Detail from a photograph in Wisconsin State Journal (May 6, 1948) at the Wisconsin Historical Society.