The 1947 requirements for Ph.D. students are vague with respect to the precise courses that would adequately prepare candidates for their core theory examinations. At that time Economic Theory I (course number changed from 101 to 201 in 1948) was taught by Edward Chamberlin and Economic Theory II (course number changed from 102 to 202 in 1948) by Wassily Leontief. While I suppose there would have been graduate students with sufficient preparation who could have taken both the MW(F) course by Chamberlin and the TTh(S) course offered by Leontief (both at noon) simultaneously, I could easily imagine these courses would have been taken in sequence over two years by typical students. Thus this posting gives the reading list for Economics 101 with Chamberlin for 1947-48 and the next posting will be for Economics 202 with Leontief for 1948-49.
A comparison with Chamberlin’s reading list from a decade earlier reveals a modest streamlining of his course with the only major change being the addition of Welfare Economics to the end of the second semester.
From the Harvard archives’ collection of final examination papers, I was able to transcribe the questions from the final examinations in both Economics 101a and 101b for the 1947-48 academic year.
Bibliographic note: I have added the explicit titles of readings only identified by number in Chamberlin’s reading list from a published collection of reprinted essays and papers edited by Frank E. Norton. The title Explorations in economics refers to Explorations in economics: Notes and essays contributed in honor of F. W. Taussig published by McGraw-Hill in 1936.
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Economics 101a
Fall, 1947
I. Brief Survey of Markets; Demand and Supply
Boulding, Economic Analysis, Chapters 1-5; pp. 177-9.
Marshall, Principles, Book V, chapters 1, 2.
Chamberlin, Monopolistic Competition, Chapter 2.
Mill, Principles, Book III, Chapter 2.
II. Cost vs. Utility, and the Marshallian Synthesis
Mill, Principles, Book III, Chapters 3, 5.
Boehm-Bawerk, Positive Theory of Capital, Books III, IV.
Marshall, Principles, Appendix I; Book V, chapters 3-5; Book IV, Chapter 13; Book V, Chapters 8, 9, Appendix H.
Boulding, Economic Analysis, Chapter 7.
Suggested:
Ricardo, Political Economy, Chapter 1.
Mill, Book III, Chapters 1, 4, 6.
Jevons, Theory of Political Economy, Chapters 3, 4.
Marshall, Book III and remainder of Book V
Keynes – “Alfred Marshall,” Economic Journal, September 1924. (Also in Keynes, Essays in Biography.)
III. Further Analysis of the Production and Consumption Functions; Indifference Curves
Boulding, Chapters 22, 23, 29, 30 (omit pp. 669-676).
Monopolistic Competition, Appendix B.
Suggested:
Hicks, Value and Capital, Chapters 1-3.
IV. Monopoly and Monopolistic Competition
Robinson, Economics of Imperfect Competition, Chapter 2.
Chamberlin, Monopolistic Competition, Chapters 1-7 (to page 149); Appendix C.
Alsberg, C. L., “Economic Aspects of Adulteration and Imitation,” Quarterly Journal of Economics, 1931.
Robinson, Imperfect Competition, Chapter 15, Sections 1-4.
Suggested:
Monopolistic Competition, Chapter 9.
Burns, A.R., The Decline of Competition, Chapter 8, “Non-Price Competition”.
Robinson, Imperfect Competition, balance of chapters 15, 16.
Pigou, Economics of Welfare, Chapters on “Price Discrimination” and “The Special Problem of Railway Rates.”
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Economics 101b
Spring Term, 1947-48
Economic Theory — Professor Chamberlin
I. Selling Costs; Discrimination:
Monopolistic Competition, Chs. 6, 7 (to page 149)
Robinson, Economics of Imperfect Competition, Chapters 15, Sections 1-4.
Suggested:
1. Monopolistic Competition, balance of Ch. 7.
2. Robinson, Imperfect Competition, balance of 15, 16.
3. Pigou, Economics of Welfare, Chs. on “Discriminating Monopoly,” and “The Special Problem of Railway Rates.”
II. Distribution — General; Wages
Boulding, Economic Analysis, Ch. 11; Review 22, 23.
Marshall, Principles, Book VI, Chapters 1-2.
Hicks, Theory of Wages, Chs. 1-4.
Readings in the Theory of Income Distribution, 8, 12.
[Norton, Frank E. (ed.). Readings in the Theory of Income Distribution. Philadelphia and Toronto: Blakiston Company, 1946. 8. Machlup, Fritz (1936). “On the meaning of the marginal product” in Explorations in Economics. 9. Robertson, Dennis H. (1931). “Wage-grumbles” in Economic Fragments.]
Monopolistic Competition, Ch. 8; pp. 215-18 (5th ed.).
Hicks, Chs. 6, 5.
Marshall, Book VI, Chs. 3-5.
Taussig, Principles, 4th ed., Ch. 52 (or 3rd revised ed., Ch. 47).
Mill, Principles, Book V, Ch. 10, Section 5.
Taussig, 4th ed., Vol. II, Ch. 59, Sections 1, 2, 7.
Hicks, Ch. 7, pp. 179-185.
Readings, 19
[19. Dunlop, John T. (1942). “Wage policies of trade unions,” American Economic Review.
Suggested:
1. Readings, 1-5.
[1. Kuznets, Simon S. (1933), “National income,” in Encyclopaedia of the Social Sciences.
2. Gilbert, Milton and Jaszi, George (1944). “National product and income statistics as an aid in economic problems,” Dun’s Review.
3. Clark, John Maurice (1931). “Distribution” in Encyclopaedia of the Social Sciences.
4. Bowman, Mary Jean (1945). “A graphical analysis of personal income distribution in the United States,” American Economic Review.
5. Cassels, John M. (1936). “On the law of variable proportions” in Explorations in Economics.]
2. Douglas, Theory of Wages, Chs. 1-3.
3. J. B. Clark, Distribution of Wealth, Chs. 7, 8.
4. Simonds, “Some Reflections on Syndicalism,” J.P.E., 1944.]
III. Interest:
Böhm–Bawerk, Positive Theory, Book I, Ch. 2; Book II, Book V.
Marshall, Principles, Book IV, Ch. 7; Book VI, Ch. 6.
Wicksell, Lectures, Vol. I, pp. 144-171,185-195, 207-218.
Clark, J. B., Distribution of Wealth, Chs. 9, 20.
Recommended: Fisher, I., Theory of Interest, Chs. 5, 6.
Readings, 20, 21
[20. Hayek, Friedrich A. von (1935-36). “The mythology of capital,” Quarterly Journal of Economics.
21. Knight, Frank H. (1946). “Capital and interest” in Encyclopaedia Brittanica.]
IV. Rent:
Ricardo, Ch. 2.
Marshall, Book V, Chs. 8-11.
Robinson, J., Economics of Imperfect Competition, Ch. 8.
V. Profits:
Marshall, Book VI, Ch. 5, Section 7; Chs. 7, 8.
Taussig, Principles, (4th ed.), Vol. II, chapter 49, section 1 (3rd revised ed., Ch. 50, Section 1)
Henderson, Supply & Demand, Ch. 7.
Readings, 29.
[29. Gordon, Robert A. (1936). “Enterprise, profits and the modern corporation” in Explorations in Economics.]
Monopolistic Competition, Ch. 5, Sec. 6; Ch. 7, Sec. 6; Appendices D, E.
Schumpeter, Theory of Economic Development, Chs. 1-4.
Suggested:
Readings, 27.
[27. Knight, Frank H. (1934). “Profit” in Encyclopaedia of the Social Sciences.]
VI. Welfare Economics:
Pigou, Economics of Welfare, Part I, Ch. 1.
Lerner, Economics of Control, Chs. 1-7, 9.
Meade and Hitch (or Meade), Economic Analysis and Policy, Part II, Ch. 6.
Robbins, L., “Interpersonal Comparisons of Utility: A Comment,” Economic Journal, December, 1938.
Hicks, “The Foundations of Welfare Economics,” Economic Journal, December, 1939.
Schumpeter, Capitalism, Socialism and Democracy, Chs. 16, 17.
Suggested:
1. Lerner, Economics of Control, further chapters.
2. Pigou, Economics of Welfare, Part I; Part II, Chs. 1-11.
3. Lange, O., “The Scope and Method of Economics,” Review of Economic Studies, Vol. XIII (1).
4. de Scitovsky, T. “A Note on Welfare Propositions in Economics,” Review of Economic Studies, Vol. IX (1).
5. Baumol, W. J., “Community Indifference,” Review of Economic Studies, Vol. XIV (1).
6. Schelling, T. C., “On the Formulation of Welfare Propositions,” (Manuscript at desk in Littauer Library).
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Source: Harvard University Archives, Syllabi, course outlines and Reading lists in Economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder: Syllabi, course outlines and reading lists in Economics, 1947-48.
Image Source: Harvard Album, 1946.