In Milton Friedman’s papers at the Hoover Institution Archives there is a one page handwritten list of reading assignments for Jacob Viner’s Economics 301 (Economic Theory) in Box 5, Folder 12 and a one page typed list of reading assignments for the course, Box 5 Folder 13, that is nearly identical (with only two discrepancies) to the reading list “reproduced exactly from the document that the editors have in their possession” in the appendix to Jacob Viner: Lectures in Economics 301. Douglas A. Irwin and Steven G. Medema, editors. Transaction Publishers, 2013. The lecture notes taken by Marshall D. Ketchum that have been published by Irwin and Medema were taken in the Summer Quarter 1930, two years before Milton Friedman took the course in the Fall Quarter 1932. Everything below in brackets are my additions/annotations.
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[Handwritten notes by Milton Friedman]
Assignments given by Viner in 301, 1932
Marshall Bk III ch 3 + 4; Bk V ch 1 + 2
[Alfred Marshall, Principles of Economics (London: Macmillan and Co. 8th ed. 1920).
Book III: On wants and their satisfaction.
Chapter 3: Gradations of consumers’ demand;
Chapter 4: The elasticity of wants.
Book V: General relations of demand, supply and value.
Chapter 1: Introductory. On markets;
Chapter 2: Temporary equilibrium of demand and supply.]
Schultz Meaning of st[atistical] de[mand] cur[ves] pp 1-10; 25-41.
[Henry Schultz. Statistical Laws of Demand and Supply with Special Application to Sugar. Chicago: University of Chicago Press. 1928. 118 pages]
Mars[hall] Bk V ch 3, 4, 5, 12; App H
[Book V: General relations of demand, supply and value.
Chapter 3: Equilibrium of normal demand and supply;
Chapter 4: The investment and distribution of resources;
Chapter 5: Equilibrium of normal demand and supply, cont., with reference to long and short periods;
Chapter 12: Equilibrium of normal demand and supply, cont., with reference to the law of increasing returns.
Appendix H: Limitations of the use of statical assumptions in regard to increasing return.]
Viner Cost Curves […]
[…and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]
Cunynghame “Geometrical Political Economy”, ch. 3
[Henry H. Cunynghame. A Geometrical Political Economy: Being an Elementary Treatise on the Method of Explaining Some of the Theories of Pure Economic Science by Means of Diagrams, Oxford at the Clarendon Press. 1904.
Chapter 3: Demand curve.]
Smart, Introduction to theory of value pp. 64-83
[Smart, William (1891). An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk. London and New York, Macmillan and Co. 1891.
Chapter 12: Cost of production;
Chapter 13: From marginal products to cost of production;
Chapter 14: From cost of production to product;
Conclusion.]
Böhm-Bawerk:
“Ultimate standard of value”, Annals of Am[erican] Academy Sept. [sic] 1894
[Eugen von Böhm-Bawerk. The ultimate standard of value. American Academy of Political and Social Science, Philadelphia. Publications, no. 128. June, 1894, 60 p.]
“One word more on ult. st. of v. [ultimate standard of value] E.J. Dec. 1894
[Eugen von Böhm-Bawerk. One word more on the ultimate standard of value. Economic Journal, Vol. 4, No. 16 (Dec., 1894), pp. 719-725.]
Marshall Bk V, ch 6; Bk V, ch 14
[Book V, ch 6: Joint and composite demand. Joint and composite supply.
Book V, ch 14: The theory of monopolies.]
Viner JPE. 1925 pp 107-111 (objective test of comp.[etitive] price appl[ied] to cem[ent] ind[ustry])
[Jacob Viner, Objective tests of competitive price applied to the cement industry. Journal of Political Economy, Vol. 33, No. 1 (Feb., 1925), pp. 107-111.]
J.S.Mill “Outline of Pol. Economy” Bk II, Ch 11, sec 1; Bk I, ch VI, sec 1
[Note: Outline of Political Economy is the title of Nassau Senior’s book.
John Stuart Mill, The Collected Works of John Stuart Mill, Volume II – The Principles of Political Economy with Some of Their Applications to Social Philosophy (Books I-II), ed. John M. Robson, introduction by V.W. Bladen (Toronto: University of Toronto Press, London: Routledge and Kegan Paul, 1965).
Book II, ch XI, sec. 1: Distribution. Of wages.
Book I, ch VI, sec. 1: Production. On circulating and fixed capital.]
Henry George, “Progress + Poverty” Bk I, ch 1,3,4
[Henry George, Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth, The Remedy (Garden City, NY: Doubleday, Page, & Co. 1912).
Book I: Wages and Capital.
Chapter 1: The current doctrine of wages–its insufficiency;
Chapter 3: Wages not drawn from capital, but produced by labor;
Chapter 4: The maintenance of laborers not drawn from capital.]
F.W. Taussig, Principles, vol II, ch 39, 51
[Frank W. Taussig, Principles of Economics. 2nd revised edition. 2 vols. (New York: Macmillan). 1915. Note: a later 3rd revised edition from 1921 has a chapter 51 “Great fortunes” that does not appear as good a fit to this course’s content, so I conclude the reference is to the second edition.
Chapter 39: Interest, cont. The equilibrium of demand and supply;
Chapter 51: General wages.]
J.B. Clark “Dist[ribution] of Wealth”, ch 1, 7, 8, + Preface
[John Bates Clark, The Distribution of Wealth: A Theory of Wages, Interest and Profits (New York: Macmillan). 1899.
Chapter I: Issues That depend on Distribution;
Chapter VII: Wages in a Static State, the Specific Product of Labor;
Chapter VIII: How the Specific Product of Labor may be Distinguished.]
F.A. Walker, Political Economy P[reface] + IV, ch 4,5,8 + V [sic, should be VI], sec 5
[Francis Amasa Walker, Political Economy (London: Macmillan) 3rd revised and enlarged edition. 1892.
Part IV: Distribution.
Chapter 4: Profits;
Chapter 5: Wages;
Chapter 8: The reaction of distribution upon production.
Part VI: Some applications of economic principles.
Section V: The doctrine of the wage-fund.]
A. Smith Bk I, ch 10
[Adam Smith An Inquiry into the Naature and Causes of the Wealth of Nations, Edwin Cannan, 3d. London: Methuen & Co., Ltd. 5th edition, 1904.
Book I, Chapter X: Of wages and profit in the different employments of labour and stock.]
J.S. Mill Bk II, ch 14
[Book II, ch 14: Distribution. Of the differences of wages in different employments.]
Cairnes “Polit. Econ”, P[reface] + I, ch 3 [art.] 4,5
[J.E. Cairnes. Some Leading Principles of Political Economy Newly Expounded. New York: Harper & Brothers, Publishers. 1874.
Part I: Value.
Chapter 3: Normal value]
Taussig Principles, ch 47
[Chapter 47: Differences of wages. Social stratification.]
J. B. Clark Ch 9, 13
[Chapter IX: Capital and Capital-Goods Contrasted;
Chapter XIII: The Products of Labor and Capital, as Measured by the Formula of Rent]
Böhm Bawerk Bk 2, ch 1-5; Bk 5, ch 1-4; Bk 6, ch 1,2,4,5,6; Bk 7, ch 1,2
[Book II: Capital as instrument of production.
Chapter 1: Introductory;
Chapter 2: Capitalist production;
Chapter 3: Historical development of the conception;
Chapter 4: The true conception of capital;
Chapter 5: The competing conceptions of capital.
Book V: Present and future.
Chapter 1: Present and future in economic life;
Chapter 2: Differences in want and provision for want;
Chapter 3: Unerestimate of the future;
Chapter 4: The technical superiority of present goods.
Book VI: The source of interest.
Chapter 1: The loan and loan interest
Chapter 2: The profit of capitalist undertaking. Principles of explanation.
Chapter 4: The profit of capitalist undertaking. The labour market;
Chapter 5: The profit of capitalist undertaking. The general subsistence market;
Chapter 6: The profit of capitalist undertaking. The general subsistence market (continued).
Book VII: The rate of interest.
Chapter 1: The rate in isolated exchange;
Chapter 2: The rate in market transactions.]
Marshall Bk VI, ch IX
[Book VI: The distribution of the national income.
Chapter 9: Rent of land.]
Ogilvie Marshall on Rent Econ J. 1930
[F.W. Ogilvie. Marshall on Rent. Economic Journal 40 (March) 1930: 1-24]
J.B. Clark ch 23
[Chapter XXIII: The Relation of All Rents to Value and Thus to Group Distribution]
Source: Hoover Institution Archives, Milton Friedman Papers Box 5, Folder 12 (Student years)
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[typed list of reading assignments]
Assignments in Viner’s Economics 301
(In order of assignment)
Marshall, Bk III, ch. 3, 4; Bk V, ch. 1, 2
Böhm-Bawerk, Positive Theory of Capital, Bk IV, ch. 4
Schultz, Meaning of Statistical Demand Curves, pp. 1-10, 25-41.
Marshall, Bk. V, ch 3, 4, 5, 12; App. H
Viner, Cost Curves [and Supply Curves, Zeitschrift für Nationalökonomie. Bd. 3, H. 1 (1931), pp. 23-46]
Cunynghame, Geometrical Political Economy, Ch. 3
Smart, Introduction to the Theory of Val., pp. 64-83
B. B. [Böhm-Bawerk], Ultim. Stand. of Val., Ann. of Am. Ac., Sept. 1894
One word More on Ult. S. of V., Econ. Jour., Dec 1894
Marshall, Bk. V, ch. 6; Bk. V, ch. 14
Viner, Objective Tests of Comp. Pr. appl. to the Cem. Ind. JPE, ‘25
J.S. Mill, Outline of Pol Ec. [sic, Principles of Political Economy], Bk II, ch. 11, sec. 1; Bk I, ch. 6 sec. 1
Henry George, Progress and Poverty, Bk I, ch. 1, 3, 4.
F. W. Taussig, Principles, Vol II, ch 39, 51.
J. B. Clark, Distr. of Wealth, ch. 1, 7, 8, preface.
F. A. Walker, Pol. Ec., Part IV, ch. 4, 5. Part VI, Sec. 5
Adam Smith, Bk. I, ch 10
J.S. Mill, Bk II, ch. 14
Cairnes, Pol. Ec., Part I, ch. 3, arts. 4, 5.
Taussig, ch. 47
J. B. Clark, ch. 9, 13
B.B. [Böhm Bawerk], Bk II, ch 1-5; Bk V, ch 1-4; Bk. VI, ch. 1, 2,4,5,6; Bk. VII, ch. 1,2.
Marshall, Bk. VI, ch. 9
Ogilvie, Marshall on Rent, Econ. Journ., March, 1930
J. B. Clark, ch. 23
Source: Hoover Institution Archives, Milton Friedman Papers Box 115, Folder 13 (Class Exams circa 1932-1938)
Image Source: University of Chicago Photographic Archive, apf1-08490, Special Collections Research Center, University of Chicago Library.
