Tag: Ratzlaff

Categories
Economist Market Economists Fields

Harvard. Economics department professors plan review of junior staff. 1932

 

Within the faculty of the Department of Economics at Harvard University, there was a Committee of Professors. From the following memo it appears that within the Committee of Professors there was an Executive Committee. The memo is interesting to read as an announcement of a pending review of the junior staff that will be stratified into five layers: “unusually able men”, “capable and useful” (hold), “capable and useful” (encourage to seek elsewhere), “not as useful here” (push to seek elsewhere), “capable young” (hold). Somewhat surprised that the strata assignments were identified ex ante. 

[I have added the full names and plus the dates and names of the institutions where undergraduate and graduate degrees had been awarded.]

Also worth noting are hopes for attracting Gottfried Haberler to continue and explicit mention of Wassily Leontief as someone to consider for hiring.

_______________________________________

[Handwritten note: Presented at Meeting Exec Cte Jan 21, 1932]

VERY CONFIDENTIAL

A. Among other matters the Committee of Professors will be asked to consider the status and work of certain members of the Junior Staff.

I. The men in this group have passed their Generals and are at work on their dissertations. They are unusually able men deserving special consideration.

Sweezy
[Alan Richardson Sweezy. A.B. (Harvard) 1929; A.M. (Harvard) 1932; Ph.D. (Harvard) 1934]

Walsh
[John Raymond Walsh. A.B. (Beloit College) 1921; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Smith
[Dan Throop Smith. A.B. (Stanford) 1928; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Abbott
[Charles Cortez Abbott. A.B. (Harvard) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1933]

II. The men in this group either have their degrees or will have them shortly. They are capable and useful, perhaps more. It may be to their advantage and ours to encourage them to remain here for some time longer. For the coming year, at least, promotion to faculty instructorship is not involved.

Anderson
[Karl Leopold Anderson. S.B. (Mt. Allison University) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Goldstein
[Aaron Goldstein. A.B. (Johns Hopkins) 1928; A.M. (Harvard) 1931; Ph.D. (Harvard) 1934]

Hoover
[Edgar Malone Hoover, Jr.] A.B. (Harvard) 1928; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Hunt
[Bishop Carleton Hunt. B.B.A. (Boston University) 1920; A.M. (Harvard) 1926; Ph.D. (Harvard) 1930]

Shaffner
[Felix Ira Shaffner, Rhodes Scholar (Oxford) 1924; A.B. (Harvard) 1925; A.M. (Harvard) 1926; Litt.B. (University of Oxford, England) 1928; Ph.D. (Harvard) 1933)]

Wallace
[Donald Holmes Wallace. A.B. (Harvard) 1924; A.M. (Harvard) 1928; Ph.D. (Harvard) 1931]

Wernette
[John Philip Wernette. A.B. (University of California) 1924; A.M. (University of Southern California) 1926; A.M. (Harvard) 1929; Ph.D. (Harvard) 1932]

III. The men in this group, all Ph.Ds, have reached or are nearing the point when they can be placed elsewhere most advantageously. They are capable and very useful here. They should be encouraged to take acceptable offers.

Currie
[Lauchlin Bernard Currie. S.B. (University of London, England) 1925; A.M. (Harvard) 1927; Ph.D. (Harvard) 1931]

Ellsworth
[Paul Theodore Ellsworth. A.B. (University of Washington) 1920; B.A. (University of Oxford) 1924; A.M. (Harvard) 1930; Ph.D. (Harvard) 1932]

Gilbert
[Donald Wood Gilbert. A.B. (University of Rochester) 1921; A.M. (University of Rochester) 1923; A.M. (Harvard) 1924; Ph.D. (Harvard) 1932]

White
[Harry Dexter White. A.B. (Stanford) 1924; A.M. (Stanford) 1925; Ph.D. (Harvard) 1930]

IV. The men in this group have their Ph.Ds or will have them shortly. They are useful here, but less so than group III. They should be moved at the first opportunity.

Ratzlaff
[Carl Johann Ratzlaff. S.B. (University of Minnesota) 1922; A.M. University of Minnesota) 1925; A.M. (Harvard) 1928; Ph.D. (Harvard) 1930].

Crane
[John Bever Crane. A.B. (Northwestern University) 1924; A.M. (Harvard) 1926; Ph.D. (Harvard) 1932]

Danielian
[Noobar Réthéos Danielian. A.B. (Harvard) 1928); A.M. (Harvard) 1929; Ph.D. (Harvard) 1932]

Eaton
[Albert Kenneth Eaton. A.B. (Acadia University) 1922; S.B. (London School of Economics) 1928; A.M. (Harvard) 1929, Ph.D. (Harvard) 1933]

Fields
[Morris Joseph Fields. S.B. (Tufts College) 1921; M.B.A. (Harvard) 1923; A.M. (Harvard) 1928; Ph.D. (Harvard) 1932]

Phinney
[Josiah Thompson Phinney. A.B. (Yale) 1923; A.M. (Harvard) 1928; Ph.D. (Harvard) 1931]

Ross
[James Alexander Ross, Jr. S.B. (Princeton) 1922; B.A. (University of Oxford, England) 1925; A.M. (Harvard) 1933; Ph.D. (Harvard) 1934]

Towle
[Lawrence William Towle. A.B. (Bowdoin College) 1924; A.M. (Harvard) 1927; Ph.D. (Harvard) 1932]

V. The men in this group are capable young men and will probably remain here for some time longer.

Baker
[George Pierce Baker, Jr. A.B. (Harvard) 1925; A.M. (Harvard) 1930; Ph.D. (Harvard) 1934]

Cassels
[John MacIntyre Cassels. B.A. (University of Alberta) 1924; B.A. (University of Oxford) 1927; Ph.D. (Harvard) 1934]

Krost
[Martin Max Krost. Senior Economist, Division of Research an Statistics, Board of Governors of the Federal Reserve System (October 1940) ]

Wendzel
[Julius Tugendreich Wenzel. A.B. (Kalamazoo College) 1928; A.M. (Tufts College) 1930, Ph.D. (Harvard) 1934]

B. The Committee should also consider our instruction in International Trade. At present Associate Professor Cole is giving Economics 9a, the undergraduate course in International Trade. The Department has voted that when possible this course is to become part of a full course—International Economic Problems. Our graduate course—Economics 39—will be given by Dr. Haberler during the second half of this year. Dr. Haberler may be available for another year or two if the Department cares to invite him.
Professor Cole is interested in the undergraduate instruction in International Trade and International Economic Problems, but not particularly in the graduate instruction.
A.E. Monroe is interested in the graduate instruction in International trade. Although he is on one-half time appointment, probably an arrangement could be made for him to give the graduate course.

C. There is a possibility—if some of our non-faculty instructors accept positions elsewhere—that we may be able to make a few new appointments. The following men should be considered.

Leontieff (if Haberler is not reappointed) (One of his articles is available in Mrs. Gilboy’s office).

Gardner (sic) Means
[Gardiner Coit Means. A.B. (Harvard) 1918; A.M. (Harvard) 1927; Ph.D. (Harvard) 1933]

Schmidt (California Ph.D. Credentials may be had from Miss Rogers).

Source: Harvard University Archives. Harvard University Department of Economics general office files.  (UAV349.11) Box 11, Folder “Full Professors Meetings of Department of Economics.”

Image Source: Detail from cover of the Harvard Class Album 1946.

Categories
Exam Questions Harvard Principles Suggested Reading Syllabus Teaching Undergraduate

Harvard. Principles of Economics. Reading assignments, Exams, 1928

 

Partial course outlines from Harvard’s principles of economics course from 1927-28 and 1928-29 were found filed with the economics course outlines for 1938-39 in the Harvard Archives. The principal instructors for the courses in both years were Harold Hitchings Burbank and Edward Hastings Chamberlin, so combining the first semester outline from 1928-29 with the second semester outline from 1927-28 as transcribed below gives us a synthetic syllabus for the 1927-29 years. This post also includes enrollment figures for the two academic years as well as the corresponding semester final exams for the course. Links to the assigned textbooks have been added to complete the package.

____________________________

Course Announcement and Description

ECONOMICS
GENERAL STATEMENT

Course A is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It may not be taken by Freshmen without the consent of the instructor. Students concentrating in Economics should elect Course A in their Sophomore year, except in unusual cases. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics A…

INTRODUCTORY COURSES
Primarily for Undergraduates

A. Principles of Economics

Tu., Th., Sat., at 11. Professor [Harold Hitchings] Burbank, Dr. [Edward Hastings] Chamberlin, Dr. [Charles Holt] Taylor, and Messrs. [John Bever] Crane, [Melvin Gardner] de Chazeau, [Edgar Jerome] Johnson, [Delmar] Leighton, [Talcott] Parsons, [Carl Johann] Ratzlaff, [James Harold] Shoemaker, [Samuel Sommerville] Stratton, [John Phillip] Wernette, [Harry Dexter] White and [Earle Micajah] Winslow; with lectures on selected subjects by Professor [Frank William] Taussig and other Members of the Department.

Course A gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes an analysis of the present organization of industry, the mechanism of exchange, the determination of value, and the distribution of wealth.

The course is conducted entirely by oral discussion in sections. Taussig’s Principles of Economics is used as the basis of discussion.

Course A may not be taken by Freshmen without the consent of the instructor.

Source:  Official Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928). Division of History, Government, and Economics 1928-29, pp. 63-64.

____________________________

Enrollment in Economics A, 1928-29

[Economics] A. Professor Burbank and Dr. Chamberlin, Dr. Taylor and Messrs. Leighton, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and Ratzlaff, Crane and Shoemaker. — Principles of Economics.

Total 477: 55 Seniors, 127 Juniors, 242 Sophomores, 26 Freshmen, 27 Others.

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 71.

 

____________________________

EXHIBIT D
First Half

OUTLINE OF STUDY FOR ECONOMICS A
1928-29

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, Vol. I, 3rd edition, (New York: 1921).

Sept. 27
Sept. 29		 Lecture.
Lecture.
Oct. 1 – 6 Taussig, Principles 1. Wealth and Labor.
2. Labor in Production.
3. Division of Labor and Development of Modern Industry.
Oct. 8 – 13 ”
”
”
Robertson		 4. Large Scale Production.
5. Capital.
6. Corporate Organization of Industry.
1 – 3. Control of Industry.
Oct. 15 – 20 Taussig
”
“		 8. Exchange, Value, Price.
9. Value and Utility.
10. Market Value. Demand and Supply.
Oct. 22 – 27 ”
”
“		 17. Coinage.
18. Quantity.
19. Secs. 2, 3, 4: History of Prices.
Oct. 29 – Nov. 3 ”
”
“		 20. Bimetallism.
22. Changes in Prices.
23. Government Paper Money
Nov. 5 – 10 ”
“		 24. Banking and Medium of Exchange.
25. Banking Operations.
Nov. 12 – 17 ”
”
“		 27. Banking System of United States
28. Crises.
29. Panics.
Nov. 19 – 24 ”
”
Hour Exam		 30. Prices.
31. Reform.
Nov. 26 – Dec. 1 ”
”
”
Henderson		 Review 8, 9, 10.
12. Constant Cost.
13. Diminishing Returns.
Demand and Supply (Nov. 26 to Dec. 15).
Dec. 3 – 8 Taussig
“		 14. Varying Cost.
15. Monopoly.
Dec. 10 – 15 ”
Henderson:		 16. Joint Cost and Joint Demand.
Ch. 5. Demand and Supply.
Dec. 17 – 22 Taussig 32. The Foreign Exchanges
RECESS Dec. 23 to Jan. 2
Reading Period Jan. 2 to 16  [No additional reading requirements]
Jan. 2 – 7 Taussig
“		 33. International Payments.
34. International Trade.
Jan. 9 – 14 ”
“		 36. Protection.
37. Free Trade.
MIDYEARS:

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

____________________________

1928-29
HARVARD UNIVERSITY
ECONOMICS A
[Mid-Year Examination, 1929]

  1. Many business men are hoping for a period of rising prices; some financial writers are prophesying that it is inevitable. Assuming no change in our existing monetary and banking laws, what causes might lead to an increase in prices? How would such rising prices tend to affect the holders of various types of securities?
  2. “Some people argue that price is determined by cost of production; and yet they admit that producers with too high costs have to drop out. Thus it is clear that in reality a producer’s cost is determined by the price he can get, consequently price cannot be determined by cost of production.” Comment on this statement.
  3. What influence has the existence of joint cost upon the development of large scale production?
  4. It has been stated that with the Federal Reserve System in operation there will never be a recurrence in the United States of such (a) crises and (b) panics as occurred in 1893 and 1907. Do you agree?
  5. What attitude toward the tariff would you expect to be taken by a banker who has made large loans abroad, by a manufacturer of woolen cloth, by a professor of economics, by a Louisiana politician?
  6. Explain briefly:
    1. The principles of subsidiary coinage.
    2. The relation between markets and the division of labor.
    3. The distinction between consumers’ goods and producers’ goods.
    4. The significance of the following: “The plentifulness of money is in itself a matter of indifference.”

Source: Harvard University Archives. Mid-Year examinations, 1852-1943. Box 11, Bound volume: Examination Papers: Mid-Years 1929, Papers Printed for Mid-Year Examinations [in] History, New Testament, Government, Economics….Military Science, Naval Science. January-February, 1929.

____________________________

Enrollment in Economics A, 1927-28

[Economics] A. Professor Burbank and Dr. Chamberlin and Messrs. K.W. Bigelow, [Theodore John] Kreps, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and D.V. Brown, with lectures on selected subjects by Professor Taussig and other Members of the Department. — Principles of Economics.

Total 532: 61 Seniors, 165 Juniors, 258 Sophomores, 20 Freshmen, 28 Others.

Source: Harvard University. Report of the President of Harvard College, 1927-28, p. 74.

____________________________

OUTLINE OF ASSIGNMENTS FOR ECONOMICS A
1927-28, 2nd. Half year.

Thomas Nixon Carver. The Distribution of Wealth (New York: 1921).

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, 3rd edition, (New York: 1921). Volume I, Volume II.

Feb. 6

Feb. 11

 Review
Value
Diminishing Returns		 Carver:
”
“		 Distribution of Wealth
Ch. I. Value
Ch. II. Diminishing Returns
Feb. 13

Feb. 18

 Rent Carver:
Taussig:
“		 V. Rent
Ch. 44. Rent (esp. Capitalization)
Ch. 43. Urban Site Rent
Feb. 20

Feb. 25

 Interest Carver:
Taussig:		 Ch. VI. Interest
Ch. 40. Interest
Feb. 27

Mar. 3

 Wages Carver:
Taussig:		 Ch. IV. Wages
Ch. 47. Social Stratification
Mar. 5

Mar. 10

 Profits, Population Carver:
Taussig:
“		 Ch. VII. Profits
Ch. 53. Population
Ch. 54. Population, continued
Mar. 12

Mar. 17

 Inequality Taussig:
”
”
“		 Ch. 7. Productiveness
Ch. 45. Monopoly
Ch. 51. Great Fortunes
Ch. 55. Inequality
Mar. 19

Mar. 24

 Land, Risk, Labor, etc. Henderson:
”
”
”
“		 Ch. VI. Land
Ch. VII. Risk Bearing Enterprise
Ch. VIII. Capital
Ch. IX. Labor
Ch. X. Real Costs of Production
Mar. 26

Mar. 31

 Labor Taussig:
”
“		 Ch. 56. Wages system
Ch. 57. Labor Unions
Ch. 58. Labor Legislation
Apr. 2

Apr. 7

 Labor ”
”
“		 Ch. 59. Industrial Peace
Ch. 60. Workmen’s Insurance
Ch. 61. Coöperation
RECESS April 8-14
Apr. 16

Apr. 21

 Railways ”
“		 Ch. 62. Railways
Ch. 63. Railway Problems, continued.
Apr. 23

Apr. 28

 Public Ownership & Combinations ”
“		 Ch. 64. Public Ownership & Control
Ch. 65 Combinations & Trusts
Apr. 30

May 5

 Industry and Capitalism Robertson:
”
”
Review		 Ch. V. Capitalism of Industry
Ch. VI. Finance and Industry
Ch. VII. Survey of CapitalismCh. X. Workers’ Control
May 7
READING PERIOD BEGINS
May 12		 Socialism Taussig:
“		 Ch. 66. Socialism
Ch. 67. Socialism, continued.
May 14

May 19

 Social Reform Robertson:
”
“		 Ch. IX. Collectivism
Ch. X. Workers Control
Ch. XI. Joint Control
May 21

May 26

 Taxation

Taussig:

“

 Ch. 68. Principles Underlying Taxation
Ch. 69 Income and Inheritance Taxes
REVIEW
EXAMINATIONS

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

____________________________

1927-28
HARVARD UNIVERSITY
ECONOMICS A
[Final End-year Examination]

Allow one hour and one-half for the first question.

  1. Explain how the distribution of wealth is affected by the following:
    1. Large and rapid changes in the supply of money.
    2. Labor saving inventions.
    3. A rise in the standard of living of the wage earning classes.
    4. The opening for settlement of new areas of good agricultural land.
    5. The government regulation of public utilities.
  2. Discuss the accuracy of the following statements:
    “Three generations from shirt sleeves to shirt sleeves.”
    “The rich are becoming richer and the poor poorer.”
    “To abolish wage slavery we must abolish the wages system; only through socialism can the wages system be forced to disappear.”
    “The one way a union can help its members is by limitation of the supply of hands.”
  3. What does each of the following propose: collectivism, single tax, producers’ coöperation, syndicalism?
  4. Explain briefly the case for and against minimum wage laws, unemployment insurance, progressive taxation of incomes, the restriction of immigration.

Source: Harvard University Archives. Examination papers, Finals (HUC 7000.28). Bound Volume 70 (1928). Papers Printed for Final Examinations [in] History, Church History,…Economics,…Military Science, Naval Science, June 1928.

Image Source: Harold Hitchings Burbank from Harvard Class Album 1934.