Tag: Lange

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Chicago Exam Questions Fields

Chicago. Ph.D. Exam for Money, Banking and Monetary Policy, 1946

This transcribed Ph.D. examination for Money, Banking and Monetary Policy comes from a copy of the exam in the papers of Norman Kaplan at the University of Chicago archives. According to the Course Announcements, this field was covered by four quarter courses: both Money (330) and Banking Theory and Monetary Policy (331), and either The Theory of Income and Employment (335) or Business-Cycle Theory (432). In 1945-46 the first two courses were taught by Lloyd Mints. Jacob Marschak and Oscar Lange were scheduled to teach Economics 335 and 432, respectively, but I believe Lange was away that year in Washington, D.C. In any event the questions reveal emphasis on the material covered by Mints.

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MONEY, BANKING AND MONETARY POLICY
Written examination for the Ph.D.

Autumn Quarter, 1946

 

Time: 4 hours. Answer all questions.

 

  1. Discuss the effect of tax reduction on employment.
  2. Discuss the comparative advantages of fixed and flexible foreign exchange rates.
  3. A newspaper story of Jan. 21, 1946, on President Truman’s budget message, had the following headlines and first two paragraphs:

“TRUMAN MAPS FIRST DEBT CUT SINCE 1930
CASH ON HAND TO OFFSET ’47 DEFICIT.

“Washington—President Truman’s first budget proposes to spend $4,300,000,000 more that the government will collect, but for the first time since 1930, it won’t increase the national debt.
“Mr. Truman proposes to withdraw from the Treasury sufficient funds no only to offset this deficit but also to reduce the debt by $7,000,000,000.”

Discuss the monetary effect of this budget proposal. Would one expect the proposed debt cut to be deflationary or inflationary? Why? How would the effect compare with such alternatives as refunding the debt? Borrowing more to add to cash balances?

  1. The average amount of money (deposits plus hand-to-hand currency) in circulation in 1929 was $55 billion. At present (1946) the stock of money is $170 billion, or approximately three times the $55 billion of 1929. If we assume that the volume of transactions would normally (with a continued high level of employment) increase at the rate of 4% per annum, the volume of transactions in 1947, with a high level of employment, would then be approximately twice that of 1929 (1 compounded annually at the rate of 4% for 18 years amounts to 2.03). If we then assume that velocity will be the same in 1947 as it was in 1929, and that the stock of money will be the same in 1947 as in late 1946, we have approximately the following index numbers for 1947, using 1929 as a base:

M = 3.0
V = 1.0
T = 2.0

Therefore      P = 1.5

Discuss the reasonableness of the various assumptions made in this analysis and of 1.5 as the possible index of the price level in 1947. Is there any good reason for using 1929 as the base year rather than, say, 1940?

  1. The following statement, made in a recent CED [Committee for Economic Development] monograph, refers to the high post-war level of holdings of cash and government bonds by the public as compared with pre-war holdings:

“It is sometimes implied that the liquid assets will disappear as they are used. But money is not extinguished by use; it simply passes from the hand of the buyer to the hand of the seller. The use of liquid assets by some members of the public to buy goods, services, or securities from other members of the public will not reduce total liquid-asset holdings but only transfer their ownership.”

Suppose the liquid assets were used to such an extent as to bring on a substantial rise in the price level. Does the fact that they are not extinguished by use imply that the danger, from this source, of a further rise in prices would be unchanged?

 

Source: University of Chicago Archives. Norman M. Kaplan Papers, Box 3, Folder 5.

Image Source: 1936 Social Science Research Building. University of Chicago Photographic Archive, apf2-07476, Special Collections Research Center, University of Chicago Library.

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Chicago Courses Exam Questions Suggested Reading Syllabus

Chicago. Economic Doctrine, Modern Tendencies. Lange, 1942

“Modern Tendencies in Economic Economic Doctrine” was the title of the course taught by Oscar Lange in 1942 at the University of Chicago. According to the notes to the course taken by Norman Kaplan, the first two lectures appear to be Lange’s Apologia for the rationality postulate in modern economic theory that are then followed by lectures in which many themes of Hicks’ Value and Capital are addressed. Karl Marx, Max Weber and Talcott Parsons all get mention in his reflections on the rationality postulate. One can characterise Lange’s mission here and elsewhere as seeking to graft advances in economic theory from the marginal revolution that led to neoclassical economics to the trunk of (Marxian) classical economics.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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[Course Announcement, Economics 303, Spring 1942]

303. Modern Tendencies in Economic Doctrine.—A critical study of controversial questions in the general body of economic theory, and of some modern developments of that theory. The fundamentals of the theory of general equilibrium, the approach to dynamic economics, the foundations of welfare economics, the place of economics among the social sciences and problems of methodology will be discussed. Prerequisite: Economics 301 or equivalent. Spring, Tu., Th., 3:30-5:30, Lange.

 

Source: University of Chicago, The College and the Divisions for the Sessions of 1941-1942. Announcements Vol. XLI, No. 10 (April 25, 1941), p 307.

_____________________________________

Spring, 1942

ECONOMICS 303
BIBLIOGRAPHY

Required

J. R. Hicks. Value and Capital

H. Schultz. Theory and Measurement of Demand, chap. vi

J. Dean. “Department-Store Cost Functions,” Studies in Mathematical Economic and Econometrics, p. 222.

F. Lindahl. Studies in the Theory of Money and Capital, part I [(handwritten marginal note: (Read along with dynamic part of Hicks)]

H. Makower and J. Marschak. “Money and the Theory of Assets,” Economica (Aug. 1938)

M. Kalecki. “The Principle of Increasing Risk,” Essays in the Theory of Economic Fluctuations

G. L. S. Shackle. “Expectations and Employment,” Econ. J. (Sept. 1939)

________________. “The Nature of the Inducement to Invest,” RES (Oct. 1940)

A. G. Hart. “Uncertainty and Inducements to Invest,” RES (Oct. 1940)

T. Scitovszky. “A Study of Interest and Capital,” Economica (Aug. 1940)

J. Tinbergen. “Econometric Business Cycle Research,” RES (Feb. 1940)

R. F. Harrod. “Essay in Dynamic Theory,” Econ. J. (March 1939)

R. F. Kahn. “Some Notes on Ideal Output,” Econ. J. (March 1935)

N. Kaldor. “Welfare Propositions and Inter-Personal Comparability of Utility,” Econ. J. (Sept. 1939)

J. R. Hicks. “The Foundations of Welfare Economics,” Econ. J. (Dec. 1939)

A. P. Lerner. “From Vulgar Political Economy to Vulgar Marxism,” JPE (Aug. 1939)

H. D. Dickinson. “A Comparison of Marxian and Bourgeois Economics,” The Highway 1937

Eric Roll. “The Social Significance of Recent Trends in Economic Theory,” Canadian J. of Economics (Aug. 1940)

 

Optional

F. H. Knight. Risk, Uncertainty and Profit

G. Tintner. “A Contributionof the Non-Static Theory of Choice,” QJE (Feb. 1942)

A. G. Hart. “Anticipations, Uncertainty and Dynamic Planning,” J. of Business of the U. of C. (Oct. 1940)

J. R. Hicks. “A Suggestion for the Simplification of the Theory of Money,” Economica (1935)

P. N. Rosenstein-Rodan. “The Co-ordination of the General Theories of Money and Prices,” Economica (Aug. 1936)

J. Tinbergen. A Method and its Application to Investment Activity, League of Nations

H. D. Dickinson. The Economics of Socialism

M. H. Dobb. Political Economy and Capitalism

A. P. Lerner. “Statics and Dynamics in Socialist Economics,” Econ. J. (June 1937)

Talcott Parsons. The Structure of Social Action, chap. iv

_____________________________________

ECONOMICS 303
Spring, 1942

 

I. Discuss briefly the relation of the analysis of consumers’ behavior in terms of indifference curves and in terms of traditional marginal utility theory. Explain

(1) the concept of the marginal rate of substitution and its relation to marginal utility.

(2) the relation between the law of diminishing marginal utility and the convexity (toward the origin) of indifference curves.

(3) the assumptions underlying measurability of utility.

(4) the consequences which dispensing with the hypothesis that utility is measurable has for the law of diminishing marginal utility and for the Edgeworth-Pareto distinction between substitute, independent and complementary commodities.

(5) whether the use of indifference curves and of the marginal rate of substitution requires that utility be immeasurable.

 

II. Explain the difference between “co-operant” factors of production in the sense of Pigou (i.e., “complementary” factors in the sense of Edgeworth-Pareto) and complementary factors in the sense of Hicks-Allen-Schultz. Show why in the case of only two factors used to produce a product both definitions are equivalent but cease to be so if more than two factors are used. What is the purpose of replacing in the theory of production “co-operancy” by complementarity in the Hicks-Allen sense?

 

III. Describe the way in which uncertainty of price expectations influences the production plans of firms and the consumption plans of households. Explain

(1) what features of uncertain price expectations influence the planning of sales and purchases.

(2) apply your explanation to the determination of forward prices.

(3) discuss how uncertainty influences the length of the economic horizon and how this accounts for the insensitiveness of current investment to changes in interest rates.

 

IV. State the conditions of stability of general economic equilibrium and try to link them up with the relation of changes in the quantity of money to changes in the demand for cash balances. Don’t worry if you cannot answer the second part of the question. If you can answer it, give an example of a behavior of the monetary system which will make general equilibrium unstable.

 

Source: University of Chicago Archives. Norman Kaplan Papers, Box 2, Folder 6.

Image source: Wikipedia/commons.

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Chicago Exam Questions

Chicago. Exam questions for Oskar Lange’s Imperfect Competition Course, 1941 & 1944

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment following each posting….

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The economist Norman M. Kaplan’s papers includes the reading list, two exams, and over 200 pages of his clear and legible lecture notes from Oskar Lange’s graduate theory course on imperfect competition at the University of Chicago. I have already posted the reading list for the Autumn quarter of 1941. This posting consists of the course exam questions for both 1941 and 1944.

_________________________

The course description in the 1944-45 course announcements
[identical to course description in 1941-42 announcements]

  1. Imperfect Competition.—A study of price formation and production under various transitional forms between perfect competition and pure monopoly, such as monopolistic and monopsonistic competition, noncompeting groups, oligopoly and bilateral monopoly. The problem of equilibrium under such forms. Noncompeting groups and social structure. Application of the theory to the study of distribution of incomes, collective bargaining, excess capacity, price rigidity, and business cycles. Imperfect competition and economic policy. Prerequisite: Economics 209 or equivalent. Sum[mer] 2d hf 1st T and 1st hf 2d T [C. ½ C in 2d hf 1st T]: MWF 1-3; Autumn, TuThS 10; Lange.

Source: University of Chicago. Announcements of the College and the Divisions for the Sessions of 1941. Vol. XLIV, No. 8 (May 15, 1944), p. 275.

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ECONOMICS 307
Autumn, 1941

(Answer briefly)

I.

The following table shows the demand (sales) schedule and the total cost schedule from a monopolist producing a patented medicine:

Output
(in units)

 Price (per unit) at which
output can be sold
(in dollars)

Total cost
(in dollars)

0

 10

1000

100

 9

1200

200

 8

1400

300

 7

1600

400

 6

1800

500

 5

2000

600

 4

2200
  1. Calculate the total revenue in the marginal revenue schedules
  2. Calculate the marginal cost, average cost and average variable cost schedules. Indicate the fixed cost
  3. Find the most profitable output and price. Showed that it is not affected by a change in fixed cost
  4. Calculate the net profit.

 

II.

  1. Explain the conditions under which monopolistic and monopsonistic price discrimination is (a) possible, (b) advantageous to the firm
  2. Assuming that the firm finds it possible and advantageous to practice monopolistic or monopsonistic price discrimination, indicate the relationship between (in the case of monopoly) the prices charged in the different markets and the respective elasticities of demand, or (in the case of monopsony) between the prices paid in the different markets and the respective elasticities of supply
  3. What can be said about the social desirability of monopolistic price discrimination from the point of view of welfare economics?

 

III.

  1. Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
  2. Explain and discuss critically the concepts of “monopolistic exploitation” and of “monopsonistic exploitation” of labor
  3. Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) and of control of monopoly upon the demand for labor by a firm (or industry).
  4. Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discussed her decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice (indicate your criteria of “justice”).

 

IV.

  1. Discuss the fundamental difficulty of the theory of oligopoly and explain how it is solved in (a) Chamberlin’s theory of monopolistic competition, (b) on the basis of rules of group behavior endowed with the dignity of ethical norms
  2. Discuss the significance of the kinked demand curve sub (1b) with regard to (a) price rigidity, (b) the functional distribution of incomes

 

V.

Discuss by means of a diagram the case of “service competition” between oligopolistic firms bound by a price agreement. Show (a) how the output of a firm is determined in this case and (b) the difference between this case and that of atomistic competition.

 

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ECONOMICS 307
December, 1944

I.

Describe Chamberlin’s theory of monopolistic competition and explain:

  1. the “excess capacity” obtaining when the firm and the group are both in equilibrium; distinguish between short and long-period “excess capacity”; which of the two presents a waste of resources from the social point of view and why.
  2. What assumptions about other firms’ reactions are made in Chamberlin’s theory.
  3. What criticisms can be made of Chamberlin’s theory.

 

II.

  1. Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
  2. Explain and discuss critically the concept of “monopolistic exploitation” and of “monopsonistic exploitation” of labor.
  3. Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) upon the demand for labor by a firm (or industry).
  4. Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discuss your decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice. (indicate your criteria of “justice”).

 

III.

Explain the reasons which lead under oligopoly to formation of a conventional price and state:

  1. Why is the demand curve likely to have a “kink” at the level of the conventional price;
  2. What is the shape of the marginal revenue curve in this case;
  3. Within what limits will a shift of the marginal cost curve leave price and output unaffected (illustrated by diagram);
  4. What bearing has this upon the problem of trade-unionism and wage-fixing.

 

IV.

“Total output is maximized when the ratios of the marginal productivities of any two factors are the same in each industry.”

  1. Explain what is meant in this context by “total output being maximized.”
  2. Give a simple numerical illustration of the theorem.

 

Source: University of Chicago Archives. Norman M. Kaplan Papers, Box 2, Folder 7.

Image Source:  Oskar Lange monument at Wroclaw University of Economics. Wikimedia Commons.

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Courses Economists Harvard

Harvard. Mathematical Economics Rescheduled. Petitions, E. B. Wilson, 1935

One of the iron statistical laws of scheduling classes is that the probability of finding a Pareto improvement to a scheduling conflict ex post semester-start rapidly tends to zero with the size of the class that needs to be rescheduled. Here is a case of one such rare Pareto-improvement.

For the second semester of the academic year 1934-35 at Harvard E. B. Wilson’s Mathematical Economics rescheduled to eliminate the conflict with Fritz Machlup’s Money and Banking course.

What happens to make this particular case interesting in the history of economics is the list of distinguished (ex post) names among the undersigned of three foreign visitors to Harvard, namely Oskar Lange, Nicholas Georgescu, and Gerhard Tintner along with the graduate student Wolfgang Stolper and the undergraduate Sidney S. Alexander.

Six of the undersigned went on to receive Harvard Ph.D.’s in economics, they were:

  • Sidney Stuart Alexander.D. 1946. Financial structure of American corporations since 1900. (note: Harvard S.B. 1936, so undergraduate)
  • James Pierce Cavin, 1938 Ph.D. The sugar quota system of the United States, 1933-1937.
  • Wolfgang Stolper, 1938 Ph.D. British monetary policy and the housing boom, 1931-1935
  • Albert Leonard Meyers, 1936 Ph.D. Future trading on organized commodity exchanges
  • Chih-Yu Lo, 1937 Ph.D. A statistical study of prices and markets for electricity
  • Wilfred Malenbaum, Ph.D. 1941. Equilibrating tendencies in the world wheat market.

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[Memo: Econ. Chair to Dean, Carbon copy]

February 7, 1935

Dear Dean Murdock,

Because of the conflict of Economics 13b (Mathematical Economics) and Economics 50 (Principles of Money and Banking), which are scheduled for 3:00 on Tuesday and Thursday, Professor Wilson has requested that the hour for Economics 13b be changed to 2:00 on Tuesday and Thursday. I understand from Miss Higgs that rooms are available at this hour. The students registered in the course agree to this change.

I shall appreciate it if the change can be arranged before the next meeting of the class on Tuesday.

Sincerely yours,

H. H. Burbank

 

Dean Kenneth B. Murdock
20 University Hall

_______________________________________

 

[Memo: Dept. Secretary to E. B. Wilson, Carbon copy]

February 5, 1935

Dear Professor Wilson,

Dr. Machlup tells me that because of the conflict of Economics 13b and 50 you are willing to change the hour of meeting Economics 13b to 2:00 on Tuesday and Thursday. Until I am sure that the students who are taking the course for credit are agreeable, I cannot notify Dean Murdock of this change.

The simplest way to do this, I think, is for you to ask the class at its meeting on Thursday. There will be no trouble, I am sure, about securing a room at that hour. If you will let me know the outcome as soon as possible, I will make the necessary arrangements at the office.

Sincerely yours,

Secretary

 

Professor E. B. Wilson
55 Shattuck Street
Boston, Massachusetts

_______________________________________

[Petition signed by students/auditors in Econ 13b]

[Penciled in upper right: “Econ 13b]

[typed] We should like to attend both, unfortunately conflicting, courses: Economics 13b (Mathematical Economics) and Economics 50 (Money and Banking). It would be much appreciated if a change in schedule could be arranged.

[signed] Oskar Lange
[signed] Nicholas Georgescu
[signed] Gerhard Tintner

[added in handwriting] We also, though not taking Ec. 50, would be willing to change hours.

[signed] S. S. Alexander

Source: Harvard University Archives. Department of Economics. Correspondence & Papers 1902-1950 (UAV.349.10). Box 23, Folder “Course Offerings 1932-37-40”.

_______________________________________

[Petition signed by students/auditors in Econ 50]

[Penciled in upper right: “Econ 50]

[typed] We should like to attend both, unfortunately conflicting, courses: Economics 13b (Mathematical Economics) and Economics 50 (Money and Banking). It would be much appreciated if a change in schedule could be arranged.

[signed] W. Stolper
[signed] J. P. Cavin
[signed] A. L. Meyers
[signed] C. Y. Lo
[signed] T. Y. Wu [?]
[signed] S. Bolts [?]
[signed] P. Chanten [?]
[signed] W. Malenbaum

Source: Harvard University Archives. Department of Economics. Correspondence & Papers 1902-1950 (UAV.349.10). Box 23, Folder “Course Offerings 1932-37-40”.

_______________________________________

[Economics 13b: Course enrollment]

[Economics] 13b 2hf. Professor E. B. Wilson.—Mathematical Economics.

2 Graduates, 1 Junior. Total 3

 

[Economics] 50. Professors Williams and Dr. Machlup-Wolf.—Principles of Money and Banking.

16 Graduates., 10 Seniors, 1 Junior, 8 Radcliffe. Total 35.

 

Source: Annual Report of the President and the Treasurer of Harvard College 1934-35, pp. 81-2.

 

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Chicago Courses

Chicago. Imperfect Competition (Econ 307) Reading List. Lange, 1941

Today’s posting  comes from Norman M. Kaplan’s student notes from his graduate studies: a carbon copy of the reading list for Oskar Lange’s course at the University of Chicago given in the Autumn Quarter of 1941.

The Course description from the 1941-42 course announcements:

307. Imperfect Competition.—A study of price formation and production under various transitional forms between perfect competition and pure monopoly, such as monopolistic and monopsonistic competition, noncompeting groups, oligopoly and bilateral monopoly. The problem of equilibrium under such forms. Noncompeting groups and social structure. Application of the theory to the study of distribution of incomes, collective bargaining, excess capacity, price rigidity, and business cycles. Imperfect competition and economic policy. Prerequisite: Economics 301 or equivalent. Summer, 9:00; Autumn, 1:30; Lange.

Source: University of Chicago. Announcements of the College and the Divisions for the Sessions of 1941. Vol. XLI, No. 10 (April 25, 1941), p. 307.

_______________________________________

ECONOMICS 307
Autumn, 1941

 

E. Chamberlin. The Theory of Monopolistic Competition

Joan Robinson. Economics of Imperfect Competition

Roy F. Harrod. “Doctrines of Imperfect Competition,” QJE (May 1934)

G. Stigler. “Notes on the Theory of Duopoly,” JPE (Sept. 1940)

A. C. Pigou. Economics of Stationary States. Chap. 14-19, 23, 40-44

R. Triffin. Monopolistic Competition and General Equilibrium Theory.

Testimony of Frank Fetter before TNEC. Hearings before TNEC, Part 5

N. Kalder. “The Equilibirum of the Firm” Econ. J. (1934)

__________. “Monopolistic Competition and Excess Capacity,” Economica (Feb 1935)

P. Sweezy. “Demand under Conditions of Oligopoly,” JPE (Aug 1939)

R. L. Hall and C. J. Hitch. Price Theory and Business Behavior. Oxford Economic Papers No. 2, May, 1939

M. W. Reder. “Inter-Temporal Relations of Demand and Supply within the Firm,” Canadian J. of Economics and Political Science (Feb 1941)

H. Smith. “Advertising Cost and Equilibrium,” RES (Oct 1934)

G. Tintner. “Note on the Problem of Bilateral Monopoly,” JPE (1939)

M. Bronfenbrenner. “The Economics of Collective Bargaining,” QJE (Aug. 1939

Turner. “Theory of Industrial Disputes,” RES (Feb 1934)

G. Tintner. “Note on the Problem of Bilateral Monopoly,” JPE (1939)

M. Bronfenbrenner. “The Economics of Collective Bargaining,” QJE (Aug. 1939)

Turner. “Theory of Industrial Disputes,” RES (Feb 1934)

A. P. Lerner. “The Concept of Monopoly and Measurement of Monopoly Power,” RES (Feb 1934)

____________. “From Vulgar Political Economy to Vulgar Marxism,” JPE (Aug 1939)

M. Kalecki. Studies in Theory of Economic Fluctuations. Chap. 1.

 

Optional

J. E. Meade. An Introduction to Economic Analysis and Policy, part II

E. A. G. Robinson. Structure of Competitive Industry.

F. Zeuthen. Problems of Monopoly and Economic Warfare, part 4.

F. Harrod. Price and Cost in Entrepreneur’s Policy. Oxford Economic Papers No. 2, May, 1939.

S. Nelson and W. G. Keim. Price Behavior and Business Policy. TNEC Mon. No. 1

Report of the Federal Trade Commission on Monopolistic Practices in Industry, Hearings before TNEC, part 5A

R. Triffin. “Monopoly in Particular and General Equilibrium Economics,” Econometrica (April 1941)

M. W. Reder. “Monopolistic Competition and the Stability Conditions,” RES (Feb 1941)

R. Shone. “Selling Costs,” RES (June 1935)

E. Hoover. “Spatial Price Discrimination,” RES (June 1937)

J. R. Hicks. “The Theory of Monopoly,” Econometrica, 1935

H. Hotelling. “Stability in Competition,” Econ. J., 1929

M. Bronfenbrenner. “Application of the Discontinuous Oligopoly Demand Curve,” JPE (June 1940)

R. H. Coase. “Some Notes on Monopoly Price,” RES (Oct. 1937)

Structure of the American Economy, chaps. 7, 8, 9

J. Robinson. “What is Perfect Competition?” QJE, 1934

E. Chamberlin. “Monopolistic or Imperfect Competition,” QJE, 1937

N. Kaldor. “Professor Chamberlin on Monopolistic and Imperfect Competition,” QJE, 1938

R. F. Kahn. “Some Notes on Ideal Output,” Econ. J, 1935

_______________________________________

Source: Kaplan, Norman Maurice. Papers, Box 2, Folder 7, Special Collections Research Center, University of Chicago Library

Image Source: Hoover Institution Archives. Papers of Yzgmunt Berling, Box 2. Lange is the civilian in the front left, soon to be General Yzgmunt Berling is the uniformed man on the right. The picture is from 1943.

 

 

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Chicago Courses Economists Exam Questions

Chicago. Econ 332. Business Cycle Theory (Lange). Final Exam.1938

 

 

In the previous post, we encountered Martin Bronfenbrenner who was the first choice on a short-list for a position to be filled at Columbia College. In his papers archived at the Duke University Economists’ Papers Project we find a mimeographed copy of the exam for Business Cycle Theory, Economics 332 dated December 21, 1938.  Since Bronfenbrenner was a graduate student at the University of Chicago then and the course number and title exactly coincide with those of the course offered by Oskar Lange in the Autumn Quarter 1938 that ended precisely on December 21, we can confidently match the exam below to Lange’s Business Cycle Theory course.

 

From The University of Chicago, Announcements,Vol. XXXVIII,   No. 7. The College and the Divisions for the Sessions of 1938-39. (p. 325):

E. FINANCE AND FINANCIAL ADMINISTRATION
[…]

332. Business Cycle Theory.–Historical and systematic analysis of business cycle theory. The main types of explanation. Equilibrium theory and analysis of economic processes. The role of time in the analysis of economic processes. The significance of anticipations. Theoretical and observed fluctuations. The factors which determine the general level of output and employment. The fluctuations of investment and of employment. The role of technical progress. Business-cycle policy. Prerequisite: Economics 211, 301, and 330, or their equivalents. Autumn, 1:30, LANGE.

[Highlighted text was not included in the course description from the 1942 Announcements]

________________________________

December 21, 1938

ECONOMICS 332

Business Cycle Theory

  1. State Say’s law and explain under what monetary conditions it does or does not hold good.
  2. (1) What definition of saving makes saving always equal to investment?
    (2) Indicate two definitions of saving such that saving may differ from investment and explain the meaning of this difference in each case.
    (3) Give two possible meanings of the term ‘hoarding.’
  3. Explain briefly Mr. Keynes’ doctrine concerning:
    (1) the effects on employment of a general and uniform change in money wages
    (2) the effects on total employment of relative changes in money wage rates
  4. Is there any theoretical justification for dividing the business cycle into four phases? Discuss the problem on hand of any theory of the business cycle you like to choose.

 

Source: Duke University, Rubenstein Rare Book & Manuscript Library, Martin Bronfennbrenner Papers, 1939-1995, Box 24, c.1, Folder “Exams. Macro-econ cycles & fiscal policy 1951-76. 1 of 3”.

Image source: Wikipedia/commons.

 

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Chicago Courses Economists

Chicago Economics. Econ 332. Business Cycle Theory (Lange). Minsky Notes. 1942

Notes taken by Hyman Minsky in Spring, 1942, when he was an undergraduate at the University of Chicago. The notes are from the class, “Economics 332: Business Cycle Theory” taught by Oscar R. Lange.

I was going to send a graduate student of mine to check the notes in the Minsky Archive at Bard College. Imagine my delight when I was told that the kind folks there would scan the material and post it for all in their Bard Digital Commons. Note there are five files total.

________________

[Course Description]

E. MONEY, BANKING, AND BUSINESS CYCLES
[…]

332. Business Cycle Theory.–Historical and systematic analysis of business cycle theory. The main types of explanation. Equilibrium theory and analysis of economic processes. The role of time in the analysis of economic processes. The significance of anticipations. Theoretical and observed fluctuations. The factors which determine the general level of output and employment. The fluctuations of investment and of employment. The role of technical progress. Business-cycle policy. Prerequisite: Economics 211, 301, and 330, or equivalents. Spring, 2:30, LANGE.

Source: From The University of Chicago, Announcements,Vol. XLI, No. 10, April 25, 1941.   The College and the Divisions for the Sessions of 1941-1942. (p. 310).