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Bibliography ERVM

New addition: The Economics Rare Book Reading Room

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment following each posting….

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For me a formative experience as a student of the history of economics was to do research in the Beinecke Rare Book Library at Yale University in 1973-74  for my senior essay on the Physiocrats. It was magnificent to sit at a table and have rare old books served to me. I felt like a grown scholar. This led to an addiction to rummaging through used book stores in search of printed highs. I am now a recovering bibliophile who has limited himself to the wonderful Ersatz-Antiquariat of the internet. Analogous to a Google-Street-View junkie, I am hooked on searching for scans of the stuff that are quartered in the rare book libraries of the world.

I have set up a page that I call “The Economics Rare Book Reading Room” where I will be posting links to early editions of classic economics works. I begin modestly with the first two editions of Adam Smith’s Wealth of Nations that are at the Boston Public Library. I encourage readers of the blog to suggest links to their favorite discoveries of scanned early editions!

Categories
Courses Exam Questions Harvard Socialism Syllabus

Harvard. Economics of Socialism. Mason and Sweezy, 1938

Between one slice of two weeks of pre-Marxian socialism and a slice of two weeks of the economics of planning, Mason and Sweezy offered their students a full portion of Marxian economics with an added dash of Leninism. This posting provides the enrollment, syllabus and final examination questions for 1938. Future Nobel prize laureate James Tobin was a student in the course and he took excellent notes! Here  a link to the Economics of Socialism that Paul Sweezy taught by himself in 1940.

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Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment following each posting….

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[Course Enrollment: Economics of Socialism]

[Economics] 11b 2hf. (formerly 7d). Professor Mason and Dr. P. M. Sweezy.—Economics of Socialism.

1 Graduate; 27 Seniors; 23 Juniors; 1 Sophomore: Total 52.

Source: Harvard University. Report of the President of Harvard and Reports of Departments for 1937-38, p. 85.

__________________________

ECONOMICS 11 b
Outline and Reading
1937 – 38

Week of

Feb. 7-12
Mason
a.  Outline of Course
b.  Utopian and Scientific Socialism
c.  Nature of Socialism as Utopia
Feb. 14-19
Mason
a.  Saint-Simon
b.  Fourier
c.  Robert Owen
Reading:

Engels, Anti-Dühring, Part III
Strachey, Theory and Practice of Socialism, Part III
Gide and Rist, History of Economic Doctrines, Book II,
Chs. 2 & 3

Feb. 21-26
Mason
a.  Life and Works of Marx and Engels
b.  Dialectical materialism and
c.  Historical materialism
Reading:

Riazanov, Marx and Engels

Feb. 28-Mar. 5
Mason
a.  Theory of Classes
b.  Theory of the State
c.  The State and Revolution
Reading:    Handbook of Marxism [Burns],

Ch. I (Communist Manifesto)
Ch. IV (Class Struggles in France),
Ch. V (18th Brumaire),
Ch. VII (Civil War in France),
Ch. XX (Introduction to the Critique of Political Economy)

Mar. 7-12
Mason
a.  Theory of Value
b.  Theory of Value
c.  General Tendencies of Capitalist Development
Mar. 14-19
Mason
a.  Concentration and Centralization of Capital
b.  Monopoly Problem in Capitalism
c.  According to Marx and Lenin
Mar. 21-26
Mason
a.  Marxian and Modern Views on
b.  Wages and Technological Unemployment
c.  Marxian Theory of Crises
Mar. 28-Apr. 2
Sweezy
a.  Marxian Theory of Crises
b.  Imperialism
c.  Imperialism
Reading:

Handbook of Marxism, Ch. XXI (Capital)
Capital, Vol. I, Part VII, Ch. XXV, Sections 1, 2, 3, 4
Lenin, Imperialism

VACATION

Apr. 11-16
Mason
a.
b.  The Socialist Movement After Marx
c.
Apr. 18-23
Mason
a.
b.  Marxian Schools of Thought

Reading:

Sidney Hook, Towards the Understanding of Karl Marx, Part I
Further assignment to be announced.

Apr. 25-May 7
Sweezy
Two weeks to be devoted to the following topics:
1.  Marxian and Orthodox Economics
[Handwritten note:] Rev of Ec Studies June ‘35
2.  The Allocation of Resources in Socialist Society
Reading:

Lange, Marxian Economics and Modern Economic Theory                         [Handwritten note:] Rev of Ec Studies June ‘35
Hayek, Collectivist Economic Planning, Chs. I, III, V
Pigou, Socialism versus Capitalism

Reading Period:

Sidney and Beatrice Webb, Soviet Communism, Vol. II
Chs. VIII, IX

[Handwritten additions:]
Ch 6 Lippman

Oct. 36 Rev of Ec Studies—Lange—On the Economic Theory of Socialism—
Taussig memorial—Sweezy—Economist in Socialist State.

_____________________________

 

1937-38
HARVARD UNIVERSITY
ECONOMICS 11b/2 

I

(About one hour)
Reading Period Question

  1. What features of the Russian economic system do you think could be adopted by a capitalist country? What features seem to you to be peculiarly the product of socialism and hence inapplicable under a capitalist system? 

II

Answer four questions

  1. “The most egregious error committed by the Marxist theorists is in misunderstanding and underrating the strength of the middle classes.” Discuss.

 

  1. What arguments does Mises use to support his claim that socialism is impossible? Do you agree with these arguments? State your reasons.

 

  1. Summarize the fundamentals of Lenin’s theory of imperialism. What do you regard as the particular merits or weaknesses of this theory?

 

  1. “To what extent is it true to say that the doctrine of the ‘withering away of the state’ implies anarchism as the ultimate goal of Marxian socialism?

 

  1. State and criticize the Marxian theory of value.

 

  1. Do you think that Marxists are justified in regarding crises and depressions as inevitable under capitalism? What grounds are there for believing that they might be eliminated under socialism?

 

Final. 1938

Source: Yale University Library, Manuscripts and Archives. James Tobin Papers, Box 6.

Image Source: Mason and Sweezy portraits from the Harvard Album 1939.

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Chicago Exam Questions

Chicago. Exam questions for Oskar Lange’s Imperfect Competition Course, 1941 & 1944

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment following each posting….

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The economist Norman M. Kaplan’s papers includes the reading list, two exams, and over 200 pages of his clear and legible lecture notes from Oskar Lange’s graduate theory course on imperfect competition at the University of Chicago. I have already posted the reading list for the Autumn quarter of 1941. This posting consists of the course exam questions for both 1941 and 1944.

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The course description in the 1944-45 course announcements
[identical to course description in 1941-42 announcements]

  1. Imperfect Competition.—A study of price formation and production under various transitional forms between perfect competition and pure monopoly, such as monopolistic and monopsonistic competition, noncompeting groups, oligopoly and bilateral monopoly. The problem of equilibrium under such forms. Noncompeting groups and social structure. Application of the theory to the study of distribution of incomes, collective bargaining, excess capacity, price rigidity, and business cycles. Imperfect competition and economic policy. Prerequisite: Economics 209 or equivalent. Sum[mer] 2d hf 1st T and 1st hf 2d T [C. ½ C in 2d hf 1st T]: MWF 1-3; Autumn, TuThS 10; Lange.

Source: University of Chicago. Announcements of the College and the Divisions for the Sessions of 1941. Vol. XLIV, No. 8 (May 15, 1944), p. 275.

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ECONOMICS 307
Autumn, 1941

(Answer briefly)

I.

The following table shows the demand (sales) schedule and the total cost schedule from a monopolist producing a patented medicine:

Output
(in units)

Price (per unit) at which
output can be sold
(in dollars)

Total cost
(in dollars)

0

10

1000

100

9

1200

200

8

1400

300

7

1600

400

6

1800

500

5

2000

600

4

2200

  1. Calculate the total revenue in the marginal revenue schedules
  2. Calculate the marginal cost, average cost and average variable cost schedules. Indicate the fixed cost
  3. Find the most profitable output and price. Showed that it is not affected by a change in fixed cost
  4. Calculate the net profit.

 

II.

  1. Explain the conditions under which monopolistic and monopsonistic price discrimination is (a) possible, (b) advantageous to the firm
  2. Assuming that the firm finds it possible and advantageous to practice monopolistic or monopsonistic price discrimination, indicate the relationship between (in the case of monopoly) the prices charged in the different markets and the respective elasticities of demand, or (in the case of monopsony) between the prices paid in the different markets and the respective elasticities of supply
  3. What can be said about the social desirability of monopolistic price discrimination from the point of view of welfare economics?

 

III.

  1. Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
  2. Explain and discuss critically the concepts of “monopolistic exploitation” and of “monopsonistic exploitation” of labor
  3. Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) and of control of monopoly upon the demand for labor by a firm (or industry).
  4. Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discussed her decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice (indicate your criteria of “justice”).

 

IV.

  1. Discuss the fundamental difficulty of the theory of oligopoly and explain how it is solved in (a) Chamberlin’s theory of monopolistic competition, (b) on the basis of rules of group behavior endowed with the dignity of ethical norms
  2. Discuss the significance of the kinked demand curve sub (1b) with regard to (a) price rigidity, (b) the functional distribution of incomes

 

V.

Discuss by means of a diagram the case of “service competition” between oligopolistic firms bound by a price agreement. Show (a) how the output of a firm is determined in this case and (b) the difference between this case and that of atomistic competition.

 

_________________________

 

ECONOMICS 307
December, 1944

I.

Describe Chamberlin’s theory of monopolistic competition and explain:

  1. the “excess capacity” obtaining when the firm and the group are both in equilibrium; distinguish between short and long-period “excess capacity”; which of the two presents a waste of resources from the social point of view and why.
  2. What assumptions about other firms’ reactions are made in Chamberlin’s theory.
  3. What criticisms can be made of Chamberlin’s theory.

 

II.

  1. Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
  2. Explain and discuss critically the concept of “monopolistic exploitation” and of “monopsonistic exploitation” of labor.
  3. Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) upon the demand for labor by a firm (or industry).
  4. Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discuss your decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice. (indicate your criteria of “justice”).

 

III.

Explain the reasons which lead under oligopoly to formation of a conventional price and state:

  1. Why is the demand curve likely to have a “kink” at the level of the conventional price;
  2. What is the shape of the marginal revenue curve in this case;
  3. Within what limits will a shift of the marginal cost curve leave price and output unaffected (illustrated by diagram);
  4. What bearing has this upon the problem of trade-unionism and wage-fixing.

 

IV.

“Total output is maximized when the ratios of the marginal productivities of any two factors are the same in each industry.”

  1. Explain what is meant in this context by “total output being maximized.”
  2. Give a simple numerical illustration of the theorem.

 

Source: University of Chicago Archives. Norman M. Kaplan Papers, Box 2, Folder 7.

Image Source:  Oskar Lange monument at Wroclaw University of Economics. Wikimedia Commons.

Categories
Courses Harvard Syllabus

Harvard. International Trade, Finance & Policy. Haberler, 1949-51

 

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the list of “artifacts” from the history of economics I have already assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment below….

______________________

Gottfried Haberler’s two term Harvard graduate course sequence in International Economics at mid-century was divided along Theory vs. Policy lines as opposed to the (real) Trade & Commercial Policy vs. (monetary) International Finance & Exchange used in current textbooks.

I have taken the liberty of combining the Fall term in 1949 with the Spring term of 1951 for which I have the reading lists. I could not find the latter at Harvard, but spotted a copy in Milton Friedman’s papers in a folder for other people’s syllabi.

_______________________________

 

 

[Economics 243a International Trade. Enrollment, Fall Term 1949]

Total 36:   23 graduates, 1 senior, 12 other (of which 1 MIT, 4 Radcliffe).

 

Source: Harvard University. Report of the President of Harvard College and reports of departments, 1949-1950, p. 75.

__________________________

Economics 243a
Professor Haberler – Fall Term, 1949

During the first half year, the theory of international trade, including the theory of tariffs and other international trade policies, will be discussed in a systematic fashion. The subject of the spring term will be selected topics in the field of international economic relations.

Outline for First Half-Year

  1. International trade and national income. The importance of trade for various countries. Measures of importance.
  2. International accounts. International transactions of the national economic budgets.
  3. Foreign exchanges. Demand and supply for exports and imports. The market for foreign currency. Purchasing power parity theories.
  4. The balance of payments mechanism. Price effects, income effects, the foreign trade multiplier. The transfer problem.
  5. The international division of labor. The theory of comparative cost. Modern developments of the theory of comparative cost. Ohlin’s general equilibrium theory of interregional and international trade.
  6. The welfare implications of international trade theory. The theory of tariffs and protection in general. Monopoly and monopolistic competition in international trade.
  7. International trade theory and location theory.

 

Reading Assignments and Suggestions
General

The literature in the subject is so rich that students can acquire the knowledge necessary for the course in many different ways. Students are invited to make their own choice from the suggestions below. Two extensive bibliographies have been prepared in former terms for other courses. One may be obtained from Ms. Buller, Littauer 322; the other from Professor Williams’ secretary, Littauer 231. Each student is expected to have read one or the other of the following general monographs or texts:

Ellsworth: International Economics
Enke and Salera: International Economics
Haberler: Theory of International Trade
Harris (Editor): Foreign Economic Policy for the U.S. (especially Part V)
Harrod: International Economics (3rd edition, 1939)
Marshall: Money, Credit, and Commerce, (Part III and Appendix g)
Meade and Hitch: Introduction to Economic Analysis and Policy (Part III)
An excellent discussion of recent developments will be found in: Metzler: “The Theory of International Trade,” Chapter. 6, Survey of Contemporary Economics (1948)
Readings in the Theory of International Trade contains an excellent collection of articles on all phases of the course
Taussig: International Trade (1927)
Tinbergen: International Economic Cooperation (1945)
Whale: International Trade

Assignments and Suggestions to Subjects Listed Above

(in addition to relevant chapters in general texts)

  1. The Post-War Foreign Economic Policy of the United States. 6th Report of the House Special Committee on Post-War Economic Policy and Planning. House Report No. 541. Washington, 1945. (This report was written by Lloyd Metzler.)
    The United States in the World Economy, U. S. Department of Commerce, 1943.
    Buchanan and Lutz: Rebuilding the World Economy (1947)
    J. Brown: Industrialization and Trade (1943)
    A. J. Brown: Applied Economics (1948), Ch. VI
    Readings, Chs. 21 and 22, by D. H. Robertson and J. Finder
  2. Balance of Payments Yearbook, 1938-1941-1947 (International Monetary Fund)
    Hicks: The Social Framework of the American Economy, Ch. XII, “Foreign and National Income”
    The Survey of Current Business (monthly publication of Dep. of Commerce) has frequent articles on trade and balance of payments statistics.
    The United States in the World Economy (U.S. Department. of Commerce, 1943)
  3. Nurkse: International Currency Experience (League of Nations, 1944)
    J. Robinson: “Foreign Exchanges,” Essays on the Theory of Employment (1st ed., 1938; 2nd ed., 1947), Part III; reprinted in Readings, Chapter 4.
    J. Robinson: “Beggar-My-Neighbor Remedies for Unemployment,” Readings, Ch. 17.
    Machlup: “The Theory of Foreign Exchanges,” Economica, 1939 (two articles); Readings, Ch. 5.
    Pigou: “The Foreign Exchanges,” Quarterly Journal of Economics, November, 1922, Reprinted in Essays in Applied Economics (1927)
    Metzler: op. cit.
    Harris (Editor): Foreign Economic Policy for the U. S., Part V, Chs. 20, 21, 22.
  4. Keynes and Ohlin on German Reparations in Economic Journal, 1929; and Readings, Chs. 6 and 7.
    Iversen: International Capital Movements, 1935.
    Machlup: International Trade and the National Income Multiplier (1943)
    Harris (Editor): The New Economics, Part V, especially essays by Bloomfield and Nurkse.
    Williams: Post-War Monetary Plans and Other Essays (3rd edition, 1947).
  5. In addition to general texts, see:
    Edgeworth: Papers Relating to Political Economy, Vol. II, p. 3-60.
    Ellsworth: “A Comparison of International Trade Theories,” American Economic Review, June, 1940.
    Leontief: “The Use of Indifference Curves in the Analysis of Foreign Trade,” Quarterly Journal of Economics, May, 1933; Readings, Ch. 10.
    Mill: Principles
    Ohlin: op. cit. Parts I, II, and possibly III.
    Readings, Chs. 12, 13, 15, by J. H. Williams, E. Heckscher, and W. Stolper and P. Samuelson
    Ricardo: Principles
    Taussig: International Trade
    Viner: Studies in the Theory of International Trade (last two chapters)
  6. Samuelson: “The Gains from Trade,” Readings, Ch. 11.
    Scitovszky: “A Reconsideration of the Theory of Tariffs,” Readings, Ch. 16.
    Henderson: “The Restriction of Foreign Trade,” in The Manchester School of Economic and Social Studies, Volume 14, January, 1949.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1). Box 5, Folder “Economics 1949-1950, 3 of 3”.

_______________________________

1950-51
Economics 243b
Spring Term—Professor Haberler

International Economic Policy

with special emphasis on the theoretical foundations

  1. Introduction
    Theory and Policy
    Aims of Economic Policy
    International Trade, Economic Welfare and National Income
    International Trade and Employment
    The Quantitative Importance of International Trade
  2. Brief Sketch of the Historical Evolution of Theory of International Trade and International Economic Policy
    Pre-Mercantilist Views
    Mercantilism
    Classical Liberalism
    Reaction to Liberalism: Historical School
    From the Repeal of the Corn Law to 1914
    The Interwar Period
    –The 1920’s
    –The 1930’s
    Recent developments
    The Rise of Socialism and Planning and their Impact on Trade Policy
  3. Free Trade and Protection: A Theoretical Analysis
    The Case for Free Trade: The Theory of Comparative Cost
    Arguments for Protection: “Economic” vs. “Non-economic” Arguments
    Infant Industry Argument: Problems of Economic Development
    Terms of Trade: Monopoly and Monopolistic Competition in International Trade
    Trade Policy and Unemployment
  4. Balance of Payments, the Exchange Rate and International Monetary Policy
    The International Accounts
    –Balance of Payments and National Economic Budget
    Stable Exchanges
    –Gold Standard
    –Gold Exchange Standard
    Currency Depreciation
    –Demand and Supply for Exports and Imports
    –Market for Foreign Exchange
    –Stability Conditions
    The Transfer Problem
    Dollar Shortage
  5. Quantitative Restrictions
    Quotas
    Exchange Control
  6. Most-Favored-Nation Principle, Discrimination and the Economics of Regional Blocs
    Preferential Tariffs
    Customs Unions
    Economic Unions
    Monetary, Clearing and Payments Unions

 

Literature

General Treatises and Historical

  1. Descriptive and Historical
    Brown: Industrialization and Trade (1943)
    Buchanan and Lutz: Rebuilding the World Economy (1947)
    Condliffe: The Commerce of Nations (1950)
    League of Nations: The Network of World Trade (1942)
  2. Theoretical
    Ellsworth: International Economics (1938)
    Ellsworth: The International Economy (1950)
    Haberler: Theory of International Trade
    Harrod: International Economics (1938)
    Metzler “Theory of International Trade” in Survey of Contemporary Economics
    Ohlin: Interregional and International Trade
    Taussig: International Trade
    Marshall: Money, Credit, and Commerce
    Meade and Hitch: Introduction to Economic Analysis and Policy (Part V)
    J. S. Mill: Principles, Book III, Ch. 17, 18, 20, 21; Book V, Ch. 4 (reprinted in Selected Readings)
    Enke and Salera: International Economics
    Ellis and Metzler: Readings in the Theory of International Trade (quoted as “Readings”)
    Taussig (Editor): Selected Readings in International Trade and Tariff Problems (quoted as “Selected Readings”)
    Viner: Studies in the Theory of International Trade
    Williams: Postwar Monetary Problems and Other Essays

Reading for Individual Sections of Outline

  1. No specific reading.
  2. No specific reading.
  3. Practically all theoretical texts mentioned above. See especially:
    Ellsworth
    Haberler
    Readings: Chs. 10, 11, 15, 16
    Selected Readings, Chs. 1, 2, 9
    In addition: Haberler: “Some Problems in the Pure Theory of International Trade,” Economic Journal, June, 1950.
    A. Henderson: “The Restriction of Foreign Trade,” in The Manchester School of Economic and Social Studies, Vol. 14, January 1949.
    J.E. Meade: “A Geometrical Representation of Balance of Payments Policy,” Economica, November 1949.
    John Robinson: “The Pure Theory of International trade,” Review of Economic Studies, Vol. XIV, 1946-47.
    J.S. Mill, Principles.
  4. Balogh: Dollar Crisis (1949)
    Ellis: The Economics of Freedom
    Ellis: The Progress and Future of Aid to Euorpe (1950)
    Kindleberger: Dollar Shortage (1950)
    Harris: Foreign Economic Policy of the U.S., Part V. Essays by Haberler, Samuelson
    Harris: (Editor) The New Economics, Part V, especially the essays by Bloomfield and Nurkse
    Hicks: The Social Framework, Ch. 12.
    Metzler’s article in Survey.
    Nurkse: International Currency Experience, League of Nations, 1944.
    Readings, Chs. 4, 5, 6, 7, 17.
    Williams, op.cit.

 

Source: The Hoover Institution Archives. Milton Friedman Papers, Box 80, Folder 80.8 “Syllabi by others”.

Categories
Economists Exam Questions M.I.T.

MIT. Final Exam in Graduate Macro I. Stanley Fischer, 1975

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the list of “artifacts” from the history of economics I have already assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment below….

______________________

Today another posting from the more recent history of economics for that professor who succeeded where others had failed before him, namely in first teaching me the economic intuition behind macroeconomic models, Stanley Fischer. While James Tobin had succeeded in convincing the undergraduate me of the utter importance of getting macroeconomic policy right, I was still much too immature to “receive wisdom” as a sophomore…but enough about me.

I thought of Stan Fisher this morning as I read his marvelous summary of his own 55 years of experience with macroeconomics.

I earlier posted Fischer’s reading list for his undergraduate course at the University of Chicago in 1973. Below is the exam from the first half-semester course in the required four quarter sequence in macroeconomics for the cohort that entered MIT in the Fall of 1974, the cohort that included Paul Krugman, Jeffrey Frankel, Francesco Giavazzi, Andrew Abel, Dick Startz, to name only a few, sandwiched between Olivier Blanchard’s and Ben Bernanke’s respective cohorts.

_________________________________

 

Spring 1975

Final Exam 14.451

Stanley Fischer

Time available is two hours. Answer all questions. You have a choice on question 2.

  1. (50 points) it is sometimes asserted that the key to the effectiveness of monetary policy is the fixed nominal return on money. Suppose that means were devised of paying interest on money and that the nominal bond interest rate were fixed in an arbitrary level.
    1. Using any convenient variant of a three asset (money, bonds, capital) model, explain the determination of asset market equilibrium and then of the overall equilibrium of the economy, under the assumption of a fixed bond interest and a rate market-determined money interest rate. (Maintain this assumption here after.)
    2. Analyze the consequences of an open market purchase for the interest rate on money and other endogenous variables. What are the differences between your results and those in the more usual model in which the bond interest rate varies?
    3. Suppose a helicopter dropped bonds on the populace. What happens to the interest rate on money and other endogenous variables?
    4. What do you make of the assertion mentioned in the first sentence of this question in the light of your answers to (ii) and (iii) and/or in the light of any other relevant considerations?
    5. Extra credit (5 points max). Can you envision any type of institutional arrangements which make the premise of this question — fixed bond interest rate and market determined interest rate on money — empirically reasonable?

 

  1. Answer A or B (30 points each)

A.

  1. What theoretical reasons are there to assume the demand for money is a function of the interest rate?
  2. Why does it matter?
  3. Review relevant empirical evidence.
  4. Discuss any econometric difficulties of the empirical work.

 

B.

A household has the utility of wealth function

U(W) = W (b/2)W2.

Its initial wealth is W0.
It can hold in its portfolio a safe asset paying a safe rate of return of our rB in the risky asset paying rE+g, where rE is the expected return and sg2 is the variance of return.

    1. Derive demand functions as a function of rB, rE, sg2, and W0.
    2. Suppose that a tax on next period’s wealth is announced, at rate t, i.e. t% of wealth at the beginning of next period will be paid to the government. What effect does this have on the asset demands? Can you give an intuitive explanation?
    3. Suppose instead that positive returns on the risky assets are taxed at a rate t, but not negative returns. Thus if A2 is the holding of the risky asset, the tax is tA2(rE + g) if rE +g > 0 and zero otherwise. The return on the safe asset is not taxed. What effect does this have on asset demands?

 

  1. (20 points)
      1. Define free reserves.
      2. Define excess reserves.
      3. What effect would Federal Reserve System payment of interest on reserves held at FR banks have on the demand for reserves? (Use any appropriate model, and assumed the rate on reserves as fixed below the rate on short-term government securities and the discount rate.)
      4. What effect would these interest payments have on the money multiplier? (For simplicity, assume there is only one type of deposit in existence.)
      5. It is sometimes said that payment of interest on reserves would strengthen Fed control over the money stock. Can you justify or refute this view?

 

Source: Irwin Collier.

Image Source: MIT Museum.

Categories
Cornell Courses Curriculum

Cornell. Economics Courses and Faculty, 1914-15

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below.  There is also an opportunity to comment following each posting….

__________________________

In 1914 Frank H. Knight switched from graduate work in Philosophy to Economics at Cornell where he studied under (among others) Alvin S. Johnson and Allyn A. Young. His handwritten notes (on index cards) for his courses then can be found in his papers at the University of Chicago archives. These note-cards provide a fairly complete record of the economics training available provided at Cornell at that time. We will have occasion in future postings to refer to those notes, so that I thought it would be useful to post here (i) a transcription of the Cornell economics program as of 1914/1915 (embedded within “Political Science”) along with (ii) a list of the courses offered and (iii) nano-c.v.’s for the faculty.

_________________________

 

POLITICAL SCIENCE
[Cornell 1914-15]

Professors: W.F. WILLCOX, Economics and Statistics; A. S. JOHNSON, Economics and Distribution; A. A. YOUNG, Economics and Finance; S. P. ORTH, Economics and Politics; G. N. LAUMAN, Rural Economy; JOHN BAUER, Economics; J. R. TURNER, Economics; R. S. SABY, Political Science; R. G. BLAKEY, Economics; A. P. USHER, Economics.

Instructors: F. H. GILMAN, Economics; H. E. SMITH, Economics.

 

A graduate student in economics should have studied at least the equivalent of elementary courses in economics, economic history, politics, and social science. If he has not done this, he should take such elementary courses as early as possible; he will not ordinarily be allowed to present any of them as partial fulfillment of the requirement for a major or minor in any branch of political science. He should also have sufficient knowledge of French and German to be able to read necessary works in either language.

The work in political science in the President White School of History and Political Science falls into five divisions: economics, politics, statistics and social science, finance and distribution. These divisions aim to bring their work into close relationship with social, political, and business life. The members of the Faculty seek to keep in touch with the practical as well as the with purely scientific aspects of the problems treated, and have among their interests the preparation of students for positions in business and in public service. In statistics and social science, work is offered mainly in statistics, but to some degree also in the less definite field of social science. The statistical method has been found of especial service both in developing a scientific and judicial attitude and in bringing out many facts about social life not discoverable in any other way. After the introductory course in social science, an advanced course is open which deals with the dependent or semi-dependent classes and the care for them exercised by society, in part through governmental agencies and in part through private philanthropy.

In economics and distribution, a graduate course is offered in the theory of value and distribution, which is designed to familiarize the student with the main currents of contemporary economic thought. For undergraduates are offered courses covering the history of economics, the more general economic aspects of the labor problem, the history and theory of socialism, and the organization and methods of socialistic parties.

In economics and finance, a research course is offered to graduate students which is designed to afford training in the appropriate methods of investigation and to give familiarity with the fundamental sources of information. Other courses in this field open to graduates cover the more important economic aspects of both public and private finance.

This group uses two laboratories and several class rooms in proximity to each other and to the four division offices and one general office, an arrangement which has greatly facilitated intercourse between teachers and graduate students as well as among graduate students themselves. In the political science seminary room at the University Library and in the various offices and laboratories occupied by these departments, numerous publications in politics and in economics, such as market letters of leading brokers and technical business journals, are accessible to advanced students. The laboratories for classes in statistics and finance are supplied with standard and current books dealing with these subjects and with various mechanical devices for simple statistical processes and for securing a graphic and effective presentation of results. In the closely related subject of rural economy or agricultural economics, courses are offered dealing with the general economic and social problems of the open country arising from the growing complexity and intensity of agriculture and its relation with commerce, manufacturing, and transportation.

One teaching assistantship yielding $500 and tuition; three fellowships, two yielding $500 and one yielding $600; and two assistantships, each yielding $150 are filled each spring.

 

Source: Cornell University, Announcement of the Graduate School 1914-15, Official Publications of Cornell University Vol. V, No. 3 (January 15, 1914), pp. 34-36.

_________________________

COLLEGE OF ARTS AND SCIENCES
POLITICAL SCIENCE
[Courses offered 1914-15]

51. Elementary Economics. Throughout the year, credit three hours a term. One lecture and two recitations each week. Lectures, Barnes Auditorium, M, 9; repeated M, 11; Assistant Professor BAUER. Recitations T Th, 8, 9, 10, 11, 12; W F, 8, 9, 10, 11, 12. Assistant Professors BLAKEY, and USHER, Dr. SMITH, and Mr. GILMAN.

An introduction to economics including a survey of business organization and corporation finance; principles of value, money, banking, and prices; international trade; free trade and protection; wages and labor conditions; the control of railroads and trusts; socialism; principles and problems of taxation. Section assignments made at the first lecture.

52. Elements of Economics. Throughout the year, credit two hours a term. Assistant Professor TURNER. Lectures M, 9, repeated T, 9, Goldwin Smith A. Recitations to be arranged.

A special course for seniors in mechanical engineering. Not open to students in other colleges. Production and distribution of wealth, emphasizing particularly the financial or practical view instead of the theoretical. Lectures, textbooks, readings, and class discussions.

 53a. American Government. First term, credit three hours. Assistant Professor SABY. M W, 10, Goldwin Smith 142. Recitation hour to be arranged.

A general introduction to the study of political science with special reference to American government and politics. Lectures, textbook, class discussions.

53b. Comparative Politics. Second term, credit three hours. Assistant Professor SABY. M W, 10, Goldwin Smith 142. Recitation hour to be arranged.

A study of the political institutions of the leading European countries with special reference to their relations to present political problems in the United States. Lectures, textbook, class discussions.

54a. Municipal Administration. First term, credit three hours. Prerequisite course 53a. Assistant Professor SABY. M W F, 11, Goldwin Smith 264.

A study of the functions and problems of city government; the administration of public health and safety; charities and corrections; public works and finance; commission form of government. Lectures, textbook, and reports.

54b. State Administration. Second term, credit three hours. Prerequisite course 53a. Professor ORTH. M W F, 12, Goldwin Smith 256.

A study of the government of the American State; its relation to local government; the powers and functions of administrative boards and commissions; judicial control.
Lectures, readings, and reports. Each student will be required to make a somewhat detailed study of some particular state.

55a. Elementary Social Science. First term, credit three hours. Course 51 should precede or be taken with this course. Professor WILLCOX. M W F, 9, Goldwin Smith 256.

An introductory course upon social science or sociology, its field and methods, with special reference to the human family as a social unit, to be studied by the comparative, the historical, and the statistical methods.

55b. Elementary Social Science. Second term, credit three hours. Course 51 should precede or be taken with this course. Professor WILLCOX. M W F, 9, Goldwin Smith 256.

A continuation of the preceding course but with especial reference to the dependent, defective, and delinquent classes. Open to all who have taken 55a and by special permission to others.

56a. Elements of Business Law. First term, credit two hours. Professor ORTH. T Th, 11, Goldwin Smith B. Lectures, textbook, quizzes.

A brief survey of that portion of private law which deals especially with contracts, negotiable instruments, agency, and sales.
Courses 56a and 56b are designed primarily to meet the needs of students who contemplate entering business and not the profession of law, and credit will not be given to law students for these courses.

56b. Government Control of Industry. Second term, credit two hours. Prerequisite course 56a. Professor ORTH. T Th, 11, Goldwin Smith B. Lectures, reports, quizzes.

A scrutiny of the policy of governmental control of industry from the legal and political point of view, emphasis being laid on the development of the police power and its application to the regulation of private enterprise.

57a. Lectures on Citizenship. Second term, credit two hours. M W, 12 Goldwin Smith B.

A lecture each Wednesday by a non-resident lecturer and each Monday by a member of the department. The course has been arranged by a committee of Alumni who are actively engaged in civic and social work and who are cooperating in this way with the department. It will follow the same general plan as last year, but the speakers and most of the subjects treated will be changed. Among the subjects presented in 1914-15 will be the Citizen and the Immigrant in America, the Citizen and his Neighborhood, the Citizen and Commercial Organizations, the Citizen and the City Plan.
The course will be under the general charge of Professor WILLCOX. Readings, reports, and essays will be required.

58. Accounting. Throughout the year, credit four hours first term, three hours second term. Courses 51 and 56a must precede or accompany this course. Assistant Professor BAUER. T Th S, 8, Goldwin Smith 264.

59. Financial History of the United States. Second term, credit two hours. Prerequisite course 51. Assistant Professor BLAKEY. T Th, 11, Goldwin Smith 269.

A study of public and quasi-public finance from colonial times to the present. Special attention will be paid to money, currency, banking, tariffs, taxes, expenditures, panics, and war financiering.

60. The American Party System. First term, credit two hours. Prerequisite 53a. Professor ORTH. T Th, 12, Goldwin Smith 256.

A study of the evolution of the American political party; its relations to the machinery of government; election laws; the development of state control over the machinery of party. Lectures, readings, and reports.

[61. Jurisprudence. Second term, credit three hours. Prerequisite 53a, excepting for law students, to whom the course is open. Professor ORTH. Lectures, textbook, and reports.

A study of the classification and development of the principles of law, dwelling especially upon the growth of English and American legal institutions.
This course alternates with 78b.] Not given in 1914-15.

62. Business Management. Repeated in second term, credit one hour. Prerequisite courses 51 and 58; or 58 may be taken at the same time. Professor KIMBALL. T Th, 12, Sibley 4.

Seniors and graduates; others by permission. See S, 20, Sibley College.

63. Corporations and Trusts. First term, credit three hours. Prerequisite course 51. Professor YOUNG. T Th S, 11, Goldwin Smith 256.

Deals primarily with the business corporation, with special reference to its economic significance and effects and to the problems of its legal control, concluding with a discussion of industrial combinations.

64. Money and Banking. Throughout the year, credit three hours a term. Prerequisite course 51. Professor YOUNG. T Th S, 10, Goldwin Smith 142.

A discussion of the more important phases of the theory of money and credit is followed by a consideration of selected practical problems, including the revision of the American banking system. Practical work is required in the analysis of the controlling conditions of the money market, of organized speculations in securities, and of foreign exchange.

65a. The Industrial Revolution in England, 1700 to 1850. First term credit three hours. Prerequisite course 51, previously or concurrently, or work in European history. Assistant Professor USHER. M W F, 12, Goldwin Smith 264.

The topography and resources of England, the Industrial Revolution, commercial expansion in the 18th century, the history of the Bank of England, the rise of London as a world metropolis.

65b. Social and Economic Problems of the 19th Century in England. Second term, credit three hours. Prerequisite course 51, previously or concurrently. Assistant Professor USHER. M W F, 12, Goldwin Smith 264.

The course can be followed most profitably by students who have taken course 65a, but it may be elected independently. The history of English agriculture, 1700 to 1907; the poor laws, 1834 and 1909; the coming of free trade, 1776 to 1846; railroads and rate-making; Germany and the industrial supremacy of England.

66a. The Labor Problem. First term, credit three hours. Prerequisite course 51. Professor JOHNSON. T Th S, 11, Goldwin Smith 264.

This course will present a systematic view of the progress and present condition of the working class in the United States and in other industrial countries; sketch the history and analyze the aims and methods of labor organizations; study the evolution of institutions designed to improve the condition of the working class; and compare the labor legislation of the United States with that of European countries.

66b. Socialism. Second term, credit three hours. Prerequisite course 51. Professor JOHNSON. T Th S, 11, Goldwin Smith 264.

Due attention will be given in this course to the various forms of socialistic theory. Its main object, however, is to describe the evolution of the socialist movement and the organization of socialistic parties, to measure the present strength of the movement, and to examine in the concrete its methods and aims.

67. Problems in Market Distribution. Throughout the year, credit two hours a term. W F, 11, Goldwin Smith 245. Assistant Professor TURNER.

First term: lectures, discussions and assigned readings on the origin, growth and change of middlemen and other intermediaries between the producer and the consumer.
Second term: merchandising, selling, and advertising.

68. Railway Transportation. Second term, credit three hours. Prerequisite course 51. Professor YOUNG. T Th S, 11, Goldwin Smith 256.

The present American railway system, railway finance, theory of rates, methods of public control in Europe, Australia, and America. Some attention is given to the related problem of the control of public service companies.

70. Public Finance. Throughout the year, credit two hours a term. Prerequisite course 51. Assistant Professor BLAKEY. T Th, 12, Goldwin Smith 264.

A study of the principles of government revenue, expenditure and debt, with particular reference to problems of American taxation.

71. Investments. Throughout the year, credit two hours a term. Prerequisite course 51; course 58 should precede or may accompany this course. Dr. SMITH. T Th, 9, Goldwin Smith 245.

[73. Insurance. Second term, credit three hours. Prerequisite courses 51 and 58; or 58 may be taken at the same time. Assistant Professor BAUER.] Not given in 1914-15.

76a. Elementary Statistics. First term, credit three hours. Prerequisite course 51. Professor WILLCOX. T Th S, 9, Goldwin Smith 256. Laboratory, W, 2-4, Goldwin Smith 259.

An introduction to census statistics with especial reference to the federal census of 1910, and to registration statistics with especial reference to those of New York State and its cities. The course gives an introduction to the methods and results of statistics in these, its best developed branches.

76b. Economic Statistics. Second term, credit three hours. Prerequisite course 51. Professor WILLCOX. T Th S, 9, Goldwin Smith 256. Laboratory, W, 2-4, Goldwin Smith 259.

A continuation of course 76a, dealing mainly with the agricultural and industrial statistics of the United States. Mature students that have not already had course 76a or its equivalent may be admitted by special permission. The course is an introduction to statistics in its application to more difficult fields, such as production, wages, prices, and index numbers.

78a. International Law and Diplomacy. First term, credit three hours. President SCHURMAN and Assistant Professor SABY. M W F, 11, Goldwin Smith 256. Lectures, textbook, and reports. Open to juniors and seniors in Arts and Sciences, to students in Law, and to approved upperclassmen in other colleges.

While this course aims to present a systematic view of the rights and obligations of nations in times of peace and war, it particularly emphasizes our contemporary international problems and the participation of the United States in the development of international law.

78b. Constitutional Government. Second term, credit three hours. Prerequisite course 53a. Professor ORTH. M W F, 11, Goldwin Smith 256. Lectures, textbook, and reports.

A study of the development of the American constitutional system.

[79a. History of Political Thought. First term, credit two hours. Assistant Professor SABY.

A study in the development of political thought from the Greeks to modern times in its relation to the history and development of political institutions. Lectures, textbook, and assigned readings.] Not given in 1914-15.

79b. Modern Political Thought. Second term, credit three hours. Assistant Professor SABY. T Th S, 10, Goldwin Smith 256.

A general survey of the more important modern political movements. Ideas and ideals underlying the present political unrest. The different political ideas that have at different times striven for supremacy in American political life. Lectures, textbook, and assigned readings.

[80. The History of Protection and of Free Trade in Europe since 1660. First term, credit three hours. Prerequisite course 51; or open by special permission to those who have had courses in European history. Assistant Professor USHER.] Not given in 1914-15.

[81. The History of Price Making and the Growth of Produce Exchanges. Second term, credit three hours. Prerequisite course 51; open by special permission to those who have had courses in European history. Assistant Professor USHER.] Not given in 1914-15.

82. Public Utilities: Problems of Accounting, Valuation and Control. Second term, credit three hours. Assistant Professor BAUER. F, 2.30, Goldwin Smith 269.

This course will center about the accounting problems connected with the regulation of public service corporations, considering especially, with critical analysis, the systems of uniform accounting prescribed by the Interstate Commerce Commission and the New York and other state Public Service Commissions, and the principles of valuation adopted for rate making purposes. Open to graduates and by permission to especially qualified seniors.

 

87. The History of Economic Theory. Throughout the year, credit three hours a term. Professor JOHNSON. T Th S, 9, Goldwin Smith 264.

The main currents of economic theory from the mercantilistic writers to the present day. Chief emphasis will be laid upon the development of the individualistic economic doctrines in 18th century France and England; the conditions, economic and social, upon which they were based; the consolidation of the doctrines in classical economics, and the modifications they have undergone.

88. Value and Distribution. Throughout the year credit, two hours a term. Professor JOHNSON. Th, 2.30, Political Science Seminary Room.

A study of the chief problems of current economic theory. The works of the chief contemporary authorities will be critically studied with a view to disclosing the basis of existing divergences in point of view.
It is desirable that students registering for this course should have a reading knowledge of German and French.

90. Research in Statistics. Throughout the year, credit to be arranged. Professor WILLCOX.

92. Research in Finance. Throughout the year, credit two or three hours a term. Professor YOUNG. T, 2.30, Political Science Seminary.

Individual or cooperative investigations of selected problems in money, banking, and corporation finance, in connection with lectures upon the bibliography of the sources and upon the use of the statistical method in such investigations.

93. Research in Accounting. Throughout the year, credit two to three hours a term. Prerequisite course 58. Assistant Professor BAUER. Hours to be arranged.

For especially qualified students interested in particular accounting problems.

94. Research in Politics. Throughout the year, credit one to three hours a term. Professor ORTH. Hours and room to be arranged.

A research course for advanced students in public law and political science.

95. Seminary in Political Science and Public Law. Throughout the year, credit two hours a term. Professor ORTH. W, 2.30, Political Science Seminary.

An advanced course for the study of some special topic to be announced. Open to especially qualified students by permission of the professor in charge.

99. General Seminary. Throughout the year, credit two hours a term. Conducted by members of the department. M, 2.30-4.30, Goldwin Smith 269.

For research in the field of political sciences. Open only to graduate students.

 

Source: Official Publications of Cornell University, Vol. V, No. 10: Announcement of the College of Arts and Sciences, 1915-15, pp. 29-34.

_________________________

[Cornell Faculty offering courses in Political Science 1914-15]

 

Bauer, John, A. B., Yale, 1906; Ph.D.,1908; Leave of Absence, 1914-15.

Instructor, 1908; Assistant Professor of Economics, 1910.

Blakey, Roy Gillespie, A.B., Drake, 1905; A.M., Colorado, 1910; Ph.D., Columbia, 1912.

Assistant Professor of Economics, 1912.

English, Donald, B.S., University of California; M.B.A., Harvard, 1914.

Acting Assistant Professor of Economics, 1914.

Gilman, Frederick Hubert, A.B., Wesleyan, 1909; A.M., Cornell, 1910.

Instructor of Economics.

Johnson, Alvin Saunders, A.B., Nebraska; A.M., 1898; Ph.D., Columbia, 1902.

Professor of Economics, 1912.

Kimball, Dexter Simpson, A.B., Leland Stanford, 1896; M.E., Leland Stanford.

Assistant Professor, 1898-1901; Acting Director of Sibley College, second term, 1911-12; Professor of Machine Design and Construction, 1904.

Lauman, George Nieman, B.S.A., Cornell, 1897.

Assistant in Horticulture, 1897; Instructor, 1899; Instructor in Rural Economy, 1903; Assistant Professor, 1905; Professor of Rural Economy, 1909.

Orth, Samuel Peter, A.B., Oberlin, 1896; Ph.D., Columbia, 1902.

Acting Professor, 1912, Professor of Political Science, 1913.

Saby, Rasmus S., A.B. Minnesota, 1907; A.M. 1907; Ph.D., Pennsylvania, 1910.

Assistant, 1909; Instructor in Economics. 1910, Assistant Professor of Political Science, 1912.

Schurman, Jacob Gould, A.B., University of London, 1877; A.M., 1878; D.Sc., University of Edinburgh, 1878; LL.D., Columbia, 1892; Yale, 1901; Edinburgh, 1902; Williams, 1908; Dartmouth, 1909; Harvard, 1909.

Professor of Philosophy, 1886. President of the University, 1892.

Smith, Harry Edwin, A.B., De Pauw, 1906; A.M., 1906; Ph.D., Cornell, 1912.

Instructor of Economics.

Turner, John Roscoe, M.S., Ohio Northern, 1903; Ph.D., Princeton, 1913.

Assistant, 1908; Instructor, 1909; Lecturer, 1911, Assistant Professor of Economics, 1913.

Usher, Abbott Payson, A.B., Harvard, 1904; A.M., 1905; Ph.D., Ph.D., 1910.

Instructor, 1910. Assistant Professor of Economics, 1914.

Willcox, Walter Francis, A.B., Amherst, 1884; LL.B., A.M., Amherst, 1888; LL.D., Amherst, 1906; Ph.D., Columbia, 1907.

Instructor in Logic, 1891; Assistant Professor of Social Science and Statistics and Political Economy, 1892; Assistant Professor of Social Science and Statistics, 1893; Associate Professor, 1894; Professor, 1898; Professor of Political Economy and Statistics, 1901; Dean of the Faculty of Arts and Sciences. 1901-07; Professor of Economics and Statistics, 1910.

Young, Allyn Abbott, Ph.B., Hiram College, 1894; Ph.D., Wisconsin, 1902.

Professor of Economics and Finance, 1913.

 

Sources: Official Publications of Cornell University, Vol. V, No. 10: Announcement of the College of Arts and Sciences, 1914-15, pp. 29-34. Supplementary information from The Cornellian, The Year Book of Cornell University. Vol. XLVII.

Image Source: Goldwin Smith Hall, illustration between pages 36 and 37. Guide to the Campus: Cornell University (1920).

 

Categories
Economists Michigan

Michigan. 1891 Econ Ph.D. Fred Converse Clark. Obit, 1903.

After the last posting I wondered what had become of Frederick Converse Clark, assistant professor of economics at Stanford during its earliest years. In such matters it is useful to head off to a genealogical website such as Ancestry.com [often available at public libraries, otherwise subscription required] to get a lead. In a family tree at ancestry.com, the obituary below was referenced.  There was even a link to the site www.findagrave.com where we see from Clark’s headstone the correct spelling of his last name (no “e”). He left a wife, son and daughter. 

_______________________

FRED CONVERSE CLARKE [sic]

The friends of Professor Fred Converse Clarke [sic], ’87, of the Ohio State University, were inexpressibly shocked at the news of his death by his own hand at Columbus on the morning of September 20. Professor Clarke [sic] had made unfortunate investments during the last few years, and moreover had persuaded many of his friends to put their money into the same mining companies of whose success he was so sanguine. Upon the failure of these companies, Clarke [sic] was utterly cast down by the thought that he had been responsible for the misfortunes of his friends, and he allowed this thought to prey upon his mind until the result was as stated above. After his graduation from the University, Professor Clarke [sic] had taught in the Ann Arbor High School and in Leland Stanford, Jr., University. At the Ohio State University he was at the head of the department of economics and sociology.

Source: The Michigan Alumnus, v. 10, 1903/1904, p. 49.

Image Source: Clark gravestone in Forest Hill Cemetery, Ann Arbor Michigan. At findagrave.com.

Categories
Courses Curriculum Stanford

Stanford. Early Economics Courses and Faculty, 1890s

It took about three years (1891-92 to 1893-94) for the Leland Stanford Junior University to put together full course offerings in economics and social science. In today’s posting I have included the first three years of official announcements along with c.v. information of the faculty involved. Note that the listing for the academic year 1892-93 is merely a declaration of intention, I have yet to find what was actually offered. I would presume it looks much more like what we see for the announcement for 1893-94 than the extremely meager pickings for 1891-92.

Categories
Chicago

Chicago. Minimum Wage Debate, Bibliography. 1914

“Resolved, That the States should Establish a Schedule of Minimum Wages for Unskilled Labor, Constitutionality Conceded.”

The Delta Sigma Rho Chapter at the University of Chicago published a 51 page broschure that included the constructive and rebuttal speeches of the Chicago teams along with debating briefs and a bibliography from the sixteenth annual contest of the Central Debating League against Michigan and Northwestern. The debates took place on January 17, 1914.

Below I post the bibliography from the Chicago teams.

The debate coach of those University of Chicago teams was the economist Harold Glenn Moulton (1883-1965).

Ph.B. University of Chicago, 1907; Instructor in Evanston Academy, 1908-9; Fellow in Political Economy, University of Chicago, 1909-10; Traveling Fellow in Political Economy ibid., 1910; Assistant in Political Economy, ibid., 1910-11; Instructor, ibid., 1911-1914; Ph.D., ibid., 1914; Assistant Professor, ibid., 1914—.

Harold Glenn Moulton went on to become the president of the Brookings Institution.

______________________________________

The Bibliography

 

Horwich, Isaac A.: Immigration and Labor, Pullman, N. Y., 1912.

Blatchford, Robert: Living wage, and the law of supply and demand.

Boyle, James: Minimum wage and syndicalism, Cincinnati, 1913.

Commons, J. R.: Trade unionism and labor problem. Chap. 8 State arbitration and the minimum wage in Australasia.

Seager, H. R.: Introd. to economics. Distribution of wages. 222-43.

Rogers, J. E. T.: Six centuries of work and wages: The history of English labor. N. Y., 1884.

Bul. 8: 1142-281. Labor conditions in New Zealand.

Bul. 10: 60-78. Minimum wage boards in Australia.

U. S. Congress. Senate Committee on wages and prices of commodities.

Clark, V. S.: The labor movement in Australasia. N. Y., 1906. Minimum wage boards: pp. 138-153.

Great Britain. Home Dept. Report on the wages boards and industrial conditions and arbitration acts of Australia and New Zealand. By Ernest Aves. Lond. 1908.

Ryan, John A.: Living wage. N. Y. 1912.

Adams, T. S., and Summer, H. L.: Labor Problems.

Chapin, R. C.: The standard of living.

Carlton, T. F.: History and problems of organized labor. Bibliogs. pp.

Mass. Com’n on minimum wage boards. Report 1912.

Streighthoff, F. H.: Standard of living among the industrial people of America. Bost. 1911. Bibliog. xv-xlx.

Minimum Wage. Intercollegiate debates. Vol. 2. pp. 44-545.

Wages and hours of labor. Mass. Com’n on the cost of living, 1910.

Webb, Sidney: Industrial Democracy.

 

Articles in Periodicals.

1913 Minimum wage. Clark, J. B.: Atlantic Monthly. Sept. pp. 289-297.

Minimum wage in Great Britain and Australia. M. B. Hammond Ann. Amer. Acad. 48: 22-36. Jl.

Immigration and the minimum wage. P. U. Kellogg. Ann. Amer. Acad. 48: 66-77. July.

Mass, and the minimum wage. H. L. Brown. Ann. Amer. Acad. 48: 13-21.

Relation of scientific management to the wage problem. C. B. Thompson. J. Pol. Econ. 21: 630-42. July.

Living wage and the living rate. T. Roosevelt. Outlook. 104: 501-2.

Legal minimum wage. J. Boyle. Forum. 49: 576-84. May.

Minimum wage legislation. J. A. Ryan. Cath. World. 96: 577-86. Feb.

Cost of living in New Zealand. E. Tregear. Ind. 75: 205-7. Jl. 24.

Theory of minimum wage. H. R. Seager. Amer. Labor Legislation Rev. Vol. 3: 81-91. General Discussion. Pp. 92-115.

1913. Monopoly of Labor. J. L. Laughlin. Atlantic Monthly. Oct. pp. 444-453.

1913. Minimum wage and emergency employment. (Negative.)

1913. Foerster, H. F.: Horwich’s Immigration Labor. O. J. Econ. 217: 656-71. Aug.

1913. Minimum Wage States. Editional Outlook, Nov. 8, 1913. p. 516.

1913. Minimum wage boards and hours regulation and discussion. By Irene Osgood Andrews. Life and Labor. Oct. pp. 297-303.

What is the minimum wage? A. N. Holcombe. Survey. 29: 74-6.

British miners and the minimum wage. J. A. Ryan. Survey. 28: 10-1.

Legal minimum wage in the U. S. A. N. Holcombe. Am. Econ. R. 2: 21-37.

Economic theory of a legal minimum wage. S. Webb. J. Pol. Econ. 20: 973-98. Dec.

Minimum wage act a substantial review of the text of the British coal mine act. Eng. Mag. 43: 451-3.

Minimum wage. T. Roosevelt. Outlook. 102: 159-60.

Perils of the minimum wage. Cont. 84: 31.

1911. Minimum wage and immigrant Labor. P. U. Kellogg. Nat’l Conf. Char, and Correc. 1911. 16: 5-77.

British report upon real wages in America and England. W. C. Mitchell,  Q. J. Econ. 26: 160-3.

Minimum wage and immigration restriction: symposium. Survey. 25: 789-92.

Vice and wages. J. A. Hill. Survey. 27: 1191. Nov. 11.

Wages and cost of living. R. C. Chapin. N. C. C. and Correc. 1910. 449.

British minimum wages act of 1909. A. N. Holcombe. Q. J. Econ. 24: 574-7.

British minimum wages act of 1909. Text. Q. J. Econ. 24: 578-68.

Victorian wages boards and the New Zealand conciliation arbitration act. P. Kennaday. Yale R. 19: 32-54.

1909. Chapman, S. J.: Hours of labor. Economic Jour. Sept. v. 19: 353-373.

Present state of labor legislation in Australia and New Zealand. V. S. Clark. Ann. Amer. Acad. 33: 440-7.

Living wage. By J. A. Ryan. Review. Char. 17: 471-2.

1905. Freund, Ernst: Limitations of hours and labor and the federal supreme court. Green Bag. July, v. 17: 411-417.

 

Source: Central Debating League, University of Chicago. The Minimum Wage: A Debate. Chicago: 1914., pp. 50-51.

Image Source: University of Chicago Photographic Archive, apf1-00976. Special Collections Research Center, University of Chicago Library.

Categories
Chicago Curriculum

Chicago. Faculty and Course Offerings in the beginning, 1893/94.

 

 

The University of Chicago’s first academic year was 1892/93. The first annual publication of the University Register announced the course offering for 1893/94. This is close enough to the big bang of the department of political economy founded by J. Laurence Laughlin for most purposes. I have added some biographical data on the faculty taken from the following year’s Register. That biographical information is placed within brackets. Otherwise, as in most other transcriptions, I have attempted to give the “look and feel” of the original formatting.

_______________________

The following abbreviations are used in the list of Courses of Instruction:

M=Minor. DM=Double Minor. MM=Major. DMM=Double Major.

Courses marked with a star (*) are intended exclusively or primarily for Graduate Students. Courses the numbers of which are enclosed in brackets [ ] are not given in 1893-4.

_______________________

 

II. THE DEPARTMENT OF POLITICAL ECONOMY.

OFFICERS OF INSTRUCTION.

J. LAURENCE LAUGHLIN, PH.D., Head Professor of Political Economy.

[A. B., Harvard University, 1873; A. M. and Ph. D., HarvardUniversity,1876. Master in Private Classical School, 1873-8; Instructor in Political Economy, Harvard University,1878-83; Assistant Professor in Political Economy, Harvard University, 1883-8. Secretary and President of the Philadelphia Manufacturers’ Mutual Fire Insurance Co.,1888-90; Professor of Political Economy and Finance, Cornell University, 1890-2; Editor of the Journal of Political Economy.]

EDWARD W. BEMIS, PH.D. University Extension Associate Professor of Political Economy.

[A. B., Amherst College, 1880, and A. M., 1884; Ph. D., Johns Hopkins University, 1885; Lecturer, Amherst College, 1886; Vassar and Carleton Colleges and Ohio University, 1887; Vanderbilt University, 1888-9; Northwestern University, 1892; Adjunct Professor of History and Economics, Vanderbilt University, 1889-92; Secretary of the Training Department, University of Chicago, 1892-4.]

ADOLPH C. MILLER, A.M., Professor of Finance.

[A. B., University of California, 1887; A. M., Harvard University, 1888; Instructor in Political Economy. Harvard University, 1889-90; Lecturer on Political Economy, University of California, 1890-1, and Assistant Professor-elect of History and Political Science in same, 1891; Associate Professor of Political Economy and Finance, Cornell University, 1891-2; Associate Professor of Political Economy. University of Chicago, 1892-3.]

WILLIAM CALDWELL, A.M., D.S., Instructor in Political Economy.

[A. M., pass degree. 1884. A. M., Honors of the First Class, 1886, University of Edinburgh; First place on the Honors List, with Bruce of Grangehill Fellowship, 1886; Student at Jena, Paris, Cambridge, Berlin, Freiburg; Ferguson Scholarship (open to honorsmen of all Scottish Universities), 1887; Assistant Professor of Logic. Edinburgh University, 1888-90; Locumtenens Professor of the Moral Sciences, Cardiff for Winter term of 1888; Sir William Hamilton Fellow, Edinburgh, 1888 for three years; Shaw Fellow, 1890, for five years; Lecturer of University Association for Education of Women, Edinburgh, 1889: Government Examiner for Degrees in the Moral Sciences, St. Andrews University, 1890, for three years; Lecturer on Logic and Methodology, Sage School of Philosophy, Cornell University, 1891-2; Tutor in Political Economy, the University of Chicago, 1892-3; Shaw Lecturer, University of Edinburgh, 1898; Doctor in Mental Science, ibidem, 1893.]

WILLIAM HILL. A.M., Instructor in Political Economy.

[A. B., University of Kansas, 1890; A. B. ,Harvard University, 1891; A.M., ibid., 1892; Lee Memorial Fellow in Harvard University, 1891-3; Instructor in Political Economy, ibid., 1893; Tutor in Political Economy, University of Chicago, 1893-4.]

THORSTEIN B. VEBLEN, PH.D., Tutor in Political Economy.

[A.B., Carleton College, 1880; Graduate student, Johns Hopkins University; Ph.D., Yale University, 1884; Fellow in Economics and Finance, Cornell University, 1891-2; Fellow in the University of Chicago, 1892-3; Reader in Political Economy, ibid., 1893-4.]

ISAAC A. HOURWICH, PH.D., Docent in Statistics.

[Graduate, Classical Gymnasium, Minsk, Russia, 1877; Candidate of Jurisprudence (Master of Law), Demidoff Juridical Lyceum, Yaroslavl, 1887; Member of the Bar, Court of Appeals of Wilno, Russia, 1887-90; Seligman Fellow, Columbia College, 1891-2; Ph.D., ibid., 1893.]

 

INTRODUCTORY.

The work of the department is intended to provide, by symmetrically arranged courses of instruction, a complete training in the various branches of economics, beginning with elementary work and passing by degrees to the higher work of investigation. A chief aim of the instruction will be to teach methods of work, to foster a judicial spirit, and to cultivate an attitude of scholarly independence. (1) The student may pass, in the various courses of instruction, over the whole field of economics. (2) When fitted, he will be urged to pursue some special investigation. (3) For the encouragement of research and the training of properly qualified teachers of economics, Fellowships in Political Economy have been founded. (4) To provide a means of communication between investigators and the public, a review, entitled THE JOURNAL OF POLITICAL ECONOMY, has been established, to be edited by the officers of instruction in the department; while (5) larger single productions will appear in a series of bound volumes to be known as Economic Studies of the University of Chicago.

COURSES.
[1893-94]

1. Principles of Political Economy. —Exposition of the laws of Political Economy in its present state. Mill, Principles of Political Economy, (Laughlin’s edition). Dunbar, Banking.

DM.  Autumn and Summer Quarters.
PROFESSOR MILLER AND MR. HILL.

Open only to students who elect either 1a or 1b in the Winter Quarter.

1a. Advanced Political Economy.—Cairnes, Leading Principles of Political Economy. Marshall, Principles of Economics (vol. I).

DM. Winter Quarter.
PROFESSOR MILLER.

1b. Descriptive Political Economy. —Lectures and Reading on Money, Banking, Coöperation, Socialism, Taxation, and Finance. Hadley, Railroad Transportation. Laughlin, Bimetallism.

DM. Winter Quarter.
MR. CALDWELL.

2. Industrial and Economic History. —Leading Events in the Economic History of Europe and America since the middle of the Eighteenth Century. Lectures and Reading.

2 DM. Winter and Spring Quarters.
MR. HILL.

3. Scope and Method of Political Economy. —Origin and Development of the Historical School. Lectures and Reports.

DM. Winter Quarter.
MR. CALDWELL.

4. Unsettled Problems of Economic Theory. —Questions of Exchange and Distribution. Critical examination of selections from leading writers.

DM. Spring Quarter.
PROFESSOR LAUGHLIN.

5. History of Political Economy. —History of the Development of Economic Thought, embracing the Mercantilists and the Physiocrats, followed by a critical study of Adam Smith and his English and Continental Successors. Lectures and Reading Reports.

DM. Winter and Spring Quarters.
MR. CALDWELL.

6. Economic Factors in Civilization. —Study of the origin of some phases of our present Industrial Conditions. Lectures and Reports.

Summer Quarter.
MR. CALDWELL.

7. Socialism. —History of Socialistic Theories. Recent Socialistic Developments. Critical Review of Theoretical Writers, Programs and Criticisms. Lectures and Reports.

2 DM Winter and Spring Quarters.
DR. VEBLEN.

8. Social Economics. —Social Questions examined from the Economic standpoint:

A.  Poor Laws, and kindred topics to be announced later.

DM. Spring Quarter.
MR. CUMMINGS.

B. Social Reforms—Future of the Working-classes. Immigration. State Interference. Insurance—Legislation. Arbeitercolonien.

DM. Summer Quarter.
ASSOCIATE PROFESSOR BEMIS.

C. Coöperation. Profit-Sharing. Building Associations. Postal Savings. Trade Unions.

DM. Spring Quarter.
ASSOCIATE PROFESSOR BEMIS.

9. Money and Practical Economics. —Training in the Theoretical and Historical Investigation of Important Questions of the Day. Lectures and Theses.

DM. Autumn and Winter Quarters.
PROFESSOR LAUGHLIN.

10. Statistics. —Methods and Practical Training. Organization of Bureaus. Tabulation and Presentation of Results.

DM. Autumn Quarter.
DR. HOURWICH.

11. Advanced Statistics. —Statistics of Prices and Markets.

DM. Winter Quarter.
DR. HOURWICH.

12. Railway Transportation. —History and Development of Railways. Theories of Rates. Combination. Investments. State Ownership or Control. Lectures, Reports, Discussions, and Reading.

2 DM. Autumn and Winter Quarters.
MR. HILL.

13. Tariff History of the United States. —Legislation since 1780. Economic Effects. Political Causes. Lectures and Reports with Discussions. Reading.

Spring Quarter.
MR. HILL.

14. Financial History of the United States.—Rapid Survey of the Financial Experiences of the Colonies and the Confederation. Detailed Study of the Course of American Legislation on Currency, Debts. and Banking since 1789. Lectures and Reports.

DM. Spring Quarter.
PROFESSOR MILLER.

15. Finance. —Public Expenditures. Theories and Methods of Taxation. Public Debts. Financial Administration.

DM. Autumn Quarter.
PROFESSOR MILLER.

16. American Agriculture.—Movements of Prices. Foreign Competition. Changing Conditions of Agriculture. Land Tenure. Lectures, Reading, and Reports.

DM. Autumn Quarter.
DR. VEBLEN.

[17.] Banking. —Comparison of Modern Systems. Study of Principles. Lectures and Theses.

DM.
MR. HILL.

*18. Seminar in Finance.

2 DM. Winter and Spring Quarters.
PROFESSOR MILLER.

*19. Economic Seminar.

3 DM.  Autumn, Winter, and Spring Quarters.
PROFESSOR LAUGHLIN.

 

SOURCES:

University of Chicago, Annual Register. July, 1892—July, 1893 with Announcements for 1893-4, pp. 38, 40-41.

University of Chicago, Annual Register. July, 1893—July, 1894 with Announcements for 1894-5, pp. 11-18, 46-47.