The 1974 memo by Professor Robert E. Lipsey that summarizes the responses of recent graduates of Queens College, City University of New York to a questionnaire sent out by the department is included below. It follows a brief timeline for Lipsey’s life and career and a link to a 2001 oral history interview with him about his NBER life conducted by Claudia Goldin.
Bottom line of the Queens graduates: not every economics major goes to graduate school in economics so please add more business electives, especially accounting, to the curriculum.
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Robert Edward Lipsey
1926. Born August 14 in New York City.
1944. B.A. Columbia University.
1946. M.A. Columbia University
1945-53. Research Assistant, NBER
1953-60. Research Associate, NBER
1960-. Senior Research Staff, NBER
1961. Ph.D. Columbia University
1961-64. Lecturer, economics, Columbia University
1967-1995. Professor at Queens College and Graduate Center, CUNY
1975-78. Director of international studies, NBER
1978-. Director of the New York Office, NBER
1995-. Professor emeritus, Queens College and Graduate Center, CUNY
2011. Died August 11, New York City.
Source: Prabook website entry: Robert Edward Lipsey.
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Bonus Links
Claudia Goldin’s interview with Robert Lipsey
(8 August, 2001)
Obituary/Tribute to Robert Lipsey by J. Devereux and Z.M. Feliciano, (2013), Robert E. Lipsey. Review of Income and Wealth, 59: 375-380.
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QUEENS COLLEGE
DEPARTMENT OF ECONOMICS
MEMO TO: Economics Department
FROM: R. Lipsey
RE: Graduates Comments on Queens College Economics Program
DATE: October 25, 1974
There has been a great change in the last few years in the comments on the economics program made by graduates in response to our questionnaire. The graduates of the 1960’s, particularly graduate students, most frequently complained of their lack of mathematical and quantitative training, which they felt left them unprepared for graduate school. There are still some comments of this nature, made now from business students, but the bulk of complaints now, by far is from graduates who have gone to work directly from school, or tried to. They seem to feel that there were too few business-oriented courses, and even more, that they were not told of the importance of some training in accounting for those looking for jobs.
One indication of graduates’ feelings is that of about 160 respondents, among whom only a minority answered the questions about courses that had been especially helpful and courses they had not taken, but wished they had, 33 listed accounting in one category or the other. The other subjects with more than a few listings were:
| Statistics | 22 (mainly helpful in graduate school) |
| Business Law | 14 |
| Finance | 12 |
| Computer Science | 8 |
| Marketing | 7 |
To give the flavor of graduates’ views I have put down the main comments on this issue by those who took the trouble to write at some length. My own reaction to the comments was to wonder whether we should consider offering a Business Economics specialization, geared to those planning to work immediately after graduation and, to a smaller extent, to those aiming at business school. Such a specialization would include the present requirements (Eco. 1, 2, 5, 6, 49) but require also at least 6 credits of accounting and 6 credits chosen from Business Law, Computer Science, Corporation Finance, Business Organization, Money and Banking, Business Cycles, Econometrics or Statistics.
February 1974
“For all economics majors accounting is virtually a necessity in order to obtain a career oriented position.”
“Unfortunately I did not receive enough information with regards to the importance of accounting courses.”
September 1973
“Economics graduates from Queens College get a decent background for further graduate work. However, there is no preparation or placement efforts to speak of for the Q.C. economies graduate with a B.A.
“All economics students should be required to take at least 6 credits in accounting. I have found this to be a major stumbling block on job applications.
Many business related jobs do require that you have at least 6 hours of accounting, and without it your job choice is cut considerably.”
“…School and education should work more with the outside than straight academia.”
“…the economics department is not meeting the needs of all its students. Approximately two thirds of those who attend graduate school go to business and law schools; the economics department does not meet the need of those students.
A course as basic as Econ. 43 (marketing) was not offered once at the day school during my 4 years. This course is a prerequisite for most MBA programs – not offering it during the day is a shame!
“I had to go to night school for my marketing courses. I feel that they should be offered during the day session also.”
“I feel more emphasis should be placed on areas relative to business. These courses should help to prepare one for the business world. As it is now, my degree in economics is of no use to me. Without my background in accounting I would not have been able to find a job. This I feel is a waste of an education.”
“Economics program should be refined to include courses of a more practical nature, i.e., those with a definite business application. Perhaps more diversification in programs offered would be appropriate.
“I regret not having gone into and majoring in accounting. I’d be making more money and would have had my choice of jobs.”
“Economics majors not planning on graduate school should be advised to take accounting courses and should be persuaded to stay away from courses with no value in the ‘real’ world.”
“Queens should offer more economics courses geared towards Marketing and Banking.”
June 1972
“…advanced courses in math and accounting should be required to get the degree.”
“I suggest all economics majors who plan to go to work directly from college have at least 12 credits in accounting. The number of accounting credits I have was a frequently asked question by employment agencies.”
January 1972
“The economics major should be geared to meet the demands of business. Accounting should be permitted to be incorporated in the economies major. The major should also incorporate one or more courses in computer sciences, marketing, merchandising, business administration and a mathematics background. Unless one pursued a master’s degree in economics, the major as previously structured did not help to prepare one to meet the demands of industry.”
“Queens should have more courses relating to business.”
“Some business courses should be required of economies majors.”
“Students who plan to work directly after graduation should take 9-12 credits in Accounting. Most entry level jobs that would interest an Economics major require a basic knowledge of Accounting.”
Source: Library of Congress, Manuscript Division. The Papers of Abba P. Lerner. Box 17, Folder 3 “Queens College of the City University of New York, New York, N.Y.: Correspondence 1939-1941, 1963-78”.
