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Harvard Regulations

Harvard. Economics Ph.D. Established. Degree requirements as of 1904-05

While there were not a few Ph.D. degrees awarded at Harvard nominally in political science at the turn of the 20th century that were in fact Ph.D. degrees in economics, starting with the academic year 1904-05 the economics Ph.D. degree became officially separated from the Ph.D. in political science “in accordance with the general practice of universities”. It would take another couple of decades for a Ph.D. in sociology to split off from the Ph.D. in economics, but that is a story for another post.

In this post I have transcribed the cover memo submitted by a committee of the Division of History, Government, and Economics that recommended the establishment of a distinct economics Ph.D. This memo is followed by the explicit requirements to be satisfied by candidates for the Ph.D. in economics at Harvard as of 1904-05. Links to the rules and regulations from other years have been included as well.

_________________________

Previously transcribed requirements for the Ph.D. in Harvard University’s Division of History, Government, and Economics

Degree Requirements for 1897-98.
Full 1897-98 Division Announcement
Degree Requirements for 1911-12.
Degree Requirements for 1921-22
Degree Requirements for 1934-35.
Degree Requirements from 1947.
Degree Requirements from 1958.
Degree Regulations from 1968.

_________________________

Members of the Committee to Review the Requirements for the Ph.D. Degree

Chairman Charles H. Haskins, Professor of History
Albert Bushnell Hart, Professor of History
Abbott Lawrence Lowell, Eaton Professor of the Science of Government.
William Zebina Ripley, Professor of Political Economy and Chairman of the Department of Political Economy
William Frank Taussig, Henry Lee Professor of Economics

_________________________

HARVARD UNIVERSITY.

Cambridge, Mass., March 5, 1904.

To the Division of History and Political Science: —

The Committee of the Division of History and Political Science appointed to consider the requirements for the degree of Doctor of Philosophy submits herewith its report in the form of a revised statement of the regulations governing the degree. No fundamental changes have been made, nor has it been the purpose of the committee to make the attainment of the degree materially harder or easier than at present. The changes proposed arise partly from the necessity of giving fuller recognition to the instruction now offered in economics and government, and partly from the attempt to correct certain tendencies which have appeared in connection with the general examination.

It is the opinion of the committee that the time has come for distinguishing the degrees offered to the student of economics and the student of government, in accordance with the general practice of universities; and the establishment of the degrees of Doctor of Philosophy in Economics is accordingly recommended. A list of subjects suitable for candidates in economics has been drawn up, and the list in political science has been revised and expanded. Unimportant changes are also suggested in the list of subjects in history.

It seems to have been the original intention, of the Division that the general examination should come comparatively early in the course of the candidate’s studies and should serve not only as a guarantee of comprehensive study but also as a sort of “qualifying round,” a test of general eligibility for the subsequent study for the degree. In practice the general examination has become the principal examination, the tendency being more and more evident for students to postpone this examination to the third or even the fourth year of study and to put off further preparation for the doctorate until after this examination. The result is that for most students the greater part of their graduate study is a continuous and avowed cram for the general examination. Their choice of courses and reading is determined by this, and many take no seminary or research courses and get no start in independent work before their last year of study. The committee believes that the general examination should come earlier, so that the weak may be discouraged before they have gone too far, and the strong may be ready as soon as possible to work freely and independently. It is not easy to suggest any legislation which can be trusted to accomplish this end, but the proposed reduction in the number of subjects from seven to six and the allowance suggested for honors at graduation ought to have some influence in this direction. More, however, will depend on the spirit in which the general examination is conducted.

On the other hand there is a constant tendency to narrow unduly the field for the special examination, and the committee recommends that the special field be not less in extent than one of the subjects offered for the general examination. If the period between the general and the special examination be lengthened, it will not be unreasonable to expect somewhat better preparation for the special examination.

The requirement of a reading knowledge of French and German has existed on paper only; it is proposed that each candidate shall satisfy the Division on this point by a special examination or otherwise.

This statement has been drawn up for the convenience of the Division by the chairman of the committee: the report has the approval of the whole committee, consisting of Messrs. Hart, Lovell, Ripley, Taussig, and Haskins.

Charles H. Haskins, chairman.

Source: Harvard University Archives. Division of History, Government & Economics. PhD. Material through 1917. Box 2, in an unlabeled folder.

_________________________

DEGREE OF PH.D.
[Division requirements, 1904-05]

For the degree of Doctor of Philosophy not less than two years devoted to advanced studies, approved as affording suitable preparation for the degree, are required of graduates of colleges of good standing. This degree is not usually taken in less than three years after the attainment of the degree of Bachelor of Arts in Harvard College, or an equivalent. A graduate of another college may ascertain by writing to the Dean of the Graduate School whether any special conditions will be imposed upon him. In order to be admitted to the degree the candidate must show a general training in the whole field of study, firm grasp of his special subject within the field, and independent research in some portion of that subject. He must present a thesis, showing original treatment or investigation, and must pass such examination or examinations as may be required by the Division. The degree is given on the ground of thorough study and high attainments. Appropriate studies carried on in the Graduate School of any other university may be recognized as a part of the candidate’s preparation for the degree. The minimum period of residence at Harvard University is one year.

The University confers the degree of Doctor of Philosophy in History; in Political Science; and in Economics. Candidates for the degree under any of these heads are subject to supervision and examination by the Division of History and Political Science. In order to indicate the grounds on which it is prepared to recommend candidates for the degree, the Division has adopted the following statements and suggestions.

[…]

GENERAL PREPARATION

Every candidate for the degree of Doctor of Philosophy is required, at an early stage in his preparation, to submit to the Division, through its chairman, evidence of the extent and quality of his general studies. A command of good English, spoken and written, the ability to make free use of French and German books, and a fair acquaintance with general history are expected in all cases. On the evidence presented, the Division will decide, provisionally, as to the sufficiency of the candidate’s general training. No set examinations will be held at this stage, but the candidate’s ability to use French and German will be specially tested in connection with the general examination described below. Candidates may be required to make up deficiencies by pursuing specified College courses, or in such other way as the Division may designate. The provisional acceptance of a candidate, as regards this portion of his preparation, does not preclude the Division from rejecting him later, if, in the examination on specific subjects, it shall appear that his general education is insufficient.

Candidates must ordinarily pass two examinations: the first general, the second (after the acceptance of the thesis) on a special field, defined in each case by vote of the Division.

I. GENERAL EXAMINATION

The first examination will be held not later than the beginning of the last year of study for the degree, and candidates are recommended to present themselves for this examination in the course of the preceding academic year. The object of this test is to ascertain the applicant’s attainments within a considerable range of subjects in the field of History, Political Science, or Economics. He will ordinarily be examined in six subjects in all, chosen from the groups defined below under the respective departments of study. Candidates are not required, however, to follow the details of these plans. They may present, for the consideration of the Division, reasonable substitutes for any of the topics named, and may offer appropriate combinations of parts of the separate subjects. They are advised in all cases, to submit their plans of study for approval at an early date. In judging of the candidate’s fitness for the degree, regard will be had to the general grasp and maturity shown, as well as to the range and accuracy of his attainments in the specific subjects of examination.

The scope of the general examination may be reduced by one of the three following methods:—

  1. Graduates of Harvard College of distinguished excellence, shown by taking highest honors on oral examination, may by special vote of the Division be excused altogether from this examination.
  2. Graduates of Harvard College of high excellence, shown by taking honors on oral examination, may be excused from examination in not more than three of the six subjects, by a vote of the Division.
  3. Students from other institutions, bringing credentials of high excellence, may on entering the Graduate School submit themselves to a special oral test, similar to the honor examinations, in not more than three of the six subjects.

II. THESIS

The thesis must be in the hands of the Chairman of the Division on or before April 1 of the year in which the degree is sought. It must be accepted as satisfactory before the candidate can be admitted to the final examination. It must show an original treatment of the subject, or give evidence of independent research, and must also be in good literary form and suitable for publication.

III. SPECIAL EXAMINATION

The second examination will be on a single limited subject agreed upon in advance. It is intended that each candidate should have, as far as possible, freedom of choice in selecting his subject, but it is expected that he will submit, for approval, an outline of work to be presented in satisfaction of this requirement. It is desirable that this outline should be submitted a year in advance of the examination. Ordinarily the ground covered by the special examination will not be greater in extent than one of the subjects offered by the candidate at his general examination, and may be identical with one of these subjects. Or the candidate may limit his more special preparation to an approved portion of this field, which will regularly include the period or topic within which the thesis lies. At the final examination, the candidate will be expected to show such a mastery of his special field, and such an acquaintance with the literature, general and special, bearing on it, as would qualify him to give instruction to mature students.

[…]

THE DEGREE OF PH.D. IN ECONOMICS
[1904-05]

GENERAL PREPARATION

Candidates for the degree of Doctor of Philosophy in Economics must meet the requirements stated on p. 56. They should also be well grounded in the main outlines of European and American history, and should have had a general view of the nature and growth of political institutions and constitutional law.

GENERAL EXAMINATION

This examination (the general conditions of which are stated on p. 56) will include six subjects, chosen from the following list. Of the six subjects, at least one must be taken from each of the groups A, B, C, and D, the first three of these groups being purely economic, while the fourth, more general in character, is intended to secure a somewhat broader basis of preparation. In all cases at least one of the subjects chosen must be historical in character, either economic history under group B or one of the historical fields defined under Group D

Group A

  1. Economic Theory and its History.

Group B

  1. Economic History to 1750.
  2. Economic History since 1750.
  3. Sociology and Social Reform.
  4. Statistics (Literature, Methods, and Results).

Group C

  1. Money, Banking, and Commercial Crises.
  2. Public Finance and Financial History.
  3. Transportation and Foreign Commerce.
  4. Labor Problems and Industrial Organization.

Group D
Selected topics from one or more of the following fields:—

  1. History of Political Institutions in Mediaeval Europe, including England.
  2. History of Political Institutions since 1500 in Europe, including England.
  3. History of American Institutions.
  4. Modern Government and Comparative Constitutional Law.
  5. Jurisprudence.
  6. Philosophy.
  7. Anthropology

Source: Harvard University, Faculty of Arts and Sciences. University Publications, N.S. 129.  Division of History and Political Science Comprising the Departments of History & Government and Economics,1904-05 (Cambridge, Mass.: May 16, 1904), pp. 55-58, 61-62.

Image Source: The Miriam and Ira D. Wallach Division of Art, Prints and Photographs: Photography Collection, The New York Public Library. “Sever Hall, Harvard Univ., Cambridge, Mass.” The New York Public Library Digital Collections. 1898 – 1931. Also see Library of Congress (image dated 1904).

Categories
Brown Economists Harvard

Harvard. Application for PhD candidacy. John H. Williams, PhD 1919

John Henry Williams was in his day a colossus whose feet were squarely planted in macroeconomic research and macroeconomic policy. Many posts here at Economics in the Rear-view Mirror include material from his Harvard courses. The particular contribution of this post is found in the transcriptions of the graduate course records from the Division of History, Government and Economics that document Williams’ own pursuit of the Ph.D. Not essential to any understanding of the development of modern economics is the flurry of letters, cards and telegrams required to coordinate the time of Williams’ Special Examination that followed the acceptance of his doctoral thesis. Plus ça change, plus c’est la même chose.

A timeline of his life and career has been appended to the post below.

_______________________

Current Literature

Pier Francesco Asso’s chapter “John Henry Williams (1887–1980)” in The Palgrave Companion to Harvard Economics edited by Robert A. Cord (1924), pp. 197-220.

_______________________

Ph.D. in Economics, 1919

JOHN HENRY WILLIAMS, A.B. (Brown Univ.) 1912, A.M. (Harvard Univ.) 1916.

Subject, Economics. Special Field, International Trade. Thesis, “Argentine International Trade under Inconvertible Paper Money, 1880-1900.” Assistant Professor of Economics, Princeton University.

Source: Harvard University. Report of the President of Harvard College, 1918-19, p. 82.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

John Henry Williams. June 21, 1887. Ystrad, Wales.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

Brown University. 1909-12.
Harvard University. 1915 to present.
Brown University. Instructor in English, 1912-15.

III. Degrees already attained. (Mention institutions and dates.)

A.B. Brown University, 1912.
A.M. Harvard, 1916.

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc.)

General course in European history; English Constitutional history; European history since 1815; American history.
Elementary course in Economic Theory; Labor Problems;
Elementary courses in Political Science & in Sociology.
History of Philosophy. English composition (2
 year courses).
Anglo-Saxon; English literature (two year courses); French (two years); German (two years); Latin & Greek (one year each). I obtained credit for a course in Spanish by special examination.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic theory, and the history of economic thought.
    Economics 11, Economics 14: – Harvard.
    (Elementary course in theory at Brown.)
  2. Economic history.
    Economics 2: – Harvard.
  3. Public Finance.
    Economics 31: – Harvard.
  4. Labor Problems.
    Economics 34: – Harvard.
    (one course at Brown.)
  5. Political Theory.
    Govt. 6a; Govt 6b: – Harvard.
  6. International Trade. Special Field
    Economics 33.
    Economics 20(a) (Research full course) 

VII. Special Subject for the special examination.

International Trade

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

The Foreign Trade of Argentina in the Period of Inconvertible Paper Money (1880-19009.
Professor F. W. Taussig.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

For the general examination. Early May, 1917.

X. Remarks

[left blank]

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] Charles J. Bullock

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: John Henry Williams

Approved: Jan 23 1917

Ability to use French certified by C. J. Bullock. 18 December 1916 – D.H.

Ability to use German certified by  C. J. Bullock. 18 December 1916 – D.H.

Date of general examination Passed – May 7, 1911 – D.H.

Thesis received [left blank]

Read by [left blank]

Approved [left blank]

Date of special examination [left blank]

Recommended for the Doctorate [left blank]

Degree conferred [left blank]

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Record of JOHN HENRY WILLIAMS
in the Harvard Graduate
School of Arts and Sciences

Grades
1915-16 Course Half-Course
Economics 2a1 A
Economics 2b2 A
Economics 11 A
Economics 13 B plus
Economics 31 A minus
Economics 34 A

 

1916-17 Course Half-Course
Economics 14 “Credit”
Economics 20a A
Economics 332 abs.
Economics 351 A
Government 6a1 A
Government 6b2 abs.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
W.E. Rappard
H.L. Gray
E. E. Day

Cambridge, Massachusetts
December 18, 1916.

This is to certify that I have examined Mr. J. H. Williams and found that he has a satisfactory reading knowledge of French and German.

[signed]
C. J. Bullock

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General examination passed

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.

Cambridge, Massachusetts
May 9, 1917.

Dear Haskins:

Mr. J. H. William passed his general examination for the doctor’s degree on May 7th. He did pretty well in all subjects, and the vote of the Committee was unanimous. The examination was not, however, a brilliant one.

Sincerely yours,
[signed]
Charles J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Willing to take a professorship at Lafayette College if offered.

Department of Commerce
Bureau of Foreign and Domestic Commerce
Washington

June 20, 1918

I have your letter of June 17th, forwarded from the Cambridge Y.M.C.A., stating that I have been recommended for a professorship in economics and government at Lafayette College at $2,000. That prospect seems to me highly desirable and I hope I may get it. I am writing today to Dr. MacCracken.

For the past two weeks, as a result of your kind mention of me to Dr. Klein, I have been doing Latin American research work in the Bureau of Foreign and Domestic Commerce. My present appointment is temporary and in no way binding on either side. I understand, however, that I may arrange for a permanent appointment if I desire. The salary is about the same as that of the teaching position, but the cost of living here in Washington is terrific! I feel too that I should prefer teaching to this work, provided the salary were satisfactory, as it is in the case of this position at Lafayette College. If, therefore, you could assist me in any way to secure the place, I should be very grateful.

I take this opportunity to explain what is the present status of my thesis. Save for some minor changes it is completed, and is now in Professor Taussig’s hands. He hopes to have an opportunity to read it during his vacation, which I undertand is to begin soon. Once the thesis is returned to me I mean to put it into final shape and forward it to you. Do you not think that it might be examined by a committee in the late summer or early fall, and that, if it is satisfactory, arrangement might be made for me to take the final examination in October?

With many thanks for your kind letter, I am

Very truly yours,
[signed]
John H. Williams

Dean Charles H. Haskins.

(My safest address is the Bureau of Foreign and Domestic Commerce, Latin American Division, Washington, D.C. I am advising the Appointments Office of this address.)

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Dean Haskins reply to Williams

22 June 1918

Dear Mr. Williams:

I am glad to learn from your letter of 20 June that you are interested in the place at Lafayette. Your letter to President MacCracken will put you in touch with him; I had already given him the only address I conld get, 1937 Calvert Street.

In regards your thesis, I will undertake to see what we can do when it reaches me in final shape. It is hard to find men free to read theses during the summer, but at least it can be read early in the academic year, so that your special examination need not go far into the autumn.

Let me know if I can do anything about the place at Lafayette, or elsewhere. I mentioned Professor Bullock in writing to President MacCracken.

Very truly yours,
[unsigned copy]

Mr. John H. Williams.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Undated File Note
Presumably late June 1918.

Miss Ham has telphoned that J. H. Williams wishes to take his special examination next fall. Professor Taussig has received his thesis and has read it. Who are to be the other members of the committee?

[Handwritten notes added:]
Bullock, Sprague, Klein, Carver.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Division asks Carver
to Read Williams’ thesis

7 October 1918

Dear Carver:

Will you serve as one of the committee to read the Ph.D. thesis of J. H. Williams, on “Foreign Trade of Argentina in the Period of Inconvertible Paper Money (1880-1900)”? The thesis will be sent to you.

Yours sincerely,
[unsigned copy]

Professor T. N. Carver

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Taussig’s Daughter to wed in November 1918. Good time to schedule Williams’ Special Examination

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J. S. Davis
H. H. Burbank
E. E. Lincoln

Cambridge, Massachusetts
October 14, 1918.

Dear dear Haskins:

Taussig writes that he is going to be in Cambridge about November 10th to attend his daughter’s wedding, and obviously that will be the best time for having Williams’s final examination. Let us tentatively put that down for November 9th, 10th, or 11th, the exact date to be fixed after the date of the wedding is definitely set.

Williams’s thesis will undoubtedly be accepted. Taussig and I are now ready to approve it, and find it a very excellent piece of work. Carver is now reading it.

Sincerely yours,
[signed]
Charles J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Dean Haskins Begins to Assemble Special Examination Committee

HARVARD UNIVERSITY
Division of History, Government, and Economics

16 October 1918

My dear Sir:

Can you serve as a member of the committee for the special examination of John Henry Williams for the Ph.D. in Economics, which is provisionally fixed for November 9 or 11? Mr. Williams’s special field is International Trade, and his thesis subject is Foreign Trade of Argentina in the Period of Inconvertible Paper Money (1880-1900). The committee consists of Professors Taussig (chairman), Bullock, Carver, and Persons.

Yours sincerely,
[unsigned copy]
CHARLES H. HASKINS

[To: Taussig, Bullock, Carver, Persons]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Division sets tentative dates for
Special Examination

16 October 1918

Dear Mr. Williams:

Your special examination has been fixed provisionally for November 9 or 11. The committee consists of Professors Taussig (chairman), Bullock, Carver, and Persons.

Sincerely yours,
[unsigned copy]

Mr. J. H. Williams.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Division checking whether
Taussig would be available for the Special Examination

16 October 1918

Dear Taussig:

I understand from Bullock that you are to be here these days. Can you indicate so far in advance whether you could act on Williams’s examination and what hour would be convenient for you?

Sincerely yours,
[unsigned copy]

Professor F.W. Taussig.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Persons can serve on
Special Examination Committee

My dear Dean Haskins:

I will be able to serve on the committee to examine J. H. Williams on Nov 9 or 11.

[signed]
Warren M. Persons

Oct. 18–1918

*  *  *  *  *  *  *  *  *  *  *  *  *  *

UNITED STATES TARIFF COMMISSION
WASHINGTON

F. W. Taussig, Chairman
Thomas walker Page, Vice Chairman
David J. Lewis
William Kent
William S. Culbertson
Edward P. Costigan
Wm. M. Steuart, Secretary

Address reply to
United States Tariff Commission

October 18, 1918.

Dear Bullock:

I enclose the certificate on Williams’s thesis, duly signed. I should hope to be able to get to Cambridge about November 12th. I can make no unqualified promises, but just now there is something of a let up, and prospects for an easier year are good.

Sincerely yours,
[signed]
F. W. Taussig

Professor C. J. Bullock,
Department of Economics
Cambridge, Massachusetts.

Enclosure.

[Short-hand note at bottom of page]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

UNITED STATES TARIFF COMMISSION
WASHINGTON

F. W. Taussig, Chairman
Thomas walker Page, Vice Chairman
David J. Lewis
William Kent
William S. Culbertson
Edward P. Costigan
Wm. M. Steuart, Secretary

Address reply to
United States Tariff Commission

October 19, 1918.

Dear Haskins:

I have your letter of the 16th. I could take part in Williams’ examination about November 12th or 13th. It will be a pleasure to have a hand again in Cambridge doings.

Sincerely yours,
[signed]
F. W. Taussig

Mr. Charles H. Haskins,
Harvard University,
Cambridge, Massachusetts.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Bullock has Taussig’s letter to him
forwarded to Dean Haskins

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J. S. Davis
H. H. Burbank

Cambridge, Massachusetts
October 21, 1918.

Dear Dean Haskins:

Professor Bullock wished me to send you the enclosed letter from Professor Taussig, and to suggest that you provisionally set November 12th as the date for Mr. Williams’s examination and find out whether Professor Taussig now can agree to come at that time.

Very truly yours,
[signed]
A. Pauline Ham

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Special Examination Date Change
(to the Committee)

21 October 1918

Dear Bullock:

Mr. Williams’s examination has been changed to Tuesday, November 12, at 3 p.m. I hope that this will be convenient for you.

Sincerely yours,
[unsigned copy]

Professor C. J. Bullock
Professor T. N. Carver
Dr. W. M. Persons.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Special Examination Date Change
(to Williams)

21 October 1918

My dear Mr. Williams:

It has been found necessary to change your examination, and it has been set provisionally for Tuesday, November 12, at 3 p.m.

Sincerely yours,
[unsigned copy]

Mr. John H. Williams.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Special Examination Date Change
(to Taussig)

21 October 1918

Dear Taussig:

I have arranged Mr. Williams’s examination for Tuesday, November 12, at 3 p.m. I hope that hour will be convenient for you.

Sincerely yours,
[unsigned copy]

Professor F. W. Taussig.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Carver agrees to serve on Williams’ Special Examination Committee

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J. S. Davis
H. H. Burbank
E. E. Lincoln

Cambridge, Massachusetts
October 22, 1918.

Dean Charles H. Haskins,
Cambridge, Mass.

Dear Sir:

I can serve as a member of the committee for the examination of Mr. Williams on either date, given, preferably on November 9.

Very sincerely yours,
[signed]
T. N. Carver (P)

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Bullock can’t make
the new Special Examination date

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J. S. Davis
H. H. Burbank
E. E. Lincoln

Cambridge, Massachusetts
October 23, 1918.

My dear Haskins:

It now appears that I shall be away from Cambridge the week of November 10-16 in attendance at the annual conference of the National Tax Association. Since Taussig is going to be here that week, I think it would be better to adhere to your date of Noverber 12th for Williams’s examination. You have Taussig, Carver, and Persons, so that you could perfectly well replace me by Burbank or some historian or a government man. It is more important that Taussig should be on hand than that I should be there.

Sincerely yours,
[signed]
Charles J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Carver agrees to new date for
Williams’ Special Examination

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J. S. Davis
H. H. Burbank
E. E. Lincoln

Cambridge, Massachusetts
October 24, 1918.

Dean Charles H. Haskins,
Cambridge, Mass.

Dear Dean Haskins:

The date for Mr. Williams’s examination, November 12, at 3 p.m. is satisfactory to me.

Very sincerely yours,
[signed]
T. N. Carver

*  *  *  *  *  *  *  *  *  *  *  *  *  *

UNITED STATES TARIFF COMMISSION
WASHINGTON

F. W. Taussig, Chairman
Thomas walker Page, Vice Chairman
David J. Lewis
William Kent
William S. Culbertson
Edward P. Costigan
Wm. M. Steuart, Secretary

Address reply to
United States Tariff Commission

October 24, 1918.

Dear Haskins:

I have your note concerning Williams’ examination on Tuesday, November 12th. I will be on hand.

Very truly yours,
[signed]
F. W. Taussig

Mr. Charles H. Haskins,
Harvard University,
Cambridge, Massachusetts.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Asking Burbank to substitute for Bullock

25 October 1918

Dear Burbank:

Could you serve as a member of the committee for the special examination of J. H. Williams on Tuesday, November 12, at 3 p.m.? Professor Bullock, who was to serve, is obliged to be out of town that week, and the date of the examination has to be fixed with regard to Professor Taussig’s presence in Cambridge. Mr. Williams’s special field is International Trade, and his thesis is on Foreign Trade in Argentina, 1880-1900. The other members of the committee are Professors Taussig (chairmen), Carver, and Persons.

Sincerely yours,
[unsigned copy]

Dr. H. H. Burbank.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Bullock informed

25 October 1918

Dear Bullock:

I have asked Burbank to serve in your place at Williams’s examination.

Sincerely yours,
[unsigned copy]

Professor C. J. Bullock.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Taussig needs to postpone
the Special Examination

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Dean Agrees to Postponing Special Examination

6 November 1918

Professor F. W. Taussig, U. S. Tariff Commission, Washington, D.C.

Examination can be changed to Friday fifteenth if your presence assured then. Telegraph.

Charles H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Williams informed of Special Examination date change

7 November 1918

Dear Mr. Williams:

It has been found necessary to change your examination to Friday, November 15, at 4 p.m. in Widener U.

Sincerely yours,
[unsigned copy]

Mr. J. H. Williams.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Committee members informed of
Special Examination date change

7 November 1918

My dear Sir:

It has been found necessary to change Mr. Williams’s examination to Friday, November 15, at 4 p.m. in Widener U. I trust this hour will be convenient for you.

Sincerely yours,
[unsigned copy]

[Carver, Persons, Burbank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Special examination passed

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
J.S. Davis
H.H. Burbank
E.E. Lincoln

Cambridge, Massachusetts
November 16, 1918.

Dear Sir:

I beg to report, in behalf of the Committee appointed to conduct the special examination of J. H. Williams, that he passed the examination by unanimous vote of the Committee.

Very truly yours,
[signed]
F. W. Taussig

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Notice to President’s Office
of the Award of Ph.D.

[Format matches the listing in the Annual Report of the President of Harvard College]

3 December 1918

The Division of History, Government, and Economics reports that the following candidate for the degree of Doctor of philosophy has presented a satisfactory thesis and passed his final examination successfully:

John Henry Williams,

A.B. (Brown Univ.) 1912, A.M. (Harvard Univ.) 1916.

Subject, Economics. Special Field, International Trade.

Thesis. “The Foreign Trade of Argentina in the Period of Inconvertible paper Money (1880-1900).”

[unsigned copy]
Chairman

Source: Harvard University Archives. Division of History, Government & Economics, Ph.D. 1923-24. (UA V 453.270), Box 05, Folder “Degree Granted”.

__________________________

Course Names and Instructors

1915-16

Economics 2a 1hf. European Industry and Commerce in the Nineteenth Century. Professor Gay assisted by Mr. A.H. Cole and Ryder.

Economics 2b 2hf. Economic and Financial History of the United States. Professor Gay assisted by Mr. A.H. Cole and Ryder.

Economics 11. Economic Theory. Professor Taussig.

Economics 13. Statistics: Theory, Methods, Practice. Asst. Professor Day.

Economics 31. Public Finance. Professor Bullock.

Economics 34. Problems of Labor. Professor Ripley.

1916-17

Economics 14. History and Literature of Economics to the year 1848. Professor Bullock.

Economics 20a. Economic Research (Economic Theory and International Trade and Tariff Problems). Professor Taussig.

Economics 332International Trade and Tariff Problems. Professor Persons (Colorado College).

Economics 351. Problems of Business Cycles. Professor Persons (Colorado College).

Government 6a1. History of Political Theory. Asst. Professor Holcombe.

Government 6b2. Political Theories of Modern Times. Asst. Professor Holcombe.

Source: Harvard University. Report of the President of Harvard College for 1915-16, 1916-17.

__________________________

John Henry Williams
Timeline of his life and career

1887. Born June 21 in Ystrad, Wales.

1889. May. Family emigrates to the United States, settling in the Blackinton section of North Adams, Massachusetts.

1900. October 13. Became a naturalized citizen of the United States.

 1908[est.] Graduated from Drury High School, North Adams, Massachusetts.

1912. A.B. Brown University.

1912-15. English instructor at Brown University.

1915. Married Jessie Isabelle Monroe (she died in 1960). Two daughters.

1916. A.M. in economics, Harvard.

1917-18. July to May, Sheldon Travelling Fellow to Buenos Aires.

1918-19. Instructor of Economics. Harvard. Also assistant editor of the Review of Economic Statistics.

1919. Ph.D. in economics, Harvard. Thesis awarded the Wells Prize.

1919. Accompanied Professor Edwin Walter Kemmerer of Princeton University, who was serving as adviser to the Guatemalan government in currency matters, to Guatemala and Cuba. (They departed July 12 from New Orleans). Williams traveled as secretary to Kemmerer.

1919-20. Assistant professor of economics, Princeton University.

1920. Publication of the doctoral thesis, Argentine International Trade Under Inconvertible Paper Money, 1880-1900.

1920-21. Associate Professor of Banking, Northwestern University.

1921-25. Assistant Professor of Economics, Harvard University.

1925-26. Westinghouse professor in Italy.

1925-29. Associate Professor of Economics, Harvard University.

1929-33. Professor of Economics, Harvard University.

1933-57. Nathaniel Ropes Professor of Political Economy, Harvard University.

1932-33. Delegate to the Commission that prepared the World Monetary and Economic Conference.

1933. Spring. Joined the Federal Reserve Bank of New York as Assistant Federal Reserve Agent. Full-time until October 1934.

1936-47. Vice-president of the Federal Reserve Bank of New York. In charge of the Research Function.

1937-47. First Dean of the Harvard Graduate School of Public Administration.

1944. First edition of Postwar Monetary Plans and Other Essays published. Second edition (1945). Third edition (1947). Fourth edition (1949).

1947-52. Economic Advisor to the Federal Reserve Bank of New York.

1948-51. Member of the European Cooperation and Administration advisory committee on fiscal and monetary problems.

1951. President of the American Economic Association.

1952-ca.1963. Consultant to the Federal Reserve Bank of New York.

1953Economic stability in a changing world; essays in economic theory and policy.

1953. One of seven named by President Eisenhower to a commission to study foreign economic policy.

1953-54. Member of the United States Commission on Foreign Economic Policy.

1957. Retires from Harvard University.

1957-63. William L. Clayton Professor of International Economic Affairs at the Fletcher School of Law and Diplomacy at Tufts University.

1962. Married second wife, Katherine R. McKinstry
[note: she was thanked for her editorial help in preparing the publication of Postwar Monetary Plans and Other Essays (1944); also in Economic stability in a changing world; essays in economic theory and policy (1953)]

1980. December 24. Died in Southbridge, Massachusetts.

Timeline sources: Obituary in North Adams Transcript (Jan 5, 1981), p. 12; FRBNY Quarterly Review (Winter, 1980-81), pp. 1-2Who’s Who in America 1952, p. 2622.

Image Source: Passport picture from John Henry Williams’ passport application July 8, 1919. Low resolution scan enhanced by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Principles

Harvard. Enrollment and semester examinations for principles of economics. Taussig, 1908-1909

Our march through the economics examinations at Harvard resumes with the academic year 1908-09. We start obviously with the Principles of Economics à la Frank W. Taussig. His team of teaching assistants turned out to have amounted to quite a bit (see the links in the course enrollment section below).

In addition to the 1908-09 exam questions for Principles of Economics taught at Harvard by Frank W. Taussig, this post includes the following links to the previously transcribed 37 years worth of examsAs you can see we have come a long way, though there is still over a century’s worth of exams to go.

________________________

Exams for principles (a.k.a. outlines)
of economics at Harvard
1870/71-1907/08

1871-75.
1876-77.
1877-78.
1878-79.
1879-80.
1880-81.
1881-82.
1882-83
.
1883-84
.
1884-85.
1885-86.
1886-87.
1887-88.
1888-89.
1889-90.
1890-91.
1891-92.
1892-93
.
1893-94.
1894-95.
1895-96
.
1896-97.
1897-98.
1898-99.
1899-00.
1900-01.
1901-02.
1902-03.
1903-04.
1904-05.
1905-06.
1906-07.
1907-08.

________________________

Course Enrollment
1908-09

Economics 1. Professor [Frank William] Taussig, assisted by Messrs. [Robert Lee] Hale, [Joseph Stancliffe] Davis, [Isaiah Leo] Sharfman, Stevens, and [Abbott Payson] Usher. — Principles of Economics.

Total 503: 1 Graduate, 21 Seniors, 97 Juniors, 241 Sophomores, 100 Freshmen, 43 Others.

Source: Harvard University. Report of the President of Harvard College, 1908-1909, p. 67.

________________________

ECONOMICS 1
Mid-year Examination, 1908-09

Arrange your answers strictly in the order of the questions.

  1. Explain what determines, in the long run, the value of

free goods;
public goods;
goods produced at the margin of cultivation;
goods produced above the margin of cultivation.

  1. “Even if it were the fact that there is never any land taken into cultivation, for which rent, and that too of an amount worth taking into consideration, was not paid; it would be true, nevertheless, that there is always some agricultural capital which pays no rent, because it returns nothing beyond the ordinary rate of profit.”
    Do you think this holds good as to agricultural land? as to urban sites?
  2. Suppose land to be of uniform fertility, and suppose not all of it to be under cultivation: would there be rent? would there be interest? (Neglect differences of situation.)
    Would your answer be different, in either respect, if all the land were under cultivation?
  3. What is the effect of larger scale of production and more minute division of labor on

the irksomeness of labor;
the productiveness of labor;
the reward of labor;
the share which goes to labor as compared with other sorts of incomes.

5. What is the connection between

the “round about” or “lengthened” process of production;
the “effective desire of accumulation”;
the “discounted marginal product” of labor;
economic rent.

  1. A strike takes place in an industry whose owners are protected from competition by a patent. Its settlement is referred to an arbitrator, before whom the workmen undertake (with success) to show that the industry has been highly profitable to the owners. How far, it at all, should the arbitrator consider this fact in his decision?
    Suppose the case had been one of agricultural laborers on an unusually fertile farm, would your answer be different?
  2. Suppose a great and permanent fall to take place in the rate of interest on capital, other things remaining the same; what changes would you expect in

the general rate of wages; the values of commodities;
the prices of urban sites;
the prices of securities yielding a fixed income?

  1. “The price of a monopolized article is commonly supposed to be arbitrary: depending on the will of the monopolist, and limited only by the buyer’s extreme estimate of its worth to himself. This is in one sense true, but forms no exception, nevertheless, to the dependence of value on supply and demand.” In what sense true? and why no exception?
  2. Would you expect the organization of employees into trade unions to bring about higher wages in the case of
    domestic servants;
    motormen on street railways;
    plumbers.
    If so, how? if not, why not?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1908-09.

________________________

ECONOMICS 1
Year-end Examination, 1908-09

Arrange your answers strictly in the order of the questions.

  1. Explain briefly: value; price; unit price; index numbers; weighted average.
  2. What determines the value of: gold dollars; gold bullion; silver dollars; silver bullion?
  3. What determined the par of exchange between (1) the United States and England in 1870; (2) the United States and England in 1880; (3) the United States and Mexico in 1890? [Mexico had a silver standard in 1890.]
  4. Is it conceivable that a country should steadily import goods which its own producers can make at less expense than foreign producers? that it should import goods which its own producers can make at less cost than foreign producers?
  5. What determines the reserve against deposits held by the Bank of England? by the Bank of France? by the First National Bank in New York City? by the Charles River National Bank in Cambridge?
  6. “There is, therefore, a rough correspondence between the movements of loans and deposits … The true connection between these movements is often forgotten, but its nature can not be mistaken by anybody who will observe the steps by which an ordinary ‘discount’ is placed at the command of the borrower.” What is the nature of the connection? What are the steps?
  7. Which among the following, if any, do you consider “unproductive” laborers: a stock-exchange broker; the promoter of a trust; a legislative agent (lobbyist) exerting himself to bring about high tariff legislation; the editor of a blackmailing newspaper?
  8. In a socialist community, what changes from existing conditions would you expect as to: the medium of exchange; economic rent; business profit; highly competent administrators?
  9. What do you understand by the principle of diminishing utility? of marginal utility? How does either principle bear on (1) the values of commodities, (2) proposals for equalizing the distribution of wealth?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1909), pp. 31-32.

Image Source: Frank W. Taussig in Harvard Class Album, 1915.

Categories
Economists Harvard M.I.T. Transcript Undergraduate

Harvard. Economics PhD alumnus, Douglass Vincent Brown, 1932

The lifespan of the sub-field of labor economics, industrial relations (collective bargaining and arbitration), very neatly coincided with the career of Douglass Vincent Brown (1904-1986). He was educated at Harvard College (A.B., 1925) and trained in the Harvard Graduate School of Arts and Sciences (A.M., 1926; Ph.D., 1932). After a few years of teaching at the Harvard Medical School, Brown was hired by M.I.T. in 1938 as an assistant professor of industrial relations and there rose through the ranks to become its first Sloan Professor of Management in 1946. He became professor emeritus in 1969.

What makes this post relatively unique is that it provides a complete picture of Brown’s educational progress from his college preparation through Harvard undergraduate years and graduate school as seen in his transcripts. Names of courses and professors have been added. A timeline of Douglass Vincent Brown’s life has also been appended to the post.

_______________________________

On Industrial Relations

Issues in Labor Policy. Essays in Honor of Douglass Vincent Brown. Edited by Stanley M. Jacks, M.I.T. Press, 1971. Publications and papers listed pp. xii-xiii.

Chapter 7. John G. Turnbull, “Reflections on a Generation of Work in the Field of Labor Economics”, pp. 165-177.

Chapter 1. Douglas Vincent Brown and Charles Myers, “Historical Evolution”,  in Public Policy and Collective Bargaining, ed. by Joseph Shister, Benjamin Aaron, and Clyde W. Summers,  Industrial Relations Research Association, Publication No. 27, 1962, pp. 1-27.

Fun fact: Douglas Vincent Brown was George Shultz’s thesis advisor.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Douglass Vincent Brown, Wilkes-Barre, Penn. May 16, 1904.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

Harvard University, 1921-27

III. Degrees already attained. (Mention institutions and dates.)

A.B., Harvard 1925
A.M., Harvard 1926

IV. General Preparation. (Indicate briefly the range and character of your under-graduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

Economics A, Economics B, Economics C, Ec. 6a, Economics 2a, Economics 3, Economics 5, Economics 6b, Economics 8.
History 1,  History 32b, Gov’t 1.
English A, English 31, English 41.
Social Ethics 4, German A, Philosophy 1a, Anthropology 1.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory & Its History. Ec. 11, Ec. 14, Ec. 15. Private Reading.
  2. Statistics. Ecc. 1a, Ec. 41. Private Reading.
  3. Sociology. Ec. 8, Ec. 12a. Private Reading.
  4. Money and Banking. Ec. 3, Ec. 38. Private Reading.
  5. American History, since 1789. History 32b, History 55. Private Reading.
  6. (Labor Problems.) Ec. 6a, Ec. 6b, Ec. 34

VII. Special Subject for the special examination.

Labor Problems

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

Restriction of Output. Family Allowances. Professors Taussig and Ripley.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

Early in the second half-year, 1926-7. [Added later:] Wednesday, March 2, 1927. Thurs. April. 28/32.

X. Remarks

[Added later:]

Professors
Taussig, chairman
Bullock
Ford (James)
Schlesinger
Persons.

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] F. W. Taussig

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Douglass Vincent Brown.

Approved: January 21, 1927.

Ability to use French certified by Professor A. E. Monroe. February 7, 1927.

Ability to use German certified by Professor A. E. Monroe. February 7, 1927.

Date of general examination March 2, 1927, Passed – F.W.T.

Thesis received April 1, 1932

Read by Professors Taussig and Ripley

Approved April 25, 1932

Date of special examination Thursday, April 28. Passed – F.W.T.

Recommended for the Doctorate June 9, 1932

Degree conferred June 23, 1932

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
Feb. 7, 1927

Mr. D. V. Brown has this day passed a satisfactory examination in the reading of French and German as required of candidates for the doctors degree.

[signed]
A. E. Monroe

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed General Examination

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
March 4, 1927

To the Chairman of the
Division of History, Government, and Economics,

As chairman of the committee for the general examination in economics of Mr. Douglass V. Brown, I have to report that the committee unanimously voted to accept the examination as satisfactory. Mr. Brown’s showing was in every respect creditable.

Very truly yours,
[signed]
F. W. Taussig

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
April 30, 1932

Dear Professor Carver,

As chairman of the committee appointed for the examination in the special field of Douglass V. Brown, candidate for the degree of Doctor of Philosophy, I have to report that Mr. Brown passed the examination to the entire satisfaction of the committee. His showing was excellent. The committee also agreed that his thesis was of high quality.

Very truly yours,
[signed]
F. W. Taussig

Professor T. N. Carver
772 Widener Library
Cambridge, Massachusetts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Undergraduate Transcript
of Douglass V. Brown

HARVARD COLLEGE
Record of Douglas V. Brown
for the years 1921-25

(Date) February 28, 1927

ADMISSION RECORD
SUBJECT
Elementary
Advanced
Grade
Units
Grade
Units
English. Part A, II

90
85

3

Greek

Latin (1.2.4)

90

3

German
French

80

2 74

1

History (anc.)

68

1

Algebra

100

2 92

½

Plane Geometry

93

1

Solid Geometry
Plane Trig.

72
98

½
½

Physics

A
97

1

Chemistry
Geography

70

½

Admission Conditions:— [left blank]
 

YEAR 1921-22

Freshman
Grade
               Subject
Course
Half-course
English A

B

Chemistry A

B

German A

B

History 1

B

Mathematics C

A

 

YEAR 1922-23

Sophomore
Grade
               Subject
Course
Half-course
Anthropology 1

B

Economics A

B

English 31

B

Government 1

B

Mathematics 2

A

 

YEAR 1923-24

Junior
Grade
               Subject
Course
Half-course
Economics 3

B

Economics 8

A

Economics 6a1

B

Economics 6b2

A

English 41

A

Philosophy 1a2

A

Social Ethics 4a1

A

 

YEAR 1924-25

Senior
Grade
               Subject
Course
Half-course
Economics B1

A

Economics C hf

B

Economics 2a1

B

Economics 52

Exc(C)

Economics 12a1

A

History 32b2

Exc(B)

Concentration Subject:— Economics

Passed General Examinations in:— History, Government, and Economics

[…]

Received A.B. Degree:— magna cum laude at Commencement 1925

[…]

The standing of every student in each of his courses is expressed, on the completion of the course, by one of five grades, designated respectively by the letters A,B,C,D, and E; A and B are honor grades; C is passing; D passing but unsatisfactory; E failure. “Abs” indicates failure to obtain credit for the course, owing to absence from the final examination.

[…]

(   ) indicates the quality of the work in the course up to the time of the final examination, from which the student was excused.

Sixteen full courses, in addition to the prescribed English Composition, are required for the degree of Bachelor of Arts, or Bachelor of Science. From four to six full courses (or their equivalent in half-courses) constitute a full year’s work. An average of nine hours each week (normally three hours of classroom work and six hours of preparation) for thirty-six weeks is the approved amount of work for the ordinary student in a single full course.

C. N. GREENOUGH, Dean
By [signed] G. G. Benedict

Harvard University Archives. Division of History, Government & Economics, Ph.D. Degrees Conferred 1929-30. (UA V 453.270), Box 12.

_______________________________

Graduate School of Arts and Sciences
Record of Douglass Vincent Brown

First Registration: 25 September 1925

1925-26

Grades
First Year
Course
Half-Course

Economics 1a

A

Economics 11

A

Economics 38

A

Economics 412

A

History 55

A minus

 

1926-27

Grades
Second Year
Course
Half-Course

Economics 14

cr.

Economics 151

A

Economics 20 (F.W.T.)(2 co.)

AA

Economics 34 (1st half)

A

Henry Lee Memorial Fellowship

1927-28

Grades
Third Year
Course
Half-Course

Economics 20 (F.W.T.)

A

Inst. in Economics and Tutor in the Div. of H., G & E.
$1500

1928-29. Sheldon Fellow.

Source: Harvard University Archives. Graduate School of Arts and Sciences. Record Cards of Students 1895-1930. (UA V 161.272.5), Box 2, Belding-Burton.

__________________________

Harvard Course Names and Instructors

1921-22

English ARhetoric and English Composition, Oral and Written. Professor Murray, general direction of Course A.

Chemistry AElementary Chemistry. Professor Lamb and others.

German A.Elementary Course. Professor Bierwirth and others.

History 1European History from the Fall of the Roman Empire to the Present Time. Professor Haskins and others.

Mathematics CAnalytic Geometry; Introduction to the Calculus. Section I: Associate Professor Bouton and Mr. LaPaz; Section II: Associate Professor Kellogg and Dr. Walsh.

1922-23

Economics A. Principles of Economics. Asst. Professor Burbank, and Messrs. Masson, Blackett, Fagg, Heath, and Chamberlin, with lectures on selected subjects by Professor Taussig.

Anthropology 1. General Anthropology. Professors Dixon and Tozzer, and Asst. Professor Hooton, assisted by Mr. Ghua.

English 31. English Composition. Professor Hurlbut.

Government 1. Constitutional Government. Professors Munro and Holcombe, assisted by Messrs. Wells, McClintock, McKaughan, and Pollock.

Mathematics 2. Differential and Integral Calculus; Analytic Geometry. Professors Huntington, Birkhoff, and Asst. Professor Graustein..

1923-24

Economics 3. Money, Banking, and Commercial Crises. Professor Young.

Economics 8. Principles of Sociology. Professor Carver.

Economics 6a1. Trade-Unionism and Allied Problems. Professor Ripley.

Economics 6b2. The Labor Movement in Europe. Dr. Meriam.

English 41. English Literature from the Elizabethan times to the present. Professor Bliss Perry, assisted by Mr. Bacon and Taeusch.

Philosophy 1a2. Introduction to Philosophy. Asst. Professor Lewis.

Social Ethics 4a1. Problems of Race and Immigration in America: Americanisation. Dr. Carpenter.

1924-25

Economics B1. Economic Thought and Institutions. Asst. Professor A. E. Monroe.

Economics C hf. Theses for Distinction. Members of the Department.

Economics 2a1. European Industry and Commerce since 1750. Professor Gay, assisted by Mr. Gilbert.

Economics 52. Public Finance. Associate Professor Bullock.

Economics 12a1. Problems in Sociology and Social Reform. Professor Carver.

History 32b2. American History: The Development of the Nation, 1840 to the Present Time. Professor Schlesinger (University of Iowa).

1925-26

Economics 1a. Statistics. Asst. Professor Crum.

Economics 11. Economic Theory. Professor Taussig.

Economics 38. Principles of Money and Banking. Professor Young.

Economics 412. Statistical Theory and Analysis. Asst. Professor Crum.

History 55. Social and Intellectual History of the United States. Professor Schlesinger.

1926-27

Economics 14. History and Literature of Economics to the year 1848. Professor Bullock.

Economics 151. Modern Schools of Economic Thought. Professor Young.

Economics 20. Two Research Seminars with Frank William Taussig.

Economics 34. (First half) Problems of Labor. Professor Ripley.

1927-28

Economics 20. Research Seminar with Frank William Taussig.

Source: Harvard University. Courses of Instruction of the Faculty of Arts and Sciences, 1921-22 and Report of the President of Harvard College for 1922-23 through 1926-27.

__________________________

Douglass Vincent Brown
Timeline of his education and career

1904. Born May 16 in Wilkes-Barre, Pennsylvania.

1918-21. Wyoming Seminary college preparatory school, Kingston, Pennsylvania.

1925. A.B. magna cum laude, Harvard.

1926. A.M. in economics, Harvard.

1926-27. Henry Lee Memorial Fellow, Harvard.

1927-33. Instructor and tutor of economics, Harvard University.

1932. Ph.D. in economics, Harvard University. Thesis: “Family Allowances.”

1933-38. Assistant professor of medical economics, Harvard Medical School.

1938-40. Assistant professor of industrial relations, M.I.T.

1940-43. Associate professor of industrial relations, M.I.T.

1941. Member of presidential mission sent to Moscow under W. Averell Harriman to organise Lend-Lease deliveries.

1942-45. Consultant to Departments of Labor and War. Advisory posts for the Council of National Defence and Office of  Production Management.

1943-46. Professor of industrial relations, M.I.T.

1944-45. Public member of the New England Regional War Board.

1944. Named as Fellow of the American Academy of Arts and Sciences.

1946-. Named first Albert P. Sloan Professor of Management at M.I.T. Switched from “Economics and Social Science” to “Business and Engineering Administration.”

1947. Member of the Slichter Commission that issued a report leading to the 1948 “Slichter Law” which had the goal of reducing industrial disputes. It would have allowed the governor of Massachusetts to seize an industry if after 15 days there was ­“a menace to public health or safety” due to a strike.

1947. Charter member of National Academy of Arbitrators.

1948. Appointed by the governor of Massachusetts as a moderator to resolve a major trucking strike in New England. Application of the “Slichter Law” was avoided when the truckers agreed to continue moving food and fuel.

1959-60. Ford Foundation visiting professorship of industrial relations at the University of Chicago School of Business.

1969-. Professor emeritus, M.I.T.

1970. President of the Industrial Relations Research Association.

1986. Died March 21 in Brookline, Massachusetts. Obituary in The Boston Globe, 23 March 1986, p. 87.

Image Source: MIT Museum. Portrait photo of Douglass Vincent Brown from  1946.

Categories
Brown Economists Harvard

Harvard. Economics Ph.D. alumnus Harry Edward Miller, 1923

Today we meet the economics Ph.D. alumnus Harry Edward Miller who was an Allyn A. Young dissertation student awarded a Harvard Ph.D. in 1923. Miller went on to become the Eastman professor of political economy at Brown University. He was only forty years old at the time of his death that resulted from hemorrhaging, a complication from a pancreaticoduodenectomy, probably attempted because of pancreatic cancer (cause of death information from death certificate).

This post provides the entire record for Harry Edward Miller found in the files of the Division of History, Government and Economics at Harvard. Bonus content includes the identification of all his graduate school courses and instructors plus a chronology of Miller’s life and career.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Harry Edward Miller, born October 11, 1897 at Boston Mass.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

Boston University, 1915-19
Harvard University, Graduate School of Arts & Sciences 1919-21

III. Degrees already attained. (Mention institutions and dates.)

A.B., Boston University, 1919
A.M., Harvard University, 1920

IV. General Preparation. (Indicate briefly the range and character of your under-graduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

Full-year courses in Modern & Medieval European History, American History, Comparative Government. Full-year courses in Principles of Economics, and half-year courses in Public Finance, Economic History of the U.S., Socialism, History of Economic Theory.
4 years of high-school Latin and one of college.
3 years of high-school French and one of college.
2 years of high-school German and 3 of college.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory and Its History. (Econ. 11, 14, and 15. Half-year undergraduate course at Boston University in the history, full-year course in the theory.
  2. Economic History since 1750 (Econ. 2 with additional reading and a half-year undergraduate course at Boston Univ.).
  3. Statistical Method and its Application (Econ. 41).
  4. Public finance (Econ 31 and a half-year undergraduate course at Boston University).
  5. History of Political Theory. (Gov’t 6).
  6. Money, Banking and Commercial Crises (Econ. 3 with additional reading, and Econ 382 hf. (to be taken during second semester of this year))

VII. Special Subject for the special examination.

Money, Banking and Commercial Crises. (Econ.3)

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

To be determined.
[added by someone else] “Theories of Banking in the United States before the Civil War.” (with Professor Young)

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

I should prefer the general examination in the late spring of this year.

X. Remarks

[left blank]

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] Edmund E. Day

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Harry E. Miller.

Approved: January 25, 1921.

Ability to use French certified by C. J. Bullock, March 28, 1921.

Ability to use German certified by C. J. Bullock, March 28, 1921.

Date of general examination Thursday, 3 November 1921, passed – A.A. Young

Thesis received April 1, 1923

Read by Professors Young, Sprague and

Approved Bullock

Date of special examination May 25, 1923. Passed – A.A. Young

Recommended for the Doctorate June 5, 1923

Degree conferred 21 June 1923

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
Department of Economics

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
A. A. Young
W. M. Persons
E. E. Day
J. S. Davis
H. H. Burbank
A. S. Dewing
E. E. Lincoln
A. E. Monroe
A. H. Cole

Cambridge, Massachusetts
March 28, 1921

My dear Haskins:

I have this morning examined Mr. Henry E. Miller, and find that he has such a knowledge of French and German as we require of candidates for the doctorate.

Very sincerely yours
[signed]
Charles  J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Miller provides title of his dissertation

Apr. 11, 1921

Division of Hist., Govt. and Economics
Mrs. Dorothy Cogswell Sec’y.

My dear Mrs. Cogswell:

The title of my Ph.D. thesis is to be, “The History of Banking Theory in America before 1860.” I informed the secretary of the Dept. of Economics to that effect and am sorry it did not occur to me that you might not be advised through her.

Sincerely yours,
[signed] Harry E. Miller

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General Exam Postponed

COPY

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT,
AND ECONOMICS

20 May, 1921

My dear Sir:

The General Examination of Mr. Harry E. Miller, which was scheduled for Wednesday, 25 May, has been postponed until next year.

Very truly yours,
CHARLES H. HASKINS

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Request to Professors to join general examination committee

Copy

8 October 1921

My dear Sir:

Can you serve as one on the committee for the general examination of Harry Edward Miller? The committee will consist of Professor Young, Chairman, Professor Bullock, Professor McIlwain, Professor Usher and Professor Taussig. The examination will be on Tuesday, November 3.

The subjects which Mr. Miller offers are

Theory and its History
Economic History since 1750
Statistical Method and its Application on Public Finance
History of Political Theory
Money, Banking and Commercial Crises.

Very truly yours,

Professor [“Young”, “Bullock”,“Usher”, “Taussig”,“McIlwain” added here to the individual letters]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Bullock declares willingness to serve on the general exam committee

HARVARD UNIVERSITY
Committee on Economic Research
Cambridge, Massachusetts, U.S.A.

Charles J. Bullock, Chairman
W. M. Persons, Editor
A. E. Monroe, Asst. Editor
F. Y. Presley, Business Mgr.
Charles F. Adams
Nicholas Biddle
Frederic H. Curtiss
Wallace B. Donham
Ogden L. Mills
Eugene V. R. Thayer

October 10, 1921

Professor Charles H. Haskins,
24 University Hall,
Cambridge, Massachusetts.

My dear Sir:

In reply to your letter of October 8th I may say that I will serve on the committee for the general examination of Henry Edward Miller on November 3rd.

Very truly yours,
[signed] Charles J. Bullock/A.H.C.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Usher declares willingness to serve on the general exam committee

THE COLLEGE OF BUSINESS ADMINISTRATION
OF
BOSTON UNIVERSITY
525 Boylston Street
Boston

Department of Economics

Oct 11, 1921

Dear Prof. Haskins:

I shall be glad to serve on the committees for the general examinations of Mr. Miller and Mr. Bober; though on Tuesday Nov. 3 I should not be able to attend earlier than 3.30 P.M.

As no date has apparently been set for Mr. Bober’s examination, I may say that my class obligations here would make it impossible to attend either on Tuesdays or Fridays before 3.30.

Sincerely yours,
[signed] Abbott Payson Usher

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Young available for the proposed dates of the general exams

6 Hilliard Street, Cambridge, Mass.,
October 11, 1921.

Dear Haskins,

I have your notes informing me of the dates set for the general examinations of Miller and Bober. I have set aside the two dates mentioned, Tuesday, [marginal note “/Thursday?”] November 3, and Thursday, October 27

Yours sincerely,
[signed]
Allyn A. Young

Dean Charles H. Haskins
Graduate School of Arts and Sciences
University Hall,
Cambridge, Mass.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Miller informed of date
for his general examination

Copy

13 October 1921

My dear Mr. Miller:

Your general examination will take place on Thursday, 3 November. I am very sorry that it was impossible to arrange for this earlier in the week as you desired.

Very truly yours,
[unsigned]

Mr. H. E. Miller

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed General Examination

6 Hilliard Street, Cambridge, Mass.,
November 5, 1921.

Dear Dean Haskins,

On behalf of the committee in charge of the general examination of Mr. Harry Edward Miller for the degree of Ph.D., I beg to report that Mr. Miller passed the examination, which was held on Thursday, November 3.

Yours sincerely,
[signed]
Allyn A. Young

Dean Charles H. Haskins
Graduate School of Arts and Sciences
University Hall,
Cambridge, Mass.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Dean Haskins asking Young about the general quality of Miller’s general exam

Copy

8 November 1921

Dear Young:

I have your letter of 5 November, notifying me that H. E. Miller passed his general examination.

Could you without inconvenience let me know about the general quality of the examination and whether he had any margin. The Division desires a record of this kind for reference when a candidate comes to the later stages of his work, particularly the special examination, when the Committee may have no personal recollection of the general examination.

Sincerely yours,
[“x” for Haskins]

Professor A. A. Young

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Supplementary Information for
General Examination of H. E. Miller

6 Hilliard Street, Cambridge, Mass.,
November 21, 1921.

Dear Haskins:

I have your note of November 8 asking for supplementary information respecting H. E. Miller’s general examination for the Ph.D. degree.

It was the unanimous opinion of the committee that Miller’s examination was unusually creditable. He showed himself well prepared in each of the subjects offered; he thought clearly; and he was always in command of himself and of his information. In several fields the examination could easily be called brilliant; in all fields it showed unusual competence.

Yours sincerely,
[signed]
Allyn A. Young

Professor Charles H. Haskins, Dean
Graduate School of Arts and Sciences
24 University Hall,
Cambridge, Mass.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Request to Prof. Vanderblue to join special examination committee

Copy

14 May 1923

My dear Professor Vanderblue:

Will it be possible for you to serve as a member of the committee for the special examination of H. E. Miller for the Ph.D. in Economics, to be held on Friday, 25 May, at 4 p.m., to take Professor Dewing’s place? Professor Dewing is to be away on that date, and so is unable to attend. I am sending you an examination pamphlet herewith. You will find Mr. Miller’s name on page 20.

Very truly yours,
Secretary of the Division

Professor H. B. Vanderblue

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Request to Prof. Vanderblue to join special examination committee

Copy

17 May 1923

My dear Professor Young:

Mr. H. E. Miller’s examination is on Friday, the 25th, but his thesis is not in yet. I gave it to Professor Sprague to read first, and Professor Bullock’s secretary tells me that it is in her office, signed by Professor Bullock and yourself. Can you tell me when it will be ready to come back to this office?

Very truly yours,
Secretary of the Division

Professor A. A. Young

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Reminder to Young: special examination

HARVARD UNIVERSITY
Division of history, Government, and Economics

Cambridge, Massachusetts
22 May 1923

My dear Professor Young:

This is to remind you that you are chairman of the committee for the special examination of H. E. Miller for the Ph.D. in Economics, to be held on Friday, 25 May, at 4 p.m., in Widener U. I enclose Mr. Miller’s papers herewith, also an envelope for their return.

Very truly yours,
[signed]
Esther W. Hinckley
Secretary of the Division

P.S. Professor Vanderblue is to take Professor Dewing’s place on the committee.

Professor A.A. Young

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Reminder to Miller: special examination

Copy

Cambridge, Massachusetts
22 May 1923

My dear Mr. Miller:

This is to remind you that your special examination for the Ph.D. in Economics, to be held on Friday, 25 May, at 4 p.m., in Widener U. Professor Vanderblue is to take Professor Dewing’s place on the committee.

Very truly yours,
Secretary of the Division

Mr. H. E. Miller

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

6 Hilliard Street,
Cambridge, Massachusetts
May 26, 1923.

My dear Haskins,

On behalf of the committee appointed to conduct the special examination of Mr. Harry E. Miller for the degree of Ph.D., I beg to report that Mr. Miller passed the examination. He made a very creditable showing, – distinctly above the average.

Yours sincerely,
[signed]
Allyn A. Young

Professor Charles H. Haskins, Dean
Graduate School of Arts and Sciences
University Hall.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Record of Harry Edward Miller

Grades
1919-20 Course

Half-Course

Economics 2a1

B plus

Economics 2b2

A minus

Economics 11

A

Economics 31

B plus

Economics 41

A

 

1920-21 Course

Half-Course

Economics 14

A minus

Economics 15

A

Economics 382

A

Government 6

A

 

1921-22 Course

Half-Course

Economics 20 (2 co.)

AA

 

1922-23 Course

Half-Course

Economics 20

[left blank]

Source: Harvard University Archives. Division of History, Government & Economics, Ph.D. Degrees Conferred 1929-30. (UA V 453.270), Box 09.

__________________________

Course Names and Instructors

1919-20

Economics 2a 1hf. European Industry and Commerce in the Nineteenth Century. Dr. E. E. Lincoln.

Economics 2b 2hf. Economic History of the United States. Dr. E. E. Lincoln.

Economics 11. Economic Theory. Professor Taussig.

Economics 31. Public Finance. Professor Bullock.

Economics 41. Statistical Theory and Analysis. Asst. Professor Day

1920-21

Economics 14. History and Literature of Economics to the year 1848. Professor Bullock.

Economics 15. Modern Schools of Economic Thought. Professor Young.

Economics 382. Selected Monetary Problems. Professor Young.

Government 6. History of Political Theory. Professor McIlwain.

1921-23

Economics 20. Research Seminars.

Source: Harvard University. Report of the President of Harvard College for 1919-20, 1920-21.

__________________________

Harry Edward Miller
Timeline of his life and career

1897. Born [Aaron Miller] on October 10 in Boston.

1918. Military service.

1919. A.B. Boston University.

1920. A.M. in economics Harvard University.

1923. Ph.D. in economics, Harvard. (Report of the President of Harvard College, 1922-23, p. 52)

1923-24. Assistant Professor, Clark University. Cf. Holyoke Daily Transcript (18 Aug 1923). [Note: Unable to find mention of Harry Edward Miller in the relevant Clark University catalogues.]

1924. Joins the Brown economics department at the rank of assistant professor.

1927. Banking Theories in the United States before 1860. Harvard University Press. Revision of Ph.D. thesis.

1928. Appointed associate professor on the Eastman Foundation, Brown University.

1930. Appointed Eastman Professor of Political Economy, Brown University.

1931. Chairman of the Rhode Island special commission for liquor legislation.

1935. Married Rosabelle Winer of New York.

1937. Died November 14 at Beth Israel Hospital in Brookline, Mass.

Sources:  Obituary published in The New York Times (November 15, 1937) and the article “Harry Edward Miller” at online Encyclopedia Brunoniana.

Image Source: The Third Seal of Brown University (1834). The seal is still in use today.

Categories
Economists Harvard

Harvard. Academic record of Vervon Orval Watts, Ph.D. 1932

 

Vervon Orval Watts (1898-1993) was a faithful libertarian disciple of Harvard economics professor Thomas Nixon Carver. One of his course outlines from his time at Antioch College in Ohio has been transcribed and posted earlier.

In this post you will find the paper record of Watts’ march through the Division of History, Government and Economics that was rewarded with the award of a Ph.D. by the department of economics in 1932.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Vervon Orval Watts, March 25, 1898, Walkerton, [Ontario] Can.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

University of Manitoba, 1914-1918; Harvard University, 1921—
Teaching Positions: Brandon College, Jan. 1 – July 1, 1919; Gilbert Plains, high school, 1919-1921; Harvard, Assistant in Economics, 1923-24 (Asst.); 1926-27 (gr.); T + T 1927-29.

III. Degrees already attained. (Mention institutions and dates.)

A.B., University of Manitoba, 1918
A.M., Harvard University, 1923.

IV. General Preparation. (Indicate briefly the range and character of your under-graduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

History:— Greek + Roman, 1 course; European, 2 1/2 courses; English History, 2 courses; Canadian History 1/2 course.
Economics:— Courses in Theory, Economic History, Public Finance, Money + Banking, Foreign Trade + Finance.
Government:—  1 course, Logic:—  1 course.
Languages:— Greek + Latin.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory and Its History.
    At Harvard – Ec. 11, Ec. 14; at Manitoba – course in Theory + its History. Private Reading.
  2. Public Finance.
    At Harvard, Ec. 31; at Manitoba – 1 course. Private Reading.
  3. International Trade + Tariff Policy.
    At Harvard – Ec. 9b, Ec. 39;
    At Manitoba – 1 course; Private Reading.
  4. Economics of Agriculture.
    At Harvard – Ec. 9a, Ec. 32;
    – Assistant in Ec. 9a, 1923,
    Private Reading.
  5. Sociology.
    At Harvard, Ec. 8,
    –Assistant in Ec. 8, 1923
    Private Reading.
  6. History of England since the Reign of Henry VII.
    At Harvard: Hist. 12; Auditor in Hist. S9 + Hist. 11.
    At Manitoba: 1 course
    Teaching of English History in high school; Private Reading.

VII. Special Subject for the special examination.

Sociology.

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

The Development of the Technological Concepts of Production in Anglo-American Thought.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

I should prefer the General Examination not before Feb. 1. Middle of March or few days after. [Handwritten note: “May 27/32”]

X. Remarks

Professor Carver.

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] T. N. Carver

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Vervon Orval Watts

Approved: January 11, 1924

Ability to use French certified by C. J. Bullock, May 29, 1923.

Ability to use German certified by C. J. Bullock, May 29, 1923.

Date of general examination Monday, March 31, 1924. Passed. T.N.C.

Thesis received March 28, 1932

Read by Professors Carver and Taussig

Approved May 16, 1932

Date of special examination Friday, May 27, 1932

Recommended for the Doctorate June 9, 1932

Degree conferred  June 23, 1932

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
May 29, 1923

Dear Haskins:

This is to certify that I have examined Mr. V. O. Watts and find that he has such a knowledge of French and German as we require of candidates for the Ph.D. degree.

Very sincerely yours
[signed]
C. J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General Examination, date and
examiners
[carbon copy]

Division of History, Government, & Economics
Harvard University

21 March 1924

My dear Mr. Watts:

We are arranging your general examination for the Ph.D. in Economics for Monday, 31 March, at 4 p.m. Your committee will consist of Professors Carver (chairman), Abbott, Williams, Bullock, and Dr. Meriam.

Very truly yours,
[unsigned copy]
Secretary of the Division

Mr. V. O. Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General Examination
Information Sent to Examiners
[carbon copy]

Division of History, Government, and Economics
Harvard University

24 University Hall
25 March 1924

My dear Professor [blank]

Since the Ph.D. pamphlet is not yet out, I am sending you herewith the information which will appear in it about V. O. Watts, whose general examination is to be held on Monday, 31 March, at 4 p.m.

Very truly yours,
Secretary of the Division.

Carver
Abbott
Williams
Bullock
Meriam

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General Examination, Watts Reminder
[carbon copy]

27 March 1924

My dear Mr. Watts:

This is to remind you that your general examination for the Ph.D. in Economics is to be held on Monday, 31 March, at 4 p.m. in Widener N.

Very truly yours,
Secretary of the Division

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General Examination, Carver Reminder
[carbon copy]

27 March 1924

My dear Professor Carver:
This is to remind you that you are chairman of the committee for the general examination of Mr. V. O. Watts for the Ph.D. in Economics, to be held on Monday, 31 March, at 4 p.m., in Widener N. I enclose Mr. Watts’s papers herewith. The other members of the committee are Professors Abbott, Williams, Bullock, and Dr. Meriam.

Very truly yours,
Secretary of the Division.

Professor T. N. Carver

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed General Examination

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
April 1, 1924

Dear Professor Haskins:

I beg to report that the general examination for the Ph.D. degree of Mr. Vernon [sic] Orval Watts was held in Widener N, Monday afternoon, March 31. The committee voted unanimously to accept Mr. Watt’s examination as satisfactory.

Signed: T.N. Carver
Chairman of the Committee

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Thesis summary still needed
[carbon copy]

March 29, 1932

Dear Mr. Watts:

Your thesis has arrived in good shape. I do not find any summary with it, however. Each thesis is required to be accompanied by a summary, not over 1200 words, which is later published by the University, along with others, in a volume. I note that you have a Digest at the beginning of your thesis; perhaps you intended this to be the summary. However, it should not be bound in with the thesis, and the form should be consecutive and not in outline as you have it. It will be a simple matter for you to re-write this Digest into an appropriate summary.

I believe I wrote you as to the date for your examination, May 27. I should be glad to hear from you confirming this, as the pamphlet goes to press soon, and I cannot hold dates open after April 1st.

Sincerely yours,
Secretary

Mr. V. O. Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Last-minute thesis preparation

Antioch college
Yellow Springs
Ohio

March 5, 1932

Secretary of the Graduate School of Arts and Sciences
Harvard University
Cambridge, Massachusetts

Dear Sir:

I have almost completed my doctoral dissertation in the field of economics, and I wish to be informed if there are any rules concerning the nature of the binding for the volume.

I am writing the thesis in Sociology under Professor Carver. Shall I send it to you or to him when it has been completed?

Very truly yours,
[signed] V. Orval Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Scheduling Special Examination

Antioch college
Yellow Springs
Ohio

March 15, 1932

Miss Helen Prescott
772 Widener Memorial Library
Harvard University
Cambridge, Mass.

Dear Miss Prescott:

I should like to have my special examination placed at the end of May or the beginning of June if that will be convenient for Professor Carver.

Sincerely yours,
[signed] V. Orval Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

V. O Watts: Apology for late thesis summary

Antioch college
Yellow Springs
Ohio

March 31, 1932

Dear Miss Prescott:

I regret that my delay in writing you and in sending the summary of my thesis should have caused you the trouble and annoyance of writing me age in about it. For the past two weeks I have been exceedingly busy finishing the thesis while carrying the work of four courses. We also have an economics seminar which meets every week and I am serving on two faculty committees, one of which meets every week.

At the last moment, moreover, last Tuesday, I decided to have most of the thesis re-typed because the previous typing had been so faint. It may have been that the chemicals which are used on that ripple-finish paper may have caused the ink to fade on the earlier copy. At any rate, the work of supervising the typing and doing the proof-reading in addition to my regular teaching load led me to postpone everything I could as long as possible. I sent the summary off yesterday by special delivery, however, so that you should have received it by April first.

I should very much appreciate it if you could let me know soon whether or not my thesis appears to be acceptable. I am naturally anxious about it, especially since the last half of it has been written without Professor Carver’s supervision. It has certain merits, I believe, but I am very conscious of its short-comings. It would have been better if I had showed the earlier drafts of it to Professor Carver to secure his criticisms and suggestions; but every time I wrote a chapter I saw so many things I knew myself should be corrected that I disliked to show it to him, or to any one whose good opinion I valued, until I had done it as well as I could with it myself. In fact I still wanted to give it another revision before turning it in.

I trust that you and your sister are well. It was a pleasant surprise to discover that you were working with Professor Carver again. I am looking forward to seeing you and him again this spring, and I may bring my family along with me.

Very truly yours
[signed] V. Orval Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Letter to Carver

Antioch college
Yellow Springs
Ohio

April 8, 1932

Professor Carver:

Professor Taussig read a short article I wrote in criticism of Stuart Chase’s Tragedy of Waste when I first considered the topic of waste as a thesis subject. At that time my ideas concerning my plan of procedure were vague, and Professor Taussig merely approved the general subject of economic waste as one worthy of further development. I did not return for further conferences with him.

Most of my conferences, other than those with yourself, were with Professor Young, whom I used to consult frequently during the last year he was at Harvard. The distinction between the economic and the engineering point of view and the historical approach which I took are largely the result of those conferences.

I had several conferences with Professor R. B. Perry of the philosophy department, and he read and discussed at some length with me the first chapter. Professor Mason also read a few of my earlier essays, and I had a few talks with him concerning the general subject. I have felt, however, that he never approved
either of me or of my ideas. Professor Black has  stated the central idea of my thesis — the distinction between the economic and technological points of view — more clearly than any one else with whose work I am familiar, but I never had any conferences with him.

It seems to me that, all things considered, Professor Taussig is the most logical choice in the Economics Department for the examining board. He is very conscientious and honest in his criticisms and evaluations of students, yet I believe he is just and sympathetic towards new ideas.

I feel more keenly than ever at this time the loss of Professor Young, and I realize now that I may have made a mistake in not seeking the advice of Professor Taussig in writing my thesis after Professor Young left us. I always felt very reluctant to show my work to anyone, however, until I had done all I could with it myself. The distinction I have made in the thesis has not been clearly drawn by any other English writer, as far as I could discover, except by Professor Black, and I therefore felt it all the more necessary to state the idea as well as possible before
seeking criticism for it.

I expect to visit Cambridge and to see you and Professor Sorokin next Thursday or Friday. I am rather concerned about my ignorance of European sociology in view of Professor Sorokin’s interest in that field. I have been reading diligently in the history of sociological theory, but it is a very large field to cover, and I am hoping that Professor Sorokin may have some suggestions which will make my efforts more effective.

Sincerely yours,
[signed] V. Orval Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

V. O Watts: List of Positions

Antioch college
Yellow Springs
Ohio

May 3, 1932

Dear Miss Prescott:

I have just recalled that you asked me some time ago to send you a list of the positions I have held. If you wanted the list for the pamphlet which was being printed three weeks ago when I was in Cambridge it will be too late to send it now. But in case you may have a further use for it I am giving it herewith. You have my permission, however, to mention any or all of these titles if you wish.

1918-1919. Instructor, Brandon College, Canada
1919-1921. Assist. principal, Gilbert Plains High School, Gilbert Plains Canada.
1922-1923. Thayer Scholar, Harvard University
1924-1926. Instructor in Economics and Sociology, Clark University
1926-1927. Weld Scholar, Harvard University
1917-1929. Tutor in History, Government, and Economics, Harvard University
1929-1930. Lecturer in Economics and Sociology, Wellesley College
1930–. Assoc. Professor of Economics, Antioch College

As you may guess I am very anxious concerning the progress of my thesis through the gauntlet of the readers. I should very much appreciate it if I could obtain a hint of good news from the scene of action, but I suppose that the long list of theses presented this year is delaying the progress of all of them.

Yours sincerely,
[signed]
V. Orval Watts

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

The committee appointed to conduct the special examination of Mr. V. Orval Watts on Friday, May 27, 1932, voted unanimously to accept the examination. It was agreed by all three examiners that it was a brilliant examination..

Signed: T. N. Carver

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Antioch College informed
that Watts completed his Ph.D.

Antioch college
Yellow Springs
Ohio

Office of the President

June 6, 1932

Dr. T. N. Carver
Department of Economics,
Harvard University,
Cambridge, Massachusetts.

Dear Dr. Carver:

I thank you for your note about Mr. V. O. Watts. It is good to know that he did so well. His interest and enthusiasm in his work with us make his scholarly qualifications all the more productive.

Sincerely yours,
[signed] Arthur E. Morgan,
President.

AEM:HG

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Ohio State Not Hiring

the ohio state university
George W. Wrightmeyer, President
Columbus

DEPARTMENT OF ECONOMICS

M. B. Hammond Alma Herbst
A. B. Wolfe R. H. Rowntree
H. G. Hayes J. D. Blanchard
H. F. Walradt J. M. Whitsett
Grace S. M. Zorbaugh H. J. Bittermann
F. E. Held C. J. Botte
L. Edwin Smart R. T. Stevens
E. L. Bowers Louis Levine
R. L. Dewey Maurice A. Freeman
C. L. James R. L. Horne
R. D. Patton Wm. H. Mautz
Louise Stitt J. H. Sloan
Virgil Willit

June 6, 1932

Professor T. N. Carver
Department of Economics
Harvard University
Cambridge, Massachusetts

Dear Professor Carver:

I thank you for calling to my attention Mr. V. O. Watts, now teaching Economics at Antioch College. With your recommendation I do not doubt his ability to satisfy. However, the situation is about the same with us as it is at other western
institutions. We are not likely to make additions to the staff during the coming year. Those who are already employed are fighting hard to hold their jobs and there is a steady pressure on the part of graduate students to secure employment as assistants, readers, or in any other capacity, so that I do not anticipate any chance for Mr. Watts to find employment here. However, I will pass your letter to Dr. Bowers, who is acting chairman of the department, so that he can make use of it if there should be any change in the situation which calls for a new man.

I am, with best wishes,

Cordially yours,
[signed] M. B. Hammond

MBH:KU

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Record of V. O. Watts in the
Graduate School of Arts and Sciences.

1921-22 Course

Half-Course

Economics 9a

A

Economics 9b1

A

Economics 11

B plus

Economics 322

A

Economics 392

A

German A

A minus

1922-23 Course

Half-Course

Economics 8

A

Economics 14

A minus

Economics 31

A

History 12

A minus

1923-24 Course

Half-Course

Economics 20

 

Source: Harvard University Archives. Division of History, Government & Economics, Ph.D. Degrees Conferred 1929-30. (UA V 453.270), Box 12.

__________________________

Course Names and Instructors

1921-22

Economics 9a 1hf. Economics of Agriculture [primarily for undergraduates]. Professor Carver.

Economics 9b 1hf. International Trade and Tariff Policies. Professor Taussig.

Economics 11. Economic Theory. Professors Taussig and Young.

Economics 32 2hf. Economics of Agriculture [primarily for graduates]. Professor Carver.

Economics 39 2hf. International Finance. Asst. Professor Williams.

German A. Elementary Course. Professor Bierwirth et al.

1922-23

Economics 8. Principles of Sociology. Professor Carver.

Economics 14. History and Literature of Economics to the year 1848. Professor Bullock.

Economics 41. Statistical Theory and Analysis. Professors Young and Day.

History 12. The History of England from 1688 to the Present Time. Professor Abbott.

1923-24

Economics 20. Course of Research in Economics.

Image Source: Portrait of Vervon Orval Watts in the Harvard Class Album, 1932.

Categories
Distribution Harvard Suggested Reading Syllabus

Harvard alumnus. Extension course of six lectures on distribution. William M. Cole, 1896

During one of my recent scavenger hunts in the internet archive hathitrust.org I  scored the serendipitous discovery of a syllabus for six lectures given in 1896 by the recent Harvard economics A.M. alumnus and later professor of accounting, William M. Cole. His subject was the unequal distribution of wealth and the lectures were held under the auspices of the American Society for the Extension of University Teaching of Philadelphia. In previous years this subject was treated by  Richard T. Ely and John Bates Clark.

Cole had been a teaching assistant for Frank W. Taussig’s introduction to the principles of economics and one presumes much (if not all) of what Cole offered his public was theory à la Taussig, warmed up and perhaps somewhat dumbed down for popular consumption.

An earlier post provides more detail about the later career of William M. Cole.

___________________________

Homecoming, 1896

…Portland people will be interested to know that Mr. William M. Cole, who is in this city to represent the American University Extension Society at Assembly hall tonight, is a Portland boy. He was a Brown medical scholar at the High school, graduating from Harvard as one of the eleven Summa cum laude men of his class, has been instructor in political economy at Harvard and at Radcliffe, and was secretary of the Massachusetts commission on the unemployed. He is now a lecturer on economics for the American University Extension Society. Mr. Cole devotes his leisure largely to literary work. His latest work is “An Old Man’s Romance,” published last summer, and favorably reviewed by such literary papers as the Bookman, the Bookbuyer, the Boston Transcript and the Atlantic Monthly. It appeared under the pseudonym, Christopher Craigie. Mr. Cole had an article “Alone on Osceola,” in the August New England Magazine.

Source: The Portland Daily Press (Portland, Maine)
6 Feb 1896, p. 8.

___________________________

Cole Lectured on Wealth Distribution four times in 1896

  • Bangor, Maine. Mar. 16, 30 Apr. 13, 20, 27 May 4
  • Farmington, Maine. Feb 18 Mar. 17, 31 Apr. 14, 21, 28
  • Portland, Maine. Apr. 2, 9, 16, 23, 30 May 6
  • Saco, Maine. Feb. 19, Mar. 18, Apr. 1, 15, 22, 29.

Source: The American Society for the Extension of University Teaching, Philadelphia. The Citizen (April 1896) p. 72.

___________________________

[Series E.]

University Extension Lectures
under the auspices of
The American Society
for the
Extension of University Teaching.
Syllabus of a
Course of Six Lectures on

The Causes of the Unequal Distribution of Wealth Treated with Special Reference to the Principles Underlying the Problems of Labor, Land and Capital.

BY
WILLIAM MORSE COLE, A. B.
Late Instructor in Political Economy in Harvard University.

No. 16.
Price, 15 Cents.

Copyright, 1896, by
American Society for the Extension of University Teaching,
111 S. Fifteenth St., Philadelphia, Pa.

___________________________

The Causes of
the Unequal Distribution of Wealth.

CLASS.— At the close of each lecture a class is held for those students who wish to study the subject more thoroughly. All who attend the lectures may remain for the class discussion, whether desirous of participating in it or not. The object of the class is to give the students an opportunity of coming into personal contact with the lecturer, in order that they may, by conversation and discussion, the better familiarize themselves with the principles of the subject, and get their special difficulties explained.

PAPERS.— Students are urged to send to the lecturer at regular intervals papers on the topics set. These papers are returned with corrections and comment.

EXAMINATIONS.— Those students whose papers and attendance upon the class exercises have satisfied the lecturer of the thoroughness of their work will be admitted to an examination at the close of the course. Each student who passes the examination successfully will receive from the society a certificate in testimony thereof.

STUDENTS’ ASSOCIATION.— The formation of a Students’ Association for the reading and study before and after the lecture course, as well as during its continuance, is strongly recommended. In the case of fortnightly lectures the sessions of the Association may be held on the same evening of the alternate week.

REFERENCES.

NOTE.— Since Economics is a comparatively new science, the amount of new literature of which the permanent value has not yet been determined is very great. Much of the new doctrine, moreover, is incorporated in general text-books and set forth in detail rather for the specialist than for the general reader and thinker. It is deemed wise, therefore, to refer for this course to a few only of the standard books. These will familiarize the student with recognized doctrine so that he may read new literature with discrimination.

LECTURE I.

Wealth.— J. S. Mill, Political Economy, first ten pages of Preliminary Remarks; or J. L. Laughlin’s Abridgment of Mill, Preliminary Remarks.

Agents in Production.— Mill [The reference “Mill” will mean J. S. Mill, Political Economy.], Bk. I, Chaps. I to VII (incl.); or, Laughlin [The reference “Laughlin” will mean J. L. Laughlin’s Abridgment of Mill’s Political Economy.], Bk. I. F. A. Walker, Political Economy, Part. II.

Rent.— Mill, Bk. II, Chap. XVI; or Laughlin, Bk. II, Chap. VI. Walker, Polit. Econ., Part II, Chap. I, §§ 44, 45; Part IV, Chap. II.

Law of Diminishing Returns.— Walker, Wages Question, Chap. V.

LECTURE II.

Unearned Increment.— Mill, Bk. V, Chap. II, §§ 5, 6; or, Laughlin, Bk. V, Chap. I, § 5. Henry George, Progress and Poverty, Bk. VII, Chap. III; Bk. VIII, Chap. II. Walker, Polit. Econ., Pt. IV, Chap. II, §v258; Pt. VI, Chap. VII (3d Ed., Chap. X).

LECTURE III.

Wages and Profits.— Mill, Bk. II, Chap. XI, §§ 1, 2, 3; Chap XV; or, Laughlin, Bk. II, Chap. II, §§ 1, 2, 3; Chap. V. Walker, Polit. Econ., Pt. IV, Chaps. III. IV. V.

LECTURE IV.

The Increase of Capital.— Mill, Bk. I, Chap. XI and Chap. VIII; or, Laughlin, Bk. I, Chap. VIII and Chap. VI.

Trusts.— E. von Halle, Trusts (Macmillan & Co., 1895).

Railroads.— A. T. Hadley, Railroad Transportation, (G. P. Putnam’s Sons, 1890) Chaps. III, IV, V.

LECTURE V.

Wages in Different Employments.— Mill, Bk. II, Chap. XIV; or, Laughlin, Bk. II, Chap. IV. J. E. Cairnes, Political Economy, Part I, Chap. III, § 5. Report Mass. Commission on Unemployed, Pt. IV, p. 1 to lii. Walker, Wages Question, Chap. XIV.

Trade Unions.— J. E. Cairnes, Political Economy, Pt. II, Chaps. III, IV. Walker, Wages Question, Chap. XIX.

Profit Sharing.— N. P. Gilman, Profit Sharing (Houghton, Mifflin & Co., 1889) Chaps. IX, X.

The Question of Population.— Mill, Bk. II, Chap. XI, § 6; Chaps. XII, XIII; or Laughlin, Bk. II, Chap. II, §§ 4, 5; Chap. III. Walker, Wages Question, Chap. VI; Chap. XVIII, § 3.

The Wages Fund.— J. E. Cairnes, Pt. II, Chap. I. Walker, Wages Question, Chaps. VIII, IX.

LECTURE VI.

International Trade.— Mill, Bk. III, Chap. XVII; or Laughlin, Bk. III, Chap XIII. J. E. Cairnes, Political Economy, Pt. III, Chap. I.

The Classical View of Laissez Faire.— Mill, Bk. V, Chap. XI. J. E. Cairnes, Polit. Econ., Pt. II, Chap. V.

Instability of Modern Conditions.— Walker, Polit. Econ., Pt. III, Chap. VI. C. F. Dunbar, The Theory and History of Banking, (G. P. Putnam’s Sons, 1891) Chaps. I, II. Report Mass. Commission on Unemployed, Pt. IV, Introduction.

___________________________

LECTURE I.
The Agents in the Production of Wealth and the Primary Principle of Rent.

The field of economic study is the production, distribution, and exchange of wealth in civilized society and among men actuated by normal motives and conducting their operations in the normal manner. Economics, therefore, does not offer its conclusions to be applied directly to abnormal conditions or transactions. It is highly practical, for it furnishes the general, fundamental principles which give an insight into all economic activity. Its relation to politics, or the art of government, is like that of physiology to hygiene. It does not decide between policies, —it furnishes the knowledge of principles which enables one possessed of facts and having certain aims to decide for himself. (See Quarterly Journal of Economics, July, 1891, “The Academic Study of Political Economy,” by C. F. Dunbar.)

A knowledge of the primary laws of production and distribution is essential for a comprehension of the problems of wealth and poverty. Not all things useful or agreeable are wealth, but only those which are also transferable, capable of accumulation, and limited in quantity.

Man’s only physical power is that of moving things. His mechanical agency in producing wealth is therefore small. Without the forces and materials supplied by nature, man would be helpless. Yet, in modern times, even with the maximum assistance of nature, few men unassisted by capital could produce a tithe of what they consume. Thus land and labor are the requisites of production: and capital, though not always absolutely necessary, is a necessity if modern methods are used, and in any case increases the produce many fold.

Not all labor is productive of wealth; but some which seems at first sight unproductive is in reality highly productive and much that is unproductive is of far greater importance to the community than it could be if it were devoted to production.

Capital, in the economic sense of the word, is wealth set apart to assist further production. The owner has sacrificed his immediate satisfaction in the use of it by devoting it to increase the productive forces of the community. It serves its use by being consumed, but would be valueless to the community if it were hoarded. Recompense for its consumption is furnished in the product which it assists in producing.

Of the three parts into which the produce of industry is commonly divided, we shall first consider rent. Rent owes its origin to the diversity of lands. If all land were like all other land and there were enough to satisfy everyone, there would be no rent. At one time in every country there was enough good land to satisfy everyone, and therefore no one paid rent. The poor lands were not cultivated. As the community grew and required a greater produce, however, the law of diminishing returns came into effect and forced cultivation down on poorer lands or induced more expensive processes of cultivation on the old lands. As the community was thus obliged to pay more for its produce, the better lands, producing as cheaply as before, yielded more than enough to pay the normal wages and profit. The owner demanded this surplus in rent, and the cultivator not only was able to pay it, but was forced to do so by the competition of others. Rent, then, is payment made to the owner of superior land for its use, and the amount of rent is measured by the superiority of that land over land which yields only normal wages and profits, i.e., the superiority of that land over the poorest land which must be cultivated to supply the needs of the community. A change in the demand for products which affects the margin of cultivation therefore affects rents.

Not only fertility, but accessibility, surroundings, etc., determine rent. These are the chief elements in the rental price of stores, offices, wharves, factories and residences. Yet a part of this is not rent but profit on the capital invested in the buildings.

Rent forms no part in the cost of production, for it is paid for superior advantages.

LECTURE II.
The Land Question.

Rent arises not only from superior fertility or productiveness, but from superior accessibility and superior surroundings. These are variable and are often the result of the growth of society, independent of effort on the part of the owners of land. Yet the owners appropriate the increase in rental or selling value without recompense to the society which produced it. Such appropriation of “unearned increment” is the origin of many fortunes in every community. Though legally and politically just, such appropriation is morally unjust. Yet there is no apparent way of remedying the injustice by any political machinery now in operation. A man who refused to appropriate the unearned increment would simply leave it for another’s benefit. The advocates of the single tax recommend the abolition of all injustice arising from appropriation of unearned increment by seizing for public benefit without compensation to the owner, except for improvements made, all land now privately owned. This would secure for society not only all present and future but also all past unearned increment. This would bring great wealth to the public treasury and thus make it possible to relieve poverty, but it would perpetrate an injustice much greater than that which it would correct; for the greater part of the unearned increment has been appropriated by past owners, and to confiscate the property of present owners would be to take away from them property for which they have already paid a presumably fair price. The single tax advocates say that there never was properly any valid title to land, since the land was created for all and no man made it, —and that therefore it is a man’s own fault if he buys and pays for a right which the seller did not possess.

This raises the question whether the right to exclusive control over land is a moral right. The usual answer is summed up in the phrase, “Give a man an insecure tenancy of a garden, and it will become a desert; but give him a nine years’ lease of a desert, and he will convert it into a garden.” Private ownership is considered necessary for a proper care and cultivation of landed property. This, however, is solely on the ground of policy. Yet, justice demands as much. In many localities population is excessive, crowds closer and closer together, and thereby not only raises the cost of living, but destroys much that makes the pleasure of the old inhabitant. If he, and his ancestors before him, or anyone from whom he may purchase, have chosen a place for their habitation or their work, no justice can demand that he be caused to suffer by the encroachment of a new population or an increased population for which he is not responsible. If population is to grow, as some predict, until it is pressed for means of subsistence, there is the more reason for sustaining, now while the world is big enough for all, the right of anyone to secure for himself and his descendants land which shall be their allotted space. Certain incompetent classes of population can grow in excess of all usefulness for themselves or others, and as their growth involves evil to those who are innocent of irresponsible growth, the one protection in the right of private property in land cannot justly be withdrawn.

This right of private property in land, however, does not include the right to appropriate the “unearned increment” which is the creation of society. The assumption of it by society would be both just and politic. The difficulty is one of practicability. The assumption could not cover the unearned increment of the past, for that cannot be traced; it could not cover all that in the present and future, for many of the present land owners have already compensated past owners for expected increment, and would thus suffer from injustice; and the line between earned and unearned increment, and the amount of increment, are not always apparent. Justice demands this assumption, however, and ways of making it practicable will be devised.

In one class of land, no private right of ownership should be recognized at all. Much of the world’s mineral wealth, for example, is locked up in few localities. This belongs to society at large. All mines, therefore, should be public property, and managed for society’s interest.

In the same category belong all lands having special narrowly-limited properties, such as that comprising grand scenery and natural transportation routes. Permanent private control of them constitutes monopoly, which is counter to public justice.

LECTURE III.
The Relation of Profits and Wages.

No man works in these days without the assistance of capital; and even his wages are paid out of capital. Temporarily, therefore, the rate of wages will depend upon the number of persons desiring employment and the number of commodities suitable for their use which are offered them by persons desiring their services. An increase in the number of persons desiring employment, without a corresponding increase in the capital available for their payment, produces lower wages, and an increase in the capital offered as wages, without corresponding increase in the number desiring employment, produces higher wages. A sudden rise in the value of commodities produced does not necessarily bring with it the ability to pay higher immediate wages, for as wages are usually paid out of capital, the wage-paying power is not immediately affected.

Labor is required by capital. The rate of wages, therefore, cannot permanently remain below the point which suffices to supply a working population. The amount which will supply population is determined largely by the workers themselves. If workers are unwilling to undertake the support of families at a given rate of wages, the number of marriages declines, the birth rate is reduced, and the population fails to supply the demand of capitalists for workers. Then the competition of employers for workers raises wages until the point at which workers are willing to marry and assume the support of families is reached. This point is in the long run the minimum limit of wages. Though there is no maximum limit, there is in most communities a natural force which tends to keep wages from reaching a very high range. The tendency of population to increase is generally manifest, and in most communities there appears to be a marked connection between the rate of increase and the wages of labor. An increase of wages among certain classes of workers often results in a larger population; and this, when unaccompanied by a proportionally increased capital, results in a reduction of wages. Thus the rise in wages counteracts itself. This increase in population, however, is by no means universal, and is in no case necessary. An important check on sudden fluctuations in wages is found in migration of laborers.

As capital greatly increases the world’s produce, and is a necessary element in carrying on business by modern methods, the possessor of it receives a share of the produce. This share is called profit, or, more strictly speaking, interest. The justification of this share lies in the fact that capital is the result of self-denial on the part of someone at sometime, in devoting to productive use wealth which might have given him immediate personal gratification if spent. Similar self-denial is involved also on the part of an inheritor of wealth who devotes it to productive use. Interest is not only just, but its payment is dictated by policy, for capital would not increase rapidly enough to assist the growing population if this inducement were withdrawn.

Chronologically, interest or profit is a residue. It consists of the balance of production after wages are paid. If the total amount of production is fixed, the greater the share of labor, the smaller that of capital, and vice versa. The rate of profit cannot permanently remain below that point at which it is worth the while of possible capitalists to save rather than to spend their wealth; for the moment it falls below that point expenditure increases and the fund for paying wages decreases, until laborers are obliged to accept lower wages or go without work. Then this reduction of wages increases profits, and it thus restores the rate at which wealth will be saved. A very high rate of profit, on the other hand, stimulates saving, and thus, by increasing the amount of capital seeking to hire laborers, raises wages and partially counteracts itself. The migration of capital is an important check upon extreme variations.

Yet high wages and high profits are not inconsistent. The interests of laborers and of capitalists are conflicting only in the act of dividing the produce of industry. They have a common ground in the desire to increase the produce so that the share of each may be larger.

The distinction between interest and profits is wide. One is the share of the owner of capital as such, and the other is the share of a manager, — or, strictly speaking, wages of superintendence. Thus, profits though usually associated with capital, are really reward for labor; and they form the usual path by which men pass from the rank of laborer to that of capitalist.

LECTURE IV.
The Problems of Capital.

No adequate understanding of economic problems is possible without some appreciation of the amount of capital involved in modern industries. Formerly, labor was assisted by capital; now the function of labor is chiefly directing capital. Dividing capital into two parts, the auxiliary (which the laborer employs in his work), and the remuneratory (which supports the laborer while he is engaged in production), the remuneratory will be found in many industries but a tithe as much as the auxiliary. Man has acquired and accumulated great control over the forces and supplies of nature, and converting these into capital he increases many fold the production of wealth. Whatever, therefore, affects the amount of capital in a community is of great importance.

No judgment upon the value of the service of capital is adequate unless it takes into account the element of risk involved in modern investment. A turn of fashion, a change of government policy, a new discovery in science, a new invention in machinery, may annihilate not only expected profits but capital itself. New investments are often surrounded with great risk. As it is the expectation rather than the actual existence of profit that determines the conversion of wealth into capital, a rate of profit extraordinarily high is justified if the possibility of it was needed to induce capitalists to enter a venture clearly for the public good.

Great combinations of capital result often from the risks of business. The prosperity of each business firm is dependent not only on the ability of its manager, but also, in a certain degree, upon that of competitors. An ill-judged move by one firm often brings disaster to its bitterest enemies as well as to itself. A union of interest so that the wisest counsel will prevail among all concerned is a natural step. Moreover, the union forms an insurance of each against the monopoly of special privileges and improvements by the others.

Much of the gain from the combination of capital arises from the conduct of business upon large scales. Too much emphasis can hardly be placed upon this element. Great saving arises from cheaper purchase of material in large quantities; from better utilization of material through a larger range of methods, machines and facilities; and through economy in purchasing, selling and directing agencies. Each member of a combination has the advantage of the best knowledge of every other member. Whether the goods produced are sold cheaper in consequence or not, society is richer, because the energy and capital saved are available for other things.

Combinations of capital to control the markets and exact tribute from consumers have no such economic basis. They are analogous to the monopoly of rich mines discovered by accident. It will be found, moreover, that combinations of capital to force unduly high prices are seldom permanently successful unless they are founded on a natural monopoly. In such cases it is the monopoly of things which should be the property of society at large, and not the combination of capital, that brings evil. Though a powerful combination having no natural monopoly may for a time control the market, it cannot long keep prices above the point at which they would be maintained without the combination; for whenever they raise prices artificially beyond that point a large profit can be made by any outside producer, and such will not be wanting.

One is not accustomed to consider crime an element in economics. Yet we find a species of it an important element in our discussion of capitalism. Unfortunately, the great combinations are not free from evidence of it. Many of them have been known to commit robbery and bribery. Their facilities for such work in bankrupting railroads, robbing stockholders, bribing legislatures, securing unjust discrimination, and the like, are great. Though their economic power gives them this political power, the question is not properly one of economics. Justice will not suffer any economic consideration, whatever it may be, to issue the final word in the matter of combinations of capital, if it is found that they create moral degradation and political corruption.

LECTURE V.
The Problems of Labor.

Though the wages of labor are found to differ in different employments in consequence of the conditions of each trade (as, e.g., the cost of learning, steadiness of employment, agreeableness, etc.,) the differences are often found much greater than can be accounted for by such causes. The explanation lies in the existence of barriers setting off non-competing groups, — the wages of the members of each group being determined largely by the economic position of the commodity which they produce. The wages of workers above the lowest class are determined partly by the principles that govern rent. This is especially clear of the entrepreneur or manager’s class.

The steady growth of improvements, adding to the productive power of capital, decreases the proportional though not the absolute share of the laborer in the product of industry. A great hope for the laborer lies in the possibility of becoming a capitalist. The law of minimum wages shows that a laborer who begins his career with determination may become a capitalist.

Co-operation is specially directed toward the realization of interest and profits for the laborer. Its failures have been due largely to inadequate appreciation by the co-operators of the functions of the entrepreneur.

Profit sharing, though aiming less high directly, may, when scientifically conducted, give the laborer as good opportunities. In principle, it furnishes the laborer opportunity to use his employer’s facilities for producing wealth, and to share with his employer the produce resulting.

The most popular agency for improving the worker’s lot is the trade-unions. Associations of workers to gather and spread information concerning trade conditions, to set high standards of workmanship, to stir up public opinion against inhuman employers, and to perform other like functions, are economic agents of good; but trade-unions have often defied natural law and involved themselves in inevitable destruction. Their danger is the blind following of unintelligent leaders, but a knowledge of fundamental economic principles is spreading among them.

Trade-unions, co-operation and profit-sharing are at best but palliatives. The ultimate labor problem lies deeper. Three fundamental questions must be asked. What does the laborer do for society? What does society do for the laborer? What does society owe the laborer?

The grades of labor are infinite, — from him who has brute strength and will work faithfully when under supervision, to him who has executive ability to direct and combine the varied works of a thousand others. The first can barely without aid support himself, and he cannot render to society much that it desires. The service of this man is hardly greater than that of his ancestors two centuries ago: if he does more, he does so through the help of inventions or the capital of others. It is the work of others, therefore, and not his work which is of increased utility.

The worker who is able by quick mind and nimble fingers to operate a delicate machine — the manipulation of which has been taught him — contributes somewhat individually to society; but the greater part of the gain here, also, lies in the machine which he operates. If, however, he can devise new methods, acquire versatility to operate several machines and thus economise time or labor, or invent a new machine or process, he has contributed something to economic progress. The services which may be rendered to society are infinite, and society’s wants are infinite.

Wages are higher in this generation than ever before in the history of the world. The poorest laborer counts as necessities articles of consumption which were luxuries for the well-to-do a century ago . Poverty to-day is rather relative than absolute. Fluctuations in circumstance rather than continued distress constitutes present-day poverty . For the fluctuations society is largely responsible, but the opportunities for success to make a fair average are continually growing.

Society does not owe more than it has received. A proper aim of life is development, which must proceed from generation to generation. A class of population industrially as incapable as its ancestors of two hundred years ago is a drag on society. Its labor is hardly more valuable to society than to itself. The highest grades of labor, utilizing the advance in knowledge and accumulated wealth, are able to render greater service to society than to themselves, and their reward is greater in consequence.

Though society may not owe more to the laborer, can she afford to give more? Clearly the advance of wealth renders high wages possible for all. Yet, even if society owes a living to every man of this generation, it does not owe a living to all the children he may beget. Whether one accepts the so-called Malthusian theory or not , one comes face to face with poverty which is clearly due to excessive population in certain classes. The growth of these classes is out of proportion to the growth of the services which they render society, and society cannot afford to assume the responsibility for their support and for the support of their increase.

The positive check to population has but infrequent play in our civilization. The preventive, though obvious, is alarmingly absent in the classes most needing a check. The true remedy for poverty, therefore, is a combination of the preventive check, operating in these classes, with an improvement in the character of the population which, through proper conditions of birth and education, shall lift the new generations into more efficient industrial classes.

LECTURE VI.
Modern Tendencies.

Not many years ago the wealth of the community depended largely upon its own industrial conditions. As the means of transportation were improved, the natural advantages of one section were reaped in part by others, through a division of labor. Division of labor sprang up internationally as well as locally, determined by comparative rather than absolute cheapness.

Nowadays though trade is continuing between different sections of the world, it is not merely international. The inhabitants of other continents obtain some of the advantages of the natural resources of America by coming personally to our shores. This change, though not wholly economic, had its origin in economic changes.

The natural resources of America are great only relatively: great because the population is unusually energetic and has not been numerous. As America absorbs more and more of the rest of the world, and becomes more and more like it, she loses more and more of her economic advantage.

Though the tendency is for greater correspondence in the industrial condition of different countries, the tendency is for greater inequality in the distribution of wealth in each country. Every year sees new control over the forces of nature, and this control is not universally shared. The man who by executive or inventive ability can add to the comfort or pleasure of many others is usually able thereby to secure a fair income. The number of men who can and do render service to society in such manner is yearly increasing. The ignorant laborer, on the other hand, has not, as a rule, ability or capital either to make or to use new discoveries, methods or combinations. The maximum productiveness of mere obedient brute force was reached many hundred years ago, and there is no economic reason why the man who has now nothing but obedient brute force to offer society should receive more for his work than such a man received several hundred years ago. Thus as society grows both in numbers and in wealth, the difference in income between the most serviceable member of society and the least serviceable member, economically speaking, becomes greater and greater.

Not only is the distribution of wealth tending to greater inequality, but to greater instability. Commercial transactions were formerly carried on largely with money. To day, money plays practically no part except in the retail trade. Its chief use is as a common measure of value. The world’s financial work is carried on almost wholly by credit. Merchants buy goods largely with notes or with checks; these notes and checks are discounted or deposited with banks, and in return bank credits are given. With these bank credits in the form of checks other payments for goods or notes are made, and thus the circuit is completed without the use of money. Though the banks hold money in reserve for the payment of their obligations, it is in small proportion to the amount of them; and much of this money, moreover, is either bank-bills or government legal tender, — both of these being paper based almost entirely on government credit. In international relations, finally, most payments are made in drafts (which correspond in nature to notes or checks), and international balances are settled largely in bonds, which are themselves forms of credit. The failure of any person concerned in these transactions to meet his obligation may precipitate difficulty on others, who again involve a new circle, and a financial crisis may result. In such a crisis not only speculative but real values collapse, and able, careful men of high financial standing may be rendered penniless by the misjudged steps of men across seas of whom they have never heard. Labor as well as capital may be involved in these disasters, for commercial stagnation often results temporarily. With most barriers broken down between nations, each is partly involved in the disasters of others, whether those disasters result from unpredictable circumstances or from mis judged or short-sighted policy.

One of the premises of economics is freedom from artificial restrictions. Until one realizes that natural laws are in operation, one is surprised to see how wages and profits, values, prices, etc., work themselves out to equilibrium. The conclusions of economics show that things must be thus and so. Yet we must not assume too readily that they are actually so in real life. All logic is based on premises, and therefore before applying the logic of economics to any particular phase of life, we must see that the premises correspond with the actual conditions. As a matter of fact, few communities realize the freedom which economics assumes. Whether one believes that this or that is the true fundamental principle for improving the condition of man- kind, one must know that a particular individual can never be judged wholly by that which is true of his class, that the hazards of modern industrial life have rendered generalization useful only for large classes, and that individual duty toward other individuals is greater than ever before.

___________________________

Questions.

LECTURE I.

  1. Which, if any, of the following persons are agents in increasing the wealth of the community: a pianist, a piano maker, a soldier, a dress maker, an architect, a hairdresser, a teamster, the captain of an excursion steamer? In each case, give your reason for including or excluding the person named.
  2. Would the total wealth of the community be increased immediately or ultimately, or both, if you sold to your neighbor for $9000 a house which cost you $8000, thus compelling him to save $1000 on the expense of a trip to Europe, and you devoted your profit to establishing a harness shop?
  3. Explain fully the cause of rent and show how rent may be estimated.
  4. How does Mr. Walker’s treatment of the law of “diminishing returns” differ from Mr. Mill’s?

LECTURE II.

  1. Explain the nature of the “unearned increment” from land.
  2. State the grounds for the assumption of “unearned increment” by the State
  3. What do you think of the justice of Mr. George’s single tax on land?
  4. What do you think of General Walker’s objections to the public assumption of the “unearned increment?”

LECTURE III.

  1. What do you understand to be the minimum rate of wages that may prevail in any community?
  2. Is there any economic reason for paying women lower wages than men?
  3. Explain by what process wages and profits are kept at an equilibrium.
  4. What is the difference between interest and profits?

LECTURE IV.

  1. Explain the chief advantages of production upon a large scale.
  2. What is the effect upon labor of the sudden conversion of large amounts of remuneratory capital into auxiliary capital? Is this a necessary result?
  3. What do you think of Karl Marx’s statement that capital is unproductive, and interest is mere confiscation of the product of laborer’s industry?
  4. What, in your opinion, are the comparative dangers in a combination of steel manufacturers and a combination of cotton cloth manufacturers?

LECTURE V.

  1. Do you believe that the restriction of population is the only fundamental remedy for poverty in the laboring classes?
  2. What would you give as the law of the differences of wages in different employments?
  3. Would you say that the failures of profit-sharing militate against it as a practicable palliative for the condition of laborers?
  4. What do you think of a proposition to “make work” by inaugurating an eight-hour day?

LECTURE VI.

  1. Do you look upon restriction of immigration as an economic necessity in the near future?
  2. Explain the effect of changes in transportation upon the growth of cities.
  3. What do you understand to be the conditions under which international trade will spring up?
  4. What is your attitude toward the doctrine of “Laissez-faire?

Source: University Extension Lectures under the auspices of The American Society for the Extension of University Teaching. Syllabus. Series E. Number 16.

Image Source: William Morse Cole faculty portrait in Radcliffe College, Book of the Class of 1913-14. Colorised at Economics in the Rear-view Mirror.

Categories
Economists Harvard

Harvard. Economics Ph.D. alumnus, Seymour Edwin Harris. 1926

While this post still needs the course transcript from the Graduate School of Arts and Sciences at Harvard to be complete, there is enough information about the 1926 Harvard economics Ph.D. Seymour Edwin Harris for it to be added to our series “Meet an economics Ph.D. alumnus/alumna”.

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Biographical/Historical Note

Seymour Edwin Harris was born September 8, 1897 in New York City. He received an A.B. in 1920 and a Ph.D. in 1926 from Harvard University. From 1922 to 1964, Dr. Harris taught economics at Harvard University, where he received a full professorship in 1954, and served as the chairman of the department of economics from 1955 to 1959. During World War II, Dr. Harris was involved in several wartime planning projects. From 1954 to 1956, Dr. Harris became chief economic advisor to Adlai Stevenson. He then served Senator John F. Kennedy in the same capacity and was chosen as a member of President Kennedy’s task force on the economy. In 1961, Dr. Harris was named as chief economic consultant to Douglas Dillon, Secretary of the Treasury. During the Kennedy administration. Dr. Harris, a proponent of Keynesian economics, was a member of Walter W. Heller’s New Frontiersmen, which persuaded President Kennedy that the stimulation of the economy was more important than a balanced budget and tax cuts and government spending could counter threats of a recession. In 1963, Dr. Harris became the chairman of the department of economics at the University of California at La Jolla. At the same time, he served as a chief economic advisor to the Johnson administration.

Source: John F. Kennedy Presidential Library and Museum, Archives. Guide to the Seymour E. Harris Personal Papers.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Seymour Edwin Harris.  Sept. 8, 1897; Brooklyn, N.Y.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

C.C.N.Y. – 1916-18. Harvard A.B. 1918-20.
Princeton – Instructor of Economics 1920-2.
Harvard – Tutor 1922-4.

III. Degrees already attained. (Mention institutions and dates.)

A.B. Harvard. 1920.

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc. In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

Economics A, 3, 5, 11, 33
History 1, 12, 32b
Government 1, 17B.
Latin2 years at college. Greek1 year. French2 years (college). German1 year.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics.

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory & History.
    Economics A, 11as undergraduate14, 15
  2. Money and Banking.
    Economics 38
    Two half courses at Princeton Grad. School. (Currency Reform & Monetary Histor of the U.S.)
  3. Statistics.
    Economics 41
  4. Public Finance
    Economics 31
  5. American History.
    History 32b (as Undergraduate)
    & Private reading
  6. [Left blank]

VII. Special Subject for the special examination.

Money and Banking with International Trade as a substitute field [committee: Professors Young (chairman), Taussig, Gay, and Monroe]

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

Subject? [The Assignat]
Professor Young.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

May 15, 1924
[March (early), 1926]

X. Remarks

I have not decided on any subject. At present, I expect to write in Theory, and I hope under Professor Young.

Signature of a member of the Division certifying approval of the above outline of subjects.

Allyn A. Young

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: S. E. Harris

Approved: April 2, 1924

Ability to use French certified by C. J. Bullock, 10 May 1923.

Ability to use German certified by C. J. Bullock, 10 May 1923.

Date of general examination April 29, 1924. Passed A.A.Y.

Thesis received March 5, 1926

Read by [left blank]

Approved [left blank]

Date of special examination [left blank]

Recommended for the Doctorate [left blank]

Degree conferred  [left blank]

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German for Ph.D.

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
May 10, 1923

This is to certify that I have examined Mr. S.E. Harris and have found that he has such a knowledge of French and German as we require of candidates for the Ph.D. degree.

Very truly yours
[signed]
C. J. Bullock [K]

Dean D. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed General Examination

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
April 30, 1924

Dear Dean Haskins:

As Chairman of the Committee to conduct the general examination of S. E. Harris for the degree of Ph.D., I beg to report that Mr. Harris passed the examination. It was the opinion of the Committee that Mr. Harris’ showing was distinctly good, “better than the average”.

Yours sincerely,
[signed]
Allyn A. Young

Dean C. H. Haskins

[Note: The exam was held Tuesday, 29 April at 4 p.m. in Widener D. Committee: Professors Young, Crum, Bullock, Williams and Dr. Merk with Professor Persons substituting for Professor Crum at the examination.]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Passed Special Examination

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
March 12, 1926

To the Division of History, Government and Economics:

As chairman of the committee appointed to conduct the special examination of Mr. S. E. Harris for the degree of Ph.D. in Economics I beg to report that Mr. Harris passed a very creditable examination.

[signed]
Allyn A. Young

Source: Harvard University Archives. Division of History, Government & Economics, Ph.D. Degrees Conferred 1929-30. (UA V 453.270), Box 6.

Image Source: This particular portrait of Seymour E. Harris has been cropped from the 1934 Harvard Album. The identical portrait can be found already in the 1925 Harvard Album.

 

Categories
Bibliography Harvard Principles

Harvard. Linked References to 1st ed of Principles of Economics. Taussig, 1911

The first edition of Frank W. Taussig’s Principles of Economics was published in 1911. The two volumes were divided into eight books with well over one hundred items listed in the references. All but two of those items have been found in internet archives and links have been provided to them in the transcription below. I have also included first names for all but one of the authors.

Outstanding Challenge: Find on-line copies of

Ludwig Pohle. Deutschland am Scheidewege (1902);
Karl Theodor von Eheberg. Finanzwissenschaft (1909 edition).

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Volume I

BOOK I
THE ORGANIZATION OF PRODUCTION
References

                  On productive and unproductive labor, see the often-cited passages in Adam Smith, Wealth of Nations, Book II, Chapter III; and those in John Stuart Mill, Principles of Political Economy, Book I, Chapter III. Wilhelm Roscher, Political Economy, Book I, Chapter III, gives an excellent historical and critical account. Among modern discussions, none is more deserving of attention than the paper by Professor Thorstein Veblen, on “industrial” and “pecuniary” employments, in Proceedings of the American Economic Association, 1901, No. 1. A recent discussion, with not a little of clouded thought, is in the Verhandlungen des Vereins für Sozialpolitik, 1909; especially a paper by Professor Eugen von Philippovich and the discussion thereon.

                  On the division of labor, Charles Babbage, On the Economy of Machinery and Manufactures (1837), is still to be consulted. On modern developments, the Thirteenth Annual Report of the Commissioner of Labor (U. S.) on Hand and Machine Labor (1899) [Volume I; Volume II] contains a multitude of illustrations. A keen analysis of the division of labor in its historical forms is in Karl Bücher, Die Entstehung der Volkswirthschaft (7th ed., 1910) [3rd ed. 1901; 10th ed. 1917]; translated into English from the 3d German edition under the title Industrial Evolution (1901). On the industrial revolution of the eighteenth century, see the well-ordered narrative in Paul Mantoux, La révolution industrielle au xviiie siècle (1906), and the less systematic but more philosophical account in Arnold Toynbee, Lectures on the Industrial Revolution (10th ed., 1894).

                  On capital, see the references given below, at the close of Book V. Much as has been written of late on corporate doings and corporate organization, I know of no helpful references on the topics considered in Chapter 6.

BOOK II
VALUE AND EXCHANGE
References

                  Easily the first and most valuable book to be consulted on the theory of value is Alfred Marshall, Principles of Economics (6th ed., 1910) [4th ed., 1898; 7th ed., 1916], especially Books III, IV, V. An admirable introductory sketch is in Thomas Nixon Carver, Distribution of Wealth, Chapter I. On the play of utility, see Philip Henry Wicksteed, The Common Sense of Political Economy (1910); Chapter II of Book I and Chapter III of Book II are valuable supplements to Marshall’s discussion of consumer’s surplus. Compare, also, Maffeo Pantaleoni, Pure Economics (English translation, 1898), Part II.

On speculation, consult Henry Crosby Emery, Speculation in the Stock and Produce Exchanges of the United States (1896).

                  The so-called Austrian theory of value, in which stress is laid on utility as dominating value, is set forth most fully in Friedrich von Wieser, Natural Value (English translation, 1893). A more compact statement is in Eugen von Böhm Bawerk, Positive Theory of Capital (English translation, 1891), Books III and IV.

BOOK III
MONEY AND THE MECHANISM OF EXCHANGE
References

                  On money, Karl Helfferich, Das Geld (2d ed., 1910) 3rd ed., unchanged with a statistical addition to the 2nd ed, 1916, is an excellent descriptive and analytical book. On the theory of money and prices, Irving Fisher, The Purchasing Power of Money (1911), also an excellent book, was published just as the present volume was going to press; I am glad to find its conclusions in essential accord with my own. An entirely different mode of reasoning, and different conclusions, which I find myself unable to accept, are in James Laurence Laughlin, The Principles of Money (1903). Joseph French Johnson, Money and Currency, has convenient accounts of the monetary history of various countries, but is of no value on questions of theory.

                  On banking, Charles Franklin Dunbar, Chapters on the Theory and History of Banking (ed. by Oliver Mitchell Wentworth Sprague, 1901), is a little classic, and contains also abundant references.Hartley Withers, The Meaning of Money, gives a lucid and interesting account of banking conditions in Great Britain. Charles Arthur Conant, A History of Modern Banks of Issue, is useful for its descriptive matter. A vast mass of information on the banking problems and experiences of recent years is in the Publications of the National Monetary Commission (1909-1911); ably reviewed by Wesley Clair Mitchell] in Quarterly Journal of Economics, May, 1911.

                  On the questions of principle underlying bimetallism, see Leonard Darwin, Bimetallism (1898). The same questions are considered in Karl Helfferich, Das Geld (1910) [3rd ed., unchanged with a statistical addition to the 2nd ed, 1916], already referred to. Consult, also, James Laurence Laughlin, History of Bimetallism in the United States; Henry Parker Willis, A History of the Latin Monetary Union (1901); Piatt Andrew, “The End of the Mexican Dollar,” in Quarterly Journal of Economics, Vol. XVIII, p. 321 (May, 1904).

                  On index numbers and methods of measuring prices, William Stanley Jevons, Investigations in Currency and Finance  (1884), though of older date, is still to be read, as among the most interesting and stimulating on this topic. See also Professor Francis Ysidro Edgeworth’s] brilliant memorandum, in Report of the British Association for the Advancement of Science, 1887, pp. 247-301; and Correa Moylan Walsh, The Measurement of General Exchange Value (1901).

                  On rising and falling prices in relation to the rate of interest, see Irving Fisher, Appreciation and Interest, Public. Am. Econ. Assoc., First Series, Vol. XI (1896), and the same writers The Rate of Interest (1907), Chapters V and XIV. See also two papers by John Bates Clark, in the Political Science Quarterly, Vol. X, p. 389 [“The Gold Standard of Currency in the Light of Recent Theory”], and Vol. XI, p. 259 [“Free Coinage and Prosperity”](1895, 1896), and criticism of these by Correa Moylan Walsh, “The Steadily Appreciating Standard,” Quarterly Journal of Economics, Vol. XI, p. 280 (1897).

                  Notwithstanding the abundant literature on crises, there is no good book on the underlying questions of principle. Good historical books are: Clément Juglar, Des crises commerciales et de leur retour périodique en France, en Angleterre, et aux États-Unis (2d ed., 1889), and Oliver Mitchell Wentworth Sprague, A History of Crises under the National Banking System (1910; published by the National Monetary Commission).

BOOK IV
INTERNATIONAL TRADE
References

                  On the foreign exchanges, see Viscount George Joachim Goschen, The Theory of the Foreign Exchanges (last ed., 1901), and George Clare, The A B C of the Foreign Exchanges [Frank Taussig’s copy!] (1895). On international trade, the chapters in John Stuart Mill, Principles of Political Economy (last ed., 1871), Book III, Chapters 17 seq., though in some parts unduly elaborated, are still unsurpassed. A good modern statement, almost too compact, is in Charles Francis Bastable, The Theory of International Trade (4th ed., 1903). A mathematical treatment is in three papers by Francis Ysidro Edgeworth, “The Theory of International Values,” in the Economic Journal, Vol. IV [March, September, December] (1894). I venture to refer also to my own paper on “Wages and Prices, in Relation to International Trade,” Quarterly Journal of Economics, Vol. XX, August, 1906.

                  Notwithstanding the mass of literature on free trade and protection, no book covers the controversy satisfactorily. Henry Fawcett, Free Trade and Protection (1885), states the simpler reasoning in favor of free trade and refutes the cruder protectionist fallacies. Arthur Cecil Pigou, Protective and Preferential Import Duties (1906), is able and discriminating, but written with reference chiefly to the contemporary controversy (1895-1905) in Great Britain. On this, see also William James Ashley, The Tariff Problem (2nd ed. 1904). On the German debates, see, among others, Ludwig Pohle, Deutschland am Scheidewege (1902), and Adolph Wagner, Agrar- und Industriestaat (1902), both in favor of protection for agriculture; and on the other side, Lujo Brentano, Die Schrecken des [überwiegenden] Industriestaats (1901), and Heinrich Dietzel, Weltwirthschaft und Volkswirthschaft (1900). On the tariff history of the United States, Edward Stanwood, American Tariff Controversies in the Nineteenth Century (1903) [Volume I(1903); Volume II (1904), a narrative account of legislation and discussion by a protectionist; and Frank William Taussig, The Tariff History of the United States (ed. of 1909) [5th ed. 1910].

Volume 2

BOOK V
THE DISTRIBUTION OF WEALTH
References

                  On the theory of distribution in general, as on that of value, the first book to be mentioned is Alfred Marshall, Principles of Economics, Books IV, V, VI (6th ed., 1910) [5th ed., 1908]. A compact and able theoretic analysis is in Thomas Nixon Carver, The Distribution of Wealth (1904). Entirely different in method, with a wealth of historical and statistical analysis, and large-minded treatment of the underlying social problems, is Gustav von Schmoller, Grundriss der Volkswirtschaftslehre, Books III, IV (1900–1904; French translation, 1905–1908).

                  Among the many modern books on capital and interest, Eugen von Böhm-Bawerk, Positive Theory of Capital (English translation, 1891, has most profoundly influenced recent economic thought. A revised edition of the German is in process of publication, the first part having appeared in 1909) [Note —German 4th edition (1921): Kapital und Kapitalzins: Part I, Geschichte und Kritik der Kapitalzins-Theorien; Part II, Positive Theorie des Kapitales, Vol. I; Part II, Positive Theorie des Kapitales, Vol. II (Exkurse)]. Not inferior to this in intellectual incisiveness, but marked, like it, by some excess of refinement and subtlety, are Irving Fisher’s two volumes, The Nature of Capital and Income (1906), and The Rate of Interest (1907). John Bates Clark, The Distribution of Wealth (1899), sets forth a theory of wages and interest as the specific products of labor and capital; I find myself unable to accept the reasoning, but to some economists it seems conclusive. The view that there is no essential difference between interest and rent (see Chapter 46) is maintained not only by I. Fisher and J. B. Clark, but by Frank Albert Fetter, Principles of Economics (1904). An able book by a French thinker is Adolphe Landry, L’intérêt du capital (1904).

                  On urban site rent, interesting descriptive matter is in Richard Melancthon, Principles of City Land Values (1903).

                  James Bonar, Malthus (1885), gives an excellent account of Malthus’s writings and of the earlier controversy about his doctrines. Arsène Dumont, Dépopulation et civilisation (1890), not a book of the first rank, states the modern French view, laying stress on “social capillarity”, as explaining the decline in the birth rate, and enlarging on the desirability of an increasing population. Émile Levasseur, La Population française (1892), Vol. III, Part I, gives a good summary statement on the base of population compared with the growth of wealth. Georg von Mayr, Statistik und Gesellschaftslehre [Vol. I, Theoretische Statistik(1895)]: Vol. II, Bevölkerungsstatistik (1897), Vol. III, Part I, Moralstatistik (1910), gives a model summary of statistical data and a judicial statement on questions of principle.

                  Notwithstanding the enormous mass of literature on social stratification, there is no one book that treats this topic in a manner thoroughly satisfactory. Cyrille van Overbergh, La classe sociale (1905), may be consulted.

BOOK VI
PROBLEMS OF LABOR
References

                  A compact discussion of the topics in this Book is in Thomas Sewall Adams and Helen L. Sumner, Labor Problems (1905). On trade-unions, the elaborate book by Sidney and Beatrice Potter Webb, Industrial Democracy (1902), is of high quality; written with special regard to English experience, and stating too strongly the case in favor of the trade-union. On the American situation there is no good systematic book; but excellent studies on some phases are in Jacob Harry Hollander and George Ernest Barnett, Studies in American Trade-Unionism (1905). On Australasian experience, see Victor Selden Clark, The Labour Movement in Australasia (1906); and on the history of labor legislation in England, B. L. Hutchins and Amy Harrison, A History of Factory Legislation (1903). John Rae, Eight Hours for Work(1894), is a good inquiry on experience to the date of its publication. On workingmen’s insurance and allied topics, see Henry Rogers Seager, Social Insurance: A Program of Social Reform (1910), brief and excellent. More detailed and more informational is Lee Kaufer Frankel and Miles Menander Dawson, Workingmen’s Insurance in Europe (1910); still more elaborate is the Twenty-fourth Annual Report of the Commissioner of Labor (U. S.), Workingmen’s Insurance and Compensation Systems in Europe (2 vols., 1910). William Henry Beveridge, Unemployment (1910), is an able book, at once sympathetic and discriminating. A good general account of the co-öperative movement is Charles Ryle Fay, Co-öperation at Home and Abroad (1908).

                  For more detailed bibliographical memoranda, see the Guide to Reading in Social Ethics and Allied Subjects, published by Harvard University (1910).

BOOK VII
PROBLEMS OF ECONOMIC ORGANIZATION
References

                  On railways, Arthur Twinning Hadley, Railroad Transportation (1885), though of older date, has not been completely superseded. More recent are William Mitchell Acworth, The Elements of Railway Economics (1905), and Emory Richard Johnson, American Railway Transportation (new ed., 1910); the latter written primarily as a textbook for American colleges. An able monograph is Matthew Brown Hammond, Railway Rate Theories of the Interstate Commerce Commission (1911); compare John Maurice Clark, Standards of Reasonableness in Local Freight Discriminations (1910). Among foreign books, Clément Colson, Transports et tarifs (1890), though technical and detailed, is of high value. On combinations and trusts, Robert Liefmann, Kartelle und Trusts (1909) [French translation, 1914], gives an excellent compact account of the German situation; and Henry William Macrosty, The Trust Movement in British Industry (1907), a detailed survey of that in Great Britain. Three usable books on American conditions are Richard Theodore Ely, Monopolies and Trusts (1900), Jeremiah Whipple Jenks, The Trust Problem(1900), Edward Sherwood Meade, Trust Finance (1903).

                  On public ownership, Leonard Darwin, Municipal Trade (1903), is an acute critical book, by an opponent; a briefer statement of the same reasoning is in this author’s Municipal Ownership (1907). A mass of information and discussion on both sides is in the Report on the Municipal and Private Operation of Public Utilities, published by the National Civic Federation (3 vols., 1907) [Vol. I; Vol. II; Vol. III]. A detailed treatment of the relation of municipalities to “public utilities” is in Delos Franklin Wilcox, Municipal Franchises (2 vols., 1910-1911) [Vol. I; Vol. II].

                  The books on socialism deal largely with controversies which do not proceed to the heart of the matter. This seems to me to hold of Karl Marx, Das Kapital (English translation, 1891), the most famous and influential of socialist books. Among the innumerable discussions and refutations of the Marxian doctrines may be mentioned Eugen von Böhm-Bawerk, Zum Abschluss des Marxchen Systems, Marx and the Close of his System (English translation, 1891), and James Edward Le Rossignol, Orthodox Socialism: a Criticism (1907). A concise and vigorous statement, based mainly on Marx, is in Karl Kautsky, The Class Struggle and The Social Revolution (English translations, 1910 [and 1902, respectively]). John Spargo, Socialism (1906), is a popular statement of socialist tenets and proposals. Among recent socialist books, James MacKaye, The Economy of Happiness (1906), advocates socialism in a train of rigorous utilitarian reasoning.

                  Among expository and critical books, Albert Schäffle, The Impossibility of Social Democracy, and The Quintessence of Socialism (English translations, 1892 and 1902), are excellent, especially the last-named. The most stimulating and discriminating advocacy and discussion of socialism is often by writers who do not pretend to be “scientific.” Such are Herb Goldsworthy Lowes Dikinson, Justice and Liberty(1908).

                  On this Book, as on Book VI, see the bibliographical memoranda in the Guide to Reading in Social Ethics and Allied Subjects, published by Harvard University (1910).

BOOK VIII
TAXATION
References

                  Charles Francis Bastable, Public Finance (2d ed., 1895), covers the whole field, and is able and well-judged, though not attractively written. Among foreign books, Karl Theodor von Eheberg, Finanzwissenschaft (new ed., 1909), is a good book of the German type; and Paul Leroy Beaulieu, Science des Finances (new ed., 1906. Vol. I; Vol. II), is an able French book, full of good sense and information, but not strong on some questions of principle. On progression, the view presented in Chapter 66 is similar to that of Adolph Wagner, Finanzwissenschaft, Vol. II, § 396 seq. (ed. of 1880), and is different from that in Edwin Robert Anderson Seligman’s Progressive Taxation in Theory and Practice (new ed., 1908). The last-named writer’s Income Tax (1911) is an excellent survey of legislation and experience; and in his Essays on Taxation (new ed., 1911 [1913 edition linked here]), there is a valuable discussion of the American property tax system.

Image Source: Maggs Bros. Ltd. advertisement for a copy of the first edition of Frank W. Taussig’s Principles of Economics (1911). List price (as of July 27, 2024): US$ 765.35.

Categories
Exam Questions Harvard Principles

Harvard. Enrollment and semester examinations for principles of economics. Taussig, Bullock and Andrew. 1907-1908

In addition to the 1907-08 exam questions for Principles of Economics taught at Harvard by Frank W. Taussig, Charles J. Bullock, and A. Piatt Andrew, this post provides links to the previously transcribed 36 years worth of exams.

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Exams for principles (a.k.a. outlines)
of economics at Harvard
1870/71-1906/07

1871-75.
1876-77.
1877-78.
1878-79.
1879-80.
1880-81.
1881-82.
1882-83
.
1883-84
.
1884-85.
1885-86.
1886-87.
1887-88.
1888-89.
1889-90.
1890-91.
1891-92.
1892-93
.
1893-94.
1894-95.
1895-96
.
1896-97.
1897-98.
1898-99.
1899-00.
1900-01.
1901-02.
1902-03.
1903-04.
1904-05.
1905-06.
1906-07.

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Course Enrollment
1907-08

Economics 1. Professor [Frank William] Taussig and Asst. Professors [Charles Jesse] Bullock and [Abram Piatt] Andrew, assisted by Dr. [Charles Phillips] Huse, and Messrs. [?] Hall, [Probably: Walter Max Shohl, A.B. 1906] Shohl and [Abbott Payson] Usher [A.B. 1904]. — Principles of Economics.

Total 482: 1 Graduate, 8 Seniors, 76 Juniors, 290 Sophomores, 66 Freshmen, 41 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 66.

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ECONOMICS 1
Mid-year Examination, 1907-08

Arrange your answers strictly in the order of the questions.

  1. Does saving lead to investment? Does investment lead to the increase of capital? Does the increase of capital lead to the decline of interest? If so, explain in each case why and how; if not, why not?
  2. Suppose that by the use of more prolific seeds the yield of agriculture were very greatly increased; what immediate consequences would you expect as to
    1. The price of agricultural produce;
    2. Economic rent on agricultural land;
    3. The earnings of farmers?

Wherein might the ultimate consequence be different?

  1. Is there any inconsistency between the propositions that
    1. Value is governed by demand and supply;
    2. Value is governed by marginal utility;
    3. The price of a monopolized commodity may be different for different purchasers?
  2. How far does the price of a copyrighted book depend on its cost? How far does its cost depend on its price?
  3. Explain what is meant by “non-competing groups,” and how the situation indicated by that phrase is connected with questions concerning trade-unions and the closed shop.
  4. What effect has the unattractiveness of an employment on the wages of those engaged in it? How do you explain the current scale of wages for unskilled labor? For “sweated” laborers? For domestic servants?
  5. Is it beneficial to laborers as a class that there should be (1) great mobility and free competition between business men and investors; (2) great mobility and free competition between the laborers themselves?

One of the following questions may be omitted.

  1. Suppose coöperative production were universally adopted, how would business profits be affected? Suppose profit-sharing were universally adopted, how would they be affected? Suppose all laborers organized in trade-unions, how would they be affected?
  2. What is the significance for labor questions of
    1. “Making work”;
    2. Luxurious expenditure by the rich;
    3. Jurisdiction disputes?
  3. Explain precisely what social movement you associate with the following:—
    1. Rochdale Pioneers;
    2. Leclaire;
    3. Knights of Labor;
    4. American Federation of Labor.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

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ECONOMICS 1
Year-end Examination, 1907-08

  1. Wherein is there resemblance, wherein difference, between the causes that determine the value of

a ton of coal;
an ounce of gold;
a dollar of inconvertible paper?

  1. Wherein, if at all, are the following subject to the law of monopoly value:—

urban sites;
the output of a protective industry;
railway transportation?

  1. It is said that “charging what the traffic will bear” may rest on two different causes. Do you find either or both of the causes in (a) railway rates; (b) the prices of illuminating oil; (c) the prices of cotton-seed oil?
  2. Explain the following terms:—

index number;
bimetallism;
limping standard;
Independent Treasury system;
Gresham’s Law.

  1. In the year 1906 the exports of merchandise from the United States exceeded the imports by about 500 million dollars. In the same year the imports of gold were about 50 million dollars.

(a) Can such a disparity continue for a long period of years? If so, why? If not, why not?

(b) So long as it continues, do you regard the situation as favorable for the people of the United States?

  1. Explain the measures taken in periods of great financial stress in (a) England, (b) Germany, (c) the United States; and mention in each case to what extent these measures were contemplated by existing legislation.
  2. What determines the selling-price of (a) an urban site advantageous for business; (b) the shares of a street railway corporation; (c) the shares of a “trust” whose capitalization much exceeds its tangible property? In which of these cases, if in any, can it be said that there is “over-capitalization”?
  3. Suppose the public-service industries (“monopolies of organization”) to be placed under government management. Do you think wages would be lower or higher in these industries? Would the general level of wages in the community be higher or lower?
    On the same supposition, do you think prices of the commodities or services supplied by those industries would be higher or lower? Would the general level of prices be higher or lower?
  4. Does the encouragement of domestic industries through tariff duties cause a saving by doing away with the expense of transporting goods from foreign countries? Are such duties likely to bring a charge on the foreign producer or on the domestic consumer?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1908), pp. 26-27.

Image Source: Faculty portraits of Frank W. Taussig, Charles J. Bullock, A. Piatt Andrew. The Harvard Class Album, 1906. Colorized by Economics in the Rear-view Mirror.