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Economists Harvard Transcript

Harvard. Application for PhD candidacy. James Waterhouse Angell, 1921

The empirical questions behind most of the collection of archival artifacts found here at Economics in the Rear-view Mirror can be reduced to i) what was being taught ii) who was teaching it, and iii) what was the pattern of the courses actually taken by young economists. These artifacts can be thought of as occupying cell(s) in a matrix of year by academic institution, e.g. this post deals with question (iii) and will be filed in the Harvard, early 1920’s cell.

James Waterhouse Angell (1898-1986) was a Harvard and Chicago trained economist who joined the Columbia faculty upon receiving his Ph.D. from Harvard in 1924. He was a member of Columbia’s faculty for over forty years, interrupted by government service during World War II at the War Production Board and the Foreign Economics Administration.  More about his life and career can be read in his New York Times obituary (April 1, 1986)

With this post we have the record for Angell in Harvard’s Division of History, Government, and Economics. It provides us with a wealth of information about his academic training. There will be a flow of such records for other graduate students that promises to match the flow of syllabi and exams, the stock of which constitute the core of archival material.

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Autobiographical snippet

Angell’s personal statement in the 25th year anniversary report of the Harvard Class of 1918

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HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

James Waterhouse Angell. May 20, 1898. Chicago.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

Undergraduate: Harvard 1914-18. Graduate: University of Chicago, March 1919-June 1920; Harvard, September 1920-date. Teaching: Assistant in Economics, Univ. of Chicago, October 1919-June 1920.

III. Degrees already attained. (Mention institutions and dates.)

A.B. Harvard, 1918. [magna cum laude]

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc.) In case you are a candidate for the degree in History, state the number of years you have studied preparatory and college Latin.)

History. Harvard: Hist. A, 30a. Government. Univ. of Chicago: Elementary Comp. Govt. Economics. Harvard: Economics A, 2a, 2b, 4b, 5a, 5b. Univ. of Chicago: Labor Problems, Money and Banking, Statistics.

Greek: Harvard: Greek G, A, 2, 8. Latin. Harvard: Latin B, 8. French. Harvard: French 2. Philosophy. Univ. of Chicago: Social and Political Philosophy. Psychology. Harvard: Psychology A, Univ. of Chicago: Social Psychology.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory and Its History. Harvard: Economics A, 11, 14; Univ. of Chicago: History of Econ. Thought. Teaching: Univ. of Chicago: 2 quarters of elementary theory, 1920.
  2. Economic History since 1750. Harvard: Economics 2a and 2b.
  3. Public Finance. Harvard: Economics 5a, 5b, 31
  4. Money and Banking. Harvard: Economics 38. Univ. of Chicago: Elementary Money & Banking. Also private reading.
  5. International Trade and Tariff Policy. Harvard: Economics 33; and private reading.
  6. [Constitutional] History of the U.S., 1789-1914. Univ. of Chicago. 3 quarters of graduate study. (A. D. Mr. Laughlin)

VII. Special Subject for the special examination.

Special subject either Economic Theory or Public Finance; to be specified later. Money and Banking

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

International Price Levels (With Professors Taussig and Young)

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

General: Last week in October, 1921.

X. Remarks

[Left blank]

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] Edmund E. Day

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: James W. Angell

Approved: April 29, 1921

Ability to use French certified by Charles J. Bullock. 10 March, 1922 B.S.M.

Ability to use German certified by Charles J. Bullock, 10 March, 1922 B.S.M.

Date of general examination June 2, 1922 Passed A.A.Y.

Thesis received Oct. 15, 1923

Read by Professors Taussig, Young, and Persons

Approved October 29, 1921

Date of special examination Thursday, March 6, 1924. Passed A.A. Young 

Recommended for the Doctorate[left blank]

Degree conferred  [left blank]

Remarks.  [left blank]

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

Record of James Waterhouse Angell in the Graduate School of Arts and Sciences of Harvard University

1920-21
Economics 11.
[Economic Theory, Prof. Taussig]		 A
Economics 14
[History and Literature of Economics to the year 1848, Prof. Bullock]		 A minus
Economics 31
[Public Finance, Prof. Bullock]		 A
Economics 331 [half course]
[International Trade and Tariff Problems, Prof. Taussig]		 A
Economics 382 [half course]
[Selected Monetary Problems, Prof. Young]		 A
Attained the degree of Master of Arts.
1921-22
Economics 20 (F.W.T.)
[Economic Research (for Ph.D. candidates)]		 A

Note: A transcript can also be found in Harvard University Archives, Graduate School of Arts and Sciences. Record Cards of Students, 1895-1930, Aab—Belcher (UAV 161.2722.5). File I, Box 1, Record Card of James Waterhouse Angell.

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

HARVARD UNIVERSITY
Committee on Economic Research
Cambridge, Massachusetts, U.S.A.
Charles J. Bullock, Chairman

Charles F. Adams
Nicholas Biddle
Frederic H. Curtiss
Wallace B. Donham
Ogden L. Mills
Eugene V. R. Thayer

W.M. Persons, Editor
Review of Economic Statistics

J.B. Hubbard, Editor
Harvard Economic Service

F.Y. Presley
General Manager

March 10, 1922.

Professor Charles H. Haskins,
23 University Hall,
Cambridge, Mass.

This is to certify that I have examined Mr. J. W. Angell and find that he has such a knowledge of French and German as we require of candidates for the doctor’s degree.

[signed] Charles J. Bullock

CJB/AMB

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

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Cambridge, Massachusetts
6 June 1922

I beg to report that Mr. James W. Angell passed the General Examination in Economics held on Friday, 2 June. Mr. Angell’s examination clearly earned a pass, but it is proper to say that the examination was not as distinguished and the margin was not as large as Mr. Angell’s brilliant course record indicated it would be.

[signed by D.C. for] Allyn A. Young

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

[Carbon copy]

26 February 1924

My dear Professor Young:

We are arranging J.W. Angell’s special examination for Thursday, 6 March, at 4 p.m. I will let you know the place later. The committee will consist of Professors Taussig, Williams, Sprague, and yourself as chairman.

Very truly yours,
Secretary of the Division.

Professor A. A. Young

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

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Cambridge, Massachusetts
March 7, 1924

Dear Haskins:

On behalf of the committee appointed to conduct the special examination of Mr. J. W. Angell, I beg to report that Mr. Angell successfully passed the examination. I may add that the examination as a whole was unusually satisfactory.

Very truly yours,
[signed by k. for] Allyn A. Young

Dean C. H. Haskins

Source: Harvard University Archives. Division of History, Government, and Economics. Ph.D. exams and records of candidates, study plans, lists, etc. pre-1911-1942. Box 5. Folder “J. W. Angell.”

_______________________

Annotated Typescript for
Division of History, Government, and Economics
Examinations for the Degree of Ph.D. 1923-1924
JAMES WATERHOUSE ANGELL.

SPECIAL EXAMINATION in Economics, passed. Thursday, March 6, 1924.

GENERAL EXAMINATION passed June 2, 1922.

ACADEMIC HISTORY: Harvard College, 1914-18; University of Chicago, March, 1919, to June, 1920; Harvard Graduate School, 1920-23. A.B., 1918; A.M., 1921. Assistant in Economics, University of Chicago, 1919-20; Tutor in the Division of History, Government, and Economics, Harvard, 1921-22; Frederick Sheldon Travelling Fellow, Harvard, 1922-23; Instructor in Economics and Tutor in the Division of History, Government, and Economics, Harvard, 1923-4.

GENERAL SUBJECTS: 1. Economic Theory and Its History. 2. Economic History since 1750. 3. Public Finance. 4. Money and Banking. 5. International Trade and Tariff Policy. 6. American History since 1789.

SPECIAL SUBJECT: Money and Banking.

COMMITTEE: Professors Young (chairman), Taussig, Williams,
and Sprague.

THESIS SUBJECT: The Theory of International Prices and its History.

COMMITTEE ON THESIS: Professors Taussig, Young, and Persons.

Source: Harvard University Archives. Division of History, Government, and Economics. Ph.D. exams and records of candidates, study plans, lists, etc. pre-1911-1942. Box 5. Unmarked Envelope/Folder

_______________________

Image Source:  James Waterhouse Angell’s July 18, 1922 U.S. passport application. National Archives.

 

Categories
Economists Harvard

Harvard. Economics Graduate School Records of Jacob Viner. 1914-1922

Records of individual Harvard economics graduate students are strewn across the Graduate School of Arts and Sciences, the Division of History, Government, and Economics (formerly Division of History and Political Science), and the Department of Economics at Harvard as well as in the archival papers of their professors or themselves. Seek and sometimes ye shall find.

In this post Economics in the Rear-view Mirror presents transcriptions of the items found in the file for Jacob Viner in the papers of the Division of History, Government, and Economics. We see from the application form (then referred to as a “blank”) that the administrative unit responsible for monitoring the satisfaction of the Ph.D. requirements by degree candidates was the Division. Course records and transcripts were issued by the Graduate School of Arts and Sciences.

An interesting anecdote found in the correspondence included below is that Viner committed the indiscretion of announcing in print the completion of his Ph.D. before he had been properly awarded the degree by Harvard. One wonders if his examination committee let him know that they knew and were, like the Dean of the Division, not amused by his presumption.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Jacob Viner, Montreal, Canada, May 3rd, 1892.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

McGill University, Faculty of Arts. Sept. 1911 to May 1914.

III. Degrees already attained. (Mention institutions and dates.)

B.A. McGill University, May 1914.
A.M. Harvard, June 1915.

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc.)

History. (1) General Course, (2) History of England, (3) Recent Developments

Government. (1) General Course, (2) Govt of Canada, (3) Social Reform.

Latin. Two college years. — Horace, Tibullus, Caesar, Livy, Cicero.

French. Two college years advanced work.

Philosophy. (1) Logic, (2) History of Ethics, (3) Theory of Ethics.

Economics. (1) Economic History of England, (Canadian Industrial Problems. (3) Money & Banking, and courses listed [below].

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

    1. Economic Theory.
      Elementary & Advanced Courses at McGill.
      11, Ec. 12a (1914-15), Ec. 17, Ec. 7a, Ec 14, at Harvard.
    2. International Trade.
      33 (full course.) Harvard.
    3. Public Finance.
      Course at McGill.
      31, Harvard.
    4. Course at McGill.
      Ec. 8, Ec. 18, Harvard.
    5. Economic History since 1770.
      2a, Ec. 2b, Harvard.
    6. Theory of Value. (Philosophy.).
      Phil 25a

VII. Special Subject for the special examination.

International Trade

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

International Balance of Payments
Prof. Taussig

IX. (Indicate any preferences as to the time of the general and special examinations.)

Spring, 1916 (General).

X. Remarks

[Left blank]

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] F. W. Taussig

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Jacob Viner

Approved: Jan 21, 1916

Ability to use French certified by C. J. Bullock 7 April 1916 D.H.

Ability to use German certified by C. J. Bullock 7 April 1916 D.H.

Date of general examination May 19, 1916 Passed

Thesis received February, 1921

Read by Professors Taussig, Persons, and Young

Approved October 29, 1921

Date of special examination Friday, March 18, 1921

Recommended for the Doctorate January, 1922

Degree conferred February, 1922

Remarks. [Left blank]

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

Record of JACOB VINER in the Graduate School of Arts and Sciences of Harvard University

1914-15
Economics 11.
[Economic Theory, Prof. Taussig]		 A
Economics 121
[Scope and Methods of Economic Investigation, Prof. Carver]		 A-
Economics 17
[Economic Theory: Value and Related Problems, Asst. Prof. Anderson]		 A
Economics 33 (full co. [full course])
[International Trade, with special reference to Tariff Problems in the United States, Prof. Taussig]		 A
Economics 34
[Problems of Labor, Prof. Ripley]		 B-
German A
[Elementary Course]		 B+
University Scholar
A.M. at Commencement.
1915-16
Economics 2a1
[European Industry and Commerce in the Nineteenth Century, Prof. Gay]		 A-
Economics 2b2
[Economic and Financial History of the United States, Prof. Gay]		 abs.
Economics 7a1
[Economic Theory, Prof. Taussig] [Note: this course not included in GSAS record for Viner]		 abs.
Economics 81
[Principles of Sociology, Prof. Carver]		 A
Economics 14
[History and Literature of Economics to the year 1848, Prof. Bullock]		 (A)…mid-year grade, excused from final
Economics 18a2
[Analytical Sociology, Asst. Prof. Anderson]]		 credit for residence
Economics 31
[Public Finance, Prof. Bullock]		 (A-)…mid-year grade, excused from final
Philosophy 182
[Present Philosophical Tendencies. Materialism, Pragmatism, Idealism, and Realism. Prof. R. B. Perry]		 abs.
Philosophy 25a1
[Theory of Value, Prof. R. B. Perry]		 A-
Henry Lee Memorial Fellow.

Note: Original record found in Harvard University Archives. Graduate School of Arts and Sciences. Record Cards of Students, 1895-1930, Sun—Walls (UAV 161.2722.5). File I, Box 14, Record Card of Jacob Viner.

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

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.
H. L. Gray

Cambridge, Massachusetts
April 7, 1916.

This is to certify that I have examined Mr. J. Viner, and find that he has a good reading knowledge of French and German.

[signed] Charles J. Bullock

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

7 April 1916

Dear Perry:

Could you serve as one of the committee for the General Examination of Jacob Viner on Friday, May 19, at 4 p.m.?

Sincerely yours,
[copy unsigned]

Professor R. B. Perry.

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

Cambridge April 8-‘16

I shall be glad to help out with Viner’s General Exam on May 19.

[signed] R B Perry

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

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
E. F. Gay
W. M. Cole
O. M. W. Sprague
E. E. Day
B. M. Anderson, Jr.

Cambridge, Massachusetts
May 20, 1916.

Dear Haskins:

I beg to certify that Jacob Viner passed satisfactorily his general examination for the degree of Ph. D. in Economics. I enclose his application for your files.

Very truly yours,
[signed] F. W. Taussig

Dean C. H. Haskins.

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

7 February 1921

Dear Mr. Viner,

Your letter of 22 January gives this office its first information that you plan to be a candidate for the Doctor’s degree this year. Will you kindly fill out and return at once the enclosed blank, which was due 15 January?

If you plan to have your Special Examination arranged in the middle of March, you will have to give a wider margin for an examination of your thesis than you indicate in your letter.

At least a month will be necessary between the receipt of the thesis and the time provisionally set for the examination. In arranging the examinations of non-resident students we try to consider their convenience; but there must be due notice in advance, and due opportunity for reading the thesis in its final form with deliberation.

You raise the question of the subject on which you are to be examined. Does that mean that you desire to change the special field, which on your plan is indicated an International Trade?

If your thesis does not reach us until the first of March, we could doubtless arrange to examine you some Saturday after 1 April; or possibly early in June, at the conclusion of your instruction for the spring quarter.

Yours very truly,
[unsigned copy]

Mr. Jacob Viner.

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

17 February 1921

My dear Professor Persons:

Dean Haskins would be glad if you would serve on the committee to read the thesis of Mr. Jacob Viner, entitled “The Canadian Balance of International Indebtedness, 1900-13.” The thesis will reach you within a few days.

Very truly yours,
[unsigned copy]
Secretary of the Division.

Professor W. M. Persons.

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

17 February 1921

My dear Professor Young:

Dean Haskins would be glad if you would serve on the committee to read the thesis of Mr. Jacob Viner, entitled “The Canadian Balance of International Indebtedness, 1900-13.” The thesis will reach you within a few days.

Very truly yours,
[unsigned copy]
Secretary of the Division.

Professor A. A. Young

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

17 February 1921

My dear Professor Taussig:

Dean Haskins will be very glad if you will read Mr. Jacob Viner’s Ph.D. thesis, which is now in your hands, and he has included Professor Persons among the members of the Committee, as you suggested. Professor Day would appreciate it, however, if he could be relieved from serving on the Committee on account of pressure of work, and Mr. Haskins has appointed Professor Young to read the thesis in his place, provided that the change meets with your approval. I enclose an acceptance slip to be included with the thesis.

Very truly yours,
[unsigned copy]
Secretary of the Division.

Professor F. W. Taussig

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

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
A. A. Young
W. M. Persons
E. E. Day
J. S. Davis
H. H. Burbank
A. S. Dewing
E. E. Lincoln
A. E. Monroe
A. H. Cole

Cambridge, Massachusetts
February 20, 1921.

Dear Haskins:

Viner is sending me his thesis by instalments.

A previous instalment of considerable size, sent in some time ago, has already been read by Bullock and Day, as well as by myself. Probably we should avoid some waste of energy if these two were put on the thesis committee with myself. Needless to say, this suggestion is to be considered in the light of your apportionment of the general work of thesis reading.

Yesterday over the telephone I suggested on the spur of the moment that Persons might be on the committee. He is thoroly [sic] conversant with the subject, and would be a good member; certainly if Bullock should find it inconvenient to serve.

Sincerely yours,
[signed] F. W. Taussig

Dean C. H. Haskins

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

10 March 1921

My dear Dr. Dewing:

Dean Haskins is arranging the Special Examination of Mr. Jacob Viner for the Ph.D. in Economics for March 18 (Friday) at 4 P.M. Mr. Viner’s field is International Trade.

Would you be able to serve on his Examining Committee? The other members consist of Professors Taussig, (chairman), Young, and Persons.

Since the time before the examination is very short, are to the fact that Mr. Viner’s thesis was in the hands of the Committee until very recently, and had not been approved, we should be glad If you would either return the enclosed card with your signature, or let us know by telephone whether you can serve.

I shall notify you later of the place.

Yours very truly,
[unsigned copy]
Secretary of the Division.

Professor A. S. Dewing.

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

I can serve on the Committee for the Special Examination of Mr. Viner on Friday, March 18, at 4 P. M.

[Signed] Arthur S. Dewing

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

11 March 1921

My dear Professor Taussig:

I am sending formal notice to the members of Mr. Viner’s examination committee that the examination will be held on Friday, 18 March, as you suggested. Professor Dewing will serve as the fourth member of the committee, the other three being the members of the thesis committee — yourself, Professor Young, and Professor Persons. I am assuming that the hour will be 4 P.M. as usual.

Very truly yours,
[unsigned]
Secretary of the Division.

Professor F. W. Taussig.

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

11 March 1921

My dear Professor Persons:

I am  writing you in order to confirm the arrangements for Mr. Viner’s Special Examination, about which I believe Professor Taussig has already spoken to you. Dean Haskins has set the date as Friday, March 18, and the time will be 4 P. M. Mr. Viner’s special field is International Trade. The Committee consists of Professors Taussig (chairman), Young, Persons, and yourself.

Yours very truly,
[unsigned copy]
Secretary of the Division.

Professor W. M, Persons.

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

11 March 1921

My dear Professor Young:

I am writing you in order to confirm the arrangements for Mr, Viner’s Special Examination, of which I believe Professor Taussig has already told you. Dean Haskins has set the date as March 18 (Friday), and the time will be 4 P. M. His special field is International Trade.

The Committee consists of Professors Taussig (chairman), Young, Persons, and Dewing.

Yours very truly,
[unsigned copy]
Secretary of the Division.

Professor A. A. Young.

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

15 March 1921

Dear Taussig:

I am enclosing Jacob Viner’s papers for your use at his examination on Friday, 18 March. Viner seems to be very optimistic about his success in his examination, as I notice in the last circular of the University of Chicago he was already listed as a Ph.D. I trust that his attention may be called to the impropriety of his using the degree not only until he has passed the examination but until it is actually conferred.

Sincerely yours,
[unsigned copy]

Professor F. W. Taussig

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

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
A. A. Young
W. M. Persons
E. E. Day
J. S. Davis
H. H. Burbank
A. S. Dewing
E. E. Lincoln
A. E. Monroe
A. H. Cole

Cambridge, Massachusetts
March 22, 1921.

Dear Haskins:

I find there is no chance of Viner’s fixing up the thesis before April 1. His commitments for the coming week are many, and moreover his time will be absorbed by teaching upon his return. He will not present himself as a candidate again this year. What may be the status of the examination which he took, and on which the report would be favorable, remains to be seen. I take it this question need not be considered until it is presented.

Very sincerely yours,
[signed] F. W. Taussig

Dean C. H. Haskins

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

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

F. W. Taussig
T. N. Carver
W. Z. Ripley
C. J. Bullock
A. A. Young
W. M. Persons
E. E. Day
H. H. Burbank
A. S. Dewing
J. H. Williams
A. E. Monroe
A. H. Cole
R. S. Tucker
R. S. Meriam

Cambridge, Massachusetts
October 29, 1921.

Dear Haskins:

Viner’s thesis has been approved, and the only question that remains is about the acceptance of his Special Examination last June. Young will present the matter for the consideration of the Administrative Board at its next meeting. Will you kindly see that it is on the docket for the meeting?

Sincerely yours,
[signed] F. W. Taussig

Dean C. H. Haskins

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

Source: Harvard University Archives. Division of History, Government & Economics. Ph.D. Examinations 1921-22 to 1922-23. Box 4. Folder “Jacob Viner”.

Image Source: University of Chicago Photographic Archive, apf1-08489, Hanna Holborn Gray Special Collections Research Center, University of Chicago Library

Categories
Exam Questions Harvard

Harvard. Final exam questions for statistics and insurance/speculation. Allyn Young, 1911

 

If you were an important enough economist in your time, even shards of your course content are worthy of transcription and preservation as artifacts at Economics in the Rear-view Mirror.

Allyn Young was a visiting professor of economics at Harvard from Stanford during the academic year 1910-11. According to the course announcements for the year, he was to teach a two-term statistics course and two one-term courses, mathematical economics (fall term) and insurance and speculation (spring term). It doesn’t look like the mathematical economics course was actually held (no enrollment figures were reported nor could I find a final exam for that course). Maybe the course was still unofficially still taught to auditors anyway, or maybe it was withdrawn due to lack of student interest, who knows?

The jewel of the post is the final exam for Young’s course on insurance and speculation. It appears to have been a one-off offering, but nonetheless an early attempt to bring risk/uncertainty into the finance curriculum. The year-end examination in Statistics has been transcribed and included below.

____________________________

Economics 4. Statistics.

Course Announcement

[Economics] 4. Statistics. Tu., Th., at 11. Professor Young (Leland Stanford Jr. University).

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1910-11, p. 63.

Course Enrollment

[Economics] 4. Professor Young (Leland Stanford Jr. University. —  Statistics. Theory, method, and practice.

Total 26: 5 Graduates, 8 Seniors, 9 Juniors, 1 Sophomore, 2 Freshmen, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1910-11, p. 49.

Economics 4
[Mid-Year Examination, 1911]

[Note: no printed copy was found in the Harvard Archives collection of Mid-Year Examinations.]

Economics 4
[Year-End Examination, 1911]

Answer eight questions.

  1. In what ways did (1) “German university statistics” and (2) “political arithmetic” differ from modern “statistics”?
  2. What errors are found in age statistics?
  3. In what ways may the death rates of two or more cities be accurately compared?
  4. What are the best methods of measuring the change in the length of human life? What different things may be meant by the “length of human life”?
  5. Discuss census statistics of manufactures, with special reference to the definitions of (1) “manufactures,” and (2) “capital.”
  6. What are the chief uses of price statistics? How are the problems of (1) choosing quotations, and (2) weighting, affected by the intended use?
  7. What different methods of “smoothing” a statistical diagram can you suggest? When should diagrams be “smoothed” and when not?
  8. What refinements of method should be observed in making comparisons of the birth rate at different periods or for different classes of the population?
  9. May it be expected that most frequency curves will approximate the normal curve of error? Why?

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 9, Papers set for Final Examinations in History, Government, Economics,… in Harvard College, June 1911 (in the bound volume Examination Papers 1910-11), p. 42.

____________________________

Economics 27. Mathematical Economics.

Course Announcement

[Economics] 27 1hf. Mathematical Economics. Half-course (first half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Professor Young (Leland Stanford Jr. University).

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1910-11, p. 64.

[No enrollment data were reported in the Report of the President of Harvard College 1910-11. A printed copy of the semester final examination was not included in the Mid-Year Examinations 1911 volume in the Harvard Archives. It appears that the course was in fact not offered during the first term of 1910-11 as originally planned.]

____________________________

Economics 28. Insurance and Speculation.

Course Announcement

[Economics] 28 2hf. Insurance and Speculation. Half-course (second half-year). Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Professor Young (Leland Stanford Jr. University).

Source: Harvard University. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1910-11, p. 65.

Course Enrollment

[Economics] 28 2hf. Professor Young (Leland Stanford Jr. University. —  Insurance and Speculation.

Total 84: 3 Graduates, 27 Seniors, 35 Juniors, 12 Sophomores, 1 Freshman, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1910-11, p. 50.

*  *  *  *  *  *  *  *

Note: Allyn A. Young published an article “Insurance and Speculation” in the Grolier series The Book of Popular Science (1924 edition, vol. 12) which was reprinted in the valuable collection edited by Perry G. Mehrling and Roger J. Sandilands,  Money and Growth: Selected Papers of Allyn Abbott Young. Routledge, 1999.

*  *  *  *  *  *  *  *

Economics 28
[Final Examination, 1911]

Answer eight questions.

  1. What is self-insurance? What are its possibilities and its limitations?
  2. Discuss briefly the advisability and the possibility of federal control of insurance.
  3. What are “deferred dividend policies”? In what ways were they found to be objectionable?
  4. Explain briefly the effects of speculation upon price fluctuations.
  5. Describe the methods of a typical “hedging” operation on the part of the seller or buyer of an actual commodity.
  6. What are “options”? Why are they discountenanced by the American exchanges?
  7. What would be the probably economic effects of a prohibition of short-selling?
  8. What do you consider to be the real evils of speculation? Suggest remedies.
  9. Explain briefly the essential features of the methods of the New York Stock Exchange clearing house.

Source: Harvard University Archives. Harvard University Examination Papers, 1873-1915. Box 9, Papers set for Final Examinations in History, Government, Economics,… in Harvard College, June 1911 (in the bound volume Examination Papers 1910-11), pp. 59-60.

Image Source: The 1918 Cornell yearbook, The Cornellian (vol. 50), p. 18.

Categories
Economics Programs Economists Harvard Teaching Undergraduate

Harvard. Promotion for Harold H. Burbank, Job Offer for Allyn Young 1919

This provides some back-story to the rise of Harold Hitchings Burbank in the Harvard economics department. Coincidentally, some light is cast on the salary negotiations involved in the hire of Allyn Young, as well as the hopes the department of economics held in the prospect of Young joining the economics department.

Chairman Bullock’s characterization of Burbank “He does everything willingly, but we are already in danger of driving the willing horse to death” is not exactly the language a chairman today would use today to justify a promotion for an assistant professorship…I hope.

___________________________

Harvard University
Department of Economics

F.W. Taussig
T.N. Carver
W.Z. Ripley
C.J. Bullock
E.F. Gay
W.M. Cole
O.M.W. Sprague
E.E. Day
B.M. Anderson, Jr.
J.S. Davis
H.H. Burbank
E.E. Lincoln

Cambridge, Massachusetts
12 o’clock. January 28, 1919.

Dear Mr. Lovell:

I have failed thus far to get in touch with Dr. Burbank, but will leave word at his house, and he will doubtless come to see you tomorrow.

I wish to express the hope that you will not propose any arrangement to him by which he will have to do any more work or make any more labor-consuming adjustment in connection with his work this year. He does everything willingly, but we are already in danger of driving the willing horse to death. Your suggestion that recent graduates now studying in the Law School be put in to do section work in Economics A. involves, even tho these new men are placed in charge of sections which began work in September, an amount of labor, responsibility, and worry on Burbank’s part which I feel strongly It would be unfair to ask of him.

I have not myself been one of the real sufferers from the war, so far as University work is concerned. Such extra work as I have had to do for the men in Washington has been comparatively limited in amount, and some of my ordinary work has been decreased so that I have not suffered greatly. But the younger men who have stood by us have had a bad time, and I feel so keenly that it is unjust not to give them relief as soon as we can do it that I hate to think of Burbank’s being asked to make any further readjustments in Economics A.

You will recall, if you will review the last two years, that I have not found difficulties in the way of doing the things which it was necessary to ask the Department to do, and have been ready to disorganize, or readjust and adapt, to any necessary extent. I have further found the ways of doing this; and only last fall, in spite of the fact that I felt it was hardly right for Day to be taken from us, I went to a deal of trouble to fix up an arrangement under which he might be released. If I saw any arrangement now, I would surely make it, as I have done in the past. If Burbank can think of any arrangement that I have not been able to think of, I shall be glad to have it put into effect; but I wish to represent to you that it will not only be bad for the course, but very unfair for Burbank to ask him to take young and inexperienced instructors whose heart is in the Law School work anyway, and fit them into section work in Economics A at this time. Moreover, this arrangement involves delay of at least ten days or a fortnight, and our men need relief at the earliest moment. There are certainly no suitable men in the Law School now; and if any register next week, it will take time to find them out, to make arrangement, and to have them get up their work so that they are fit to take charge of a section. should think that under this plan it would be more rather than less than a fortnight before our men would get any relief. If you could know from actual contact with conditions what I have been compelled to know about the work of our young men during the war, I believe you would feel as strongly as I do that what they need now is immediate relief and not a plan by which they will have to spend the next month breaking in green, and possibly inefficient, substitutes. By the time that Burbank gets Economics A running smoothly again, if, indeed, that can be done at all, the term will be most over and the acute need of relief will be almost at an end.

Sincerely yours,
[Signed] Charles J. Bullock

President A. Lawrence Lowell

___________________________

Harvard University
Department of Economics

F.W. Taussig
T.N. Carver
C.J. Bullock
E.F. Gay
W.M. Cole
O.M.W. Sprague
E.E. Day
J.S. Davis
H.H. Burbank
E.E. Lincoln

Cambridge, Massachusetts
March 8, 1919.

My dear Mr. Lovell:

Dr Burbank informs me that he has received from Dartmouth College the offer of a full professorship, and this makes it necessary for the Corporation to consider whether it desires to retain him at Harvard. You will recall that two years ago the Department of Economics recommended that Burbank be advanced to an assistant professorship. This was at the time when he received from Chicago University the offer of an assistant professorship with full charge of their instruction in Public Finance. A year ago I brought the matter to your attention, but you desired to postpone action until Burbank’s book had been published. Last June I asked whether you would be willing to waive the question of publication of Burbank’s book, which was nearly, but not quite, completed. in order that he might accept employment from a committee of the American Economic Association, which would both be remunerative and give him an unusual opportunity to investigate a subject in which he is greatly interested, namely, the practical operation of the Federal income and excess profits taxes. You sent me word through Mr. Pierce that you would waive the requirement, and that you would be glad to have Mr. Burbank accept this employment.

Mr. Burbank made a distinct success of his work for the Economic Association, and such success as the Committee achieved was largely due to him. This year he has been conducting Economics A, and has demonstrated his ability to handle that course in a satisfactory manner. It seems to me that he is an invaluable man for the Department, and I hope that the Corporation will be able nor to advance him to an assistant professorship.

You also asked me this morning to write you concerning Allyn A. Young, whom we have had under consideration for a number of years.

In the winter of 1916-17 the full professors of the Department of Economics, after carefully looking over the field, recommended to you that Mr. Young be called to a full professorship at Harvard University.

You authorized me to write to Young and inquire whether he could be secured, and if so, at what salary; and I was able to report to you that Young would come to Harvard if he were offered a full professorship at a salary of $4500. At this juncture the United States entered the war, and the matter was necessarily dropped.

Last December Professors Gay and Haskins called my attention to the fact that Young was likely to receive an offer from Columbia University, and I held a hurried conference with them, and they later conferred with you. Action was postponed, inasmuch as Mr. Young was going to the Peace Conference as exert on economic resources; and it appeared probable that, if we could offer him a professorship at $5000, we could secure him for Harvard, even tho another offer developed elsewhere.

I hope that the Corporation will feel able to extend a call to Professor Young at this time. Since I talked with you this morning, I have met Professors Carver and Ripley, and they both concur in the recommendation which I make. Professor Gay gave you his opinion in December; and since that time I have heard from Taussig, who still is of the opinion that we ought to call Young.

I have no further knowledge as to the amount of salary that it would be necessary to offer. I assume that we should have to offer at least $4500, which was the figure that would have been necessary in 1916; and in view of Young’s increased experience and enhanced reputation, I should think that a salary of $5000 would be justified.

It is, I believe, important for the Department to secure Young at this time. We had in 1917 a Department of Economics which was recognized as one of the strongest in the country; but we needed Young at that time, and shall need him still more now in order to develop our work during the next decade. With him, I believe we should have a department that would be recognized as very clearly the strongest department in the country.

There is one further consideration to be taken into account in connection with extending a call to Young. If our economic research enterprise proves permanent, Young would be absolutely the best man in the country to coöperate with Professor Persons in carrying through the work we have undertaken. With Young and Persons in the economic research undertaking, we should have almost a monopoly of high class statistical brains. Young’s appointment was recommended by the Department in the winter of 1916-17, before the Committee on Economic Research was established, and without any reference to the development of that Committee’s work. The Department recommended him because they thought he was the one man whom the Department needed. The point I am now making is that Young is the one man whom our economic research undertaking needs, so that it seems upon every account desirable to add him to our staff next fall. Under the arrangement that I have in mind, if our economic research enterprise proves permanent, Professor Persons could give two-thirds of his time to the Committee on Economic Research and one-third to teaching, and Professor Young could give two-thirds of his time to teaching and one-third to the Committee on Economic Research. By this arrangement the Department of Economics would gain two teachers of the very highest reputation at an expense amounting only to the salary of one full professor, while the Committee on Economic Research would secure the services of the two minds in the country which are best adapted for the immediate work it has in hand.

Sincerely yours,
[signed] Charles J. Bullock

President A. Lawrence Lowell

___________________________

Carbon Copy of Letter from President Lowell to Professor Bullock

March 8, 1919

Dear Mr Bullock:

I understand that Mr Burbank is feeling uneasy about his promotion, and has been made valuable offers from elsewhere. Mr Pierce, at my request, wrote you last May that the completion of his book was not essential to his promotion to an assistant professorship. He is as near as possible the soul of the body of tutors; and I think it is important that we should make it clear that good work as a tutor will receive as much recognition as an equally good conduct of lecture courses. Would it not be well, therefore, if Mr Burbank were appointed an assistant professor now? There is a Corporation meeting on Monday, and I should be very glad if you could communicate with me before it takes place, if you come home in time.

Very truly yours,
[stamp] A. Lawrence Lowell

Professor Charles J. Bullock
6 Channing Street
Cambridge, Mass.

Source: Harvard University Archives. President Lowell’s Papers 1917-1919. Box 124. Folder 1689.

Categories
Economists Harvard

Harvard. Economics Transcript for Edward Hastings Chamberlin, 1922-1927

In the previous post we have the academic backstory found in Edward Hastings Chamberlin’s application to the economics graduate program at Harvard. This post provides the academic record of Chamberlin while a graduate student at Harvard. He entered Harvard with an M.A. degree in economics from the University of Michigan which probably is sufficient explanation for his seemingly light graduate coursework at Harvard.

Edward Hastings Chamberlin’s papers can be consulted at Duke University’s David M. Rubenstein Rare Book & Manuscript Library’s Economists’ Papers Archive. It is interesting to note that he seems to have audited Allyn Young’s Ec 15 course (which does not appear on his graduate transcript) since notes to that course are included in Chamberlin’s papers.

___________________________

Ph.D. in Economics Awarded 1927

Edward Hastings Chamberlin, S.B. (State Univ. of Iowa) 1920, A.M. (Univ. of Michigan) 1922, A.M. (Harvard Univ.) 1924.
Subject, Economics. Special Field, Economic Theory. Thesis, “The Theory of Monopolistic Competition.”
Instructor in Economics and Tutor in the Division of History, Government, and Economics, Harvard University.

Source: Harvard University. Report of the President of Harvard College, 1926-1927, p. 102.

___________________________

THE GRADUATE SCHOOL OF ARTS AND SCIENCES
Record of Edward Hastings Chamberlin

Years: 1922-23, 1923-24, 1924-25, 1925-26, 1926-27

[Previous] Degrees received. Where? When?

S.B. State Univ. of Iowa 1920
A.M. Univ. of Michigan 1922

First Registration: 25 Sept. 1922

1922-23

 Grades
First Year Course

Half-Course
Economics 11

A
Economics 41

A-
Division: Economics
Scholarship, Fellowship:
Assistantship:
Austin Teaching Fellowship:
Instructorship:
Proctorship:
Degree attained at close of year:

 

1923-24

 Grades
Second Year Course

Half-Course
Economics 14

inc./exc.
Economics 23

exc.
Government 6

exc.
Marketing Problems

85%

Passed General Exam. in Economics,
22 May 1924
Division:
Scholarship, Fellowship: Henry Lee Mem’l Fellow
Assistantship:
Austin Teaching Fellowship:
Instructorship:
Proctorship:
Degree attained at close of year: A.M.

 

1924-25

 Grades
Third Year Course

Half-Course
Economics 20 (A.A.Y.)

—
Division:
Scholarship, Fellowship:
Assistantship:
Austin Teaching Fellowship:
Instructorship: in Economics
Proctorship:
Degree attained at close of year:

 

1925-26

 Grades
Fourth Year Course

Half-Course
Economics 20 (A.A.Y.)

A
Division:
Scholarship, Fellowship:
Assistantship:
Austin Teaching Fellowship:
Instructorship: in Economics.

Tutor in the Div. of History, Government, and Economics
Proctorship:
Degree attained at close of year:

 

1926-27

 Grades
Fifth Year Course

Half-Course
Economics 20 (A.A.Y.)

A
Division:
Scholarship, Fellowship:
Assistantship:
Austin Teaching Fellowship: $1500
Instructorship: in Economics.

Tutor in the Div. of History, Government, and Economics $1200.
Proctorship:
Degree attained at close of year: Ph.D.

Source: Harvard University Archives. Graduate School of Arts and Sciences. Record Cards of Students, 1895-1930, Burtt—Cook. Record Card of Edward Hastings Chamberlin.

___________________________

Course Names and Instructors

Pro-tip for linking course numbers to course names and instructors.

Harvard University, Faculty of Arts and Sciences. Course of instruction. 1879-2009.

1922-23

Economics 11. Economic Theory. Professor Frank W. Taussig

Economics 41. Statistical Theory and Analysis. Professors Allyn Abbott Young and Edmund Ezra Day

1923-24

Economics 14. History and Literature of Economics to the year 1848. Professor Charles Jesse Bullock

Economics 23. Modern Economic History since 1750. Assistant Professor Abbott Payson Usher

Government 6. History of Political Theory. Professor Charles Howard McIlwain.

Marketing Problems. [First Year, First Half course at the Graduate School of Business Administration]

1924-27.

Economic Research. Graduate students pursuing research may register in the following course, which has the same status as any of the other graduate courses in Economics. Such research will be under the direction of members of the Department, and may lie within any of the fields recognized as appropriate for candidates for the degree of Doctor of Philosophy.

Economics 20. Professors Taussig, Carver, Ripley, Gay, Bullock, Young, and Persons. Members of the Faculty of the Graduate School of Business Administration will also guide research lying within their respective fields

___________________________

Image Source: Faculty picture of Edward H. Chamberlin from the Harvard Class Album, 1932.

Categories
Chicago Economics Programs Economist Market Economists

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

 

 

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.

  1. Do you yourself expect to be in residence the summer quarter of 1927?
  2. 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?
  3. 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.
  4. What courses or subject matter should we be certain to include in the summer of 1927?
  5. 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.
  6. 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.
  7. 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—

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

 

  1. 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.
  2. 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.
  3. 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.

  1. It is my present intention not to be in residence during the summer quarter, 1927, although I will be in the city, I suppose.
  2. 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

  1. Yes, I feel that I must teach next summer unless that plan you have been interested in goes through.
  2. 342 [The State in Relation to Labor] and 440 [Research].
  3. 342 at 8; 440 hour to be arranged.
  4. 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.

 

  1. 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.

Categories
Chicago Economists

Chicago. Paul Douglas pleads for a staff position for Arnold Tolles, 1928

 

Newman Arnold Tolles (1903-1973) has already been included in our series “Meet an economics Ph.D. alumnus/a” as a 1932 Chicago Ph.D. From my research in the University of Chicago archives, I came across the following letter of recommendation written by Paul Douglas on Tolles’ behalf that I now add to the collection of artifacts.

Fun Fact: Virginius Frank Coe mentioned in the memo by Douglas below later attained infamy as “a United States government official who was identified by Soviet defectors Elizabeth Bentley and Whittaker Chambers as being an underground member of the Communist Party and as belonging to the Soviet spy group known as the Silvermaster ring.” [See: Wikipedia, “Virginius Frank Coe”]

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The University of Chicago
The School of Commerce and Administration

May 14, 1928

Memorandum to: L.C. Marshall
From: Paul H. Douglas

Subject: TOLLES

I have gathered that you are not certain whether Tolles should be retained, and I am writing to express my very deep hope that we may keep him on our staff. I certainly feel that Tolles is one of the most promising youngsters in the country. He and Virginius Coe have been the two best undergraduates whom I have ever had. Tolles has benefited enormously by his work at Harvard and London. He was, as you know, the best man in his class at Harvard and made a very real impression on Taussig and Allyn Young. He also did good work at London from all that I can learn. He has been doing most interesting research work with me this year, testing the question as to whether the system of unemployment insurance in England so maintains wage rates as to throw such a heavy burden on industry that it cannot recover. The question is the basic one as to whether unemployment insurance does not in itself increase unemployment. This has involved in [sic] a series of very interesting detailed studies. We are planning a joint reply to Pigou in the autumn and in preparation of this, Tolles has computed for it an index of production for Great Britain, based on the British census of production for 1907-1923. He has used Fisher’s ideal formula and has made some very interesting contributions to statistics as well as to the detailed subject itself. I look to see Tolles’ articles when they appear next year make a real stir and I think in four or five years he will be recognized as one of the solid men in his field. He is just the sort of man I should like to see retained on the staff, and I hope very much that it may be possible to do so. Some time if you like I should like to talk fairly intimately on the possibility of making a place for him.

[signed]
P H Douglas

Source:  University of Chicago Archives. Department of Economics Records. Box 6, Folder 6.

Image Source:  Senior picture of Newman Arnold Tolles from University of Chicago, Cap and Gown 1924, p. 139.

Categories
Exam Questions Harvard

Harvard. Mid-year exams for Money, Banking and Commercial Crises. Young, 1921-1927

 

Allyn A. Young taught the course “Money, Banking, and Commercial Crises” from 1920/21 through 1926/27. The final exams from the second semester of the course have been posted earlier. Unfortunately, I probably have overlooked the volumes in the Harvard archives containing the first semester, i.e. mid-year, exams for 1920/21, 1923/24, and 1925/26. Hopefully, I find those exams during my next visit to the Harvard archives. Until then we at least have four of the mid-year exams included in Economics in the Rear-view Mirror.

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Course Description, 1924-25

[Economics] 3. Money, Banking, and Commercial Crises. Mon., Wed., Fri., at 2. Professor Young.

In this course money and credit will be studied with special reference to the part they play in the present economic system. The principal problems of public policy with respect to the control of money and banking will be discussed. Foreign exchange, organized speculation in its relation to the money market, and the characteristic phenomena of commercial crises will be considered in some detail. The course will be conducted by means of lectures, discussions, frequent short reports or exercises on assigned topics, and (in the second half-year) a thesis based on work in the library. Certain subjects, such as the monetary and banking history of the United States, will be covered almost wholly by assigned reading, tested by written papers.

Source:  Division of History, Government and Economics 1924-25 published in Official Register of Harvard University, Vol. 21, No. 22 (April 30, 1924), p. 67.

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1920-21
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1921]

[not (yet) recovered]

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1921-22
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1922]

  1. What do you understand the “rationalistic series” of the origin of money to be? What other account of the origin of money can you give?
  2. Put the argument for bimetallism into what seems to you the strongest possible form.
  3. For how many years has gold been the monetary standard of the United States? Since 1900? 1879? 1873? 1834? What significance of this connection has each of these dates?
  4. Define the following terms, taken from American or foreign bank statements. Try to be both succinct and accurate in your definitions.
    Deposits, surplus, loans and discounts, reserve, account-current, government debt.
  5. What was the problem with which the Bullion Report dealt? What were its conclusions? And the Bank Act of 1844?
  6. Describe the functions of (a) joint-stock banks, (b) bill brokers, (c) acceptance houses, in the London money market.
  7. In what different ways are clearing-house balances settled? Do all of these methods accomplish the same purpose? What is that purpose?
  8. A writer, quoted by Phillips, holds with respect to the national banking system that “if all other circumstances remained the same, circulation grew less profitable as the current money rate advanced.” On what reasoning is this conclusion based? What is your opinion?
  9. What, in general, is the effect of speculation on price fluctuations? What evidence can you cite? Does short-selling tend to depress prices? Explain.
  10. Explain the effects of rising prices upon (a) profits, (b) interest, (c) wages, (d) long-period debts and credits, (e) industrial enterprise.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943, Box 10. (Bound volume) Examination Papers, Mid-Years 1920-22.

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1922-23
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1923]

  1. Explain the purposes and the provisions of (a) the Sherman Act and (b) the Pittman Act.
  2. In what respect is the case for international bimetallism stronger than the case for national bimetallism?
  3. Describe briefly the effects changes in the purchasing power of money have upon the welfare of (a) creditors, (b) debtors, (c) business man, (d) capitalists, (e) landowners, (f) wage-earners.
  4. “The absence of centralized responsibility for the maintenance of surplus reserves was the chief defect of the old national banking system.”
    Explain.
  5. Contrast the pre-war policy of the Bank of France with respect to its discount rate with that of the Bank of England.
  6. “Scotch banking is so generally regarded as one of the highest achievements of the banking intelligence that some hesitation is natural criticising the system by which, according to its own evidence, it has obtained most of its success. At the same time, it is difficult to avoid the conclusion that a serious danger lurks in the system which regards a banker’s unissued promise to pay in the light of a banking asset.”– Hartley Withers.
    What is the practice which Mr. Withers deems a danger? Do you agree with him?
  7. “Two powerful forces are constantly at work, one putting notes into circulation, the other retiring them, and the people of Canada always have on hand just the amount of currency they need and no more. It is the people, not the banks, who determine how much the circulation of the banks shall be.”–J. F. Johnson.
    What are the “two powerful forces”?
  8. “The close relation of the so-called regular banking business to that of the floating of enterprises, the trading in and the issue of shares is typical of the organization of the German credit-bank system….There is no doubt that for their policy of furthering the industries, the economic development of Germany would have taken considerably longer than has been the case.”–Robert Franz.
    Discuss this topic with special reference to (a) the soundness or unsoundness of the joining of commercial and investment banking and (b) the judgment expressed by the writer with respect to the effect of the policy of German banks upon the economic progress of Germany.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943, Box 10. (Bound volume) Examination Papers, Mid-Years 1922-24.

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1923-24
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1924]

[not (yet) recovered]

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1924-25
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1925]

Answer 8 questions

  1. In what respects is the case for international bimetallism stronger than the case for national bimetallism?
  2. Disregarding legal stipulations, what assets might an individual bank properly regard as constituting its reserve? What assets might the banks of the United States, taken together, regard as their reserves?
  3. Professor Taussig, in discussing Professor Fisher’s equation of exchange, said: “In the end, an increase of deposits finds its limits in the volume of cash held by the banks. But there is some elasticity of adjustment, by which loans and discounts increase as fast as transactions or faster; and this accounts in no small degree for the rise in prices during periods of activity.”
    Discuss.
  4. In what different ways are clearing house balances settled? Why is so much importance attached to the matter?
  5. “The close relation of the so-called regular banking business to that of the floating of enterprises, the trading in and the issue of shares, is typical of the organization of the German credit-bank system.” Explain.
  6. With what problem did the “Bullion Report” deal, and what were the doctrines of its supporters?
  7. What was the issue between the “currency school” and the “banking school,” and what is your own opinion respecting the matter?
  8. What effects do large issues of paper money have on (a) taxation, (b) prices, (c) wages, (d) creditors, and upon (e) the “demand for money”?
  9. Do you or do you not favor Professor Fisher’s plan for a stabilized dollar? Give your principal reasons.

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943, Box 11. (Bound volume) Examination Papers, Mid-Years 1925-26.

__________________________

1925-26
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1926]

[not (yet) recovered]

__________________________

1926-27
HARVARD UNIVERSITY
ECONOMICS 3
[Mid-year Examination, 1927]

Answer 8 questions

  1. Define deposits, reserve, surplus, discount.
  2. Describe the use of (a) the one-name promissory note, (b) the trade acceptance, (c) the bankers acceptance, in financing trade.
  3. What, in your opinion, what is the chief defect of the old national banking system? Explain.
  4. What was the principal issue in the controversy that preceded the bank-charter act of 1844? Discuss.
  5. What was the principal issue in the debates of the Restriction period? Discuss.
  6. “Germany’s ability to make reparation payments depends upon her ability to maintain a favorable balance of commodity trade.” How far do you agree? Explain.
  7. Under what conditions and why is goal shipped from one country to another?
  8. Explain the meaning of the statement, “London finances the world’s trade.”
  9. On what advantages has London’s position as the world’s central money market rested? Do you think that London is likely to maintain that position?

Source: Harvard University Archives. Harvard University, Mid-year examinations, 1852-1943, Box 11. (Bound volume) Examination Papers, Mid-Years 1927.

Image Source: Allyn A. Young faculty portrait in the Harvard Class Album, 1925.

Categories
Harvard Salaries

Harvard. Salary of the economics department secretary, Miss A. Pauline Ham, 1911-12

 

In an earlier post we encountered Martha P. Robinson, the Harvard secretary responsible for the economics tutorial program from 1935 to at least 1954. Today we have a short post that documents the salary of Miss Annie Pauline Ham that was covered by the economics department, the Quarterly Journal of Economics, and the central university budget at Harvard.

Two salary numbers for comparison:  Allyn A.Young’s visiting position at Harvard (1910-11) was budgeted for $4,000 (Dec. 10, 1910 letter of Taussig to President Lowell in President Lowell’s Papers, 1909-1914. Harvard University Archives, Box 15, Folder 413). Thus Miss Hamm was paid one fifth of what Allyn A. Young was paid. Incidentally,  John Bates Clark salary that year at Columbia was $5,000. 

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Annie Pauline Ham
Vital Data

Born 20 March 1881 (Shapleigh, York County, Maine), died 1 July 1968 (Lenox, Berkshire County, Massachusetts.  Father: Marcus L Ham and Mother: Martha Ann Ham.  Buried at the Riverside Cemetery in Springvale , York County, Maine.

Source: Find A Grave Webpage for Annie Pauline Ham.

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Census data

1910. 27 year old Pauline Ham (born in Maine and working as a teacher; incidentally, a fellow roomer was Harry N. Gardiner, a Smith college professor of psychology and philosophy), at 23 Crafts Ave. Northampton (Ward 1) Massachusetts.

1920. 38 year old, single Annie P. Ham (born in Maine and working as a secretary in the university) was one of four roomers  living at the home of John J. and Nattie M. Ritchie, 29 Mail Street, Cambridge (Ward 8), Massachusetts.

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Letter to Taussig

June 26, 1911

My dear Professor Taussig:—

Confirming our telephone conversation of this morning, I wish to state that Mr. Blake has agreed to the apportionment of Miss A. P. Ham’s salary, provided she is retained.

Salary of Miss Ham to be $65 per month, or $780 a year, of which three months, or $195, is chargeable to the President’s office, and nine months, or $585, is chargeable to the Department of Economics–$485 goes to the account of the Department appropriation, and $100 goes to the account of the Quarterly Journal of Economics.

I am also enclosing the letter from Chancellor Strong about which I spoke to you.

Very sincerely,
CCL
Secretary

 

Professor F.W. Taussig
Enclosure

________________

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
August 3, 1912.

Dear Mr. Hunnewell:

I believe there is a misunderstanding regarding the salary for the current year (that is, for the fiscal year beginning July 1st of Miss A. Pauline Ham, who acts as secretary for the Department of Economics, and is during the summer months also at work in University Hall. When making out the Department budget in May, I arranged with Mr. Blake that Miss Ham’s salary should be $70, and arranged also for the mode in which her total salary for the year 1912-’13 was to be apportioned between the Department of Economics, the staff in University Hall, and the Quarterly Journal of Economics.

Unfortunately, my memoranda regarding this matter are not on file at my house in Cambridge and I cannot get at them. I trust enough is on record in your office to authorize the settlement of Miss Ham’s salary at the revised figure, namely $70 per month. If you wish to see the papers which are in […]

 

Source:  Harvard University Archives. President Lowell’s Papers, 1909-1914. Box 15, Folder 413 (1909-14).

Categories
Economists Harvard Tufts

Harvard. Economics Ph.D. alumnus, Richard Vincent Gilbert, 1930

 

Richard Vincent Gilbert was encountered in an earlier post as one of two Jewish job market candidates being recommended for academic appointments by Harvard’s economics department in 1929. This post provides futher biographical and career information for R. V. Gilbert, a 1930 Harvard economics Ph.D. alumnus. His parents were Meyer Goldberg and Feigel (Fanny) Gaylburd. I presume he chose to change his name to Gilbert from Goldberg to blend in better with his U.S. academic environs. [Cf., The Harvard economist Abram Bergson was born to Isaac and Sophie Burkowsky whose last name morphed to Burk and only after the publication of his famous welfare economics article in the QJE, did Abram Burk become Abram Bergson.]

Richard Vincent Gilbert and his wife, Emma Cohen Gilbert, were the parents of one of the three winners of the Nobel prize in chemistry in 1980, Walter Myron Gilbert.

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PhD Exams of Richard Vincent Gilbert, 1927

General Examination: in Economics, Wednesday, February 9, 1927.

Committee: Professors Young (chairman), Crum, Monroe, Usher, and Woods.

Academic History: University of Pennsylvania, 1919-20; Harvard College, 1920-23; Harvard Graduate School, 1923-. B.S., Harvard, 1923; M.A., Harvard, 1925. Assistant in Economics, Harvard, 1923-.

General Subjects: 1. Economic Theory and its History. 2. Money and Banking. 3. Statistics. 4. Economic History since 1776. 5. History of Ancient Philosophy. 6. Theory of International Trade.

Special Subject: Theory of International Trade.

Thesis Subject: Theory of International Trade. (With Professor Taussig.)

 

Source:Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1926-1927”.

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PhD Dissertation of Richard Vincent Gilbert

Harvard, Ph.D. in Economics, 1930.

Thesis title: Theory of International Payments.

Source:  Harvard University. Report of the President of Harvard College 1929-1930, p. 119.

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Obituary for R.V. Gilbert
F.D.R. Economics Adviser (d. 6 Oct 1985)

CAMBRIDGE, Mass. — Richard V. Gilbert, an economics adviser in President Franklin D. Roosevelt’s Administration, has died at home at age 83.

He had been ill with cancer and suffered a heart attack 10 days before his death last Sunday.

Gilbert served as a speechwriter for Roosevelt on economic issues during World War II. Economist Walter Salant of the Brookings Institution in Washington once called Gilbert “the outstanding, unsung hero of American wartime economic policy.”

He is credited, along with economist Robert Nathan, with persuading Roosevelt to boost aircraft and tank production and to accelerate merchant shipping.

Gilbert left teaching posts at Harvard University, Radcliffe and the Fletcher School of International Law and Diplomacy at Tufts University to become economic adviser in 1939 to Secretary of Commerce Harry Hopkins. He went on to become economic adviser to the price administrator and director of research in the Office of Price Administration.

Source: Associated Press, from the Los Angeles Times (October 13, 1985).

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Biographical Note for the Richard V. Gilbert Papers at the FDR Presidential Library

Richard Vincent Gilbert was born in Philadelphia, Pennsylvania on September 6, 1902 and educated at Harvard University where he received his Ph.D. degree in 1931 [sic, 1930].

As a member of the Harvard faculty from 1924 to 1939, Gilbert taught courses in economic history and money and banking and participated in the Fiscal Policy Seminar at Littauer School of Public Administration, 1937- 39. He also taught courses in money and banking at Radcliffe College and international trade and finance at the Fletcher School of International Law and Diplomacy from 1934 to 1939.

In 1939 and 1940, Gilbert was the Director of the Division of Industrial Economics and Economic Advisor to the Secretary of Commerce. He then became Director of the Defense Economics Section of the Office of Price Administration and Civilian Supply (formerly the Price Stabilization Division of the Advisory Commission to the Council of National Defense), Economic Advisor to the Administration, and, from 1941 to 1946, Director of Research for the Office of Price Administration. He was a consulting economist from 1946 to 1949 and then joined Schenley Industries, Inc. as an Assistant to the Chairman of the Board. He later became a Vice President of the company.

Dr. Gilbert is the author of numerous articles and, with others [George H. Hildebrand Jr., Arthur W. Stuart, Maxine Yaple Sweezy, Paul M. Sweezy, Lorie Tarshis, and John D. Wilson], wrote a book entitled An Economic Program for American Democracy, which was published in 1938.

The papers of Richard V. Gilbert cover the period 1939 to 1948, during most of which he was a Federal Government employee. With few exceptions, the papers consist of official correspondence, memoranda, speech drafts, reports, and printed matter. Since Gilbert and his associates collaborated on the numerous reports and speech drafts written for the use of their agency and others, the authorship of certain items is unclear. For this reason, reports and speech drafts are generally filed with the records of the agency for which Gilbert was working at the time. The papers have been arranged in a single alphabetical series.

Died 6 October 1985 in Cambridge, Mass.

Source:  Franklin D. Roosevelt Presidential Library & Museum. Richard V. Gilbert Papers, 1939-1948. Collection Historical Note

Image Source: Gilbert’s senior year picture in the Harvard Class Album, 1923.