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Harvard. Final exam for transportation economics. Chamberlin, 1932

 

 

Every year from 1927/28 through 1931/32, Edward Chamberlin taught a semester-long course on the economics of transportation. The course outline with reading assignments was posted earlier. This posting provides us with a short course description published in the annual announcements of the Division of History, Government, and Economics, 1929-30, followed by the final examination questions for the last time Chamberlin taught economics of transportation.

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Course Description [1929-30]

[Economics] 4a 1hf. Economics of Transportation

Half-course (first half-year). Tu., Th., Sat., at 11. Asst. Professor Chamberlin

An historical outline will be followed in turn by discussion of the problems in rates, finance, and legislation, domestic and foreign.

 

Source: Harvard University. Official Register of Harvard University, Vol. XXVI, No. 36 (June 27, 1929). Division of History, Government, and Economics 1929-30, p. 67.

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Final Examination
Economics of Transportation
Assistant Professor Edward H. Chamberlin

1931-32
HARVARD UNIVERSITY

ECONOMICS 4a

I

(One hour)

Choose the question relating to the reading period assignment which you have read.

  1. (Waterways.) Write on the St. Lawrence Navigation and Power Project as an agency for: (a) agricultural relief; (b) the relief of traffic congestion; and (c) railway rate control. Do you think the project is economically justified?
  2. (Rates.) Explain, illustrate, and contrast the equalization and the distance principles in rate making. What new light is thrown on the problem of rates by Clark’s analysis of railway costs?
  3. (Valuation.) The “final value” of the Richmond, Fredericksburg and Potomac railroad has been announced by the Interstate Commerce Commission since the Supreme Court decision in the St. Louis and O’Fallon case, and the Commission has begun recapture proceedings against the road. The case may soon be appealed to the Supreme Court. On purely economic grounds, what basis of valuation do you think the Commission should have adopted? How, if at all, would your answer be different, taking into account legal reasons, especially in light of the O’Fallon decision?

 

II

The Act of 1920 provided that the Interstate Commerce Commission should have the power (a) to fix minimum rates; (b) to establish just divisions of joint rates; and (c) to permit pooling. Explain briefly the importance of each of these provisions.

 

III

Is there a need for regulation of motor transport (a) to protect the public from unfair rates? (b) to protect the railroads from unfair competition? Why or why not in each case?

 

IV

Hearings are now being held in Washington on the consolidation of all the railroads in trunk line territory into four large systems. What advantages and disadvantages may accrue (a) to the individual railroads concerned, and (b) to the public, if the project is approved by the Commission and carried through?

 

V

Write briefly on TWO of the following

  1. The significance of the back haul in railroad rate making.
  2. The importance of the ratio of stocks to bonds in railroad finance.
  3. Railway consolidation policy in England.

 

Final, 1932.

 

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001 (HUC 7000.28, 74 of 284). Examination Papers, Finals , 1932.

Image Source: Edward H. Chamberlin from Harvard Class Album 1932.