In the Fall term of 1948-49 assistant professor Richard M. Goodwin took over the graduate course in Mathematical Economics at Harvard from Wassily Leontief (who last taught the course during the academic year 1946-47).
Earlier postings at Economics in the Rear-View Mirror for Goodwin:
Reading list for a course on business cycles,
Letters from Burbank and Schumpeter on Goodwin’s behalf to Columbia,
and a 1951 Harvard Crimson feature written by the Edward Snowden precursor, Daniel Ellsberg (who leaked the Pentagon Papers in 1971).
Some might see “physics envy” in Goodwin’s selection of reference texts. But do remember, there was hardly a plethora of books on mathematical methods in economics to choose from at that time.
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[Course Announcement]
Economics 204b (formerly Economics 104b). Mathematical Economics
Half-course (fall term). Tu., Th., 2:30-4. Assistant Professor Goodwin.
Properly qualified undergraduates will be admitted to this course.
Source: Harvard University. Final Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1948-49, p. 77.
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[Course enrollment]
[Economics] 204b (formerly 104b). Mathematical Economics (F). Assistant Professor Goodwin.
2 Graduates, 3 Seniors, 1 Junior, 1 Public Administration, 2 Radcliffe: Total 9
Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1948-49, p. 77.
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1948-49
Economics 204b
A
Partial Analysis
- The Role of Logical and of Empirical Elements in Economics
- Power Series and Linear Approximations
- Marshallian Static Market
- Dynamical Partial Equilibrium with examples of first and second order differential equations
- Durable Goods Markets, The Acceleration Principle and Simple Aggregative Mechanisms
- The Cob-web Theorem and the Multiplier
First Order Difference Equations - Inventory Cycles
Second Order Difference Equations
Reading Assignments:
P. Frank, Foundations of Physics, Parts I, II and Section 14.
P. A. Samuelson, Foundations of Economic Analysis, Chs. I, II, IX, and X, pp. 302-307
Marshall, Principles of Economics, Book V, Ch. I, II, III
R. Frisch, “The Interrelation between Capital Production and Consumer Taking”, Journal of Political Economy, 1931.
M. Ezekiel, “The Cob-web Theorem,” in Readings in Business Cycle Theory
R. M. Goodwin, “The Multiplier,” in The New Economics, ed. S. E. Harris
L. A. Metzler, “The Nature and Stability of Inventory Cycles,” Review of Economic Statistics, 1941.
Ibid., “Factors Governing the Length of Inventory Cycles,” Review of economic Statistics, 1947.
B
General Interdependence
- The Leontief Matrix, Linear Systems
- The Multiplier as Matrix: Static Analysis, Inhomogeneous Systems
- The Multiplier as Matrix: Dynamic Analysis, Dynamical Difference Equation Systems
- Linear Dynamic Systems in Economics
Reading Assignments:
T. Haavelmo, “The Interdependence Between Agriculture and the National Economy, J.F.E. [Journal of Farm Economics], 1947.
W. Leontief, The Structure of the American Economy, pp. 1-42.
Ibid., “Output, Employment, Consumption, and Investment,” Q.J.E., 1944.
R. M. Goodwin, “Dynamical Coupling,” Econometrica, 1947.
Reading Period: (Read all of the following)
J. Tinbergen, “Econometric Business Cycle Research,” in Readings in Business Cycle Theory.
P. A. Samuelson, “Interactions between the Multiplier Analysis and the Principle of Acceleration,” in Readings.
Ibid., “Dynamic Process Analysis,” in A Survey of Contemporary Economics, ed. by H. S. Ellis.
Ibid., Foundations of Economic Analysis, Chs. XI and XII.
[Handwritten on back of library copy
of reading list by Richard M. Goodwin]
To be put on reserve for
Ec 204b
A. C. Aitken, Determinants and Matrices
F. L. Griffin, Introduction to Mathematical Analysis
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers and Physicists
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis
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[Handwritten note by Richard M. Goodwin]
Oct. 22, 1948
Reading Room
Widener Lib.
Dear Sirs:
I would like to have the following books put on reserve for Economics 204b.
A. C. Aitken, Determinants and Matrices
R. Courant, Differential and Integral Calculus vol I and II
L. A. Pipes, Applied Mathematics for Engineers
R. G. D. Allen, Mathematical Analysis for Economists
P. A. Samuelson, Foundations of Economic Analysis
P. Frank, Foundations of Physics
S. Harris, editor, The New Economics
Thanking you, I am
Sincerely
[signed]
Richard M. Goodwin
Source: Harvard University Archives. . Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1), Box 4, Folder “Economics 1948-1949 (2 of 2)”.
Image Source: Harvard Album, 1946.