Harvard. Principles of Economics. Reading assignments, Exams, 1928

 

Partial course outlines from Harvard’s principles of economics course from 1927-28 and 1928-29 were found filed with the economics course outlines for 1938-39 in the Harvard Archives. The principal instructors for the courses in both years were Harold Hitchings Burbank and Edward Hastings Chamberlin, so combining the first semester outline from 1928-29 with the second semester outline from 1927-28 as transcribed below gives us a synthetic syllabus for the 1927-29 years. This post also includes enrollment figures for the two academic years as well as the corresponding semester final exams for the course. Links to the assigned textbooks have been added to complete the package.

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Course Announcement and Description

ECONOMICS
GENERAL STATEMENT

Course A is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It may not be taken by Freshmen without the consent of the instructor. Students concentrating in Economics should elect Course A in their Sophomore year, except in unusual cases. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics A…

INTRODUCTORY COURSES
Primarily for Undergraduates

A. Principles of Economics

Tu., Th., Sat., at 11. Professor [Harold Hitchings] Burbank, Dr. [Edward Hastings] Chamberlin, Dr. [Charles Holt] Taylor, and Messrs. [John Bever] Crane, [Melvin Gardner] de Chazeau, [Edgar Jerome] Johnson, [Delmar] Leighton, [Talcott] Parsons, [Carl Johann] Ratzlaff, [James Harold] Shoemaker, [Samuel Sommerville] Stratton, [John Phillip] Wernette, [Harry Dexter] White and [Earle Micajah] Winslow; with lectures on selected subjects by Professor [Frank William] Taussig and other Members of the Department.

Course A gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes an analysis of the present organization of industry, the mechanism of exchange, the determination of value, and the distribution of wealth.

The course is conducted entirely by oral discussion in sections. Taussig’s Principles of Economics is used as the basis of discussion.

Course A may not be taken by Freshmen without the consent of the instructor.

Source:  Official Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928). Division of History, Government, and Economics 1928-29, pp. 63-64.

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Enrollment in Economics A, 1928-29

[Economics] A. Professor Burbank and Dr. Chamberlin, Dr. Taylor and Messrs. Leighton, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and Ratzlaff, Crane and Shoemaker. — Principles of Economics.

Total 477: 55 Seniors, 127 Juniors, 242 Sophomores, 26 Freshmen, 27 Others.

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 71.

 

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EXHIBIT D
First Half

OUTLINE OF STUDY FOR ECONOMICS A
1928-29

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, Vol. I, 3^rd edition, (New York: 1921).

Sept. 27 Sept. 29	Lecture. Lecture.
Oct. 1 – 6	Taussig, Principles	1. Wealth and Labor. 2. Labor in Production. 3. Division of Labor and Development of Modern Industry.
Oct. 8 – 13	” ” ” Robertson	4. Large Scale Production. 5. Capital. 6. Corporate Organization of Industry. 1 – 3. Control of Industry.
Oct. 15 – 20	Taussig ” “	8. Exchange, Value, Price. 9. Value and Utility. 10. Market Value. Demand and Supply.
Oct. 22 – 27	” ” “	17. Coinage. 18. Quantity. 19. Secs. 2, 3, 4: History of Prices.
Oct. 29 – Nov. 3	” ” “	20. Bimetallism. 22. Changes in Prices. 23. Government Paper Money
Nov. 5 – 10	” “	24. Banking and Medium of Exchange. 25. Banking Operations.
Nov. 12 – 17	” ” “	27. Banking System of United States 28. Crises. 29. Panics.
Nov. 19 – 24	” ” Hour Exam	30. Prices. 31. Reform.
Nov. 26 – Dec. 1	” ” ” Henderson	Review 8, 9, 10. 12. Constant Cost. 13. Diminishing Returns. Demand and Supply (Nov. 26 to Dec. 15).
Dec. 3 – 8	Taussig “	14. Varying Cost. 15. Monopoly.
Dec. 10 – 15	” Henderson:	16. Joint Cost and Joint Demand. Ch. 5. Demand and Supply.
Dec. 17 – 22	Taussig	32. The Foreign Exchanges
RECESS Dec. 23 to Jan. 2
Reading Period Jan. 2 to 16  [No additional reading requirements]
Jan. 2 – 7	Taussig “	33. International Payments. 34. International Trade.
Jan. 9 – 14	” “	36. Protection. 37. Free Trade.
MIDYEARS:

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

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1928-29
HARVARD UNIVERSITY
ECONOMICS A
[Mid-Year Examination, 1929]

1. Many business men are hoping for a period of rising prices; some financial writers are prophesying that it is inevitable. Assuming no change in our existing monetary and banking laws, what causes might lead to an increase in prices? How would such rising prices tend to affect the holders of various types of securities?
2. “Some people argue that price is determined by cost of production; and yet they admit that producers with too high costs have to drop out. Thus it is clear that in reality a producer’s cost is determined by the price he can get, consequently price cannot be determined by cost of production.” Comment on this statement.
3. What influence has the existence of joint cost upon the development of large scale production?
4. It has been stated that with the Federal Reserve System in operation there will never be a recurrence in the United States of such (a) crises and (b) panics as occurred in 1893 and 1907. Do you agree?
5. What attitude toward the tariff would you expect to be taken by a banker who has made large loans abroad, by a manufacturer of woolen cloth, by a professor of economics, by a Louisiana politician?
6. Explain briefly:
   1. The principles of subsidiary coinage.
   2. The relation between markets and the division of labor.
   3. The distinction between consumers’ goods and producers’ goods.
   4. The significance of the following: “The plentifulness of money is in itself a matter of indifference.”

Source: Harvard University Archives. Mid-Year examinations, 1852-1943. Box 11, Bound volume: Examination Papers: Mid-Years 1929, Papers Printed for Mid-Year Examinations [in] History, New Testament, Government, Economics….Military Science, Naval Science. January-February, 1929.

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Enrollment in Economics A, 1927-28

[Economics] A. Professor Burbank and Dr. Chamberlin and Messrs. K.W. Bigelow, [Theodore John] Kreps, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and D.V. Brown, with lectures on selected subjects by Professor Taussig and other Members of the Department. — Principles of Economics.

Total 532: 61 Seniors, 165 Juniors, 258 Sophomores, 20 Freshmen, 28 Others.

Source: Harvard University. Report of the President of Harvard College, 1927-28, p. 74.

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OUTLINE OF ASSIGNMENTS FOR ECONOMICS A
1927-28, 2^nd. Half year.

Thomas Nixon Carver. The Distribution of Wealth (New York: 1921).

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, 3^rd edition, (New York: 1921). Volume I, Volume II.

Feb. 6 Feb. 11	Review Value Diminishing Returns	Carver: ” “	Distribution of Wealth Ch. I. Value Ch. II. Diminishing Returns
Feb. 13 Feb. 18	Rent	Carver: Taussig: “	V. Rent Ch. 44. Rent (esp. Capitalization) Ch. 43. Urban Site Rent
Feb. 20 Feb. 25	Interest	Carver: Taussig:	Ch. VI. Interest Ch. 40. Interest
Feb. 27 Mar. 3	Wages	Carver: Taussig:	Ch. IV. Wages Ch. 47. Social Stratification
Mar. 5 Mar. 10	Profits, Population	Carver: Taussig: “	Ch. VII. Profits Ch. 53. Population Ch. 54. Population, continued
Mar. 12 Mar. 17	Inequality	Taussig: ” ” “	Ch. 7. Productiveness Ch. 45. Monopoly Ch. 51. Great Fortunes Ch. 55. Inequality
Mar. 19 Mar. 24	Land, Risk, Labor, etc.	Henderson: ” ” ” “	Ch. VI. Land Ch. VII. Risk Bearing Enterprise Ch. VIII. Capital Ch. IX. Labor Ch. X. Real Costs of Production
Mar. 26 Mar. 31	Labor	Taussig: ” “	Ch. 56. Wages system Ch. 57. Labor Unions Ch. 58. Labor Legislation
Apr. 2 Apr. 7	Labor	” ” “	Ch. 59. Industrial Peace Ch. 60. Workmen’s Insurance Ch. 61. Coöperation
RECESS April 8-14
Apr. 16 Apr. 21	Railways	” “	Ch. 62. Railways Ch. 63. Railway Problems, continued.
Apr. 23 Apr. 28	Public Ownership & Combinations	” “	Ch. 64. Public Ownership & Control Ch. 65 Combinations & Trusts
Apr. 30 May 5	Industry and Capitalism	Robertson: ” ” Review	Ch. V. Capitalism of Industry Ch. VI. Finance and Industry Ch. VII. Survey of CapitalismCh. X. Workers’ Control
May 7 READING PERIOD BEGINS May 12	Socialism	Taussig: “	Ch. 66. Socialism Ch. 67. Socialism, continued.
May 14 May 19	Social Reform	Robertson: ” “	Ch. IX. Collectivism Ch. X. Workers Control Ch. XI. Joint Control
May 21 May 26	Taxation	Taussig: “	Ch. 68. Principles Underlying Taxation Ch. 69 Income and Inheritance Taxes
REVIEW
EXAMINATIONS

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

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1927-28
HARVARD UNIVERSITY
ECONOMICS A
[Final End-year Examination]

Allow one hour and one-half for the first question.

1. Explain how the distribution of wealth is affected by the following:
   1. Large and rapid changes in the supply of money.
   2. Labor saving inventions.
   3. A rise in the standard of living of the wage earning classes.
   4. The opening for settlement of new areas of good agricultural land.
   5. The government regulation of public utilities.
2. Discuss the accuracy of the following statements:
   “Three generations from shirt sleeves to shirt sleeves.”
   “The rich are becoming richer and the poor poorer.”
   “To abolish wage slavery we must abolish the wages system; only through socialism can the wages system be forced to disappear.”
   “The one way a union can help its members is by limitation of the supply of hands.”
3. What does each of the following propose: collectivism, single tax, producers’ coöperation, syndicalism?
4. Explain briefly the case for and against minimum wage laws, unemployment insurance, progressive taxation of incomes, the restriction of immigration.

Source: Harvard University Archives. Examination papers, Finals (HUC 7000.28). Bound Volume 70 (1928). Papers Printed for Final Examinations [in] History, Church History,…Economics,…Military Science, Naval Science, June 1928.

Image Source: Harold Hitchings Burbank from Harvard Class Album 1934.