Tag: Knight

Chicago. Ph.D. Thesis Committees in Monetary Economics. Patinkin’s Research, 1968

Post author By Irwin Collier
Post date 2022-12-12
2 Comments on Chicago. Ph.D. Thesis Committees in Monetary Economics. Patinkin’s Research, 1968

The first boxes of archival material that I examined as my research project on the evolution of graduate economics training was beginning to take shape came from Don Patinkin’s papers back when Duke’s Economists’ Papers Archive still bore the modest descriptor of “Economists’ Papers Project”.

This post transcribes some of the research material collected by Patinkin in his survey of Chicago style monetary economics. Fun Fact: his research assistant while on leave at M.I.T. was the graduate student Stanley Fischer, from whom incidentally I was to take my first graduate macroeconomics course (Patinkin’s book was on the reading list, surprise, surprise).

Doctoral theses advisers were identified for a dozen and a half Chicago theses that drew Don Patinkin’s attention. This is the sort of information that doesn’t normally jump at you in digitised form through a duly diligent internet search, so I thought it worth my time to file this information for now in a blog post. Minor additions have been added in square brackets for the sake of completeness.

______________________________

List of Patinkin’s copy request for Chicago Ph.D. theses

Author	Article	Details of parts photographed	Box No.
1. Bach, George [Leland]	Price Level Stabilization: [Some Theoretical and Practical Considerations]	[blank]	[blank]
2. Bloomfield, Arthur [Irving]	International Capital Movement and the American Balance of Payments 1929-1940	Title, Contents, Bibliography. pp. 513-514, 578-579.	T-304
3. Bronfenbrenner, Martin	Monetary Theory and General Equilibrium	Title, Preface, Bibliography. Chaps. 1, 4, 7, 8, 9, 10, 11.	T-10250
4. Brooks, Benjamin [Franklin]	A History of Monetary Theory in the United States Before 1860	Contents, Preface, Bibliography. Chap. 11.	T-9885
5. Caplan, Benjamin	The Wicksellian School—A Critical Study of the Development of Swedish Monetary Theory, 1898-1932	Title, Contents, Preface, Bibliography.	T-7847
6. Cox, Garfield V.	Business Forecasting in the United States 1919-1928	Title, Contents, Preface, Bibliography.	T-17-91
7. Daugherty Marion [Roberts]	The Currency-Banking Controversy	Title, Contents, Bibliography pp. 41, 54, 130, 133, 246, 316.	T-10282
8. Harper, [William Canaday] Joel	Scrip and Other Forms of Local Money	Title, Contents, Bibliography.	T-145
9. Leigh, Arthur Hertel	Studies in the Theory of Capital and Interest Before 1870	Title, Contents, Bibliography.	T-554
10. Linville, Francis [Aron]	Central Bank Co-operation	Title, Contents, Bibliography.	T-11508
11. McEvoy, Raymond H.	The Effects of Federal Reserve Operations 1929-1936	Title, Contents, Preface Bibliography.	T-7731
12. McIvor R. Craig	Monetary Expansion in Canadian War Finance, 1939-1946	Title, Contents, Bibliography.	T-10268
13. McKean, Roland Neely	Fluctuations in Our Private Claim-Debt Structure and Monetary Policy	Title, Contents, Bibliography. Chaps. 1, 2, 3, 4, 5, 6, 7, 8	T-90
14. Reeve, Joseph [Edwin]	Monetary Proposals for Curing the Depression in the United States 1929-1935	[blank]	T-11022
15. Shaw, Ernest Ray	The Investment and Secondary Reserve Policy of Commercial Banks	Title, Contents, Preface, Bibliography.	T-8322
16. Snider, Delbert [Arthur]	Monetary, Exchange, and Trade Problems in Postwar Greece	Title, Contents, Bibliography.	T-1031
17. Tongue, William [Walter]	Money, Capital, and the Business Cycle	Title, Contents, Preface, Bibliography.	T-670

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library, Economists’ Papers Archive. Don Patinkin Papers, University of Chicago School of Economics Raw Materials, Box 2, Folder “Chicago, general (?). from binder: “U. Chicago Ph.D. Theses”, folder 1 of 2”.

______________________________

The University of Chicago
Chicago, Illinois 60637

Department of Economics

August 21, 1968

Professor Don E. Patinkin
Economics Department
Massachusetts Institute of Technology
Cambridge, Massachusetts

Dear Professor Patinkin:

I am listing below the information (Committee members) you requested in your letter of July 8, 1968. I am also hoping that you have received your microfilm by now. The Photoduplication department was to have mailed them to you on August 13.

Bach, George [Leland]	1940	S. E. Leland C. W. Wright H. C. Simon
Bloomfield, Arthur [Irving]	1942	J. Viner Lloyd W. Mints O. Lange
Bronfenbrenner, Martin	1939	Frank Knight, chr. S. E. Leland
Brooks, Benjamin [Franklin]	1939	Frank Knight, chr. Lloyd Mints [Viner also thanked in thesis preface]
Caplan, Benjamin	1942	J. Viner O. Lange	L. W. Mints H. C. Simons
Cox, Garfield [V.]	1929	Lionel D. Edie, chr. Jacob Viner Chester W. Wright
Daugherty, Marion [Roberts] (Mrs.)	1941	Jacob Viner, chr. Garfield Cox Lloyd Mints
Harper, Joel [William Canady]	1949 [Summer 1948]	F. Knight O. Lange H. Simons	C. W. Wright L. Mints S. Leland
Leigh, Arthur [Hertel]	1946	Frank Knight, chr. Jacob Viner Oskar Lange
McEvoy, Raymond [H.]	1950	Lloyd W. Mints, chr. Earl J. Hamilton Lloyd A. Metzler
McIvor, Russel [Craig]	1947	Roy Blough, chr. J. K. Langum L.W. Mints [in thesis acknowledgement Mints as the doctoral committee chair]
McKean, Roland [Neely]	1948	Lloyd W. Mints, chr. Lloyd A. Metzler Earl J. Hamilton A. Director
Reeve, Joseph [Edwin]	1939	Lloyd W. Mints, chr. Garfield V. Cox Jacob Viner
Shaw, Ernest [Ray]	1930	Lionel D. Edie, chr. Lloyd W. Mints Stuart P. Meech (Bus. School)
Snider, Delbert [Arthur]	1951	L. Metzler, chr. R. Blough Bert Hoselitz
Tongue, William [Walter]	1947	L. W. Mints, chr. Frank H. Knight H. Gregg Lewis

As you can see in some instances the Chairman was not listed, but the examining committee was listed. I wrote to Professor Cox, 660 W. Bonita, Apt. 24 E, Claremont, California 91711, to get the committee members for him and for Professor E. Shaw. Professor Cox also gave me the address of Professor Lloyd W. Mints, 618 E. Myrtle St., Ft. Collins, Colorado, should you have any interest. I hope this is sufficient.

Yours truly,
[signed]
(Mrs.) Hazel Bowdry
Sec. to Professor Telser

* * * * * * * * * * *

The University of Chicago
Chicago, Illinois 60637

Department of Economics

October 23, 1968

Professor Don Patinkin
Department of Economics
The Eliezer Kaplan School of
Economics and Social Sciences
The Hebrew University
Jerusalem, Israel

Dear Professor Patinkin:

In answer to your letter of October 4, I have rechecked the files and find the below listed information.

George Bach’s committee members:

L. W. Mints, chr.
S. E. Leland
C. W. Wright
Oskar Lange
F. H. Knight
H. C. Simons
Jacob Viner
Jacob Left
Maynard Krueger

This is the order in which the examining committee is listed.

Martin Bronfenbrenner:

Henry Schultz chr.
J. Viner
L. W. Mints
F. Knight
A. G. Hart
H. C. Simon

Joel Harper:

S. E. Leland, Chr.
H. Simons
L. W. Mints
Mr. Chatters

Benjamin Brooks:

L. Mints, chr.
J. Viner
F. Knight

I checked Faculty records with Mrs. Mosby, and found a re-appointment for Henry Simons dated June 3, 1930.

I hope this information is helpful, and I am sorry I cannot give more definite committee members in the case of Bach.

Sincerely yours,
[signed]
(Mrs.) Hayzel Bowdry

P.S. I hope you have received the microfilm by now. It was mailed via airmail yesterday.

Image Source: Don Patinkin article at Gonçalo L. Fonseca’s History of Economic Thought website. Colorized at Economics in the Rear-view Mirror.

Tags BachGL, BloomfieldAI, Blough, Bronfenbrenner, BrooksBF, CaplanB, CoxGV, DaughertyMR, Director, Edie, HamiltonEJ, HarperWCJ, HartAG, Hoselitz, Knight, KruegerM, Lange, Langum, LeftJ, LeighAH, Leland, LewisHG, LinvilleFA, McEvoyRH, McIvorRC, McKeanRN, Meech, Metzler, Mints, Patinkin, ReeveJE, SchultzH, ShawER, SimonHC, Simons, SniderDA, Telser, TongueWW, Viner, WrightCW

Economics Programs Economists Harvard Iowa Michigan Undergraduate

Harvard. Application for Admission to Economics Ph.D. Program. Edward H. Chamberlin, 1922

Post author By Irwin Collier
Post date 2021-11-12

The archived student records of the Graduate School of Arts and Science at Harvard University provide us material needed to write a prequel to a Ph.D. economist’s professional biography. To illustrate the the richness of such material, I have transcribed Professor Edward Hasting Chamberlin’s application materials that he submitted to Harvard. Judging from a couple of issues of Iowa’s “The Hawkeye Yearbook”, it does appear that Edward Chamberlin was quite a Busy Man on Campus during his undergraduate years.

Pro-tip. More information about the faculties and courses of instruction during Chamberlin’s pre-Harvard university days can be culled from the respective university catalogues archived at hathitrust.org:

Catalogues of the State University of Iowa.
Catalogues of the University of Michiga n.

Fun-fact: Edward H. Chamberlin played the role of Geoffrey Rawson in the production of Mrs. Bumpstead-Leigh performed May 12, 1920 at the Englert Theatre (joint production of the Erodelphian Literary Society and Irving Institute). The Hawkeye Yearbook, 1921.

_____________________________________

POLITICAL ECONOMY, SOCIOLOGY,
BUSINESS ADMINISTRATION

532 Thompson St.
Ann Arbor, Mich.
April 11, 1922.

Mr. George W. Robinson, Secretary
The Graduate School of Arts and Sciences,
Harvard University,
Cambridge, Mass.

Dear Sir:

Enclosed with this letter are transcripts of my work at the State University of Iowa and at the University of Michigan and my application for admission to candidacy for the degree of Doctor of Philosophy in Economics at Harvard University. Under separate cover I am making marked copies of the University of Michigan and the State University of Iowa. In some cases the catalogues do not indicate the work taken on account of changes. In these instances I have tried to duplicate the needed information in the margins.

I am making my application early so that I may know in advance as much as possible about the work I must take for my degree I presume that individual courses are not settled upon until after a conference. I shall be glad if I may know this spring how much credit will be allowed me for previous work, how much additional coursework will be required, and in what general branches.

Very truly yours,
[signed]
Edward H. Chamberlin

* * * * * * * * * * * *

THE GRADUATE SCHOOL OF
ARTS AND SCIENCES

APPLICATION FOR ADMISSION TO CANDIDACY FOR A DEGREE IN ARTS OR PHILOSOPHY

NAME: E. H. Chamberlin

DATE April 1922

DEGREE APPLIED FOR Ph.D.

SUBJECT Economics

COLLEGE State U. of Iowa and U. of Mich.

REMARKS

B, except for French

25 Apr. 1923: French O.K.

* * * * * * * * * * * *

HARVARD UNIVERSITY
THE GRADUATE SCHOOL OF ARTS AND SCIENCES

Application for Admission to Candidacy for a Degree in Arts or Philosophy

[Note: Chamberlin’s responses in his application have been highlighted using boldface.]

Return this application, with certificates of other evidences of scholarship and character, to the Secretary of the Graduate School of Arts and Sciences, No. 24 University Hall, Cambridge, Mass.

Applications for the degree of Master of Arts or Doctor of Philosophy will be received as late as the fifteenth day of January of the academic year in which the degree is to be taken; but candidates are urged to file their applications at the beginning of the year or ealirer, so that they may receive timely advice with reference to the work that will be expected of them for the degree.

The application should be accompanied by a Recorder’s or Registrar’s certificate of the applicant’s college or university work, and also, if possible, by a college catalogue or catalogues in which the studies he has taken are clearly marked. Final admission to candidacy for a degree is always conditional upon satisfactory official certification of the facts stated in the application.

Applications for the degree of Doctor of Philosophy should be filed, if possible, at the beginning of a student’s Graduate work for the degree.

An applicant for the degree of Master of Arts, who wishes to take later the degree of Doctor of Philosophy, should state the fact in his application for the Master’s degree, which will then be considered with reference to both degrees.

Full name. Edward Hastings Chamberlin
Post-office address. (Give prompt notice to the Secretary of the Graduate School of Arts and Sciences of any change.). 532 Thompson St., Ann Arbor, Mich.
Date and place of birth. La Conner, Wash. May 18, 1899.
High schools or other preparatory schools attended, and periods of attendance. Iowa City (Iowa) High School. 4 years
Colleges and universities attended and periods of attendance. What course did you take (classical, literary, scientific, etc.)? Univ. of Iowa. 1916-1920. Commerce; Univ. of Michigan. graduate. 1920-1922.
If you are an undergraduate, state: (a) What degree you expect, and when. [left deliberately blank]. (b) Rank or average standing in class [left deliberately blank]
If you have received a degree, state what degree, from what college, and when. B.S. in Commerce, Univ. of Iowa, June, 1920; M.A. University of Michigan, June, 1922.
If you have been a Graduate student at any college or university, state where, when, and in what subjects. State University of Iowa, summer sessions 1920 and 1921. Income Tax. Pol. Science; Univ. of Michigan 1920-1921, 1921-1922, Economics, Philosophy. and name your principal teachers in those subjects. Iowa. Prof. R. A. Stevenson [Associate Professor of Accounting, Russell Alger Stevenson, B.A. Michigan, 1913; M.A. Iowa, 1915; Ph.D. Michigan, 1918], Prof. Jacob Van der Zee [Assistant Professor of Political Science Jacob Van der Zee, B.A. Iowa, 1905; B.A. Oxford, 1908; M.A. 1913; LL.B. Iowa, 1913]; Michigan, Prof. F. M. Taylor [Professor of Political Economy and Finance Fred Manville Taylor, Ph.D.], Prof. I. L. Sharfman [Professor of Economics Isaiah Leo Sharfman, A.B., LL.B.], Dean Alfred H. Lloyd [Professor of Philosophy and Dean of the Graduate School Alfred Henry Lloyd, Ph.D.].
Honors or other evidences of high scholarship awarded to you. Phi Beta Kappa. Beta Gamma Sigma.
For what degree (or degrees) do you wish to be a candidate, and when? Doctor of Philosophy in Economics, September 1922.
Of the following branches, underscore once those which you have studied in college, and [mark with an asterisk (*)] those in which you have done advanced work. This information should be supplemented by a carefully marked and annotated catalogue or calendar.

Hebrew	Government	Physics
Sanskrit	*Economics	Chemistry
Greek	Sociology	Botany
Latin	*Philosophy	Zoölogy
English Composition	Education	Geology
English Literature	Fine Arts	Physiography
German	Architecture	Mineralogy
French	Music	Mining
Italian	Mathematics	Anthropology
Spanish	Astronomy	Subjects not classified above.
History	Engineering	Psychology
		Journalism

(a) State which of the languages named below you have studied, and how long in each case. German 1 1/2 yrs. high school; 2 yrs. Univ. French [deliberately blank], Greek [deliberately blank], Latin 2 years high school. Any modern foreign language other than German and French. Spanish. (b) Do you know German and French well enough to be able to consult works on your subject in these languages? German-yes; French-no.
In what subject do you wish to be considered as a candidate for a degree? State in detail your previous work in this subject.

Economics
Industrial History 4 sem. hrs.	Intro. to Econ. Theory 6 sem. hrs.	Research in Accounting 2 sem. hrs.
Commercial Geography 4 sem. hrs.	Cost Accounting 4 sem. hrs.	Railroads 3 sem. hrs.
Prin. of Economics 6 sem. hrs.	Public Utility Accounting 2 sem. hrs.	Essentials of Ec. Theory (continued) 2 sem. hrs.
Prin. of Accounting 6 sem. hrs.	Income Tax 2 sem. hrs.	*The course in Ec. statistics had nothing to do with statistics but dealt with the nature of income and sundry other subjects.
Business Efficiency 4 sem. hrs.	Essentials of Econ. Theory 2 sem. hrs.
Corporation Finance 4 sem. hrs.	Commercial Law 4 sem. hrs.
Banking 2.6 sem. hrs.	Economic Statistics 4 sem. hrs.*
Problems of Peace and Reconstruction 1.3 sem. hrs.	Studies in Econ. Theory (History of Econ. Thought) 2 sem. hrs.
Industrial History 4 sem. hrs.	Intro. to Econ. Theory 6 sem. hrs.

Present occupation. (State definitely.) Instructor in Economics, University of Michigan.
If you are, or have been a teacher, what positions have you held? at what institutions? in what subjects? and during what periods of time? Instructor, University of Michigan (1920.-1921; 1921-1922) and University of Iowa (Summer Session 1921); Economics and Accounting—Sept. 1920 to June 1922.
From whom can information as to your previous work be obtained? Prof. F. M. Taylor [Professor of Political Economy and Finance Fred Manville Taylor, Ph.D.], and Prof. I. L. Sharfman [Professor of Economics Isaiah Leo Sharfman, A.B., LL.B.], Ann Arbor, Mich.; Prof. F. H. Knight [Associate Professor of Economics Frank Hyneman Knight, B.S. Tennessee, 1913; A.M. 1913; Ph.D. Cornell, 1916], University of Iowa, Iowa City, Iowa.
List of printed and written documents submitted with this application. Catalogue, University of Michigan—separate cover; Catalogue, University of Iowa—separate cover; Certified record of courses pursued from Iowa and Michigan

Signature. [signed] Edward H. Chamberlin
Place of writing this application. Ann Arbor, Michigan.
Date. April 11, 1922

* * * * * * * * * * * *

THE STATE UNIVERSITY OF IOWA
IOWA CITY

TRANSCRIPT OF RECORD

of Edw. Hastings Chamberlin
College Liberal Arts

Secondary Credits Accepted from Iowa City, Iowa

	Units
Latin	2
French
German	1½
English	4
History—Gv.—Econ.	2
Algebra	1½
P. & S. [Plane & Solid] Geometry	1½
Science	2
Draw.	2
	16	Entrance conditions: none

Degree B.S.C. Conferred [date] 6-15-20

This is a true statement of the credit earned by Edw. Hastings Chamberlin in the college of Liberal Arts of the State University of Iowa.

[signed] [?Signature illegible], Asst Registrar
Date 7/31/20

1916-17

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Drill		excused	½	B
	Phy Training		excused	½	Cr
	Fresh. Sect.	1	C
1, 2	Eng. (Rhet.)	2	A	2	B
13, 14	German (Interm.)	5	C	5	C
5	Math. (Trig. Alg.)	5	A
3	Econ (Ind.Hist.)	4	B
4	Econ. (Com. Geog.)			4	B
6	Math. (An. Geom.)			5	A

1917-18

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Drill	.5	Cr	.5	Cr
1	Econ (Prin.) 1(2)	3	B	3	C
7	Econ. (Elem.Acc.) 7(8)	3	A	3	A
21	Eng. (Lit.) 21(22)	3	B	3	B
51	Spanish (Elem.) 51(52)	5	A	5	A
179	Eng. (Editing) 179	2	C
	Phy. Tr.			.5	C

1918-19

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Psych. (Elem.) 1,2	2	B	2	B
	Span. (2d yr.) 54,55	2	A	2	A
	Econ. (Efficiency) 167,168	2	B	2	A
	Econ. (Corp. Finance) 143,144	2	B	2	B
	Econ. (Banking) 165,166	1.3	B	1.3	A
	Econ. (Prob. Peace & Recon.) 50	1.3	C

	Officers’ Training Course, Fort Sheridan, Ill.			6 s.h.
	Service in the U.S. Army 7-18-18 to 1-15-19			10 s.h.
	1238 1254			10-11-19

1919-20

Cat No	Subjects	Fall		Winter		Spring
Cat No	Subjects	Hrs	Gr	Gr	Gr	Hrs	Gr
	Com. (Intro. Econ. Theory) 135	2	A	2	A	2	A
	Com. (Cost Account) 131	2	B	2	A
	Com. (Com. Law) 189	1.3	B	1.3	B	1.3	A
	Math. (2d yr. L.A. Math) 3	2.7	A	2.7	A	2.7	A
	Com. (Pub. Ut. Acc’t) 132					2	A

Summer Session 1920

Cat No	Subjects	July
		Hrs	Gr
	Econ VI	2	A

* * * * * * * * * * * *

Summer Session 1921

Cat No	Subjects	August
Cat No	Subjects	Hrs	Gr
	Pol Sci 11S	1.6	P
	Pol Sci 117S	.4	P

[Summer Session 1921 from a card from the State University of Iowa, Iowa City. Registrar: H. C. Dorcass [University Examiner and Registrar Herbert Clifford Dorcas, B. Ph. Iowa, 1895; M.A. Columbia, 1903] 9/19/21]

* * * * * * * * * * * *

UNIVERSITY OF MICHIGAN
ANN ARBOR

GRADUATE SCHOOL
OFFICE OF THE DEAN
[Transcript of courses taken
by Edward H. Chamberlin]

April 7, 1922.

TO WHOM IT MAY CONCERN:

This is to certify that Mr. Edward H. Chamberlin, B.S. in Commerce, University of Iowa, was admitted to this Graduate School in the fall of 1920 as a candidate for the Master’s degree. During his residence in the School, Mr. Chamberlin has pursued the following courses:

First Semester, 1920-21
Course	No.	Credit	Grade
Economics	8	2 hrs.	B
Economics	13d	2 hrs.	A
Economics	17	1 hr.	A
Second Semester, 1920-21
Economics	7	2 hrs.	A
Economics	8a	2 hrs.	B
Economics	18	1 hr.	A
First Semester, 1921-21
Philosophy	9a	3 hrs.	A
Economics	6	3 hrs.	A
German	*9c	——	B
Second Semester, 1921-22
Economics	8	2 hrs.	Now taking.
Philosophy	9b	3 hrs.	Now taking.
German	*10c	——	Now taking.
A=Excellent, B=Good, C=No graduate credit, *Undergraduate course

Mr. Chamberlin was granted credit towards the Master’s degree at this University for graduate work done at the State University of Iowa. Upon the satisfactory completion of the work now being pursued, the degree of Master of Arts will be conferred upon Mr. Chamberlin in June, 1922.

[signed] Alfred H. Lloyd
Dean, Graduate School.

* * * * * * * * * * * *

Carbon Copy of Reply to Chamberlin’s Application of 11 April 1922

13 April 1922

My dear Sir:

Your application for admission to the Graduate School of Arts and Sciences as a candidate for a higher degree has been received and examined. The obvious difficulty in your case is your deficiency in French. I accordingly advise you to devote as much time as possible to work in this language between now and next fall. In the meantime you will do well to look over the scheme of subjects from which selections are made, in preparation for the general or preliminary examination for the doctorate, and at the beginning of the year you should consult Professor Charles H. Haskins, Dean of the Graduate School of Arts and Sciences, as to the arrangement of your work. i see no specific deficiency in your preparation other than the French, and I see no reason to doubt that you can arrange a satisfactory plan of work for the doctorate in consultation with Dean Haskins and with the Department of Economics. It is impossible at present to make any very definite estimate of the length of time that your work would require. I should suppose that you ought to plan for two solid years at least, with the idea that if your work is not completed by the end of that time you may perhaps be able to finish up your thesis in absentia, and then to come back for your final examination. If a part of your time during either of the two years is devoted to work as assistant or instructor, at least a third year in residence would presumably be necessary.

Very truly yours,
[Carbon copy unsigned]

Edward H. Chamberlin

Source: Harvard University Archives. GSAS student folders (UAV161.201.10), Box 117, Folder: E. H. Chamberlin.

Image: Edward Chamberlin. University of Iowa. The Hawkeye 1920, p. 37.

Tags Chamberlin, Knight, Sharfman, TaylorFM

Chicago Economics Programs Faculty Regulations

Chicago. Economics A.M. requirements amended to become “Consolation Prize”. Lewis and Schultz, 1950

Post author By Irwin Collier
Post date 2021-05-02

In 1950 the Chicago economics department voted to convert its master’s degree into an award for the successful partial completion of its Ph.D. program. It was to serve as a “consolation prize” for good graduate students but those found not to have the right “Ph.D. stuff” (H. Gregg Lewis’ words in his memo of Sept. 29, 1950 to chairman T. W. Schultz, transcribed below). I have also included the relevant portion of the distributional and examination requirements for the Ph.D. that had already formed part of the so-called “alternate departmental master’s degree”. H. Gregg Lewis’ proposal was largely accepted by the department (minutes from the meeting of November 2, 1950 transcribed below), thereby eliminating distinct tracks for its A.M. and Ph.D. degree programs, respectively.

_______________________

ALTERNATIVE DEPARTMENTAL MASTER’S DEGREE
[1950-51 regulations]

Upon request the Department will consider recommending for the Master’s degree candidates who have satisfied the distribution requirement for the Ph.D. degree and have passed with satisfactory standing the three written field examinations for the Ph.D. degree. One modern foreign language is required. In place of a thesis such candidates may present an acceptable paper or report on a problem approved by the Department.

[…]

Distributional requirement [Ph.D.]. The candidate is expected to have familiarity with the subject matter equivalent to that covered in at least one course (200 or 300 level of reasonable comprehensivenss in each of ten fields (five required and five elected), satisfactory evidence of which can be provided by course credit or by passing a special examination. The required fields are: (a) economic theory, (b) accounting, (c) statistics, (d) economic history, and (e) money, banking, and monetary policy. The fields from which five may be elected are: (f) consumption economics, (g) industrial relations, (h) monopoly and public utilities, (i) agricultural economics, (j) government finance, (k) international economic relations, and (l) substitute fields, but not in excess of two, proposed by the candidate and approved by the Departmental counselor or the Department. One or both of these substitute fields may be outside the Department of Economics, and in general some work outside the Department is recommended with a view to rounding out a program appropriate for the individual student. In case of students transferring from other institutions, adequate training in general history may be substituted for economic history upon the written recommendation of the Departmental counselor.

Preliminary written field examinations [Ph.D.]. In each of three fields of specialization, in addition to presenting course credit or special examinations to show satisfactory preparation, the candidate will be required to pass a written examination.

The candidate is expected to select the three fields of specialization—a primary field and two secondary fields—for intensive graduate work. The primary field is that in which the [Ph.D.] thesis will be written. One of the three fields (primary or secondary) must be that of economic theory, including monetary theory. The fields from which selection is to be made are listed above under the heading “Distributional Requirement,” except that accounting may not be chosen as a field without approval of the Department. One secondary field of specialization may be a field named by the candidate outside the list above, and this may be in a department other than Economics. A secondary field may also be developed under one of the interdepartmental committees of specialization International Relations, Human Development, Planning or Social Thought. The program of work proposed, which ordinarily will include four to five courses, must be approved by the Department. No other secondary field may replace the required field in economic theory.* Students should consult with the Departmental counselor with respect to appropriate programs of work in preparation for the field examinations. The field examinations are given by the Department in the sixth and seventh weeks of the Winter and summer quarters. Application for any field examination should be made not later than the end of the first week of the quarter in which the examination is to be taken.

*Students who take the field examination in money, banking, and monetary policy will not be required to write the monetary theory part of the economic theory examination.

Source: University of Chicago, Announcements. The Division of the Social Sciences, Sessions of 1950-1951, Vol. L, Number 9 (July 20, 1950), pp. 25-26.

_______________________

ECONOMIC COURSES LISTED IN THE LEWIS MEMO (29 Sept 1950) AND INCLUDED IN THE DEPARTMENTAL MINUTES (2 Nov 1950)

209. Intermediate Economic Theory. (Procter Thomson/Harold Gregg Lewis) Designed for students majoring in economics. Deals with factors controlling production, value and relative prices, and distribution.

211. Introduction to Statistics. (Harold Gregg Lewis) Elementary principles of statistics. Main topics: frequency distributions, averages, dispersion, index numbers, elements of the theory of statistical inference.

220. Economic History of the United States. (Earl J. Hamilton) Facts and factors in American’s economic growth from the Colonial period to World War II, including the development of agriculture, industry, commerce, finance, and transportation; economic effects of wars; role of the entrepreneur; rise in living standards; unrest and utopias in periods of stagnation; commercial crises and economic basis of cultural progress.

222. The Rise of Industrial Civilization in Europe. (John Ulrich Nef) Economic development in its relation to religious, political, intellectual and artistic history since the seventeenth century.

230. Introduction to Money and Banking. (Milton Friedman/Lloyd Wynn Mints) Factors which determine the value of money in the short and in the long run; and operation of the commercial banking system and in relation to the price level and general business activity.

240. Introduction to Industrial Relations. (Albert E. Rees) The nature of the labor market; government regulation of wages; social security; the history, structure, and functions of American labor unions; and collective bargaining. Special attention is given to current problems of public policy.

255. Introduction to Agricultural Economics. (D. Gale Johnson). Nature of resources used in agriculture. Prices, production, resource allocation, and income distribution. Analysis of government programs, subsidies, storages, crop control, soil conservation, food-stamp plan.

260. Introduction to Government Finance. (Richard B. Goode) Survey of institutions and theories of government finance. Effects of public expenditures; functions of public revenue; forms of taxation; tax criteria; determination of tax policy; public borrowing; debt management; fiscal policy.

270. International Economics. (Bert F. Hoselitz) The nature of international payments and receipts; foreign trade and banking system. The gold standard in the interwar period. The breakdown of the gold standard and the period of fluctuating exchange rates. Exchange controls, clearing agreements and payments agreements. The second world war and the foreign exchange markets. The position of the International Monetary Fund and the International Bank for Reconstruction and Development in the present world economy.

271. Economic Aspects of International Politics. (Bert F. Hoselitz) An introductory survey, with particular reference to the United States, of the economic policies and activities of governments. Topics: international specialization of production and the distribution of world resources, structure of international exchanges and the mechanism of international transfer of goods and services; tariffs and other regulatory measures; trade agreements and the most-favored nation clause; international flow of capital and investment; the position of the ITO, the IMF, the ECA and other official agencies in international trade and exchange.

300A, 300B. Price Theory. (W. Allen Wallis 300A/Lloyd A. Metzler 300B/Milton Friedman 300B) A systematic study of the pricing of final products and factors of production under essentially stationary conditions. Covers both perfect competition and such imperfectly competitive conditions as monopolistic competition, oligopoly, and monopoly. 300A deals primarily with the pricing of final products; 300B, with the pricing of factors of production.

Source: University of Chicago, Announcements. The Division of the Social Sciences, Sessions of 1950-1951, Vol. L, Number 9 (July 20, 1950), pp. 27-28.

_______________________

THE UNIVERSITY OF CHICAGO

September 29, 1950

To T. W. Schultz

From H.G. Lewis

In Re: Requirements for the Master’s Degree

This is an elaboration of comments made to you this summer concerning the Master’s degree.

I should like to recommend the following changes in our requirements for the A.M. degree:

That the distinction between the “regular” A.M. and the “alternative” A.M. be abolished.
That the departmental requirements for the A.M degree consist of the following alteration of the present alternative A.M. requirements:
1. A distribution requirement covering five (rather than the present eight) fields of economics of which theory, statistics, and money and banking shall be mandatory. Students who do not hold the traditional A.B. degree must meet the requirement by passing satisfactorily a qualifying examination coving the subject matter of Economics 209, 211 (unless the student has passed the Divisional qualifying examination), 230, and two courses chose from 220, 222, 240, 255, 260, 270, 271.¹^/ Students holding the traditional A.B. may meet the requirement by showing equivalent course credit.
2. The passing of two Ph.D. field examinations (with Part I of the Theory exam counting as a full exam) at a satisfactory level (that is, at either the Ph.D. level or at a level somewhat lower but not so low as not to warrant blessing the candidate with a Master’s degree).²^/
3. A showing of competence in economic principles; made either by passing (at the A.M. level or higher) Part I of the Theory examination, by course credits or course examinations in Economics 300A and 300B, or by equivalent course credit.

I would recommend that the changes in requirements become effective as of the beginning of the Summer Quarter, 1951 for students entering the Department in that and later quarters.

1/ This qualifying examination is now offered every quarter. This is an extravagant use of faculty. I should like to see the exam offered only once a year. Furthermore, I should like to permit students to substitute course grades for all or part of the exam provided the course grades are for courses taken here and provided they are not at a level lower than B.

2/ There would be therefore no special examinations for A.M.’s, but the examinations would be graded into three levels: passing for the Ph.D. and A.M. degrees, passing for the A.M. degree but not for the Ph.D., failing for both.

I would urge students to give requirement (b) high priority in preparing their programs of study.

Since the ends sought by these changes can be reached in other ways, I specify below what these ends are.

I view our principal instructional purpose as that of training high-level (Ph.D. and beyond) professional economists. I think we ought to view our training of “junior” economists and the awarding of the A.M. degree only as an incident arising from the fact that at the time a student applies for admission to the department, we cannot predict accurately either his calibre as a student or his academic goals.

It seems to me that the requirements for the Master’s degree should meet these tests:

They should include no requirements which the Department would not make for the Ph.D. degree. Otherwise both student and faculty time will be spent in activities extraneous to the training of high-level economists. The present alternative A.M. meets this test but the regular A.M. does not.
The requirements should be at a level high enough to be respected by the academic world. Both present degrees meet this test, I believe.
But the standards for the degree should not be so high that potentially able Ph.D. candidates will be deterred from entering because of the considerable risk that if they fail to meet Ph.D. standards they will also fail to meet A.M. standards. If we set standards for the A.M. that are almost as likely not to be met as the Ph.D. standards we hold out no “consolation prize” to those good students who are fearful of not being able to meet Ph.D. standards. The present alternative A.M. requirements do not meet this test.

One of the ways by which we can raise the calibre of our Ph.D. candidates without reducing our enrollment is to increase the number of students who are given an opportunity to show at close hand their potentialities to us and to screen out at an earlier date those who are not of Ph.D. stuff. I am confident that quite accurate screening can take place ordinarily by the end of the first year of graduate residence. I contemplate our using the A.M. requirements as a screening device; the present alternative A.M. is not satisfactory from that point of view since it postpones too long the screening decision.

Source: University of Chicago Archives. Department of Economics Records. Box 41, Folder “41.8”.

_______________________

MINUTES
Meeting of the Department

Time and Place: Thursday, November 2, 1950, at 1:00 p.m. in Room 424, Social Science Research Building.

Present: T. W. Schultz (chairman), H. G. Lewis, A. Rees, R. Goode, G. Tolley, D. G. Johnson, F. H. Harbison, J. Marschak, C. Hildreth, F. Knight, L. Metzler.

Handling of Student Business
It was agreed that all bona fide applications for admission to candidacy filed this quarter would be considered as falling under present degree requirements even though Departmental action does not take place until Winter quarter.
Ford Foundation
Schultz stated that as a Department we have an obligation to ourselves, to the University, and to the community more largely to think through carefully the problem of making the best use of the Ford Foundation’s present grant of $300,000 to the University as well as possible later grants. There was a brief general discussion of the problem.
Departmental Rules Governing Residence and Availability to Students
Schultz pointed out that in the current year we have been able for the first time to reduce direct teaching loads for most of our members to four courses per year or less. This reduction, he pointed out, makes it desirable that the Department impose upon itself rules governing residence and availability to students and others in the university community lest they be imposed upon us from outside. The problem of rules for residence involves not only a rule stipulating in some way minimum residence, but also the question of whether “free” quarters out of residence should be considered a matter of a right accruing to an individual from his residence or a privilege dependent upon ad hoc decisions made by the Department chairman and the Dean. Schultz expressed himself as being in favor of a rule somewhat similar to the rules for accumulating sabbatical leave under a 3Q contract. In addition there is the problem of insuring, perhaps by rule, “availability” when in residence. The formulation of appropriate rules is to come before the Department for its consideration in the Winter quarter.
The Department considered Lewis’ recommendations for changes in the A.M. requirements. (See attached memo. [above]) the following amendment of Lewis’ recommendation was passed:
1. That the distinction between the regular A.M. and the “alternative” A.M. degrees be abolished.
2. That the Departmental requirements for the A.M. degree consist of the following:
  1. A distribution requirement to be met by passing a “Qualifying” examination covering the subject matter of Economics 209, 211 (unless the student has passed the Divisional qualifying examination) 220 or 222, 230 and two courses chosen from 240, 255, 260, 270, and 271. Students holding the traditional A.B. may satisfy the requirement by equivalent course credit.
  2. The passing of two Ph.D. field examinations (with Part I of the Theory examination counting as an examination) at a satisfactory level of A.M. candidates.
  3. A showing of competence in economic principles; made either by (at the A.M. level or higher) Part I of the Theory examination, by course credits or examinations in Economics 300A and 300B, or by equivalent course credit.
  4. An acceptable paper or report on a problem approved by the Department. The paper will be read by two members of the Department of which the course instructor will be one in the event the student submits a term paper prepared for a course.

The above changes in requirements are to become effective as of the beginning of the Summer quarter, 1951 for students entering the Department in that and later quarters.

It was understood that the above motion in no way changes present preliminary examinations or other requirements for the Ph.D. degree. Professor Knight asked the minutes to show his objection to dropping Economics 210 (Accounting) from the requirements for the A.M. degree.

Student Business
1. Petitions

Lawrence Bostow’s petition for approval of French and Russian as languages for the Ph.D. was approved.

Mr. H. M. Herlihy’s petition for the field of “Social Organization” (Sociology Department) as his third field for the Ph.D. degree was approved.

Mr. John Holsen’s petition for a third Ph.D. field in Planning (Planning Department) was approved. Mr. Johnson, his counselor, was asked to inform Mr. Holsen, however, that this approval does not entitle Holsen to shorten his total program in Economics for the Ph.D.

Mr. Edward Mishan’s petition for approval of Spanish as a Ph.D. language was denied.

1. Admission to Candidacy

Mr. Howard Ammerman’s application for admission and for approval of a thesis topic was moved to the bottom of the list of applications.

Mr. Rondo E. Cameron’s application for admission to candidacy for the Ph.D. degree was recommended to the Division for approval, contingent upon his passing the Theory examination (written Summer, 1950) and his proposed thesis topic, “French Foreign Investment, 1815-1870,” was approved. Thesis committee: E. J. Hamilton, chairman, L. Metzler, P. Thomson.

After some discussion, Mr. Clifford Clark’s application was moved down the list. Lewis was instructed to advise Clark to consult with Hamilton concerning the latter’s misgivings about the proposed thesis topic, and in addition to confer with Hayek, Knight, and other members of the Department concerning the thesis topic.

Mr. George P. Coutsoumaris’ application for admission to candidacy for the Ph.D. degree was recommended to the Division for approval, contingent on his passing the Theory examination (written Summer, 1950), and his proposed thesis topic, “Possibilities of Increasing Economic Efficiency in Greek Agriculture,” was given qualified approval, the Department suggesting that he limit the topic somewhat preferably to a topic approximately the same as that covered in the sections (VII and VIII) of his outline dealing with capital in Greek agriculture. Thesis committee: D. G. Johnson, chairman, C. Harris, J. Margolis (planning).

Mr. David Fand’s proposed thesis topic, “Monetary Theory of the Federal Reserve Board,” was discussed. It was agreed to come back to it at the next meeting after several more of the members of the Department had an opportunity to discuss the topic with Fand.

The meeting was adjourned at 3:05 p.m.

Source: University of Chicago Archives. Department of Economics Records. Box 41, Folder “41.8”.

Images: University of Chicago Photographic Archive, H. Gregg Lewis [apf1-03861] and T. W. Schultz [apf1-07479], Hanna Holborn Gray Special Collections Research Center, University of Chicago Library.

Tags Cameron, Friedman, Goode, Hamilton, Harbison, Hildreth, Hoselitz, JohnsonDG, Knight, LewisHG, Marschak, Metzler, Mints, Nef, Rees, SchultzTW, ThomsonP, Tolley, Wallis

Economists George Mason Virginia Tech

Virginia Tech. Letter from James Buchanan to Earl Hamilton, 1983

Post author By Irwin Collier
Post date 2021-02-17

Because the papers of the economic historian, Earl Hamilton, are generally an ill-sorted grab bag of documents, I figured the following letter from James Buchanan to Earl Hamilton on the eve of the former’s move to George Mason University had a small probability of being used by future Buchanan scholars if left to lie in a not-elsewhere-classified folder of Hamilton’s papers.

The meatiest sentence in the letter for historians of economics is probably:

As for economics, I get more and more discouraged at what is being taught for and what passes for our parent discipline. It seems increasingly escapist to me, grown men playing with toys, despite the acknowledged intellectual fascination.

Womp, womp?

______________________

P.O. Drawer G
Blacksburg, VA 24060
20 May 1983

Professor and Mrs. Earl Hamilton
Oak Ridge, TN 37830

Dear Professor Hamilton and Mrs. Hamilton:

We regret very much that we cannot join with you in celebrating the grand occasion of your sixtieth anniversary. It would be very nice to see both of you again after so many years. And Oak Ridge is within reasonable driving distance of Blacksburg. I have on several occasions lectured at the federal executives institute there. If it were not that I had the earlier scheduled commitment at the Pittsburgh conference, we should surely have been in attendance.

Let us wish both of you all that should be wished on such occasions.

I get news from you occasionally when I see George Stigler, who does, apparently, get to his Flossmoor house every now and then. I have been on a Hoover Advisory Committee that George chairs for several years now. And I was at a small meeting with both George and Ronald Coase last fall in Austria.

Our news, which you may have heard, is that our whole Center for Study of Public Choice, is shifting to George Mason University, in Fairfax (the Washington suburbs) after 1 July this year. So we are in the throes of moving. We shall, personally, keep our country place down here in the mountains, but we have already sold off our town property and plan to live in a Fairfax townhouse when up there, at least until retirement when we shall come back to the mountains permanently by current plans.

I find my research and writing interests moving more and more toward political philosophy and ethics (too much Frank Knight I guess), and I have recently been involved in several papers, which will be a book soon, on the basic logic of constitutional constraints. We have a Cambridge Press commitment to publish it under the title, The Reason of Rules.

As for economics, I get more and more discouraged at what is being taught for and what passes for our parent discipline. It seems increasingly escapist to me, grown men playing with toys, despite the acknowledged intellectual fascination.

My gardening suffers terribly in this wettest of all springs, indeed no spring at all. Nothing comes up even when dry enough to plant. Asparagus at least one month late and piddling. Lettuce which should be now ready only commencing to pop out, and too wet to put in any tomatoes as yet. But we hope.

I know that your day will be a grand occasion. Again I sincerely wish that we could join you. It would be very nice to get the opportunity for a visit.

Sincerely yours,
[signed]
Jim Buchanan

/btr

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Earl J. Hamilton papers, Box 4, Folder “Correspondence 1920’s-1930’s; 1960’s; 1980’s; and n.d.”

Image Source: PBS webpage “American Nobel Economists”, James Buchanan Image 14

Tags Buchanan, Coase, Hamilton, Knight, Stigler

Chicago Economics Programs Economist Market Economists

Chicago. Memos discussing guests to teach during summer quarter, 1927

Post author By Irwin Collier
Post date 2020-12-23

Apparently the 1926 summer quarter course planning at the Chicago department of political economy in 1926 was so wild that the head of the department, Leon C. Marshall, decided to start the discussion for 1927 on the second day of Summer, 1926. Four of the seven colleagues responded with quite a few suggestions.

This post provides the first+middle names where needed in square brackets. Also links to webpages with further information about the suggested guests have been added.

______________________

Copy of memo from
Leon Carroll Marshall

THE UNIVERSITY OF CHICAGO
Department of Economics

Memorandum from L. C. Marshall. June 22, 1926

To: C. W. Wright, J. A. Field, H. A. Millis, J. Viner, L. W. Mints, P. H. Douglas, W. H. Spencer

We really must break through the morass we are in with respect to our summer quarter. Partly because of delayed action and partly because of an interminable debating society in such matters we finally get a patched up program which is not as attractive as it should be.

I shall proceed on the basis of the homely philosophy that the way to do something is to do something. I shall try to secure from every member of the group a statement of his best judgment concerning the appropriate course of action for the summer of 1927 and then move at once toward rounding out a program.

Won’t you be good enough to turn in to E57 within the next few days your suggestions and comments with respect to the following issues.

Do you yourself expect to be in residence the summer quarter of 1927?
If you do, what courses do you prefer to teach? Please list more than two courses placing all of the courses in your order of preference. In answering this question, please keep in mind the problem of guiding research. Should you offer a research course?
What are your preferences with respect to hours? Please state them rather fully and give some alternatives so that a schedule may be pieced together.
What courses or subject matter should we be certain to include in the summer of 1927?
What men from outside do you recommend for these courses which we should be certain to include? Please rank them in the order of your preference.
Quite aside from the subject matter which you have recommended above, what persons from the outside ought we try to make contact with if our funds permit? This gives an opportunity to aid in making up the personnel of the summer quarter in all fields.
Please give any other comments or suggestions which occur to you.

Yours very sincerely,

LCM:G

* * * * * * * * * * * * * * *

Response from
Jacob Viner

The University of Chicago
Department of Political Economy

July 1, 1926

Dear Mr. Marshall

I will want to offer 301 (Neo-class Ec.) & 353 (Int Ec. Pol) as usual next summer, though if we have a good outside theorist to give 301, I would like to give a course on Theory of Int Trade in addition to 353. I think we need someone especially in Banking, next in theory. Beyond these we should offer work in some of the following, if we can get first rankers: statistics, private finance, transportation, economic history of Europe & ec. Hist. of U.S.

I suggest the following from which selections could be made:

Banking

Theory

Statistics

Transportation

Ec. Hist.

[Eugene E.]
Agger

[Benjamin Haggott] Beckhart

[Allyn Abbott]
A.A. Young

[Chester Arthur]
C. A. Phillips

[Oliver Mitchell Wentworth]
Sprague

[James Harvey] Rogers

[Ernest Minor] E.M. Patterson

[Allyn Abbott]
Young

[Jacob Harry]
Hollander[Frank Hyneman] Knight

[Albert Benedict] Wolfe

[Herbert Joseph] Davenport

[Henry Roscoe] Trumbower

[Homer Bews] Vanderblue

[Melvin Moses] M.M. Knight

[Abbott Payson] A.P. Usher

As other possibilities I suggest [George Ernest] Barnett, [James Cummings] Bonbright, [Edward Dana] Durand, [Edwin Griswold] Nourse, [Sumner Huber] Slichter, John D. [Donald] Black, Holbrook Working, [Alvin Harvey] Hansen.

[signed]
J Viner

* * * * * * * * * * * * * * *

Response from
Paul Howard Douglas

The University of Chicago
The School of Commerce and Administration

June 29, 1926

Professor L. C. Marshall
Faculty Exchange

Dear Mr. Marshall:

You have hit the nail on the head in your proposal to get under way for next summer, and I am very much pleased at your action. Answering your questions specifically may I say—

That I do not expect to be in residence for the summer quarter of 1927.
&3. Since I shall not be in residence no answers to these questions are, I take it, necessary.

We should, I think, be certain to include adequate work in the following fields (a) Economic theory, (b) Monetary and banking theory, (c) Labor problems, (d) Statistics and quantitative economics, (e) Taxation and Public finance, (f) Economic history.
As regards men from outside, I would recommend the following in each field: (a) Economic theory—[Herbert Joseph] H. J. Davenport, [John Rogers] J. R. Commons, [Frank Hyneman] F. H. Knight; (b) Monetary and banking theory—[Allyn Abbott] A. A. Young, [Oliver Mitchell Wentworth] O.M.W. Sprague, [James Waterhouse] James W. Angell; (c) Labor problems—Selig Perlman, Alvin [Harvey] H. Hansen; (d) Statistics and quantitative economics—[Frederick Cecil] F. C. Mills, [Robert Emmet] R. E. Chaddock, [William Leonard] W. L. Crum; (e) Taxation and public finance—[Harley Leist] H. L. Lutz, [William John] William J. Shultz; (f) Economic history—[Norbert Scott Brien] N. S. B. Gras.
As people from outside to try for, might it not be possible to secure some one from England, such as [John Atkinson] John A. Hobson, Henry Clay, or [Dennis Holme] D. H. Robertson? Might it not also be possible to get Charles Rist from France or [Werner] Sombart from Germany?

Faithfully yours,
[signed]
Paul H. Douglas

P.S. The news that [Henry] Schultz and [Melchior] Palyi are to be with us next year is certainly welcome. Should we not let everyone know that they are coming, and should not a news note to this effect be sent on to the American Economic Review? [Handwritten note here: “Mr. Wright doing this”]

* * * * * * * * * * * * * * *

Response from
Lloyd Wynn Mints

The University of Chicago
The School of Commerce and Administration

July 16, 1926

Memorandum to L. C. Marshall from L. W. Mints, concerning the work of the summer quarter, 1927.

It is my present intention not to be in residence during the summer quarter, 1927, although I will be in the city, I suppose.
It appears to me that we should attempt to get men from the outside who would represent some of the newer points of view rather than the orthodox fields. I should suppose that it would be desirable to have a man in statistics and, if he could be found, somebody to do something with quantitative economics. For the statistics I would suggest [William Leonard] Crum, [Frederick Cecil] Mills, [Frederick Robertson] Macaulay, [Willford Isbell] King, [Bruce D.] Mudgett, [Robert] Riegel. I am ignorant of the particular bents of some of the statistical men, but I should suppose that in quantitative economics [Holbrook] Working, [Alvin Harvey] Hansen, or [William Leonard] Crum might do something. Perhaps [Edmund Ezra] Day should be added to the men in Statistics.
In economic history, as I remember it, we have had no outside help for a long time. I should like to see either [Noman Scott Brien] Gras or Max [Sylvius] Handman give some work here in the summer.
Particular men who represent somewhat new points of view, and who might be had for the summer, I would suggest as follows: [Lionel Danforth] Edie, [Oswald Fred] Boucke, [Morris Albert] Copeland, [Sumner Huber] Slichter.
In addition I should like very much to see either [Edwin Robert Anderson] Seligman or [John Rogers] Commons here for a summer.

[signed]
L.W.M.

* * * * * * * * * * * * * * *

Response from
Harry Alvin Millis

Answers to questions re Summer Teaching, 1927

Yes, I feel that I must teach next summer unless that plan you have been interested in goes through.
342 [The State in Relation to Labor] and 440 [Research].
342 at 8; 440 hour to be arranged.
5. 6.: Should get a better rounded program than we have had. Should have an outstanding man in economic theory and another in Finance. For the former I would mention [John] Maurice Clark, [John Rogers] Commons, and [Frank Hyneman] Knight—in order named. For the latter I would mention [Allyn Abbott] Young, [James Harvey] Rogers. If we can get the money I should like to see [George Ernest] Barnett brought on for statistics and a trade union course.

Would it be possible to have a seminar which would bring together the outside men and some of the inside men and our mature graduate students—these hand-picked? It might be made very stimulating.

[Signed]
H. A. Millis

* * * * * * * * * * * * * * *

Response from
Chester Whitney Wright

The University of Chicago
The Department of Political Economy

Memorandum to Marshall from Wright

Summer 1927
First term some aspects of economic history
1:30 or 2:30
May have to teach the whole summer but hope I can confine it to first term.
Can teach any phases of subjects in any fields suitable for term.

* * * * * * * * * * * * * * *

Response from
James Alfred Field

[No written answer in the folder: however L. C. Marshall noted that Field would not be teaching in the summer term of 1927]

* * * * * * * * * * * * * * *

Response from
William Homer Spencer

The University of Chicago
The School of Commerce and Administration
Office of the Dean

July 12, 1926

Mr. L. C. Marshall
The Department of Political Economy

My dear Mr. Marshall:

As Mr. [Garfield Vestal] Cox does not wish to teach during the Summer Quarter of 1927, I wish the Department of Political Economy would try to get Mr. [Edmund Ezra] Day of Wisconsin [sic, Michigan is correct] who could give both a course in statistics and a course in forecasting. Forecasting is not given this summer and unless we get someone from the outside to give it, I presume it will not be given next summer.

Why does not the Department of Political Economy for the coming summer get someone like Mr. [Leverett Samuel] Lyon to give an advanced course in economics of the market for graduate students? The Department of Political Economy could handle half of his time and I perhaps could handle the other half for market management

Now that it appears that the Department of Political Economy cannot get any promising young men in the Field of Finance, why do you not try for [Chester Arthur] Phillips of Iowa? He will give good courses and will draw a great many students from the middle west to the University.

So far as my own program is concerned, I have not made much progress. I tried to get [Roy Bernard] Kester of Columbia, but he turned me down. I am placing a similar proposition before [William Andrew] Paton of Michigan. In the Field of Marketing, I am trying for [Frederic Arthur] Russell of the University of Illinois to give a course in salesmanship primarily for teachers in secondary schools. Otherwise I have made no progress in getting outside men for next summer.

Yours sincerely,
[signed]
W. H. Spencer

WHS:DD

Source: University of Chicago Archives. Department of Economics. Records. Box 22, Folder 7.

Tags Agger, Angell, Barnett, Beckhart, BlackJD, Bonbright, Boucke, Chaddock, ClarkJM, Clay, Commons, Copeland, CoxGV, Crum, CW Wright, Davenport, Day, Douglas, Durand, Edie, Elkington, Field, Gras, Handman, Hansen, Hobson, Hollander, Kester, Knight, KnightMM, LutzHL, Lyon, Macaulay, MarshallLC, Millis, MillsFC, Mints, Mudgett, Nourse, Palyi, Paton, PattersonEM, PerlmanS, Phillips, PhillipsCA, Riegel, Rist, RobertsonDH, RogersJH, RussellFA, Schultz, Seligman, ShultzWJ, Slichter, Sombart, Spencer, Sprague, Trumbower, Usher, Vanderblue, Viner, Wolfe, WorkingH, Young

Chicago Economists Exam Questions

Chicago. Economic Price Theory Prelim Exam taken by Zvi Griliches. Winter quarter 1955.

Post author By Irwin Collier
Post date 2020-09-04

With this post Economics in the Rear-view Mirror adds two more preliminary exams from the University of Chicago (here, from the Winter Quarter of 1955) to its growing collection of artifacts that provide us a digital record of economics education through the years. The original document was found in Milton Friedman’s files which provide us the additional information of the names of the examination committee as well as names, together with Friedman’s own test scores and his answers to the True-False questions. Of interest to note: Zvi Griliches not only attained the greatest number of points awarded by Friedman (120 points of 185 possible points), but he finished far ahead of the rest of the pack–the second highest exam only received 86 points which incidentally was more than enough to clear this PhD requirement. The Committee failed two students and four students passed the exam for the M.A. degree. Milton Friedman appears to have been the toughest grader of the three members of the Committee.

_____________________________________

Economic Theory Examination Committee:
M. Friedman, chairman; F. H. Knight; D. G. Johnson.

There were 13 examinees for Economic Theory I. These included Zvi Griliches (who incidentally blew the top off the curve according to Friedman’s grades) and Walter Oi.

Griliches Interview with Alan Krueger and Timothy Taylor from June 21, 1999.
Memorial blogpost for Walter Oi by Steve Landsburg on December 26, 2013

There were 2 examinees for Economic Theory II.

_____________________________________

Previously transcribed and posted Preliminary and Field Exams
from the graduate program of the University of Chicago

Economic Theory I and II. Summer 1949
Economic Theory I and II. Summer 1951
Economic Theory I and II. Summer 1952
Economic Theory I. Summer 1955
Economic Theory I and II. Winter 1955
Money and Banking. Summer 1956
Economic Theory. Winter 1957
Money and Banking. Summer 1959
Economic Theory (Old Rules). Summer 1960
Price Theory. Winter 1964
Income, Employment and Price Level. Summer 1967
Money and Banking. Summer 1967
Price Theory. Winter 1969
Income, Employment, Price Level. Winter 1969
Money and Banking. Winter 1969
International Trade. Winter 1970
History of Economic Thought. Summer 1974
Price Theory. Summer 1975
Industrial Organization. Spring 1977
History of Economic Thought. Summer 1989

_____________________________________

Economic Theory I
Preliminary Examination
Winter, 1955
[Milton Friedman’s answers in square brackets]

Time: 4 hours.

Write your number and not your name on your examination paper. Please be brief in your replies.

(30 points) Indicate whether each of the following statements is True, False, or Uncertain and justify your answer briefly.
1. [False] Production of a commodity occurs under conditions of fixed proportions. The supply curve for A shifts to the right. It is to the advantage of the owners of A that expenditure on A shall have represented a small part of total costs.
2. [False] A firm will not carry on production at a given level of output, if one factor exhibits increasing average returns at that output level.
3. [appears to be False with True crossed out] When a firm is in equilibrium, the ratio of the price of a factor to the marginal physical product of the factor determines the marginal cost of production.
4. [True or Uncertain] If the demand for output is perfectly elastic, a decline in the price of factor A will always increase the demand for factor B unless A and B are perfect substitutes (only two factors employed).
5. [True] If the demand for output is less than perfectly elastic, a decline in the price of A may either increase or decrease the demand for factor B.
6. [False] If a monopsonist is not a monopolist, it is possible to construct the monopsonist’s demand curve for a factor.
7. [False] If all the factors used by a firm are paid the value of their marginal products, the sum of the payments will equal the total receipts of the firm.
8. [False] If all factors are paid the value of their marginal products, it would not be possible to increase total real output of the economy by any change in the allocation of factors.
(15 points) In an article on the British tobacco industry, the Economist remarked:
“Since 1938 the industry has had to contend with a sixfold rise in the standard rate of tobacco duty, and a three- to fourfold increase in the average cost of its principal raw material—this includes the higher cost of dollar leaf bought since sterling devaluation. All eight duty increases have been automatically passed on to the smoker, but if duty is left out of account the increase in cigarette prices since 1938 has been no more than about 85 per cent.”
What do you take “passed on” to mean in this sentence? What is its relation to the economic concept of “incidence”? What inference, if any, would you draw about the latter?
(20 points) Assuming that a monopolist always fixes price so as to maximize profits, can the price of a commodity ever be lower when it is monopolized than when it is competitively produced?
(30 points) Trace the development of the theory of consumer choice. Include in your answer an explanation of (a) the meaning attached by Smith to “effectual demand”, (b) the role assigned by Ricardo to demand in determining prices; (c) Jevons “the final degree of utility determines price”; (d) the contribution of Edgeworth, Fisher, and Pareto.
(20 points) It is widely asserted that workers have less “bargaining power” than employers because there are more workers than employers. Discuss.
(25 points) Discuss the following concepts (a) the “postponement” of consumption said to be involved in saving and investment, (b) “abstinence”, (c) “time preference”, (d) the “marginal efficiency of investment”, (e) the “marginal efficiency of capital”.
(45 points) For each of the following methods of financing radio and television programs, indicate how the resulting structure of programs differs from the optimum: and under what conditions, if any, it would be an optimum. In interpreting “optimum”, assume that the only consideration is direct private benefit from the programs; neglect distributional effects, i.e., treat it as a purely allocative problem; and assume that there are no such public issues involved as “education” or “indoctrination”. On the technical side, assume throughout that there are a narrowly limited total number of frequencies or channels available in any one area. Make your answer as definite as possible in terms of the kind of people whose tastes are or are not catered to appropriately, the kinds of programs that are too numerous or too sparse, etc. In answering the question, assume throughout that it is possible without cost to know exactly the number and kind of people who listen to each program.
1. The existing U.S. method of selling time to advertisers.
2. Imposition of an annual license tax or fee on each set; auctioning off of time to private program producers; compensation of these producers by giving to each a share of the total tax collection equal to the fraction of total listener time devoted to his programs. Assume that advertising is forbidden.
3. Some mechanical method whereby a subscriber can receive a particular program only if he pays through a coin-box arrangement for that particular program. The programs are to be provided by private producers who receive the payments, who buy time on the stations, as in the preceding case, and who can determine the amount charged for the programs they produce. Once again, assume that advertising is forbidden.

ECONOMIC THEORY II
Preliminary Examination
WINTER 1955

Time: 2½ hours.

Note: Write only your number, not your name, on your examination paper.

Answer question 1, and two others.

Using the Table below, explain the variations in the real income, the price level, the velocity of circulation, the government and private investment, the rate of unemployment, the ratio of savings to income, and whatever else you consider significant.

TABLE

The following figures are based on the Economic Report to the President, 1955.
Note: (a) All figures except those for item A are expressed as percentages of the corresponding 1937 figure; (b) item F is defined to be equal to “gross private domestic investment” plus “government purchase of goods and services” plus“net foreign investment”, all in 1947 prices.

	1929	1933	1937	1941	1945	1949	1953
A. Unemployment as percentage of civilian labor force	3.2	24.9	14.3	9.9	1.9	5.0	2.5
B. Civilian employment	103	84	100	109	114	127	134
C. Demand deposits and currency (non-deflated)	89	67	100	164	346	376	441
D. National income (non-deflated)	119	55	100	142	246	294	414
E. Consumer price index	119	90	100	102	125	166	186
F. Gross national product less consumption (in 1947 prices)	100	41	100	160	281	165	262
G. D/C	134	82	100	87	71	78	94
H. D/E	100	61	100	139	197	178	222
I. H/B	97	72	100	128	172	140	166
J. F/H	100	67	100	115	146	93	118

It is often said that the U.S. economy is less likely to suffer a severe depression today than it was twenty or thirty years ago. List and discuss major changes which have taken place which bear on this statement.
Suppose the tax on capital income (dividends, interest) is increased. What will be the effect on the demand for cash if the tax proceeds are spent on: (a) aid to foreign countries; (b) federal contribution to medical aid in the United States.
In the Confederate States, the ratio of bank reserves to deposits grew rapidly during 1862-64. This ratio also grew in the period 1933-37 in the Unites States. Explain these phenomena. Evaluate the action taken by the Governors of the Federal Reserve Board in 1936 and 1937, when they raised the required minimum reserve ratio.
The stock of money (currency and demand deposits) per capita was about 800 dollars in June 1953 as against about 100 dollars in June 1910. Explain the increase.

Source: Hoover Institution Archives. Milton Friedman Papers. Box 76. Folder 2 “University of Chicago, Economic Theory”.

Image Source: Zvi Griliches. University of Chicago Photographic Archive, apf1-06565, Special Collections Research Center, University of Chicago Library.

Tags Friedman, Griliches, JohnsonDG, Knight, Oi

Chicago Economists Exam Questions

Chicago. Preliminary Examinations in Economic Theory. Friedman, chair. 1952

Post author By Irwin Collier
Post date 2020-07-18

Today’s post includes not only the questions for the economic theory preliminary examinations (Part I and Part II) from the summer quarter of 1952 at the University of Chicago, but also some interesting background material. From Milton Friedman’s papers at the Hoover Institution archives I have transcribed copies of the entire schedule of preliminary examinations for summer 1952 along with the correspondence between Friedman, Frank Knight and the departmental secretary. We can compare Friedman’s suggested questions with the questions that were actually used for the exam along with Friedman’s rankings of the anonymous examinations. Two sentences in Frank Knight’s letter to Friedman (after the grades had been compared among the graders and the veil of ignorance regarding the identities of the examinees was lifted) is definitely worth considering in light of current discussions about systemic elements of racism in the discipline of economics.

“I feel that these Negroes are in the same position as the Chinese students only more so in that they compete in a completely different market, and they are never really compared with our “full fledged” Ph.D. graduates. (Besides, between you and me, I have attended 4 or 5 Ph.D. exams this summer and thought very few of them ought to pass but they all did).”

I have gone on to track down the top eight examinees as ranked by Milton Friedman. Fun facts: Gary Becker won the bronze medal and Abba Lerner’s son, Lionel Lerner, placed fourth.

The summer 1951 theory preliminary exams were posted earlier.

_________________________

Schedule for the Preliminary Examinations
Summer 1952

July 15, 1952

To: Committee members of Preliminary examinations
From: J. Barker, Departmental Secretary
Re: Schedule and committees for Preliminary Examinations, Summer Quarter, 1952.

Date	Examination	Committee	Registration
Tues., July 29	Economic Theory I	M. Friedman, Chr., F. H. Knight G. Tolley	26
Thurs., July 31	Economic Theory II	(as above)	4
Tues., July 29	Government Finance	P. Thomson, Chr. H. Lewis	1
Thurs., July 31	Industrial Relations	F. Harbison, Chr. A. Rees M. Reid	1
Tues., Aug. 5	Money, Banking & Monetary Policy	L. Mints, Chr. E. Hamilton J. Marschak	21
Tues., Aug. 5	Statistics	T. Koopmans, Chr. W. Wallis	4
Thurs., Aug. 7	Agricultural Economics	D. Johnson, Chr. T. Schultz P. Thomson	8
Thurs., Aug. 7	International Econoics	L. Metzler, Chr. C. Hildreth H. Lewis	9

_________________________

Friedman to Knight and Tolley
Carbon copy

Orford, N.H.
July [19 or 20], 1952

F. H. Knight
G. Tolley

Dear Knight and Tolley:

I have just received word from Miss Barker that I am chairman of the Theory prelim committee for this summer, that you are the other members, and that the exams are to be in her hands by July 22.

I wish you could join me here for a session to get out the exams—and I am sure you do too if what we have been hearing about the weather in Chicago bears any resemblance to the truth.

Since you cannot, I enclose some suggested questions for both Part I and Part II. I wonder if the two of you could get together and combine these or such of them as you think worthy of retention with your own questions. Time does not permit of rechecking with me and I assure you I shall be more than satisfied with whatever decisions the two of you make.

As to the papers, have them sent to me at any stage that suits your own plans best, since mine are very flexible. I shall try to read them promptly and return them promptly. If I send you in my grades, perhaps the two of you can combine them with your own. I realize this puts more of the work on you, but I know not what else to do. I do hope we can get the grades in reasonably promptly, and certainly before the end of the quarter, which also means before I return.

Many thanks, and apologies. Best regards too.

Yours,

_________________________

Friedman’s proposed theory exam questions
Summer 1952

M. Friedman

Actual Economic Theory Preliminary Examination Questions
Summer, 1952

Summer, 1952

ECONOMIC THEORY I

Time: 4 hours

Answer all questions.

Define the following terms precisely and indicate briefly the use made of each in economics:
1. Demand
2. Supply
3. Indifference Curve
4. Rate of Substitution
5. Marginal value product
6. Marginal efficiency of capital
7. Production function
8. Time preference
(a) Outline the theory of joint supply
(b) What factors determine the elasticity of the derived supply curve of one of a pair of jointly supplied items? Show the direction of influences and prove your statements graphically or otherwise.
Assume that Crusoe is interested in economizing the use of his resources and that during the period in question there is no change in his knowledge of production techniques. How does capital and interest theory aid in explaining the following observations?

(a) After several years, Crusoe begins to obtain berries by planting and cultivation rather than simply by picking them as he had done previously.
(b) After an additional number of years, he reverts to picking wild berries.

What theories do you offer to explain the following phenomena?

(a) During a prolonged rise in the general level of prices, the price of soft drinks remained at five cents with no change whatsoever in the physical characteristics of the product.
(b) During a prolonged rise in the general level of prices the price of candy bars remained at five cents, at the same time, however, as the size of the bars decreased.

Using diagrams, briefly discuss the long-run cost curve for a competitive industry. Indicate, with diagrams, the response to be expected from (a) an expansion of demand, (b) a decrease of demand, within periods too short for a significant change in the fixed investment.
Briefly state the main changes in the body of accepted price theory at the turn from “classical” to “Austrian” (the subjective-value school), i.e., at the “revolution” of the 1870’s. Similarly describe the transition from Austrian to “New-classical” (Marshallian) doctrine.

* * * * * * * * * * * * *

Summer, 1952

ECONOMIC THEORY II

Time: 2 ½ hours

Answer all questions.

During every hyper-inflation there are recurrent complaints of a “shortage of money.” How do you explain this phenomenon? Compare the situation during acute depression.
A part of the nation’s productive capacity is destroyed, say by a war. Ignoring any possible expectational and distributive effects, how will this affect: (a) the division of the national income between consumption and investment? and (b) the income-velocity of money. How, if at all, does your answer depend on whether wealth is a variable which influences behavior?
There has been much talk of the so-called “wage-price spiral.” What is generally meant by this term? Give a theoretical analysis of the so-called spiral, indicating under what circumstances you think it would or would not arise.

_________________________

Theory Prelim, Summer, 1952, Part I. Grades by M. Friedman

General notes:

I have classified the papers into five groups.

P—clear pass for the Ph.D. (7 papers)
P(?) Questionable pass for Ph.D. (5 papers)
A.M. Pass for a.M./questionable fail for Ph.D. (5 papers)
F(?) Questionable fail for A.M., clear fail for Ph.D. (4 papers)
F Clear fail for both (4 papers)

Should emphasize that as always this is somewhat arbitrary. In particular, difference between two fail classes is particularly small in this batch.

In addition to the above class mark, Igive the ranking by my numerical grades. 1 is the best paper, 2, the next best, etc., to aid in seeing whether any differences among members of the committee reflect differences in absolute or relative grading.

# of candidate.	Class grade	Rank	Remarks
1	AM	16
2	F	24
3	P	6
4	P(?)	8
5	P	5
6	F(?)	21
7	AM	14
8	P(?)	11
9	AM	15
10	P	4
11	P(?)	12
12	F	25
13	P	2	This and 15 distinctly the two best papers
14	F(?)	18
15	P	1	See under 13
16	AM	13
17	AM	17
18	F	23
19	F	22
20	P	7
21	P	3
23	F(?)	19
25	P(?)	10
26	F(?)	20
27	P(?)	9

PART II OF THEORY PRELIM

Not one of the three papers submitted on this part seems to me satisfactory. #1 is the best of the three, though not by much, and might deserve a questionable pass. Both of the others seem to me clear failures.

_________________________

THE UNIVERSITY OF CHICAGO
Chicago 37, Illinois
Department of Economics

September 8, 1952

Mr. Milton Friedman
Orford
New Hampshire

Dear Milton:

Tolley and I have just gone over our three reports and find them fairly well in agreement. The most serious exception is #7—John J. Klein, whose paper you marked passable for the A.M. only, while both Tolley and I gave him a clear pass. Your rank was 14, as you probably have the record to show. What do you suggest? It will be no great hardship to us to re-read the paper, and we shall do so with the next day or so. Do you want to see it again? Or what can we report?

Another questionable case is Adolph Scott (Colored). Here I am the odd man, as I marked him passable, while you ranked him 23 out of 25, and Tolley ranked him 24. I yield as far as passing him for the Ph.D. is concerned but wondered what you would think about passing him for the A.M. He seems to have squeezed through in International Trade at the A.M. level. This would allow him to get the Master’s degree. I feel that these Negroes are in the same position as the Chinese students only more so in that they compete in a completely different market, and they are never really compared with our “full fledged” Ph.D. graduates. (Besides, between you and me, I have attended 4 or 5 Ph.D. exams this summer and thought very few of them ought to pass but they all did).

On Part II there is also some discrepancy. I had Mints read these papers, and he and I agree that #2, Mrs. Mullady, was passable. But you and Tolley both wrote failure and as she failed “flat” on Part I and has also failed a second time in another field, it looks as though that disposes of her case. This leaves S. Smidt who has your vote, a questionable pass, Tolley’s a clear pass, and Mints and I though a very very [sic] dubious pass. But Smidt passes Part I with colors flying. I am perfectly willing and in fact disposed to yield on him and pass him as I don’t feel competent to grade these Part II papers anyway.

Cordially,

(Dictated but not read)
Frank H. Knight

Source: Hoover Institution Archives. Milton Friedman Papers. Box 76. Folder 2 “University of Chicago ‘Economic Theory’”.

_________________________

Identities of eight examinees given passing grades
by Milton Friedman by rank

First place

Seymour Smidt. University of Chicago Ph.D. (1954). Dissertation: “Efficient Management for Government Wheat Stocks”.

Second place

Conrad Jan (Coen) Oort. University of Chicago A.M. (1954). Doctor of Economics, University of Leiden (1958).

Professor economics, U. Utrecht, The Netherlands, 1960-1971; professor economics, University of Michigan, Ann Arbor, 1956-1957; treasurer-general, Treasury, The Hague, The Netherlands, 1971-1977; managing director, Algemene Bank Nederland Bank (now Algemene Bank Nederland-AMRO), Amsterdam, The Netherlands, 1977-1989; non-executive director various companies, The Netherlands, since 1989; professor economics, Maastricht, The Netherlands, since 1986. Chairman KLM, Amstelveen, Netherlands, 1992, Robeco Group, Rotterdam, Netherlands, 1989. Vice chairman Aegon Insurance, The Hague, 1990.
Source: Prabook webpage for Conrad Jan Oort.

Third place

Gary S. Becker. University of Chicago Ph.D. (1953). Dissertation: “The Economics of Racial Discrimination”.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992.

Fourth place

Lionel John Lerner. [son of Abba P. Lerner and Alice Sendak]. University of Chicago A.B. (1950) and A.M. (1952). Johns Hopkins University Ph.D. (1955). Dissertation: “Theories of Imperialist Exploitation.”
Source: Johns Hopkins University, Sheridan Libraries, Special Collections. Commencement Program 1955, p. 19.

Fifth place

Edward J. Kilberg. Hofstra University B.A. (1949). Duke University A.M. (1952). University of Chicago A.M. (1957).
Apparently Kilberg was never awarded a Ph.D. in economics by the University of Chicago for his dissertation “Commercial bank holdings of cash and liquid items”. Most likely reason is that he died in the crash of a Northeast airliner at Nantucket Airport on August 15, 1958. Kilberg left a research job at the Mutual Life Insurance Company in 1957 to go to the NBER where he worked as assistant to Arthur F. Burns for the book Prosperity Without Inflation (1958).

Sixth place

Hugh Roy Elliott. In the list of economics Ph.D. dissertations kept by the department of economics at the University of Chicago we find “Hugh R. Elliott. Dissertation: Savings Deposits as Money (Summer 1964)” which seems rather late in the game. But then we see: AER Sept. 1957, p. 838 “Hugy [sic] R. Elliott, B.A. Harvard 1950; M.A. Chicago 1952.” Thesis in preparation at Chicago “Savings deposits as money”.

Seventh place

Irwin Ira Baskind. I have found the following item “Baskind, Irwin. Postwar Monetary Policy in Belgium (Ph.D., Chicago)” from U.S. State Department, Bureau of Intelligence and Research. External Research. A List of Studies Currently in Progress, Western Europe, ER list no. 5.14 (April 1960), p. 9. Note: Baskind’s name does not appear in the list of economics Ph.D.’s kept by the Chicago department of economics.

Eighth Place

Paul Gabriel Keat. Baruch School of the City University of New York B.B.A. (1949). Washington University A.M. (1950). University of Chicago A.M. (1952, 1956). University of Chicago Ph.D. (1959). Dissertation: “Changes in Occupational Wage Structure 1900-1956”.

Keat, Paul G. PhD 88, passed away on April 2, 2014.Born in Prague, Czechoslovakia May 2, 1925. A WWII vet who served in Ardennes, Normandy and Rhineland. Decorated with the European African Middle Eastern Services Medal, Good Conduct Medal and WWII Victory Medal. Discharged 1946. Graduated 1959 from the University of Chicago with an M.A. and PhD in economics. Student of his cherished professor, Dr. Milton Friedman. Earned B.B.A. in accounting from Baruch School of the City University of New York and M.A. from Washington University. Paul’s work with IBM was extensive in both the United States and in the European headquarters based in Paris. He taught both finance and economics at the graduate level in numerous universities including Syracuse University, Washington University, the City University of New York, Iona College and the Lubin Graduate School of Business at Pace University. In 2013 he co-authored and published the seventh edition of his textbook “Managerial Economics”.
Source: Arizona Republic, Phoenix. April 13, p. F9.

Images: The economic theory prelim examiners, Friedman, Knight, and Tolley. From the University of Chicago Photographic Archive.

Tags Becker, Friedman, Knight, Lerner, Tolley

Chicago Exam Questions

Chicago. Graduate prelim exams in economic theory. Metzler, Friedman and Knight, 1951

Post author By Irwin Collier
Post date 2020-05-11

The previous post provided the names of the examination committee members for the economics preliminary exams for the Ph.D./A.M. by field at the University of Chicago for the summer quarter of 1951. The names of the students registered for the respective examinations were transcribed as well. The economic theory examining committee for that round consisted of Lloyd Metzler (chair), Milton Friedman, and Frank Knight. This post provides a transcription of both economic theory exams along with Friedman’s hand-written answer to Question 5 of Part I.

_____________________

ECONOMIC THEORY
Part I
Summer Quarter, 1951

(Do not write your name on your paper. Use only the number in the top right-hand corner of this examination.)

Ph.D. candidates. Write 3½ hours. Answer all questions.

A.M. candidates. Write 2½ hours on questions #1 and #2 and one other.

Discuss the probable shape of the long-run cost curve for an industry operating under approximately perfect competition. How would it differ in the short run, i.e., in response to an unanticipated shift in the demand-curve for the product, assumed not to be permanent?
Briefly discuss the Ricardian conception of capital, specifically in relation to his theory of wages. Argue the question whether wages are paid out of (pre-existing) capital or out of (current) product.
Can you find any relation between the Böhm-Bawerk production-period theory of interest and the Ricardian theory of capital and profit? What is the crucial assumption about the nature and source of capital which underlies the production-period theory, and is it sound? How does diminishing returns to investment enter into Ricardo’s and Böhm-Bawerk’s theories?
Consider a trade union that is strong enough to prevent nonmembers from working at the trade in question and whose membership, for simplicity, will be supposed unaffected by the level of returns to members within broad limits (e.g., future membership consists of present membership minus members who die plus male children of present members). Analyze what its position would be toward the immigration of unskilled labor if it took account solely of the effect of such immigration on the incomes of its members. What considerations, if any, should lead it to favor more extensive immigration? What considerations, if any, to favor restriction on immigration? Is there a clear balance in favor of the one position or the other?
“The orthodox tools of supply and demand assume that sellers and buyers are free to buy or sell any quantities they wish at the price determined by the market. This assumption cannot validly be made when price controls or rations are imposed by government. It follows that these tools are useless in analyzing the effects of such governmental actions. Economists should free themselves from slavish adherence to outmoded concepts and fashion new tools for the new problems raised by the modern Leviathan.” Discuss.
The following figures represent the prices and quantities of two commodities, A and B, consumed by three individuals having the incomes stated in two different periods of time.

First Period						Second Period
	P_a	Q_a	P_b	Q_b	Income	P_a	Q_a	P_b	Q_b	Income
Arthur	$1	20	$2	10	$40	$2	10	$1	20	$40
John	$2	20	$1	10	$50	$1	10	$2	20	$50
Paul	$2	20	$1	10	$50	$2.50	10	$1.25	20	$50

Assuming that each individual spends his whole income on the two commodities, and assuming also that there is no change in tastes between the two periods, indicate for each individual what the above information reveals as to whether the bundle of goods consumed in Period I represents a lower or a higher level of satisfaction that the bundle consumed in Period II. Explain your conclusions fully. (It is recommended that a diagram be used in answering this question.)

[Answers to Question 5 in pencil: Arthur “Can’t tell”; John “Inconsistent”; Paul: “First period better”]

From sketch in Milton Friedman’s copy of the exam.

ECONOMIC THEORY II
Summer Quarter, 1951

Time: 2½ hours.

(a) Describe and discuss briefly the circumstances that gave rise to the establishment of the Federal Reserve System and the major events (including its actions) in its history.
(b) In light of this survey of the record, comment on the following conclusion of one student: “The Federal Reserve System should be abolished. It served as an engine of inflation in two World Wars and post-war periods, hindered the re-establishment of satisfactory monetary standards throughout the world in the 1920’s, and failed to prevent the Great Depression, if indeed it was not itself largely responsible for the severity of that depression. The United States would have had a happier history if the pre-1913 monetary arrangements had been continued thereafter.”
“From the preceding considerations it would be seen, even if it were not otherwise evident, how great an error it is to imagine that the rate of interest bears any necessary relation to the quantity or value of the money in circulation. An increase in the currency has in itself no effect, and is incapable of having any effect, on the rate of interest.” (J.S. Mill)
“We can sum up the above in the proposition that in any given state of expectation there is in the minds of the public a certain potentiality towards holding cash beyond what is required by the transactions-motive or the precautionary-motive, which will realize itself in actual cash holding in a degree which depends on the terms on which the monetary authority is willing to create cash…Corresponding to the quantity of money created by the monetary authority, there will, therefore be set. par. a determinate rate of interest.” (J. M. Keynes)
“The saving schedule tells us what part of income the community desires to save. The technical conditions…expressed by the marginal-efficiency-of-investment function, determine the marginal efficiency of the amount of investment that the giving up of consumption permits undertaking. (The intersection of the two schedules determines) the equilibrium rate of interest.” (F. Modigliani).
Can you reconcile these opinions concerning the determinants of the interest rate? Explain fully, making and stating any assumption you like as to the conditions of production, the time period under consideration, and the flexibility of prices and costs.
What measures would you advocate—and give your reasons for inclusion and omission—for controlling the inflationary tendency in the U.S. under present conditions?

Source: Hoover Institution Archives. Papers of Milton Friedman, Box 76, Folder “76.2 University of Chicago, ‘Economic Theory’”.

Image Source: Social Science Research Building. University of Chicago Photographic Archive, apf2-07490, Special Collections Research Center, University of Chicago Library.

Tags Friedman, Knight, Metzler

Chicago Economics Programs Economists Fields

Chicago. Schedule of the preliminary economics exams for the Ph.D. and A.M., Summer 1951

Post author By Irwin Collier
Post date 2020-05-06

The following schedule for preliminary examinations in economics at the University of Chicago from the summer quarter of 1951 comes from Milton Friedman’s papers at the Hoover Institution Archives. We see that he was on the two economic theory examination committees along with Lloyd Metzler and Frank Knight. Besides providing the names of the faculty members serving on the nine committees, the schedule also provides the names of the sixty students registered for the examinations during that quarter.

____________________

DEPARTMENT OF ECONOMICS

SCHEDULE FOR PRELIMINARY EXAMINATIONS
FOR THE PH.D. AND FOR THE A.M.

Summer Quarter, 1951

The schedule below shows the examinations requested for the current quarter. Will the chairman of each committee please be responsible for turning in the complete examination at least one week before the date on which it is to be given?

Date	Examination	Committee	Students Registered
Thurs., Aug. 2 8:30 Law Court	Agricultural Economics	D.G. Johnson, chr. C. Hildreth T.W. Schultz	Dunsing, Marilyn (A.M.) Fox, Kirk (Ph.D) Hughes, Rufus (Ph.D.) Taylor, Maurice (Ph.D.)
Tues., July 31 8:30 Law Court	Economic Theory I	L. Metzler, chr. M. Friedman F. Knight	Baskind, Irwin (Ph.D.) in abs. Bassett, Marjorie (Ph.D.-A.M.) Blumberg, Lionel (Ph.D.-A.M.) Chen, Ho-Mei (Ph.D.) Chen, Sze-te (Ph.D.-A.M.) Chien, Chih Chien (Ph.D.) Cleaver, George (Ph.D.) Dunsing, Marilyn (A.M.) Emmer, Robert (Ph.D.) Fox, Kirk (Ph.D.) Frank, Andrew (Ph.D.-A.M.) in abs Gustus, Warren (Ph.D.) Heizer, Raymond (Ph.D.) Herlihy, Murray (Ph.D.) Hoch, Irving (Ph.D.) Hughes, Rufus (Ph.D.) Krawczyk, Richard (Ph.D.-A.M.) in abs Lerner, Eugene (Ph.D.) Liang, Wei K. Liang (Ph.D.) Lininger, Charles (Ph.D.) Lurie, Melvin (Ph.D.) McGuire, Charles (Ph.D.) Malhotra, Man Mohan (Ph.D.) Malone, John (Ph.D.) Mitcham, Clinton (Ph.D.-A.M.) Morrison, George (Ph.D.-A.M.) Sonley, Lorne (Ph.D.) Taylor, Maurice (Ph.D.) Terrell, James (Ph.D.-A.M.) Toscano, Peter (Ph.D.) Traeger, Gordon (Ph.D.-A.M.) Viscasillas, Felipe (Ph.D.) Waldorf, William (Ph.D.) Weir, Thomas (Ph.D.) Weiss, Roger (Ph.D.-A.M.) Zelder, Raymond (Ph.D.)
Tues., Aug. 7 8:30 Law Court	Economic Theory II	L. Metzler, chr. M. Friedman F. Knight	Chen, Ho-Mei (Ph.D.) Herlihy, Murray (Ph.D.) Hoch, Irving (Ph.D.) Toscano, Peter (Ph.D.) Weir, Thomas (Ph.D.)
Thurs., Aug. 9 8:30 Law Court	Government Finance	P. Thomson, chr. J. Marschak D.G. Johnson	Frank, Andrew (Ph.D.-A.M.) in abs Haskell, Max (Ph.D.) in abs Henry, Edward L. (Ph.D.) Horwitz, Bertrand (Ph.D.-A.M.) Lininger, Charles (Ph.D.) Selden, Richard (Ph.D.)
Thurs., Aug. 9 8:30 Law Court	Industrial Relations	F. Harbison, chr. E. Hamilton H.G. Lewis	Barghout, Saad (Ph.D.) Bechtolt, Richard (Ph.D.) Hoch, Irving (Ph.D.) Liang, Wei K. (Ph.D.) Mullady, Philomena (Ph.D.) Ness, David (Ph.D.)
Thurs., Aug. 2 8:30 Law Court	International Economics	L. Metzler, chr. B. Hoselitz A. Rees	Alberts, William (Ph.D.) Anderson, Edwin (Ph.D.) in abs Chen, Sze-te (Ph.D.-A.M.) Chien, Chih Chien (Ph.D.) Cleaver, George (Ph.D.) Frank, Andrew (Ph.D.-A.M.) Glick, Milton (Ph.D.-A.M.) Gustus, Warren (Ph.D.) Lukomski, Jesse (Ph.D.-A.M.) Mitcham, Clinton (Ph.D.-A.M.) Morey, Donald J. (Ph.D.-A.M.)
Tues., Aug. 7 8:30 Law Court	Money, Banking, and Monetary Policy	L. Mints, chr. E. Hamilton J. Marschak	Alberts, William (Ph.D.) Bauer, Milton (Ph.D.) Blumberg, Lionel (Ph.D.-A.M.) Chen, Sze-te (Ph.D.-A.M.) Chien, Chih Chien (Ph.D.) Cleaver, George (Ph.D.) Conomikes, George (Ph.D.-A.M.) Davis, George (Ph.D.) in abs Emmer, Robert (Ph.D.) Heizer, Raymond (Ph.D.) Horwitz, Bertrand (Ph.D.-A.M.) Hughes, Rufus (Ph.D.) Krawczyk, Richard (Ph.D.-A.M.) in abs Lerner, Eugene (Ph.D.) Liang, Wei K. (Ph.D.) Lukomski, Jesse (Ph.D.-A.M.) Meckling, William (Ph.D.) Mitcham, Clinton (Ph.D.-A.M.) Morey, Donald (Ph.D.-A.M.) Ogawa, George (Ph.D.) Smulekoff, Suzanne (Ph.D.-A.M.) Sonley, Lorne (Ph.D.) Taylor, Maurice (Ph.D.) Terrell, James (Ph.D.-A.M.) Traeger, Gordon (Ph.D.-A.M.) Zelder, Raymond (Ph.D.) Zingarelli, Carla (Ph.D.-A.M.) Rayack, Elton (Ph.D.) in abs
Thurs., Aug. 2 8:30 Law Court	Statistics	T. Koopmans, chr. C. Hildreth H.G. Lewis	Cagan, Phillip (Ph.D.) Hogan, Lloyd (Ph.D.) Katzman, Irwin (Ph.D.) Malhotra, Man Hohan (Ph.D.) Waldorf, William (Ph.D.)
Thurs., Aug. 2 8:30 Law Court	Economic History	E. Hamilton	Mullady, Philomena (Ph.D.) Toscano, Peter (Ph.D.)

Source: Hoover Institution Archives. Papers of Milton Friedman. Box 76, Folder “University of Chicago ‘Economic Theory’”.

Tags Cagan, Friedman, Hamilton, Harbison, Hildreth, Hoselitz, JohnsonDG, Knight, Koopmans, LewisG, Marschak, Metzler, Mints, Rees, Schultz, ThomsonP

Chicago Economists Salaries

Chicago. Selected salaries. Hayek visiting, Friedman as associate professor, 1946

Post author By Irwin Collier
Post date 2020-02-21

Since economists put much store in the notion of people putting their (own or other people’s) money where their mouths are, Economics in the Rear-view Mirror provides from time to time some historical faculty salaries to shine a little light on where those professors of economics before us stood in the willingness-to-pay of their respective departments and university administrations. In this post we see how the brief visiting professorship of Friedrich Hayek and the tenured associate professorship of Milton Friedman fit into the 1946 salary structure at the Univerity of Chicago’s department of economics.

Note: For his half-quarter service Hayek was offered $2,000 (quoted in a January 23, 1945 note from the director of the U of Chicago Press to VP E. C. Colwell). I presume the $4,000 figure includes $2,000 compensation from (or on behalf of) Stanford University.

_______________________

Comparison: Selected 1945-46 Chicago Salaries
(and recommendations for 1946-47)

Jacob Viner. $10,000
Frank Knight. $9,000 ($10,000)
S.E. Leland. $9,000 ($9,500 Note: resigned to go to Northwestern)
T.W. Schultz. $9,000 ($9,000)
John U. Nef. $8,000 ($8,000)
Jacob Marschak. $8,000 ($8,500)
Paul H. Douglas. $7,000 ($8,000)
Oscar Lange. ($6,000) ($6,000) on leave 1 Oct 1945 to 30 June 1947
Henry Simons. $6,000 ($6,000)
L. W. Mints. $5,500 ($6,000)
Tjalling Koopmans $5250 ($6,740. Note: new salary effective 1 January 1946)

Source: “Budget and Appointment Recommendations 1946-47 (December 7, 1945)”

_______________________

Hayek’s Half-Quarter, Spring 1946

May 10, 1946

Mr. Robert Redfield	Social Sciences
R. G. Gustavson	Central Administration

On May 9, 1946 the Board of Trustees approved the following recommendations:

It is recommended that Friedrich A. Hayek be appointed Visiting Professor of Economics in the Department of Economics for the period April 8, 1946 to May 11, 1946. For this service and a similar period of service at Stanford University it is recommended that an honorarium of $4,000 be approved.

cc:
Mr. T. W. Schultz
Mr. L. A. Kimpton) Salary not mentioned
Mrs. K. Turabian) Salary not mentioned

Board—5/9/46:

It is recommended that Friedrich a. Hayek be appointed Visiting Professor of Economics in the Department of Economics for the period April 8, 1946 to May 11, 1946. For this service and a similar period of service at Stanford University it is recommended that an honorarium of $4,000 be approved.

Form sent to Comptroller—5/13/46

* * * * * * * * *

Milton Friedman’s tenured associate professorship
Effective October, 1946

March 19, 1946

Mr. Robert Redfield	Social Sciences
R. G. Gustavson	Vice President

On March 28, 1946 the Committee on Instruction and Research approved the following recommendation:

It is recommended that Milton Friedman be appointed Associate Professor of Economics in the Department of Economics on indefinite tenure on a 4E Service basis at an annual salary of $6,000 effective October 1, 1946.

cc:
Mr. T. W. Schultz
Mr. L. A. Kimpton) Salary not mentioned
Mrs. K. Turabian) Salary not mentioned

I & R. 28 March 1946:

It is recommended that Milton Friedman be appointed Associate Professor in the Department of Economics on indefinite tenure on a 4E service basis at an annual salary of $6,000 effective October 1, 1946.

Source: University of Chicago Library. Department of Special Collections. Office of the President. Hutchins Administration Records. Box 284. Folder “Economics, 1943-1947”.

Image Source: National Portrait Gallery. Photographs Collection. NPG x187289. Friedrich August von Hayek by Walter Stoneman, half-plate glass negative, June 1945. The portrait has been cropped to fit the format of this webpage.
Creative Commons license. Attribution-NonCommercial-NoDerivs 3.0 Unported (CC BY-NC-ND 3.0).

Tags Douglas, Friedman, Hayek, Knight, Koopmans, Lange, Leland, Marschak, Mints, Nef, SchultzTW, Simons, Viner

List of Patinkin’s copy request for Chicago Ph.D. theses

The University of Chicago Chicago, Illinois 60637

The University of Chicago Chicago, Illinois 60637

POLITICAL ECONOMY, SOCIOLOGY, BUSINESS ADMINISTRATION

THE GRADUATE SCHOOL OF ARTS AND SCIENCES

APPLICATION FOR ADMISSION TO CANDIDACY FOR A DEGREE IN ARTS OR PHILOSOPHY

HARVARD UNIVERSITY THE GRADUATE SCHOOL OF ARTS AND SCIENCES

Application for Admission to Candidacy for a Degree in Arts or Philosophy

THE STATE UNIVERSITY OF IOWA IOWA CITY

TRANSCRIPT OF RECORD

of Edw. Hastings Chamberlin College Liberal Arts

Secondary Credits Accepted from Iowa City, Iowa

1916-17

1917-18

1918-19

1919-20

Summer Session 1920

Summer Session 1921

UNIVERSITY OF MICHIGAN ANN ARBOR

GRADUATE SCHOOL OFFICE OF THE DEAN [Transcript of courses taken by Edward H. Chamberlin]

First Semester, 1920-21

Second Semester, 1920-21

First Semester, 1921-21

Second Semester, 1921-22

Carbon Copy of Reply to Chamberlin’s Application of 11 April 1922

ALTERNATIVE DEPARTMENTAL MASTER’S DEGREE [1950-51 regulations]

ECONOMIC COURSES LISTED IN THE LEWIS MEMO (29 Sept 1950) AND INCLUDED IN THE DEPARTMENTAL MINUTES (2 Nov 1950)

MINUTES Meeting of the Department

Copy of memo from Leon Carroll Marshall

THE UNIVERSITY OF CHICAGO Department of Economics

Response from Jacob Viner

The University of Chicago Department of Political Economy

Response from Paul Howard Douglas

The University of Chicago The School of Commerce and Administration

Response from Lloyd Wynn Mints

The University of Chicago The School of Commerce and Administration

Response from Harry Alvin Millis

Response from Chester Whitney Wright

The University of Chicago The Department of Political Economy

Response from James Alfred Field

Response from William Homer Spencer

The University of Chicago The School of Commerce and Administration Office of the Dean

Economic Theory Examination Committee: M. Friedman, chairman; F. H. Knight; D. G. Johnson.

Previously transcribed and posted Preliminary and Field Exams from the graduate program of the University of Chicago

Economic Theory I Preliminary Examination Winter, 1955 [Milton Friedman’s answers in square brackets]

ECONOMIC THEORY II Preliminary Examination WINTER 1955

TABLE

Schedule for the Preliminary Examinations Summer 1952

Friedman to Knight and Tolley Carbon copy

Friedman’s proposed theory exam questions Summer 1952

Suggested Questions for Theory Prelim, Summer, 1952

Part I

Suggested questions for theory prelim, Summer, 1952

Part II

Actual Economic Theory Preliminary Examination Questions Summer, 1952

ECONOMIC THEORY I

ECONOMIC THEORY II

Theory Prelim, Summer, 1952, Part I. Grades by M. Friedman

PART II OF THEORY PRELIM

THE UNIVERSITY OF CHICAGO Chicago 37, Illinois Department of Economics

Identities of eight examinees given passing grades by Milton Friedman by rank

First place

Second place

Third place

Fourth place

Fifth place

Sixth place

Seventh place

Eighth Place

ECONOMIC THEORY Part I Summer Quarter, 1951

ECONOMIC THEORY II Summer Quarter, 1951

DEPARTMENT OF ECONOMICS

SCHEDULE FOR PRELIMINARY EXAMINATIONS FOR THE PH.D. AND FOR THE A.M.

Summer Quarter, 1951

Comparison: Selected 1945-46 Chicago Salaries (and recommendations for 1946-47)

Hayek’s Half-Quarter, Spring 1946

* * * * * * * * *

Milton Friedman’s tenured associate professorship Effective October, 1946

The University of Chicago
Chicago, Illinois 60637

The University of Chicago
Chicago, Illinois 60637

POLITICAL ECONOMY, SOCIOLOGY,
BUSINESS ADMINISTRATION

THE GRADUATE SCHOOL OF
ARTS AND SCIENCES

HARVARD UNIVERSITY
THE GRADUATE SCHOOL OF ARTS AND SCIENCES

THE STATE UNIVERSITY OF IOWA
IOWA CITY

of Edw. Hastings Chamberlin
College Liberal Arts

UNIVERSITY OF MICHIGAN
ANN ARBOR

GRADUATE SCHOOL
OFFICE OF THE DEAN
[Transcript of courses taken
by Edward H. Chamberlin]

ALTERNATIVE DEPARTMENTAL MASTER’S DEGREE
[1950-51 regulations]

MINUTES
Meeting of the Department

Copy of memo from
Leon Carroll Marshall

THE UNIVERSITY OF CHICAGO
Department of Economics

Response from
Jacob Viner

The University of Chicago
Department of Political Economy

Response from
Paul Howard Douglas

The University of Chicago
The School of Commerce and Administration

Response from
Lloyd Wynn Mints

The University of Chicago
The School of Commerce and Administration

Response from
Harry Alvin Millis

Response from
Chester Whitney Wright

The University of Chicago
The Department of Political Economy

Response from
James Alfred Field

Response from
William Homer Spencer

The University of Chicago
The School of Commerce and Administration
Office of the Dean

Economic Theory Examination Committee:
M. Friedman, chairman; F. H. Knight; D. G. Johnson.

Previously transcribed and posted Preliminary and Field Exams
from the graduate program of the University of Chicago

Economic Theory I
Preliminary Examination
Winter, 1955
[Milton Friedman’s answers in square brackets]

ECONOMIC THEORY II
Preliminary Examination
WINTER 1955

Schedule for the Preliminary Examinations
Summer 1952

Friedman to Knight and Tolley
Carbon copy

Friedman’s proposed theory exam questions
Summer 1952

Actual Economic Theory Preliminary Examination Questions
Summer, 1952

THE UNIVERSITY OF CHICAGO
Chicago 37, Illinois
Department of Economics

Identities of eight examinees given passing grades
by Milton Friedman by rank

ECONOMIC THEORY
Part I
Summer Quarter, 1951

ECONOMIC THEORY II
Summer Quarter, 1951

SCHEDULE FOR PRELIMINARY EXAMINATIONS
FOR THE PH.D. AND FOR THE A.M.

Comparison: Selected 1945-46 Chicago Salaries
(and recommendations for 1946-47)

Milton Friedman’s tenured associate professorship
Effective October, 1946