The previous post provided transcriptions of the mid-year and end-year final examinations for Harvard’s principles of economics course for the academic year 1947-48. The second-term examination included over fifty multiple choice questions, which appears to me to be the first use of that examination format in the Harvard economics department. Today’s post gives additional information for the course: the course announcements, staffing, enrollment and reading lists. Should I ever come across the printed Course Syllabus: Economics A, I will try to get at least portions of it transcribed.
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Course Announcements
Economics Aa. Principles of Economics
Half-course (fall term). Tu., Th., Sat., at 11. Depending on enrolment, sections will also be arranged at other hours. Radcliffe sections will meet Tu., Th., Sat., at 11 and at such other times as the enrolment may justify.
Professor Burbank, Assistant Professor Bradley, Dr. Papandreou, and other Members of the Department.
Economics Aa may be taken by properly qualified Freshmen with the consent of the instructor.
Economics Ab. Principles of Economics
Half-course (spring term). Tu., Th., Sat., at 11. Depending on enrolment, sections will also be arranged at other hours. At Radcliffe Tu., Th., Sat., at 11 and at such other times as the enrolment may justify.
Professor Burbank, Assistant Professor Bradley, Dr. Papandreou, and other Members of the Department.
Economics Aa is a prerequisite for this course.
Source: Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1947-48, published in Official Register of Harvard University , Vol. XLIV, No. 25 (September 9, 1947), p. 69.
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Course Enrollments and Staffing
[Economics] Aa. Professor Burbank, Assistant Professor Bradley, and Messrs. Brecher, Campbell, M.G. Clark, Duesenberry, Farrell, Fels, Ferguson, Garbarino, Heany, Hunter, Kahn, Meredith, Passer, Powelson, Schelling, Thompson, Ulman.—Principles of Economics (F).
Total 834: 1 Graduate, 52 Seniors, 134 Juniors, 453 Sophomores, 184 Freshmen, 10 Other.
[Economics] Ab. Professor Burbank, Assistant Professor Bradley, and Messrs. Brecher, Campbell, M.G. Clark, P. Clark, Cochrane, Eckley, Farrell, Fels, Ferguson, Garbarino, Heany, Hirchleiger, Hunter, Kahn, McClelland, Margolis, Meredith, Morgan, Passer, Powelson, Reynolds, Thompson, Ulman.—Principles of Economics (Sp).
Total 747: 1 Graduate, 57 Seniors, 209 Juniors, 358 Sophomores, 109 Freshmen, 13 Other.
Source: Report of the President of Harvard College and Reports of Departments for 1947-48,p. 89.
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Course Readings
ECONOMICS Aa
Fall, 1947
| Benham and Lutz | Economics, American Edition (1941) |
| Bowman and Bach | Economic Analysis and Public Policy (1944) |
| *Chandler, L. V. | A Preface to Economics (1947) |
| *Federal Reserve System | Federal Reserve Charts on Bank Credit, Money Rates and Business |
| Federal Reserve System | Its Purposes and Functions (1939) |
| Luthringer, Chandler and Cline | Money, Credit, and Finance (1938) |
| *Staff Members | Syllabus: Economics A |
*To be purchased by the students.
| PART I. | INTRODUCTION TO ECONOMICS (1 week) | |
| A. THE INSTITUTIONAL BACKGROUND | ||
| Chandler, Ch. 1, The Scope of Economics | 16 | |
| Chandler, Ch. 2, Production and Exchange; Their Meaning and Structure | 21 | |
| Chandler, Ch. 3, Technology and Economics | 28 | |
| Chandler, Ch. 4, Business Firms | 29 | |
| Chandler, Ch. 5, Some Implications of the Industrial Revolution | 14 | |
| 103 | ||
| B. THE COORDINATION OF ECONOMIC ACTIVITY | ||
| Chandler, Ch. 8, The Social Control of Economic Processes | 20 | |
| Chandler, Ch. 9, Laissez-Faire and Competition | 18 | |
| Chandler, Ch. 10, Competitive Control of Rationing, Price and Production | 19 | |
| 57 | ||
| PART II. | THE NATIONAL INCOME, MONEY, AND PRICES | |
| A. THE NATIONAL INCOME | ||
| Syllabus, The National Economy
Ch. 1, National Income |
48 | |
| 48 | ||
| B. MONEY | ||
| Syllabus, The National Economy | ||
| Ch. 2, Nature and Functions of Money | 4 | |
| Ch. 3, The Existing Supply of Money in the United States | 1 | |
| Ch. 4, The Banking System of the United States | 9 | |
| Ch. 5, The Federal Reserve Banks and the Money Supply | 4 | |
| Luthringer, Ch. 6, Quantitative Control of Bank Credit | ||
| Fed. Res. System | ||
| Ch. 1, A General Outline of the Federal Reserve System | 12 | |
| Ch. 2, The Service Functions of the Federal Reserve Banks | 14 | |
| Ch. 7, Federal Reserve Powers and Limitations | 11 | |
| Ch. 8, Member Bank Reserves and Related Items | 9 | |
| 81 | ||
| C. MONEY, PRICES AND THE NATIONAL INCOME | ||
| Syllabus, The National Economy
Ch. 6, Money, Prices, and the National Income |
41 | |
| 41 | ||
| PART III. | MARKET DETERMINATION OF THE RELATIVE PRICE OF CONSUMER GOODS AND SERVICES (4 weeks) | |
| A. MARKETS | ||
| Benham, Ch. 2, Markets, omit Appendix A. | 21 | |
| B. CONSUMER DEMAND | ||
| Benham, Ch. 3, Demand | 16 | |
| Benham, Ch. 4, Price with a Fixed Demand, pp. 71-74 | 4 | |
| Benham, Ch. 5, Changes in Demand | 11 | |
| 31 | ||
| C. THE BUSINESS FIRM—COST AND REVENUE | ||
| Bowman and Bach, Ch. 4, The Unit of Business Enterprise | 15 | |
| Syllabus, Value | ||
| Ch. 1, Problems of the Firm | 17 | |
| Ch. 2, Problems of Production, Real Input and Real Output | 16 | |
| Ch. 3, Problems of Production: Money Costs and Money Returns | 18 | |
| 66 | ||
| D. THE INDUSTRY—DEMAND AND SUPPLY | ||
| Bowman and Bach | ||
| Ch. 14, Pure Competition and the Law of Supply and Demand | 9 | |
| Ch. 15, The Firm and Short-run Market Adjustments, pp. 216-220 | 4 | |
| Ch. 16, Long-run Price and Output Adjustments | 14 | |
| 27 | ||
| E. MODIFICATIONS OF COMPETITION | ||
| Chandler, Ch. 12, Competition Today | 27 | |
| PART IV. | PUBLIC CONTROL OF MARKETS (2 weeks) | |
| Bowman and Bach | ||
| Ch. 26, Foundations of Power | 29 | |
| Ch. 27, Some Monopolistic Price Policies | 17 | |
| Ch. 28, Public Policy Attacking Restraints of Trade in Business | 18 | |
| Ch. 29, Public Utility Regulation | 21 | |
| Ch. 56, Agriculture: A Case Study | 31 | |
| Chandler, Ch. 13, Laissez-Faire Today | 21 | |
| 137 |
ECONOMICS Ab
Spring 1948
| Benham and Lutz | Economics, American Edition (1941) |
| Bowman and Bach | Economic Analysis and Public Policy (1944) |
| Committee for Economic Development | Taxes and the Budget |
| *Hoover, C. B. | International Trade an Domestic Employment |
| *League of Nations | Economic Stability in the Post-War World (1945) |
| Slichter, S. H. | Basic Criteria Used in Wage Negotiations |
| Slichter, S. H. | Trade Unions in a Free Society |
| *Staff Members | Syllabus: Economics A |
| Twentieth Century Fund | How Collective Bargaining Works |
| Williamson and Harris | Trends in Collective Bargaining |
| Witte, Edwin | Labor-Management Relations Under Taft-Hartely Act |
| *U.S. Dept. of Commerce | The United States in the World Economy |
*To be purchased by the students.
| PART V. | THE MARKETS FOR FACTOR SERVICES (15 sessions including Part VI) |
|
| A. PRINCIPLES GOVERNING FACTOR COMBINATIONS | ||
| Review Syllabus: VALUE | ||
| Ch. I—Problems of the Firm | 16 | |
| Ch. II—Problems of Production | 16 | |
| Ch. III—Problems of Production | 18 | |
| 50 | ||
| B. GENERAL THEORY OF DISTRIBUTION | ||
| Syllabus: DISTRIBUTION | ||
| Ch. I—Definitions | 3 | |
| Ch. II—General Theory of Distribution | 15 | |
| Benham & Lutz | ||
| Ch. 18: Rent | 13 | |
| Ch. 17: Interest | 31 | |
| 62 | ||
| C. PERSONAL DISTRIBUTION OF INCOME | ||
| Class Discussion: No assignment | ||
| PART VI | LABOR ORGANIZATION AND LABOR MARKET | |
| Bowman & Bach | ||
| Ch. 30: History and Philosophy of Trade Unionism | 16 | |
| Williamson & Harris | ||
| Ch. 1: What is Collective Bargaining | 8 | |
| Ch. 2: Bargaining Agencies for the Workers | 11 | |
| Ch. 3: Employer Bargaining Agencies | 11 | |
| Ch. 4: Union Recognition | 14 | |
| Ch. 5: Collective Agreements | 11 | |
| Ch. 6: Wages | 17 | |
| Slichter | ||
| Sections I and II: Basic Criteria Used in Wage Negotiations | 34 | |
| 20th Century Fund | ||
| How Collective Bargaining Works | 47 | |
| Slichter | ||
| Trade Unions in a Free Society | 31 | |
| Witte | ||
| Labor-Management Relations Under the Taft-Hartley Act | 22 | |
| 222 | ||
| PART VII. | INTERNATIONAL ASPECTS OF MARKETS AND FINANCE (7 sessions) |
|
| Benham & Lutz | ||
| Ch. 25: The Theory of International Trade | 22 | |
| Ch. 26: Balances of Payments | 10 | |
| Ch. 27: Free Exchange Rates | 10 | |
| Ch. 28: The Gold Standard | 22 | |
| Ch. 29: Exchange Control | 8 | |
| Ch. 30: Import Duties and Quotes | 9 | |
| The United States in the World Economy | ||
| Summary and Recommendations | 26 | |
| Ch. 1: The Setting of the Problem | 9 | |
| Hoover | ||
| Ch. 1: The Determination of National Policy and National Trade | 17 | |
| Ch. 2: The International Monetary Fund | 16 | |
| Ch. 3: The Problem of International Loans and Investments | 19 | |
| Ch. 4: The Newer Forms of Trade Barriers | 15 | |
| Ch. 5: Our Tariff Policy | 15 | |
| 198 | ||
| PART VIII. | PUBLIC FINANCE AND THE ECONOMIC PROBLEM (7 sessions) |
|
| Bowman & Bach | ||
| Ch. 46: Introduction to the Public Economy | 11 | |
| Ch. 47: Public Expenditures | 13 | |
| Ch. 48: Public Revenues: Taxation | 26 | |
| Ch. 49: Taxation (continued) | 29 | |
| C.E.D., Taxes and the Budget | ||
| II. Tax Program for Nineteen-Fifty-X | 25 | |
| III. Tax Policy for 1948 | 5 | |
| Bowman & Bach | ||
| Ch. 50: Fiscal Policy and the National Income | 18 | |
| Ch. 51: Social Security | 16 | |
| 143 | ||
| PART IX. | PROSPERITY AND DEPRESSION (7 sessions) |
|
| Section I: The Nature of Depressions | ||
| League of Nations: Economic Stability in the Post-War World | ||
| Ch. 1: The Nature of Depression | 16 | |
| Ch. 2: Types of Depression | 5 | |
| Bowman & Bach | ||
| Ch. 44: General Business Fluctuations | 24 | |
| League of Nations: Economic Stability in the Post-War World | ||
| Ch. 4: The Strategic Role of Investment | 26 | |
| Ch. 5: Depressions and Primary Production | 11 | |
| Ch. 6 International Spread of Booms and Depressions | 23 | |
| 125 | ||
| Section II: Anti-Depression Policies | ||
| League of Nations: Economic Stability in the Post-War World | ||
| Ch. 7: Regulation of Total Expenditure | 9 | |
| Ch. 8: Constituents of national Expenditures | 6 | |
| Ch. 9: Private Consumption Expenditure | 10 | |
| Ch. 10: Private Investment | 17 | |
| Ch. 11: Credit Policy and the Stabilization of Total Expenditure | 10 | |
| Ch. 12: Public Expenditure and Fiscal Policy | 26 | |
| Ch. 13: Foreign Investment | 12 | |
| Ch. 14: Employment and Inflation | 14 | |
| 104 |
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003 (HUC 8522.2.1). Box 4, Folder “1947-48, (1 of 2)”.
Image Source: Harold H. Burbank in Harvard Class Album, 1934.