Tag: Taussig

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Courses Curriculum Harvard

Harvard. Expansion of Economics Course Offerings. 1883.

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The tripling of regular economics course offerings at Harvard in the early 1880’s attracted medium (they only had newspapers then, so I suppose the singular form is appropriate) attention as seen in the following story from the New York Evening Post (October 11, 1883) that was picked up by the Chicago Tribune (October 15, 1883).  The expansion in course offerings in political economy was announced in the Harvard Crimson on May 24, 1883.

Here are links to five earlier Harvard-related posts from this period at Economics in the Rear-View Mirror:

1874-77.
Three Economics Courses. Texts and exams
Courses in Political Economy

1881.
Economics. Two Course Reviews

1886.
Account of Graduate Department

1888-89.
Political Economy Courses

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POLITICAL ECONOMY AT HARVARD [1883].

Sketch of the Reorganized Department – Seven Courses of Study – Their Scope and Aim.
[Correspondence of the Evening Post.]

Cambridge, Mass., October 5. – The Department of Political Economy in Harvard College has undergone an enlargement and organization this year which marks a growing interest in the subject on the part of the students and a readiness on the part of the authorities to give encouragement and increased opportunity for its pursuit. For some years political economy was taught practically in two courses, an introductory one, which developed the principles of the English school, Mill being the author used, and an advanced course, which took up Cairnes’ Leading Principles of Political Economy, and discussed also banking and finance. Some years there were two introductory courses instead of one, but in that case they were alternative, and not supplementary. Last year the field treated was broadened by the addition of course, given by Dr. Laughlin, on the economic effects of land tenures in England, Ireland, France, Germany, and Russia; and this year the return of Professor Dunbar from his vacation in Europe, and the retention of both Dr. Laughlin, now assistant professor, and Mr. Taussig, has resulted in the expansion of the whole treatment into seven courses of study. A brief account of the scope and character of these courses is as follows:

First, there is one course intended to give familiarity with the leading principles of the science. Mill’s book is here used as a basis, but there are also lectures on banking and the critical review of the public finance of the United States, chiefly during and since the last war. The course aims to give that general knowledge which every educated man ought to have. For those, however, wish to attain a thorough mastery of the principles of economics, one course is not deemed sufficient. Consequently course 2 – a history of economic theory and a critical examination of leading writers – is given by Professor Dunbar. He will take up all the principal writers in England, France, Germany, and Italy, and will review other recent literature, including the work of Henry George. He intends us to develop a grasp upon the fundamental principles that will enable the student to do practical work of real value.

The other five subjects are designed to turn the attention of students to the historical and practical side, affording training in the use of books and sources, the collection of statistics, and the investigation of such public questions as constantly arise from year to year. They are as follows:

Course 3. Discussion of Practical Economic Questions. – The work will here be done in discussion of live questions of the day, and in written monographs upon subjects which most concern the economic interests of the United States, for example: The navigation laws and American shipping; bimetallism; reciprocity with Canada; advantages of Government issues of notes compared with those of national banks.

Course 4. Economic History of Europe and America since the Seven Years’ War. This is in the form of lectures by Professor Dunbar, and will trace the economic effects of the great events in the history of the last 125 years.

Course 5. Economic Effects of Land Tenures in England, Ireland, France, and Germany; is the course which was introduced by Professor Laughlin last year, and which he gives again; the work is mostly in the form of written theses.

Course 6. History of Tariff Legislation in the United States, by Mr. Taussig; is a study of the tariff laws which the country has tried, and of the reasons for their passage or repeal. The scope of the course is best seen in the following useful syllabus:

I. 1789-1816: Tariff system adopted after the formation of the Constitution; Hamilton’s report; the state of the protective controversy before 1816; the beginnings of manufacturing industry.
II. 1816-1840: The American System; Henry Clay; the tariffs of 1824, 1828, 1832; the Compromise Tariff of 1833; the growth of manufactures; the economic effects of protection.
III. 1840-1860: The political tariffs of 1842 (protectionist); 1846 (free trade); the industrial progress of the country from 1846 to 1860.
IV. 1860-1883: The Civil War; the development of the existing tariff system; the revenue act of 1864; the tax-reducing acts of later years; the tariff revision of 1883.

Course 7. Comparison of the Financial Systems of France, England, Germany, and the United States; is conducted by Professor Dunbar. He will compare the systems adopted by these nations to provide themselves with revenues, and will direct the study to the economic principles underlying public finance and closely connected with the science of government.

 

Source: New York Evening Post, October 11, 1883, p. 2. Scan of the page at Historical Newspapers From The United States and Canada, Archives of the New York Evening Post Newspaper, pdf-page 0360.

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.

 

 

 

 

 

Categories
Economists Harvard Michigan

Harvard Alumnus. Zenas Clark Dickinson, Ph.D.1920.

The David A. Wells Prize for 1919-20 was awarded to Zenas Clark Dickinson (Harvard Ph.D., 1920) for his dissertation Economic Motives: A Study in the Psychological Foundations of Economic Theory, with some Reference to Other Social Sciences (Harvard University Press, 1922). In this posting we have the Ph.D. General Examination subjects for Dickinson along with biographical material from memorial minutes at the University of Michigan, where Dickinson had a long and distinguished career. 

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ZENAS CLARK DICKINSON
Ph.D. Examinations, Harvard

General Examination in Economics, Monday, May 15, 1916.

Committee: Professors Taussig (chairman), Gay, Yerkes, Day, and Dr. Burbank.

Academic History: University of Nebraska, 1910-14; Harvard Graduate School, 1914-. A.B., Nebraska, 1914.

General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. Public Finance. 5. Psychology. 6. Suitable Field in Economic Theory and its History, with special reference to Psychology.

Special Subject: Suitable Field in Economic Theory.

 

Source: Harvard University Archives. Box: “Examinations for the Ph.D.” (HUC 7000.70). Division of History, Government, and Economics. Examinations for the Degree of Ph.D., 1915-16.

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Memorial

Zenas Clark Dickinson
LSA Minutes
Clark Dickinson (1889-1966)

Zenas Clark Dickinson, Professor Emeritus of Economics, died on March 22, 1966, in his seventy-seventh year. His had been a rounded career of varied and notably faithful service to the University, of recognized research and publication, and of considerable public activity. He retired in 1958.

He was born August 9, 1889, on a farm near Atkinson, Nebraska, the eldest son of Zenas and Nellie Bungor Dickinson. After a schooling interrupted by four years of job-holding in Lincoln, he finished high school in that city in 1910, and in 1914 received his A. B. from the University of Nebraska, with Phi Beta Kappa key. Fellowships at Harvard, with service as assistant in Economics and tutor in the Division of History, Government, and Economics, together with wartime connections in Massachusetts, carried him through his graduate years, with a doctorate in 1920. He had already joined the Economics staff at the University of Minnesota as assistant professor in 1919, and he came to Michigan as associate professor in 1923. His professorship followed in 1929.

He had married Jean Sullivan of Broken Bow, Nebraska, in 1916, and two sons were born to this union, Philip Clark, now of Groose Pointe Farms, and Thomas Lynn of Ann Arbor. There are six grandchildren. Mrs Dickinson died in 1946, and in 1949 he married Dr. Eleanor Smith of Ann Arbor, who survives.

Professor Dickinson’s first main scholarly interest was in the application of psychology to economics, and he pioneered in this area. His doctoral thesis, which won the David A. Wells prize at Harvard, was published in 1922 under the title Economic Motives, which he described as “a study in the psychological foundations of economics, with some reference to the other social sciences.” In negotiating with Chairman Edmund E. Day respecting his Michigan appointment, he wrote that he was interested in teaching economic theory, with attention to its psychological facets, and labor economics, with emphasis on the “psychological problems of work.” Somewhat later, in responding to an inquiry about him from a manufacturer who was seeking an industrial psychologist, Professor Day described him as “one of the very ablest men in the field of his specialization. I know of no one,” he wrote, “who brings such a combination of interests to our subject.” Articles and pamphlets in this area dealt variously with psychological developments in economics, educational guidance and vocational placement, suggestion systems in industry, quantitative research methods, and industrial research in general. His substantial volume Compensating Industrial Effort appeared in 1937.

Even before his graduate studies he had written on the Nebraska scheme of guaranteeing bank deposits, and one article appeared as early as 1914 in the Quarterly Journal of Economics. His work during his graduate years with the Massachusetts Commission on Public Safety and the United States Food Administration involved considerable writing and editing. At a later stage his interest turned to the evolving labor movement of the 1930’s and to related problems and policies, and in 1941 he completed his large study Collective Wage Determination, written “with special reference to American collective bargaining, arbitration, and legislation.” His other writing at this time dealt particularly with wage theory and policy.

In substantial degree he became a practitioner also in this area. In 1939 and 1943, under the Wages and Hours Administration, he carried out assignments in setting standards in various industries. During 1943-45 he was active under the War Labor Board in the settlement of industrial disputes in the Detroit district, and he continued in mediation and arbitration work for a number of years. Later he estimated that he had written the reports in forty to fifty cases in which he had acted.

In the Department’s teaching program Professor Dickinson’s activity reflected his range of interests. At the outset he handled the large undergraduate course in labor problems, but he turned shortly to teaching of a more specialized and advanced character, He taught courses in economic theory and, over a long period, in the history of economic doctrine; in the development of economic institutions and in economic reform and the features of different systems, an early interest of his; likewise in consumer economics, with parallel participation in a local cooperative enterprise. He turned easily to a variety of fields, and he did so willingly as need arose, even adding courses to a normal program. He was at his best with small groups; and a number of graduate students were privileged to work closely with him in his research, With his students his relationship was personal and close.

In unusual degree he was interested in the Economics Department and its people, and his devotion to it was manifest in many ways. When a history of the Department was needed for Wilfred Shaw’s The University of Michigan, An Encyclopedic Survey (1941), he was naturally the one to do it; and his great admiration during his early years here for Professor F. M. Taylor, the Department’s distinguished economic theorist, led him much later to undertake an extensive study of Taylor’s life and work, chapters of which appeared in the Michigan Alumnus’s Quarterly Review. The I. L. Sharfman Fellowship Fund might almost be viewed as a memorial to his promotional effort, and contributions to it at his death were generous.

Within the University but outside the Department, Professor Dickinson had his share of assignments. He served on the Administrative Board of the College, on the Executive Board of the Graduate School, on the University Council, on the Committee on Scholarly Publications, on the Lecture Committee, His notable erudition gave him special value in library matters; and, beside his long handling of Department acquisitions, he served on committees both for the General and the Clements libraries. In 1944 he prepared a report for the Senate Advisory Committee on “Living Costs in Relation to Faculty Salaries,” He was active in the Michigan Academy and the AAUP, He belonged to the University’s Research Club.

Repeated coronary illness slowed his effort after 1950, and few will now remember how active he had been. But that effort was seldom conspicuous, and never directed toward applause. Always he was a gentle man, and even his firmness, which was considerable, was manifest in gentle ways. He was kindly and warm, and these qualities in him were infectious. Family menat much to him, and he made it his role to tend the ties of a scattered clan. His manner in approaching situations or ideas often seemed casual, reflecting perhaps his liberal, undogmatic outlook and a not-too-solemn view of human affairs. Humor pervaded his attitude, and recurrent chuckles followed each amusing encounter, of which, for him, there were many. His wide outlook and reading, his sharp memory, his gift for anecdote made him a fine companion, as he was for many a gracious host. As was fitting, death came gently, with brief warning of its approach.

William B. Palmer
I. L. Sharfman
Shorey Peterson, Chm.

Source: University of Michigan, Faculty History Project.

 

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Zenas Clark Dickinson
The Michigan Alumnus, June 4, 1932

Nebraska Alumnus Is Economics Professor

Although ranking as Professor of Economics, Zenas Clark
 Dickinson, A.B. (Nebraska) ’14, Ph.D. (Harvard) ’20, might
 as correctly be classified as economist-psychologist-sociologist. During his nine years on the faculty, he has specialized in the study of 
certain labor problems and the psychological phases of general economic theory. At present he also is concerned with the assembling
 of materials on the progress and publications of the Department of 
Economics.

After completing the tenth grade, he was forced to abandon his schooling for four years, during which he became so profici
ent at secretarial work that later it aided in financing his college education. He held an Edward Austin Fellowship at Harvard in 1916-17 
and in 1919, serving also on the newly created tutorial staff in the 
Division of History, Government and Economics.

During the War
 he served with the Massachusetts Food Administration. Some years
 ago he succeeded to Professor-Emeritus Fred M. Taylor’s place on 
the Administrative Board of the Literary College. Not a hobbyist, in
 the ordinary sense of the word, he enjoys greatly the occasional chats
 with former students who visit the Campus.

Source: University of Michigan, The Michigan Alumnus, vol. 38 (June 4, 1932), p. 631.

 

Image Source: Senior Year photo of Zenas Clark Dickinson from University of Nebraska yearbook The Cornhusker (1914), p. 61.

Categories
Economists Harvard

Harvard. 24 Ph.D. candidates examined 1926-27

In one box at the Harvard Archives (Harvard University/Examinations for the Ph.D. [HUC7000.70]), I found an incomplete run of published Ph.D. examination announcements for the Division of History and Political Science [later Division of History, Government, and Economics] from 1903-04 through 1926-27. Earlier I transcribed the announcement for 1915-16. Today’s posting gives us (1) the date of the scheduled general or special Ph.D. examinations (2) the names of the examination committee (3) the subjects of the general examination, and (4) the academic history of the examinees for two dozen economics Ph.D. candidates examined during the academic year 1926-27.

The largest shadows cast by members of this cohort belong to the (later) Harvard economics professor Edward H. Chamberlin and the co-author of The Modern Corporation and Private Property, Gardiner C. Means. Laughlin Currie and Harry Dexter White also belonged to this cohort of examinees.

Fun fact: Richard Vincent Gilbert was the father of Walter Myron Gilbert, Nobel laureate in Chemistry, 1980.

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DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

EXAMINATIONS FOR THE DEGREE OF PH.D.
1926-27

Notice of hour and place will be sent out three days in advance of each examination.
The hour will ordinarily be 4 p.m.

James Ackley Maxwell.

Special Examination in Economics, Monday, October 25, 1926.
General Examination passed, October 30, 1923.
Academic History: Dalhousie University, 1919-21; Harvard College, 1921-23; Harvard Graduate School, 1923-27. B.A., Dalhousie, 1921; A.M., Harvard, 1923. Assistant Professor of Economics, Clark University, 1925-.
General Subjects: 1. Money and Banking. 2. Economic Theory and its History. 3. Economic History to 1750. 4. Statistics. 5. History of Political Theory. 6. Public Finance.
Special Subject: Public Finance.
Committee: Professors Bullock (chairman), Burbank, A. H. Cole, and Usher.
Thesis Subject: A Financial History of Nova Scotia, 1848-99. (With Professor Bullock.)
Committee on Thesis: Professors Bullock, Burbank, and Usher.

Kan Lee.

Special Examination in Economics, Thursday, October 28, 1926.
General Examination passed, January 6, 1926.
Academic History: Tsing Hua College, China, 1917-20; University of Missouri, 1920-22; University of Chicago, summer of 1921; Harvard Graduate School, 1922-27. B.J., Missouri, 1922; A.B., ibid., 1922; A.M., Harvard, 1924
General Subjects: 1. Economic Theory. 2. Money, Banking, and Crises. 3. Public Finance. 4. International Trade and Tariff Problems. 5. History of the Far East. 6. Socialism and Social Reconstruction.
Special Subject: Socialism and Social Reconstruction.
Committee: Professors Carver (chairman), James Ford, Mason, and Young.
Thesis Subject: British Socialists: Their Concept of Capital. (With Professor Carver.)
Committee on Thesis: Professors Carver, Mason, and Young.

Donald Wood Gilbert.

General Examination in Economics, Friday, October 29, 1926.
Committee: Professors Young (chairman), Crum, Gay, McIlwain, and Williams.
Academic History: University of Rochester, 1917-21; Harvard Graduate School, 1923-25. A.B., Rochester, 1921; M.A., ibid., 1923. Assistant in Economics, Harvard, 1924-25; Instructor in Economics, Rochester, 1925-.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. History of Political Theory. 5. International Trade and Tariff Policy. 6. Commercial Crises.
Special Subject: Commercial Crises.
Thesis Subject: Undecided.

Arthur William Marget.

Special Examination in Economics, Thursday, January 20, 1927.
General Examination passed, May 24, 1923..
Academic History: Harvard College, 1916-20; Cambridge University, England, fall term, 1920; London School of Economics, winter term 1920-21, University of Berlin, summer term 1921; Harvard Graduate School, 1921-27 A.B., Harvard, 1920; A.M., ibid., 1921. Assistant in Economics, Harvard, 1923-27.
General Subjects: 1. Economic Theory and its History. 2. Socialism and Social Reform. 3. Public Finance. 4. Statistical Method and its Application. 5. American History since 1789. 6. Money, Banking, and Crises.
Special Subject: Money and Banking.
Committee: Professors Young (chairman), A.H. Cole, Taussig, and Williams.
Thesis Subject: The Loan Fund: A pecuniary approach to the problem of the determination of the rate of interest.. (With Professor Young.)
Committee on Thesis: Professors Young, Taussig, and Williams.

Richard Vincent Gilbert.

General Examination in Economics, Wednesday, February 9, 1927.
Committee: Professors Young (chairman), Crum, Monroe, Usher, and Woods.
Academic History: University of Pennsylvania, 1919-20; Harvard College, 1920-23; Harvard Graduate School, 1923-. B.S., Harvard, 1923; M.A., Harvard, 1925. Assistant in Economics, Harvard, 1923-.
General Subjects: 1. Economic Theory and its History. 2. Money and Banking. 3. Statistics. 4. Economic History since 1776. 5. History of Ancient Philosophy. 6. Theory of International Trade.
Special Subject: Theory of International Trade.
Thesis Subject: Theory of International Trade. (With Professor Taussig.)

Melvin Gardner deChazeau.

General Examination in Economics, Monday, February 21, 1927.
Committee: Professors Taussig (chairman), A.H. Cole, Crum, Demos, and Young.
Academic History: University of Washington, 1921-25; Harvard Graduate School, 1925-. A.B., Washington, 1924; M.A., ibid., 1925. Instructor and Tutor, Harvard, 1926-27.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistics. 4. Money and Banking. 5. Ethics. 6. Regulation of Public Utilities.
Special Subject: Regulation of Public Utilities.
Thesis Subject: Undecided.

Donald Milton Erb.

General Examination in Economics, Friday, February 25, 1927.
Committee: Professors Carver (chairman), Burbank, Gay, Morison, and Williams.
Academic History: University of Illinois, 1918-22, 1923-25; Harvard Graduate School. 1925-. S.B., Illinois, 1922; S.M., ibid., 1924. Assistant in Economics, Illinois, 1923-25.
General Subjects: 1. Economic Theory. 2. Economic History since 1750. 3. Sociology. 4. Public Finance. 5. American History since 1789. 6. Transportation.
Special Subject: Transportation.
Thesis Subject: Railroad Abandonments and Additions in the United States since 1920. (With Professor Ripley.)

Douglass Vincent Brown.

General Examination in Economics, Wednesday, March 2, 1927.
Committee: Professors Taussig (chairman), Bullock, Ford, Persons and Schlesinger.
Academic History: Harvard College, 1921-25; Harvard Graduate School, 1925-. A.B., Harvard, 1925; A.M., ibid., 1926.
General Subjects: 1. Economic Theory and its History. 2. Statistics. 3. Sociology. 4. Money, Banking, and Crises. 5. American History since 1789. 6. Labor Problems.
Special Subject: Labor Problems.
Thesis Subject: Restriction of Output. (With Professors Taussig and Ripley.)

Mark Anson Smith.

Special Examination in Economics, Friday, April 8, 1927.
General Examination passed, May 11, 1916.
Academic History: Dartmouth College, 1906-10; University of Wisconsin, 1911-14; Harvard Graduate School, 1915-17. A.B., Dartmouth, 1910; A.M., Wisconsin, 1913. Instructor in Economics at Simmons College, 1916-17.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Money, Banking, and Crises. 4. Economics of Corporations. 5. American Government and Constitutional Law.
Special Subject: Public Finance.
Committee: Professors Taussig (chairman), Bullock, Usher, and Williams.
Thesis Subject: Economic Aspects of the Duties on Wool, with special reference to the period, 1912-1924. (With Professor Bullock.)
Committee on Thesis: Professors Taussig, A. H. Cole, and Usher.

Lauchlin Bernard Currie.

General Examination in Economics, Monday, April 11, 1927.
Committee: Professors Young (chairman), Burbank, A.H. Cole, Usher, and Wright.
Academic History: St. Francis Zavier College, 1921-22; London School of Economics, 1922-25; Harvard Graduate School, 1925-. B.Sc., London, 1925.
General Subjects: 1. Economic Theory. 2. Economic History since 1750. 3. Public Finance. 4. International Trade and Tariff Policy. 5. History of Political Theory. 6. Money, Banking, and Crises.
Special Subject: Money, Banking, and Crises.
Thesis Subject: Monetary History of Canada, 1914-26. (With Professor Young.)

Harry Dexter White.

General Examination in Economics, Thursday, April 14, 1927.
Committee: Professors Taussig (chairman), Dewing, Elliott, Monroe, and Usher.
Academic History: Columbia University, 1921-23; Stanford University, 1924-25; Harvard Graduate School, 1925-. A.B., Stanford, 1924; A.M., ibid., 1925. Instructor in Economics, Harvard, 1926-.
General Subjects: 1. Economic Theory and its History. 2. Money, Banking, and Crises. 3. Economic History since 1750. 4. Economics of Corporations. 5. History of Political Theory. 6. International Trade .
Special Subject: International Trade.
Thesis Subject: Foreign Trade of France. (With Professor Taussig.)

Margaret Randolph Gay.

General Examination in Economics, Friday, April 15, 1927.
Committee: Professors Usher (chairman), A.H. Cole, McIlwain, Taussig, and Young.
Academic History: Radcliffe College, 1918-22, 1922-23, 1925-. A.B., Radcliffe, 1922; A.M., ibid., 1923.
General Subjects: 1. Economic Theory. 2. Money, Banking, and Crises. 3. International Trade. 4. Economic History after 1750. 5. Political Theory. 6. English Economic History before 1750.
Special Subject: English Economic History, 1485-1750.
Thesis Subject: The Statute of Artificers, 1563-1811. (With Professor Gay.)

(Mary) Gertrude Brown.

General Examination in Economics, Thursday, April 28, 1927.
Committee: Professors Gay (chairman), Elliott, Taussig, Williams, and Young.
Academic History: Mount Holyoke College, 1920-24; Columbia University, summer of 1924; Radcliffe College, 1924-. A.B., Mount Holyoke, 1924; A.M., Radcliffe, 1926. Assistant in Economics, Massachusetts Institute of Technology, 1924-26. Tutor, Bryn Mawr Summer School, 1926.
General Subjects: 1. Economic Theory. 2. International Trade and Tariff Policy. 3. Money, Banking, and Crises. 4. Comparative Modern Government. 5. Labor Problems. 6. Economic History since 1750.
Special Subject: Economic History since 1750.
Thesis Subject: The History of the American Silk Industry. (With Professor Gay.)

Eric Englund.

General Examination in Economics, Monday, May 2, 1927.
Committee: Professors Bullock (chairman), Black, Dickinson, Usher, and Young.
Academic History: Oregon Agricultural College, 1914-18; University of Oregon, summers of 1915, 1916, and 1917; University of Wisconsin, 1919-21; University of Chicago, summer of 1920; Harvard Graduate School, 1926-. B.S., Oregon Agricultural College, 1918; A.B., University of Oregon, 1919; M.S., Wisconsin, 1920. Professor of Agricultural Economics, Kansas State Agricultural College, 1921-26.
General Subjects: 1. Economic Theory and its History. 2. Money, Banking, and Crises. 3. Economics of Agriculture. 4. Economic History since 1750. 5. History of Political Theory. 6. Public Finance.
Special Subject: Public Finance.
Thesis Subject: Studies in Taxation in Kansas. (With Professor Bullock.)

Walter Edwards Beach.

General Examination in Economics, Wednesday, May 4, 1927.
Committee: Professors Young (chairman), Baxter, A.H. Cole, Dewing, and Williams.
Academic History: State College of Washington, 1919-20; Stanford University, 1920-22; 1923-24, Harvard Graduate School, 1925-26. A.B., Stanford, 1922; A.M., Harvard, 1926. Instructor in Economics, Bowdoin, 1926-.
General Subjects: 1. Economic Theory and its History. 2. Economics of Corporations. 3. International Trade and Tariff Policy. 4. Economic History since 1750. 5. American History since 1789. 6. Money, Banking, and Crises.
Special Subject: Money, Banking, and Crises.
Thesis Subject: International Gold Movements in Relation to Business Cycles. (With Professor Young.)

Ram Ganesh Deshmukh.

Special Examination in Economics, Thursday, May 5, 1927.
General Examination passed, May 13, 1926.
Academic History: Wilson College, India, 1912-17; Bombay University Law School, 1917-20; Harvard Graduate School, 1922-27. B.A., Bombay University, 1917; LL.B., ibid., 1920; A.M., Harvard, 1924.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Economics of Agriculture. 4. Sociology. 5. History of Political Theory. 6. Public Finance.
Special Subject: Public Finance.
Committee: Professors Bullock (chairman), Burbank, A.H. Cole, and Williams.
Thesis Subject: State Highways in Massachusetts. (With Professor Bullock.)
Committee on Thesis: Professors Bullock (chairman), Burbank, and A.H. Cole.

Charles Donald Jackson.

General Examination in Economics, Thursday, May 5, 1927.
Committee: Professors Young (chairman), Black, Crum, Merk, and Taussig.
Academic History: Leland Stanford Junior University, 1915-16; Northwestern University, 1916-17, 1919-21; University of Wisconsin, summer of 1920 and 1921; Harvard Graduate School, 1921-22, 1924-. S.B., Northwestern, 1920; M.B.A., ibid., 1921; A.M., Harvard, 1925.
General Subjects: 1. Economic Theory and its History. 2. Agricultural Economics. 3. International Trade and Tariff Policy. 4. Statistics. 5. American History since 1789. 6. Money, Banking, and Crises.
Special Subject: Money, Banking, and Crises.
Thesis Subject: Agricultural Credit. (With Professor Young.)

Elmer Joseph Working.

General Examination in Economics, Friday, May 6, 1927.
Committee: Professors Carver (chairman), Crum, Morison, Williams, and Young.
Academic History: University of Denver, 1916-17, 1918-19; George Washington University, 1917-18; University of Arizona, 1919-21; Iowa State College, 1921-23; University of Minnesota, 1922-23, second half-year; Brookings Graduate School, 1924-25; Harvard Graduate School, 1925-26. B.S., Arizona, 1921; M.S., Iowa, 1922. Assistant professor of Economics, University of Minnesota, 1926-27.
General Subjects: 1. Economic Theory and its History. 2. Statistical Method and its Application. 3. Money, Banking, and Crises. 4. International Trade and Tariff Policy. 5. American History since 1789. 6. Economics of Agriculture.
Special Subject: Economics of Agriculture.
Thesis Subject: The Orderly Marketing of Grain. (With Professor Taussig.)

Gardiner Coit Means.

General Examination in Economics, Thursday, May 12, 1927.
Committee: Professors Williams (chairman), Baxter, A.H. Cole, Dewing, and Gay.
Academic History: Harvard College, 1914-18; Harvard Graduate School, 1925-. A.B., Harvard, 1918.
General Subjects: 1. Economic Theory. 2. International Trade and Tariff Policy. 3. Economics of Corporations. 4. Economic History since 1750. 5. American History since 1789. 6. Money, Banking, and Crises.
Special Subject: Money, Banking, and Crises.
Thesis Subject: Fluctuations in New England’s Balance of Trade. (With Professor Williams.)

Bishop Carleton Hunt.

Special Examination in Economics, Friday, May 13, 1927.
Committee: Professors Young (chairman), W.M. Cole, Gay, McIlwain, and Williams.
Academic History: Boston University, 1916-20; Harvard Graduate School, 1925-27, summers of 1921, 1922, 1923, 1924, and 1925. B.B.A., Boston University, 1920; A.M., Harvard, 1926. Professor of Commerce, Dalhousie University, 1920-; Lecturer in Economics, Nova Scotia Technical College, 1920-23.
General Subjects: 1. Economic Theory. 2. Economic History since 1750. 3. International Trade. 4. Accounting. 5. History of Political Theory. 6. Money and Banking.
Special Subject: Money and Banking.
Thesis Subject: Underwriting Syndicates and the Supply of Capital. (With Professor Young.)

Edward Hastings Chamberlin.

Special Examination in Economics, Friday, May 20, 1927.
General Examination passed, May 22, 1924.
Academic History: State University of Iowa, 1916-20; University of Michigan, 1920-22; Harvard Graduate School, 1922-27. B.S., Iowa, 1920; M.A., Michigan, 1922. Instructor in Economics, Iowa, summer of 1921. Assistant in economics, Harvard, 1922-. Tutor in Economics, ibid., 1924-27.
General Subjects: 1. Economic Theory and its History. 2. Statistics. 3. Accounting. 4. Economic History. 5. History of Political Theory. 6. Modern Theories of Value and Distribution.
Special Subject: Modern Theories of Value and Distribution.
Committee: Professors Young (chairman), Monroe, Taussig, and Williams.
Thesis Subject: The Theory of Monopolistic Competition. (With Professor Young.)
Committee on Thesis: Professors Young, Carver, and Taussig.

Christopher Roberts.

Special Examination in Economics, Monday, May 23, 1927.
General Examination passed, April 3, 1925.
Academic History: Haverford College, 1916-18, 1919-21; Harvard Graduate School, 1921-27. S.B., Haverford, 1921; A.M., Harvard, 1922. Assistant in Economics, Harvard 1922-25; Tutor in Economics, ibid., 1925-27.
General Subjects: 1. Economic Theory and its History. 2. International Trade and Finance. 3. Statistics. 4. International Law. 5. Public Finance. 6. Economic History since 1750.
Special Subject: Economic History since 1750.
Committee: Professors Gay (chairman), Burbank, A.H. Cole, and Usher.
Thesis Subject: The History of the Middlesex Canal. (With Professor Gay.)
Committee on Thesis: Professors Gay, A.H. Cole, and Cunningham.

Clayton Crowell Bayard.

General Examination in Economics, Wednesday, May 25, 1927.
Committee: Professors Carver (chairman), James Ford, Hanford, Taussig, and Usher.
Academic History: University of Maine, 1918-22; Harvard Graduate School, 1924-. A.B., Maine, 1922; A.M., Harvard, 1925. Assistant in Social Ethics, Harvard, 1925-26; Tutor in Social Ethics, ibid., 1926-27.
General Subjects: 1. Economic Theory and its History. 2. Economic History before 1750. 3. Socialism and Social Reform. 4. American Labor Problems. 5. Municipal Government. 6. Sociology.
Special Subject: Sociology and Social Problems.
Thesis Subject: Undecided.

Dorothy Carolin Bacon.

General Examination in Economics, Thursday, May 26, 1927.
Committee: Professors Persons (chairman), Carver, Crum, Gay and Holcombe.
Academic History: Simmons College, 1918-19; Radcliffe College, 1919-22, 1923-24, 1926-. A.B., Radcliffe, 1922; A.M., ibid., 1924. Assistant in Economics, Vassar College, 1924-25. Instructor in Economics, ibid., 1925-26.
General Subjects: 1. Economic Theory. 2. Sociology. 3. History of Political Theory. 4. Statistics. 5. Economic History. 6., Money, Banking and Crises.
Special Subject: Money, Banking and Crises.
Thesis Subject: A Study of the Dispersion of Wholesale Commodity Prices, 1890-1896.  (With Professor Persons.)

 

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1926-1927”.

Image Source:  Photo of Emerson Hall (1905). Harvard Album, 1920. 

Categories
Courses Harvard

Harvard. Course with a “snapper” problem, 1910

We have below a random letter from the President of Harvard, Abbott Lawrence Lowell, to Professor Frank Taussig of the Economics Department that struck my fancy because 1) the President of the University appears to be aware of the grade distribution of a particular faculty member (he was not amused at the low frequency of bad grades) and 2) his choice of words “However good a course may be, that kind of marking is certain to drift into it many snappers.” In my day, it was the course that received the opprobrious label of being a “gut”, though here in Germany we do refer to students attracted to the “gut” courses as “Tiefflieger” (low-flying aircraft). 

Economics 21 is apparently the course referred to by President Lowell. The title of the course appears to change without the course description changing over time. The content of the course, taught by the law professor, Bruce Wyman, appears to have focused on “competition; combination; association; consolidation”.

___________________________

[Copy of letter from Harvard President Lowell to Professor Frank Taussig]

December 21, 1910.

Dear Frank:-

I was told, the other day, that the Visiting Committee in Economics had promised the Department quite a sum of money for additional assistants. Is that available this year? If so, I should much rather have you use a part of that, than ask the Corporation for more money. I suspect that one great reason for the large size of Wyman’s course is its softness. I notice that he gave last year only 1% of E’s and 4% of D’s. However good a course may be, that kind of marking is certain to drift into it many snappers. By the way, I should like to have a talk with you about him sometime.

Very truly yours,

A. L. Lowell

 

Professor F. W. Taussig.

 

Source: Harvard University Archives. President Lowell’s Papers, 1909-1914. Nos. 405-436. Box 15, Folder 413 “1909-1914”.

___________________________

 

[Course Enrollment, Economics 21]

Courses Preparing for a Business Career

[…]

[Economics] 21 1hf. Professor Wyman, assisted by Messrs. Brannan and Lyeth.—Principles of Law governing Industrial Relations.

Total, 183:
3 Graduates, 2 Business School, 113 Seniors, 56 Juniors, 5 Sophomores, 4 Others.

 

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1909-1910, p. 45.

___________________________

 

[Course Description, Economics 21]

 

[Economics] *211hf. The Law of Competition and Combination. Half-course (first half-year). Mon., Wed., Fri., at 12. Professor Wyman, assisted by Mr. —— . (V)

Course 21 is not open to students before their last year of undergraduate work, and is only open to those who have passed in Economics 1.

The course considers certain rules of the law governing the course of modern trade and the organization of modern industry. As the course deals with adjudication and legislation on questions of first importance in the economic development of modern times, it is of advantage to all those who wish to equip themselves for the intelligent discussion of issues having both legal and economic aspects. In 1911-12 four principal topics will be discussed: competition; combination; association; consolidation, — some very briefly, some with more detail. The conduct of the course will be by the reading and discussion of cases from the law reports, which are contained in an edited series of case books.

 

Source: Division of History, Government, and Economics: 1911-12 (1st ed.). Official Register of Harvard University, Vol. VIII, No. 23 (June 15, 1911), p. 68.

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[CV data for Law Professor Bruce Wyman]

Bruce Wyman, A.B. summa cum laude, 1896; A. M. 1897; LL.B. 1900; Lectr. (Law S.) 1900-1903; Asst. Prof. of Law 1903-1908; Prof. of Law 1908-1914.

Source: Quinquennial catalogue of the officers and graduates of Harvard University, 1636-1915 (Cambridge: Harvard University Press, 1915), pp. 111 and 355.

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[Scandal: a case of regulatory capture]

Bruce Wyman resigned his professorship of law in December 1913 when it came out that he was drawing $833 per month from the New Haven and the Boston & Maine (railroads) “for delivering lectures favorable to the roads without the fact being known that he was a paid employe. He admitted that, while employed as their consulting counsel he helped Gov. Foss to frame the Public Utilities bill, which was designed to give the State better control of the railroad situation.”

 

Source: New York Times, December 21, 1913, p. 30.

Image Source: Frank Taussig from the Harvard Album 1915.

Categories
Columbia Economists Harvard

Harvard. Invitations for guest lectures by Schumpeter and Rathgen, 1913

This exchange of letters between Frank Taussig and President Lowell of Harvard involves two pieces of business. The first is Taussig’s request for approval to use department lecture funds to invite Joseph Schumpeter and Karl Rathgen, who were both visiting Columbia University, to give lectures at Harvard. The second piece of business concerns a recommendation of two men to be considered for the presidency of the University of Washington, one of whom (L. C. Marshall who was the Dean of the University of Chicago Business School) the other, James Rowland Angell who would go on to become President of Yale and who also happened to be the father of the Columbia University economist James Waterhouse Angell.

__________________________________

 

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

CAMBRIDGE, MASSACHUSETTS
October 22, 1913.

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E.F. Gay
W. M. Cole
O. M. W. Sprague
Q. E. Rappard
E. E. Day
B. M. Anderson, Jr.
H. L. Gray
Dear Lawrence:

Two Germans are in this country, both at the present moment lecturing at Columbia, to whom we might appropriately show a little attention. One is J. Schumpeter, an Austrian with whom I have had correspondence, and a very well-known and highly respected scholar; the other is K. Rathgen of Hamburg, also well-known in the profession. Our friends at Columbia write that these men would be glad to look at this institution, and we are more than willing to show them a little civility. Would you authorize us to ask each of them to give a lecture, possibly more than one, the fee to be charged to the fund for lectures on Political Economy? Schumpeter speaks excellent English, and could certainly give an acceptable lecture. Rathgen might possibly have to speak in German, in which case we should ask him simply to talk to our Seminary.

You remember our talk about the presidency of the University of Washington. I enclose a letter from L. C. Marshall of Chicago about young Angell, the psychologist, who deserves to be considered among the possibilities. I enclose also a memorandum of my own about Marshall himself, who seems to me at least the equal of Angell. Make such use of these papers as you can, either for this opening or for others that may appear in the future. When inquiring of Marshall about Angell, I gave no intimation of the reason for asking him.

Sincerely yours,
[signed]
F. W. Taussig

President A. Lawrence Lowell.

 

__________________________________

October 23, 1913.

Dear Professor Taussig:—

We should certainly be very glad to have either Schumpeter or Rathgen, or both, speak to the students in economics, at the expense of the fund for lectures in political economy. I do not know whether you want an appointment by the Corporation for this purpose, or merely an invitation by the department.

Thank you for the suggestions of presidents of Washington University. I am transmitting them.

Very truly yours,
[stamped]
A. Lawrence Lowell

Professor F. W. Taussig
2 Scott Street,
Cambridge, Mass.

__________________________________

 

Source: Harvard University Archives. President Lowell’s Papers, 1909-1914 (UAI.5.160), Box 15, Folder 413 “1909-14”.

Image Source: Karl Rathgen: Fotosammlung des Geographischen Institutes der Humboldt-Universität Berlin.    Schumpeter: Ulrich Hedtke, Joseph Alois Schumpeter. Archive.

 

 

Categories
Courses Harvard

Harvard. Harvard Crimson Economics Course Guides, 1927-1938

The Harvard Crimson regularly published “Confidential Guides” to classes. The Crimson on-line archive is easy to search and I’ve selected some of the economics courses that were reviewed. I have added enrollment figures and staffing from the annual reports of the Presidents of Harvard. The coverage is spotty, but maybe I get lucky and find other course guides later.

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1926-27
 Harvard Crimson, December 6, 1927.

Economics 7b
Second semester, 1926-27
[Dr. Mason.—Programs of Social Reconstruction]

This course, originally intended as a small, intimate course on the socialist economists, when given for the first time last year, proved too popular to be labelled as small. Its intimate nature however was retained through Mr. Mason.

One of the youthful prodigies of the Economics department, with an Oxford education behind him, Mr. Mason conducts the course along lines that are wholly enjoyable. Informal lectures—you may interrupt any time you wish—are the backbone of the course, but there are also occasional sessions devoted to a general class room discussion, with the conservative students standing off their more radical colleagues and with Mr. Mason holding the scales.

Examinations are few and far between, and when given display a broadness not displeasing to the student who is taking the course as a study of history rather than as a study of economics.

Enrollment: Economics 7b
Second semester, 1926-27

Total 81: 4 Graduates, 44 Seniors, 23 Juniors, 6 Sophomores, 4 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1926-27, p. 75.

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1928-29
Harvard Crimson, December 11, 1929.

Economics 4b
Second semester, 1928-29
[Professor A. S. Dewing and Dr. Opie. Economics of Corporations]

Professor Dewing has written a book on the Financial Policy of Corporations which is so formidable that it may scare off the average undergraduate who does not know that Professor Dewing’s lecture delivery is one of the least puzzling in the College. Most undergraduates on the first day of the course look wildly around for the nearest exit, convinced that they have wandered into a philosophy lecture. Bailing his trap with a summary of the corporation from Rome to the present day. Professor Dewing has the class following him, at a distance of several sea leagues, by the third lecture. Then he hops briskly to the present time, and proceeds to probe into the motives of the business man. The wheels of the large corporation, the relative advantages of the various forms of business enterprise, the actions of the stock market and the types of securities, in rapid-fire succession. Even future professors of Sanskrit, now undergraduates, would do well to take this course in order to learn where their breakfast bacon comes from, and why Bacon, Preferred sells around 30 these days. Dr. Opie will alternate with Professor Dewing, and what Professor Dewing does for the corporation’s past, Dr. Opie may be expected to do for its future, showing how modern trends to consolidation have not yet run their course.

Enrollment: Economics 4b
Second semester, 1928-29

Total 187: 12 Graduates, 56 Seniors, 104 Juniors, 12 Sophomores, 3 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1928-29, p. 72.

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Economics 6a
Second semester, 1928-29
[Dr. C. E. Persons. Trade Unionism and Allied Problems]

For those who are interested in the ever present problems arising from the conflict between capital and labor, Economics 6a presents an admirable summary of the most vital issues. This course, given by Professor Ripley for many years, was taken over by Professor Persons of Boston University last year. The latter instructor, however, was called to Washington this fall to take up a government position as an expert on the question of unemployment, and to date no successor has been announced for the course.

Regardless of whom the instructor may be, the subject matter of the course dealing with strikes, governmental control of labor policies, arbitration, unemployment, and other problems closely associated with the labor question should prove valuable to all who have any interest in current problems. For those who think courses in Economics too theoretical, Economics 6a is an excellent corrective, for throughout the half year, one is constantly finding instances in the daily newspapers with which the week’s work is directly concerned. For those concentrating in labor problems, the course is indispensable, since it takes in a wide field which would take many hours to cover in tutorial conferences.

Enrollment: Economics 6a
Second semester, 1928-29

Total 50: 1 Graduates, 22 Seniors, 21 Juniors, 3 Sophomores, 3 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1928-29, p. 72.

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Economics 7b
Second semester, 1928-29
[Asst. Professor Mason. Programs of Social Reconstruction]

This course on the various programs for social reconstruction limits itself to fairly modern times. No undergraduate alive, whether he was born a little Lib-e-ral or a little Conserve-a-tive, can afford to be ignorant of the social ferment which goes on in the world around him, and threatens to involve him as employer or employee, taxpayer or taxpayer in our time. This course will not introduce him to the manifestations of these doctrines now current in Harbin or in Gastonia, but it will enable him to learn something of the ideas held by anarchists, social-[incomplete]

Enrollment: Economics 7b
Second semester, 1928-29

Total 77: 6 Graduates, 38 Seniors, 27 Juniors, 1 Freshman, 5 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1928-29, p. 72.

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1929-30
Harvard Crimson, September 22, 1930.

Economics A
1929-30
[Prof. Burbank and Asst. Prof. Chamberlin, & Assistants. Principles of Economics]

The problem of how to introduce students to the subject of economics is admirably met in ec A. Of all the large survey courses in the undergraduate curriculum, ec A is perhaps the best organized and the most ably conducted.

Facts as such play a very small part in this course; it is much more a systematic method of thinking that the student must master; reasoning power, not memory, is necessary in order to understand and succeed in ec A. By this one should not understand that no work is required, that all one needs to do to get a good grade, is to go to quizzes once a month and exercise his reasoning power. Not at all; reasoning power and concentration are quite as necessary in studying the principles of economics as they are in answering questions on examinations.

The one really serious criticism of the course, in this reviewer’s opinion, lies in its failure to impress upon the student that Professor Taussig’s book which serves as the text book and foundation of all the work done, is not an economic bible. The general opinion of most students after taking ec A is that the last word on questions economic has been spoken, that the final truth is known and that Professor Taussig is the interpreter thereof. If they continue with the study of economics and learn that Taussig’s “Principles” is only a comparatively minor product of a particular school of though, they will probably be more than a little surprised and their view of economics as a study will undergo considerable revision.

Enrollment: Economics A
1929-30

Total 498: 2 Graduates, 41 Seniors, 123 Juniors, 270 Sophomores, 24 Freshmen, 38 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1929-30, p. 77.

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

Economics 3
1929-30
[Professor Williams. Money, Banking, and Commercial Crises]

This is a course which will be taken sooner or later by practically all men concentrating in economics. Money, banking, and financial crises are all subjects which despite their complexity necessarily demand some consideration from all who aspire to have anything approaching a working knowledge of economics.

It may be gathered from what has been said above that (1) Economics 3 is a large course with students of all degrees of ability enrolled in it, and (2) that it deals with subjects which are far from satisfactorily solved and which are difficult even for advanced students of economics. Corrolary: Economics 3 is conducted in a very slow and deliberate fashion; it tends toward oversimplification; and the lectures remind one of one’s preparatory school days in their careful topical organization and their constant repetition.

Professor Williams, however, has chosen the only practicable method of getting the subjects over and is to be congratulated on the general success of his system.

A parting word to embryonic bankers might not be out of place here. Economics 3 deals with theory almost exclusively and will be of very little assistance in getting a job as a clerk next summer.

Enrollment: Economics 3
1929-30

Total 176: 2 Graduates, 67 Seniors, 88 Juniors, 12 Sophomores, 7 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1929-30, p. 77.

___________________________________________

1932-33
Harvard Crimson, April 18, 1933.

Economics A
1932-33
[Professor Burbank, Asst. Prof. Chamberlin, Frickey, and Ham & Assistants, Principles of Economics]

Economics A is the whole field of Economics in microcosm; it is a study of the economic problem. So much land, labor, and instruments are available. Men must eat. But they want to do more than that. How can they use the available tools to produce the largest amount of what they most want? The problem requires much thought and discussion, and there are many different solutions. Capitalism, Socialism, Communism are but attempts to solve it.

The facts treated in Economics A are closely related to the business world. But while the business man is mainly concerned with particular costs, selling methods, and profits, the economist tries to put all the general facts in the proper sequence and order of importance. He talks about prices in general, the national income, and the distribution of that income among individuals. The student gains more than the ability to talk glibly about tariffs, money standards, and the business cycle. In seeking the essence of economic life he has developed a method of thought.

The textbook used in the course, Taussig’s Principles, is in many places out of date and seems unduly simple in the light of conflicting theories. Wherever possible, the Department is trying to supplement it with other reading. The course is conducted wholly in sections, probably the best method in a subject of this kind. Obviously everything depends on the instructors, and for the most part they are among the best in the University. Their task is made difficult by the necessity of trying to satisfy both those men who are content with the broad outlines of the work and those who desire a more detailed discussion. It has been suggested that more honor sections be formed; and that they be organized after November hours. If this were done and if more Freshmen were admitted to the course, men concentrating in Economics could get an early and thorough start in the subject, other men would be better satisfied, and tutors might start their work more effectively in the sophomore year.

In general it may be said that Economics. A is not a difficult course for the student endowed with ordinary intelligence. The value of the subject is undisputed. As an instructor in another course remarked during the Hoover administration, “The great trouble with Congress is that it is composed of men who have never taken History 1 or Economics A.”

Enrollment: Economics A
1932-33

Total 390: 18 Seniors, 109 Juniors, 224 Sophomores, 23 Freshmen, 16 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1932-33, p. 65.

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

Economics 3
1932-33
[Prof. Williams and Schumpeter, and Dr. Currie. Money, Banking and Commercial Crises]

In Economics 3 the instructors are faced with the uniquely difficult task of explaining the intricacies of “Money and Banking” with not a few words on foreign trade. The course requires a thesis although certain Seniors are exempt.

Professor Williams is undoubtedly not only an authority of world reputation and an excellent lecturer, but a sympathetic teacher. There is, however, the chance that he may be called away next year. Although his absence would be a serious blow to the course, indication is that the course would still be in capable hands.

It is fortunate that, in such a difficult course, the sections conducted by Dr. Currie should be such as to clear up the problems of the individual student, add to the knowledge of the group as a whole, and attain timeliness and interest throughout.

Enrollment: Economics 3
1932-33

Total 151: 32 Seniors, 103 Juniors, 8 Sophomores, 1 Freshman, 7 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1932-33, p. 65.

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

Economics 4
1932-33
[Assoc. Prof. Mason, Asst. Prof. Chamberlin, Dr. Wallace. Monopolistic Industries and their Regulation]

Economics 4, run on the plan of two lectures and one section a week, deals with railroads, corporations, and government control of industry. The course is conducted by Associate Professor E. S. Mason, Assistant Professor E. H. Chamberlin, and Mr. D. H. Wallace.

The subject matter of the course has a contemporary and living significance that has as much primary interest as it is possible to find in the Economics Department. This timeliness has been intelligently capitalized with out sacrificing scholarship.

The reading, while it seems extensive, has great variety and has been excellently chosen. The lectures are well coordinated with it and at the same time avoid repetition. The lectures themselves vary, but on the whole, are fair enough. They can be expected to show considerable improvement, as this is the first year they have been delivered by the men in charge. One gets the impression that Chamberlin and Mason are more interesting than some of their presentations would indicate.

Enrollment: Economics 4
1932-33

Total 155: 5 Graduates, 30 Seniors, 104 Juniors, 14 Sophomores, 2 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1932-33, p. 65.

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

Economics 50 [sic, Economics 38]
1932-33
[Prof. Williams and Schumpeter. Principles of Money and of Banking]

Very much the same general remarks apply to Economics 50 as to Economics 3, also reviewed in this Confidential Guide. The course is more advanced and goes considerably deeper into the fundamental aspects of money and business cycles as well as international trade. Professor Williams is always stimulating and clear-headed, while in this course he has opportunities for exercising his extraordinary critical ability to a far greater degree than in the elementary course.

Such controversial subjects as the monetary and cycle theories of Hawtrey, Keynes, Hayes and Foster and Catchings are treated at length; while much light is also thrown on the mechanism and control of credit, and international trade in general. It would be rash to go further into the subject matter of the course for monetary theory and practice are in such a state of rapid development that next year may find a new set of problems which will call for new treatment. It can, however, be confidently concluded that if such changes do occur Professor Williams, to a greater degree than most economists, will not be restrained by dogma and tradition from treating the new conditions in a spirit both open-minded and critical [incomplete]

Enrollment: Economics 38
1932-33

Total 61: 36 Graduates, 16 Seniors, 1 Junior, 8 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1932-33, p. 66.

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1934-35
Harvard Crimson, April 23, 1934.

Economics A
1934-35
[Prof. Burbank, Asst. Profs. Chamberlin, Frickey, and Ham, and Assistants. Principles of Economics]

Since the purposes of Economics A is to teach the beginner the economic way of thinking, economic questions of the day are considered in a purely subsidiary light. It is the general outlines of economic theory, rather than the details of its structure, which are presented the student. Although he may develop during the year the desired line of attack, he is apt to feel that he has learned less about economics than he wished.

That Economics A is an introductory course, and a difficult one to administer, should be kept in mind. Nevertheless, it would seem that the economic way of thinking might be brought home more vividly by applying it directly to the questions facing the country today.

Long experiment has determined that the course shall consist of three section meetings a week. Since it is the section man who guides the discussions, a great deal depends on his calibre. The reading, though rather difficult for a beginner, is of reasonable length and easily handled.

Enrollment: Economics A
1934-35

Total 498: 38 Seniors, 174 Juniors, 262 Sophomores, 21 Freshmen, 3 Other.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1934-35, p. 80.

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1937-38
Harvard Crimson, May 31, 1938

Economics [as Field of Concentration]

Economics is the center around which our present civilization revolves; some even claim that all human history has been determined fundamentally by economic forces. Almost every occupation fits into the economic structure, and for certain ones like government and business, a knowledge of the economic structure is essential. The field of Economics increased 20 per cent from 1935-36 to 1937-38 and is now the largest in College with 477 concentrators.

From the nature and aims of the field it is obvious that it might better be entitled Political Economy, for every course tends to emphasize the fact that economics cannot be separated from politics. Through full courses on various special subjects like Public Finance and Utilities a broad survey of the subject is attempted, and although each course is designed to include the major problems existent today, it is of course impossible for them to provide the answers. Thus, the field does not intend to offer practical value–in the narrow vocational sense, since it feels that practical training should be obtained after College in places like the Business School. Instead, it offers a thorough theoretical background of economics useful in any business career.

A student who does not want to concentrate in Economics but desires an auxiliary foothold in the subject would do best to combine the theory of Economics A [Principles of Economics] with the more specific material in Economics 41, on Money and Banking.

Concentrators in Economics will have to pass in the spring of their Junior year a general examination in the department of Economics, and in the spring of their Senior year an examination correlating Economics with either History or Government (this correlating exam may be abolished by 1942), and a third one on the student’s special field, which is chosen from a list of eleven, including economic theory, economic history, money and banking, industry, public utilities, public finance, labor problems, international economics, policies and agriculture.

Courses in allied fields, including Philosophy, Mathematics, History, Government, and Sociology, are suggested by the department for each of the special fields. In addition, Geography 1 is recommended in connection with international policies or agriculture.

According to members, there has not been enough organization of tutorial work. In preparing men for their Junior divisionals the tutors have each gone off on independent tacks, often haphazardly. A list of books drawn up by the Board of Tutors for each special field, large enough to allow the student a reasonable amount of choice and yet limited enough to assure both student and tutor that he is working in some prescribed direction, would remedy this situation. The tutors themselves are good, on the whole, and willing to give time to those students whose interest and ability warrant it.

Economics A is required for admittance into every advanced course, although there are a few which allow it to be taken at the same time. It is by no means too difficult for Freshmen, may be taken by them with the consent of the instructor, and concentrators urge all Freshmen who think they may go into the field to take this course during their first year. This will enable them to begin taking advanced courses their Sophomore year, as History and Government concentrators do, and thereby allow a much wider range of study during their last two years, both in courses and in tutorial. History 1 and Government 1 are both required for concentration in Economics. The former should be taken Freshman year.

Of the two basic courses in theory Economics 1 [Economic Theory] is much better than the half year course 2a [Economic Theory (shorter course)], but it is open only to honors candidates. Professor Chamberlin lectures excellently in course 1, but there is still need for a half course such as 2a. Nearly all the advanced courses will be found worth while, but they cannot all be taken and must be chosen with the interests and the special field of the concentrator in mind. Course 21a [Introduction to Economic Statistics]was blamed for wasting the effort of Professor Frickey, for students claimed the material could be covered in less than a mouth. It is necessary for graduate work, and cannot be expected to be very interesting. Mason’s Economics 11a and b, on the history and economics of Socialism, while they are not well organized, represent–especially the history–a field which has been practically ignored in the social sciences, although it is listed as a special topic for the correlation exam–the History of Political and Economic Thought. A course on the History of Economic Theory is notably lacking, and the History of Socialism could well be matched with a History of Capitalism, Sociology 3 comes nearest to filling this gap now, but it leans less towards economics than towards social progress. Economics 36, on Economic History [1750-1914], is concerned with the material development of industry, railroads, etc. Hansen was liked in course 45a on Business Cycles, and the material covered in 43a and b [International Economic Relations] is valuable.

Expanding its labor instruction, the department will make Economics 81, on Labor Problems, a full course, to be given by Professor Slichter, Dr. Reynolds, and Mr. Pollard. Social security, as well as the economics of labor, will be taught.

 

 

 

Categories
Courses Curriculum Harvard

Harvard. Mathematical Economics, 1933-37

In the Spring of 1933 Joseph Schumpeter got the ball rolling for a project to introduce an introductory course in mathematical economics at Harvard. I include here first a memo from statistics professor W. L. Crum to the economics department chair, Professor H. H. Burbank. This is followed by the subsequent proposal signed by six professors (Burbank, Chamberlin, Crum, Mason, Schumpeter and Taussig), presumably sent to some university level curriculum approval committee. From the enrollment records included below we see that 23 people attended that class in the first term of 1933-34. Starting the following academic year the course was taught by Leontief and a new course “primarily for Graduates”, “Mathematical Economics”, was introduced by Professor E. B. Wilson. Course descriptions and enrollments through 1936-37 are included in this posting. Here is an interesting 1936 letter from E. B. Wilson to Columbia’s W. C. Mitchell about what Schumpeter has wrought with economics in the curriculum.

An update with additional material for this course has been included in a later post.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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Memorandum for Professor Burbank

4 April 1933

  1. I discussed, at his request, the mathematical economics project with Professor Schumpeter last Friday. I will give further consideration to his suggestions, and to the conversations I have had with you on the same subject; and then I will write out, for discussion with you, an outline of my thoughts on the matter.
  1. In the meantime, I am making a specific suggestion with reference to one of the points you raised earlier. You indicated that it might be desirable for those officers interested in mathematical economics to get together as a group and discuss prospects. As things are developing rapidly it seems to me that such a committee (perhaps informal) could well be set up promptly. I hope you will feel that you can meet with the group and act as its chairman. If you cannot, I suggest Professor Schumpeter be asked to head the group. I suggest that its members include also: Professor Black (I think it very desirable that he be brought in early), Professor Wilson, and me. I think it well that this original group be empowered to add shortly the following: Professor Frickey, Dr. Leontief, and Professor Chamberlin (or one of the other interested younger men).

[Signed]
WLC

 

Source: Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. (UAV.349.10) Box 23, Folder “Course Administration: 1932-37-40”.

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Tentative Proposals for a Course on the Elements of Mathematical Economics to be Given during the Winter Term

The advanced student who is interested in the mathematical aspects of our subject has had in most cases some mathematical training and can be taken care of individually. But something should be done to acquaint a wider circle of less advanced students, or even of beginners, with those fundamental concepts of mathematics which are necessary to understand, say, Marshall’s Appendix and the more important and more accessible parts of the literature of mathematical economics, such as the works of Cournot, Walras, Edgeworth, and a few others. Since the necessary minimum of mathematics can be procured with little expenditure of time and energy, the experiment is proposed of importing this modicum of information to such graduate and undergraduate students as may wish to have it–subject to the approval of tutors in the case of undergraduates.

A half-course two hours a week would meet the case. Since any teaching of mathematics must work with examples if it is to convey any meaning, these examples will be drawn from economic problems. The course, therefore, should not be simply one on “mathematics for economists” but rather on “mathematical theory of economics.” Discussion will cover a number of simple and fundamental problems of economic theory, the mathematical concepts being explained as they present themselves. In the first term the whole venture will be frankly experimental. Coöperation and critique from all members of the economic staff is cordially invited. The final shape of this addition to our offering should, through common effort, be evolved during the next term. The following list is suggested of mathematics subjects with which it is proposed to deal in which seem to be both necessary and sufficient. The economic problems from which, and in connection with which, these mathematical topics are to be developed are merely the time-honored problems of marginal analysis.

(1) The fundamental concepts of analytic geometry, coordinates, transformations, equations of straight-line and curves, tangents, and so forth.

(2) Some fundamental notions of algebra, the theory of equations, forms, matrices, determinants, vectors, and vectorial operations.

(3) The concept of the integral and some of its applications, definite integrals, multiple integrals, and multiple integrals in polar coordinates.

(4) Functions and limits, differential coefficients, the elementary differential operations, maxima and minima, partial differentiations, developments, Taylor series.

(5) Simplest elements of the theory of differential equations. Functional equations and here and there some simple and useful tools from other mathematical fields as occasions may arise.

The course should be open to all who are interested, and participation of those wishing to follow it as auditors will be welcomed. It is highly desirable that as many tutors as possible should be present at the sessions of the first experimental term in order to contribute their advice, so that in the future the course may embody those topics and methods of present presentation which are found to be useful.

 

April 1933

H. H. Burbank
E. H. Chamberlin
W. L. Crum
E. S. Mason
J. A. Schumpeter
F. W. Taussig

Source: Harvard University Archives. Department of Economics, Correspondence & Papers, 1902-1950. (UAV.349.10) Box 23, Folder “Course offerings 1926-1937”.

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1933-1934

[Courses offered]

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

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

Economics 8a is open to those who have passed Economics A and Mathematics A, or its equivalent. The aim of this course is to acquaint such students as may wish it with the elements of the mathematical technique necessary to understand the simpler contributions to the mathematical theory of Economics.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1933-34, 2n ed., p. 126.

 

[Course Enrollment]

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

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

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1933-1934, p. 85.

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1934-35

[Courses offered]

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

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

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

Economics 13b 2hf. Mathematical Economics

Half-course (second half-year). Tu., Th., 3 to 4.30. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department
Omitted in 1935-36.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1934-35, 2n ed., p. 126-7.

 

[Course Enrollments]

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

2 Seniors, 1 Junior, 1 Sophomore. Total 4.

[Economics] 13b 2hf. Professor E. B. Wilson. — Mathematical Economics.

2 Graduates, 1 Junior, Total 3.

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

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1935-1936

[Course offered]

Economics 8a 2hf. Introduction to the Mathematical Treatment of Economic Theory

Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief.

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

 

[Economics 13b 2hf. Mathematical Economics]

Half-course (second half-year). Tu., Th., at 2. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department
Omitted in 1935-36.

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1935-36, 2nd ed., p. 138-9.

 

[Course Enrollment]

[Economics] 8a 2hf. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

4 Juniors, 2 Sophomores. Total 6.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1935-1936, p. 82.

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1936-1937

[Courses offered]

Economics 4a 2hf. (formerly 8a) Introduction to the Mathematical Treatment of Economic Theory

Half-course (second half-year). Mon. 4 to 6. Assistant Professor Leontief.

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

Economics 104b 2hf. (formerly 13b). Mathematical Economics

Half-course (second half-year). Tu., Th., at 2. Professor E. B. Wilson.

Arrangements for admission should be made with the Chairman of the Department

Source: Harvard University. Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-7, 2nd ed., p. 140, 142.

 

[Course Enrollments]

[Economics] 4a 2hf. Professor Leontief. — Introduction to the Mathematical Treatment of Economic Theory.

1 Graduate, 2 Seniors, 3 Juniors, 2 Sophomores, 1 Other. Total 9.

[Economics] 104b 2hf. (formerly 13b) Professor E. B. Wilson. — Mathematical Economics.

2 Graduates. Total 2.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1936-1937, pp. 92,93.

Image Source: Schumpeter, Leontief, Wilson from Harvard Album, 1934, 1939.

 

 

Categories
Courses Harvard

Harvard. Political Economy Courses, 1888-89

We saw in an earlier posting that political economy was a one-professor affair with Charles Franklin Dunbar doing virtually all the economics teaching at Harvard in 1874-75.

Over a decade later in 1888-89, Dunbar is still at it with young Frank Taussig and two junior instructors expanding the Harvard economics course offerings. It is interesting to note that “Coöperation , Socialism” are included in a list of topics that include now standard fields Money, Finance (i.e. Banking), Taxation and “Labor and Capital” (i.e., labor economics, income distribution).

 

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Political Economy.
[Harvard, 1888-1889]

  1. First half-year: Mill’s Principles of Political Economy.—Dunbar’s Chapters on Banking.
    Second half-year: Division A (Theoretical): Mill’s Principles of Political Economy.—Cairnes’s Leading Principles of Political Economy. Division B (Descriptive): Topics in Money, Finance, Labor and Capital, Coöperation, Socialism and Taxation. , Wed., Fri., at 9. Asst. Professor Taussig, Messrs. Gray and F. C. Huntington.
    All students in Course 1 will have the same work during the first half-year, but will be required in January to make their election between divisions A and B for the second half-year. The work in division A is required for admission to Courses 2 and 3.
  2. History of Economic Theory.—Examination of selections from Leading Writers.—Lectures. , Wed., (at the pleasure of the Instructor), and Fri., at 2. Asst. Professor Taussig.
  3. [Omitted in 1888-89.] Investigation and Discussion of Practical Economic Questions.—Short theses. , Th., at 3, and a third hour to be appointed by the Instructor.
  4. Economic History of Europe and America since the Seven Years’ War.—Lectures and written work. , Wed., Fri., at 11. Mr. Gray.
    Course 4 requires no previous study of Political Economy.
  5. [Omitted in 1888-89.] Economic Effects of Land Tenures in England, Ireland, France, and Germany.—Lectures and theses. Half-course. Once a week.
  6. History of Tariff Legislation in the United States. Half-course. Tu., Th., at 2, and a third hour at the pleasure of the Instructor (second half-year). Professor Taussig.
  7. Taxation, Public Debts, and Banking. , Wed., Fri., at 3. Professor Dunbar.
  8. History of Financial Legislation in the United States. Half-course. Tu., Th., at 2, and a third hour at the pleasure of the Instructor (first half-year). Professor Dunbar.
    It is recommended that Courses 6 and 8 be taken together.
  9. Management and Ownership of Railways. Half-course. Tu., Th., at 10, and a third hour at the pleasure of the Instructor (second half-year). Gray.

As a preparation for Courses 2, 3, 5, 6, 7, 8, and 9 it is necessary to have passed satisfactorily in Course 1.

  1. Special Advanced Study and Research.—In 1888-89, competent students may pursue special investigations of selected topics under the guidance of any one of the Instructors.

Course 20 is open only to graduates, to candidates for Honors in Political Science, and to Seniors of high rank who are likely to obtain Honorable Mention in Political Economy. It may be taken either as a full course or as a half-course, as may be determined by the Instructor concerned.

 

Source: Harvard University. Announcements of Courses of Instruction provided by the Faculty of Harvard College for the Academic Year 1888-89. Cambridge, May 1888. pp. 18-19.

Image Source: Statue of John Harvard ca. 1891, Library of Congress Prints and Photographs Division, Washington, D.C.

Categories
Harvard Regulations

Harvard Economics Department Votes on Course Rules, 1912

Treasure room, Widener Library at Harvard University ca. 1915

Votes 1, 2 and 3 taken by the Harvard economics department in the Spring of 1912 provide a few details how the courses designated “Group Two: For graduates and undergraduates” were to govern the admission of undergraduates and the differential course requirements for the two types of students.

_______________________________

 

HARVARD UNIVERSITY
(INTERDEPARTMENTAL CORRESPONDENCE SHEET)

Cambridge, Massachusetts
May 8, 1912

Dear Lawrence:

You may be interested in certain votes recently passed by our Department. They are part of a general movement for stiffening our instruction and discipline. With reference to the fifth vote, I may add that we have it in mind to arrange next year for some systematic visiting of our courses for undergraduates (very likely by Hanus) with a view to getting suggestions. The sixth vote (and its corollaries) was intended to give instructors a defense against being pestered by requests for postponements on the part of undergraduates.

Sincerely yours,

[signed]

F. W. Taussig

President A. Lawrence Lowell.

 

[Brief biography of Professor Paul Henry Hanus (1855-1941), Chair of Harvard’s Division of Education, 1906-1912 ]

____________________________

 

HARVARD UNIVERSITY
(INTERDEPARTMENTAL CORRESPONDENCE SHEET)

[Carbon copy]

 

Cambridge, Massachusetts

VOTES PASSED BY THE DEPARTMENT OF ECONOMICS [pencil: April + May 1912]

  1. That such undergraduates only as are candidates for honors in the Division, and are in their last year of undergraduate work, shall be admitted to courses primarily for graduates.
  2. That graduate students enrolled in courses of the Second Group (for graduates and undergraduates) shall be exempt from all tests except the mid-year and final examinations, but shall be expected to do additional work, as may be arranged by the several instructors.
  3. That in those courses of this Second Group which meet ordinarily but twice a week, the instructor shall hold conferences at least once a fortnight with the graduate students taking the courses.
  4. That the scope and method of instruction in courses of the First and Second Groups shall be matters for Departmental consideration.
  5. That the Department shall arrange for adequate inspection of courses of the First and Second Groups.
  6. That theses by undergraduates shall not be accepted if handed in at a date later than that set by the instructor for the course, except in case of illness, or other unavoidable reason for postponement accepted as satisfactory by the Chairman of the Department and the instructor.
  7. That the same principle (vote 6) shall apply to written exercises of all kinds, and to stated conferences. Failure to attend a conference for a thesis, unless excused on the grounds above noted, shall preclude acceptance of the thesis.

 

Source: Harvard University Archives. President Lowell’s Papers, 1909-1914 (UAI.5.160), Box 15, Folder 413.

Image Source: U. S. Library of Congress Prints and Photographs Division. Treasure room, Widener Library at Harvard University, Cambridge, Massachusetts, ca. 1915.

Categories
Economists Harvard

Harvard. Taussig’s use of own text in his Principles of Economics Course, 1911

“Let those who will—write the nation’s laws—if I can write its textbooks.”
Paul A. Samuelson. 

In 1911 the biggest gun of the Harvard economics department, Frank W. Taussig, published the first edition of his two-volume textbook Principles of Economics. In this posting I provide first his preface that I find particularly interesting for the following two statements:

“…a suitable place for taxation was not easy to find. I concluded finally to put the chapters on this subject at the very close, even though they may have the effect of an anticlimax, coming as they do after those on socialism.”

“[I] have said little on such a topic as the subjective theory of value, which in my judgment is of less service for explaining the phenomena of the real world than is supposed by its votaries. These matters and others of the same sort are best left to the professional literature of the subject.”

The second item is a letter he wrote that fall to the President of Harvard that provides his apologia for requiring students taking his course to own (or as he wrote “at least control”) a copy of his textbook. He says he contributed a number of his textbooks to the Phillips Brooks House Loan Library so “poor fellows” would not feel compelled to buy the book. That library had some three thousand textbooks in 1921 according to the Harvard Crimson. Cf. “The Phillips Brooks House. Formal Transfer to the University. Memorial Mass Meeting in Sanders.” The Harvard Crimson January 24, 1900.

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PREFACE

[Taussig, Frank W. Principles of Economics. (2 vols., New York, 1911). Volume I  ; Volume II.]

I have tried in this book to state the principles of economics in such form that they shall be comprehensible to an educated and intelligent person who has not before made any systematic study of the subject. Though designed in this sense for beginners, the book does not gloss over difficulties or avoid severe reasoning. So one can understand economic phenomena or prepare himself to deal with economic problems who is unwilling to follow trains of reasoning which call for sustained attention. I have done my best to be clear, and to state with care the grounds on which my conclusions rest, as well as the conclusions themselves, but have made no vain pretense of simplifying all things.

The order of the topics has been determined more by convenience for exposition than by any strict regard for system In general, a subject has been entered on only when the main conclusions relating to it could be followed to the end. Yet so close is the connection between the different parts of economics that it has been necessary sometimes to go part way in the consideration of matters on which the final word had to be reserved for a later stage. Taxation has offered, as regards its place in the arrangement, perhaps the greatest difficulties. It is so closely connected with economics that some consideration of it seemed essential; whereas public finance in the stricter sense, whose problems are political quite as much as economic, has been omitted. Yet a suitable place for taxation was not easy to find. I concluded finally to put the chapters on this subject at the very close, even though they may have the effect of an anticlimax, coming as they do after those on socialism.

The book deals chiefly with the industrial conditions of modem countries, and most of all with those of the United States. Economic history and economic development are not considered in any set chapters, being touched only as they happen to illustrate one or another of the problems of contemporary society. Some topics to which economists give much attention in discussion among themselves receive scant attention or none at all. I have omitted entirely the usual chapters or sections on definitions, methodology, and history of dogma; and have said little on such a topic as the subjective theory of value, which in my judgment is of less service for explaining the phenomena of the real world than is supposed by its votaries. These matters and others of the same sort are best left to the professional literature of the subject. I hope this book is not undeserving the attention of specialists; but it is meant to be read by others than specialists.

Though not written on the usual model of textbooks, and not planned primarily to meet the needs of teachers and students, the book will prove of service, I hope, in institutions which offer substantial courses in economics. The fact that it is addressed to mature persons, not to the immature, should be an argument in favor of such use rather than against it. Being neither an encyclopedic treatise nor a textbook of the familiar sort, it offers no voluminous footnotes and no detailed directions for collateral reading. When facts and figures not of common knowledge have been cited, my sources of information have been stated. At the close of each of the eight Books into which the whole is divided, I have given suggestions for further reading and study, mentioning the really important books and papers.

I have expressed in the text, as occasion arose, my obligations to the contemporary thinkers from whom I have derived most stimulus. For great aid in revising the manuscript and proof, on matters both of form and substance, I am indebted to my colleagues Drs. B. F. Foerster and E. E. Day of Harvard University.

F. W. TAUSSIG.

Harvard University,
March, 1911.

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[Letter:  Professor F. W. Taussig to Harvard President A. L. Lowell]

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

CAMBRIDGE, MASSACHUSETTS
October 6, 1911.

Dear Lawrence:

It is due to you to explain what course I finally follow in regard to the use of my book in Economics 1.

After consultation with various colleagues, – – Haskins, Hurlbut, Channing, and others, – – I came to the conclusion not to put a large number of copies into the libraries for students’ use. The book is not a reference book, but a textbook. It is not meant for occasional consultation, but for sustained study through the year. Library reading of the book is almost of necessity somewhat hurried; this is a book the students want to read and re-read. At all events, if it is not worth sustained study, it is not worth using in the course at all. We always treated other books used in the course in the same way, never making any pretense of supplying them in the library. Moreover, there is a serious practical difficulty in turning hundreds of students into the reading room at about the same time in the course of each week. This last, however, is a minor matter. The essential consideration is that ownership, or at least control, of the book, is for the intellectual advantage of the men.

One perplexity I have avoided like putting a supply of copies, for the use of poor men, in Phillips Brooks House. I do not want to compel the poor fellows to buy my book. There is a text-book loan library in Phillips Brooks House, and this I have supplied with a sufficient number of copies for the use of the needy. Hurlbut and Arthur Beane between them will see that these copies get into the proper hands.

Sincerely yours,

[signed]

F. W. Taussig

President A. Lawrence Lowell.

 

Source: Harvard University Archives. President Lowell’s Papers (UAI.5.160), 1909-1914 Nos. 405-436. Box 15, Folder 413.