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Economics Programs Fields M.I.T.

M.I.T. Graduate Economics Program Brochure, 1961

 

 

 

Robert Solow served as the graduate registration officer of the Department of Economics and Social Science at M.I.T. perhaps even as late as when the graduate program brochure (transcribed below) was printed in 1961. Since Solow went down to Washington to serve as a senior staff economist on the Council of Economic Advisers in 1961, it seems likely that the brochure would have been drafted sometime before John F. Kennedy’s inauguration. This brochure is striking in many ways, e.g. its 100% informational content, presumably reflecting significant authorship/editor responsibilities of Robert Solow.

Five cherry-picked quotes from the brochure I found particularly sweet:

“The M.I.T. program does not concentrate on mathematical economics”
[It’s not what you say, it’s what they hear.]

“The department welcomes applications from qualified women”
[Apparently in the DNA of the department since World War II nearly emptied the pool of qualified male applicants.]

“The purpose of the minor program is to broaden the interests or capacities of the student in other areas than those of his major intellectual objective. While some latitude is allowed in particular cases, the spirit of this purpose is always held in view.”
[As opposed to the commandment “Thou shalt stay in thy lane”.]

“Students who are prepared for graduate work in economics are almost never deficient in humanities. Similarly, deficiencies in science are infrequent; but candidates are frequently admitted without preparation in calculus.”
[You go to war with the army you have.]

“In judging promise, special weight is naturally given to letters of recommendation from economists known to members of the department. The difficulty of evaluating records in foreign institutions and of judging foreign references constitutes a serious but no impassable barrier for foreign applicants.”
[Signal extraction problem vs. the problem of old boy networks]

Incidentally, neither “microeconomics” nor “macroeconomics” appear in the document at all. The preferred terms seen here in the brochure are “price and allocation theory” and “income analysis”.

____________________________________

The Graduate Program in Economics

School of Humanities and Social Science
Massachusetts Institute of Technology
[1961]

This brochure has been prepared especially for students who may enter the graduate program in economics at M.I.T. Its purpose is to answer a number of questions which have been recurrently raised about the program and to add to the information which is given in the M.I.T. catalogue.

 

Highlights of the M.I.T. Graduate Program in Economics

  1. The program is almost entirely for doctoral candidates. The master’s degree at M.I.T. is given in either economics and engineering or economics and science; it requires the equivalent of the M.I.T. undergraduate content in engineering or science.
  2. The M.I.T. program does not concentrate on mathematical economics. All students are required to have and use a minimum of mathematics. Students who enter without calculus may make up their deficiency in the first term with a one-semester subject (Mathematics for Economists—14.101), given in our own department. Most of the work in most fields, however, is nonmathematical.
  3. The program is limited in size. Approximately twenty-five students are admitted in any year; sixty or so students are in residence at one time. The department has more than thirty faculty members, twenty of whom have a major responsibility in the graduate program.
  4. The department welcomes applications from qualified women.
  5. All applicants are urged to take the Graduate Record Examination no later than during the January preceding the September in which they wish to enter. They should take the quantitative and verbal aptitude tests as well as the test in economics (Write to the Graduate Record Examinations, educational Testing service, 20 Nassau Street, Princeton, New Jersey, for information on these examinations. Students in western states should write to 4640 Hollywood Boulevard, Los Angeles 27, California.)
  6. Visits to the M.I.T. Campus are helpful both to the candidate and to the departmental admissions committee. Appointments are desirable but are not generally essential, since members of the committee are likely to be available.
  7. The department would like each applicant to submit a statement (one or two pages) explaining his interest in economics. An informal questionnaire is provided for general guidance.
  8. Admission in February is granted only on an exceptional basis, because many subjects given in the spring are continuations of work given in the fall. In any event, fellowship assistance is given only as a consequence of the annual March competition, for students entering in the following September.
  9. Fellowships and scholarships in amounts up to $3250 are available for entering graduate students.
  10. Winners of outside fellowships are welcome to use them at M.I.T. It is entirely appropriate to apply for a Woodrow Wilson, G.E., A.A.U.W., National Science Foundation, or other outside fellowship at the same time that one applies to M.I.T. As a rule, M.I.T. learns of the outside award prior to making its own announcements.
  11. Liberal second-year fellowships are available both to students entering with fellowships and to those who enter without financial assistance. Awards are made on the basis of first-year performance.
  12. Teaching assistantships are ordinarily available for third-year students only, although some second-year students may do a small amount of teaching. Assistantships are not available to entering students unless they have had prior graduate study and teaching experience elsewhere.
  13. I.T. these are written in residence. Following an Institute rule, theses are prepared in residence except where the special requirements of the subject, such as field work, dictate otherwise. All theses are written in residence.
  14. For further information, write the Graduate Registration Office of the Department of Economic and Social Science, Professor Robert M. Solow.

 

S.M. in Economics and Engineering or Economics and Science

The department offers a Master of Science degree only in the combined fields of economics and engineering or economics and science. This degree is available primarily to students whose undergraduate work was in either engineering or science. Its purpose is to enable scientists and engineers, and in particular graduates of the undergraduate Courses in Economics and Engineering or Science (Course XIV) at M.I.T., to carry their economics training to the graduate level in order to equip them more fully for work in industry or government.

 

Ph.D. Degree

Ph.D. degrees are awarded in economics (including industrial relations) and in political science. In addition, candidates occasionally work for a doctorate in two or more fields—for example, economics and mathematics, economics and operations research, or economics and regional planning. These candidates are examined by special committees, on which members of the Department of Economics and Social Science serve jointly with members of the other departments concerned. Most of the graduate work in the department is directed towards the doctor’s degree. This pamphlet deals exclusively with the Ph.D. in economics; a separate bulletin describing graduate work in political science is available on request.

There are four departmental requirements for the Ph.D. degree: the passing of a general examination in a number of approved fields within the area of economics and social science; the satisfactory completion of a “minor” program in another department; demonstration of ability to read two foreign languages of significance in economics; and preparation and defense of a dissertation.

 

Major Program and General Examinations

Work taken in the Department of Economics and Social Science for the doctorate in economics is divided—broadly speaking—into two separate options: economics and industrial relations. But there is considerable overlap between the two.

All students in both options are examined five fields. Among the fields presently available are the following: economic theory, advanced economic theory, monetary and fiscal economics, industrial organization, economic development, international economics, economics of innovation, labor economics and labor relations, personnel administration, human relations in industry, statistical theory and method, and economic history. Each student selects one field as having primary importance for this professional career; ordinarily this is the field in which he writes his dissertation, though exceptions may be made. The remaining four fields are designated secondary fields. One of the five fields must be economic theory.

Students are also required to have at least a minimum knowledge of statistics and economic history. This minimum is presently interpreted to mean one semester of work in each at the graduate level. Candidates who present statistics or economic history as a primary or secondary field normally take two or three semester subjects in the field and automatically satisfy the requirements in that area.

Students may qualify in one of the secondary fields through course work only, provided that they receive a mark of B or better in two subjects. Students are examined in writing in the remaining four fields during an eight-day period (Monday, Wednesday, Friday, and Monday). The theory examination is four hours long (divided roughly between microeconomics and macroeconomics), while the other three are each three hours long.

Following these written examinations, the student takes a two-hour oral examination which covers theory, his primary field, and one secondary field.

 

Foreign Languages

Doctoral candidates must show reading knowledge of two foreign languages; the standard set is the ability to read works of scientific interest at a relatively slow pace. Acceptable languages are German, French, Russian, or any other language which has a literature in economics or which will advance the educational program planned by the individual student. Students are examined by the Department of Modern Languages.

Students whose language preparation has been limited may take subjects which prepare specifically for the language examinations. Students with no previous training in a language frequently are able to attain the necessary minimum proficiency during a single semester of fairly intensive study. Others, who have already had some introduction to a language, often pass the requirement at some time before the end of the semester.

 

Minor Program

Every candidate for the doctor’s degree at M.I.T. must complete a program in a minor field in another department of the Institute. This program consists of a minimum of 24 units, which ordinarily implies three one-semester subjects. The choice of the minor field is made by the student, with the approval of the Department of Economics and Social Science. The content of the program within the other department is a matter for that department’s determination. Satisfactory completion of a minor is ordinarily contingent upon an average rating of 3.5 (in effect, a minimum of two B’s and a C). The normal standard is that the minor work shall be beyond the level required of M.I.T. undergraduates. Students who have done advanced undergraduate work in some field other than economics may often use it to meet part of the minor requirement.

Students in economics have met the minor requirement in such fields as mathematics, industrial management, history, international relations, other social sciences, literature, city planning, chemistry, and electrical engineering. Subjects taken in the minor program must not duplicate work which may be offered for one of the five fields in economics. A minor program in history may include only one term of economic history, since two terms would qualify the student to offer it as a field in economics. Similarly, students minoring in industrial management may not concentrate in such areas as personnel administration. The purpose of the minor program is to broaden the interests or capacities of the student in other areas than those of his major intellectual objective. While some latitude is allowed in particular cases, the spirit of this purpose is always held in view.

 

Courses at Harvard

Students regularly enrolled at M.I.T. are permitted to take a limited number of subjects at Harvard University—about two miles distant in Cambridge—on an exchange basis, without paying extra tuition. Such subjects may be taken as a part of the minor program. Fields for the major program other than those described above may sometimes be offered on the basis of work at Harvard.

 

Residence Requirements

The minimum residence requirement for the Ph.D. degree, including thesis, is the equivalent of one and one-half full-time academic years. No specific number of subjects is required for the general examinations. In general, however, it is recommended that students have at least the equivalent of three semesters of work at the graduate level for the primary field; four semesters in economic theory; and two semesters in each of the other fields. Work on the graduate level at other institutions is considered in meeting these broad approximations of the requisite preparation. Since there are no formal course requirements, there is no occasion to have graduate credits from other schools transferred.

A full-time student is expect to take the equivalent of five subjects each semester for credit; this may include one “reading subject,” in which the student will broaden his reading in his regular subjects. A half-time student is permitted to take approximately three subjects, and a third-time student two subjects. Auditing of additional subjects is permitted as an overload.

 

Dissertation and Special Examination

The Institute requires that all dissertations be prepared in residence, during which period tuition must be paid. Field work may be necessary to gather material; but the analysis of this material must take place at the Institute, under supervision of the instructor in charge of the dissertation. In some cases the writing of the final, polished version of the thesis may be completed elsewhere.

As in other institutions, the dissertation is expected to make a contribution to knowledge in the subject. Shortly after each candidate has submitted his thesis, he is examined on its subject. This examination is oral, conducted by a committee generally consisting of three faculty members, and usually is one hour in length.

 

Total Program of Course Work

The typical student comes to the Institute directly from college with no previous graduate study, having a deficiency in one subject and the ability to pass the reading examination in one language. He can usually prepare for the general examinations in four semesters (two academic years) taking five subjects in each, divided as follows:

 

In the Department of Economics Economic theory—four subjects
One primary field—three subjects
Three secondary fields—six subjects
Statistics—one subject
In other departments Deficiency—one subject
Language—one subject
Minor—three subjects
Total: Twenty subjects
[sic, total of the above is nineteen]

This program is only illustrative, of course, and a wide number of variations are to be expected. Additional work may be required because of additional deficiencies or lack of language preparation. The number of subjects may be reduced by absence of deficiencies, by better preparation in languages, by postponing one or more requirements (such as a part of the minor) until after the general examinations, or by incorporating economic history and/or statistics as primary or secondary fields.

 

Time Required for the Ph.D. Degree

A student entering the program with only a bachelor’s degree may expect to receive the Ph.D. degree in three years under optimum conditions. This will entail taking the general examination in May of the second year and completing a satisfactory dissertation in two semesters of full-time work thereafter. Normally, however, somewhat more time is needed, either in summer work or in some part of a fourth year. Students may need this additional time for more extensive preparation before the general examination, for the thesis, or (in the ordinary case) because teaching duties prevent full-time progress as a student. Many students who plan to enter the teaching profession take advantage of the opportunity to teach part-time at M.I.T. Teaching assistantships are available for students who have passed their general examinations, and occasionally for second-year students.

General examinations are given in the department at the beginning of each semester—in September and February—an again in May. Defense of the dissertation is arranged individually at any time.

Students enrolling in the Ph.D. program with a master’s degree from another institution, based on one or more years of residence at that institution, are urged to take their general examinations earlier than May of their second year at M.I.T. It is not usual, however, for a student to be able to transfer between institutions without some loss of time.

 

Summer School

The department does not offer any subjects at the graduate level during the summer session. However, students may enroll during the summer for thesis credits, for which tuition must be paid. Scholarships are only rarely available for payment of summer school tuition.

 

Admission

To be admitted into the program, a student must hold a bachelor’s degree from an accredited college or university. To be admitted without deficiencies, he must have taken one year of college mathematics, including at least one semester of calculus; one year of college science; and a minimum of three years of college work in the humanities and social sciences. While an undergraduate degree in economics is not indispensable, students are expected to have done a considerable amount of undergraduate work in this field. Students who are prepared for graduate work in economics are almost never deficient in humanities. Similarly, deficiencies in science are infrequent; but candidates are frequently admitted without preparation in calculus.

 

Special Students

Special students, taking from one to five subjects, may be admitted to the Institute and to the department from time to time under special circumstances. Admission of special students automatically lapses each semester; application for re-admission, in the case of students wishing to continue course work, must have the approval of the instructor concerned and the department.

 

Deficiencies

Students who, upon admission, are deficient in mathematics may make up this deficiency by taking a special one-semester subject offered by the Department of Economics—Mathematics for economists (14.101.) Since calculus is required for some of the work in economic theory and statistics, students entering with a deficiency in this area are required to make it up as soon as possible. Though this is not specifically recommended, some students may be able to make up a deficiency in calculus by studying at a summer school prior to fall enrollment at the Institute.

 

Fellowships, Scholarships, and Financial Assistance

Fellowships and scholarships are awarded on a competitive basis only. First-year awards are made on April 1 for the academic year beginning in the following September. Second-year and subsequent departmental awards are made in June. No academic assistance is available for students applying after April 1, or (until the following September) for those entering in February.

Fellowships cover the tuition fee of $1500 and some cash payment toward living expenses. A fellowship of $3200 will thus include $1500 tuition and $1700 cash. The cash award is paid in two equal installments, at the beginning of each semester.

The total of fellowship assistance varies from year to year. There are several name fellowships: the Goodyear, varying from $3000 to $3500; the United States Steel, at about $3100 for each of two years (awarded every other year); the RAND Corporation Fellowship in Mathematical Economics, varying from $3000 to $3500; the Hicks, for students of industrial relations, ranging from $2000 to $3000; and the Center for International Studies Fellowship in Economic Development, ranging from $3000 to $3500; In addition to these, the Institute awards Whitney Fellowships ($3000 in 1961), open only to first-year graduate students coming from outside M.I.T., upon recommendation of the department; and the department has limited funds with which it makes scholarship and fellowship awards varying from $1500 to $3000.

In offering scholarships and fellowships, the department takes into account a variety of factors; academic achievement, career promise, and need. In judging promise, special weight is naturally given to letters of recommendation from economists known to members of the department. The difficulty of evaluating records in foreign institutions and of judging foreign references constitutes a serious but no impassable barrier for foreign applicants.

In general, outside fellowships are financially better than all but a few of the department’s awards. Applicants are therefore urged to seek Woodrow Wilson, Danforth, National Science Foundation, and similar fellowships for use at M.I.T., if they think they stand a good chance of success in the national competition.

Students who perform effectively in their first year are assured of financial support needed to finish the degree. Part of this takes the form of fellowships, in amounts somewhat lower than first-year awards; the rest consists of teaching and research assistantships and instructorships. The half-time teaching assistantship covers the half-time tuition fee of $1000 and pays $180 a month for nine months—a total of $2620. The half-time instructorship, which is reserved for students who have demonstrated effective teaching as an assistant, pays the same tuition and $235 monthly–$3115 for the academic year. The few research assistants appointed each year receive a higher rate of pay than teaching assistants but pay their own tuition. They have the advantage, however, of working on a subject related to their thesis. The department is occasionally able to obtain assistantships for applicants in other parts of the Institute, such as the School of Industrial Management or the Operations Research Group.

Third-year students are also encouraged to compete for outside assistance in supporting their thesis research, such as the Ford Foundation Doctoral Dissertation Awards, the Social Science Research Council Fellowships, and Fulbright Awards.

 

The Faculty in Economics and Industrial Relations

Morris A. Adelman, Professor of Economics
Ph.D. Harvard 1948
Industrial organization, government regulation

Albert K. Ando, Assistant Professor of Economics
Ph.D. Carnegie Institute of Technology 1959
Statistics and econometrics, economic fluctuations

Francis M. Bator, Associate Professor of Economics
Ph.D. M.I.T. 1956
Price and allocation theory, income analysis, economic growth

Robert L. Bishop, Professor of Economics, in charge of the department
Ph.D. Harvard 1949
Price and distribution theory, industrial organization, history of economic thought

E. Cary Brown, Professor of Economics
Ph.D. Harvard 1948
Public finance, income analysis, fiscal economics

Evsey D. Domar, Professor of Economics
Ph.D. Harvard 1947
Income analysis, economic growth, Soviet economics, fiscal economics

Robert Evans, Jr., Assistant Professor of Industrial Relations
Ph.D. Chicago 1959
Labor economics, industrial relations

Franklin M. Fisher, Assistant Professor of Economics
Ph.D. Harvard 1960
Econometrics, price and allocation theory

Harold A. Freeman, Professor of Statistics
S.B. M.I.T. 1931
Statistical theory, experimental design probability methods

Ralph E. Freeman, Professor of Economics, Emeritus; Lecturer
A.M. McMaster 1914, B. Litt. Oxford 1919
Monetary economics

Everett E. Hagen, Professor of Economics
Ph.D. Wisconsin 1941
Economic development, income analysis

Ralph C. James, Jr., Assistant Professor of Insutrial Relations
Ph.D. Cornell 1957
Labor economics, industrial relations

Charles P. Kindleberger, Professor of Economics
Ph.D. Columbia 1937
International economics, monetary theory and policy

Edwin Kuh, Associate Professor of Economics
Ph.D. Harvard 1955
Econometrics, income analysis

Max F. Millikan, Professor of Economics
Ph.D. Yale 1941
Economic development, income analysis

Charles A. Myers, Professor of Industrial Relations
Ph.D. Chicago 1939
Labor economics, industrial relations

Paul Pigors, Professor of Industrial Relations
Ph.D. Harvard 1927
Personnel administration, industrial relations

Paul N. Rosenstein-Rodan, Professor of Economics
Dr.Rer.Pol. Vienna 1925
Economic development

Walt W. Rostow, Professor of Economic History
Ph.D. Yale 1940
Economic history, economic growth

Paul A. Samuelson, Professor of Economics
Ph.D. Harvard 1941
Price and allocation theory, income analysis, monetary theory and policy

Abraham J. Siegel, Associate Professor of Industrial Relations
M.A. Columbia 1949
Labor economics, industrial relations

Robert M. Solow, Professor of Economics
Ph.D. Harvard 1951
Price and allocation theory, income analysis, econometrics

 

Graduate Subjects

Price and allocation theory

14.121, 122 Economic Analysis
14.123 Advanced Economic Theory
14.132 Schools of Economic Thought
14.151 Mathematical Approach to Economics

 

Income analysis

14.451 Theory of Income and Employment
14.452 Economic Growth and Fluctuations

 

Economic history and economic development

14.161,162 Economic History
14.171 Theory of Economic Growth
14.172 Research Seminar in Economic Development
14.182 Capitalism, Socialism, and Growth

 

Economics of industry

14.271 Problems in Industrial Economics
14.272 Government Regulation of Industry

 

Statistics and econometrics

14.371,372 Statistical Theory
14.374 Design and Analysis of Scientific Experiments
14.381 Statistical Method
14.382 Economic Statistics
14.391 Research Seminar in Economics
15.032 Sampling of Human Populations1

 

Monetary and fiscal economics

14.461,462 Monetary Economics
14.471 Fiscal Economics
14.472 Seminar in Fiscal and Monetary Policy

 

International economics

14.581,582 International Economics
14.584 Seminar in International Economic Theory

 

Industrial relations

14.671 Problems in Labor Economics
14.672 Public Policy on Labor Relations
14.674 The Labor Movement: Theories and Histories
14.681,14.682 Seminar in Personnel Administration
14.691,692 Research Seminar in Industrial Relations
14.693 Collective Bargaining and Union-Management Cooperation
14.694 Seminar in Union-Management Cooperation

1School of Industrial Management

 

[Production Credits]

Editorial service by the M.I.T. Office of Publications. Design by Brigitte Hanf. Typesetting by the Lew A. Cummings Company, Inc., Manchester, New Hampshire, and The Composing Room, Inc., New York. Production by the Lew A. Cummings Company, Inc. January, 1961.

 

Source: MIT Archives, Department of Economics Records, Box 2, Folder “Department Brochures”.

Image Source: MIT beaver mascot, Tim,  from Technology Review in 1914.

Categories
Chicago Funny Business M.I.T.

M.I.T. Christmas skit “God and Keynes at M.I.T.”, 1951

 

The title of the Christmas skit presented by the Graduate Economic Association players at MI.T. in December 1951 , “God and Keynes at M.I.T”, is a clear reference to the political screed, God and Man at Yale (1951), by the young and future conservative pundit, William F. Buckley, Jr. This is one of many MIT skits found in the papers of Robert M. Solow and has been graciously shared for ERVM transcription by Roger E. Backhouse of, most recently, Becoming Samuelson, 1915-1948 fame.

One of the signs you are dealing with truly academic humor is the use of footnotes to provide proper attribution. In particular we find here seven items borrowed (and sometimes modified) from the University of Chicago Political Economy Club repertoire. Thus we see not only were some of the Greatest-Hits of Chicago skit humor “remastered” in the Windy City but also that the G.E.A. of M.I.T. was not above performing “covers” of Freshwater Hits. ERVM has already transcribed a few of these and for the sake of completeness will soon complete this list with the Chicago originals:

There is still plenty of original material in the following skit, and the few modifications worth noting include a key substitution of Keynes (MIT) for Marshall (Chicago)  and another substitution of “psychology and sociology” (MIT) for “Macroeconomics and Probability” (Chicago).

________________________

THE GRADUATE ECONOMICS ASSOCIATION
present
The G. E. A. Players
in
GOD AND KEYNES AT M. I. T.
15 December 1951

*Items so marked are modified versions borrowed from the University of Chicago, Political Economy Club.

 

 

PROLOGUE

(the scene is set to reveal the young college graduate relaxing in his home. He has made application to M.I.T. for entry to Course XIV. We hear the door-bell ring, and the letter arrives. He reads:)

An economics department great in dignity
In fairest Cambridge, where we lay our scene
Offers to disturb you, from present peace
To come to our proximity.

From forth of this great and new transition
A host of new subjects will take their position;
Econometrics, propensities, and laboristic relations;
Matrices, consumption, and similar sensations.

And if you will survive the economic pains
We’ll make of you another John Maynard Keynes.
So won’t you please say that you will come and stay;
Let me know real soon, signed sincerely, C. P. K.

(the student arrives at Tech, finds the library, and enters the elevator. On the way up to the third floor he hears:)

 

FIRST EPISTLE UNTO NEW STUDENTS*

  1. To all who enter through the Gate of Admissions unto the sanctity of the Department, heed ye well one who is wiser and older than thou. For verily I have dwelt in the land of Keynes for many years, and have felt the curse of Generals on my brain.
  2. Beware the courses called 121 and 122, for they will tax thee sorely. They have been devised that the supply may be known from the demand.
  3. Present thyself upon the appointed hour, lest the social cost exceed the private gain and the wrath of the Master fall upon thee mightily.
  4. Shun thou the geometer, for he seeks to seduce thee with curves. His siren song is pleasant but he lacketh rigor.
  5. Shun thou also the temple of the twin gods, psychology and sociology, for therein dwell the Philistines who worship not the calculus. There wilt thou be set upon with all manner of strange things and thou shalt feel the lash of the complex verbage, and thy head shall whirl with cultural patterns and institutional mores.
  6. Treasure thy Keynes, for verily all manner of mysteries are set down therein. Read it well and carefully, but say not that thou hast understood.
  7. Take to thine own bosom the demand curve lest it desert thee in thine hour of need.
  8. Attend well the lectures called innovation, for there if thou learnest nothing else, shalt thou learn at least one thing and it shall be a contribution to thy general education.
  9. Shun thou the industrial economist when he is at his data, for he loveth them dearly and will defend them as a lioness her cubs.
  10. Beware also the statistician who will leave the witless with a pair of dice.
  11. Shun the welfare economist, for he loveth mightily to stick out his neck and will teach thee his evil ways.
  12. Shun thou the coffee hour, but study diligently in Dewey lest thou and thy end thy days in Course XV.
  13. There is a time to speak and a time to be silent. Be thou silent in the presence of the Master, for he shall reveal to thee the secrets of Keynes and there shalt thou solve the riddle of the Sphinx.

 

(the student steps out of the elevator into the third floor hall. He sees before him many doors, all with different names on them. He decides to investigate each one. First, he comes to:)

“John Maynard Keynes”

(he knocks. The door opens, and out steps an angel, wings, white sheet, and all. The angel says:)

‘He ain’t here; but you’ll meet him in the long run!’

(on to the next door:)

“Paul A. Samuelson”

(the door opens, and the chorus sings:)

THE KEYNESIAN SONG*
(to the tune “They Call me Little Buttercup”)

They call me a Keynesian, a Keynesian economist
That I can never deny
For I am a heretic, a classicist critic—
Bold little Keynesian, I.

I’ve equations and functions, and marginal assumptions
All here in my little kit bag.
I’ve tricky proposals for income disposals
All lest the economy sag.

To deficit spending and government lending
I give a hearty “Huzzah”.
I distrust automaticity despite its simplicity—
I doubt it would work at all.

For I am a Keynesian, a Keynesian economist
That I can never deny
For I’m a heretic, a classical critic—
Bold little Keynesian, I.

When faced with deflation or misallocation
I feel that the former is worse
I abominate waste with Ricardian distaste
But first things always come first.

And yet they deplore me, criticize and abhor me
For I am the standard straw man
But blows I don’t heed—Oh, I’ll stick to my credo
That a plan is a plan is a plan.

For I am a Keynesian, a Keynesian economist
That I can never deny
For I’m a heretic, a classical critic—
Bold little Keynesian, I.

 

“Robert Solow”

(scene, his classroom, where the students are singing:)

 

WE MUST BE RIGOROUS*
(to the tune of “The American Patrol”)

We must be rigorous,
We must be rigorous,
We must fulfill our role;
If we hesitate
Or equivocate,
We won’t achieve our goal.
We must investigate
Our system, complicated
To make our models whole;
Econometrics brings about
Statistical control.

Our esoteric seminars
Bring statisticians by the score.
But try to find economists
Who don’t think algebra a chore.
O, we must urge them all emphatically
To become inclined mathematically
So that all that we’ve developed, may
Someday be applied.

(repeat first 11 lines)

 

 

“Charles P. Kindleberger”

(the door opens, and we hear a voice say:)

Intuition is the basis
on which decisions should be made;
These are really the foundations
On which economics has been laid.

All that’s mathematical
Definitely is tabled;
Even the little diagrams
Never have been labeled.

Be careful, however
That you never neglect
The varied use
Of the Kindleberger effect.

Art or skill
or merely a quirk
This man’s intuition
Does the work.

 

 

“Robert L. Bishop”

(the door opens, and we find snow falling. The chorus is on a toboggan, singing:)

(to the tune of Jingle Bells)*

Maximize, maximize, that’s the crucial key;
Allocate resources by their productivity.
Equalize V.M.P.’s with their prices, and
Your production function is the finest in the land.

 

(voice) In the course of industrialization men have observed the alternating rises and falls of economic activity. And, lo, see what befell us:

“Walt W. Rostow”

(the voice continues:)

To shoot, or overshoot, ah, there’s the cycle;
Whether ‘tis nobler from underinvestment to suffer
Than to prolong the period of gestation
And, by consumption end it?

To history! No more of economics; and by the use of it
To end the confusion and million little theories
That economics left us;
That’s the solution we plan to introduce.

 

“E. Cary Brown”
(to the tune of “Deep in the Heart of Texas”)

(chorus)

To fill the gap
On the Keynesian map
We must again raise taxes;
The prices rise
If we don’t equalize
Savings, investment and taxes.

(solo)

Income grows
In ever rising flows
We must again raise taxes;
In government spends
There seem no ends
Up must go the taxes.

(solo)

dC/dY
Is all awry
We must raise those taxes
The propensity
It’s a calamity
Up must go those taxes.

(chorus)

The interest rate
Is out of date
So we must raise those taxes;
Though bonds recede
We must proceed
To raise again those taxes.

(solo)

The crystal balls
In the third floor halls
Say raise those taxes;
Or you will fret
And long regret
If you don’t raise those taxes.

(solo: and how!)

Flexibility
Cries the C.E.D.
Boys, raise those taxes
Says the N.A.M.
It’s all a sham
Don’t raise those taxes

(chorus)

But God and Keynes
Have the true refrains
Up must go the taxes;
At M.I.T.
We all agree
More savings and more taxes.

(by now, our student has traveled one-half the length of the hall. He approaches the other half, where a voice speaks:)

 

Friend; first year man; lend me your ear.
I come to convince you that industrial relations
Occupies a so much higher station
That economics—while ’t is good and fine
Must of necessity bow under our sign.
The evil that me do lives after them;
The good is oft interred within their books;
So let it be with economics.

We offer to show you the extent of cooperation
Between management and labor in every relation,
And prove to you that what’er your belief
Our unique methods will give either side full relief.

Economists, you know, often speak of productivity;
But that’s a matter of total relativity
Since our writers—Shultz, Myers, Coleman and Brown
Are the most productive in a many a college town.

 

“Charlie Myers”

(the door opens, and we see Myers writing vigorously and adding stacks of manuscripts to already huge piles labeled “To Prentice Hall,” “To McGraw-Hill,” and “Rejects—to Technology Press.” Secretary enters:)

Secretary: “Prof. Myers, here’s that book you asked me to write for you.”

Myers: “Good; don’t forget to start on that other one for me.”

(enter George Shultz carrying a manuscript)

Myers: “Hello, George. I see we’ve written another book. Mind if I look at it?”

Shultz: “Not at all, Charlie. I’ve already begun on the other one for us. You know, though, I think we’re getting a bit too abstract. We ought to go down to a level where it’s good and dirty.”

Myers: “In that case, let’s call in Joe Scanlon. Hey, Joe. Come here.”

(the chorus enters, dressed as bums; they sing:)

THE JOE SCANLON SONG
(to the tune of “Union Maid”)

There once was a bright young man
Who thought he had a plan
He studied cost
And jobs he lost
His name is Joe Scanlan

He soon met a man named Phil
Whose work gave him a thrill
He organized and compromised
He always fought up-hill.

This made of him a wreck
And so he came to Tech.
He sells his plan
To all the clan;
You ought to see his check.

CHORUS:
O you can’t scare us, we’re sticking with Scanlon,
Sticking with Scanlon, sticking with Scanlon;
Oh you can’t scare us, we’re sticking with Scanlon,
Sticking with Scanlon, until we die.

 

When the bosses have no dough
They always call for Joe;
They shed their tears
And buy him beers
And up their profits go—

(repeat CHORUS)

 

(as the final chorus ends, the door opens, and we see a body on the table)

Bishop: “What’s the matter with him, Morrie Adelman?”

Adelman: “He’s just been brought in; he’s suffering from a severe case of elephantiasis.”

Bishop: “Oh, don’t worry; I’ve got a classical solution. It contains some of Euler’s serum.” (pull up a jug so labeled and apply to patient’s arm)

Adelman: “Well, what do you expect that to accomplish?”

Bishop: “It’ll create perfect competition among the disease germs. What could be better?”

Adelman: (pause) “Well, I don’t see him recovering.”

Bishop: “But it’s not a pure case. Perhaps we should call in Dr. D. V. Brown. He’s had medical experience. (enter D.V.B.)

Brown: “Hi-ja.” (looks at body, and shows surprise) “My goodness, Charlie! I always knew he’s work too hard.” (looks at body more closely) “Looks to me like an impure case of oligopoly.”

Adelman: “O-o-o-oh! Let me see!” (goes over to feel arm) “No, there’s no concentration here. But even if there were, there’s really no harm in it.”

Brown: “Well, I’d like to stay, but I have to dash off to a court case.”

 

COURT SCENE

Judge: “The court is now in session. Bring in the first case.”

Prosecutor: “Your honor, this man is accused of attempting to overthrow the neo-classical Chicago School.”

Judge: “What’s your name?”

Coleman: “Sir, my name is Jack Coleman.”

Judge: “Prosecutor, define more explicitly what the charge is against this man.”

Prosecutor: “This man is presently collaborating with a well-known group of collectivists.”

Judge: “What proof have you of this?”

Prosecutor: “I have here my star witness.”

Judge: “What is your name?”

Buckley: “Your honor, sir, my name is Ludwig von Buckley.”

Judge: “Speak.”

Buckley: “I have here a book written by Paul A. Samuelson, and it says here on page.–., Oh, well, let’s not bother with the page number now. It says: “…know…conclusively…that…Karl Marx…is…(turn pages back towards front)…correct.”

Judge: “Speak no more. Any man collaborating with the author of such a book must be guilty of attempting to overthrow the Chicago School. I hereby sentence you to six months of solitary confinement, with a copy of Hazlitt’s “Economics in One Lesson.” Next case.”

(Coleman leaves; enter Herb Shepard)

Prosecutor: “Your honor, this man is accused of playing marbles with the fabulous Alex Bavelas.”

Judge: “What is your name?” (say it aggressively)

Shepard: “Say, you’re unusually aggressive today. Has your wife stopped beating you? How’s your libido?”

Judge: “Now that you mention it, I have been feeling rather despondent.”

Shepard: “Judge, I’m a Freud…you’re tending toward a psycho-social orientation that no longer promotes an optimization of gratification.”

Judge: “Noooooo—I’m too JUNG to die!….But what am I saying! Herbert Shepard, for this circumlocutionist behavior, I hereby sentence you to the marble pits in ex-communication.”

 

(the student next comes to a door marked “reserved for Chicago U. delegates to the A.E.A. Convention.” He knocks, the door opens, and he hears:)

 

HIS RULES GO MARCHING ON*
(to the tune of the Battle Hymn of Republic)

If you want to pass your prelims
You must listen now to me;
You must learn your catechism
If you want to get your ‘B’
They have flunked the finest people
The department ever had
And they never said ‘too bad.’

CHORUS:

Stick, stick, stick with Henry Simons;
Henry is the man to see you through;
He’s the most consistent [man]
With an economic plan;
His rules go marching on.

 

He would nationalize the railroads,
He would atomize the firm,
He would then repeal the tariff
And the “E” bonds he would burn;
He would cleanse the banking system
Of the Federal Reserve;
His rules go marching on.

[Repeat] CHORUS:

He is the man who’d fix up
The progressive income tax;
He would fill in every item that
The present structure lacks;
He’d repeal the excise levies
And forget the margarine tax;
His rules go marching on.

[Repeat] CHORUS:

 

(by now the student will have reached the end of the hall; but questions linger in his mind. He wonders how the student takes all this. And as if in answer, he hears this song between students and faculty:* (to the tune of the ‘Sergeant’s Song’ from the Pirate[s] of Penzance)

Grad Students:

From nine around to nine—Tarantara! tarantara!
We remain in that salt mine—Tarantara!
-Our eyes are growing dim–Tarantara! tarantara!
Our hair is getting thin—Tarantara!
As we while away our youth—Tarantara! tarantara!
In sedate pursuit of Truth—Tarantara!!
Searching stacks and aching backs,
Third degree for a PhD—Tarantara! tarantara! tarantara!

 

Faculty: (to the tune of “Mabel’s Song” from the Pirate[s] of Penzance)

Go, you students, you’ll not be sorry.
You’ll contribute to MY great story.
You shall live in footnote glory.
Go to immortality!

Go to work and hold off suicide,
For if your work with our needs coincide,
Our reluctance to grant degrees we’ll override.
Go, you heroes, go and work!

 

(finally, as our student reaches the end of his journey, he meet the one ‘older and wiser than thou’, and listens as he tells of the ‘impending doom’.)

Twas the night before Orals
When all through the room
A feeling forecast
The impending doom.
The facts were placed
In each head with care
In hopes that when needed
They’d surely be there.
The victims then nestled
All snug in their beds
While visions of cost curves
Danced in their heads.
I soon fell asleep
And began to dream
I sat in a room
All filled with steam.
When out in the yard
There arose such a clatter
I sprang from the chair
To see what was the matter.
Over to the window
I flew like a flash
Tore open the shutters
And threw up the sash.
When what to my wondering
Eyes there appears
A miniature sleigh
And eight tiny examineers.
Instead of the four
They usually required
They sent me four more
If the others got tired.
As I drew in my head
And was turning around
In through the window
They came with a bound.
They were dressed all in black
From their head to the toe;
Whose funeral, I asked,
Someone I know?
A wink of their eyes,
A twist of each head
Soon gave me to know
I had plenty to dread.
They spoke not a word
But went straight to their work
Of filling the blackboards
Then turned to the jerk.
The questions commenced
Like machine gun fire;
I couldn’t keep straight
The seller from buyer.
Now sir, please listen
One of them said
Try to imagine
All this in your head.
Nansen and Johansen
Have only one sled;
They’re at the North pole
And have not bread.
Suddenly there appears
A giant Tartar
Coming from Siberia
Looking to barter.
They can bake some bread
At increasing cost
Yet without a compass
They’ll certainly be lost.
He has a compass
And they have bread
And without exchange
They all will be dead.
They started to bargain
Until he did tell you
That the Russians decided
The ruble to devalue.
Only Sterling is recognized,
So they start to bake
Instead of the bread
A large pound cake.
Then suddenly Nansen
Thought to remember
That neither of them
Was a union member.
Closed shops were enforceable
As a matter of fact
For this was before
The Taft-Hartley Act.
They went ahead anyway,
They didn’t give a hoot;
It was so cold
They needed a union suit.
Before they acted
Or did anything drastic
They examined their demand curve
To see if it was elastic.
Their cost curve was unknown–
It had never been seen;
How lucky they were
That Nansen was really Joel Dean.
Their consumption function told them
Just how to behave;
They knew what to consume
And how much to save.
Please consider the theories
of Tibor Scitovsky
And the two fisted cowboy
two-gun Baranowsky.
If you remember these facts
And keep them in mind,
The right answer, I know
You certainly should find.
I shivered and shook,
In the chair I did writhe;
Now the question, they said
Who was Adam Smythe?
The leader then yelled
For a decision it’s time;
This man has suffered,
He has paid for his crime.
And laying a finger
Aside of his nose
Out of the window
All eight of them goes.
It was the leader then
That I heard exclaim
As he shouted and whistled,
And called them by name:
Now Myers, now Bishop
Now Shultz and C.P.K.
On Coleman, on Solow,
Let’s now dash and dash away.
They sprang to their sleigh
And away they flew
Like they were speeding
To another rendezvous.
Although some details
Of this horrible nightmare
Still seem a bit hazy
I certainly would swear,
Before I awoke
I heard them say
Merry Christmas to all,
And to all a good day.

 

EPILOGUE

As disproved by classical economics
All good things much reach an end;
And so we must leave our attempt at comics,
Hoping we’ve pleased both foe and friend.

‘Tis true enough that our little parody
Has given economics unusual clarity,
And that our writers if circumstances permit it
Will prefer to have their names omitted.

So then, since ours must be the last say,
a real Merry Christmas from the G.E.A.

 

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Robert M. Solow Papers, Box 83, Folders “Economic Skit Parties”.

Image: Cover art from “God and Keynes at M.I.T.” December 15, 1951. Ibid.

 

Categories
Chicago Economists

Chicago. Talent-Scouting for New Faculty, Joint Appointments and Visiting Faculty, 1945

__________________________

On April 10, 1945, the chairman of the University of Chicago’s economics department, Professor Simeon E. Leland, submitted a 77 page (!) memorandum to President Robert M. Hutchins entitled “Postwar Plans of the Department of Economics–A Wide Variety of Observations and Suggestions All Intended To Be Helpful in Improving the State of the University”.

In his cover letter Leland wrote “…in the preparation of the memorandum, I learned much that was new about the past history of the Department. Some of this, incorporated in the memorandum, looks like filler stuck in, but I thought it ought to be included for historical reasons and to furnish some background for a few of the suggestions.” 

In recent posts I have provided a list of visiting professors who taught economics at the University of Chicago up through 1944 (excluding those visitors who were to receive permanent appointments) and supporting tables with enrollment trends and faculty data (ages and educational backgrounds).

In this post we have three lists of names for economists who in 1945 could be taken into consideration for either permanent economics, joint appointments with other department or visiting appointments at the University of Chicago. Many names are immediately recognisable, others less so, and other known names left unnamed. Instead of observing the actual choices of the department, we have, so to speak, an observation of the “choice set” as perceived by the department.

______________________________

          The following list of possible additions to the staff of the Department of Economics represents an enumeration of suggestions made by various members of the Department. It, of course, does not include all of those whom the Department would like to invite as permanent members of the University staff. Many of those whom we would most like to have, it is well-known, are not available; nor can the Department be sure that those listed below would favorably consider an invitation to join our staff. Likewise, this list must not be construed as nominations for membership in the Department. Some members of the staff are known to object to the inclusion of some of the names listed below. But if unanimous consent were required before suggestions could be made, little progress in building a Department would be possible. In its present state, the list is only an enumeration of suggestions warranting further inquiry. The fields of interest of many of the potential candidates overlap and the appointment of some individuals would make it undesirable, or at least uneconomic, to appoint others. Nevertheless, the list does given an idea of some persons who might be considered for future appointments. This list, like any other enumeration, is subject to constant revision, both in the addition or subtraction of names.

Name

 Present Location

Field of Interest or Specialization
Abraham (sic) Bergson University of Texas Wages and Wage Theory
Robert Bryce Ottawa, Canada
Norman Buchanan University of California Public Utilities, Corporation Finance, Business Cycles (also possible interest in United States Economic History)
Earl Hamilton Northwestern University Economic History
Albert G. Hart C.E.D., Chicago Theory, Finance, etc.
J. R. Hicks University of Manchester, England Economic Theory
Harold A. Innis University of Toronto Economic History
Maurice Kelso University of Wisconsin Land Economics
Tjalling Koopmans Cowles Commission Statistics; Mathematical Economics; Business Cycles; Shipping
Simon Kuznets University of Pennsylvania National Income; Historical Statistics
Sanford Mosk University of California Economic History
Charles A. Myers Massachusetts Institute of Technology Labor; Industrial Relations
Walter Rostow Columbia University Economic History (XIX Century)
Leonard Salter University of Wisconsin Land Economics
T. Scitovszky London School of Economics; U.S. Army Theory of Capital and Interest; Theory of Tariffs
Arthur Smithies University of Michigan; Bureau of the Budget, Washington, D. C. Fiscal Policy; Theory; Money and Banking
Eugene Staley School of Advanced International Studies (Washington, D.C.) International Economics; Foreign Trade
George Stigler University of Minnesota Theory and Foreign Trade
R. H. Tawney London School of Economics Economic History
Allen Wallis Stanford University Statistics

______________________________

Joint Appointments

The Department of Economics shares an interest in many fields with other departments, schools and divisions of the University. It recognizes that most problems of the Social Sciences have economic aspects, and other aspects as well. Many of the fields embraced within particular disciplines are explained by accident or tradition, not always by logic. No one department can, therefore, assert a valid claim for the exclusive staffing of fields of interest held in common with other branches of knowledge. It seems wisest to develop these common grounds through joint appointments. Not only does this enable us to attract to the University more outstanding scholars than the fellowship of one department might provide, but it should also place at the disposition of those interested in promoting joint fields, perhaps, larger resources than either acting alone could command.

Joint appointments, too, will tend to integrate the Social Sciences with the other schools and departments affected, as well as contribute to the unity of the University as a whole. The Department of Economics, therefore, ventures to suggest joint appointments in the following fields:

Fields Units Affected
Trusts and Monopolies Business, Law, Economics
Railroads and Transportation Business, Economics
Public Utilities Economics, Political Science, Law
Social Control of Business Business, Law, Political Science, Economics
Advanced Applied Mathematics and Statistics Economics, Mathematics, Business, Institute of Statistics, other departments interested in statistics
Urban Planning (or the Utilization of Land) Geography, Political Science, Economics, Law, Business, Sociology
Social Legislation, particularly affecting Labor Business, Sociology, Social Service Administration, Law, Political Science, Economics

[…]

Among those who might be proposed for joint appointments are the following:

Name Present Location Field of Interest Appropriate Appointment
Charles L. Dearing Brookings Institution and U.S. Government Transportation Economics, Business
Corwin D. Edwards Northwestern University Trusts, Monopolies, Control of Business Political Science, Law, Economics
Milton Friedman Columbia University Economic Theory, Public Finance, Monetary Policy Economics, Institute of Statistics
Homer Hoyt Regional Plan Association, Inc., New York, N.Y. Land Planning Economic Geography, Political Science
David E. Lilienthal T. V. A. Public Utilities Political Science, Law, Economics
Abraham Wald Columbia University Applied Mathematics, Statistics Mathematics, Economics
Allen Wallis Columbia University Applied Mathematics, Statistics Mathematics, Economics
Samuel S. Wilks Princeton University Applied Mathematics, Statistics Mathematics, Economics

Visiting Professorships

Each department needs to diversify its courses. Too frequently the attempt at diversification is made by adding permanent members to the regular staff. The need can best be met by the appointment of visiting professors.

[…]

A list of some who might be invited to the University as Visiting Professors is as follows:

Name Present Location Fields of Interest
John D. Black Harvard Agricultural Economics
(J.) Roy Blough U. S. Treasury Public Finance
Kenneth Boulding Iowa State College Economic Analysis; Theory of Capital
Karl Brandt Food Institute, Stanford U. Agricultural Economics
Harry G. Brown University of Missouri Economic Theory, Public Finance
J. Douglas Brown Princeton University Industrial Relations
Edward H. Chamberlain(sic) Harvard Economic Theory; Monopolistic Competition
J. M. Clark Columbia University Economic theory
J. B. Condliffe California International Trade; International Commercial Policy
Joseph S. Davis Food Institute, Stanford U. Agricultural Economics
Milton Gilbert Office of Price Administration, Washington, D.C. Economic Theory; Price Control
T. Haavelmo Norwegian Shipping Administration, New York, N.Y. Econometrics
Alvin Hansen Harvard Economic Theory; Fiscal Policy
F. A. Hayek London School of Economics and Political Science History of Social Thought; Economic Theory; Monetary Policy
J. R. Hicks University of Manchester Economic Theory
George Jaszy U. S. Dept. of Commerce National Income; Business Analysis
O. B. Jesness University of Minnesota Agricultural Economics
Nicholas Kaldor London School of Economics Theory of the Firm; Imperfect Competition; Money; Business Cycles
M. Kalecki Institute of Statistics of University of Oxford, England Economic Fluctuations; Expenditure Rationing
M. Slade Kendrick Cornell University Public Finance; Farm Taxation
Arthur Kent San Francisco Attorney-at-Law Taxation
J. M. Keynes Cambridge University Fiscal and Monetary Policy
Simon S. Kuznets National Bureau of Economic Research; University of Pennsylvania Statistics; National Income and Its Problem
A. P. Lerner New School for Social Research Economic Theory; Fiscal Policy; Public Finance
Edward S. Mason Harvard University Economic Theory; International Trade and Trade Practices
Wesley C. Mitchell Columbia University Money and Prices
Jacob Mosak Office of Price Administration, Washington, D.C. Economic Theory; Statistics; Control of Prices
R. A. Musgrave Federal Reserve Board, Washington, D. C. Public Finance
Randolph Paul Lord, Day and Lord, Attorneys-at-Law Taxation
Paul A. Samuelson Massachusetts Institute of Technology Economic Theory; Money and Banking; Fiscal Policy
Lawrence H. Seltzer Wayne University Money and Banking; Public Debts; Fiscal Policy
Carl S. Shoup Columbia University Public Finance
Sumner H. Slichter Harvard University Business Economics
Richard Stone England Statistics; National Income
R. H. Tawney London School of Economics Economic History
Abraham Wald Columbia University Mathematics and Statistics
John H. Williams Harvard University Money and Banking

In the past, the Department has supplemented its staff by the appointment of visiting professors, but the invitations have ordinarily been restricted to the Summer Quarter in order (1) to relieve the regular staff from summer teaching and (2) to provide “window-dressing” to make the Summer Quarters more attractive to new students. The potentialities of the visiting professorship can hardly be realized when the practice is applied only to the Summer Quarter. That it has made that Quarter more attractive would seem to be indicated by the outstanding economists who have been guests of the University of Chicago.

[…]

The practice of inviting outstanding men to the University of Chicago seems to have been more prevalent in the early years of the University than it is today. Visiting appointments also declined with the strained finances of the University during the late depression. The Department is anxious to develop a program of instruction and research based upon the policy of the regular employment of visitors. A sum, equal to the stipend of a full professor, if used to finance a program of regular visitors, would add greater content and prestige to the Department than could be secured in any other way.

Source: University of Chicago Library, Department of Special Collections. Office of the President. Hutchins Administration Records. Box 73, Folder “Economics Dept., “Post-War Plans” Simeon E. Leland, 1945″.