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Harvard. Final exam and possible reading list for mathematical business cycle theory. Goodwin, 1944.

 

The following reading list for what certainly appears to have been a course on business cycles was found in Joseph Schumpeter’s papers. The original typed copy (it is not a carbon copy) is four pages long and lacks a heading with a course name or number, date, or instructor’s name so we cannot even be 100% confident that it can be associated with any Harvard course. It is simply included in a folder with miscellaneous Schumpeter notes (above my pay-grade to extract any more than a random word or two per page from Schumpeter’s scribble cum shorthand).

One important fact is that the latest item on the reading list is an August 1942 Q.J.E. article by Samuelson. So my theory of the case leads me to assume that this artifact comes from a business cycle course taught at Harvard during the 1942-43 or perhaps 1943-44 academic year. I note that Schumpeter taught the courses “Economic of Socialism”, “History and Literature of Economics since 1776”, and “Advanced Economic Theory” in both those years. Neither of the first two titles is anywhere close to a dedicated course on business cycles. A look at the reading lists and exams for the 1941-42 version of “Advanced Economic Theory” finds that economic dynamics (both micro- and macrodynamics)  was one of several topics covered in the second semester, but nothing like the exclusive focus on the theory of business cycle as seen in the reading list below.

Alvin Hansen taught an undergraduate course “Business Cycles” (Economics 45a) and a graduate course “Business Cycles and Economic Forecasting” (Economics 145a), but a reading list with the title “Specific Reading Assignments in Economics 45a” for 1943 and the exams for both Economics 45a and 145a do not give multiplier-accelerator topics as much emphasis as seen in the reading list transcribed in this post.

The only other candidate (assuming that this reading list had been prepared for a Harvard economics course) appears to be the undergraduate course “Introduction to Mathematical Business Cycle Theory” that I believe was taught once and only once at Harvard by Richard M. Goodwin. I find that the “goodness of fit” of the final examination questions to the reading list sufficiently adequate to consider the following reading list and examination questions at least a tentative match for now.

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Reading list,
tentatively matched to Economics 46,
Mathematical Business Cycle Theory

  1. Over-All Picture of the Business Cycle.

Schumpeter, J.A., “The analysis of economic change,” R.E.S., XVII (May, 1935), pp. 2-10.

Knight, F.H., “The business cycle, interest, and money: a methodological approach,” R.E.C., XXIII (1941), pp. 53-67.

  1. Types of Cycles.

Kondratieff, N.D., “The long waves in economic life,” R.E.S., XVII (Nov., 1935), pp. 105-15.

Kitchin, J., “Cycles and trends in economic factors,” R.E.S., V (Jan., 1923), pp. 10-16.

Frickey, Edwin, “The problem of secular trend,” R.E.S., XVI (1934), pp. 199-206.

  1. Econometric Approach.

Tinbergen, J., “Econometric business cycle research,” R.Ec.Stud., VII (1940), pp. 73-90.

Keynes, J.M., “The statistical testing of business-cycle theories,” E.J., XLIX (Sept., 1939), pp. 558-68; and Tinbergen-Keynes, “On a method of statistical research,” E.J., L (March, 1940), pp. 141-156.

  1. Saving and Investment.

Lutz, F.A., “Outcome of the saving-investment discussion,” Q.J.E., LII (1937-38).

Lerner, A.P., “Saving and investment: definitions, assumptions, objectives,” Q.J.E., LIII (1938-39), pp. 611-19.

Lange, O., “Saving in process analysis,” ibid., pp. 620-22.

Ohlin, Bertil, “Some notes on the Stockholm theory of saving and investment,” E.J., XLVII (1937), pp. 53-69; 221-40.

  1. Keynesian Economics.

Hicks, J.R., “Mr. Keynes’s theory of employment,” E.J., XLVI (1936), pp. 238-53.

Lange, O., “The rate of interest and the optimum propensity to consume,” Economica, V (new series, 1938), pp. 12-32.

  1. Spending Policy and Multiplier.

Kahn, R.F., “The relation of home investment to unemployment,” E.J., XLI (1931), pp. 173-98.

Clark, J.M., “An appraisal of the workability of compensatory devices,” A.E.R., (1939, Suppl.), pp. 194-209.

Williams, J.H., “Deficit spending,” A.E.R., XXX (Feb., 1941, Suppl.), pp. 52-66.

Machlup, F. “Period analysis and multiplier theory,” Q.J.E., LIV (1939-40), pp. 1-27.

Samuelson, P.A., “Fiscal policy and income determination,” Q.J.E., LVI (Aug., 1942), pp. 575-605.

  1. Acceleration Principle.

Aftalion, A., “The theory of economic cycles based on the capitalistic technique of production,” R.E.S., IX (1927), pp. 165-70.

Clark, J.M., “Business acceleration and the law of demand: a technical factor in economic cycles,” J.P.E., Vol. 25 (March, 1917), pp. 217-35. Reprinted with additional note in Preface to Social Economics.

Tinbergen, J., “Statistical evidence on the acceleration principle,” Economica, V (1938, new series), pp. 164-176.

  1. Dynamic Models Involving Multiplier and Acceleration Principle.

Samuelson, P.A., “A synthesis of the principle of acceleration and the multiplier,” J.P.E., XLVII (1939), pp. [no pages given]

Kaldor, N., “Model of the trade cycle,” E.J., March, 1940.

  1. Monetary Theory of the Business Cycle.

Hawtrey, R.G., “The trade cycle,” Dutch Economist and reprinted in Trade and Credit, London, 1928, pp. 82-104.

Hayek, F.A., “Price expectations, monetary disturbances and malinvestments,” first published in German in Nationalökonomisk Tidskrift, Vol. 73, No. 3, 1935. Reprinted in Profits, Interest and Investment, London, 1939, pp. 135-57.

  1. Overconsumption Theory and Secular Stagnation Thesis.

Robertson, D.H., “A survey of modern monetary controversy,” Manchester School, 1938.

Hansen, A.H., “Progress and declining population,” A.E.R., XXIX (1939), pp. 1-15.

Neisser, Hans, “General overproduction,” J.P.E., XLII (1934), pp. 433-65.

Kaldor, N., “Stability and full employment,” E.J., XLVIII (1938), pp. 642-57.

Ellis, H.S., “Monetary policy and investment,” A.E.R., XXX (1940), pp. [no pages given]

  1. Harvest Cycles and Other Special Cycles.

Jevons, H.S., “The causes of fluctuations of industrial activity and the price level,” J.R.S.S., XCVI (1933), pp. 545-88. Discussion, ibid., pp. 588-605.

Derksen, J.B.D., “Long cycles in residential building, an explanation,” Econometrica, VIII (1940), p. 10.

Long, C.D., “Long cycles in the building industry,” Q.J.E., LIII (1938-39), pp. 371-403.

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes Box 2, Folder “Notes”.

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Course Enrollment

[Economics] 46. (spring term) Dr. Goodwin.—Introduction to Mathematical Business Cycle Theory.

Total 4: 3 Navy V-12, 1 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1943-44, p. 56.

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1943-44
HARVARD UNIVERSITY

ECONOMICS 46
Introduction to Mathematical Business Cycle Theory
[Final examination, June 1944]

Part I
Answer both questions.

  1. Suppose an economic system completely characterized by the multiplier and acceleration principles. Further suppose all data in annual terms and a one year lag in the expenditure of income. If the system shows oscillations with an 8.5 year period, and an amplitude increasing continuously at a .02 rate, what are the values of \alpha , the marginal propensity to consume, and of \gamma , the acceleration coefficient? Secondly, suppose, being a New Dealer with a difference, you desire to abolish economic cycles. If the values of \alpha and of \gamma were open to governmental control, state one pair of values for \alpha and \gamma , at which you might aim and why.
  2. Describe cursorily as many as possible types of ‘dynamization’ useful in business cycle theory and indicate, where you can, your evaluation of their relative importance.

 

Part II
Answer any two, or three, or four questions.

  1. Explain the economic meaning of the following terms: endogenous, initial conditions, phase constant (epoch), stationary, static, amplitude, dynamic, and over-damped.
  2. Discuss thoroughly the role of damping in quantitative cycle theories.
  3. Do you consider it a correct appraisal of Tinbergen’s statistical work to say: “The method is one neither of discovery nor of criticism”?
  4. What economic assumptions are involved in the use of second order, homogeneous, linear differential and difference equations with constant coefficients?
  5. “Is it possible that there could be a cyclical fluctuation in a system, all the ultimate independent determinants of which had fixed regression coefficients and were in linear correlation with their consequences, except in the case where one of the ultimate determinants is itself a periodic function of time (e.g. sun spots)? Where and how does the element of reversal come in?….I should like to know the answer?” How would you answer Lord Keynes? Be concrete.
  6. Give one example of how inventories may be introduced into cycle analysis and show the more important consequences.

Source: Harvard University Archives. Final Examinations, 1853-2001. Box 9. Papers Printed for Final Examinations: History, History of Religions,…, Economic,…, Military Science, Naval Science. June, 1944.

Image Source: Richard M. Goodwin, in the Harvard Album, 1946.

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Exam Questions Harvard

Harvard. Final examination for graduate mathematical economics. Goodwin, 1950-51

 

 

 

The reading list for the one-term course Economics 204b. Mathematical Economics, taught by Richard Goodwin during the first term of 1948-49 was posted earlier.

This same course number, Economics 204b, was later assigned to a Goodwin’s seminar in mathematical economics in 1950-51 (that covered “General interdependence systems: in particular, Leontief linear systems”), so we can assume that much of the reading list for his course Economics 204a in 1950-51  would have been very similar to the earlier list linked above. In any event, here are the exam questions for the 1950-51 course.

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Course Description

Economics 204a. Mathematical Economics

Half-course (fall term). Tu., Th., 2:30-4. Assistant Professor Goodwin.

Micro-and macro-dynamical economic systems.

Prerequisites: one course in economics and one in college mathematics. Properly qualified undergraduates will be admitted to the course.

Source: Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences During 1950-51. Published in Official Register of Harvard University, Vol. XLVII, No. 23 (September, 1950), p. 83.

_____________________

HARVARD UNIVERSITY
ECONOMICS 204a
Final. January, 1951

Please use right hand side of page only, leaving the left hand side for scratchwork.

I
Required hour question.

  1. Write an essay on the role of stability in economic science. Include some discussion of various definitions of it, how to measure it, and its use by Walras and by Marshall. Would you be inclined to accept as valid the following type of proposition: we may assume that all or most markets have stable equilibria, for “the plausibility of such a stability hypothesis is suggested by the consideration that positions of unstable equilibrium, even if they exist, are transient, nonpersistent states, and hence on the crudest probability calculation would be observed less frequently than stable states” (Samuelson)?

II
Take any TWO questions, allowing about 40 minutes for each.

  1. State concisely the economic assumptions and derivation of any one macrodynamic model of an inventory cycle. In terms of the model discuss the factors governing the period of its cycle.
  2. Develop briefly a simply macrodynamic model based on ‘fixed’ capital theory. Indicate the important non-linearities and give a graphical discussion of the nature of the solutions and their limit cycle. What are the principal characteristics of the system’s behavior?
  3. Two different economic situations are described by the somewhat similar equations:
    1. \ddot{x}+.12\dot{x}+2.3x=10;
    2. x\left( t+2 \right)+.12x\left( t+1 \right)+2.3x\left( t \right)=10.
      Compare and contrast the behavior implied in the two cases.

 

III
Take any TWO questions, allowing about 20 minutes for each.

  1. If the multiplier mechanism is represented by
    {1}/{v}\;\dot{y}+\left( 1-\alpha \right)y=i\left( t \right)+H ,
    and if
    i\left( t \right)=\kappa \dot{y}+I\cos \omega t,
    Obtain the complete solution for y.
  2. Given a Marshallian type market, specified by
    \begin{array}{l}{{p}_{d}}={{p}_{d}}\left( q \right),\\{{p}_{s}}={{p}_{s}}\left( q \right),\\\text{and}\\\dot{q}=f\left( {{p}_{d}}-{{p}_{x}} \right),\end{array}

    1. State the meaning and use of its phase line, \psi \left( q \right);
    2. Derive the relationship between the slope of \psi \left( q \right) and the slopes of the supply, the demand, and the reaction curves;
    3. Show what conditions on the slopes of the other curves are implied by a stable equilibrium point.
    4. If all curves are linear for small variations, show how the time constant, \tau , depends on the slopes of the supply, the demand, and the reaction curves.
    5. With the help of graphs, discuss the various possible behavior types of a ‘cob-web’ market with general, non-linear supply and demand curves. Explain briefly in words the meaning of your results.

Source:  Harvard University Archives. Final examinations, 1853-2001. Box 17, Bound volume: Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. January, 1951.

Image: Harvard Class Album 1951.

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Exam Questions Harvard Leontief Undergraduate

Harvard. Undergraduate mathematical economics. Schumpeter, Leontief, Goodwin. 1933-1950

 

 

Joseph Schumpeter introduced a one semester undergraduate course “Introduction to the Mathematical Treatment of Economic Theory” in the first semester of the 1933-34 academic year at Harvard. Schumpeter taught the course three times and it was taught from 1935-36 through 1947-48 by Wassily Leontief. The course was then continued by Richard Goodwin in 1949-50. This post presents a grab-bag of information that includes early and a late course description, annual enrollment data, a course outline from 1945-46 and five exams. Links to all earlier posts for the course available at Economics in the Rear-view Mirror have been included as well.

Some of the backstory to this course is included in this earlier post (memo by Crum of 4 April 1933 and a list of topics to be covered).

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Course Announcement, 1933-34

Economics 8a 1hf. Introduction to the Mathematical Treatment of Economic Theory

Half-course (first half-year). Mon., 4 to 6, and a third hour at the pleasure of the instructor. Professor Schumpeter, and other members of the Department.

Economics 8a is open to those who have passed Economics A, and Mathematics A, or its equivalent. The aim of this course is to acquaint such students as may wish it with the elements of the mathematical technique necessary to understand the simpler contributions to the mathematical theory of economics.

Source:  Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences 1933-34 (Second edition) in Official Register of Harvard University, Vol. XXX, No. 39 (September 20, 1933), p. 126.

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Course Enrollment, 1933-34

[Economics] 8a 1hf. Professor Schumpeter. — Introduction to the Mathematical Treatment of Economic Theory.

15 Graduates, 3 Seniors, 5 Others. Total 23.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1933-1934, p. 85.

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Exam not found for Economics 8a, 1933-34

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Course Enrollment, 1934-35

[Economics] 8a 1hf. Professor Schumpeter. — Introduction to the Mathematical Treatment of Economic Theory.

2 Seniors, 1 Junior, 1 Sophomore. Total 4.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1934-1935, p. 81.

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 1935 final exam questions.

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Course Enrollment, 1935-36

[Economics] 8a 2hf. Asst. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

4 Juniors, 2 Sophomores. Total 6.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1935-1936, p. 82.

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Implicit course outline and course readings with the 1936 exam questions.

_______________

Course Enrollment, 1936-37

[Economics] 4a 2hf. Asst. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 2 Seniors, 3 Juniors, 2 Sophomores, 1 Other. Total 9.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1936-1937, p. 92.

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Final Examination, 1936-37
HARVARD UNIVERSITY
ECONOMICS 4a

Answer at least THREE questions: one in each group

Group I

  1. Discuss the relation between the production function of an enterprise and its cost curve.

 

Group II

  1. Given a cost of a single plant:
    C=\frac{1}{A+X}+BX
    where C indicates the total cost, X the total output, and the magnitudes of the two constants are such
    that A< 0 and B> 1/A.
    Derive the total cost curve of an enterprise which consists of two identical plants of this kind.
  2. A monopolist sells in two markets a commodity produced without costs. The total revenue, R1, obtained from the sale of q1 units of this commodity in the first market is given by:
    {{R}_{1}}=A{{q}_{1}}+Bq_{1}^{2}\text{ }\left( A>0,\text{ }B<\text{ }0 \right)
    The sale of q2 units in the second market nets:
    {{R}_{2}}=K{{q}_{2}}+Lq_{2}^{2}\text{ }\left( K>0,\text{ }L<\text{ }0 \right)
    Compute the prices which this monopolist would charge (a) with discrimination between the two markets; (b) without discrimination.

 

Group III

  1. Prove that marginal costs are increasing in the point of minimum average costs.
  2. Prove that a tax on profits cannot affect the output of an enterprise unless it induces it to suspend its operations.

 

Source: Harvard University Archives. Examination Papers. Finals 1937. (HUC 7000.28) Vol. 79. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. January-June, 1937.

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Course Enrollment, 1937-38

[Economics] 4a 2hf. Asst. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

2 Graduates, 2 Seniors, 6 Juniors, 1 Sophomore. Total 11.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1937-1938, p. 85.

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Final Examination, 1937-38
HARVARD UNIVERSITY
ECONOMICS 4a2

Answer THREE questions including question 1. Devote to discussion of question 1 about one hour and a half.

  1. Discuss fully the relation between the production function and the cost curve of an enterprise.
  2. Given:
    1. The cost curve of a monopolist:
      C= A+ BQ+ CQ2
      C indicates the total cost, Q the total output, A, B, C,are given constants.
    2. The demand function for his product in Market I.
      q1= a1– b1p1
      q1 is the quantity consumed for his product in Market I at the price p1.
      a1and b1 are given constants
    3. The demand function for his product in Market II.
      q2= a2– b2p2
      q2is the quantity taken in at the price p2;
      a2 and b2 are given constants.
      The monopolist is able to discriminate between the two markets provided the difference between the two prices is not larger than K
      Find (and express in terms of the given constants) that the value of Kwhich would maximize the sales q1 in the first market.
  3. Given:
    1. A, monopolist’s cost curve:
      C = A+ BQ+ CQ
    2. The demand curve for his product:
      p= a – bQ
      C stands for total costs, Q for total output, p for the market price, A, B, C, d, and b are constants.
      A subsidy at S dollars is paid to the monopolist per unit of output.
      Find how large the subsidy S must be in order to induce him to produce and sell twice as much as he would without the subsidy.
  4. Is it possible that the average costs of an enterprise are increasing with the output while the marginal costs are decreasing at the same time?
    Give and answer and demonstrate that it is correct.

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. (HUC 7000.28) Box 4. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. January-June, 1938.

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Course Enrollment, 1938-39

[Economics] 4a 2hf. Asst. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

2 Graduates, 2 Seniors, 2 Juniors, 1 Sophomore. Total 7.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1938-1939, pp. 97-98.

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Exam not found for Economics 4a, 1938-39

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Course Enrollment, 1939-40

[Economics] 4a 2hf. Associate Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 1 Sophomore. Total 5.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1939-1940, p. 98.

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Final Examination, 1939-40
HARVARD UNIVERSITY
ECONOMICS 4a2

Answer four questions including question 1.

  1. Discuss the relation between the marginal costs of an enterprise and the marginal productivities of the factors used in production.
  2. An enterprise manufactures two commodities X and Y, using two factors of production, V and W. The production function is x(yb– 1) = vnwm.
    Given the prices px, py, pvand pwwrite down the equations which determine the most profitable outputs of X and Y and the corresponding inputs of V and W.
  3. Given:
    1. The total cost curve of a monopolist
      C = A + Kx2 and
    2. the market demand curve for his product
      p = B – Lx,
      p is the price and x the quantity of the commodity produced and sold. A, K, B and L are positive constants.
      An excise tax of z dollars per unit of output is being levied.
      What magnitude of z (expressed in terms of the given constants) would maximize the total tax receipts?
  4. Prove that the price of labor will exceed its marginal value productivity if
    1. labor is the only factor of production used in manufacture of a given commodity,
    2. the producer of this commodity sells his output on a purely competitive market, but is the only (“monopsonistic”) buyer of the particular kind of labor used in his plant,
    3. The supply curve of labor is negatively inclined.
  5. Discuss the problem of price discrimination by a monopolist.

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. (HUC 7000.28) Box 5. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. June, 1940.

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Economics 4a not offered in 1940-41

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Course Enrollment, 1941-42

[Economics] 4a 2hf. Associate Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 5 Seniors, 8 Juniors, 3 Sophomores, 1 Freshman. Total 18.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1941-1942, p. 62.

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Course Outline Economics 4a 1941-42 (and 1942-43)

https://www.irwincollier.com/harvard-intro-to-mathematical-economics-schumpeter-leontief-1935-42/

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Final Examination, 1941-42
HARVARD UNIVERSITY
ECONOMICS 4a

Answer one question in each of the following three groups:

(a) 1 or 2
(b) 3 or 4
(c) 5 or 6

  1. Describe in detail the relation between a production function and the corresponding cost function.
  2. Show that the slope of a supply curve of a single enterprise is positive.
  3. Show that a total cost curve can be of such a shape that the marginal costs are increasing but the average costs decreasing throughout its whole length. Give example.
  4. The cost curve of an enterprise is
    C = A + x + Bx2+ Kx3
    (C are the total costs, x – the output, A, B, and K – constants).
    What is the lowest competitive price at which the owner will find it profitable to operate the plant rather than to cease production entirely?
  5. An enterprise consists of two identical plants. Each has a following cost curve:
    C = A + Bx2+ x3
    (C are the total costs, x – the output, A and B are constants).
    Compute the combined cost curve of the whole enterprise.
  6. Given a production function y = f(x,z)
    (y is the amount of product, py – its price, x and z inputs of two factors, px and pz – their respective prices.)
    The producer maximizes his profits under conditions of pure competition. Show that an increase of the price px of factor x will reduce the amount (x) of this factor used in the process of production.

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. (HUC 7000.28) Box 6. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. June, 1942.

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Course Description, 1942-43

Economics 4a 1hf. Introduction to the Mathematical Treatment of Economic Theory. Half-course (first half-year). Mon., 4 to 6. Associate Professor Leontief.

Economics A and Mathematics A, or their equivalents, are prerequisites for this course.
The course is intended to instruct beginners in economic theory (having had elementary mathematical training) in the application of elementary mathematical methods in economics and at the same time to enable them to understand some of the major contributions to economic theory made by such writers as Marshall, Cournot, Walras, and Edgeworth.

Source:  Official Register of Harvard University, Vol. XXXIX, No. 45 (June 30, 1942). Division of History, Government, and Economics Containing an Announcement for 1942-43. 

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Course Enrollment, 1942-43

[Economics] 4a 1hf. Associate Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 2 Seniors, 4 Juniors, 2 Sophomores, 1 Public Administration. Total 10.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1942-1943, p. 46.

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Exam not found for Economics 4a, 1942-43

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Course Enrollment, 1943-44

[Economics] 4a. (winter term) Associate Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

2 Juniors in ROTC, 1 Radcliffe, 3 Seniors, 4 Navy (V-12). Total 10.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1943-1944, p. 56.

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Exam not found for Economics 4a, 1943-44

_______________

Economics 4a not offered in 1944-45

_______________

Course Enrollment, 1945-46

[Economics] 4a. (fall term) Associate Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Senior, 2 Juniors, 3 Sophomores, 2 Radcliffe. Total 8.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1945-1946, p. 58.

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Course Outline, 1945-46

INTRODUCTION TO THE MATHEMATICAL TREATMENT OF ECONOMIC THEORY
Economics 4a
1945-46, Fall Term

  1. Introductory remarks.
    Profit function.
    Maximizing profits.
  2. Cost functions: Total costs, fixed costs, variable costs, average costs, marginal costs, increasing and decreasing marginal costs.
    Minimizing average total and average variable costs.
  3. Revenue function.
    Price and marginal revenue.
    Demand function
    Elasticity and flexibility.
  4. Maximizing the net revenue (profits).
    Monopolistic maximum.
    Competitive maximum.
    Supply function.
  5. Joint costs and accounting methods of cost imputation.
    Multiple plants.
    Price discrimination.
  6. Production function.
    Marginal productivity.
    Increasing and decreasing productivity.
    Homogeneous and non-homogeneous production functions.
  7. Maximizing net revenue, second method.
    Minimizing costs for a fixed output.
    Marginal costs and marginal productivity.
  8. Introduction into the theory of consumers’ behavior.
    Indifference curves and the utility function.
  9. Introduction to the theory of the market.
    Concept of market equilibrium.
    Duopoly, bilateral monopoly.
    Pure competition.
    Monopoly.
  10. Time lag and time sequences.
  11. Introduction into the theory of general equilibrium.

 

Reading: R. G. D. Allen, Mathematical Analysis for Economists.

Evans, Introduction into Mathematical Economics.

Antoine Cournot, Researches into the Mathematical Principles of the Theory of Wealth.

Jacob L. Mosak, General Equilibrium Theory in International Trade.

Weekly problems.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 3, Folders “1945-1946 (1 of 2)”.

*  *  *  *  *  *  *

Final Examination, 1945-46
1945-46
HARVARD UNIVERSITY
ECONOMICS 4a
Introduction to Mathematical Economics

Answer any three questions.

  1. Show the relationship between the total cost curve and the supply curve of an enterprise.
  2. Show that, at the point of optimum output, the marginal costs of an enterprise are equal to the price of any cost factor divided by its marginal productivity.
  3. A consumer has an income of q1 dollars in the first and of y2 dollars in the second year. Although the combined expenditures in the two years equal y1+ y2, he can spend more than y1 in the first year, and correspondingly less in the second year or vice versa. In both years, he purchases one kind of consumers’ goods, its price being p1 dollars in the first and p2 dollars per unit in the second year. The utility function which the consumer maximizes is u= f(x1, x2) where u is the utility level, x1 and x2 the quantities consumed in the first and second year respectively.
    1. Derive the equations which determine the optimum magnitudes of x1 and x2.
    2. Show that an increase of the price p1, with p2, y1,y2 remaining constant, might increase x1.
  4. The demand, q, for the product of a monopolist depends upon the price, p, of his produce and the amount of money, y, which he spends on advertising. The total production cost, c, depends upon the quantity of output, q. Given the demand function: q=\frac{A}{p}+{{y}^{{1}/{4}\;}}-p
    and the total (production) cost function c = q
    where A is a positive constant;
    Determine the output, the price, and the advertising outlay which would maximize the profits (total revenue minus total outlay) of this enterprise.
  5. The well-being, u, of a worker depends upon the amount, x, of consumers’ goods which he can buy with his daily wage, and the number of hours of leisure, y, which remain to him after he finishes his daily work:
    u= f(x, y)

    1. Derive the equations determining the number of hours (call it l) of daily work which he will be willing to do at the wage of w dollars per hour, if the price of the consumers’ good is p dollars per unit.
    2. Show that an increase of the hourly wage rate might reduce the number of hours which the worker will choose to work.

 

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. (HUC 7000.28) Box 11. Faculty of Arts and Sciences. Papers Printed for Final Examinations. History, History of Religions, …, Economics, …, Military Science, Naval Science. January, 1946.

_______________

Economics 4a not offered in 1946-47

_______________

Course Enrollment, 1947-48

[Economics] 4a. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory (Sp).

2 Graduates, 6 Seniors, 8 Juniors, 1 Sophomore, 2 Public Administration, 1 Radcliffe. Total 20.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1947-1948, p. 89.

*  *  *  *  *  *  *

Reading list and midterm and final examination question, 1947-48

_______________

Economics 4a not offered in 1948-49

_______________

Course Enrollment, 1949-50

[Economics] 104 (formerly Economics 4a). Assistant Professor Goodwin. — Introduction to the Mathematical Treatment of Economic Theory (Sp).

3 Graduates, 6 Seniors, 1 Junior, 2 Sophomores, 1 Public Administration, 1 Radcliffe. Total 14.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1949-1950, p.72.

*  *  *  *  *  *  *

Course Texts on Library Reserve, 1945-46

R.G.D. Allen. Mathematical analysis for economists

W.L. Crum. Rudimentary mathematics for economists and statisticians

P.A. Samuelson. Foundations of economic analysis.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1, Box 4, Folders “1949-1950 (1 of 3)”.

_______________

Image Sources: Schumpeter and Leontief from Harvard Class Album 1950, Goodwin from Harvard Class Album 1951.

Categories
Courses Harvard Suggested Reading Syllabus

Harvard. Graduate Mathematical Economics. Goodwin, 1948

In the Fall term of 1948-49 assistant professor Richard M. Goodwin took over the graduate course in Mathematical Economics at Harvard from Wassily Leontief (who last taught the course during the academic year 1946-47).

Earlier postings at Economics in the Rear-View Mirror for Goodwin:

Reading list for a course on business cycles,
Letters from Burbank and Schumpeter on Goodwin’s behalf to Columbia,
and a 1951 Harvard Crimson feature written by the Edward Snowden precursor, Daniel Ellsberg (who leaked the Pentagon Papers in 1971).

Some might see “physics envy” in Goodwin’s selection of reference texts. But do remember, there was hardly a plethora of books on mathematical methods in economics to choose from at that time.

__________________________________

[Course Announcement]

Economics 204b (formerly Economics 104b). Mathematical Economics
Half-course (fall term). Tu., Th., 2:30-4. Assistant Professor Goodwin.

Properly qualified undergraduates will be admitted to this course.

 

Source: Harvard University. Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1948-49, p. 77.

____________________________________

[Course enrollment]

[Economics] 204b (formerly 104b). Mathematical Economics (F). Assistant Professor Goodwin.

2 Graduates, 3 Seniors, 1 Junior, 1 Public Administration, 2 Radcliffe: Total 9

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1948-49, p. 77.

____________________________________

 

1948-49
Economics 204b

A
Partial Analysis

  1. The Role of Logical and of Empirical Elements in Economics
  2. Power Series and Linear Approximations
  3. Marshallian Static Market
  4. Dynamical Partial Equilibrium with examples of first and second order differential equations
  5. Durable Goods Markets, The Acceleration Principle and Simple Aggregative Mechanisms
  6. The Cob-web Theorem and the Multiplier
    First Order Difference Equations
  7. Inventory Cycles
    Second Order Difference Equations

Reading Assignments:

P. Frank, Foundations of Physics, Parts I, II and Section 14.
P. A. Samuelson, Foundations of Economic Analysis, Chs. I, II, IX, and X, pp. 302-307
Marshall, Principles of Economics, Book V, Ch. I, II, III
R. Frisch, “The Interrelation between Capital Production and Consumer Taking”, Journal of Political Economy, 1931.
M. Ezekiel, “The Cob-web Theorem,” in Readings in Business Cycle Theory
R. M. Goodwin, “The Multiplier,” in The New Economics, ed. S. E. Harris
L. A. Metzler, “The Nature and Stability of Inventory Cycles,” Review of Economic Statistics, 1941.
Ibid., “Factors Governing the Length of Inventory Cycles,” Review of economic Statistics, 1947.

 

B
General Interdependence

  1. The Leontief Matrix, Linear Systems
  2. The Multiplier as Matrix: Static Analysis, Inhomogeneous Systems
  3. The Multiplier as Matrix: Dynamic Analysis, Dynamical Difference Equation Systems
  4. Linear Dynamic Systems in Economics

Reading Assignments:

T. Haavelmo, “The Interdependence Between Agriculture and the National Economy, J.F.E. [Journal of Farm Economics], 1947.
W. Leontief, The Structure of the American Economy, pp. 1-42.
Ibid., “Output, Employment, Consumption, and Investment,” Q.J.E., 1944.
R. M. Goodwin, “Dynamical Coupling,” Econometrica, 1947.

Reading Period: (Read all of the following)

J. Tinbergen, “Econometric Business Cycle Research,” in Readings in Business Cycle Theory.
P. A. Samuelson, “Interactions between the Multiplier Analysis and the Principle of Acceleration,” in Readings.
Ibid., “Dynamic Process Analysis,” in A Survey of Contemporary Economics, ed. by H. S. Ellis.
Ibid., Foundations of Economic Analysis, Chs. XI and XII.

 

[Handwritten on back of library copy
of reading list by Richard M. Goodwin]

To be put on reserve for
Ec 204b

A. C. Aitken, Determinants and Matrices
F. L. Griffin, Introduction to Mathematical Analysis
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers and Physicists
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis

____________________________________

 

[Handwritten note by Richard M. Goodwin]

 

Oct. 22, 1948

Reading Room
Widener Lib.

Dear Sirs:

I would like to have the following books put on reserve for Economics 204b.

A. C. Aitken, Determinants and Matrices
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis
P. Frank, Foundations of Physics
S. Harris, editor, The New Economics

Thanking you, I am

Sincerely

[signed]
Richard M. Goodwin

 

Source: Harvard University Archives. . Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 4, Folder “Economics 1948-1949 (2 of 2)”.

Image Source: Harvard Album, 1946.

 

Categories
Harvard

Harvard. Business Cycles. Goodwin and Haberler, 1949

Business Cycles and Economic Forecasting was a two semester graduate course offered in 1948-49. The fall term (Economics 245a) was taught by Joseph Schumpeter and the spring term (Economics 245b) was jointly taught by Assistant Professor Richard Goodwin and Professor Gottfried Haberler.

__________________________________

 

[From the Course Catalogue]

Economics 245b (formerly Economics 145a). Business Cycles and Economic Forecasting

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 9. Professor Haberler and Assistant Professor Goodwin.

 

Source: Harvard University. Final Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences for the Academic Year 1948-49, p. 79.

__________________________________

 

[Course enrollment]

[Economics] 245b (formerly Economics 145b). Business Cycles and Economic Forecasting (Sp).

Professor Haberler and Assistant Professor Goodwin.

16 Graduates, 2 Radcliffe, 1 M.I.T., 4 Other:   Total 23.

 

Source: Harvard University. Report of the President of Harvard College and Reports of the Departments for 1948-49, p. 78.

__________________________________

 

Economics 245b
Spring 1949

Professors Goodwin and Haberler

This course will be conducted as a Seminar with a certain amount of lecturing. The students are expected to have taken a course in Cycles in addition to having done a fair amount of work in General Theory and Money and Banking. Each student is supposed to prepare a paper and possibly present it in class. Participation in discussion is also expected. Suggestions of topics for Student papers will be made during the first meetings.

Students are expected to do some general reading outside the area of their paper in order to be able to participate in the discussion. Choose reading from the following list. Books in List A have been authorized for purchase through Veterans Administration. Books in List B have not been authorized.

 

List A

Beveridge, W.: Full Employment in a Free Society. (Attention is drawn to Appendices A and C.)
Burns and Mitchell: Measuring Business Cycles. (See especially Chs. 1-4, 9-12.)
Hansen, A.H.: Economic Policy and Full Employment
Harris, S.E.: The New Economics (See especially Parts VI and VIII).
Harrod: Dynamic Economics
Kuznets: National Income: Summary of Findings
Pigou: Lapses from Full Employment
Schumpeter: Business Cycles (especially Vol. I).
Readings in the Theory of Business Cycles (see especially Chs. 1, 2, 4, 16, 21).
Survey of Contemporary Economics
Income, Employment and Public Policy

 

List B

Ames: “The Contributions of Burns, Mitchell and Frickey to Business Cycle Theory,” in Econometrica, October 1948.
Fellner: Monetary Policies and Full Employment
Tinbergen: Statistical Testing of Business Cycle Theories, Vol. I, League of Nations, 1939
Wilson, T.: Fluctuations in Income and Employment
Wilson, T.: “A Reconsideration of the Theory of Effective Demand” in Economica, November 1947.

Additional references to the literature will be given in class in connection with topics for seminar papers.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 4, Folder “Economics, 1948-1949. (2 of 2)”.

 

Image Source:  Collage from faculty pictures of Goodwin and Haberler in Harvard Album 1951.

Categories
Bibliography Courses Harvard

Harvard. Business Cycles Course. Hansen, 1950.

According to the course catalogue for 1950-51, this course was to be co-taught by Professor Alvin Hansen and Assistant Professor Richard Goodwin. (Official Register of Harvard University. Vol. 47, No. 23, September, 1950.) However, Goodwin did not receive tenure at Harvard and moved on to Cambridge University in 1950. In the following years material for this course was swept into the second semester of Economics 141. “Money, Banking and Economic Fluctuations” offered jointly by Hansen and John H. Williams.

________________________

Economics 145a
Business Cycles 1950-51
Professor Hansen

Part I. Descriptive Survey

Haberler, Prosperity and Depression, Ch. 1,9.
Hansen, Fiscal Policy and Business Cycles, Ch. I, II.
Schumpeter, “The Analysis of Economic Change,” in Readings in Business Cycle Theory, Ch. I.
Federal Reserve Chart Book (available at the Coop.)

Suggested Reading:

Mitchell, “Business Cycles,” in Encyclopaedia of the Social Sciences, Vol. 3, pp. 92-106.
Kondratieff, “The Long Waves in Economic Life,” in Readings in Business Cycle Theory, Ch. 3.
Frickey, Economic Fluctuations in the United States.
Burns and Mitchell, Measuring Business Cycles.
Beveridge, Full Employment in a Free Society, Part II, Sec. 1 and Appendix A.
Schumpeter, Business Cycles, pp. 161-174; 212-219.
Dewey and Dakin, Cycles, Ch. 1-9.
Aschinstein, Introduction to Business Cycles, 1950.

Part II. The Meaning and Genesis of National Product

Hansen, Economic Policy and Full Employment, Ch. 3, 4.
Gilbert and Jaszi, “National Product and Income as an Aid in Economic Problems,” in Readings in the Theory of Income and Distribution, Ch. 2.
Machlup, “Period Analysis and Multiplier Theory,” in Readings in Business Cycle Theory, Ch. 10, only pp. 210-234.
Morgan, Income and Employment, Ch. I.
Haberler, Prosperity and Depression, Ch. 8, Section 4, pp. 222-232; Ch. 13, Section 1, pp. 455-461.
Hansen, Fiscal Policy and Business Cycles, Ch. XI, XII, XIII, XIV.

Suggested Reading:

National Income, Supplement to Survey of Current Business, July, 1947.
Kuznets, (a) The National Income and its Composition, Ch. 1; (b) National Income, A Summary of Findings.
Kaldor, “The Quantitative Aspects of the Full Employment Problem in Britain,” Appendix C in Beveridge, Full Employment in a Free Society.

Part III. Theory of Cycles and Investment

Haberler, Prosperity and Depression, Ch. 10, 11, and 3; Ch. 13, Section 3, pp. 473-479.
Hansen, (a) Fiscal Policy and Business Cycles, Ch. XVI and XVII; (b) Economic Policy and Full Employment, Ch. 14-16.
Keynes, General Theory, ch. 22.
Lerner, Economics of Control, Ch. 21, 22.
Harris, The New Economics, Ch. 33.
Schumpeter, Business Cycles, Ch. IV, Sections A, B, and C, pp. 130-161; Ch. VII, Section C., pp. 325-351.
Morgan, Income and Employment, Ch. 7-9.

Suggested Reading:

Tinbergen and Polak, The Dynamics of Business Cycles.
Long, Building Cycles and the Theory of Investment, Ch. I, II, VII, VIII, XII.
Haberler, Prosperity and Depression, Chapter VIII.
Schumpeter, Business Cycles, Chapters 6 and 7.
Tinbergen, Robertson, Hayek, Hawtrey in Readings in Business Cycle Theory, Ch. 4, 15, 16, 17.
Clark, Strategic Factors in Business Cycles.
Wilson, The Fluctuations in Income and Employment Ch. 1-10.
Estey, Business Cycles, Ch. 1-16.
Hansen (a) Business Cycle Theory, Ch. 4, 8; (b) Full Recovery or Stagnation, Ch. 3 (Hayek); and Appendix Keynes’ Treatise, pp. 331-343.
Metzler, (a) “The Nature and Stability of Inventory Cycles,” in Review of Economic Statistics, August, 1941; (b) “Business Cycle Theory and the Theory of Employment,” in American Economic Review, June, 1946.
Samuelson, Readings in Business Cycle Theory, Ch. 12.
Samuelson, Chapter II in Harris’ Postwar Economic Problems: Income, Employment and Public Policy, Norton, 1948.

Part IV. Policy

Beveridge, Full Employment in a Free Society, Parts IV and V.
C. E. D., Taxes and the Budget, 1947.
Hansen, (a) Fiscal Policy and Business Cycles, Ch. 9; (b) Economic Policy and Full Employment, Ch. 5-13; 22.

Suggested Reading:

Hicks, Ch. 24, in Readings in Income Distribution (Keynes and the Classics; also in Econometrica, Vol. 5, 1937).
Pigou, Lapses from Full Employment.
Kaldor, “Stability and Full Employment,” in the Economic Journal, December, 1938.
Board of Governors of the Federal Reserve System, Postwar Studies, No. 3, Musgrave, “Federal Tax Reform,” pp. 22-52.
Schumpeter, Capitalism, Socialism and Democracy, Ch. XV, XVI, XVII.
Twentieth Century Fund, American Housing, Ch. 12, pp. 311-341.
Financing American Prosperity, Twentieth Century Fund, (especially, Clark, Slichter and Williams).

READING PERIOD ASSIGNMENT

Read one of the following four assignments:

  1. Morgan, Income and Employment, Ch. 10-18.
  2. Polanyi, Free Trade and Full Employment, Ch. 3, 4, 6, 7; AND John H. Williams, “Free Enterprise and Dull Employment,” Chapter 7 in Financing American Prosperity.
  3. Terborgh, George, The Bogey of Economic Maturity (entire book, disregarding appendices) AND H. Hansen’s review of Terborgh’s book in Appendix B in Economic Policy and Full Employment AND Wright’s review in Review of Economic Statistics, February, 1946, pp. 13-22.
  4. National and International Measures for Full Employment, United Nations, Department of Economic Affairs, 1949.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 5. Folder: “Economics, 1950-1951 (1 of 2)”.

Image Source:  Harvard Album 1952.

Categories
Economists Harvard

Harvard Economics. Daniel Ellsberg profiles Richard Goodwin

A member of the CRIMSON, [Goodwin] left to become one of the founders of a competing newspaper. As a senior, he started a rival to the Advocate, an “intellectual magazine” called the Harvard Critic. “We were far in advance of our time, I will say that for us,” he recalls, speaking of the group’s major project, a Kinsey-type poll of undergraduate sex-life. Aided the a professor of clinical psychology, the staff composed a carefully-worded questionnaire and had 2000 conscientious replies. The date was recorded on IBM cards, and the professor prepared to tabulate it on the University’s IBM machines. At this point the Dean’s Office made the students a sporting offer, one alternative being to publish the results and be expelled. Goodwin shipped the cards back home to Newcastle, Indiana.

Note: this Faculty Profile was written by Daniel Ellsberg who later brought us The Pentagon Papers. The on-line version of the article misspelled Ellsberg’s name.

WONDERING WHAT HAPPENED TO THE PUNCH CARDS….

Source: May 24, 1951: The Harvard Crimson

Categories
Economists Harvard Transcript

Harvard Economics. Richard M. Goodwin, 1949

The economics department of Columbia University set up a search committee  to identify “the names of the most promising young economists, wherever trained and wherever located” from which a short list of three names for the replacement of Louis M. Hacker in Columbia College was selected. The Chairman of the Harvard Economics Department, Harold H. Burbank, suggested a few names to the committee. In this posting I have assembled Burbank’s letter, another by Schumpeter and a data-sheet apparently provided by the Harvard economics department (including a list of graduate courses taken at Harvard) plus a list of Goodwin’s publications as of the end of 1949.

_____________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS
Office of the Chairman
M-8 Littauer Center
Cambridge 38, Massachusetts

November 28, 1949

Dear Jimmy

I had thought that I might be able to make one or two definite recommendations by this time, but I find that I cannot be at all definite.

The young man whom I had expected to recommend most strongly is Richard M. Goodwin. Goodwin was graduated from Harvard College in 1934, summa cum laude. After three years at Oxford I had him return to the Department and he has been with us since that time. During the war years he worked with the group in mathematics and physics, improving and consolidating his knowledge of mathematics to a point where it is highly useful in his econonmics. Goodwin is now in the fourth year of his appointment as an assistant professor. Undoubtedly he will be considered for a permanent place here which is probably the best recommendation I can give you. With us he has worked mainly in theory and money and banking and in cycles. I am enclosing a copy of his publications It is true enough that his main interest for the moment is in monetary economics but his interests are so definitely broad that I feel that it would be no great difficulty for him to meet your needs.

[…]

Very sincerely

[signed]

H. H. Burbank

Professor James W. Angell
Department of Economics
Columbia University
New York 27, New York

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

_____________________

 

Richard Murphey Goodwin

Address:                  7 Revere Street, Cambridge; E1 4-2981

Born:                        1913 in U.S.

Married:                  Yes

Degrees:

A. B. Harvard, 1934
B.A. Oxford, 1936
B. Litt. Oxford, 1937
A.M., Harvard, 1939
Ph.D. Harvard, 1941

Experience:         Annual Instructor, Harvard, 1939-46

Assistant Professor, Harvard, 1946-

Courses:               1937-38

Ec. 116 (Price Theory)           B+
Ec. 103a (Adv. Theory)         A
Ec. 121 (Statistics)                 A+, Exc.
Ec. 145 (Cycles)                      A, A
Ec. 4a (Math. Ec.)                  B+

1938-39

Ec.171 (Com. Dist)                 A

 

Fields of Study:   Theory, Ec. History, Statistics, Cycles; write-off, Commodity Distribution and Prices

Special Field:           Money and Banking

Thesis Topic:           Studies in Money; England and Wales, 1919 to 1938

Generals:                 Passed May 24, 1938 with grade of Good Plus

Specials:                  Passed May 22, 1941 with grade of Excellent Minus

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

Richard M. Goodwin – Bibliography

“The Supply of Bank Money in England and Wales, 1920-38”, Oxford Economic Papers, no. 5, 1941.

“Keynesian and Other Interest Theories,” Review of [Economic] Statistics, Vol. XXV, No. 1, February, 1943.

“Keynesian Economics,” a review of a book of Mabel Timlin, Review of Economic Statistics, Aug. 1944. Vol. XXVI.

“Innovations and the Irregularity of Economic Cycles,” Review of Economic Statistics, May 1946.

“Dynamical Coupling with Special Reference to Markets Having Production Lags,” Econometrica, July 1947.

“The Multiplier”, an article in the New Economics, edited by S. E. Harris, 1947.

“Secular and Cyclical Aspects of the Multiplier and the Accelerator,” a chapter in Income, Employment and Public Policy – Essays in Honor of Alvin Hansen, 1948.

“The Business Cycle as a Self Sustaining Mechanism,” a paper delivered befoe the Econmetric Society, December, 1948. Abstract published in Econometrica for April 1949.

“Liquidity and Uncertainty”, a discussion paper delivered at the Annual Meeting of the American Economic Association in Cleveland, December 1948. Published in the Proceedings of the convention.

“The Multiplier as Matrix” accepted for publication but not yet published by the Economic Journal of the Royal Economic Society.

A book, “Dynamic Economics”, now in preparation.

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

JOSEPH A. SCHUMPETER
7 Acacia Street
Cambridge 38, Massachusetts
December 3, 1949

Professor James W. Angell
Executive Officer
Department of Economics
Columbia University
New York 27, N.Y.

Private and confidential:

Dear Angell:

I greatly regret my inability to thank you, before leaving New York, for your hospitality and to have a chat with you. Now there is nothing confidential in this. What is strictly confidential however is a topic which I wished to bring up in that chat. The next year will terminate the five-year appointment of one of our best young men, Assistant Professor Richard Goodwin. According to our practice, the question of his promotion to permanent office is going to be discussed presently and I have no hope of securing a majority for him that the administration will consider adequate. This is not because any one has any fault to find with him personally but simply because other people have other candidates. You know how that is. Myself, I believe that Goodwin’s work in the field of dynamic models (and in particular four of his ten published articles) is of striking force and originality and also promises well for the future. In addition, I know that he is an excellent teacher. On the undergraduate level he runs personally and independently our biggest course, namely, the course on Money and Banking (But I do not count the general introductory course because it is run by sections). On the graduate level I have much admired his ability to express convey difficult material to an audience not really in command of the requisite technique. Therefore I am, myself, strongly in favor of promoting him but since I do not anticipate success I am anxious to sound you confidentially as regards possibilities at Columbia. An appointment might be combined with work at the National Bureau and would not therefore burden your budget very much immediately. Of course you will realize that the matter is strictly confidential but I would very much like to have your opinion.

Cordially yours,

[signed]
Joseph A. Schumpeter

JAS/jcs

[handwritten note by Schumpeter at bottom of page] I have talked to Burns

Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

 _____________________

Image Source: Harvard Class of 1951 Yearbook.

Categories
Columbia Courses Economists Harvard Transcript

Columbia. Search Committee Report. 1950

This report is fascinating for a couple of reasons. The search committee understood its task to identify “the names of the most promising young economists, wherever trained and wherever located” from which a short list of three names for the replacement of Louis M. Hacker in Columbia College was selected. Organizationally, Columbia College is where undergraduate economics has been taught so that teaching excellence, including participation in Columbia College’s legendary Contemporary Civilization course sequence, was being sought as well as was potential for significant scholarship. Appendix C provides important information on James Tobin’s graduate economics education. In a later posting, I’ll provide information on others in the long-list of seventeen economists identified by the search committee.

___________________

January 9, 1950

 

Professor James W. Angell, Chairman
Department of Economics
Columbia University

Dear Mr. Chairman:

The Committee appointed by you to canvass possible candidates for the post in Columbia College that is made available by the designation of Professor Louis M. Hacker as Director of the School of General Studies submits herewith its report.

As originally constituted, this committee was made up of Professors Taylor, Barger, Hart and Haig (chairman). At an early stage the membership was expanded to include Professor Stigler and from the beginning the committee had the advantage of the constant assistance of the chairman of the department.

In accordance with the suggestions made at the budget meeting in November, the committee has conducted a broad inquiry, designed to raise for consideration the names of the most promising young economists, wherever trained and wherever located. In addition to the men known personally to the members of the committee, suggestions were solicited from the authorities at other institutions, including Harvard, Chicago, California and Leland Stanford. By mid December, scrutiny of the records and publications by the committee to the following seventeen:

 

Name Suggested by
Alchian, Armen A. Haley
Bronfenbrenner, Martin Friedman
Brownlee, O. H. Friedman
Christ, Carl L. Angell
Dewey, D. J. Friedman
Du[e]senberry, [James] Stigler
Goodwin, Richard M. Burbank
Harberger, J. H. Friedman
Ho[s]elitz, Bert Friedman
Lewis, H. Gregg Hart
Machlup, Fritz Stigler
Nicholls, William H. Stigler
Nutter, J. W. Friedman
Pancoast, Omar Taylor
Schelling, Thomas Burbank
Tobin, James Burbank
Vandermeulen, D. C. Ellis

[p. 2]

The meeting of the American Economic Association in New York during the Christmas holidays offered an opportunity to meet many of the men on the above list and to make inquiries regarding them. As a consequence, it has been possible for your committee to make rapid progress with its appraisals. Although the committee is continuing to gather information and data, it is prepared at this time to make a series of definite recommendations, with a high degree of confidence that these recommendations are not likely to be greatly disturbed by its further inquiries.

It is the unanimous opinion of the members of your committee that the most eligible and promising candidate on our list is Martin Bronfenbrenner, associate professor of economics at the University of Wisconsin, at present on leave for special service in Tokyo.

Should Bronfenbrenner prove to be unavailable the committee urges consideration of D. J. Dewey, at present holding a special fellowship at the University of Chicago, on leave from his teaching post at Iowa. As a third name, the committee suggests James Tobin, at present studying at Cambridge, England, on a special fellowship from Harvard.

Detailed information regarding the records of these three men will be found in appendices to this report.

Bronfenbrenner, the first choice of the committee, is 35 years old. He received his undergraduate degree from Washington University at the age of 20 and his Ph.D. from Chicago at 25. During his war service, he acquired a good command of the Japanese language. He taught at Roosevelt College, Chicago, before going to Wisconsin and undergraduate reports of his teaching are as enthusiastic as those of the authorities at Chicago. He happens to be personally well known to two of the members of your committee (Hart and Stigler) and to at last two other member of the department (Shoup and Vickrey), all four of whom commend him in high terms.

The following statement from Hart, dated December 6, 1929, was prepared after a conference with Friedman of Chicago:

“Bronfenbrenner is undoubtedly one of the really powerful original thinkers in the age group between thirty and thirty-five. He has always very much enjoyed teaching; my impression is that his effectiveness has been with the upper half of the student body at Roosevelt College and at Wisconsin. He is primarily a theorist but has a wide range of interest and a great deal of adaptability so it would not be much of a problem to fit him in somewhere [p. 3] in terms of specialization. He would do a good deal to keep professional discussion stirring in the University. My impression is that he tends to be underrated by the market, and that a chance at Columbia College might well be his best opportunity for some time ahead. The difficulty is, of course, that there is no chance of arranging an interview; though Shoup and Vickrey, of course, both saw him last summer.”

In a letter dated December 15, Shoup wrote as follows:

“I have a high regard for Martin Bronfenbrenner’s intellectual capacities, and I think he would fit in well in the Columbia scene. He has an excellent mind and a great intellectual independence. In his writings he sometimes tends to sharp, almost extreme statements, but in my opinion, they almost always have a solid foundation, and in conversation he is always ready to explore all sides of the question. When we had to select someone to take over the tax program in Japan, after the report had been formulated, and oversee the implementation of the program by the Japanese government, it was upon my recommendation that Bronfenbrenner was selected. He arrived in Japan in the middle of August and his work there since that time has confirmed me in my expectations that he would be an excellent selection for the job, even though he did not have very much technical background in taxation. I rank him as one of the most promising economists in his age group in this country, and I should not be surprised if he made one or more major contributions of permanent value in the coming years.

“He has gone to Japan on a two year appointment, after having obtained a two year leave of absence from the University of Wisconsin. My understanding is that on such an appointment he could come back to the United States at the end of one year, provided he paid his own passage back. It might be possible that even this requirement would be waived, but I have no specific grounds for thinking so. I believe the major part of his work with respect to implementing the tax program will have been completed by next September. If the committee finds itself definitely interested in the possibility of Bronfenbrenner’s coming to Columbia, I should not let the two year appointment stand in the way of making inquiries.”

The breadth and rang of his interests recommend Bronfenbrenner as a person who would probably be highly [p.4] valuable in the general course in contemporary civilization and the quality of his written work suggests high promise as a productive scholar in one or more specialized fields.

Your committee considers that the appropriate rank would be that of associate professor.

Respectfully submitted,

[signed]

Robert M. Haig

 

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Appendix A – Martin Bronfenbrenner

The following data regarding Bronfenbrenner are taken chiefly from the 1948 Directory of the American Economic Assoication:

Born: 1914

Education and Degrees:

A.B. Washington University, 1934
Ph.D. University of Chicago 1939
1940-42, George Washington School of Law

Fields: Theory, mathematical economics, statistical methods, econometrics

Doctoral dissertation: Monetary theory and general equilibrium

Publications:

“Consumption function controversy”, Southern Economic Journal, January, 1948
“Price control under imperfect competition”, American Economic Review, March, 1947
“Dilemma of Liberal Economics,” Journal of Political Economy, August, 1946

Additional publications:

“Post-War Political Economy: The President’s Reports”, Journal of Political Economy, October, 1948
Various book reviews including one on W. I. King’s The Keys to Prosperity, Journal of Political Economy, December, 1948, and A. H. Hansen’s Monetary Theory and Fiscal Policy, Annals

Additions to list of publications circulated, January 9, 1950

“The Economics of Collective Bargaining”, Quarterly Journal of Economics, August, 1939.
(with Paul Douglas) “Cross-Section Studies in the Cobb-Douglas Function”, Journal of Political Economy, 1939.
“Applications of the Discontinuous Oligopoly Demand Curve”, Journal of Political Economy, 1940.
“Diminishing Returns in Federal Taxation” Journal of Political Economy, 1942.
“The Role of Money in Equilibrium Capital Theory”, Econometrica (1943).

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Appendix B – D. J. Dewey

On leave from Iowa.

In 1948 studied at Cambridge, England.
1949-50, at Chicago on special fellowship.

Bibliography:

Notes on the Analysis of Socialism as a Vocational Problem, Manchester School, September, 1948.
Occupational Choice in a Collectivist Economy, Journal of Political Economy, December, 1948.

Friedman and Schultz are highly enthusiastic.

Statement by Hart, dated December 6, 1949:

“Friedman regards Dewey as first rate and points to an article on ‘Proposal for Allocating the Labor Force in a Planned Economy’ (Journal of Political Economy, as far as I remember in July 1949) for which the J.P.E. gave a prize as the best article of the year. I read the article, rather too quickly, a few weeks ago and it is definitely an imaginative and powerful piece of work. How the conclusions would look after a thorough-going seminar discussion, I am not clear; but the layout of questions is fascinating.”

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Appendix [C] – James Tobin

Statement by Burbank of Harvard, dated December 14, 1949:

“We have known Tobin a good many years. He came to us as a National Scholar, completed his work for the A.B. before the war and had advanced his graduate work very well before he went into the service. He received his Ph.D. in 1947. Since 1947 he has been a Junior Fellow. He was a teaching fellow from 1945 to 1947. He is now in Cambridge, England, and will, I believe, begin his professional work by next fall. Since Tobin has been exposed to Harvard for a very long time I believe that he feels that for his own intellectual good he should go elsewhere. I doubt if we could make a stronger recommendation than Tobin nor one in which there will be greater unanimity of opinion. Certainly he is one of the top men we have had here in the last dozen years. He is now intellectually mature. He should become one of the handful of really outstanding scholars of his generation. His interests are mainly in the area of money but he is also interested in theory and is competent to teach at any level.”

Data supplied by Harvard:

Address:    Department of Applied Economics, Cambridge University, England

Married:   Yes, one child

Born:          1918, U.S.

Degrees:

A. B. Harvard, 1939 (Summa cum laude)
A.M. Harvard, 1940
Ph.D. Harvard, 1947

Fields of Study: Theory, Ec. History, Money and Banking, Political Theory: write-off, Statistics

Special Field: Business Cycles

Thesis Topic: A Theoretical and Statistical Analysis of Consumer Saving

Experience:

1942-45 U.S. Navy
1945-47 Teaching Fellow, Harvard University
1947- Junior Fellow, Society of Fellows

[p. 2 of Appendix C]

Courses:           1939-40

Ec. 21a (Stat.)                  A
Ec. 121b (Adv. St.)          A
Ec. 133 (Ec. Hist)            A
Ec. 147a (M&B Sem)      A
Ec. 145b (Cycles)             A
Ec. 113b (Hist. Ec.)       Exc.
Gov. 121a (Pol.Th.)         A

1940-1941

Ec. 121a (Stat.)                A
Ec. 164 (Ind. Org.)          A
Ec. 20 (Thesis)                A
Ec. 118b (App. St.)          A
Math 21                             A
Ec. 104b (Math Ec.)       A

1946-47 Library and Guidance

Generals:       Passed May 22, 1940 with grade of Good Plus
Specials:         Passed May 9, 1947 with grade of Excellent.

 

Data from 1948 Directory of American Economic Association:

Harvard University, Junior Fellow

Born:                1918

Degrees:           A. B., Harvard, 1939; Ph.D., Harvard, 1947j

Fields: Business fluctuations, econometrics, economic theory, and mathematical economics

Dissertation: A theoretical and statistical analysis of consumer saving.

Publications:

“Note on Money Wage Problem”, Quarterly Journal of Economics, 1941.
“Money Wage Rates and Employment”, in New Economics (Knopf, 1947).
“Liquidity Preference and monetary Policy”, Review of Economics and Statistics, 1947.
[pencil addition] Article in Harris (ed.), The New Economics, 1947.

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Source: Columbia University Rare Book and Manuscript Library. Department of Economics Collection, Box 6, Folder “Columbia College”

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