Categories
Economic History Pennsylvania

Pennsylvania. Rejected proposal to the Committee on Research in Economic History. Kuznets, ca. 1941

 

The economic historian Earl J. Hamilton’s papers at the Economists’ Papers Archive at Duke University are, we shall say, rather disheveled, though not quite in the archival dusty way that John Maurice Clark’s papers at Columbia University are found by the rummaging historian. There are numbers of folders that might as easily be labelled “Everything plus the kitchen sink, 1930-1970” and it was in one such folder that the following undated memorandum of Simon Kuznets was found.

The backstory to this memo is that sometime around 1941 Simon Kuznets (then a forty-year old professor at the University of Pennsylvania) self-nominated his quantitative approach to economic history to become one of the pillars of a major project in economic history to be supported by the Rockefeller Foundation through the Social Science Research Council. His project was rejected which just might have had something to do with his later resignation from the Committee. The larger context is described in Arthur H. Cole. The Committee on Research in Economic History: An Historical Sketch. The Journal of Economic History, vol. XXX, No. 4 (December 1970), pp. 723-741.

In the debate pertinent to the fields most worthwhile for the Committee, considering the whole situation of public needs, quantum of research funds, paucity of existing talent, and the like, two proposals were elaborated for Committee consideration, both of which caused much debate and a postponement of decision on the selection of suitable subjects. One was submitted by [Edwin] Gay. He had apparently been much impressed by the summaries of changes in national foreign policies which Arnold Toynbee was then preparing for publication in England. (One of Gay’s personal connections was that of treasurer and active member of the Council on Foreign Relations.) He suggested a continuing group to record the significant alterations of conditions in the principal segments of the American economy. After lengthy debate, it was decided that this project would entail too great a commitment of our limited funds, and the proposition was tabled-and never called back into debate. The second scheme was that which Kuznets has prosecuted over the past two or three decades. At the period of our debate, he seemed unable to outline his program and define his objectives in a manner that satisfied his fellow members of the group. In the end this proposal also was shelved-permanently. Happily Kuznets did secure other financial backing within a few years and has been busy with the investigation ever since: the measurement of economic change and a determination of its cause. [p. 728]

In an earlier article, the (losing) Kuznets and Gay proposals were not mentioned however the winning topics were named in Arthur H. Cole, Committee on Research in Economic History: A Description of Its Purposes, Activities, and Organization. The Journal of Economic History. Vol. 13, No. 1 (Winter, 1953), pp. 79-87.

The Committee on Research in Economic History owes its start to the scholarly interests of Dr. Joseph H. Willits and Dr. Anne Bezanson, at that time both associated with the Rockefeller Foundation. A committee of inquiry was nominated by them; a report of the needs of economic history was drafted by the committee; and, at the instance of Dr. Willits, a grant was made by the Foundation. In all these latter proceedings, Dr. Edwin F. Gay, director of research at the Huntington Library and the dean of American economic historians, was the energizing element. The grant was made in 1940.
During the following ten years, the committee operated as an organ of the Social Science Research Council. Subsequently it withdrew from the Council, secured incorporation as a nonprofit institution under the laws of the District of Columbia, and is now an independent body.
The objective specified for the committee in the grant of the Rockefeller Foundation was broad but simple: merely to develop the field of economic History….
…The specific areas in economic history which the committee found to be especially worthy of research attention and to which it decided initially to devote effort were (i) the relation of the state to American economic development; (2) the evolution of the corporation in the United States and Canada; (3) the history of banking in these same areas; and (4 ) the role of entrepreneurship in our economic progress. [pp. 79-80]

_________________________

Memorandum on General Bases of the Research Program

To: Members of Committee on Research in Economic History
From: Simon Kuznets

  1. The concern of economic history is to describe and analyse changes over time in the structure and performance of an economic system. This should comprise not only qualitative changes in character of economic organization or faults in its structure (associated with such events as wars or revolutions), but also (b) quantitative measures of the economic factors and of their performance. Whatever may be said of the adequacy with which the discipline of economic history carried through task (a), it has, for various reasons, neglected (b). Yet it is in the combination of study of qualitative changes and structural faults with a quantitative analysis of factors, their interrelations and their performance, that lies the way to significant results.
  2. The aims of economic history may be viewed as (a) providing economic changes, raw materials so as to reveal the lines of causal relation among them, and the patterns of quantitative change — all in application to the concrete historical unfolding of economic events, but with a view to results that can serve as tests and cornerstones for analysis of the present and prognosis of the future. The two aims are interdependent. Whatever may be said of the past efficiency of the discipline of economic history in satisfying aim (a), there appears to be a pressing need for strengthening its performance in attaining aim (b). Also, there is an obvious relation between the neglect by economic history in the past of quantitative analysis of the substantive performance of the economic system and its failure to interpret economic change in analytical categories (i.e., between 1b and 2b)
  3. The adequacy or inadequacy of any specific study of qualitative changes in economic structure, or of any collection of raw materials, is to be judged in terms of the analytical uses to which the results can be put. The need for new data, whether qualitative or quantitative, can be seen clearly only in the light of a study guided by some significant problem which one intends to analyse in terms of historical experience. There is no way, barring the extreme and unimportant cases of complete absence of any empirical data, to determine the adequacy of raw materials and the character of the lacunae, except by coming to the data with a broad and well articulated question to which one seeks an answer.
  4. Hence, the Committee should, in planning its research program, consider the advisability of selecting at least one broad problem, one comprehensive study that could serve as a focus of whatever narrower undertakings may be launched. In view of the need of emphasizing a combination of historical-qualitative, statistical and analytical methods of inquiry, the broad central study should force the investigators to use fully each and all of these types of research tools. This, of course, does not mean that similar combination of research tools should not be employed in any of the narrower studies the Committee may wish to launch.
  5. As stated in my earlier communication, it seems to me that such a central comprehensive study could be formulated on, the broad topic of economic change in this country, to comprise: (a) a study of long term changes; (b) a study of shorter term recurrent fluctuations; and supplemented by (c) a chronological record of specific changes of the type provided by economic annals. (a) The study of long term or secular changes would deal with the quantitative aspects of the growth of population, production, size and organization of enterprise, various facets of the trade, transportation and credit systems, relation of domestic and foreign trade, relation of government etc. to the economic system, and so on. It would attempt to show how fast or slow such changes were in the past; what were the quantitatively measurable or qualitatively recordable factors that appeared to determine these rates or their changes; and what elements of persistence and variation in these long term trends can be discerned. (b) The study of shorter term fluctuations would attempt to present a record of business cycles in this country in their historical succession their peculiarities, in the light of qualitative and quantitative data available as well as of the hypotheses offered by economic theory. (c) Economic annals will seek to record the succession of specific events, which are of bearing upon both long and short term changes in the economy, events that do not appear clearly in continuous quantitative records. They will thus provide largely the qualitative materials needed for studies (a) and (b), and indeed will follow the principles of selection imposed by these broader studies.
  6. Objections may be raised to the effect that such studies are impossibly wide; that we don’t have the materials for a complete story of secular changes of business cycles in the economy of this country; that the compilation of economic annals, if taken seriously, would alone absorb the efforts of a score of investigators for years to come. To all these objections I would reply that to wait with initiation of such broad, synthetic studies until materials are relatively complete would be to wait until the Greek Kalends; that if such studies are essentially impossible, we had better give up economic history; and that we shall contribute much more to the enrichment of society’s knowledge and understanding through a glorious allure in such broad undertakings than through inglorious successes in more specific, pedestrian studies. I would also point to a complete absence of even a single broad history of business fluctuations in this country: to the relative inadequacy of the synthesis of secular changes offered in the available literature; and to the reasonable assumption that a tentative synthesis now is not the less valuable because it is necessarily tentative and will give room to a more thoroughly grounded one in the decades to come.
  7. The need for such a broad comprehensive study is suggested also by the following two considerations. First, a large literature already exists on the long term changes in various special fields, such as population various industries, some segments of the banking system, foreign trade, tariffs, business organization, etc.; and yet there are few thoroughgoing attempts, if any, to pull the threads together and weave the secular tendencies in these various, essentially related aspects of the economic system into a coherent study that would use adequately quantitative and qualitative data as well as theoretical hypotheses. On cyclical fluctuations too there are a number of special published studies, inadequate as they may be in toto. Even if the proposed inquiries of secular change and of business cycles accomplish nothing more than to bring the results of already published studies together, evaluate them critically, and point to the questions still unanswered, a valuable service will be performed. But naturally, the inquiries proposed may and will in addition utilize primary data that have not yet been analysed and published.
  8. The second important consideration is that at present, in times of rapid change in structure and performance of our economic and social system, it is particularly necessary to think through our past in terms that will shed some light on the present and on the future. I do not suggest that the broad studies proposed will provide a definitive answer as to where we go from here, or enable us to establish immutable trends and laws. But they should help us to distinguish durable from transient phenomena; guard us and others against interpreting the past and present in terms of emotionally determined patters of group or class thinking; and thus bring the results of dispassionate social study to bear most efficiently and directly to the understanding and solution of present problems. I fail to see how studies of narrower scope can be expected to perform this important function.
  9. It will be noted that the broad studies proposed involve no confining scheme except the distinction among various types of economic change by the temporal span of their persistence. This distinction is so fundamental that it cannot and should not be neglected in any historical study. Within the framework of each type of change, all the related processes of economic life should be considered — in proportion to their relative importance in determining the character and significance of the changes under study. The other topics suggested in our discussions and correspondence so far, such as the increasing control by the state, or influence of free land, or studies of firms in a given industry, or studies of a region, all appear to be too narrow to serve as the focusing point and central study of the Committee’s research program. They can be justified only within a broader framework that should explain why this and not another facet of economic life is to be studied; and how the studies so circumscribed can be expected to yield results of analytical validity without consideration of related factors presumably excluded.
  10. The carrying out of the central, basic group of studies would provide the justification for narrower undertakings, since they will supply the framework for the latter. It is the broad picture of secular changes and recurrent fluctuations in the economy of this country that will provide the needed background against which, e.g., a tendency towards increasing control by the state can be understood and studied. This does not mean that in actual practice we should wait with beginning the more specific studies until the synthetic studies are completed. But it does mean that the latter are an indispensable core of the program; should be envisaged, planned, and initiated among the first; and serve throughout the Committee’s activity as the focusing point of the whole range of undertakings.
  11. The narrower studies should be launched only in so far as they are seen to contribute to the broader picture of trends and fluctuations in this country’s economy: either directly and immediately through their results or because they suggest new types of data, new types of approach, new methods which we wish to encourage because, if multiplied and followed, they will add significantly to the understanding of changes in the past and present. Some such criterion is indispensable if we are to guard against lowering the potential value of our efforts by devoting them to following beaten tracks, and adding to a large body of already existing data another batch, of low marginal utility.
  12. This memorandum is intended as an amplification of the proposals submitted before; and to serve, if the Committee so wishes, as a basis for discussion at its forthcoming meeting. It need not be added that, strongly as I am inclined to the views presented here, I realize that they may be unduly influenced by past personal experience in economic and statistical research, by ignorance of the literature of economic history, and by a predilection towards broad canvas and general results; and I am therefore looking forward with interest to whatever critical comments the members of the Committee may wish to offer.

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Correspondence—Misc. 1930’s-1960s and n.d.”.

Categories
Chicago Economic History Harvard NYU Pennsylvania Wisconsin

Minnesota. Interview about banking/financial historians. Heaton, 1955

In an earlier post we are provided with a glimpse of Minnesota professor Herbert Heaton’s wit in his answer to the question “What are economic historians made of?“. In preparing that post, I came across the following 1955 interview that provided some background assessments of economic historians who he judged might have been interesting for a Brookings project on the history of the Federal Reserve System.

A 2007 tribute from the Newsletter of the Economic History Association has been appended to this post for further biographical/career information.

___________________

Backstory to Heaton Interview

In 1954, the Rockefeller Foundation awarded a grant to the Brookings Institution to undertake “a comprehensive history of the Federal Reserve System.” The collection consists of documents gathered or generated between 1954 and 1958, during the course of the Committee’s work.

MA (the interviewer below) was Mildred Adams “a New York journalist specializing in economic affairs”.

“Deputy Treasurer of the United States W. Randolph Burgess expressed his interest in writing a “definitive” history of the Federal Reserve System when he retired from federal service….”

“On January 21, 1954, the Rockefeller Foundation awarded a grant of $10,000 to the committee for an ‘exploratory study of the historical materials relating to the Federal Reserve System.’ The grant was to be administered by Brookings.”

“From January 1954 to June 1956, Mildred Adams served as research director of the project….Meanwhile, however, Burgess had been appointed under secretary of the Treasury and decided that he would not be able to start the planned comprehensive history any time soon. The committee spent the next two years searching for an able economic historian to assume direction of this major study.”

“By the spring of 1956, the committee’s failure to find a qualified scholar and Allan Sproul’s retirement from the Federal Reserve Bank of New York and subsequent resignation as chairman of the committee caused problems. With no historian, the committee redefined its goals and requested the Rockefeller Foundation to relieve the committee of its obligation to write a ‘definitive’ major study and instead allow it to encourage smaller, topical studies of the Federal Reserve System.”

Source:  Federal Reserve Bank of St. Louis. FRASER. Committee on the History of the Federal Reserve System: Guide to the Brookings Institution Archives.

___________________

Notes from interview with Herbert Heaton

June 11, 1955

Internal Memorandum

Interview with Dr. Herbert Heaton, Professor of Economic History at the University of Minnesota

I went out to see Dr. Heaton on a Saturday morning at his home in Minneapolis and found him a charming Yorkshireman with a delightful sense of humor and a wide knowledge of both economics and history. Were he a little younger, he might prove to be the ideal person to do this work, although I have not yet read his books. I discussed the whole project with him in detail and then asked for any suggestions of people he might have for our purposes.

Dr. Heaton confirmed what we have already found, namely that the field is a rather arid one in the realm where history and economics meet. He himself had been on the committee which set up the economic history group with which Professor Arthur Cole of Harvard works. He agreed with Dr. [Walter W.] Stewart that that had rather worked itself out, though he said that the Hidys [Ralph Willard Hidy and Muriel E. (Wagenhauser) Hidy] were doing good work in their chosen field. They are to spend this summer in Minneapolis working on the Weyerhauser Lumber business.

Dr. Heaton said that John [K.] Langum was a brilliant student in the Harvard Business School. He had a minor in economic history and a fine historical sense.

He suggested that we talk to [Charles] Ray Whittlesey of the Wharton School who is interested in banking history. He thought that Whittlesey might have useful recommendations and called him one of the best insofar as historical interests in economic matters are concerned.

He spoke of Herman Kruse [sic, Herman E. Krooss] of New York University as someone who wrote well on financial history. He said that Mr. Kruse had energy, capacity and ability to handle material, but he seemed to think that he was lacking in tact, and he was not quite sure what he might do with an assignment in this project.

A young man named Robert Jost, now at Minnesota doing a doctor’s thesis on the Chatfield Bank, may be a possibility later on in the project, depending on what he makes of the Chatfield Bank. It is a small bank in Minnesota which, for some fortunate reason, has kept all its records and is making a very interesting study.

At the University of Wisconsin Dr. Heaton said that Rondo Cameron was working on the Credit Mobilier in Paris was worth watching. This again is a matter of seeing what he turns out.

He said that [Walter] Rostow at M.I.T., who has been devoting himself to business cycles, would ask the right questions of the material. Rostow has a quick mind and the right range of interests for this project. Oxford and Cambridge had both invited him for next year. His research expert is Mrs. [Anna] Schwartz. His brother [Eugene Rostow] is Dean of the Law School at Yale. In Dr. Heaton’s opinion, Mr. Rostow ought certainly to be explored.

Dr. Heaton says that Arthur Marget is someone he has known in the past as being brilliant on history or theory. He did not know that Mr. Marget had now gone to the Board and wondered if this might rule him out so far as the international sphere is concerned.

He also spoke of Frank A. Knox, who got his Ph.D at the University of Chicago and now writes reviews in the Canadian Journal of Economic and Political Science. Mr. Knox has not published much, but he is worth watching in Dr. Heaton’s opinion.

Dr. Heaton promised to keep the project in mind. He will talk with his associates about it and will send us any other suggestions which come up in the course of his work at the University of Minnesota.

We explored the things which he himself was doing, and he said that he had just turned 65 and did not believe that one should take on these big projects after that age. I had the feeling that he might, however, be interested in the project sufficiently so that he would take a piece of it. I had no authority to discuss it with him at that time, but I think this is worth considering. As a beginning, it might be worthwhile to read his “Economic History of Europe.”

MA:IB

Source:  Federal Reserve Bank of St. Louis. FRASER. Committee on the History of the Federal Reserve System.

___________________

Past Presidents of the EHA:
Herbert Heaton

Herbert Heaton was one of the founding members of the Economic History Association, serving as one of its two inaugural vice presidents, ascending to the presidency in 1949, and remaining active in the association until his death. Along with E.A.J. Johnson and Arthur Cole, he drafted a grant application to the Rockefeller Foundation, which resulted in a $300,000 award in December of 1940. The grant financed research in economic history over the next four years. Heaton was a member of the original board of trustees of the EHA. Each of the five original members went on to serve as president of the association: Edwin F. Gay (1941-42), Heaton (1949-50), Earl J. Hamilton (1951-52), E.A.J. Johnson (1961-62), and Shepard B. Clough (1969).

Heaton was active in the formation of the EHA and was personally responsible for the recruitment of most of the members from the Midwest. He was an enthusiastic scholar of the evolution and applications of economic history, authoring several articles on the history of the discipline and a biography of Edwin Gay, the first president of the EHA. In an article entitled “Clio’s New Overalls,” published in The Canadian Journal of Economics and Political Science(November, 1954), Heaton was one of the first authors to discuss the marriage of clio and its metric partner in regard to the study of economic history. His discussion of the metric side of the equation was anything but enthusiastic however. Instead, he criticized the tendency of young scholars to use technical tools to make precise measurements of what he considered to be inaccurate data.

Heaton was born in England on June 6, 1890, the son of a blacksmith. He studied history and economics at the University of Leeds, earning his B.A. in 1911. He earned his M.A. in 1912 from the London School of Economics before accepting a position as assistant lecturer in economics under (Sir) William Ashley at the University of Birmingham. While there, he earned another Masters degree in 1914. He then moved to Australia and began a post as lecturer in history and economics at the University of Tasmania.

While in Tasmania Heaton developed the study of economics and encouraged research into Australian economic history. His controversial comments on the war provoked the censure of the more conservative elements of the Tasmanian press and public. In 1917 he moved to the University of Adelaide where he expanded the economics discipline and developed the diploma of commerce. Once again his liberal opinions aroused the ire of the conservative business class. Heaton argued that capitalism was the root of all the evils of individual and corporate life. He subscribed to the Marxist belief that capitalism would eventually give way to socialism. Consequently, the university refused to establish a degree in economics while Heaton led the discipline. As a means of preserving his academic career, he accepted a chair of economic and political science at Queen’s University in Kingston, Ontario in 1925. He stayed in Canada for two years before moving to the University of Minnesota, where he remained until he retired in 1958.

In 1936, Heaton compiled his research on Europe and published the Economic History of Europe, which was for a long time the standard text on the subject. Heaton said that he wrote the book especially for students with no background in economic history. He summed up economic history as the story of how man has worked to satisfy his material wants, in an environment provided by nature, but capable of improvement, in an organization made up of his relations with his fellows, and in a political unit whose head enjoys far-reaching power to aid, control, and appropriate. Such lofty views of the discipline were what made Heaton such a dedicated and valuable member of the Economic History Association.

Herbert Heaton died on January 24, 1973 in Minneapolis, survived by his three Australian-born children and his wife Marjorie Edith Ronson. He was an active scholar to the end of his life, publishing his ninth and final article in the JEH in June of 1969, nearly 28 years after his first JEH appearance.

Sources

Archives of the Economic History Association, Hagley Museum, Wilmington, DE.

Blaug, Mark, ed., Who’ s who in economics: a biographical dictionary of major economists, 1700-1986, Cambridge, MA: MIT Press, 1986, 2nd ed.

Bourke, Helen, “Heaton, Herbert (1890-1973),” Australian Dictionary of Biography, Vol. 9, Melbourne: Melbourne University Press, 1983, pp. 250-251.

Cole, Arthur H., “Economic History in the United States: Formative Years of a Discipline,” The Journal of Economic History, Vol. 28, No. 4 (Dec., 1968), pp. 556-589.

de Rouvray, Cristel, “‘Old’ Economic History in the United States: 1939- 1954,” Journal of the History of Economic Thought, Vol. 26, No. 2 (June, 2004), pp. 221-39.

Harte, N.B., “Herbert Heaton, 1890-1973: A Biographical Note and a Bibliography [Obituary],” Textile History Vol. 5 (1974), p. 7.

Payne, Elizabeth, “Herbert Heaton,” term paper for Professor Robert Whaples, Wake Forest University, 2006.

Selected writings of Herbert Heaton

“Heckscher on Mercantilism,” The Journal of Political Economy, Vol. 45, No. 3 (June, 1937), pp. 370-93.

“Rigidity in Business Since the Industrial Revolution,” The American Economic Review, Vol. 30, No. 1, Part 2, Supplement, Papers and Proceedings of the Fifty-second Annual Meeting of the American Economic Association (Mar., 1940), pp. 306-313.

“Non-Importation, 1806-1812,” The Journal of Economic History, Vol. 1, No. 2 (Nov., 1941), pp. 178-98.

“The Early History of the Economic History Association,” The Journal of Economic History, Vol. 1, Supplement: The Tasks of Economic History (Dec., 1941), pp. 107-09.

“Recent Developments in Economic History,” The American Historical Review, Vol. 47, No. 4 (July, 1942) pp. 727- 46.

“The Making of an Economic Historian,” The Journal of Economic History, Vol. 9, Supplement: The Tasks of Economic History (1949), pp. 1-18.

“Clio’ s New Overalls,” The Canadian Journal of Economics and Political Science, Vol. 20, No. 4 (Nov., 1954), pp. 467-77.

“Twenty-Five Years of the Economic History Association: A Reflective Evaluation,” The Journal of Economic History, Vol. 25, No. 4 (Dec., 1965), pp. 465-79.

Modern economic history, with special reference to Australia, Melbourne: Macmillan & Co., 1925.

A history of trade and commerce, with special reference to Canada, Toronto: T. Nelson & Sons, 1928.

The British Way to Recovery: Plans and Policies in Great Britain, Australia, and Canada, Minneapolis: University of Minnesota Press, 1934.

Economic History of Europe, New York: Harper, 1948.

A Scholar in Action, Edwin F. Gay, Cambridge: Harvard University Press, 1952.

 

Source: Past Presidents of the EHA: Herbert Heaton, The Newsletter of the Economic History Association (ed. Michael Haupert), No. 31 (December 2007), pp. 16-18.

Image SourceNewsletter of the Economic History Association, No. 31 (December 2007), p. 16.

Categories
Brown Chicago Columbia Cornell Dartmouth Economics Programs Harvard Illinois Kansas M.I.T. Michigan Michigan State Minnesota Ohio State Pennsylvania Princeton Purdue Rochester Swarthmore Vanderbilt Vassar Virginia Washington University Wellesley Williams Wisconsin Yale

United States. Courses of Study of Political Economy. 1876 and 1892-93.

 

The first article in the inaugural issue of The Journal of Political Economy, “Courses of Study in Political Economy in the United States in 1876 and in 1892-93,” was written by the founding head of the University of Chicago’s department of political economy, J. Laurence Laughlin. This post provides Laughlin’s appendix that provided information about economics courses taught in 65 colleges/universities in the United States during the last quarter of the 19th century. The bottom line of the table is that “aggregate hours of instruction in 1892-3 [were] more than six times the hours of instruction given in 1876”.

__________________________

How little Political Economy and Finance were taught only fifteen years ago, as compared with the teaching of to-day, must be surprising even to those who have lived and taught in the subject during that period…. At the close of the war courses of economic study had practically no existence in the university curriculum; in short, the studious pursuit of economics in our universities is scarcely twenty years old. These considerations alone might be reasons why economic teaching has not yet been able to color the thinking of our more than sixty millions of people. But about the close of the first century of our national existence it may be said that the study of Political Economy entered upon a new and striking development. This is certainly the marked characteristic of the study of Political Economy in the last fifteen years. How great this has been may be seen from the tables giving the courses of study, respectively, in about 60 institutions in the year 1876 and in 1892-3. (See Appendix I.) The aggregate hours of instruction in 1892-3 are more than six times the hours of instruction given in 1876.” [Laughlin, p. 4]

__________________________

Courses of Study in Political Economy in the United States in 1876 and in 1892-93.

Note: Returns could not be obtained from Johns Hopkins University, Amherst College, and some other institutions.

Institution.

Description of Courses.

1876.

1892-3.

No. hours per week.

No. weeks in year. No. hours per week.

No. weeks in year.

University of Alabama.

Text Book and Lectures, Senior Year

Finance and Taxation

4

2

36

36

[Total hours of instruction per year] 216
Boston University. Principles of Political Economy 3 20
[Total hours of instruction per year] 60
Bowdoin College, Brunswick, Maine.

Elementary (Required)

Advanced (Elective)

5

14

4

4

12

10

[Total hours of instruction per year] 70 88
Brown University, Providence, R. I.

Elementary

History of Econ. Thought

Advanced Course

[2nd] Advanced Course

Seminary of History, Pol. Sci., and Pol. Econ.

16-17

3

3

3

3

2

33-34

11-12

11

11

23

[Total hours of instruction per year] 40-42½ 242-250
University of Chicago, Chicago, Ill. 1.     Introductory Political Economy

2.     Descriptive Political Economy

3.     Advanced Political Economy

4.     Industrial and Economic History

5.     Scope and Method

6.     History of Political Economy

7.     Unsettled Problems

8.     Socialism

9.     Social Economics

10.   Practical Economics

11.   Statistics

12.   Railway Transportation

13.   Tariff History of U.S.

14.   Financial History of U.S.

15.   Taxation

16.   Public Debts

17.   Seminary

5

4

5

4

4

5

4

4

4

4

4

4

4

4

4

4

4

12

12

12

24

12

12

12

12

12

12

12

12

12

12

12

12

36

[Total hours of instruction per year] 996
Colby University, Waterville, Maine.

Elementary [1st]

Elementary [2nd]

Theoretical

Historical

5

7

2

2

4

4

13

10

13

10

[Total hours of instruction per year] 35 138
Columbia College (School of Political Science, New York City. 1.     Principles of Political Economy (Element.)

2.     Historical Practical Political Economy (Advanced)

3.     History of Economic Theory (Advanced)

4.     Public Finance (Adv.)

5.     Railroad Problems (Adv.)

6.     Finan. History of U.S. (Adv.)

7.     Tariff History of U.S. (Adv.)

8.     Science of Statistics (Adv.)

9.     Communism and Socialism (Adv.)

10.   Taxation and Distribution (Adv.)

11.   Seminarium in Political Economy (Element.)

12.   Seminarium in Public Finance and Economy (Adv.)

13.   Law of Taxation (Adv.)

3 and 5, 6 and 7, 8 and 9
given in alternate years.

2

 

 

 

17

 

 

 

2

 

3

2

 

2

2

2

2

2

2

2

 

 

2

2

17

 

34

34

 

34

25

34

17

34

34

17

34

 

34

17

[Total hours of instruction per year] 34 764
Columbian University, Washington, D.C. Elements of Political Economy 5 8
[Total hours of instruction per year] 40
Cornell University, Ithaca, N. Y. 1.     Elementary Political Economy

2.     Advanced Political Economy

3.     Finance

4.     Financial History

5.     Railroad Problems

6.     Currency and Banking

7.     Economic History

8.     Statistics

2

11

3

2

2

2

2

2

2

1

34

34

34

13

11

10

34

34

[Total hours of instruction per year] 22 408
Dartmouth College, Hanover, N.H. 1.     Elementary

2.     Advanced

3.     Advanced Finance and Tariff

6

6

6

6

6

6 2/3

4 1/6

3 1/3

[Total hours of instruction per year] 36 85
University of Denver, Col. 1.     Ely’s Introduction

2.     Ingram’s History

3.     Gilman’s Profit-Sharing

4.     Ely, Labor Movement in America

5.     Kirkup’s and Rae’s Socialism

6.     Finance and Taxation

7.     International Commerce

2

1

1

2

2

4

2

15

5

5

5

5

5

5

[Total hours of instruction per year] 90
DePauw University, Greencastle, Ind.

Economics (Elementary)

Seminarium (Advanced)

4

12

4

2

18

36

[Total hours of instruction per year] 48 144
Drury College, Springfield, Mo. Elementary Course 5 6 5 12
[Total hours of instruction per year] 30 60
Emory College, Oxford, Ga. Jevons’ Text, and Lectures. 5 12
[Total hours of instruction per year] 60
Franklin and Marshall College. Political Economy, (Walker’s) 2 15 2 20
[Total hours of instruction per year] 30 40
Georgetown College, Ky. 1.     General Economics

2.     Special Topics

5

15

3

3

20

20

[Total hours of instruction per year] 75 120
Harvard University, Cambridge, Mass. 1.     Introductory

2.     Theory (Advanced)

3.     Economic History from 1763

4.     Railway Transportation

5.     Tariff History of U.S.

6.     Taxation and Public Debts

7.     Financial Hist. of U.S.

8.     Condition of Workingmen

9.     Economic Hist. to 1763

10.   History of Theory to Adam Smith

Seminary

3

3

30

30

3

3

3

3

2

3

2

3

3

2

2

30

30

30

15

15

30

15

30

30

15

30

[Total hours of instruction per year] 180 735
Haverford College, Pa. Economic Theory 2 40
[Total hours of instruction per year] 80
Howard University, Washington, D. C. Elementary 5 10 5 10
[Total hours of instruction per year] 50 50
Illinois College and Whipple Academy, Jacksonville, Ill. Newcomb’s Polit. Economy, Seniors 5 15
[Total hours of instruction per year] 75
University of Illinois, Champaign, Ill. Senior Class 5 11 5 11
[Total hours of instruction per year] 55 55
Iowa College, Grinnell, Iowa.

Political Economy

Taxation

Railroad Problems

Socialism

5

10

3

3

3

3

37

14

12

11

[Total hours of instruction per year] 50 222
State University of Iowa, Iowa City, Iowa.

Elements of Economics

Currency and Banking

Industrial Revolutions of 18th Century

Recent Econ. History and Theory

Railroads, Pub. Regulation of

Seminary in Polit. Econ.

5

 

14

 

5

5

2

 

2

2

1

14

11

14

 

11

10

35

[Total hours of instruction per year] 70 230
Kansas State Agricultural College, Manhattan, Kan. Elementary, 4th year 5 8 5 11
[Total hours of instruction per year] 40 55
Kansas State University, Lawrence, Kansas. 1.     Elements of Political Economy

2.     Applied Economics

3.     Statistics

4.     Land Tenures

5.     Finance

5

19

5

3

2

2

2

19

19

19

19

19

[Total hours of instruction per year] 95 266
Lake Forest University, Lake Forest, Ill. 1.     Elementary

2.     Advanced

3

11

3

3

16

13

[Total hours of instruction per year] 33 87
Massachusetts Institute of Technology, Boston, Mass. 1.     Political Economy, Elem., Junior Year

2.     Financial Hist. of U.S., Jun. and Sen. Year

3.     Taxation, Junior and Senior Year

4.     History of Commerce

5.     History of Industry, Junior and Senior Year.

6.     Socialism, etc. (Option), Jun. and Sen. Year

7.     History of Economic Theory (Opt.), Senior

8.     Statistics and Graphic Methods, Junior

9.     Statistics and Sociology (Option) Senior

2

 

 

 

15

 

 

 

3

3

 

3

3

 

3

2

 

2

3

15

15

 

15

15

 

15

15

 

15

15

[Total hours of instruction per year] 30 375
Michigan Agricultural College. Primary Course 5 12
[Total hours of instruction per year] 60
University of Michigan, Ann Arbor, Mich. 1.     Elements of Political Economy

2.     Elements of Political Economy

3.     Hist. Devel. of Industr. Society

4.     Finance

5.     Problems in Pol. Econ

6.     Transportation Problem

7.     Land Tenure and Agrarian Movements

8.     Socialism and Communism

9.     Currency and Banking

10.   Tariff History of U.S.

11.   Indust. and Comm. Develop. of U.S.

12.   History of Pol. Econ.

13.   Statistics

15.   Economic Thought

16.   Labor and Monopoly Problems

17.   Seminary in Finance

18.   Seminary in Economics

20.   Social Philosophy with Economic Relations

21.   Current Econ. Legislation and Literature

 

18

 

3

4

3

4

4

2

2

2

2

2

2

2

1

1

1

2

2

1

 

2

18

18

18

18

18

18

18

18

18

18

18

18

18

18

18

18

18

18

 

18

[Total hours of instruction per year] 45 756
Middlebury College, Middlebury, Vermont. 1.     Elementary (Junior Class)

2.     Advanced (Senior Class)

3.     Finance (Senior Class)

4.     Seminary

4

4

10

10

3

2

2

1

35

21

14

21

[Total hours of instruction per year] 80 196
University of Minnesota. 1.     Elementary

2.     Advanced

3.     Am. Pub. Economy

4.     Undergraduate Seminary

5.     Graduate Seminary

5

13

4

4

4

2

1

13

13

10

23

36

[Total hours of instruction per year] 65 226
University of Mississippi, University, Miss. Advanced 5 30
[Total hours of instruction per year] 150
Mt. Holyoke College, South Hadley, Mass.

Polit. Econ. (General)

Polit. Econ. Seminary

4

2

12

12

[Total hours of instruction per year] 72
College of New Jersey at Princeton.

Pol. Econ. (Elem., Elective)

Pol. Econ. (Elem., Required)

Finance (Elective)

Historics—Econ. Semin.

2

13

2

2

2

16

16

15

[Total hours of instruction per year] 26 94
College of the City of New York. 16
[Total hours of instruction per year] 48*
New Hampshire College of Agriculture and Mechanic Arts, Hanover, N. H. Elementary—Perry or Walker 4 10-12 5 10
[Total hours of instruction per year] 48 50
Oberlin College, Oberlin, Ohio. 1.     Elementary Polit. Econ.

2.     Advanced Polit. Econ.

3.     Finance

4.     History Econ. Thought

5.     Economic and Social Problems

6.     “Money,” etc.

5

12

5

5

3

3

3

2

11

12

25

13

12

36

[Total hours of instruction per year] 60 337
Ohio State University.

Elementary

Advanced

Finance

Seminary (Indust. History)

2

2

2

2

38

26

12

38

[Total hours of instruction per year] 228
Ohio Wesleyan University, Delaware, Ohio. 4 12 4 12
[Total hours of instruction per year] 48 48
Penn. Military Academy, Chester, Penn. Elementary 5 13
[Total hours of instruction per year] 65
University of Pennsylvania, Wharton, School of Finance and Economy, Philadelphia, Penn. 1.     Grad. Course in Finance

2.     Grad. Course in Theoretical Polit. Econ.

3.     Grad. Course in Statistics

4.     Elem. Course in Finance

5.     Elem. Course in Theoret. Polit. Econ.

6.     Elem. Course in Statistics

7.     Elem. Course in Practical Polit. Econ.

8.     Course in Money

9.     Course in Banking

10.   Advanced Course in Political Economy

11.   Economic History of Europe

12.   Grad. Course in Practical Polit. Econ.

13.   Econ. and Fin. History of U.S.

14.   Grad. Econ. History of the U.S.

15.   Grad. English Econ. History from 13th to 17th century

16.   Modern Econ. History.

 

 

1

2

3

3

2

2

2

2

1

2

3

2

2

4

 

3

3

30

30

30

30

30

15

15

15

30

30

30

30

30

30

 

30

30

[Total hours of instruction per year] 1020
Purdue University, Lafayette, Ind. Elementary Course 3 19
[Total hours of instruction per year] 57
Randolph Macon College, Ashland, Va. Elementary 2 32 2 32
[Total hours of instruction per year] 64 64
University of Rochester, Rochester, N.Y.

Elementary

Econ. Polit. History U.S.

5

14

5

1

14

20

[Total hours of instruction per year] 70 90
Rutger’s College. Polit. Econ. (Elementary) 3 12 4 22
[Total hours of instruction per year] 36 88
Smith College, Northampton, Mass.

Elementary Course

Adv. Course in Theory

Seminarium

Practical Studies

3

12

3

3

2

2

14

14

10

12

[Total hours of instruction per year] 36 128
South Carolina College, Columbia, S.C.

Polit. Econ. Senior Class

Applied Polit. Econ.

2

2

40

20

[Total hours of instruction per year] 120
Swarthmore College, Swarthmore, Penn.

Polit. Econ. (Walker)

Finance

Protection and Free Trade

Money and Banking

History of Econ. Theories

4

4

4

4

4

20

10

10

10

10

[Total hours of instruction per year] 240
Syracuse University, Syracuse, N.Y.

Elementary

Finance

Industrial Development since 1850

Seminary

3

2

2

2

14

10

12

38

[Total hours of instruction per year] 162
University of Tennessee, Knoxville, Tenn.

Elementary

Advanced (Post-Graduate)

3

2

20

Varies

[Total hours of instruction per year] 100?
University of Texas, Austin, Texas. General 3 36
[Total hours of instruction per year] 108
Trinity College, Hartford, Connecticut.

Elementary

Advanced

Finance

4

13

3

4

2

17

17

17

[Total hours of instruction per year] 52 153
Vanderbilt University, Nashville, Tennessee.

Political Economy, Elementary

Political Economy, Advanced

3

36

3

3

36

36

[Total hours of instruction per year] 108 216
Vassar College, Poughkeepsie, New York.

Principles of Economics

Economic History

Railroads, Trusts, and Relation of State to Monopolies

Labor Problem and Socialism

Seminary

 

 

3

3

2

 

2

2

18

18

18

 

18

18

[Total hours of instruction per year] 216
University of Vermont, Burlington, Vermont.

Elementary

Advanced

3

2

20

20

[Total hours of instruction per year] 100
University of Virginia, Charlottesville, Va.

Theory of Economics

Science of Society

3

26

3

16

16

[Total hours of instruction per year] 78 88
Washington and Jefferson College, Washington, Pa. Political Economy 3 11 3 16
[Total hours of instruction per year] 33 48
Washington and Lee University, Lexington, Va.

Elementary

Advanced

3

3

14

26

[Total hours of instruction per year] 120
Washington University, St. Louis. Prescribed Course 3 20 3 20
[Total hours of instruction per year] 60 60
Wellesley College, Wellesley, Mass.

Industrial History

Economic Theory

Statistics (Seminary)

Socialism (Seminary)

3

3

3

3

18

18

18

18

[Total hours of instruction per year] 216
Wesleyan University, Middletown, Connecticut.

General Introductory (Sen.)

General Introductory (Jun.)

Economic Problems

36

2

3

2

36

18

36

[Total hours of instruction per year] 54 198
West Virginia University, Morgantown, West Virginia.

Elementary Pol. Economy

Advanced Pol. Economy

2

2

14

36

[Total hours of instruction per year] 100
Williams College, Williamstown, Mass. Political Economy 6 14 3 15
[Total hours of instruction per year] 84 45
University of Wisconsin, Madison, Wis.

Econ. Seminary

Distribution of Wealth

History of Pol. Econ.

Money

Public Finance

Statistics

Recent Econ. Theories

Synoptical Lectures

Outlines of Economics

2

5

5

5

3

3

3

1

4

37

14½

12

10½

37

12

14½

15

37

[Total hours of instruction per year] 612½
Yale University, New Haven, Conn.

Pol. Econ.**—Elem. (2)

Pol. Econ.—Adv. (3)

Economic History (2)

Finance, Public (2)

Finance, Corporate (2)

Mathematical Theory (1)

Seminary Instruction (2)

3

2

 

36

36

36

4

3

4

2

3

1

1

36

36

36

36

36

36

36

[Total hours of instruction per year] 180 648

* [College of the City of New York] A few hours additional are given in the work of the Department of Philosophy; the whole number amounting to some 52 or 53.

** [Yale University] Figures in brackets represent numbers of courses under each head.

SourceAppendix I to “The Study of Political Economy in the United States” by J. Laurence Laughlin, The Journal of Political Economy, vol. 1, no. 1 (December, 1892), pp. 143-151.

Image Source:  J. Laurence Laughlin drawn in the University of Chicago yearbook Cap and Gown (1907), p. 208.

 

 

Categories
Columbia Economists Pennsylvania Statistics

Columbia. Statistics PhD alumnus. Robert E. Chaddock, 1908

 

The post provides another life/career overview of a Ph.D. alum. Today’s Ph.D. went on to become professor of sociology and statistics at Columbia University, Robert Emmet Chaddock.

__________________________

Previous posts at Economics in the Rear-view Mirror
with Chaddock content…

Request for funding for his statistical laboratory in 1911 (with a newspaper account of his 1940 suicide).

E.R.A. Seligman’s recommendation for Chaddock’s promotion to Associate Professor in 1912.

__________________________

Chaddock obituaries by…

Frederick E. Croxton in Journal of the American Statistical Association 36:213 (March, 1941), pp. 116-119.

William F. Ogburn in American Journal of Sociology 46:4 (January, 1941), p. 595.

__________________________

Robert E. Chaddock (1879-1940)

1879 born April 16, in Minerva, Ohio

1900 A.B. Wooster College

1900-05. Taught at Wooster College

1906 M.A., Columbia University

1906-08. University Fellow in Sociology, Columbia University

1908 Worked with the boy’s club of the Union Settlement (New York City)

1907-09. Instructor, Columbia University

1908 Ph.D. Columbia University.

1909-11. Assistant Professor of Economics and Statistics. Wharton School of the University of Pennsylvania.

1911-12. Assistant Professor of Statistics, Columbia University

1912-22. Associate Professor of Statistics, Columbia University

1917-24. Secretary-Treasurer of the American Statistical Association

1925 Publication of Principles and Methods of Statistics.

1922-40. Professor of Sociology and Statistics.

1925 President of the American Statistical Association

1925-1940. Member of the Joint Advisory Committee to the Director of the Census.

1928 Represented the Social Science Research Council as delegate to the International Conference on Population in Paris (July).

1929 LL.D. awarded by Wooster College

1933-36. Member of the Committee on Government Statistics and Informational Services (jointly established by the American Statistical Association and the Social Science Research Council)

1937 Chairman of the Joint Advisory Committee to the Director of the Census

1940 October 21. Death by suicide.

Other memberships

Member of the American Committee of the International Union for the Scientific Study of Population Problems.

Chairman of the Research Committee, member of the Executive Committee of the Research Bureau of the Welfare Council of New York City.

Consultant statistician of the Commonwealth Fund

Member of the Advisory Council of the Milbank memorial Fund.

Member and Vice-Chairman of the Committee on Research in Medical Economics. Member of the editorial board of the quarterly journal Medical Care.

Fellow of the American Public Health Association

Member of the International Statistical Institute

Member of the American Sociological Society

Member of the Century Club (New York)

Phi Beta Kappa.

__________________________

Political Science Faculty Memorial Minute
Columbia University

Dec. 13, 1940

Robert Emmet Chaddock

Professor Robert Emmet Chaddock served his University for over thirty years. Born at Minerva, Ohio, 1879, he took his A.B. at Wooster College in 1900. From the time he first came to Columbia as a graduate student in 1905, his association with the University was broken only for two years, during which he was Assistant Professor of Economics and Statistics at the Wharton School of the University of Pennsylvania. At Columbia he was in turn University Fellow in Sociology, Instructor in Economics, Assistant Professor of Statistics, Associate Professor, and from 1922 until his death Professor of Sociology and Statistics. In these various capacities he fulfilled his duties with unsparing devotion, giving attention to his students, whole-heartedly cooperating with his colleagues, freely participating in various organizations for the advancement of public welfare, and contributing always to the improvement of statistical application to social problems, especially those connected with population and public health. He was the author of numerous articles and reports on these and other subjects, and his work on Principles and Methods of Statistics has given guidance to a large number of students throughout the country. His recognition as a leader in this field was shown by the many calls made upon his services, from the Bureau of the Census, the Milbank Foundation, the Welfare Council of New York City, the Cities Census Committee, and the International Statistical Institute, and other bodies. To these calls Professor Chaddock never failed to respond. He won the regard of all who knew him. His death removes a man who gave himself without limit and without afterthought, to his University, to his family, to the community. His colleagues tender their respectful sympathy to those who intimately mourn for him, his wife and daughter.

Robert M. MacIver
Carlton J. H. Hayes
Roswell C. McCrea

 

Source: Columbia University Archives. Minutes of the Faculty of Political Science, 1940-1949, p. 881.

Image Source: Robert Emmet Chaddock from Barnard CollegeMortarboard, 1919.

 

Categories
Amherst Barnard Berkeley Brown Chicago Colorado Columbia Cornell Dartmouth Duke Harvard Illinois Indiana Iowa Johns Hopkins Kansas M.I.T. Michigan Michigan State Minnesota Missouri Nebraska North Carolina Northwestern NYU Ohio State Pennsylvania Princeton Radcliffe Rochester Stanford Swarthmore Texas Tufts UCLA Vassar Virginia Washington University Wellesley Williams Wisconsin Yale

U.S. Bureau of Education. Contributions to American Educational History, Herbert B. Adams (ed.), 1887-1903

 

I stumbled across this series while I was preparing the previous post on the political economy questions for the Harvard Examination for Women (1874). I figured it would be handy for me to keep a list of links to the monographs on the history of higher education in 35 of the United States at the end of the nineteenth century. Maybe this collection will help you too.

Contributions to American Educational History, edited by Herbert B. Adams

  1. The College of William and Mary. Herbert B. Adams (1887)
  2. Thomas Jefferson and the University of Virginia. Herbert B. Adams (1888)
  3. History of Education in North Carolina. Charles L. Smith (1888)
  4. History of Higher Education in South Carolina. C. Meriwether (1889)
  5. Education in Georgia. Charles Edgeworth Jones (1889)
  6. Education in Florida. George Gary Bush (1889)
  7. Higher Education in Wisconsin. William F. Allen and David E. Spencer (1889)
  8. History of Education in Alabama. Willis G. Clark (1890).
  9. History of Federal and State Aid to Higher Education. Frank W. Blackmar (1890)
  10. Higher Education in Indiana. James Albert Woodburn (1891).
  11. Higher Education in Michigan. Andrew C. McLaughlin. (1891)
  12. History of Higher Education in Ohio. George W. Knight and John R. Commons (1891)
  13. History of Higher Education in Massachusetts. George Gary Bush (1891)
  14. The History of Education in Connecticut. Bernard C. Steiner (1893)
  15. The History of Education in Delaware. Lyman P. Powell (1893)
  16. Higher Education in Tennessee. Lucius Salisbury Merriam (1893)
  17. Higher Education in Iowa. Leonard F. Parker (1893)
  18. History of Higher Education in Rhode Island. William Howe Tolman (1894)
  19. History of Education in Maryland. Bernard C. Steiner (1894).
  20. History of Education in Lousiana. Edwin Whitfield Fay (1898).
  21. Higher Education in Missouri. Marshall S. Snow (1898)
  22. History of Education in New Hampshire. George Gary Bush (1898)
  23. History of Education in New Jersey. David Murray (1899).
  24. History of Education in Mississippi. Edward Mayes (1899)
  25. History of Higher Education in Kentucky. Alvin Fayette Lewis (1899)
  26. History of Education in Arkansas. Josiah H. Shinn (1900)
  27. Higher Education in Kansas. Frank W. Blackmar (1900)
  28. The University of the State of New York. History of Higher Education in the State of New York. Sidney Sherwood (1900)
  29. History of Education in Vermont. George Gary Bush (1900)
  30. History of Education in West Virginia. A. R. Whitehill (1902)
  31. The History of Education in Minnesota. John N. Greer (1902)
  32. Education in Nebraska. Howard W. Caldwell (1902)
  33. A History of Higher Education in Pennsylvania. Charles H. Haskins and William I. Hull (1902)
  34. History of Higher Education in Colorado. James Edward Le Rossignol (1903)
  35. History of Higher Education in Texas. J. J. Lane (1903)
  36. History of Higher Education in Maine. Edward W. Hall (1903)

Image Source: Cropped from portrait of Herbert Baxter Adams ca. 1890s. Johns Hopkins University graphic and pictorial collection.

Categories
Columbia Economists Pennsylvania

Pennsylvania. Economics Ph.D. alumnus. Columbia professor Henry R. Seager, 1894

Another post in the irregular series “Meet an economics Ph.D.” Henry Rogers Seager’s education and career took him from Ann Arbor (University of Michigan) through Baltimore (Johns Hopkins University), Germany/Austria (Halle, Berlin, Vienna), and Philadelphia (University of Pennsylvania before ending up in New York City (Columbia). 

______________________

Earlier posts for Henry Rogers Seager
at Economics in the Rear-View Mirror:

List of papers published as of Seager’s appointment by Columbia in 1902.

Syllabus for “The Trust Problem”, 1907.

Published Lecture on Economics, 1907-08.

Memorial minute, 1930

______________________

BIOGRAPHICAL NOTE

Seager, Henry Rogers (July 21, 1870-Aug. 23, 1930), economist, was born in Lansing, Michigan, the son of Schuyler Fiske Seager, a lawyer, and Alice (Berry) Seager. Graduating at the University of Michigan in 1890, he did further work during the succeeding years at the Johns Hopkins University, at the Universities of Halle, Berlin, and Vienna, and at the University of Pennsylvania, where he received the Ph.D. degree in 1894. That year he was appointed instructor in economics in the Wharton School of Finance and Commerce, and in 1896 he was made an assistant professor; in 1902 he became adjunct professor and in 1905, professor, in Columbia University, where he served till death. On June 5, 1899, he was married to Harriet Henderson of Philadelphia who died in 1928; their son survived him.

Seager’s training as an economist was in English classicism, in the German historical method and in the peculiar Austrian approach. His published work shows clearly the influence of each. His greatest admiration was for Simon N. Patten (q.v.), with whom he served at the University of Pennsylvania but whose influence on his thought was slight. Seager’s mind was orderly and compressive rather than brilliant and generalizing; conservatism was perhaps its distinguishing characteristic. He was solid and patient, slow to conclude, and even slower to write his conclusions. One result of this was that he was less a writing scholar than one who worked with students. Literally hundreds of dissertations passed through his careful hands at Columbia and many generations of students heard his lectures on labor and on corporation problems. Always active in meliorative activities, he assisted materially in the establishment of a system of workmen’s compensation in New York; he was a supporter of the Survey (formerly Charities and the Commons) and for many years a member of its board of directors. During the war he served as secretary of the Shipbuilding Labor Adjustment Board, and in 1919-20, he was executive secretary of the President’s Second Industrial Conference. He was one of the founders and three times president of the American Association for Labor Legislation. He was frequently consulted by philanthropists, legislators and publicists; he was a member of the editorial board) of The Political Science Quarterly, and in 1922 was president of the American Economic Association. In all these varied activities he had one purpose: to better social conditions within the framework of laissez-faire. He possessed a determined faith that this could be done and worked constantly to show the way. Melioration consisted in making changes here and there, which while not disturbing fundamental arrangements, reduced their burden on less favored individuals. Improvement consisted in legal change and a large part of his effort was always directed toward reform by legislation.

His most considerable work is Principles of Economics, first published under this title in 1913, which grew out of his Introduction to Economics (1904 and later editions [3rd edition, 1910]) and appeared in its final form [3rd edition] in 1923. The most important of his other writings are Trust and Corporation Problems (1929), with C.A. Gulick, Jr. and the posthumous volume, Labor and Other Economic Essays (1931), to which is attached his complete bibliography. Somewhat more than the final half of the Principles of Economics is devoted to essays on important problems: banking, the tariff, railroads, trusts, taxation, labor and social insurance. The theoretical section begins with a consideration of consumption, progresses through value and production, and ends with distribution. There were many books published during this period with much the same outline; but Seager’s was characterized by emphasis on all that pertained to human welfare. This led to stress on consumption and on the demand side of the value equilibrium, as well as to extra consideration of monopoly gains. The discussion of distribution was carried out within the framework of the “specific productivity” analysis but with more than usual weight given to such subjective influences as the balancing, in consumers’ and producers’ minds, of marginal disutilities over against marginal utilities. The conclusions were usually optimistic. Seager believed in progress and believed that, under the going system, it was being achieved. He felt, for instance, that capital goods were multiplying more rapidly than population and that this would tend to raise standards of living. He did not believe, however, that the possibilities of progress which inhere in the system insure automatic betterment. Groups of interested people, with journals and propaganda, need to be vigilant in the public interest. This duty of the good citizen, as Seager saw it, was best exemplified in his own career. He never became aware of a duty that he did not forthwith perform. In his posthumous Labor and Other Economic Essays his program is outlined: “The two great objects to be aimed at are: 1. To protect wage-earners in the continued enjoyment of standards of living to which they are already accustomed. II. To assist them to attain to higher standards of living” (p.131). The contingencies which were the principal threats to existing standards were “(1) industrial accidents, (2) illness, (3) invalidity and old age, (4) premature death, (5) unemployment” (ibid.) All these, Seager felt, were legitimate objects of collective action. As for raising standards, this was largely dependent on industrial advance and on better education.

To all persons of Seager’s generation the rather the sudden rise of a complete alternative system in Russia offered a shock to which adjustment was necessarily slow. Because everything there was so antithetical to the system to which so many theoretical hostages had been given, the immediate impulse was to belittle Soviet accomplishments. Seager was exposed to the full force of the new ideas. Gradually they gained weight in his mind until at last his essential honesty compelled, not acceptance, but exploration. In 1930, with a group of companions, he undertook a journey to the scene of these new economic adventures, in the midst of which he was taken ill. He died in Kiev of pneumonia, August 23, 1930. He was thus lost to the world at the close of an old period and the beginning of a new one. His identification with economy of the opening decades of the nineteenth century was a fortuitous one, but his progress into the new years cannot be said to have fairly started. He remains an economist of laissez-faire, of more than usual significance in foreshadowing the ameliorative program which so soon became a center of Interest.

Source: Cornell University Kheel Center for Labor-Management Documentation and Archives. Henry R. Seager Research Notes and Monographs (Collection Number: 5249).

Image Source: From a 1915 portrait of Henry Rogers Seager at Wikiwand. Includes a survey of his books.

Categories
Johns Hopkins Pennsylvania Suggested Reading

Johns Hopkins/Wharton. Linked Reading List for History and Theory of Money. Sherwood, 1891-92

 

 

Sidney Sherwood, 1860-1901 received his Ph.D. from Johns Hopkins University in 1891 where he was to become the successor of Richard T. Ely as head of the department of Political Economy.

This post includes two memorials that provide a bit of biographical background followed by a rich, linked course of readings that were published in an appendix to the University Extension lecture material for Sherwood’s course, The History and Theory of Money, during the year he taught at the Wharton School of Finance and Economy (1891-92). 

The next post will provide the course outline with the specific reading assignments for Sherwood’s twelve lectures.

____________________

SIDNEY SHERWOOD.

Sidney Sherwood, Associate Professor of Economics in the Johns Hopkins University, died after a brief illness at Ballston, New York, August 5,1901. While spending a part of his vacation on a farm he accidentally cut his right hand. Blood poisoning ensued which led to fatal results in spite of the best medical aid. He was buried at Cornwall-on-the-Hudson, where for many years he maintained a summer home.

Dr. Sherwood was born at Ballston, May 28, 1860. He graduated from Princeton College in 1879, then entered Columbia University, where he studied law. He afterwards practiced that profession in New York City, but having become interested in economic questions he entered the Johns Hopkins University in 1888 in order to pursue advanced studies under Professors Ely and Adams. He received the degree of Doctor of Philosophy in 1891 and was called at once to the University of Pennsylvania as Instructor in Economics. In 1892, Dr. Sherwood returned to Baltimore, having been appointed Associate in Economics; in 1895, he was made Associate Professor.

At a meeting of the Board of University Studies a committee was appointed to draft appropriate resolutions. Their report is as follows:

“The Board of University Studies is compelled with sorrow to record the death of Associate Professor Sidney Sherwood, who as student and teacher, was connected with this University for more than twelve years.

“During all this period Dr. Sherwood grew steadily in the esteem and affection of his colleagues. Beneath a modest demeanor he revealed most amiable as well as most substantial qualities. As a writer he gave evidence of solid learning and sound judgment. As a teacher and counsellor of students in this University his services were of great value and his absence will be deeply felt.

“The members of the Board desire to extend to Mrs. Sherwood and her family their heartfelt sympathy in this bereavement.”

Source: Johns Hopkins University. University Circulars. (Vol. XXI. No. 154, December 1901) p. 9.

____________________

SIDNEY SHERWOOD: A MUCH LOVED PROFESSOR OF OTHER DAYS
BY BERNARD C. STEINER, PH.D. 1891

ABOUT a month after the opening of the University year of 1888, there came into the Historical Seminary, a quiet, rather reserved man, somewhat older and considerably more experienced than the rest of the graduate students. He chose for his subjects, history, political economy, and English, and wrote, as his dissertation, a “History of the University of the State of New York.” In 1891, he took the degree of Ph.D. — such is the skeleton of the University life of Sidney Sherwood. To those who were his fellow-students, the mention of his name recalls a personality of gentle force, an accurate and careful scholarship, a faithful friend, who could be relied upon in any emergency. In the large third story room, known as the Bluntschli Library, the historical students came into such close contact that they knew each other thoroughly and all came to esteem Sherwood highly. In a little quiz class of a few men who took their degree together, he showed his thoughtful studiousness, even more than in the larger seminary, and also displayed his sane and ripe judgment.

He was born on May 28, 1860, at Ballston Spa, Saratoga County, N. Y., his parents being Thomas Burr and Mary Frances (Beattie) Sherwood. He prepared for College at Mr. Buckley’s private school in his native town, having the reputation of being the brightest boy that the master had ever taught. In the fall of 1875, he entered the College of New Jersey, as Princeton University was then called.

After graduating from Princeton in the well-known class of ’79, with Woodrow Wilson and other prominent men, to use his own words, written to his class secretary in 1894, he “tackled life, in the capacity of professor of Latin, Greek, mathematics, French, and German in the Newton Collegiate Institute of Newton. N. J. I likewise officiated as coach in football. The idea of a college course, as giving general culture, was certainly realized in the Princeton curriculum of that period, otherwise I never should have been fitted for that broad chair.” After a year of teaching, he went to Europe and spent two years, to quote him again, “in Great Britain and Western Europe, trying to get more general culture.” When he returned to the United States, he served a few months as a reporter upon the New York Tribune, “reading law on the sly.” Then the death of his father, in February, 1883, made it necessary for him to spend a year on the paternal farm in Saratoga County, during which time he read law at Ballston Spa. In the autumn of 1884, he entered the Columbia Law School; but, after a year of study there, he left the school and entered the office of Abner C. Thomas, LL.D., with whom he formed a partnership, when admitted to the bar in February, 1886 and for whom he did much of the hard research work connected with the preparation of the well-known and useful work known as Thomas on Mortgages. He continued this connection, until he gave up the practice of law and came to Baltimore. This change of purpose came through the mayoralty campaign, in which Henry George was one of the candidates, in which campaign Sherwood was much interested. He found that it “opened up a new field of study and work — the field of social philosophy and social progress. An academic career, the study and teaching of the forces and mechanism of human progress became henceforth my chief aim.” He said “I belong to the party of progress” and his mind in an unusual manner faced the future, while preserving conservative modes of thinking.

Few men ever held opinions more firmly, or with less bigotry than Sherwood, nor did he ever confuse the essential principles, which must be held firmly, with the unessential ones, which may be changed. So he was a moderate Republican and a Presbyterian, but he was a thoroughly convinced patriot and Christian.

Shortly after leaving the University, on September 3, 1891, he married Miss Mary A. Beattie of Cornwall, N. Y.

In a sketch such as this, the delightful home life of Sherwood’s family may not be more than mentioned and yet all who knew him know also that no sketch of him should be written without some such mention. The loving devotion of that true woman, who linked her fortunes with his and the ingenuous charm of the children made a fine background to the picture, and in that home, he found refreshment and strength. Four daughters and a son came into the family — the last too late, however, to remember his father, for he was born only a few months before the end.

In the autumn of 1891 he began teaching in the Wharton School of the University of Pennsylvania, as instructor in finance. While in this position, he delivered a course of lectures on the “History and Theory of Money,” which was published in 1893. In 1892, Professor Richard T. Ely was called from the Johns Hopkins to the University of Wisconsin and Sherwood became his successor in Baltimore. He carried on the work of the economic department until his death, growing yearly in power and influence, giving faithful and patient attention to each of his students, and showing equal faithfulness in the directorship of such institutions in Baltimore as he found time to enter. His thought ripened slowly and his great work on finance was ever in preparation. One summer towards the close of his life, he forewent the pleasure of staying with his family and crossed the Atlantic Ocean to Germany to collect material there, but the book remained unwritten to the end. His History of the University of the State of New York published in 1893, widened to an History of Higher Education in New York State, a bulky volume, printed by the United States Bureau of Education in 1900 as part of a series, in the preparation of which Professor Adams had enlisted the services of a number of Hopkins men.

With fearful suddenness came the interruption of the useful work he was doing. Hale and strong, in the mellow maturity of his powers, he went into the garden of his summer home one day to prune some bushes. A scratch must have conveyed some vegetable poison into his veins, blood poisoning followed, and, after a very few days’ illness, he died “during a beautiful golden sunset” on August 5, 1901. The poignancy of the grief at the loss of a friend mingled in the minds of those who knew him, with the keen regret that the University was deprived of a scholar whose teaching by his example, what should be the attitude of a professor, was as important as the principles of political economy which he laid down in his lectures. The influence of such a man is pervasive and permanent and one of the privileges which lengthening years bring to the University is that it can look back upon the unselfish and complete service of such men as Sidney Sherwood.

Source: The Johns Hopkins Alumni Magazine. Vol. 5, No. 1 (November, 1916) pp. 32-35.

____________________

READINGS FOR THE HISTORY AND THEORY OF MONEY

USEFUL BOOKS OF REFERENCE.

The literature of Money is so vast that a wise selection of a few books is almost impossible. The list here given is meant to contain books which are easily accessible, and which will tempt to further study after the lectures are finished.

Two books mentioned in the list — viz., Report of the International Monetary Conference of 1878 and W. S. Jevons’s Investigations in Currency and Finance — contain extensive and valuable bibliographies of money which will be of great service in making a thorough study of the subject.

Reference to works in foreign languages has been avoided. The French literature on this subject is very rich; the Italian and German also. The student reading any of these languages can easily find trace of the books he needs from references in the books here mentioned.

 

THE GENERAL SUBJECT OF MONEY.

Andrews, E. B., Institutes of Economics.

Bastable, C. F.,Money.” Encyclopaedia Britannica [9th ed.]

Colwell, Stephen, Ways and Means of Payment.

Ely, R. T., Introduction to Political Economy.

Jevons, W. Stanley, Money and the Mechanism of Exchange. [Text-book of the course, which should be in the hands of every student.]

Mill, J. S., Principles of Political Economy. [Ashley edition of 7th ed., 1909]

Nicholson, J. S., Money and Monetary Problems.

Patterson, R. H., The Science of Finance.

Poor, H. V., Money: its Laws and History.

Ricardo, David, Works.

Smith, Adam, Wealth of Nations. [Cannan ed. (1904)]

Walker, Francis A., Money in its Relations to Trade and Industry. [Text-book of the course, which should be in the hands of every student.]

_______, Political Economy (larger edition).

_______, Money.

Walker, J. H., Money, Trade, and Banking.

Willson, H. B., Currency.

 

SPECIAL MONETARY TOPICS.

Ashley, W. J., English Economic History. [2nd ed. Volume I; Volume II]

Atkinson, Edward, Report on Bimetallism in Europe. (Sen. Exec. Doc, No. 34, 50th Congress.)

Bagehot, Walter, Lombard Street: A Description of the Money-Market.

Böhm-Bawerk, Capital and Interest.

Bolles, Financial History of the United States. [1774-1789; 1789-1850; 1861-1885]

Carey, H. C, Pamphlets on the Currency. See Works, Vol. XXXI. [Perhaps “The Currency Question” in Miscellaneous Works of Henry C. Carey (1872?)]

Dunbar, C. F., Theory and History of Banking.

Evans, History of the United States Mint and Coinage.

Giffen, Robert, Essays in Finance. [1880; Second series, 3rd ed (1890)]

Gilbart, J. W., History, Principles, and Practice of Banking. [1904 ed.: Volume I; Volume II]

Goschen, Theory of the Foreign Exchanges.

Horton, S. Dana, Gold and Silver. [sicSilver and Gold and their Relation to the Problem of Resumption (1877)]

_______, The Silver Pound.

_______, [Appendix: Historical Material for and contributions to the Study of Monetary Policy] Report of International Monetary Conference of 1878. (Sen. Exec. Doc, No. 58, 45th Congress.)

Ingram, J. K., History of Political Economy.

Jacob, William, Historical Inquiry into the Production and Consumption of the Precious Metals. [Volume I; Volume II]

James, E. J., “Banks of Issue.” Lalor’s Cyclopaedia.

Jevons, W. S., Investigations in Currency and Finance.

Knox, John Jay, United States Notes.

_______, “Banking in the United States.” Lalor’s Cyclopaedia.

Laughlin, J. L., History of Bimetallism in the United States.

Laws of the United States relating to Loans and the Currency, Coinage and Banking. (Compilation published by the Government in 1886.)

Leslie, T. E. C, Essays in Political and Moral Philosophy.

Linderman, H. R., Money and Legal Tender in the United States.

Liverpool, Lord, A Treatise on the Coins of the Realm.

Macaulay, T. B., History of England. [Volume I; Volume II; Volume III; Volume IV; Volume V; Volume VI; Volume VII;Volume VIII; Volume IX; Volume X] [Popular edition (1889) in two volumes: Volume I; Volume II]

Patterson, R. H., The New Golden Age. [Volume I; Volume II]

Rogers, J. E. T., The First Nine Years of the Bank of England.

Sherman, John, Speeches and Reports on Finance and Taxation.

Sumner, W. G., History of American Currency.

Upton, J. K., Money in Politics.

Wells, David A., Recent Economic Changes.

 

MISCELLANEOUS.

Annual Finance Reports of the United States, containing reports of

Comptroller of the Currency, Director of the Mint, etc.

Congressional Record.

House and Senate Documents.

Report of the International Monetary Conference of 1878.

Journal of the Royal Statistical Society, London.

American Bankers’ Magazine.

Rhodes’s Journal of Banking.

Reports of the Annual Meetings of the American Bankers’ Association.

Bradstreet’s and other periodicals devoted to economic, financial,

commercial, and monetary subjects.

Encyclopaedia Britannica.

Lalor’s Cyclopaedia of Political Science, Political Economy, and United States History. [Volume I (Abdication-Duty); Volume II (East India Company-Nullification); Volume III (Oath-Zollverein)]

 

OUTLINE OF A COURSE OF READING.

Two books are essential, and should be carefully studied:

  1. Jevons’s Money and the Mechanism of Exchange.
  2. Walker, F. A., Money in its Relations to Trade and Industry.

For the purpose of this course of lectures, no substitutes for these books could be suggested which would be of equal worth. If students wish to purchase a few more books, the following are recommended: Knox, United States Notes; Dunbar, Theory and History of Banking; Andrews, Institutes of Economics; Bagehot, Lombard Street: A Description of the Money-Market; Sumner, History of American Currency; Laws of United States relating to Loans, etc., 1886.

 

SHORT COURSE OF READING.

Jevons and Walker should be followed by the reading suggested at the beginning of each lecture. The reader will find frequent reference in these books to other books, and can follow the line of his special interest still further if he wishes. Some good text-book in Political Economy should be always at hand for the close study of the economic principles involved. Walker and Andrews are especially good on money.

 

LONGER COURSE OF READING.

After Jevons and Walker, Professor Bastable’s article on “Money,” in the Encyclopaedia Britannica (9th ed.), may be read as giving an admirable general review of the subject.

The historical evolution of money and money substitutes should be grasped before going deeply into the theory and the practical aspects of the subject.

Enough is given in Jevons, Walker, and Bastable on the subject of primitive money. Books of travel, writings of anthropologists, accounts of early institutions, history of ancient or barbarous peoples, old laws, early records of state, etc., furnish innumerable instances of all types of early money. The student should form the habit of making all his general reading aid his systematic special study.

On the subject of coins and coinage, read articles “Mint” and “Numismatics,” in the Encyclopaedia Britannica, Liverpool’s Coins of the Realm, pp. 25-56, Walker’s Money, Chapters IX., X., XL, and Linderman’s Money and Legal Tender. Linderman was formerly Director of the Mint, and has given a very clear and interesting account of the history of United States coinage and some of the processes of coinage. Consult the Laws of the United States relating to Loans and the Currency, Coinage and Banking (1886). The coinage laws from 1792 to 1886 are there given, pp. 211-288. Consult, also, Evans, United States Mint and Coinage. Visit the Mint, and learn as much as possible of the technical processes of coinage, and examine the various collections of United States and foreign coins.

The subject of the production of the precious metals is very important. Jacob’s book is the great authority, and will repay reading through, although rather long. Walker’s Money (the large work), in Chapters V.-VIII., treats historically of this subject, and follows Jacob quite closely. An excellent plan would be to read these chapters in Walker, referring constantly to Jacob, and reading such parts as are of special interest. Having thus got the general facts clearly in mind, read Adam Smith, Wealth of Nations, Book I., Chapter XI., ” Digression on the Variations in the Value of Silver,” for the sake of getting an idea of this old master. The most valuable discussions of the problems involved by great discoveries of gold and silver have been written since 1850. Read in Laughlin’s Bimetallism, Chapter V., on the gold discoveries; VIII., on production of gold since 1850; and XII., on cause of fall in value of silver. Follow this with the essay in Nicholson’s Money on the “Effects of Great Discoveries of the Precious Metals,” and Chapter VII. in the same book, on the international influences that fix general prices. The second article in Jevons’s Investigations, etc. (on the fall in the value of gold), may then be read, followed by “Changes in General Prices and in the Purchasing Power of Gold,” being Part VII. of Appendix D in Atkinson’s Report on Bimetallism. Various other parts of this Report will be found helpful. Patterson’s New Golden Age may be consulted with much profit. Wells’s Recent Economic Changes is excellent, as pointing out other factors than the quantity of money which may be operative in change of prices.

Passing on to credit substitutes for money, we take up first the “Organization of Credit” in the Banking System. Begin with Adam Smith’s account of the Bank of Amsterdam, Wealth of Nations, Book IV., Chapter III., Part I. Then read the chapters of Gilbart’s Banking, indicated below. Mr. Gilbart was a practical banker for half a century, from his twentieth year till his death in 1863. After twenty years’ experience in a London and in an Irish bank, and after publishing various writings on the subject of banking, he was made General Manager of the London and Westminster Bank, — the first of the Joint-Stock Banks in England, opened in 1834. It was largely through his efforts that the Joint-Stock Banks survived the opposition encountered on every side, and became established as a part of the English banking system. His book may be relied on for accuracy, and is clear in statement. Read §§ I. and II. for the early history of banks in England and elsewhere; §§ III.- VI. for an account of the Bank of England and the other English banks; § XXVIII. for a discussion of the relation of the Bank of England to the currency since the Act of 1844; § XXXV. for a sketch of the Clearing-House; and §§ XXXVI. and XXXVII. for a history of the crises of 1857, 1866, 1875, and 1878. Macaulay, in History of England, Chapter XX., tells in his graphic way the story of the founding of the Bank of England. It would be well to read also his third chapter on the state of England in 1685, and his account of the controversy over the Recoinage Act of 1696 (Chapter XXI.). Rogers’s First Nine Years of the Bank of England is very suggestive, admirably bringing out the political side of the movement for the Bank. Then read Professor Sumner’s discussion of the “Bank Restriction” in his History of American Currency, which also con tains the “Bullion Report.” Ricardo’s Works might well follow. Read Chapter XXVII. in his Principles of Political Economy, on “Currency and Banks,” and also one or two of his classical essays on currency questions. Next take up Bagehot’s Lombard Street: a Description of the Money-Market, a book written with all the nervous vigor and keen insight of this versatile author. While the book treats mainly English conditions, a clever shifting of recitals to the American money-market will throw much light on the intricate subject.

This reading will have taken the student over the Bank Charter Act of 1844 and its effects. Then read the article in Lalor on “Banks of Issue,” by Professor E. J. James, to get a general view of the subject and a clear idea of the scientific questions involved.

Turning now to American Currency and Banking, the article in Lalor, by John Jay Knox, on “Banking in the United States,” will be found the best introduction to the subject. He has described the National Bank system in his report as Comptroller of the Currency (Finance Report, 1875). Then read Sumner’s History of the American Currency. The subject of paper money is best approached through the history of American Government issues, both colonial and national. Follow Sumner with Knox’s United States Notes, Upton’s Money in Politics, and Sherman’s Speeches on the Currency. The Government compilation of Laws relating to Loans and the Currency, Coinage and Banking, published 1886, and before mentioned, should be constantly at hand for reference. Study the Legal-Tender Act and Legal-Tender Cases, the National Bank system, and the present coinage laws of the United States, so as to understand clearly our present currency. Bolles’s Financial History of the United States is especially useful. Colwell’s Ways and Means of Payment is an able, systematic treatise on money and credit, and might well be read at this point.

This reading will bring into view the principles underlying the whole monetary system as well as the practical questions at issue. For clear exposition and able discussion of these principles, especially in regard to the part played by credit as organized in the banking system, turn to J. H. Walker’s Money, Trade, and Banking, C. F. Dunbar’s Theory and History of Banking, and R. H. Patterson’s Science of Finance. This latter book discusses also the question of the relation of the state to the currency.

The problem of the monetary standard remains, — “The Battle of the Standards.”

A great classic is A Treatise on the Coins of the Realm, by Lord Liverpool, published at Oxford in 1805. The writer had held many high offices, — Secretary of the Treasury, Lord of the Treasury, President of the Board of Trade, among others. In 1774 he had successfully urged the recoinage of the gold coins. England had always had a silver standard; gold, however, being a legal tender at a certain fixed ratio to silver. The silver had become very worn. Coin was scarce, the bank having stopped specie payments in 1797. Lord Liverpool urged the change from a silver to a gold standard, the making of gold the sole, full legal tender, giving only a small legal- tender limit to silver as a subsidiary coin. This policy was substantially carried out by the Recoinage Law of 1816, which as amended in 1870 is the English law to-day, and Englishmen have now forgotten that they ever had a silver standard. S. Dana Horton says of this Treatise, it “became the great charter of Monetary Right for the Nineteenth Century.” It contains much valuable historical information on English coinage, as well as formal discussions of the nature and functions of money and the principles applying to a monetary system. Its bearing upon the bimetallic controversy is obvious. Then read Ricardo’s essay, “Proposals for an Economic and Secure Currency.” The book to be next read is Horton’s The Silver Pound and England’s Monetary Policy since the Restoration, or Horton’s Gold and Silver [sic, “Silver and Gold” is the correct title]. Laughlin’s Bimetallism in the United States should follow. The Report of the International Monetary Conference of 1878 is very valuable, containing an appendix filled with historical material bearing on this question, a brief account of the Latin Monetary Union, and an extensive bibliography mentioned above. Atkinson’s Report on Bimetallism in Europe will also be found useful. Nicholson has several good essays in favor of Bimetallism in his Money and Monetary Problems. Giffen writes on the other side. Read also Jevons’s essays on the subject in his Investigations, etc., and the chapter on “Bimetallism” in Walker’s Political Economy. Henry C. Carey’s Pamphlet on Financial Crises, and Willson’s Currency, pp. 250-284, would be a good introduction to the subject of panics. Follow with Jevons’s essays on Crises, in his Investigations, etc., and with Wells’s Recent Economic Changes.

A work of the highest importance is Lalor’s Cyclopaedia of Political Science. It should be diligently referred to throughout this entire course of reading. The unique value of this book is that it contains the whole political and eco nomic history of the United States in compact form, and with abundant reference to special authorities, while at the same time treating particular questions not merely in the light of American experience, but with a broad outlook upon European conditions, and in a manner truly scientific.

Finally, when the above outline of reading is exhausted, take up Andrews’s Institutes of Economics and study Part II., Exchange; Part III., Money and Credit; Part IV., Chapter III., Interest; Part VI., Chapters I.- III., United States Currency. It is compact with suggestive thought and an excellent stimulus to independent thinking on the part of the reader.

 

Source: From Sidney Sherwood, The History and Theory of Money, Appendix “Syllabus of the Preceding Course of Twelve Lectures on the History and Theory of Money” (Philadelphia: J. B. Lippincott, 1896) pp. 359-365.

Image Source: Photograph of Sidney Sherwood by photographer Blessing. Johns Hopkins University. Sheridan Libraries.

Categories
Bryn Mawr Columbia Economists Germany Pennsylvania

Columbia. Appointments of H. L. Moore, H. R. Seager, and A. S. Johnson, 1902

 

 

Memorial minutes of the Columbia University Faculty of Political Science for both Henry L. Moore and Henry R. Seager have been transcribed earlier here at Economics in the Rear-view Mirror. This post takes us back to the start of their Columbia University careers, namely the 1902-03 academic year. Professor Richmond Mayo-Smith’s suicide in November 1901 left a significant gap in Columbia’s economics faculty which was then closed with the appointment of Henry L. Moore.

_______________________

Columbia Announcement of the appointments of Henry L. Moore (Prof.) and Henry R. Seager (Adjunct Prof.), 1902

It seems fitting to introduce to the acquaintance of the readers of the QUARTERLY those who come from other universities to occupy professors’ chairs in our own. Professors Moore and Seager enter the service of the University in the School of Political Science…

Professor Henry L. Moore, who comes to us from Smith College, is thirty-two years of age; a native of Maryland and a graduate of Randolph-Macon College in Virginia. His special training in economics was received at the Johns Hopkins University, from which he received, in 1896, the degree of Ph.D., and in Vienna, where he was a pupil of Professor Karl [sic, “Carl”] Menger. He was appointed to an instructorship in economics in the Johns Hopkins University in 1896, and to a professorship in Smith College in 1897, though he continued after this, for a time, to give, in the Johns Hopkins University, lectures which treated of the application of mathematical principles to economic problems.

His chief published work is an essay on Von Thünen’s “Theory of Natural Wages,” which, beside throwing new light on a scientific problem, offers to the English reading student the best introduction to the study of the works of Von Thünen and of the extensive literature which has grown up about them.

Henry R. Seager, the new adjunct-professor of political economy, was graduated from the University of Michigan in 1890. During the next four years he studied at Johns Hopkins, Halle, Berlin, Vienna and the University of Pennsylvania, receiving the degree of Ph.D. from the last-named institution in 1894. From that date he was on the teaching force of the University of Pennsylvania, holding successively the titles of instructor and assistant professor of economics, till he accepted the call to Columbia. Professor Seager was for three years Secretary of the American Academy of Political and Social Sciences, and in 1900 he became editor-in-chief of the Annals, the magazine published by the Academy. His publications in periodicals have been numerous, and his more important works include “The Finances of Pennsylvania,” “The Teaching of Economics at Berlin and Vienna,” [JPE, March 1893]The Fallacy of Saving,” and “The Teaching of Economics and Economic History.”

Source: Columbia University Quarterly, v. 4, June 1902, pp. 293-94.

_______________________

Announcement of the Columbia appointments of Henry R. Seager (Adjunct Prof.) and Alvin Saunders Johnson (Reader), 1902

Columbia University.- Doctor Henry R. Seager has resigned his position of Assistant Professor of Political Economy at the University of Pennsylvania, and has accepted the position of Adjunct Professor of Political Economy in Columbia University. His duties in Columbia University will begin with the opening of the coming academic year.

Mr. Seager has published the following papers:

German Universities and German Student Life.” The Inlander, June, 1892.

Economics at Berlin and Vienna.” Journal of Political Economy, March, 1893.

Philippovich’s Grundriss der Politischen-Oekonomie.” ANNALS, July, 1893.

Pennsylvania Tax Conference.” Ibid., March, 1894.

Seventh Annual Meeting of the American Economic Association.” Ibid., March, 1895.

Malloch’s Labour and the Popular Welfare, and Dyer’s The Evolution of Industry.” The Citizen, June, 1895.

Cunningham’s Outlines of English Industrial History.” ANNALS, January, 1896.

Bruce’s Economic History of Virginia in the Seventeenth Century.” Ibid., 1896.

The Fallacy of Saving.” Supplement to Economic Studies, American Economic Association, April, 1896.

Smart’s Studies in Economics.” The Citizen, August, 1896.

Stray Impressions of Oxford.” The Pennsylvanian, February, 1897.

Higgs’ The Physiocrats.” ANNALS, July, 1897.

Gibbins’ Industry in England.” Ibid., September, 1897.

Bullock’s Introduction to the Study of Economics.” Ibid., November, 1897.

The Consumers’ League.” Bulletin of American Academy, April, 1898.

George’s Political Economy.” Political Science Quarterly, December, 1898.

Devine’s Economics.” ANNALS, March, 1899.

Hull’s The Economic Writings of Sir William Petty.” Ibid., May, 1900.

Smart’s The Distribution of Income.” Ibid., July, 1900.

Clark’s The Distribution of Wealth: A Theory of Wages, Interest and Profits.” Ibid., September, 1900.

Editorial. Ibid., January, 1901.

Meeting of American Economic Association.” Ibid., March1901.

Professor Patten’s Theory of Prosperity.” Ibid., March, 1902.

Editorial. Ibid.

Meeting of American Economic Association.” Ibid.

Crowell’s The Distribution and Marketing of Farm Products.” Report of United States Industrial Commission, Vol. VI, 1901. Political Science Quarterly, March, 1902.

Mr. Alvin Saunders Johnson, at present Reader in Economics at Bryn Mawr College, Pa., has been appointed Tutor in Economics at Columbia University, New York City. His work in Columbia will begin at the opening of the coming academic year.

Source: Personal Notes, Annals of the American Academy, Vol. 19 (May, 1902), pp. 103-104.

Image Sources: Henry Moore (left) Smith College, Classbook of 1902, p. 11. and Henry Seager (right) Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Economists Gender Johns Hopkins Pennsylvania

John Hopkins. Economics Ph.D. alumna Peggy Richman née Brewer, later Musgrave. 1962

 

Assortative mating is often observed among the Econ. The last post was dedicated to the Harvard economics Ph.D. alumnus, Richard Abel-Musgrave (1937) and what was good for that gander should be presumed to be good for today’s goose as well, meaning here, the Johns Hopkins economics Ph.D. alumna (1962) and future spouse of Richard Musgrave, Peggy Brewer Musgrave.

The official obituary reproduced in this post comes from the collection of emeriti obituaries at the University of California, Santa Cruz. I casually note that we discover that the young Englishwoman Peggy Brewer worked in the O.S.S. during World War II. I presume if there were more to her service than being a desk jockey in an analytic or clerical capacity, a story would have found its place in the obituary.

Let us note that Peggy Richman née Brewer, later Musgrave, received her Ph.D. at age thirty-eight…Nevertheless she persisted! And she succeeded both personally and professionally.

______________________

Johns Hopkins Dissertation

Peggy (Brewer) Richman. Taxation of Foreign Investment Income: An Economic Analysis. Baltimore: Johns Hopkins Press, 1963. Based on the author’s Ph.D. dissertation, Johns Hopkins University, 1962.

______________________

University of California, Santa Cruz
Obituary

Peggy B. Musgrave
(1924-2017)

Professor Emerita Peggy B. Musgrave has died in New Jersey, at the age of 93. Born in Maldon, England in 1924, Peggy’s parents, Herbert and Blanche Brewer, were of modest means. Her father, however, was a self-taught intellectual; one whose writings had attracted the attention of George Bernard Shaw and Sir Norman Angell, among others. Surrounded, as she was, by his books on science, natural history, and philosophy, it was inevitable that her own intellectual curiosity would lead her to pursue a life of academic research and scholarship; she wasted no time. At the age of eleven, she passed the entrance examination to the local Grammar School, and at eighteen matriculated to Cambridge University, the first student from her school to have done so; in celebration, the school was given a holiday.

Unfortunately in 1944, in the midst of WWII, Peggy’s approaching Cambridge graduation was short-circuited by conscription into war service. Consequently, she served in the American OSS until the end of the war, in London, and it is there that she met and married a fellow OSS officer, and moved to the U.S.

Following a stint at the United Nations Food and Agriculture Organization, Peggy concurrently completed her B.A. and M.A. in economics at American University in Washington D.C., and shortly thereafter an economics PhD. at Johns Hopkins; her thesis was published in book form. Also, during this time she worked as a summer intern at both the Federal Reserve and the International Tax Division of the Treasury Dept.

She began her professional life as a senior research associate at Columbia University and a member of a study group on economic integration in Common Markets headed by Prof. Carl Shoup. The mid-sixties found her teaching international economics at the University of Pennsylvania, where she had been appointed as an assistant professor. It was at this point that Peggy was with her second husband, soul-mate and love of her life, Richard A. Musgrave, who was then teaching at Princeton University. Now together, they moved to Cambridge, MA., where he had taken up the H.H. Burbank Professorship in public economics at Harvard. Peggy then joined the International Tax Program at the Harvard Law School where she produced further publication.

Peggy continued her academic career, first as an associate and then full professor at Northeastern University in Boston; and it was at this point that she and Richard, full-bore academic collaborators, were invited to San Francisco as visiting Ford Research Professors at Berkeley; and while working at Berkeley, the University of California offered the professorship at Santa Cruz. She served at UCSC until 1992, and was heavily involved in both teaching and administration. She was provost of Crown College at UCSC from July 1, 1987-1989.

Her husband, the noted scholar on public finance, then retired from Harvard, also spent two years as an adjunct professor at UCSC. He died in 2007 at the age of 96.

Peggy’s economics scholarship followed from her principal interest in the taxation of foreign investment; a subject concerning which she testified at several Congressional hearings; and about which she wrote a white paper for the Senate Foreign Relations Committee.

She was a member of the American Economic Association, the National Tax Association, and was an Honorary member of the International Institute of Public Finance; as well, an honorary board member of the Center for Economic Studies at the University of Munich. The International Institute of Public Finance (IIPF) created the “Peggy and Richard Musgrave Prize” in 2003 to honor and encourage younger scholars whose work meets the high standards of scientific quality, creativity and relevance that has been a mark of the Musgraves’ contribution to public finance.

Peggy is survived by three children, Pamela Clyne of New Jersey, Roger Richman of Malibu, Ca., and Thomas Richman, of Boulder, Co., four grandchildren, and three great-grandchildren. Her ashes will be buried with those of her husband and his father in Cambridge, MA. The memorial will be private.

Source (and image): From the emeriti obituaries collection at the University of California, Santa Cruz.

Categories
Exam Questions Pennsylvania Syllabus

Pennsylvania. Theories of business cycles. Reading assignments and exam. Weintraub, 1954-55.

 

The following list of course reading assignments and final exam come from the first semester of Sidney Weintraub’s course at the University of Pennsylvania during the academic year 1954-55 that surveyed business cycle theories. There are an additional two pages of added readings in Weintraub’s papers but I accidentally missed copying the first page and will need to add that list later. 

I found a copy of the final exam for the second semester of the course, appended below, that reveals the more empirical emphasis of the second semester. Hopefully we will find a copy of the syllabus for the second semester.

_______________________

Brief Bio

Sidney Weintraub (1914-1983) was an American economist and a professor who specialized in the post-Keynesian school of economics. He was best known for his proposal to use the federal income tax to discourage wage and price inflation in a tax-based incomes policy (TIP). Raised in New York, Weintraub studied at the London School of Economics before being forced to return to the United States at the outbreak of World War II. He earned his Ph.D. from New York University in 1941, and began teaching economics at St. John’s University following the war. He joined the Wharton School at the University of Pennsylvania in 1950, where he remained for the rest of his career. Weintraub also founded and co-edited the Journal of Post Keynesian Economics.

Weintraub married Sheila Ellen Weintraub and had two sons, E. Roy and A. Neil Weintraub. E. Roy Weintraub is an economics professor at Duke University.

Source: Preliminary Guide to the Sidney Weintraub Papers. Duke University, David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Project.

_______________________

ECONOMICS 612
Theories of Business Cycles
Fall Term 1954-55

Assignment Sheet

The first semester will be devoted to a study of theories of business fluctuations with readings largely confined to original sources. Classroom discussion will center upon the logical structure of the theories. The added references constitute suggestions for further reading on the specific topics but are not a prerequisite for the particular class session.

Session 1. Introduction: Early Cycle Theory.
Session 2. Underconsumption and Overinvestment theories.

a. Underconsumption theories: John Hobson, The Industrial System, pp. 39-54, 284-301;
W. T. Foster and W. Catchings, Profits, pp. 247-282, 398-421.

b. Overinvestment theories: A. Spiethoff, “Business Cycles”, in International Economic Papers(No. 3), pp. 75-81, 147-171;
Gustav Cassel, in Hansen and Clemence [H. and C.], Readings in Business Cycles, pp. 116-128.

Session 3. Psychological Impulse and Cumulative Propagation.

A.C. Pigou, Industrial Fluctuations, pp. 26-35, 72-98;
Albert Aftalion, in H. and C., Readings, pp. 129-138.

Session 4. Wesley Mitchell: Eclecticism and Quantitative Verification.

W. Mitchell, Business Cycles: The Problem and Its Setting, pp. 47-60, 376-378, 451-468 and pp. 150-165 in H. and C., Readings: “What Happens During Business Cycles,” pp. 6-12, 251-255.
Also, A. F. Burns, Frontiers of Economic Knowledge, pp. 187-198.
Read Schumpeter, Vol. I, Ch. 2

Session 5. Monetary Disequilibrium.

Warburton, [“The Misplaced Emphasis in Contemporary Business Fluctuation Theory”, in] Readings in Monetary Theory [1951].
R. G. Hawtrey, “The Trade Cycle”, pp. 330-349 in AEA Readings in Business Cycle Theory.
F. A. Hayek, Monetary Theory and the Trade Cycle, Ch. 3 and Prices and Production (2nded.) pp. 65-88.

Session 6. Swedish Contributions: The Cumulative Process.

K. Wicksell, “The Enigma of Business Cycles”, in International Economic Papers (Vol. 3), pp. 58-74.
J. R. Hicks, Value and Capital, pp. 283-302.

Session 7. Innovations and Investment Irregularity.

J. Schumpeter, pp. 1-19 in AEA Readings in Business Cycle Theory. (Also, Clemence and Doody, The Schumpeterian System, pp. 9-22, 95-101).
D. H. Robertson, pp. 166-174 in H. and C., Readings.

Session 8. Long Waves and Cycles.

N. Kondratieff, pp. 20-42 in AEA, Readings;
G. Garvy, pp. 438-466 in H. and C., Readings.

Session 9. J. M. Keynes: Income Levels and Cycles.

J. M. Keynes, General Theory, Ch. 22.

Session 10-11. Neo-Keynesian Theories.

J. R. Hicks, The Trade Cycle.

Session 12. Econometric Theories.

T. C. Koopmans, “The Econometric Approach to Business Fluctuations” AEA (Proc. May 1949).

Session 13. Economic Trends and Cycles.

S. Kuznets, Economic Change, pp. 125-144.
A. F. Burns, Frontiers, pp. 107-134.

Session 14-15. Contemporary Critiques of Cycle Theory.

R. A. Gordon, “Business Cycles: The Quantitative Historical Approach”, AEA(Proc. May 1949), pp. 47-63.
C. Warburton, “The Theory of Turning Points in Business Fluctuations”, QJE(Nov. 1950); see , [“The Misplaced Emphasis in Contemporary Business Fluctuation Theory”, in]  Readings in Monetary Theory.
A. Knox, “On a Theory of the Trade Cycle”, pp. 267-277 in H. and C., Readings;
N. Kaldor, “Economic Growth and Cyclical Fluctuations”, Economic Journal(Mar. 1954).

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Sidney Weintraub Papers, Box 19, Folder 1a “Miscellany Notes”.

_______________________

Final Examination.
Economics 612.
January 1955

Answer all questions.

  1. In which theories do you find the view that business cycles are chiefly a manifestation of capitalist growth? Explain the individual analyses and differences at some length.
  2. Referring to (1), indicate the theories in which the growth aspect is either ignored or denied, and the reasons for its suppression.
  3. Irving Fisher declared: “I see no reason to believe in “the” business cycle. It is simply the fluctuation about its own mean.” Discuss.
  4. Lloyd Metzler wrote: “Traditional theory usually assumed that the economic system is inherently unstable……” argue, pro and con.
  5. There have been several attempts to place causal emphasis on agriculture as the cycle-maker. Explain the major ones briefly. Prepare the strongest possible argument for the agricultural thesis.
  6. Wesley Mitchell placed substantial stress on the lag of retail prices behind wholesale prices, as well as the failure of wages to move synchronously with finished goods prices. Do you think that these divergent price movements are major cycle factors? Why?

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Sidney Weintraub Papers, Box 15, Folder 16 “Miscellany Notes”.

_______________________

Economics 612
Final Exam
June 3, 1955
11:00-1:30

Answer 3 out of 4

  1. a. Discuss the major conceptual and statistical limitations of the national income and product data published by the U. S. Department of Commerce.
    b. Describe and evaluate the National Bureau of Economic Research approach to the measurement and forecasting of business cycles.
  2. a. Discuss the major factors which might be expected to affect individuals’ saving and the relevant empirical evidence from cross-sectional data.
    b. Describe and appraise the major statistical relationships which have been developed to explain fluctuations or variations in individuals’ saving.
  3. Summarize and evaluate the empirical evidence on the factors determining the demand for (a) plant and equipment and (b) inventories.
    In your answer indicate briefly the economic rationale of the statistical relationships you refer to.
  4. a. Write out a system of equations which on the basis of experience to data you might utilize to forecast economic activity for the next year, indicating both limitations and possible future improvements.
    b. Discuss and evaluate the types of models developed by Lawrence Klein and others.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Sidney Weintraub Papers, Box 19, Folder 1a “Miscellany Notes”.

Image Source: Gonçalo L. Fonseca’s The History of Economic Thought Website: biography of Sidney Weintraub.