Tag: Friedman

 

Wesley Clair Mitchell left voluminous course lecture notes found with his other papers at the Columbia University Archives. On the whole his notes are very neatly written by hand so that any typed pages among his lecture notes immediately catch the attention of the tired eyes of this archival junkie working the boxes. My presumption was that this typed material was probably someone else’s work and the pencilled “Eli Ginzberg” on one of the course outlines provided an obvious lead. Ginzberg received his Ph.D. from Columbia in 1934 and held the rank of Lecturer in economics at Columbia at the time of this course. Chapter 2 (“The Education of an Economist”) in his book The Skeptical Economist (1987) provides the necessary back-story for the course materials transcribed for this post.

From Mitchell’s notes to the first session from the Winter session of the course in 1937-38, we learn that a dress rehearsal was held as a seminar during the Spring 1937 course for which we have the following list of participants. Definitely worth noting is that William Vickrey and Anna Jacobson Schwartz participated in that preliminary seminar.

____________________

Handwritten: Economics Seminar. March-May 1937
(Signatures of student participants. Note: “not complete”)

William Vickrey, Ruth Cleve [?], Pauline Arkus, Anna Jacobson [Note: this is Milton Friedman’s collaborator Anna Schwartz], [First name illegible] Louise Boggen, Konrad Bekker, Mark S. Massel, Eileen M. Conly, John I. Griffin, Alan Pope, Bela Gold, Burnham P. Beckwith, Herman Zap, Moore

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “3-5/37 A”.

____________________

Origin of the seminar

“In 1932-1933, a group of us brought about the first change in the curriculum: We persuaded Mitchell, Clark, and Angell to offer a seminar on economic theory. In the mid-1930s, when I had begun to teach as an assistant in the School of Business, I was instrumental in establishing several further reforms, largely through persuading its dean, Roswell C. McCrea, who also served as chairman of the Economics Department, to do the following: to reduce the number of subjects on which doctoral candidates were examined from seven to six, to invite Milton Friedman to give a course on ‘Neoclassical Economics,’ to have Wesley Mitchell substitute for his lectures on ‘Current Types of Economic Theory’ a new seminar on ‘Economic Theory and Economic Change,’ in which I would serve as his assistant. Furthermore, McCrea obtained the consent of the Committee on Instruction in the School of Business for me to offer a new course on ‘Economics and Group Behavior,’ which was cross-listed in the Department of Economics’ offerings. This was probably the first course in what later became known as ‘human resources.’”

 

Source: Eli Ginzberg, The Skeptical Economist (Westview Press, 1987), p. 16.

____________________

Secular and Structural Changes in a Modern Economy
From Mitchell’s handwritten notes for the first meeting
Sept. 28, 1937

An experimental course. 1^st time given, aside from a brief trial run in seminar last spring.
Title not felicitous: perhaps it will prove not very accurate. Explanation of view[?] called for.

Past 2 generations have seen vigorous development of three or four different approaches to study of economic behavior.

Economic theory of several types ranging from mathematical economics on one flank to institutional economics on other flank.

Economic history of recent and more remote past

Economic statistics have multiplied in the leading commercial nations and technique of using them has been improved.

Relation of these approaches to one another

Difficult to find investigation in which one approach only is used.

Economic theorist seldom disregards wholly the historical setting of his problem, or quantitative importance of its components. Whether they recognize it or not, these factors count in their thinking.

Economic historians and statisticians cannot dispense wholly with qualitative analysis.

Their selection and arrangement of materials imply classification: they take materials that are pertinent and pass on others that are not. What is pertinent in their judgment is decided whether they realize it or not, by the organization of their ideas.

Can find many investigations in which an attempt is made to use all three approaches

Schmoller’s Allgemeine Vokswirtschaftslehre, Webbs’ History of British T. U.‘s and Industrial Democracy.Marshall’s Industry and Trade. Cassel’s Social Economics. Keynes‘ Theory of Money, Pigou’s Industrial Fluctuations, Sombart’s Moderne Kapitalismus. A brilliant older example Marx’s Capital; indeed Wealth of Nations except that Adam Smith had a poor opinion of ‘political arithmetic’.

 

But, to a large extent, the theoretical, historical, and statistical approaches have been developed by three groups of workers

Each of whom is especially adept in one approach and makes incidental rather than systematic and thorough use of the other approaches

And there are

Economic theorists
Economic historians
Economic statisticians

who seem not to realize the extent to which their thinking is influenced by elements derived from the other approaches.

In general we cannot claim that the three approaches have been perfectly blended

Schmoller a particularly good example because he tried as hard to use all three. He knew certain phases of economic history well: but not all the phases on which he touched. He was a slovenly theorist and a gullible statistician.

Hence one of the great tasks before the generation of economists to whom members of this class belong is to utilize the knowledge of economic processes provided by the 3 approaches more effectively than their predecessors have done.

Primary aim of the course is to aid in that effort.

Method is to take up certain economic processes that have been studied for both the theoretical angles and for the historical or statistical angles or for both and to inquire whether the realistic approaches call for modification of the theoretical analyses: quite as much

Whether the theoretical approach calls for modification of the realistic investigations.

How much we can get out of this experiment for the improvement of our own investigations remains to be seen.

Will depend not only upon the industry with which we are ready to devote to study of the materials assigned but also upon the ability to think we are able to develop.

 

Mode of conducting course

Dr. G. and I will select problems, at least at beginning, and assign readings. Members of class will present reports to the class Written or oral. Discussion in class.

As work goes on we may well turn up problems of which Dr. Ginzberg and I have not thought in advance.

Interest of the meetings and value of the work are necessarily conditioned by the clarity of the reports made by the members of the group.

Please try hard to get your notes[?] well organized and lucidly presented. So well presented that other members who listen once only can understand and expect questions of others as you present reports.

So much for the general aims of the course and how it will be conducted. Begin work with an attempt to characterize broadly the conceptions of economic change that are held by investigators.

Or rather, what types of movements occur in economic life.

 

1^st assignment

Let each member of class consult one or more of the statistical treatises that deal with time-series analysis to find out what types of movements are recognized.

What is basis of classification used? In what are these movements all alike? In what do the types differ? Are all of these types recognized by economic theory? For what types do economic theorists offer explanations? What relation if any do the movements of the statisticians bear to the ‘disturbing circumstances’ of economic theory and to the movements by which economic equilibrium is restored after a disturbance, and maintained in the absence of further disturbances (equilibrating movements)? Are the criteria used by economic statisticians in classifying movement like those used by time-series analysts? Can we expect inductive testing of economic laws?

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “9/28/37 A”.

____________________

Handwritten draft of course announcement

December 19, 1936
Announced for 1936-37

Cumulative Changes in Economic Processes

A critical survey of realistic studies of population growth, natural resources, occupations, capacity to produce, standards of living, national income and its distribution, ownership of property, business organization and methods, labor conditions, capital accumulation, the role played by government in economic affairs, and national planning, accompanied by study of the relations of the findings to economic theory.

Readings, reports and class discussions. Limited to twenty students. Admission by permission of the instructor.

2 hours a week, both semesters.
4-6 Thursdays.

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “12/19/36 A”.

____________________

Course Announcement
1937-38

Economics 201-202—Secular and structural changes in a modern economy.  3 points each session. Professor Mitchell with the assistance of Dr. Ginzberg.

Tu., 4:10-6. 102 Low.

The theoretical, institutional, historical, and statistical approaches to the study of economic changes. Critical survey of investigations into recent changes in important factors. Relations of the findings to current economic theory.
Readings, reports, and class discussions.
Admission only with permission of the instructor.

Source: Columbia University. Bulletin of Information (July 23, 1938). Courses offered by the Faculty of Political Science for the Winter and Spring Sessions, 1937-1938, p. 30.

____________________

Course Announcement
1938-39

Economics 201-202—Economic changes and economic theory.  3 points each session. Professor Mitchell assisted by Dr. Ginzberg.

Tu., 4:10-6. 502 Business.

The theoretical, institutional, historical, and statistical approaches to the study of economic changes. Critical survey of investigations into recent changes in important factors. Relations of the findings to current economic theory. Readings, reports, and class discussions.

Admission only with permission of the instructor.

Source: Columbia University. Bulletin of Information (July 23, 1938). Courses offered by the Faculty of Political Science for the Winter and Spring Sessions, 1938-1939, p. 31.

____________________

Jan. 14, 1937

TENTATIVE OUTLINE FOR COURSE ON CUMULATIVE CHANGES IN ECONOMIC PROCESSES

Introduction: The theoretical, the historical, and the statistical approaches to the study of Economic Changes.

1. The concepts of economic ‘statics’ and economic ‘dynamics’ in the work of J. S. Mill, Marx, J. B. Clark, Alfred Marshall, Gustav Cassel.
   What ‘dynamic’ problems are treated by these writers? How far does the treatment build upon ‘static’ theory?
   Theoretical treatment of cumulative changes in institutions by Marx, Veblen and Commons.
2. Historical accounts of economic changes.
   What ‘explanations’ are given of significant changes by such writers as Ashley, Schmoller, the Webbs, Sombart, Clapham?
3. Time-series analysis
   Types of changes commonly recognized: seasonal variations, random perturbations, cyclical fluctuations, secular trends.
   The problem of ‘long cycles’. Kondratieff, Simiand, Kuznets, Burns.
   The problem of structural changes.
   What types of these changes have been explained theoretically?
   What relations have these explanations to economic theory at large?
   What relations exist between secular, cyclical, random, seasonal and structural changes?
4. Relations among the three approaches
   The injunction to combine causal analysis with statistical description.
   Dangers of statistical work not guided by theoretical concepts.
   Dangers of theoretical speculation not checked by statistical observation
   Difficulties in fusing the two approaches
   Causal analysis of problems in which many variables are interrelated, and in which effects become causes in a process of cumulative change
   The theoretical uses of history.
   The historical applications of theory.
   Statistics and history.

Classification of investigations available for the study of economic changes

1. Studies of recognized types of economic changes
   The abundant literature upon business cycles
   A few studies of seasonal variations
   A few studies of secular trends and of long cycles
   No systematic literature upon random perturbations; but many casual references in books on business cycles.
   Many studies of structural changes, particularly those produced by legislations—for example, the Independent Treasury system, tariff acts, etc. Also numberless discussions under next heading.
2. Studies of changes in single economic factors
   A vast literature is available upon such subjects as
   Growth of population and its geographical distribution
   Developments of the arts of production: histories of industries
   Natural resources of different districts; their exploitation; problems of conservation
   Changes in business organization: rise of corporations, different forms of corporate organization, banking systems; histories of particular business enterprises, and so on.
   Organization of labor
   Shifting importance of agriculture, transportation, manufactures, trade, finance in the national economy.
   Changes in economic relations among nations:: commercial policies, international investments, shifts from debtor to creditor position.
   Changes in the system of prices: their relations to monetary laws and practices; the relative importance of competitive versus regulated prices, private versus public regulation; the degree of flexibility in prices
   Changes in standards of living
3. Economic changes during certain periods
   Most of the books on economic history might be listed here, in so far as they do not belong under previous heading.
   Also a few studies primarily statistical in character, such as
   Recent Economic changes
   Recent Social Trends
   Social England—Booth’s survey and the recent many-volume study.
   Mills’ Economic Tendencies in the U.S.
4. Work to be undertaken by the members of the course
   To read critically and report upon significant studies of recent economic changes.
   Avoid so far as feasible the subjects that are treated elaborately in other courses, for example money and banking, labor problems, business cycles, public utilities.
   Stress the effort to grasp the inter-relations among the changes studied.
   In each case consider in how far the changes are or can be ‘explained’, and what relation these explanations have or should have to economic ‘theory’.

Among the books to be consider for assignment the following are possibilities:

W. S. Thompson and P. K. Whelfton, Population Trends in the U.S. N.Y. 1933
R. D. McKenzie, The Metropolitan Community, N.Y., 1933
Carter Goodrich and others, Migration and Economic Opportunity, Philadelphia, 1936
Wyand, Economics of Consumption, N.Y., 1937
C. C. Chapman, Development of American Business and Banking Thought, 1913-1936. New York, 1937
Twentieth Century Fund, Big Business: Its Growth and its Place. N.Y., 1937
A. A. Berle and G. C. Means, The Modern Corporation and Private Property, N.Y., 1932
A. R. Burns, The Decline of Competition, N.Y., 1936
R. C. Epstein, Industrial Profits in the U.S., N.Y., 1934
Harry Jerome, Mechanization in Industry, N.Y., 1934
F. C. Mills, Prices in Recession and Recovery, N.Y., 1936
‘The Brookings Study’, Washington, 1934 and 1935

America’s Capacity to Produce
America’s Capacity to Consume
The Formation of Capital
Income and Economic Progress

H. G. Moulton and Associates, The American Transportation Problem, Washington, 1933
National Resources Board, Report December 1, 1934, Washington 1934.
W. I. King, The National Income and Its Purchasing Power, N.Y., 1930
(S. Kuznets), National Income, 1929-32, Washington, 1934
Our Natural Resources and their Conservation, A symposium edited by A. E. Parkins and J.R. Whitaker. N.Y., John Wiley & Sons, 1936
A. F. Burns, Production Trends in the U.S. Since 1870. N.Y. 1934. See review by F. A. Fetter JPE Feb. 1937
W. Sombart, Hochkapitalismus
W. H. Lough, High-Level Consumption, N.Y., 1935
W. V. Bingham. Aptitudes and Aptitude Testing, N.Y., 1937.

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “1/14/37 A”.

____________________

[Handwritten note at top of page: “Eli Ginzberg Jan 18 1937”]

CUMULATIVE CHANGES IN A MODERN ECONOMY

Introduction

1. The Method of the Classicists

Ricardo—Chapter I ff.
Marshall—Book V

Supplementary:

Knight—Introduction to Risk, Uncertainty, and Profit—2d ed.
Ibid—The Ethics of Competition and Other Essays
Robbins—Nature and Significance of Economic Science
Clark, J. M. Preface to Social Economics (the essay on “Statics and Dynamics”)
Moore, H.L.—
Hotelling, H.—

2. Historical-Statistical Approach

(a) Case study of: Industrial Revolution

Toynbee
Hammonds
Webbs
Lipson
Clapham

Supplementary: see

Mantoux—
Nef—in Economic History Review.
Reconstructions, in Economic History Review

(b) Case study of: Profits and Wages in the United States

1. 1. Profits

Epstein
Patten
Mills

Supplementary:

Knight—Encyclopedia of the Social Sciences—article on Profits
Knight—Encyclopedia of the Social Sciences—article on Risk, Uncertainty, and Profit
Reports of the S.E.C.
Senate Committee on Foreign Bonds

1. 2. Wages

Douglas—Recent Economic Changes
Wolman, L.—R.E.C. and 3 Bulletins Bureau of Labor Statistics

Supplementary:

Douglas—Theory of Wages
Beveridge—Unemployment
Clay, H.—Essays in Industrial Relations

3. Institutional-Theoretical

Marx—Communist Manifesto
Ibid.—Capital—vol. I
Veblen—Theory of Business Enterprise
Mitchell—Business Cycles
Clark, J.M.—Economics of Overhead Costs

Supplementary:

Souter-Prolegomena to Relativity Economics
Hamilton—Encyclopedia of the Social sciences Article on “Competition”
Knight—Ethics of Competition, etc.
Clark, J. M.—Preface to Social Economics
American Economic Association—Round Tables

4. Conclusion: Methodology

Cohen—Reason and Nature
Weber, Max—Wissenschaftslehre
Whitehead—Adventure in Ideas
Simkhovitch—Approaches
Sombart—Drei Nationalökomien
Carnap—Unity of Science
MacIver—Harvard Lecture

 

PART I—Cumulative Changes in Economic Institutions

(General aim to study changes in degree and kind in the institutional setting explicit and implicit in neo-classicists; to gauge interrelations in these changes).

1. The Large Corporation

Berle and Means—The Modern Corporation
Twentieth Century Fund: Big Business
A. R. Burns—Decline of Competition

Supplementary:

Commons—Legal Foundations of Capitalism
Holmes, O. W.—Representative Opinion
Brandeis, L.—Social and Economic Views
Hamilton, W.—Industries affected with the Public Interest
Clark, J. M.—Social Control of Business
Handler—Trade Regulation

2. The Credit System

Annual Reports of Federal Reserve Board
Moulton—The Formation of Capital
Brookings—The Recovery of Business
Hardy—Credit Policies of the F. R. S.
Keynes—The General Theory of Employment, Interest, and Money.
Angell—The Behavior of Money
Reports of Senate Sub-committee on Banking
Reports of Senate Committee on S. E. C.
Reports of Senate Committee on Foreign Bonds
Clark, J. M.—Economic of Planning Public Works
Chapman, C. C.—American Business and Banking Thought
Currie, L.—The Supply of Money

Supplementary:

Articles in Economic Journal, Q.J.E., S.[sic, J.?] of P. E.

3. The Problem of Consumption

(a) Numbers

Thompson and Whelfton—Population Trend
McKenzie—Metropolitan Community
Goodrich—Migration and Economic Opportunity
Recent Social Trends

(b) Psychology

Veblen—The Theory of the Leisure Class
Hearings on Pure Foods Drug Act
Reports of Federal Trade Commission
Bulletins of Consumers Research
Schlink—
Chase, Stuart—

(c) Economics—

Brookings—America’s Capacity to Consumer
Brookings—Income and Economic Progress
Wyand—Economics of Consumption
Recent Social Trends
Seligman—Installment Selling
Keynes—Appendix to General Theory

 

PART II—Cumulative Changes in the Short-Run

(Contrast with equilibrium approach of neo-classicists).

Case Study: Post-War Expansion

1. The automobile: building and new industries

(a) Source of capital
(b) Entrepreneurs’ expectations
(c) Exploitation of demand

2. Secondary Results: Structural Changes

(a) Relocation of Industry
(b) Urbanization—suburbs
(c) Standard of living—mores—instalment credit
(d) Incidence of Transportation
(e) Complex of Industry—of steel, glass, gasoline

Literature

Recent Economic Changes
Recent Social Trends
Goodrich et al—
Epstein, R.—Automobile Industry
Facts and Figures—Automobile Industry-1919 ff.
Clark, J. M.—Strategic Factors in Business Cycles
Warburton, C.—In Mitchell volume
Moulton et al—The American Transportation Problem
National Resources Board—Report 12/1/34
Burns, A. F.—Production Trends
Trade Journals—Steel, distribution, etc.
Annalist

PART III: The Interrelations of Economic Institutions and Market Phenomena

How do the existing legal, banking, and distributive institutions help to condition—and how are they conditioned by the following?

1. Capital accumulation
2. Profitability of industry
3. National income—wages—agriculture
4. Behavior of prices and costs

Literature

Mills—Economic Tendencies
Mills—Prices in Recession and Recovery
King—National Income and its Purchasing Power
Kuznets, S.—National Income. 1929-32
Mitchell—Business Cycles
Clark, J. M.—Strategic Factors in Business Cycles
Keynes, J. M.—General Theory of Employment
Brookings—Recovery of Business
Brookings—N. R. A.

 

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “1/18/37 A”.

____________________

OUTLINE
Secular and Structural Changes in a Modern Economy

[Handwritten: Eli Ginzberg]

February 23, 1937

*  *  *  *  *  *  *  *  *

OUTLINE
Secular and Structural Changes in a Modern Economy.

INTRODUCTION: The theoretical, the historical, the institutional, and the statistical approaches to the study of economic changes.

1. “Statics and Dynamics” in the works of:
   J. S. Mill, J. B. Clark, Alfred Marshall, Gustav Cassel.
2. “Explanation” of economic changes by:
   Ashley, Schmoller, Webbs, Sombart, Clapham
3. Cumulative changes in institutions:
   Marx, Veblen, Commons.
4. Time-Series Analysis: seasonal variations, cyclical fluctuations, secular trends and random perturbations. “Long cycles”:
   Kondratieff, Simiand, Kuznets, Burns.

Summary: The limitations of isolated techniques and the difficulties of fusion

1. Theory and statistics; history and theory; statistics and theory
2. Multiple variables in a process of cumulative change.

*  *  *  *  *  *  *  *  *

Secular changes in the industrial unit, the financial system, the organization of labor, and the ideology of the public during the periods:

1870-1890
1890-1914
1914-1937

 

1. The Industrial Unit: The changing pattern of competition
   1. Economic aspects
      1. Adjustment to technology and to a national market
      2. Location of plant and transportation
      3. Integration: to raw materials; to distribution; to finance
   2. Law and Social Control
      1. Trademarks and Patents
      2. Governmental Regulation: License, taxes, etc.
      3. Trade Associations
      4. Management vs. Ownership

*Emphasis to be placed upon changing relative positions of the industrial unit to the total economy; upon the influence of size to competitive behavior; upon economic implications of individual vs. corporate forms.

2. Financial System—The rôle of money in a modern economy.
   1. The Changing Structure of Banking
      1. Loans and investments
      2. Active money
   2. The Problems of Debt and Liquidity
      1. Private vs. Public Debt
      2. Collateral for private debt
      3. Insurance—private and public
   3. Implications: Economic and Social
      1. Economic: The interrelations of interest rates, savings, and the formation of capital.
      2. Social: The political control over the creation of money and the use of this control for the eradication of the business cycle.

3. Labor: not solely a commodity
   1. Unionization
      1. Members
      2. Objectives
      3. Potential threats and consequences
   2. Supply
      1. Changes in requirements of skill
      2. The relative shrinkage in agriculture
      3. The additions from women of the middle class
      4. Mobility
   3. Rôle of the Government
      1. Free Services
      2. Enforcement of minimum standards
      3. Relief payments and work creation
      4. Re Bargaining between Labor and Capital

*Emphasis: Implication of these changes for

1. 1. Rate of wages
   2. Total wages—cf. monopoly analysis
   3. Class-struggle analysis

4. The Changing Ideology: The influence of money making upon the attitudes of people—
   Upon their behavior in
   1. Spending: price vs. quality; advertising; women as buyers
   2. Accumulating: liquid vs. fixed assets; speculation; insurance; goods vs. family
   3. Playing: The esoteric vs. the stable; Wanderlust; the shift from church and home to club and movie.
   4. Occupational adjustment: sensitivity to monetary stimuli; civil service; money and the arts.

Conclusions: An approach to isolating and treating the strategi9c factors in a dynamic economy—

1. 1. The emergence of profitability
   2. The cumulative process and the breakdown
   3. The absorption of technological developments and the tendency towards retardation of growth.
   4. The closely allied patterns of change; their interaction with the economic. 1. Political/2. Legal/3. Ideological

 

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “2/23/37 A”.

____________________

[Pencil: “April 1937”]

SECULAR AND STRUCTURAL CHANGES
IN A
MODERN ECONOMY

OUTLINE

1. 1. The Study of Economic Change
   2. Population
   3. Migration and Location
   4. The Business Unit
   5. Psychology and Social Classes
   6. Technology
   7. The Legal Framework
   8. Government
   9. Dynamics of the Market
   10. Cumulative Factors

 

I

THE STUDY OF ECONOMIC CHANGE

1. Introduction
2. The Classicists and the Institutionalists

*Preface to First and 8^th editions of Marshall’s Principles and Bk. V—Chapter XV
*Marx—Communist Manifesto—Part I

1. 1. The Classicists

J. S. Mill—Principles of Political Economy—Bk IV
J. B. Clark—Essentials of Economic Theory—Preface, Chapters XII, XIII, XIV, XV, and XXX
Marshall—Principles—Bk I—Chap. III; Bk V—Chaps. I, II, III, V, and XV
Cassel—Social Economy—Bk I, Chaps. I #5,6; Bk. IV

1. 2. The Institutionalists

Marx—Communist Manifesto—Part I
Veblen—Business Enterprise—Chpas. II, VII, IX, X
Commons—Legal Foundations of Capitalism—Chapters I, II, III, VII, IX, vi

3. The Historians and the Statisticians

*Heckscher, Eli—“Aspects of Economic History” in Essays in Honor of Gustav Cassel
*Mitchell—“Business Cycles”—Encyclopedia of the Social Sciences

1. 1. The Historians

Webbs—History of Trade Unionism—Chapters II, III
Clapham—Economic History of Modern Britain—Vol I, Chapter XIV
Sombart—Der Moderne Kapitalismus—Vol. III, Part I—Chapters 22-25

1. 2. The Statisticians

Simiand—La Crise Mondiale—pages 1-14; pages 114-35
Burns, A. F.—Production Trends—Foreword; Chapters III;ii, iii; IV: iv; V:v, vi.
Mitchell—“Business Cycles”—Encyclopedia of the Social Sciences
Kuznets—Seasonal Variations in Industry and Trade—Chapter I, Concluding Notes—pp. 355 ff.

4. Theory, History, and Statistics
   *J. M. Clark—“Statics and Dynamics” in Preface to Social Economy
   *F. H. Knight—New Introduction to Risk, Uncertainty, and Profit
   *W. C. Mitchell—“Quantitative Measurement” in Backward Art of Spending Money and Other Essays

1. 1. Cohen and Nagel—Introduction to Logic and Scientific Method Bk II: Chaps. X, XI, XVI, XVII, XIX sec. 3
   2. Robbins—Nature and Significance of Economic Science. Chapters II 4,5; III 4,5; IV; VI 5,6
   3. J. M. Clark—“Socializing Theoretical Economics” in Preface to Social Economics

 

II

POPULATION

1. The Data, Method, and Deductions about population in economic theory
   *Malthus—Population—Chapters I, II
   *Marshall—Bk IV, Chapters IV, V
   1. Ricardo—Principles II, V, XXXII
   2. J. S. Mill—Principles—Chapter X, 2, 3
   3. Pigou—Economics of Welfare—Part I, chapters IX, X
2. The Contemporary Data, Methods, Deductions as to Trends
   *“Population”—Encyclopedia of Social Sciences
   1. Thompson and Whelpton—Population Trends in U. S.—Chapters I: pp. 2267;257-61;288-91; IX, X, and XI
   2. Carr-Saunders—World Population (1936)—Chapters I, II, XVI, XVII, XXII, Note on Overpopulation
   3. Kucyznski—Births and Death, Vol I. Chaps. I, II, III, IV; II. Chaps. I, VI
3. The Economic Implications of the Population Problem
   *Myrdal—“Industrialization and Population” in Essays in Honor of Gustav Cassel
   1. On Unemployment
      Beveridge—Unemployment—Chapter XVII
   2. On Imperialism
      W. S. Thompson—Danger Spots in World Politics—Chapters X, XII, XIII, XIV
   3. On Consumption
      Lynd—Middletown—Chapters V, XI
      J. M. Keynes. Economic Consequences of a Declining Population. Eugenics Review, April 1937, vol. XXIX, 13-17.

 

III

MIGRATION AND LOCATION OF PEOPLE AND INDUSTRY

*Marshall—Principles—pp. 199-203, Book IV—Chapter X, Appendix A-#13
*Weber, A.—Theory of Location of Industries—

Editor’s Introduction
Author’s Introduction
Chapters I, VII

*Semple—American History, its Geographic Conditions—Chapters XV, XVI, XVII

1. 1. Goodrich—Migration and Economic Opportunity—Introduction: Chapters I, VI, VII, IX, XII
   2. Mackenzie—The Metropolitan Community—Chapters I, III, V, VI, XII, XVII, XXIII

 

IV

THE BUSINESS UNIT

*Marshall—Principles—Bk IV—Chapter XII
*Twentieth Century Fund—Big Business—Summary

1. 1. Distribution of the Working Population

The National Income in the United States (1929-35). Department of Commerce

1. 2. The Problem of Control: Private

Berle and Means—Modern Corporation and Private Property, Bks I, VI
Twentieth Century Fund—Big Business Summary, Chaps. I, VIII
Laidler—Concentration of Control in American Industry, Parts I, VI.

1. 3. The Problem of Control: Public

Jones and Bingham—Principles of Public Utilities—Chapters I, II, and XII
Moulton Associates—American Transportation Problem—Report of Committee—Chapters I, II, XII, XXI, XXIV, XXV, XXX, XXXI

1. 4. Planning

Parkins and Whitaker—Our Natural Resources and their Concentration—Chapters I, II, IX, X, XI, XVI, XVIII
National Resources Board—1934—Part I—Sec. I, Sec. V.

 

V

PSYCHOLOGY AND SOCIAL CLASSES

*Marshall—Principles—Bk I—Chapter II
*Weber—General Economic History—Chapter XXX

1. 1. The Spirit of the Capitalist

M. Weber—The Protestant Ethic—Foreword, Introduction, Chapters II, III, V

1. 2. Modern Psychology and Aggression

Abrahams, K.—Selected Essays on Psycho-Analysis—Chapters XXIII, XXIV, XXV
Horney, K.—The Neurotic Personality of Our Times—Chapters [blank]
Mead, M.—Competition and Cooperation in Primitive Societies. Interpretive Statement.

1. 3. The American Scene

Veblen—Absentee Ownership—chapters VI, VII I, ii, iii
Parker—The Casual Laborer and Other Essays—Recent Social Trends—Chapter VIII
Taussig and Joslyn—American Business Leaders—Chapters X, XI, XVI, XVII, XIX, XX

 

VI

TECHNOLOGY

*Marshall—Principles—Bk IV—Chapter IX
*Veblen—Theory of Business Enterprise—Chapter IX

1. 1. America’s Capacity to Produce—Introduction, Chapters VI, XIV, XV, XVI, XIX, XX

Jerome—Mechanization in Industry—Introduction, Summary, Chapters III, IV

1. 2. –Recent Social Trends—Volume I—Chapter III

Weintraub and Posner—Technological Tendencies and their Social Implications
Jerome—Mechanization—Chapters IX, X

 

VII

THE LEGAL FRAMEWORK

*J. S. Mill—Principles of Political Economy—Bk II—Chapter II
*Veblen—Theory of Business Enterprise—Chapter VIII

1. 1. Commons—Legal Foundations of Capitalism. Chaps. I, II, III, VII, IX
   2. Handler—Trade Regulation, Chapters I, II
   3. Bonbright—The Valuation of Property—Chapters I, II, III, IV, V, XXX, XXXII

 

VIII

THE GOVERNMENT

*J. S. Mill—Principles of Political Economy—Bk V—Chapter XI
*H. Laski—The State—Chapter IV

1. 1. Re Taxes

Shoup—Facing the Tax Burden—Chaps 2, 3, 6, 7, 8
Recent Social Trends—Volume II—Chapters XXV, XXVI

1. 2. Re Banking

Willis—Central Banking—Part I, Chapters XVI, XVII, XVIII, XXVI
Hardy—Credit Policies of the Federal Reserve System—Part I

1. 3. Re Labor

Commons and Associates—History of Labor in the U.S.

Volume III, Section I, Chapters XI, XII, Labor legislation
Volume IV, Chapters I, II, XVI, XXXII, XXXVIII, XLIV, XLV

Epstein—Insecurity—Parts I, X, XI

 

IX

DYNAMICS OF THE MARKET

*Marshall—Principles—Book V
*J. M. Clark—Economics of Overhead Costs—Chapters XXIII, XXIV

1. 1. Production: 1922-36

Mills—Economic Tendencies—Chapters VI, X

2. 2. Prices: 1922-36

Mills—Economic Tendencies—Chapter VII
Prices in Recession and Recovery—Chapters I, III, V, VI, IX

3. 3. Wages: 1922-36

Douglas—Real Wages in the United States—Chapters XXII, XXVI, XXX, XXXI
Recent Economic Changes—Volume II—Chapter VI
Wolman—N.B.E.R. Bulletins #46, 54, 63

4. 4. Profits: 1922-36

Epstein—Industrial Profits in the United States—Introduction, Book I, Book IV

5. 5. Money: 1922-36

Currie—The Supply and Control of Money in the United States—Chapter III
Fed. Res. Board—Annual Reports. 1934, 1935, 1936

 

X

CUMULATIVE FACTORS

*Marshall—Principles—Book VI—Chapters XI, XII, XIII
*J. M. Clark—Strategic Factors in Business Cycles—Parts I and VI

1. 1. The War, Changing Attitudes, and the Economy
   2. The Automobile and the Economy
   3. The Creation and Destruction of Bank Deposits and the Economy

Source:  Columbia University Archives. Papers of Wesley Clair Mitchell. Box 3, Folder “4/?/37 A”.

Image Source: From the cover of Eli Ginzberg’s book The Eye of Illusion (Transactions Publishers, 1993).