Tag: Schumpeter

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Exam Questions Harvard Suggested Reading

Harvard. Reading period and final exams. Theory and Money. Schumpeter 1927-28

 

 

Harvard students first experienced Joseph Schumpeter’s teaching in 1927-28 in an advanced theory course (Economics 15: Modern Schools of Economic Thought)  previously taught by Allyn Young [examination questions for Economics 15 for 1921-27 have been posted earlier] and in a money and banking course. For both courses this posting provides the reading period assignments, course enrollments and  final examination questions from the end of the second term. The examination questions for the first term of Economics 15 for 1927-28 are posted here. The examination questions for the first term of Economics 38 for 1927-28 are posted here.

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 Course Enrollments

[Economics] 15. Professor J. A. Schumpeter (University of Bonn).—Modern Schools of Economic Thought.

Total 16: 10 Graduates, 1 Senior, 1 Junior, 4 Radcliffe.

 

[Economics] 38. Professor J. A. Schumpeter (University of Bonn).— Principles of Money and of Banking.

Total 25: 19 Graduates, 2 Seniors, 1 Junior, 2 Radcliffe, 1 Other.

 

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1927-1928, p. 75.

 

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HARVARD UNIVERSITY
(Inter-Departmental Correspondence Sheet)

Cambridge, Massachusetts
December 6, 1927

Dear Burbank:

The question of the assignment of readings for the reading period is, of course, no easy one in the case of an audience which is so little homogeneous as mine. In both courses I have told them that what I really want is to advise them individually according to everyone’s own needs, and that I wish them to call in my consultation hours before breaking up. With this proviso, I have recommended for those who do not wish for such individual advice, and at the same time still want to take the course for credit, the following:

First, as to Money and Banking:

The looking over of the two volumes of the Senate Commission of Gold and Silver Inquiry on European Currency and Finance, serial 9, volume I and [volume] II, Washington, 1925, (not that they will read it through, all of them, but they will get out of them a quantity of ideas of the European currency situation which, after all, is both theoretically and practically important for them to know).

Second, for the course Economics 15:

I have told them that we do not want to make them read, but to make them think, and I have suggested that they should take one of the three following books and read it critically, and follow up problems or arguments which may strike them in doing so:

Allyn Young, Economic Problems
Hawtrey, The Economic Problem
Sir Alfred Mond, Industry and Politics.

Cordially yours,

[signed]
Josef Schumpeter

 

Source: Harvard University Archives.  Department of Economics. Correspondence & Papers 1902-1950 (UAV.349.10), Box 7.

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DEPARTMENT OF ECONOMICS
SPRING READING PERIOD—1928

Economics 15

  1. Students who have had a modicum of mathematical training are recommended to work up carefully either:
    A. L. Bowley: Mathematical Groundwork of Economics (1924).
    or
    A. Cournot: Mathematical Principles of the Theory of Wealth, ed. of 1927.
  2. Others:
    A. C. Pigou: Economics of Welfare. [1932 edition]
    or  The Colwyn Report.
    [Report of the Committee on National Debt and Taxation (1927); Minutes of Evidence taken before the Committee on National Debt and Taxation. Vol. I and II. (1927)]

 

Economics 38

  1. W. R. Burgess: The Reserve Banks and the Money Market, 1927.
  2. Kirsch and Elkins: Central Banks, 1928.
  3. W. S. Jevons: Investigations in Currency and Finance, ed. 1909.
    [1884 edition]
    or
    3a) Report of the Royal Comm. On Indian Currency and Finance, 1926.

 

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. (HUC 8522.2.1). Box 2, Folder “Economics, 1927-28”.

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1927-28
HARVARD UNIVERSITY
ECONOMICS 15

Modern Schools of Economic Thought

  1. Write as fully as possible on any one of the following subjects:
    1. What is the meaning and importance of the doctrine of maximum satisfaction and its relation to the concept of economic equilibrium?
    2. What do you think of the view that recurrent depressions are due to the inability of earnings to flow promptly into the hands of consumers?
    3. Describe the principle underlying Professor Irving Fisher’s method of measuring marginal utility. What do you think of it?
  2. Answer briefly two out of the four following questions:
    1. Professor H. L. Moore’s statistical demand curve for pig iron slopes up instead of down. How do you account for this?
    2. What is an indifference curve in the sense of Pareto as distinguished from the sense in which Edgeworth uses that concept?
    3. Discuss Professor Edgeworth’s proposition that equilibrium is indeterminate in the case of bilateral monopoly.
    4. What is the difference between physical and value marginal product? Which seems to you more significant, and why?

Final. 1928.

 

Source: Harvard University Archives. Harvard University. Examination Papers 1928  (HUC 7000.28, 70 of 284). Harvard University Faculty of Arts and Sciences. Papers Printed for Final Examinations: History, Church History,…Economics,…Military Science, Naval Science. June, 1928.

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 1927-28
HARVARD UNIVERSITY
ECONOMICS 38

Principles of Money and of Banking

I

Discuss ONE of the following topics, devoting at least half your time to this part of the paper.

  1. A capital levy is among the measures recommended for the restoration of a disorganized currency. State the conditions under which this measure may be expected to improve the situation.
  2. The Bank of France used to defend its gold reserve by redeeming its notes in five-franc silver pieces and charging a premium if redemption in gold was insisted upon. How does this method differ from the method of protecting the gold reserve by means of an increase in the discount rate?

 

II

Discuss TWO of the following questions more briefly.

  1. It has been stated that open market operations cannot stave off credit inflation because of their comparatively insignificant amount. (Lehfeldt.) Is this correct?
  2. What is meant by saying that savings do not create deposits?
  3. The chances are that gold production will slow down in the next decade. Are we to expect a general depression on that account? (Cassel.)
  4. During the first three months of the current year there was a net outflow of more than $90,000,000 of gold from this country. How do you interpret this fact and what consequences do you expect therefrom?

Final. 1928.

 

Source: Harvard University Archives. Harvard University. Examination Papers 1928  (HUC 7000.28, 70 of 284). Harvard University Faculty of Arts and Sciences. Papers Printed for Final Examinations: History, Church History,…Economics,…Military Science, Naval Science. June, 1928.

Image source: Joseph A. Schumpeter at table with books, photograph, ca. 1930. Detail from image posted at Harvard University Archives. Joseph Schumpeter Papers. HUGBS 276.90p (38).

 

 

 

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Exam Questions Harvard

Harvard. Taussig/Schumpeter/A.Sweezy’s final examination in value and distribution theory, 1935

 

 

In an earlier posting the course readings for the topics “Urban Rent” and “Broader Aspects of Rent” were transcribed for the team-taught course at Harvard of Taussig and Schumpeter, assisted by Alan Sweezy, on theories of value and distribution (first term, 1934-35). From the final examination questions below, we can see that the reading lists from the Harvard Archives collection of course outlines is indeed incomplete for this course. It is entirely likely that other assignments were simply written on the board as needed.

When Taussig taught the course himself in 1932-33 the course description notes “Course 7b undertakes a critical examination of current theories of wages, interest, rent, and profits, particular attention being given to Marshall’s treatment. The course is carried on mainly by discussion. It is meant primarily, though not solely, for candidates for the degree with honors. Students who have attained a grade of A or B in Economics A are admitted without further inquiry. Others must secure the consent of the instructor.”

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Final Examination
Theories of Value and Distribution
Professors Taussig and Schumpeter, Dr. A. Sweezy

1934-35
HARVARD UNIVERSITY

ECONOMICS 7b1

  1. Are the earnings (rental) of an urban site used for retail trade a cause or an effect of prices of goods there sold? Are the earnings of a skilled craftsman cause or effect of the prices of the goods made (or services rendered) by him? Are the earnings of a business man?
  2. Does Marshall’s distinction between “situation value” and “site value” bear upon the problems of monopolistic competition? If so, why and how? If not, why not?
  3. “In estimating the utility of an entire supply of apples, we must distinguish between the total utility and the marginal utility of the stock. The total utility of a stock is obtained by adding the utility of each additional apple to that of its predecessor. It will accordingly grow until the point of satiety has been reached. Ten apples possess more total utility than five. The marginal utility of the stock, however, is always equal to the marginal utility of the final unit multiplied by the number of units. The marginal utility of two apples will be twice that of the second, of four apples four times that of the fourth.”
    Do you agree?
  4. “Real costs,” “money costs,” “expenses of production,” “supply price.” The same? If different, wherein?
  5. Are “profits,” as defined by

(1) Marshall
(2) Clark
(3) Schumpeter

to be reckoned among the expenses of production?

  1. Explain briefly two of the following:

(1) Difference between selling and production costs.
(2) Determination of equilibrium of the individual firm under conditions of monopoly and competition.
(3) Effect of product differentiation on price, costs, output of the individual firm, and profits.

 

Final. 1935.

 

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001 (HUC 7000.28, 77 of 284). Examination Papers, June, 1935.

Image Source: Harvard Class Albums: Taussig (1923), Schumpeter (1939), A. Sweezy (1929).

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Economists Harvard

Harvard. Appointment of Leontief as Economics Instructor in 1932

 

 

Wassily Leontief was appointed in April, 1932 at Harvard for a three year appointment as instructor, beginning September 1, 1932. In light of current Rube Goldberg procedures and a Noah’s ark of bureaucratic species required to sign off at each stage of the hiring process in universities today, one wonders at this ease of instructor appointment in 1932 as reflected in the following two letters. Of course, in all fairness I should try to fish out similar appointments that were made for lesser lights endowed with stronger personal relations to the departmental and university movers-and-shakers, but visitors to Economics in the Rear-View Mirror might excuse me for oversampling at the top of the scientific significance distribution. Certainly in this case, merit mattered.

___________________________________

To President Lowell from Dean Murdock, February 23, 1932

Harvard University
Cambridge

Faculty of Arts and Sciences
Office of the Dean
20 University Hall

February 23, 1932.

Dear Mr. Lowell:

The Department of Economics is very eager to have appointed as Instructor for three years, beginning September 1 next, Mr. Wassily Leontieff. They would like to have his salary for the first year $3600, for the second, $4000, and for the third, $4400. At present they are budgeted for a member of their staff with a salary of $5,000, who would be replaced by Leontieff, so that there would be a decrease rather than an increase in the salary budget. In talking to Mr. Burbank, I have been very hesitant about encouraging him in regard to the appointment of Leontieff, since it seems to me that ordinarily, and particularly in these times, a new and untried man should come on a one-year appointment. Leontieff, however, will not consider a one-year appointment. The more I hear about him, the more I think that he is, as the Department feels, a young man of unusual brilliance and promise, and that we should miss a real opportunity if we did not appoint him now. Professor Burbank has not only got testimony about him from various people who know him, and examined his publications, but he has also had him here in Cambridge and has interviewed him. Professor Schumpeter, who is probably coming next year and who did not know that we were considering Leontieff, wrote to Professor Taussig the other day, and in his letter included a passage about Leontieff which I send you with this letter.

I realize that this sort of case creates a possibly dangerous precedent; but, on the other hand, since it involves no increase in our expenses for the next few years, and since Leontieff seems to be a thoroughly unusual person I am inclined to think that we might well take whatever risk there is involved. If you approve, perhaps you will be willing to consider this letter as my formal recommendation. If you wish to discuss the matter with me, or, if you disapprove, I hope you will let me know, since I must give Mr. Burbank some report at once, as Leontieff is considering offers elsewhere.

The following information about Mr. Leontieff has been sent to me by Professor Burbank:

“Wassily Leontieff was born in St. Petersburg in 1906, the son of a professor of Political Economy in the University of St. Petersburg. He began his university training in 1921 in the Faculty of Social Sciences in the University of Leningrad, and in 1925 received the degree of Learned Economist. For one year he remained at the University as an Instructor in Economic Theory. He then went to Berlin to continue his studies, and received the degree of Ph.D. from that university in 1928. While at Berlin he worked particularly with Professor L. von Bortkiewicz and with Professor Werner Sombart. In the fall of 1928 he was appointed a member of the research staff at the University of Kiel. After spending two years at Kiel he went to China as an adviser in the economic planning of the prospective railway system of that country. Since 1931 he has been a research associate in the National Bureau of Economic Research in New York.”

Very truly yours,

(signed)

Kenneth B. Murdock
[Dean of the Faculty of Arts and Sciences]

 

President A. Larence Lowell,
5 University Hall.

________________________

To Professor Taussig from Professor Schumpeter, February 6, 1932.

“Leontief has been to Harvard (i.e. on a visit here). He will, under present circumstances, hardly be reappointed at the National Bureau of Econ. Research; and I despair of getting anything for him in Germany. What about Harvard? The great argument in favor of appointing him to some teaching or research position, seems to me to be, that, whatever we think of his two papers on statistical demand and supply curves (and I not only accept some of the criticisms leveled against his method, but I also have a few of my own), yet they are so striking proofs of brilliant gifts and they have made so much impression, that his is one of those cases in which it is to the interest of a great University to have a given man on her staff and under her wings. If a man makes himself internationally known by one paper at 23 as L. did, he almost certainly will go a considerable way, and I should think it good policy for Harvard to use the present opportunity, quite apart from the fact, that I should be glad to have him near me. I am sure he would do good work, the results of which would then be associated with Harvard’s name.”

Source: Harvard Archive, President Lowell’s Papers Oct 1930—Sept. 1933. UAI.5.160. Box 301, Folder 676.

Image Source: Wassily Leontief in Harvard Class Album, 1934.

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Exam Questions Harvard

Harvard. Intro to Mathematical Economics Final Exam, Schumpeter 1935

 

The Harvard course “Introduction to the Mathematical Treatment of Economic Theory” (Economics 8a from 1934-35 to 1935-36 then renumbered as Economics 4a thereon through 1940-41) was taught by Wassily Leontief except for its very first year when Joseph Schumpeter was responsible for the course. The original handwritten draft of the final examination for February 4, 1935 can be found in Schumpeter’s papers (though filed along with papers for the other course he taught, Economics 11). The official typed draft of the exam (identical except for a line-break) is transcribed below along with information about the course enrollment and prerequisites.

_____________________________

Course Announcement

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

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

Economics A and Mathematics A, or their equivalents, are prerequisites for this course.

 

Source: Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences During 1934-35 (Second Edition) published in Official Register of Harvard University, Vol. XXXI, No. 38 (September 20, 1934), p. 126.

_____________________________

Course Enrollment

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

Total 23: 15 Graduates, 3 Seniors, 5 Instructors.

 

Source: Harvard University. Report of the President of Harvard College 1933-34, p. 85.

_____________________________

 

Final Examination
Introduction to the Mathematical Treatment of Economic Theory
Joseph A. Schumpeter

1934-35
HARVARD UNIVERSITY

ECONOMICS 8a1

Answer at least THREE of the following questions:

  1. Define elasticity of demand, and deduce that demand function, which corresponds to a constant coefficient of elasticity.
  2. Let D be quantity demanded, p price, and D = a – bp the demand function. Assume there are no costs of production. Then the price p0 which will maximize monopoly-revenue is equal to one half of that price p1, at which D would vanish. Prove.
  3. A product P is being produced by two factors of production L and C. The production-function is P = bLkC1-k , b and k being constants. Calculate the marginal degrees of productivity of L and C, and show that remuneration of factors according to the marginal productivity principle will in this case just exhaust the product.
  4. In perfect competition equilibrium price is equal to marginal costs. Prove this proposition and work it out for the special case of the total cost function
    y = a + bx, y being total cost, x quantity produced, and a and b
  5. If y be the satisfaction which a person derives from an income x, and if we assume (following Bernoulli) that the increase of satisfaction which he derives from an addition of one per cent to his income, is the same whatever the amount of the income, we have dy/dx = constant/x. Find y.
    Should an income tax be proportional to income, or progressive or regressive, if Bernoulli’s hypothesis is assumed to be correct, and if the tax is to inflict equal sacrifice on everyone?

 

Final. 1935.

 

[Handwritten note at the bottom of this carbon-copy of the exam questions: “This leads me to believe that the course is advantageous only if the man has had previous mathematical training at least equal to Mat A”]

 

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001 (HUC 7000.28, Box 15 of 284). Faculty of Arts and Sciences, Papers Printed for Final Examinations: History, History of Religions, … , Economics, … , Military Science, Naval Science, January, 1948.

_____________________________

 Schumpeter’s handwritten answer to question 2

[Note: Schumpeter’s draft of his questions for Economics 8a in 1934-35 were incorrectly filed in the Economics 11 course folder for the Fall semester of 1935. Perhaps he used the questions himself in the other course in the following semester.]

{{p}_{1}}=\frac{a}{b}
\frac{dp}{dD}=-\frac{1}{b}
\frac{d\,\,Dp}{dp}=D+p\frac{dD}{dp}=
=a-bp-bp=a-2bp
\therefore p=\frac{a}{2b}

 

Source: Harvard University Archives. Joseph Schumpeter Lecture Notes. Box 9, Folder “Ec 11 Fall 1935”.

Image Source: Joseph A. Schumpeter’s note at the end of his handwritten draft of the examination in Harvard University Archives. Joseph Schumpeter Lecture Notes. Box 9, Folder “Ec 11 Fall 1935”.

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Bibliography Harvard Suggested Reading

Harvard. Theories of Rent Readings Lists. Taussig, Schumpeter, Alan Sweezy. 1934

 

 

One page containing the course bibliographies for the topics “Urban Rent” and “Broader Aspects of Rent” from Economics 7b, Theories of Value and Distribution, jointly offered by Frank W. Taussig, Joseph A. Schumpeter and Alan R. Sweezy was found in the collection of course syllabi and reading lists in the Harvard Archives. One would have expected that there would have been separate bibliographies prepared for “Wages”, “Profits” and possibly “Interest” for this course on distribution. I find it less likely that the course was a single “topics” course that happened to be focused on “Rent” for the semester. This was confirmed after looking at the final examination questions for the course. 

Note: Alan’s brother Paul did not receive his Ph.D. until 1937 and Alan was given a three-year appointment at the rank of “faculty instructor” beginning in the Fall of 1934 following his previous year as “graduate instructor”. Hence “Dr. Sweezy” clearly refers to Alan. I have appended a 1955 article from the Harvard Crimson about the famous Sweezy-Walsh case for those who might not be familiar with that episode in the history of tenure review procedures.

 

__________________________

 

*Economics 7b 1hf. Theories of Value and Distribution
[from Course Announcement]

Half-course (first half-year). Tu., Th., at 2, and a third hour at the pleasure of the instructors. Professors Taussig and Schumpeter, and Dr. Sweezy.

 

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1934-35 (2nd ed). Official Register of Harvard University, Vol. XXXI, No. 38 (September 20, 1934), p. 126

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Course Enrollment

*7b 1hf. Professors Taussig and Schumpeter, and Dr. Sweezy.—Theories of Value and Distribution.

Total 23: 14 Seniors, 4 Juniors, 1 Sophomore, 5 Others.

 

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

__________________________

 

Economics 7b

1934-35 [pencil note]

Urban Rent

E.H. Chamberlin, Monopolistic Competition, appen. D, pp. 200-203
W. C. Clark & J. L. Kingston, The Skyscraper: A Study of the Economic Heighth of Modern Office Buildings, esp. ch. 2, 3, and conclusion.
H. B. Dorau & A. G. Hinman, Urban Land Economics, pp. 158-223. Characteristics of Urban Land. Part V Urban Land Income and Value. (Note: The whole of the book is relevant, but much of it can be skipped over superficially for the problem in hand.)
H. J. Davenport, Economics of Enterprise, ch. 13.
R. M. Haig, “Toward and Understanding of the Metropolis”, Quarterly Journal of Economics, February and May 1926
R. M. Hurd, Principle of City Land Values, especially ch. 6.
F. W. Taussig, Principles, vol. 2, ch. 43.
R. T. Ely, Outlines of Economics, 5th ed., ch. 22.

 

Broader Aspects of Rent

J. B. Clark, either Distribution of Wealth, ch. 13, or “Distribution as Determined by a Law of Rent”, Quarterly Journal of Economics, vol. 5, 1890-91
F. A. Fetter, “The Passing of the Old Concept of Rent”, Quarterly Journal of Economics, vol. 15, 1900-01.
A. S. Johnson, “Rent in Modern Economic Theory”, American Economic Association Publications, 3rd. series, vol. 3(1902).
A. E. Monroe, Value and Income, pp. 65-67, 188-194.
Joan Robinson, Economics of Imperfect Competition, Bk. III, ch. 8, pp. 102-116

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 2, Folder “Economics, 1934-1935”.

Image Sources:  Harvard Class Album.  Taussig (1934), Schumpeter (1939), Alan Sweezy (1929).

 

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The Sweezy-Walsh Case

Harvard Crimson
January 12, 1955

In a letter elsewhere on the page, Dean Bender rightly points out that the CRIMSON has inadvertently perpetuated an untruth we have long tried to bury. Alan R. Sweezy ’29, it is true, was given a “terminating appointment,” and it was no secret that his views were to the left of most political centers. By working solely from these two facts, some liberals on the Faculty and elsewhere came to a conclusion which was long to prove embarrassing to President Conant. More important, the dropping of Sweezy and the other instructor in the case, J. Raymond Walsh, forced a reform in the University’s appointment system in one of the few instances that the Harvard Faculty has rebelled against its Administration.

Both Sweezy and Walsh were popular and able teachers in the Economics department. Both men held three-year appointments as instructors and when this period was up, In 1937, the Department strongly recommended that both men be retained. When they were not rehired, and when the Administration released a statement that its decision was reached solely on the grounds of “teaching capacity and scholarly ability,” charges accusing the University of various infringements were raised from coast to coast.

The CRIMSON immediately editorialized that, though the University’s statement was “ill-timed and impolitic,” the political views of the two men had nothing to do with the case. By that time, however, alarmists and those Communists who capitalize on such misunderstandings were off and running, joined by friends of the two men who were genuinely confused by the Administration’s actions.

Within a few weeks, the cry about their hue forced Conant to make a special report to the Overseers. The President, who at that time did not enjoy the complete confidence of the Faculty he was later accorded, held fast, arguing that the University cannot appoint a man just because his views are unorthodox. “If academic decisions are to be influenced by the fear of their being misinterpreted as interference with academic freedom,” Conant said, “then academic freedom itself, to my mind disappears.” The New York Herald-Tribune hailed Conant and his stand, describing his as a man “tolerant of everything except intolerance.”

Since even the two principals were now convinced that their politics were not the issue, the outburst began to quiet. But the Faculty, while willing to forgive, could not forget. One hundred and thirty-one of the nonpermanent teaching staff requested an entire investigation of the tenure system. Even if the financial pressures of the depression made it impossible for Conant to keep men like Sweezy, these teachers did not feel that the current methods of selecting permanent appointees were as accurate and well-defined as they might be.

It was significant, and extraordinary, that the appeal for a re-evaluation was not made to Conant but to a committee of eight respected professors including Ralph Barton Perry, Arthur M. Schlesinger, Samuel E. Morison, and Felix Frankfurter. These men wrote to Conant, suggesting what they wanted to study and making it pointedly clear that if they were not authorized to investigate, they would do so anyway.

Two separate reports were issued by this committee, one on Walsh and Sweezy, the second on the entire tenure question. The first recommendation–that the two instructors be re-appointed–was vetoed by the Corporation. The Faculty accepted this action without much comment; by that time, the second report was the chief interest among professors. Published in March, 1939, the report recommended a mathematical evaluation of departments, their concentrators and staffs, with more rigid rules about how often permanent additions could be made to the Faculty.

Conant substantially accepted this report and it was forwarded to the full Faculty and the Corporation which also agreed to its principles. The many complications were referred to the new Assistant Deans of the Faculty, W. C. Graustein and Paul H. Buck. Before his tragic death in an accident, Graustein had worked carefully on the plan and it came to bear his name. Dean of the Faculty Ferguson, who had agreed to hold an Administrative post only during this stormy interim period, soon resigned his position. With the promotion of Paul Buck to the job, the Walsh-Sweezy affair became history and Conant found that he had made his most successful appointment to the Deanship.

 

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Courses Economists Fields Harvard

Harvard. Edward Chamberlin Lobbies to Teach a Graduate Theory Course. 1935

 

 

With the retirements of Charles J. Bullock and Frank W. Taussig in 1935 Edward H. Chamberlin saw his opportunity to start to break out of his designated field box “government and industry” and into “theory”. We have here a letter that Chamberlin wrote to the head of the economics department, Harold H. Burbank. The letter is of the putting-this-conversation-into-the-written-record variety. His deference to Burbank and recognition of the established claims of other colleagues to the theory field are complemented with a dash of false-modesty—“Perhaps I may, however,…put in my own ‘claim’ (if such it may be called) for whatever consideration it deserves.”

In any event, from the subsequent shuffle in instructional assignments for the 1935-36 academic year, we see that Chamberlin succeeded in joining Schumpeter and Leontief at the Harvard theory table.

________________________

Letter from Associate Professor Chamberlin to Chairman Burbank
Requesting to teach a graduate course in theory

 

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

14 Ash Street
Cambridge, Massachusetts
February 26, 1935

Professor H. H. Burbank, Chairman
Department of Economics,
Harvard University,
Cambridge, Mass.

 

Dear Burby:

This is to confirm our conversation of the other day. I should like to ask if arrangements could possibly be made at this late date for me to give a graduate half course next year on “Contemporary Value Theory.”

I have been asked by several people recently why it was that, although the theoretical problems which Mrs. Robinson and myself have raised are the subject of lively controversies in numerous other universities, one finds them very much in the background at Harvard. There does seem to be a general interest in the subject, and, since I have a strong continuing interest in it myself, the occasion seems to present itself of offering to graduate students at Harvard a better opportunity than they now have to study and discuss this set of problems and others related to it.

I realize that others than myself have claims to theory courses and that the problems of fitting the members of the Department to courses are not easy. Perhaps I may, however, even for this very reason, put in my own “claim” (if such it may be called) for whatever consideration it deserves. My work in Public Utilities and Industrial Organization could be reduced without difficulty. Donald Wallace could take my part in Economics 49 with Professors Crum and Mason, and, I am sure, would do an excellent job of it. This arrangement, together with a slight reduction in my tutorial load, would give me the time for another half course and I should continue in the undergraduate 4a and 4c. I should have, even then, only one-fifth of my time in theory, the other four fifths in the practical field of government and industry.

You have recently intimated in conversation that I might soon be given a share of the work in theory. I hope it may be next year, and also that a way can be found to arrange for it without interfering with the work which others are now doing or plan to do in the field.

Sincerely yours,
[signed]
Edward H. Chamberlin

________________________

Copy of letter from Chairman Burbank to Dean Murdock
with changes to 1935-36 course announcements

April 17, 1935

Dear Dean Murdock,

Owing to the retirement of Professor Taussig, several changes in the Course Announcement for the coming year will have to be made. The Department recommends the following:

*Economics 7b1. Theories of Value and Distribution. [listed as “Modern Economic Thought” in Report of the President of Harvard College 1935-36, p. 82; ]

Half-course (first half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 11. Associate Professor Chamberlin.
[Replacing Taussig, Schumpeter and Sweezy who taught in 1934-35]

Economics 8a2. Introduction to the Mathematical Treatment of Economics.

Half-course (second half-year). Mon., 4-5. Asst. Professor Leontief.
[Replacing Schumpeter who taught in 1934-35]

Economics 11. Economic Theory.

Mon., Wed., Fri., at 2. Professor Schumpeter.
[Replacing Taussig and Schumpeter who taught in 1934-35]

Economics 14b2. History of Economic Thought since 1776.

Half-course (second half-year). Mon., Wed., Fri., at 11. Dr. Monroe.
[Replacing “History and Literature of Economics from the Physiocrats through Ricardo” taught by Professor Bullock in 1934-35. Bullock retired from Harvard September 1, 1935.]

Sincerely yours,

H. H. Burbank

Dean Kenneth B. Murdock
20 University Hall

 

 

Source: Harvard University Archives, Department of Economics, Correspondence & Papers 1902-1950. Box 23, Folder “Course offerings 1926-1937”.

Image Source: Harvard Class Album, 1939.

Categories
Courses Harvard Suggested Reading Syllabus

Harvard. Economic Aspects of War Course Organised by Harris, 1940

 

Nine of the Harvard economics faculty pulled together to offer students a course on the Economic Aspects of War in the second semester of the 1939-40 academic year. According to the annual enrollment statistics, 25 students were registered for the course (perhaps there were auditors?). The enrollment jumped to 116 in 1940-41 and then dropped back down to 66 (1941-42) and fell to 34 (1942-43) as the number of concentrators (as well as instructional staff) fell during the course of WWII.

Addition: The final examination for Economics 18b from 1940.

________________________

WAR’S ECONOMIC PHASES STUDIED IN NEW COURSE
Harvard Crimson
December 19, 1939

Will Analyze Changes in Economics Incurred by War, With Emphasis on Present Conflict

Plans for a course on “Economic Aspects of War” to be given in the second semester were revealed yesterday by Seymour E. Harris ’20, associate professor of Economics, following approval by the Faculty Committee on Instruction.

Harris said, “This course will analyze the rapid dislocation of economic variables that occur in war times, and during the transition to peace. War economics is a branch of economics like Industrial Organization or Money and Banking, giving the department a chance to use Economics in the treatment of problems that face the world today.”

Contents of the Course

The course will use the tools of economic analysis, applying them to the present problem. Economics of past wars; market organization, price control and rationing; money and banking in war times; the relation of money and public and private capital markets; and the relation of war to economic fluctuations will be dealt with in the lectures and reading.

Included in the discussion will be a study of the effects of war on international balance of payments, on the distribution of gold and on commercial policy; repercussions on agriculture; methods of finance in the war and post-war periods; effects of war upon the distribution of income and wealth; trade unionism, money and real wages and employment in war times; and, finally, transition to peace.

Harris will be in charge of the course. Professor Harold H. Burbank, Professor William L. Crum, Professor Alvin H. Hansen, Professor Edward S. Mason, Professor Joseph H. Schumpeter, Professor Sumner H. Slichter, Professor John H. Williams, and Paul M. Sweezy ’32, instructor in Economics, will share in the teaching.

________________________

Course Enrollment

[Economics] 18b 2hf. Associate Professor Harris.–Economic Aspects of War.

Total 25: 16 Seniors, 6 Juniors, 2 Sophomores, 1 Other.

Source: Report of the President of Harvard College and Reports of the Departments, 1939-40Harvard University. , p. 99.

________________________

Economics 18b
1939-40

In order to assure more continuity in the course it has seemed expedient to assign virtually all of the following books.

Bresciani-Turoni, The Economics of Inflation (G. Allen & Unwin).

Cannan, E., An Economist’s Protest.

(Not an assignment in any part but is suggested strongly.) The book deals with numerous problems chronologically and hence is not easily apportioned over the various sections of the course.

Clark, J. M., The Cost of the Great War to the American People.

Pigou, A. C., Political Economy of War.

Stamp, J., The Financial Aftermath of the War

 

E.J. = British Economic Journal.
J.R.S. = Journal of the Royal Statistical Society.

Q.J.E. = Quarterly Journal of Economics.

Proceedings = Proceedings of Academy of Political Science.

R.E.S. = Review of Economic Statistics.

 

Week 1 (Feb. 5-9)
INTRODUCTORY.
Professor Harris.

Plan, readings, bibliography; war economics in historical retrospect; peace versus war economics in broad outlines.

Assignment:

Pigou, A. C., Political Economy of War, pp. 1-71.

Important suggestions:

Slichter, S. H., “The Present Nature of the Recovery Problem,” Proceedings, 1940, pp. 2-15.

United States Government, Industrial Mobilization Plan (revision of 1939). Senate Document No. 134.

War Office, Statistics of Military Efforts of British Empire during the Great War 1914-20.

Wolf, F. B. “Economy in War Tim” in the volume War in the Twentieth Century, pp. 363-408.

Other suggestions:

Clapham, J. H., An Economic History of Modern Britain—An Epilogue, pp. 511-554.

Einzig, P., Economic Problems of the Next War (1939).

Higgins, B., “The Economic War since 1918” in the volume War in the Twentieth Century, pp. 135-90.

Manual of Emergency Legislation (G.B.) with four Supplements, 1914-17.

Noyes, A. D., The War Period of American Finance, Chs. I-III, pp. 1-162.

Possony, S. T., Tomorrow’s War, pp. 135-235.

Speier, H., and Kahler, A., War in Our Times, Chs. 4-7, pp. 78-171.

United States Council of National Defense, Reports 1917-8.

War Cabinet, Report of 1918, Cmd. 325 (1919).

Weeks 2-3 (Feb. 12-23)
INDUSTRIAL ORGANIZATION.
Professor Mason and Dr. Sweezy.

Industry in war time. Industrial planning for war. Priorities, rationing and price control. The War Industries Board. Techniques of price fixing with special reference to the iron and steel industries. Present prospects for raw materials, industrial capacity and prices.

Assignment:

Clark, J. M., Costs of the World War, Chs. 19-21, pp. 262-291.

Heckscher, E., Sweden in the World War, Part I, pp. 3-42.

Keynes, J. M., “Policy of Government Storage of Foodstuffs and Raw Materials,” E.J., 1938, pp. 449-460.

Mason, E. S., “the Impact of the War on American Commodity Prices,” R.E.S., November, 1939.

Pigou, A. C., Political Economy of War, pp. 112-160.

Taussig, F. W., “Price Fixing as Seen by a Price Fixer,” Q.J.E., Vol. 33, p. 205.

Important suggestions:

Baruch, B., American Industry in the War (1921).

Beveridge, W., British Food Control (1928).

Report of War Industries Board, American Industry in the War (1921).

Other suggestions:

Birkett, M. S., “Iron and Steel Trade during War,” R.S.J., 1920.

Clarkson, G.B., Industrial America in the World War.

Clynes, J. R., “Food Control in War and Peace,” E.J., 1920, pp. 147-155.

Cunningham, W. J., “Railroads under Governemnt Operation,” Q.J.E., Vol. 36, pp. 188 et seq. and Vol. 36, pp. 30 et seq.

Day, E. E., “The American Merchant Fleet,” Q.J.E., Vol. 34, pp. 567 et seq.

Emeny, B., The Strategy of Raw Materials.

Final Report of the Chairman of the United States War Industries Board. (Feb. 1919), pp. 1-111.

Fontaine, A., French Industry during the War.

Great Britain Select Committee on High Prices and Profits, Special Report and Evidence (1917).

Great Britain Departmental Committee on Prices, Interim Report on Committee Appointed to Investigate Prices, Cmd. 8358, Cmd. 8483 (1917-18).

Hines, W. D., War History of American Railroads.

Litman, S., Prices and Price Control in Great Britain during the Great War.

Lloyd, E. M. H., Experiments in State Control.

Mitchell, W. C., Prices and Reconstruction (1920).

Morse, L. K., “The Price Fixing of Copper,” Q.J.E., Vol. 33, pp. 71 et seq.

Nolde, Russia in the Economic War.

Noyes, A. D., The War Period of American Finance, Ch. V (Mobilisation of American Industry), pp. 215-78.

Staley, E., Raw Materials in Peace and War (Council on Foreign Relations 1937).

Surface, M., Grain Trade during War (1921).

Scott, W. R., and Cunnison, J., The Industries of the Clyde Valley during the War.

War Industries Board, History of Prices during the War, W. C. Mitchell.

War Industries Board, International Price Comparisons, W. C. Mitchell.

War Trade Board, Government Control over Prices, P. W. Garrett.

Zagorsky, State Control of Industry in Russia during the War.

Zimmern, D., “The Wool Trade in War Times,” E. J., 1918, pp. 7-29.

Weeks 4-5 (Feb. 26-Mar. 8)
MONEY AND BANKING IN WAR TIMES.
Professors Williams and Hansen.

Objectives of monetary policy; weapons (including rationing); inflationary tendencies; relations of money and private and public capital markets.

Assignment:

Bresciani-Turoni, Economics of Inflation, Chs. 2 and 4, pp. 41-120, 145-182; VI, pp. 224-252.

Important suggestions:

Final Report, Committee on Currency and Foreign Exchange, (Cunliffe), (1919).

Hawtrey, Monetary Reconstruction.

Heckscher, Sweden in the World War, Part III (Monetary History), pp. 129-266.

Other suggestions:

Cannan, E., The Paper Pound of 1797-1821.

Cassel, G., Money and Foreign Exchanges after 1914, pp. 1-62.

Dulles, E. L., The French Franc 1914-28.

Edie, L. D., “The Influence of War on Prices,” Proceedings, 1940, pp. 34-46.

Edgeworth, Currency and Finance in Times of War.

Foxwell, H. S., Papers on Current Finance (1919), pp. 34-68.

Graham, F., and Whittlesey, R., Golden Avalanche.

Indian Exchange and Currency Commission, Report, Evidence and Appendices, Cmd. 527-9 (1920).

Rogers, J. H., Process of Inflation in France 1914-27, Ch. 1-4, 6-8.

Week 6 (Mar. 11-15)
RELATION OF WAR TO ECONOMIC FLUCTUATIONS.
Professor Schumpeter

Effects on consumption and investment demand; innovations; costs; employment, etc.

Assignment:

Bresciani-Turoni, Economics of Inflation, Chs. V, pp. 183-223; VII, pp. 253-281.

Important suggestions:

Clay, H., The Post-War Unemployment Problem, Ch. 1, pp. 1-24.

Other suggestions:

Graham, F. D., Exchange Prices and Production in Hyper-Inflation Germany. Part IV (Effects on German Economy), pp. 241-328.

Mills, F., Economic Tendencies in the United States, Ch. V., pp. 186-241.

 

Week 7 (Mar. 18-22)
EFFECTS ON INTERNATIONAL TRADE.
Professor Harris

Balance of payments and gold; exchange policy; commercial policy.

Assignment:

Bresciani-Turoni, Economics of Inflation, Chs. 1, pp. 23-41; 3, pp. 120-145.

Bullock, Williams, and Tucker, “Balance of Trade during the War,” in Taussig, Readings in International Trade, pp. 198-206.

Harris, S. E., “Gold and the National Economy,” R.E.S., February, 1940.

Hawtrey, R.G., Monetary Reconstruction, pp. 12-22.

Pigou, A. C., Political Economy of War, pp. 161-89.

Important suggestions:

Einzig, P., “The Unofficial Market in Sterling,” E.J., 1939, pp. 670-77.

Keynes, J. M., Tract on Monetary Reform, Chs. III, IV, pp. 81-192.

Other suggestions:

Bergendal, Sweden in the World War: Trade and Shipping Policy, pp. 43-128.

Cassel, G., Money and Foreign Exchanges, pp. 63-100, 137-186.

Dulles, E. L., The French Franc, 1914-28, Ch. 8, pp. 322-361.

Ellix, H., German Monetary Theory, Part III.

Graham, F., Exchanges, Prices, etc. in Germany, Parts II-III, pp. 97-241.

Holden, G., “Rationing and Exchange Control in British War Finance,” Q.J.E., February, 1940.

Loans to Foreign Governments, Senate Document No. 86 (1921).

Reparations and Inter-Allied Debt. Cmd. 1812 (1923).

 

EFFECTS ON AGRICULTURE.
Professor Harris.

Supply, demand, prices, etc.

Assignment:

Clark, J. M., The Costs of the War, Ch. 15, pp. 227-35.

Important suggestions:

Black, J. D., “The Effect of the War on Agriculture,” Proceedings, 1940, pp. 54-60.

Other suggestions:

Bernhardt, J., “Government Control of Sugar during the War,” Q.J.E., Vol. 33, pp. 672 et seq; “Transition of Control of Sugar to Competitive Conditions,” ibid., Vol. 34, pp. 720 et seq.

Eldred, W., “the Wheat and Flour Trade under Food Administration,” Q.J.E., Vol. 33, pp. 1 et seq.

Hibbard, B. H., Effects of the Great War upon Agriculture in the United States and Great Britain.

Reconstruction Committee, Agricultural Policy, Cmd. 9079, (1918).

Royal Commission on Wheat Supplies, First Report, Cmd. 1544 (1921).

 

Weeks 8-9 (Mar. 25-29)
PUBLIC FINANCE.
Professor Burbank.

Methods of Financing a war: Borrowing vs. taxes; tax policies, distribution of burden; management of public debt.

Assignment:

Bullock, C. J., “Financing the War,” Q.J.E., Vol. 31, pp. 357 et seq.

Clark, J. M., The Costs of the World War to the American People, Chs. 5-8, pp. 69-118.

Keynes, J. M., “The Income and Fiscal Potential of Great Britain,” E.J., 1939, pp. 626-35.

Pigou, A. C., Political Economy of War, pp. 71-112.

Important suggestions:

Clapham, J. H., “Loans and Subsidies in Times of War, 1793-1914,” E.J., 1917, pp. 493-501.

Edgeworth, Currency and Finance in Time of War.

Foxwell, H. S., Papers on Current Finance, pp. 1-33.

Great Britain Select Committee on National Expenditures, Reports 1917-22, Present and Pre-War Expenditures, Cmd. 802 (1920).

Keynes, J. M., Monetary Reform, Ch. II, pp. 46-81.

Keynes, J. M., Essays in Persuasion, Part I, pp. 3-76.

“Report of Committee on War Finance of the American Economic Association, A.E.R., Supplement, 1919, pp. 1-128.

Other suggestions:

Bogart, E. L., Direct and Indirect Costs of the Great World War (1919).

Fraser, Sir D., “The Maturing Debt,” R.S.J., 1921.

Jeze, G., and Truchy, H., The War Finance of France.

Mallet and George, British Budgets 1913-21.

May, G. O., “Economic Effects of Tax Policy in Peace and War,” Proceedings, 1940, pp. 61-68.

Moulton and Pasvolsky, World War Debt Settlements, pp. 1-425.

Noyes, A.D., The War Period of American Finance, Ch. IV, pp. 162-214.

Rogers, J. H., The Process of Inflation in France, Ch. V., pp. 48-88.

Silberling, N. J., “Financial and Monetary Policy of Great Britain during Napoleonic Wars,” Q.J.E., Vol. 38, pp. 214 et seq., 397 et seq.

Speier, H., and Kahler, A., War in Our Times, Chs. 8-11, pp. 171-245.

Sprague, O. M. W., “Conscription of Income,” E.J., 1917, pp. 1-25.

Stamp, J., Taxation during the War.

Warren, R., “War Financing and Its Economic Effects,” Proceedings, 1940, pp. 69-76.

 

EFFECTS OF WAR ON DISTRIBUTION OF INCOME AND WEALTH
Professor Crum

Assignment: Read two of the following:

Allen, J. E., “Some Changes in Distribution of National Income during War,” R.S.J., 1920.

Clark, J. M., The Costs of the Great War to the American People, Chs. 10-12, pp. 150-80.

Ezekiel, M., “An Annual Estimate of Savings by Individuals,” R.E.S., 1937, pp. 178-191.

Keynes, J. M., Tract on Monetary Reform, Chs. 1 (Consequences to Society of Changes in Value of Money), pp. 3-45.

Samuel, H., “Taxation of Various Classes of People,” R.S.J., 1919.

Select Committee on Increase of Wealth, Proceedings, Evidence, Appendices, H.C. 102 (1920).

Important suggestions:

Mitchell, W., C., Income in the United States (1921).

Other suggestions:

Bowley, A. L., “Measurement of Changes in Cost of Living,” R.S.J., 1919.

Leven, M., Moulton, and Warburton, America’s Capacity to Consume (1934), Chs. I-IX.

Stamp, J., Wealth and Taxable Capacity, pp. 1-191.

 

Week 10 (April 15-18)
EFFECTS ON LABOR.
Professor Slichter.

Trade unionism; money and real wages and employment.

Assignment:

International Labour Review, November 1939: Articles on “Labour in War Times,” pp. 589-615, 654-687.

Monthly Labour Review, October, 1939: “American Labour in World War,” pp. 785-95.

Slichter, S. H., Economic Factors Affecting Industrial Relations Policy in War Period (Industrial Relations Counselors), 32 pp.

Robinson, E. A. G., “Wage Policy in War Time,” E.J., 1939, pp. 640-55.

Important suggestions:

Cannan, E., “Industrial Unreset,” E.J., 1917, pp. 453-70.

Makower, H., and Robinson, H. W., “Labour Potential in War-Time,” E. J., 1939, pp. 656-662.

Other suggestions:

Bowley, Arthur L., Prices and Wages in the United Kingdom (Oxford, 1921).

Cole, G. D. H., Trade Unionism and Munitions.

Cole, G. D. H., Self-Government in Industry (1918).

Douglas, P., Real Wages in the United States (selected parts).

Gompers, Samuel, American Labor and the War (1919).

Hammond, M. B., British Labor Conditions and Legislation during the War (1919).

Hanna, Hugh S., and Lauck, W. Jett, Wages and the War (1918).

Industrial Unrese, Cmd. 8696 (1917-18).

Kirkaldy, A. N., ed., British Association for Advancement of Science: Labour, Finance and War (1917).

Lescohier, Don D. The Labor Market (1919), Part II.

Lorwin, Lewis L., The American Federation of Labor, Part III.

National Industrial Conference Board, Changes in Wages, September, 1914 to March, 1920.

National Industrial Conference Board, Problems of Labor and Industry in Great Britain, France and Italy (1919).

Proceedings, 1918-1920, “War Labor Policies and Reconstruction,” pp. 139-358.

Speier, H., and Kahler, A., War in Our Times, Ch. 12, pp. 245-269.

United States Council of National Defense, An Analysis of the High Cost of Living Problem.

United States Council of National Defense, Shortage of Skilled Mechanics (1918).

United States Department of Labor, Bulletins No. 244 and 257. Labor Legislation of 1917 and 1918.

United States Department of Labor, History of the Shipbuilding Labor Adjustment Board, 1917 to 1919.

United States Department of Labor, Reports 1918-1921.

United States Department of Labor, The New Position of Women in American Industry (1920).

United States Department of Labor, Industrial Efficiency and Fatigue in British Munition Factories.

United States Railroad Administration, Report of the Railroad Wage Commission.

Watkins, Gordon S., Labor Problems and Labor Administration in the United States during the World War (1919).

Webb, Sidney, The Restoration of Trade Union Conditions (B. W. Huebsch, 1917).

Wolman, L., Ebb and Flow of Trade Unionism, Chs. 2-3, pp. 15-32.

Wolman, L., Growth of American Trade Unions 1880-1923, Chs. 3-4, pp. 67-97.

 

Weeks 11-12 (April 22-)
TRANSITION TO PEACE (an attempt at integration).
Professor Harris.

Problems of costs, prices, money, international trade, public debt and taxation, wages, employment and output, agriculture and the distribution of the burden.

Assignment:

Bresciani-Turoni, The Economics of Inflation, Ch. X (Stabilization Crisis), pp. 359-98.

Clapham, J. H., “Europe after the Great Wars, 1816-1920”, E. J., 1920, pp. 423-36.

Pigou, A. C., Political Economy of War, pp. 161-182, 189-238.

Stamp, J., Financial Aftermath of War, Chs. I-III, V, pp. 9-88, 117-37.

Important suggestions:

Committee on National Debt and Taxation (Colwyn) Report.

Hawtrey, R. G., Monetary Reconstruction, pp. 55-91, 122-175.

Keynes, J. M., Economic Consequences of Peace.

Report of Committee on National Debt and Taxation, pp. 233-246 (Burden of Debt), 246-297 (Capital Levy), 297-351 (Taxes and Debt Redemption)

Scott, W. R., Economic Problems of Peace after War. Second Series.

Other suggestions:

Bonn, M. J., Stabilisation of Mark (1922).

League of Nations, Austria Financial Reconstruction, Summary Report 1926.

Macrosty, H. W., “Inflation and Deflation in the United States and United Kingdom 1919-23,” R. S. J., 1927.

Moulton and Pasovolvsky, World War Debt Settlements (Brookings).

Snowden, P., Labour and national Finance.

Stamp, J., Current Problems I Finance and Government, Ch. XI (The Capital Levy), pp. 227-71.

 

READING PERIOD.
Read one of the following:

Committee on National Debt and Taxation (Colwyn) Report.

Graham, F., Exchanges, Prices, etc. in Germany.

Hawtrey, Monetary Reconstruction.

Keynes, Economic Consequences of Peace.

Mitchell, W., Income in the United States (1921).

Moulton and Pasvolvsky. World War Debt Settlements.

Rogers, Process of Inflation in France, 1914-27.

Scott, W. R., Economic Problems of Peace after War, Second Series.

Speier, H., and Kahler, A., War in Our Times.

Stamp, J., Wealth and Taxable Capacity.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. HUC 8522.2.1 Box 2, Folder “Economics, 1939-40 (1 of 2)”.

Image Source: Seymour E. Harris from Harvard Class Album 1942.

Categories
Chicago Economists

Chicago. Visiting Professorship Offered Schumpeter for 1926

 

Joseph Schumpeter did not teach at the University of Chicago in 1926 but he was sent a cable offering him $4000 to teach  during the  five months April through August 1926. No reply was filed with the exchange of letters between the President’s Office and the Department of Political Economy and the copy of the cable sent to Schumpeter’s address in Vienna. I would guess that the Chicago colleagues were unaware that Schumpeter had just been appointed to a professorship in Bonn in 1925. In November 1925 Schumpeter was married in a Lutheran church in Vienna, so perhaps he actually saw the informal offer.

I have added “[sic]” after the street address given for Schumpeter in Vienna. An umlaut was added, presumably by someone who thought Schumpeter’s street could use a diacritical mark. The street got its name to honor the Royal Counselor (and unumlauted) Johann Peter Strudel von Strudenhof (1648-1714).

Salaries for the 1926-27 year (found in the budget recommendations for 1927-1928) ranged from $8000 for the head of the department, L. C. Marshall (Professor) through $6000 for Jacob Viner (Professor) to $3250 for L.W. Mints (Assistant Professor) so that $4000 for two quarters of teaching was a pretty generous offer.

______________________________________________

Letter from Vice President Tufts to Professor Field

[COPY]

8 October 1925

Professor James A. Field
Faculty Exchange

Dear Professor Field:

Confirming our conversation, it was the judgment of the President in consultation with Mr. Arnett and myself that in view of our present financial situation we could not go beyond the provision of the budget as would be required if Professor Schumpeter were to be invited for three quarters. The suggestion was made for the consideration of the Department that it might consider an offer, preferable for one quarter or perhaps for two quarters, one of these to be the summer quarter, for which there would be funds in the present budget. If he were to be invited for two quarters the understanding is that he might be offered four thousand dollars. If for a single quarter a larger proportionate sum would doubtless be necessary, as for example twenty-five hundred dollars, although we have had several distinguished men from Europe for the summer quarter whom we have paid eighteen hundred or two thousand dollars.

The Department will of course consider whether this appointment would be its best use of the available funds.

Very truly yours,

James H. Tufts

JHT.p

______________________________________________

 

Response by Prof. Field to Vice-President James H. Tufts

The University of Chicago
Department of Political Economy

October 8th, 1925.

Mr. James H. Tufts,
Vice-president
The University of Chicago

Dear Mr. Tufts:

At our departmental meeting this noon we discussed at some length the proposal to invite Professor Schumpeter to give instruction here in the Spring and Summer quarters of the coming year. We were unanimously of the opinion that both our Summer schedule and our general departmental situation would be very much strengthened if Professor Schumpeter could be induced to come on the terms suggested in your memorandum, namely four thousand dollars ($4,000) for the two quarters.

We shall be glad, therefore, if the president’s office will extend an invitation to Professor Schumpeter. In order that we may lose no time, either in reaching him or in obtaining his tentative answer, we suggest that a cablegram be sent him asking if he would consider an appointment on the proposed terms, requesting an answer by return cable, and indicating that if his provisional answer is favorable we will write him a letter explaining fully the sort of arrangement we are proposing and the character of the work which would be assigned to him. The cablegram should presumably specify the actual dates at which his term of service would begin and end. Professor Schumpeter’s address is Strüdlhofgasse [sic] 17, Vienna IX.

If you feel that you need any additional information before you cable Professor Schumpeter will you be good enough to let me know at once? Our hope of getting him probably depends on quick action.

Sincerely yours,

[signed| James A. Field

JAP-mk

______________________________________________

 

WESTERN UNION CABLEGRAM

October 12, 1925

Professor Schumpeter
Strüdlhofgasse [sic] 17
Vienna IX

Would you consider teaching this university April first to September first next Cable and if yes letter will explain details Honorarium four thousand dollars

President University Chicago

Prepay and charge
The University of Chicago (President’s Office)

 

Source: University of Chicago, Department of Special Collections. Office of the President. Mason Administration. Records. Box 24, Folder “24/1 Economics Department appointments and budgets 1925-1927”.

Categories
Agricultural Economics Economists Harvard

Harvard. Economics Ph.D. William H. Nicholls, 1941

___________________

In his file at the President’s Office of the University of Chicago one finds a carbon copy of William H. Nicholls’ section 18 “Education, Employment, Publications” from what looks to be his U.S. Federal Civil Service application, perhaps required for his consultancy for the Office of Price Administration, Meats Section Washington in 1941-42. We have here a very complete accounting of his activities covering his graduate school years 1934-1940, both coursework and employment.

This post also includes a biographical sketch at his Kentucky alma mater’s Hall of Fame together with a memorial piece in his honor at the department of economics of Vanderbilt University where he was on the faculty for thirty years.

___________________

[Carbon Copy from Federal Civil Service Application(?) ca. January 1941]

18. EDUCATION, EMPLOYMENT, PUBLICATIONS, ETC.

18(a). Chronological Record.

Education

1930-34
(School-years)		 University of Kentucky A.B., 1934 Graduated “with high distinction”, Phi Beta Kappa.
1934-37
(School-years)		 Harvard University A.M. in Economics, 1937 Also part-time assistantships (see “Employment” below[)].
Feb., 1941 Harvard University Ph.D. in Economics, 1941 Thesis completed in absentia.

 

Foreign Travel

Summer, 1931         Travel in 12 countries of Europe.

 

Employment (Part-time= *)

Place of Employment Dates Institution Immediate Employer Title Salary
Washington, D.C. June-Sep. 1934 Tobacco Section, AAA Dr. J. B. Hutson
Chief		 Statistical Clerk $1800.
Cambridge, Mass. Sep.1934-June 1935 Harvard Univ. Dr.John D. Black Research Assistant $600.*
Harrodsburg, Ky. June-Sep. 1935 Farm H.F. Parker Farm hand Room & board
Cambridge, Mass. Sep.1935-June, 1936 Harvard Univ. Dr. John D. Black Research Assistant $720.*
New England (Boston) June-Sep.1936 Bureau of Agri. Econ., U.S.Dept. of Agriculture Mr. R.L. Mighell Field Agent $2000.
Cambridge, Mass. Sep.1936-June 1937 Harvard Univ. Dr.John D. Black Research Assistant $500.*
New England (Boston) June-Oct., 1937 Bureau of Agri. Econ., U.S. Dept. of Agriculture Mr. R.L. Mighell Field Agent $2000.
Cambridge, Mass. Oct.1937-Jan.1938 (Independent Research at Harvard University)
Ames, Iowa Feb. 1938-July 1939 Iowa State College Dr. T.W. Schultz Research Assistant & Instructor $2430.
Ames, Iowa July, 1939-July, 1940 Iowa State College Dr. T.W. Schultz Research Assistant & Instructor $3000.
Ames, Iowa Iowa State College Dr. T.W. Schultz Assistant Professor $3300.

 

 

18(b). Graduate Courses at Harvard University and Research

Graduate Courses at Harvard University

Professor Title of Course Grade
F. W. Taussig Economic Theory A-
Joseph Schumpeter Economic Theory
W. L. Crum Theory of Statistics B, A
C. J. Bullock History of Economic Thought Audit
John H. Williams Theory of Money and Banking A-
E. F. Gay Economic History B plus
John D. Black Economics of Agriculture A-
O. H. Taylor Scope and Method of Economics A
John D. Black Interregional Competition A
John D. Black Commodity Prices and Distribution A-

 

  1. Bureau of Agricultural Economics, Field Agent, June-September, 1936.

Supervisors– Ronald L. Mighell, Senior Agricultural Economist, and Dr. John D. Black, Harvard University.

Nature of Work– The project concerned Interregional Competition in Dairying, and was a cooperative endeavor of the Bureau of Agricultural Economics and Harvard University. The work consisted of taking farm-survey records on dairy farms in Vermont and Connecticut. The applicant was also responsible for collecting background material on milk marketing problems, including local hauling, operation of milk plants, milk prices and price plans, rail and truck transportation, governmental programs, and cooperative organization.

  1. Bureau of Agricultural Economics, Field Agent, June-October, 1937.

Supervisors– Ronald L. Mighell Dr. John D. Black, Harvard University.

Nature of Work– This was a continuation of the project outline above. The applicant was in charge of the marketing phases of the study in New England. This work consisted primarily of a study of milk distribution and milk control problems in Hartford, Worcester, and Boston, involving contacts with distributors, cooperative officials, administrators of milk control boards, and health officials in those milk markets, as well as research workers in milk marketing at the state colleges of Vermont, Massachusetts, and Connecticut. A manuscript of 189 pages was prepared, bringing together and analyzing the data gathered. Although this was to be used primarily as service material to the larger study of which it was only a part, it will later be published in some form.

  1. Research Assistant to Dr. John D. Black, Harvard University, September 1934-June, 1935: September, 1935-June, 1936; September, 1936-June, 1937.

Supervisors– Dr. John D. Black, Dr. John M. Cassels, and Dr. J. K. Galbraith, all of Harvard University.

Nature of Work- The duties of these part-time assistantships required some 20-27 hours a week, while the applicant carried a ¾ time graduate study program concurrently.

During the school-year 1934-35, he was responsible for a considerable part of the statistical work on Dr. Black’s book, “The Dairy Industry and the AAA”, as well as two articles in the Quarterly Journal of Economics by J. K. Galbraith and John M. Cassels, respectively.

During the school-year 1935-36 he assisted Dr. Black in the construction of index numbers and the study of farmers’ supply response to price, and made a brief study of tobacco marketing for use in Dr. Black’s course in Prices and Distribution.

During the school-year 1936-37 the applicant made an intensive study and analysis of the dairy-farm records and marketing data collected during the summer of 1936 on the Bureau of Agricultural Economics project. This work was supervised by Dr. Black.

  1. Independent Research, Cambridge, Mass., Oct. 1937-Jan. 1938.

Advisors– Dr. John D. Black and Dr. John M. Cassels of Harvard University.

Nature of Work-During this period, the applicant was working independently on a proposed Ph.D. thesis tracing the historical development of the marketing of manufactured dairy products. This period was one of an extremely intensive survey of the literature on dairy marketing since 1870 in libraries at Harvard and Washington, D. C. It also included several weeks of consulting with the staff of the Dairy Section of the Agricultural Adjustment Administration. This project was dropped as a thesis subject in January, 1938, in order that the applicant might accept a position at Iowa State College. This work served as the foundation for several Iowa Experiment Station research publications at a later date (see next item).

  1. Member of Staff, Department of Economics, Iowa State College, Feb. 1938 to date.

In February, 1938, the applicant became a member of the staff of the Department of Economics, Iowa State College, of which Dr. T. W. Schultz is department head. His initial rank was “Research Assistant” at a salary of $2430. His duties involved full responsibility for initiating and carrying out a aresearch study of the price and production policies in the meat-packing industry. During the following year, largely outside of office hours, the applicant produced manuscripts on the butter and cheese industries, based on data collected just previous to his employment at Iowa State College, which were deemed worthy of publication as research bulletins (see “list of publications”).

The objective of the study of the eat-packing industry was to make a comprehensive survey of the industry, with intensive study of those phases which would shed light on the nature of competition and monopoly elements in the industry.

The procedure was divided into four parts:

(1) Conditions in the livestock and meat markets.

The purpose of this phase of the work was to compile background descriptive material such as was necessary as a foundation for the later, more important phases of the project. This general survey was completed, covering such things as the nature of supply of livestock, demand for meats, the marketing mechanism for livestock and for meats, the composition and degree of concentration in the industry, accounting methods in the industry, and the economics of large-scale plant and firm in the industry.

            (2) Price and production policies followed in the meat-packing industry.

The procedure here was to survey past attempts at control of monopoly in the industry, covering a period of some 50 years. The status of individual packers was examined, as well as the effects on competition of such policies as market sharing, price leadership, price discrimination, advertising and branding, handling of by-products and produce, storage, and trade associations. This program necessitated two important steps: (a) the examination of leading agricultural processing-distributing industries better to determine the true nature of competition in such industries, and the applicability to problems faced by the worker in agricultural marketing research of recent developments in the economic theory of monopolistic competition. The studies of the butter and cheese industries contributed a great deal in this direction, in addition to a full year’s empirical work on the packing industry. (b) the adaptation and extension of the existing theory of monopolistic competition to the somewhat peculiar requirements of the agricultural processing-distributing industries as opposed to the strictly “manufacturing” industries, which have been the main interest of the general economist. It should be realized that the applicant is working in an entirely new field—imperfect competition in agricultural processing and distribution and has, therefore, constantly had to develop or adapt new research techniques and tools.

As a result, under the encouragement of Dr. T. W. Schultz and Dr. John D. Black, the applicant devoted the year 1939-40 primarily to developing the pure theory of imperfect competition, with special application to the agricultural processing-distributing industries. In order to make this theory of as general application as possible, not only were problems of immediate concern in the meat-packing project covered, but the theoretical considerations were broadened to include the theoretical aspects of competition in fluid milk among local country-buying units, and under short-run dynamic conditions as well. Particular emphasis was given to the theory of market-sharing, price leadership, and price discrimination, with major attention to the markets between the farm and the processing-distributing “bottleneck”.

A 460-page manuscript, “A Theoretical Analysis of Imperfect Competition, with Special Application to the Agricultural Industries” resulted. This manuscript represented four times redrafting after critical reading by Professors Black and Mason of Harvard; Professor Stigler of Minnesota; Professors Schultz, Hart, Shepherd, Reid, Lynch and Tintner of Iowa State College; Dr. Frederick V. Waugh and Dr. A. C. Hoffman of the Bureau of Agricultural Economics; and Dr. Harold B. Howe, of the Brookings Institution. All of these critics are highly qualified general or agricultural economists, and their reactions have been generally favorable.

In September, 1940, the manuscript was submitted as a Ph.D. thesis at Harvard University, and has since been accepted by Professors Black and Chamberlin. Professor Chamberlin, the leader in this phase of economic theory, states in a letter of December 23, 1940, that it is “a very fine piece of analysis and a very much worthwhile one…….an chievement of first order ……I can honestly say that I have spent more time in going over and working through some of the complex arguments that I have ever spent on any preceding doctor’s theses. This was partly because I was naturally interested in the subject and also because the thesis itself merited. it.” The plan is to push the manuscript toward publication during the next few months. The applicant expects formally to receive his Ph.D. degree before February 15, 1941.

Beginning July 1, 1939, the applicant’s salary was advanced to $3000 per annum. During the school-year 1939-40, he taught elementary Principles of Economics one-quarter time. On July 1, 1940, he was promoted to the rank of Assistant Professor at a salary of $3300, continuing to teach one-quarter time and pursue research three-quarters time. In the spring of 1941, he is scheduled to initiate a course for graduate students on Imperfect Competition in Agricultural Processing and Distribution.

Concurrently with other work previously outlined, the applicant prepared and presented a paper (unpublished) before a round-table of the American Farm Economic Association on December 28, 1938, entitled “A Suggested Approach to a Research Study in Price and Production Policies of an Agricultural Processing Industry”. Through the combination of theoretical hypotheses and empirical support, as based on the previously described work, he presented a second paper before the American Farm Economic Association in December, 1939. This paper, “Market-Sharing in the Packing industry”, presents statistical data for 1931-37 showing that the four dominant packers still buy relatively fixed proportions of hogs and cattle on the terminal markets as they did in 1913-17. It indicates how this may be evidence of oligopsonistic behavior in buying, the possible limitations of “market-sharing” as a monopolistic device, and how it may affect producer and consumer. This paper, the first published results of the meat-packing project, represents that balanced combination of empirical and theoretical analysis which the applicant considers the ideal research method.

In the December, 1940, issue of the Journal of Political Economy, another article (“Price Flexibility and Concentration in the Agricultural Processing Industries”, pp. 883-88) was published, growing out of previous empirical and theoretical work. This paper discusses the terminology concerning price “Flexibility” and alleged relationships between price flexibility and concentration of control in a given industry. It is argues that, in the agricultural processing industries (where short-run control of the supply of the food product is impossible), unlike the manufacturing industries, flexibility of margins is the important consideration, not flexibility of prices. Previous work of Means, Backman, and others in this field have failed to recognize the necessity for making this important distinction.

The great bulk of the descriptive phases of the price and production policies in the meat-packing industry has been completed. The basis no exists, in the applicant’s opinion, for a much clearer understanding of the nature of competition in the industry. Two important steps yet remain, however:

            (3) The RESULTS of these policies.

This will involve the financial analysis of the leading firms (partially completed), the examination of the relationship of such monopolistic practices as do exist to market price differentials, costs and margins, the method of buying of livestock, and the results in terms of the effects on farmer and consumer. In other words, how far do actual results as to prices, profits, employment, and investment—depart from “ideal” results under more nearly perfect competitive conditions?

(4) Practicable solutions to eliminate any ill-effects on farmer and consumer which are found to exist.

This will involve the consideration as to whether or not reform is necessary. If it is, such alternatives as government regulation, distribution as a public utility, dissolution of large firms, cooperation, government competition, etc., will have to be considered.

 

18(c). List of Publications

“Marketing Phases of Interregional Competition in Dairying”, 189-page manuscript, 1937, to be published.

*Post-War Developments in the Marketing of Butter, Iowa Agr. Exp. Sta., Res. Bul. 250, Feb. 1939, 64 pages.

*”Some Economic Aspects of University Patents”, Journal of Farm Economics, May, 1939, pp. 494-98.

“Short-Circuiting the Butter Middlemen”, Iowa Farm Economist, Jan., 1939, pp. 13-14.

*Post-War Developments in the Marketing of Cheese, Iowa Agr. Exp. Sta., Res. Bul. 261, July, 1939, 100 pages.

“Concentration in Cheese Marketing”, Iowa Farm Econmist, April, 1939, pp. 5[?]-6.

*”Post-War Concentration in the Cheese Industry”, Journal of Political Economy, Dec. 1939, pp. 823-45.

“Suggested Approach to a Research Study in the Price and Production Policies of an Agricultural Processing Industry”, paper read at Round-table on Marketing Research, American Farm Economic Association, Detroit, Dec., 1938, 14 pages, to be published.

*”Market-Sharing in the Packing Industry”, paper read at Annual Meeting, American Farm Economic Association, Philadelphia, Dec., 1939. Published in Proceedings, Journal of Farm Economics, Feb., 1940, pp. 225-40.

Review of Malott and Martin, “The Agricultural Industries”, in American Economic Review, March 1940, pp. 147-48.

*”Price Flexibility and Concentration in the Agricultural Processing Industries2, Journal of Political Economy, Dec., 1940, pp. 883-88.

** A Theoretical Analysis of Imperfect Competition, with Special Application to the Agricultural Industries, Ph.D. Thesis, Harvard University, accepted in December, 1940; 460 pages. To be published on Iowa State College Press by summer of 1941.

 

* Copy available for submission upon request.
**Topical table of contents or summary available upon request.

Source: University of Chicago Archives. Office of the President. Hutchins Administration. Records. Box 284. Folder “Economics 1943-47”.

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Hall of Distinguished Alumni
[University of Kentucky]

William Hord Nicholls

Born in Lexington, Ky., on July 19, 1914. Died, August 3, 1978. University Professor and Administrator. University of Kentucky, A.B., magna cum laude, 1934.

Serving as President of the Southern Economic Association (1958-59) and the American Farm Economic Association (1960-61), his expertise in the area of farm economics has been recognized also by governmental agencies and by a number of professional journals and societies.

After graduating magna cum laude (A.B., 1934) from the University, he then earned an M.A. degree at Harvard University (1938), the Ph.D., (1941) also at Harvard, and did post-doctoral work as a Fellow at University of Chicago (1941-42).

He was instructor, assistant professor and associate professor of economics, Iowa State College, 1938-44; assistant professor of economics, University of Chicago, 1945-48, and went to Vanderbilt University as a professor of economics in 1948. He became Chairman of the Department of Economics and Business Administration there in 1958, serving until 1961, serving the following year as visiting professor of economics at Harvard University. From 1965-77, he was Director of the Graduate Center for Latin American Studies at Vanderbilt, and was Harvie Branscomb Distinguished Professor at Vanderbilt, 1973-74.

He served briefly in 1934 as a statistical clerk for the Agricultural Adjustment Administration, Tobacco Section, Washington, D.C. During the summers of 1936 and 1937, he was field agent for the Bureau of Agricultural Economics, New England. He was research fellow and research assistant to Prof. John D. Black at Harvard, 1934-37, and a consultant, Office of Price Administration, Meats Section Washington, 1941-42. He was managing editor of “Journal of Political Economy,” 1946-48, and a visiting lecturer in Rio de Janeiro, Brazil, summer of 1947.

He also was a member of the faculty, Salsburg (Austria) Seminar in American Studies, summer of 1949; economist and co-editor of “Mission Report,” “Turkish Mission,” “International Bank of Reconstruction and Development,” Turkey and Washington, in 1950; economist, Executive Office of the President, Council of Economic Advisers, Washington, 1953-54; technical director, Seventh American Assembly on U.S. Agriculture, Columbia University, 1954-56; consultant on Latin America,, Ford Foundation, Brazil and New York, 1960-64; agricultural economist, Fundacao Getulio Vargas, Rio de Janeiro, during the summers of 1965, 1968 and 1970, and for a period in 1963 and early 1964, and guest consultant, Instituto de Planejamento Economics e Social, Ministry of Planning, Rio de Janeiro, 1972-73.

He has served on the board of editors of three professional journals, on a number of national committees and advisory boards, and has won a number of additional honors given by agencies he served in various ways.

His book, “Imperfect Competition Within Agricultural Industries,” (1941) went into a second printing in 1947. He also wrote numerous articles for professional publications, as chapters to books, as papers to be delivered at various professional meetings and as policy reports to various agencies.

William Hord Nicholls was named to the Hall of Distinguished Alumni in February 1965.

Source: Hall of Distinguished Alumni, University of Kentucky website.

___________________

Vanderbilt University Memorial

William H. Nicholls was born in Lexington, Kentucky on July 19, 1914, and died in Nashville on August 4, 1978. Professor Nicholls did his undergraduate work at the University of Kentucky and his graduate work at Harvard University, where he received the Ph.D. in 1941. His doctoral dissertation, published that same year, on Imperfect Competition Within Agricultural Industries, established his reputation as one of the country’s leading agricultural economists. He began his teaching career at Iowa State University in 1938 and moved to the University of Chicago in 1945. While serving as assistant professor at the University of Chicago, he edited one of the major professional journals in economics, the Journal of Political Economy. Nicholls came to Vanderbilt as a full professor in 1948, where he continued his prodigious output of books and articles. He was president of the Southern Economic Association in 1958-59 and presidentof the American Farm Economic Association in 1960-61. He received the Centennial Distinguished Alumnus Award of the University of Kentucky in 1966 and was Harvie Branscomb Distinguished Professor at Vanderbilt in 1973. He chaired the Department of Economics and Business Administration from 1958 to 1961 and directed the Graduate Center for Latin American Studies at Vanderbilt from 1965 to 1977.

Distinguished Professor Nicholas Gerogescu-Roegen, writing in support of Professor Nicholls’ nomination for the Harvie Branscomb Distinguished Professorship, said of him, “He is the originator of the field of regional development. One would be justified in speaking of a Nicholls’ school, which has attracted numerous doctoral students to our Economics Department, and has enhanced the prestige of the University. His works in the area of agricultural economics have no equal. They reflect a unique combination of theoretical power with a keen insight of the relevant aspects of actuality. The best example is supplied by his (now a classic) volume Imperfect Competition Within Agricultural Industries, in which Bill has created some new and efficient tools for the analysis of monopolistic structure.

“His scholarly interest in agricultural economics and its relation to economic development brought him in contact with the problems of Latin America, with Brazil in particular. Here, again, Bill showed his imaginative approach and his scholarly grip of difficult problems. The excellent name our own department (and implicitly the University) has in Latin America and among the specialists on Latin American Economics, is due in the greatest part to Bill’s contributions”.

Source: Department of Economics, Vanderbilt University, full biography link from the In Memorium webpage.

Image Source: Department of Economics, Vanderbilt University, in Memorium webpage.

Categories
Courses Harvard Suggested Reading

Harvard. History of Economics Reading List. Schumpeter, 1949

Joseph Schumpeter offered his graduate course “History and Literature of Economics since 1776” nine times during the period 1940-1949. The core readings were basically unchanged. In an earlier post I provided the reading list and examinations from the 1939-40 academic year. This post provides the much stripped down reading list for the last time Schumpeter offered the course. The only addition to the reading list was George Stigler’s 1941 book,  Production and Distribution Theories.

Below you will find the course enrollment figures and the reading list for the Spring semester of 1949.

 

___________________________

Course Enrollment Statistics:

Graduates Seniors Juniors Radcliffe Other Total
1939-40 9 3 1 0 3 16
1940-41 11 2 0 3 1 17
1941-42 5 1 0 4 1 12
1942-43 10 3 0 6 3 22
1943-44 2 1 0 3 3 9
1944-45 Not offered
1945-46 18 2 5 25
1946-47 21 1 0 6 7 35
1947-48 17 4 0 2 7 30
1948-49 2 1 0 0 1 4

Note: course number was Economics 113b until the academic year 1947-48, then Economics 213b thereafter. Joseph Schumpeter died in January 1950.

 

Source: Harvard/Radcliffe Online Historical Reference Shelf. Harvard President’s Reports.

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Economics 213b
Spring 1949

Reading List

 

This course will cover the period between and including A. Smith and A. Marshall. Particular emphasis will be placed upon the Ricardian system of economic theory. The new edition of Gide and Rist, History of Economic Doctrines, Heath & Company, 1948, is recommended for survey purposes.

  1. Richard Cantillon, Essai sur la nature du commerce en général (1755), English translation by Higgs (1931).
  2. David Hume, Political Discourses (edition by Green and Grose, 1875), Vol. I. [Miller edition]
  3. Adam Smith, Wealth of Nations, Cannan’s (Modern Library) edition.
  4. David Ricardo, Principles of Political Economy. (Everyman’s Library).
  5. Thomas R. Malthus, Essay on the Principle of Population (1798). [1803 edition, enlarged]
  6. William N. Senior [sic: should be “Senior, Nassau William”], Outline of the Science of Political Economy (1836).
  7. John Stuart Mill, Principles of Political Economy, also read introduction to Ashley’s edition.
  8. Karl Marx, first volume of Das Kapital (English translation, Modern Library).
  9. Augustin Cournot, Principles of the Theory of Wealth (Fisher’s edition, 1927).
  10. Knut Wicksell, Lectures on Political Economy (Robbins’ edition, 1934) [Vol. I; Vol. II].
  11. Alfred Marshall, Principles of Economics, particularly Book V.

Further suggestions:

E. Böhm-Bawerk, Capital and Interest, Vol. I.
E. Cannan, Theories of Production and Distribution (1924). [2nd ed., 1903]
F. W. Taussig, Wages and Capital (1896).
G. Stigler, Production and Distribution Theories (1941).
J. Bonar, Malthus and his Work (1924). [1885 ed.]
M. Bowley, Nassau Senior and Classical Economics (1937).
J. R. Hicks, “Leon Walras,” (Econometrica, 1934).
J. M. Keynes, Essays in Biography (mainly the essays on Malthus and Marshall).
J. Viner, Studies in the Theory of International Trade (1937).

 

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

Image Source:  Harvard Album, 1947.