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Bibliography Johns Hopkins M.I.T. Public Finance

M.I.T. History of Public Finance Bibliography. Dewey, 1936

As a graduate student at M.I.T. nearly fifty years ago, I spent a good part of my time when on campus at one of the many study desks along the windows at Dewey Library. At that time I had no idea who Davis Rich Dewey (after whom the library had been named) was. I presume this was true for most of my classmates too, M.I.T. not being known for  the study of the history of economics, though Paul Samuelson’s continuous interest in casting old theories in mathematical form was by no means chopped liver. 

As is noted in the short biography below, Dewey’s long career neatly overlapped with the first half-century of economics as a distinct academic discipline in North American universities. Thus it is fitting that Economics in the Rear-View Mirror gather and preserve artifacts left by Dewey in the course of his research and teaching.

Dewey’s magnum opus Financial History of the United States, first published in 1903, went through twelve editions (seven revisions) by 1934He dedicated the book to the Seminary in History, Politics, and Economics at Johns Hopkins University which he attended from 1883 to 1886. That dedication immediately follows the brief biography. This in turn is followed by a fully-linked fourteen item bibliography of general works on the history of U.S. public finance suggested “for students, teachers, and readers.”. Further suggestions by Dewey will be added sometime sooner or later, so stay tuned.

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Davis Rich Dewey, 1858-1942

Davis Rich Dewey was Professor of Economics at M.I.T. and one of several people who helped shape the profession of economics as it is practiced today. Best known for his writings on United states economic history, his professional career spans fifty years (1886-1940), the formative period of the modern economics profession.

In 1883 Davis R. Dewey entered the graduate department of economics at Johns Hopkins University, secured a fellowship, and spent summers working as a correspondent for Bradstreet’s Financial Review. He graduated from Johns Hopkins with the doctorate in 1886 having studied history, economics and political economy. His Ph.D. thesis, entitled “A History of American Economic Literature…” was a survey of the practice of the early U.S. economics profession.

Upon his graduation, Dewey received an appointment as instructor in history and political science at the Massachusetts Institute of Technology. From the first he was integrally involved in research, publishing his first articles, “Municipal Revenue from Street Railways” [AEA Publications, Vol. II, No. 6 (1888), pp. 551-562] and “A Syllabus on Political History since 1815…” in 1889.

At M.I.T. Dewey served as an Instructor (1886-1888), then Assistant Professor of Economics and Statistics (1888-1889), Associate Professor (1889-1892) and finally Professor and Department Chairman (1893-1933). He taught a course in engineering administration from 1913- 1931, when a separate department of engineering administration was created, largely due to his efforts. He served as the Chairman of the M.I.T. Faculty from 1911-1913.

Dewey was influential in the internal affairs of two major professional organizations, the American Economic Association and the American Statistical Association. While still a graduate student, he had participated in the founding meeting of the American Economic Association and in 1909 he became its president. When that Association’s journal The American Economic Review was started in 1911, he served as its first editor, a post he held until 1940. The medal on the Dewey Library homepage was awarded to Davis R. Dewey upon the occasion of his retirement as editor of American Economic Review in 1940. Also in his first year of service at M.I.T., he became a member and was elected secretary of the American Statistical Association, an office he held until 1906. As secretary, and as a member of the Publications Committee, Dewey helped to edit the publications of that organization as well.

Davis R. Dewey was interested in the quality of education, as demonstrated by the following quotation,

“The Student will too often leave with…no systematic knowledge of the economic world, nor any well-defined theory of its workings. There must therefore be a far greater insistence upon…methods which will improve the missing experience.”

Davis R. Dewey was an associate of M.I.T. President Francis Amasa Walker whose Discussions in Economics and Statistics [Volume I: Finance and Taxation, Money and Bimetallism, Economic Theory. Volume II Statistics, National Growth, Social Economics] he edited for publication in 1899, shortly after Walker’s death. He was also associated with the editor Albert Bushnell Hart. Davis R. Dewey wrote his acclaimed Financial History of the United States for Hart’s American Citizen Series in 1903, and a volume entitled National Problems for Hart’s American Nation Series in 1907. In 1904 Financial History of the United States won the John Marshall Prize offered by Johns Hopkins. Dewey was a contributor to Palgrave’s Dictionary of Political Economy, the New International Encyclopedia Americana, Encyclopedia Britannica, American Year Book and the Commonwealth History of Massachusetts.

A representative of the modern field of economics, Davis R. Dewey was indifferent to theorizing which had little to do with empirical fact. He was above all a practitioner, insisting that applied knowledge we the true realm of the academic economist. Davis R. Dewey also maintained a lively interest in the politics of academe and followed several academic freedom cases of his day.

He died on December 13, 1942. The Dewey Library was named in his memory.

Written by Keith Morgan, Dewey Library Economics Bibliographer, 1994

Source: Webpage “Davis Rich Dewey, 1858-1942,” MIT Libraries, Dewey Library for Social Sciences and Management. Links added by Economics in the Rear-View Mirror.

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Financial History of the United States (12th edition).
New York: Longmans, Green and Co., 1936.
by
Davis Rich Dewey, Ph.D., LL.D.,
Emeritus Professor of Economics and Statistics
Massachusetts Institute of Technology

To the Seminary
of the
Department of History, Politics, and Economics
of Johns Hopkins University,

Of which the author was a member from 1883 to 1886. Under the guidance of Adams, Ely, and Jameson, we read and learned. The first has gone, leaving affectionate memories and organized activities of permanent usefulness; the others are still doing their work in a spirit of broad-minded sympathy and fine scholarship.

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Suggestions for Students, Teachers, and Readers

[Following three pages dedicated to general works on U.S. political history and biography, Dewey offers almost seventeen full pages dedicated to the subject of public finance. In this post we begin with the transcription of the most general works in public finance Dewey recommends. The curator of Economics in the Rear-View Mirror has been able to find links to the fourteen annotated items in Dewey’s list.]

II. Financial Histories

There are but few histories devoted exclusively to public finance; only one, indeed, that by Bolles, covers the general field over an extended period. The reader must therefore rely upon works on taxation, the tariff, coinage, and banking, and for special topics and episodes will often find the most satisfactory treatment in the political histories and biographies already referred to. The following volumes represent those which are most general in their treatment; of these the works of Bolles and Noyes are especially to be recommended; the narrative by Bolles stops with 1885, while the smaller work by Noyes is confined to the period 1865-1907. There is a great need of detailed works on the expenditures of the government and the various phases of treasury administration.

Adams, Ephraim D. The Control of the Purse in the United States Government. (Reprinted from the Kansas University Quarterly, April, 1894.) — An academic study of the debates in Congress on the interpretation of constitutional provisions relating to treasury management, loans, taxation, and money bills. Careful references are given.

Bolles, Albert Sidney. American Finance, with Chapters on Money and Banking. (N. Y., 1901.) — Especially valuable on expenditures; treats also of State finance. A discussion of present conditions rather than historical.

Bolles, Albert Sidney. The Financial History of the United States. (2d ed. N. Y., 1884-1886. 3 vols.) — Vol. I includes the period 1774-1789; II, 1789-1860; III, 1861-1885. The only single work which covers an extensive period; it represents research, and is closely restricted to questions of finance; no attempt is made to sketch in the political and social background, and the reader may be confused without preliminary reading. The author leans to protection, and takes the banker’s point of view in questions of currency. The work is especially valuable for chapters on accounting and expenditures. Referred to as Bolles.

1st edition (1879), Vol. I (Frank Taussig’s copy!)
1st edition (1883), Vol. II
1st edition (1886), Vol. III
2nd edition (1884), Vol. I
2nd edition (1885), Vol. II
2nd edition (1885), Vol. III
3rd edition (1892), Vol. I

Bourne, Edward Gaylord. The History of the Surplus Revenue of 1837. (N. Y., etc., 1885.) — A brief, scholarly monograph with abundant references and bibliography. In addition to the historical account, it summarizes the earlier proposals of distribution of surplus funds in the treasury.

Bronson, Henry. Historical Account of Connecticut Currency, Continental Money, and the Finances of the Revolution. (In New Haven Colony Hist. Soc. Papers, Vol. I. New Haven, 1865.) — This is more than a local study; the author is drawn into a general review of the financial measures of the Revolutionary War. The essay is scholarly and the style vigorous.

Bullock, Charles Jesse. Finances of the United States, 1775-1789, with Especial Reference to the Budget. (Madison, 1895. Univ. of Wisconsin. Bulletin, Economics, etc., Vol. I, No. 2.)  — The best monograph on the finances of the Revolutionary period, with bibliographies at the beginning of each chapter. Indispensable to the advanced student.

Kearny, John Watts. Sketch of American Finances, 1789-1835. (N. Y., 1887.) — A brief study of 150 pages, clear and helpful in questions concerning the treatment of the debt. Little attention is given to taxation.

Noyes, Alexander Dana. Thirty Years of American Finance, 1865-1896. (N. Y., etc., 1898.) — Treats the earlier period very briefly, but is of special value for 1878-1895. Relation of public finance to the money market is given prominence. This has been replaced by Forty Years of American Finance (1909), bringing the history down to 1907. The references to the earlier edition have been allowed to stand.

Schuckers, Jacob William. Brief Account of the Finances and Paper Money of the Revolutionary War. (Philadelphia, 1874.) — The style is somewhat rhetorical, and, while the writer has on the whole chosen sound authorities, the essay does not indicate a very wide research. Is an interesting account within a moderate space.

Scott, William A. The Repudiation of State Debts. (N. Y. etc., 1893.) — Chapters 2-6 are historical, describing various acts of repudiation in twelve States. Of value as explaining some of the remote influences affecting federal credit, 1825-1850.

Spaulding, Elbridge Gerry. History of the Legal Tender Paper Money issued during the Great Rebellion. (Buffalo, 1869.) — The title is hardly accurate; the volume is largely a collection of documents, speeches, etc., relating to the legal tender acts.

Sumner, William Graham. The Financier and Finances of the American Revolution. (N. Y., 1891. 2 vols.) — Contains a mine of valuable material, but is not clearly arranged.

Vol. 1 (1892)
Vol. 2 (1892)

Sumner, William Graham. A History of American Currency. (N. Y., 1874.) — A series of topical notes designed for reference rather than consecutive reading.

Wells, David Ames. Practical Economics. (N. Y., etc., 1885.) — Treats of the silver question, tariff revision, and, most valuable of all, experience of the United States in taxing distilled spirits, subsequent to the Civil War.

 

Source: Davis Rich Dewey, Financial History of the United States (Twelfth edition). New York: Longmans, Green and Co., 1936, pp. xi-xiii.

Image Source: Davis Rich Dewey portrait at the MIT Museum website. Retouched and colorized by Economics in the Rear-View Mirror.

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Business Cycles Exam Questions Harvard

Harvard. Exam and enrollment for History and Theory of Commercial Crises. Andrew, 1902-1903

Before there were courses on business cycles, courses at Harvard dealt with “commercial crises”. Abram Piatt Andrew, Jr. was the young man for the job in 1902-03. His Harvard Ph.D. dissertation’s title was “The ways and means of making payments” (1900) and together with Oliver Mitchell Wentworth Sprague he was an essential member of the post-Dunbar staff to cover the field of money and banking (and monetary macroeconomics).

Oops I did it ago. Almost all of this post had been shared in a collection of all of Andrew’s exams for commercial crises (1903-1908). The colorized and retouched photo from 1909 is new to this post.

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Biography

ABRAM PIATT ANDREW, Jr., was born in La Porte, La Porte County, Ind., February 12, 1873; attended the public schools and the Lawrenceville (N. J.) School; was graduated from Princeton College in 1893; member of the Harvard Graduate School of Arts and Sciences 1893-98; pursued postgraduate studies in the Universities of Halle, Berlin, and Paris; moved to Gloucester, Mass,, and was instructor and assistant professor of economics in Harvard University 1900-1909; expert assistant and editor of publications of the National Monetary Commission 1908-11; Director of the Mint 1909 and 1910; Assistant Secretary of the Treasury 1910-12; served in France continuously for 4-1/2 years, during the World War, first with the French and later with the United States Army; commissioned major, United States National Army, in September 1917 and promoted to lieutenant colonel September 1918; awarded the Croix de Guerre and the Legion of Honor medal by the Republic of France in 1917 and the distinguished service medal by the United States Government in 1918; elected as a Republican to the Sixty-seventh Congress to fill the vacancy caused by the resignation of Willfred W. Lufkin; reelected to the Sixty-eighth and to the six succeeding Congresses, and served from September 27, 1921, until his death; delegate to the Republican National Conventions at Cleveland in 1924 and at Kansas City in 1928; member of the board of trustees of Princeton University 1932-36; died in Gloucester, Mass., June 3, 1936; remains were cremated and the ashes scattered from an airplane flying over his estate at Eastern Point, Gloucester, Mass.

Source: Memorial Service Held in the House of Representatives of the United States, Together with Remarks Presented in Eulogy of Abram Piatt Andrew, Late a Representative from Massachusetts. Seventy-fifth Congress, First Session. Washington, D.C. GPO, 1938. Archived transcription at the American Field Service website.

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Course Description

  1. b2 hf. History and Theory of Commercial Crises. Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 9. Dr. Andrew.

Course 12b will be devoted to the study of the more important crises of the past two hundred years. The phenomena of these crises will be described, and the record of events before and after will be examined with the object of disentangling their contributory causes and their consequences. The influence upon commercial fluctuations of the present organization of industry, of government finance, of foreign trade, of the money supply, of speculation, of banking methods, and of other credit institutions will be considered, as well as questions with regard to periodicity, over-production and over-investment. In connection with these subjects attention will be given to the methods actually employed in dealing with crises, and to proposed reforms designed to prevent or relieve them.

Subjects will be assigned for special reports, and these reports will be presented for discussion in class.

Course 12b is open to students who have passed satisfactorily in Course 1.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science  [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

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Course Enrollment, 1902-1903

Economics 12b. 2hf. Dr. Andrew. — History and Theory of Commercial Crises.

Total 37: 2 Gr., 9 Se., 19 Ju., 5 So.,2 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

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ECONOMICS 12b
Final Examination, 1903

Omit one question.

  1. “The crisis is practically of nineteenth century origin, and it is an acute malady to which business appears to be increasing subject.”
    Give your opinion of these statements.
  2. In what respects was the English crisis of 1866 peculiar?
  3. “Commercial crises of the earlier type now belong only to history in England.”
    Discuss this statement and explain the situation to which it refers.
  4. Compare the American crises of 1884 and 1893 as regards antecedent conditions, course of events and consequences.
  5. Describe in their mutual connections the fluctuations in exports and imports of commodities, in gold shipments, and in prices which occur in a normal trade cycle.
    Discuss DeLaveleye’s theory of crises.
  6. (a) How far did Jevons succeed in proving a relation between crises and agricultural conditions?
    (b) To what extent can a connection be traced in the United States between trade cycles and crop conditions?
    (c) In the case of which crop is the connection closest?
  7. Explain and discuss Professor Laughlin’s theory as to the relations between “normal” and “abnormal”credit and price movements.
  8. Explain and discuss Rodbertus’ theory of crises.
  9. Explain and discuss Professor Carver’s theory of industrial depressions.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Picture of Abram Piatt Andrew from ca. 1909 used in a magazine article on his appointment to the directorship of the U. S. Mint. Hoover Institution Archives. A. Piatt Andrew Papers, Box 51. Retouched and colorized by Economics in the Rear-View Mirror.

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Exam Questions Money and Banking Princeton

Princeton. Money and Banking exams. Wallich, 1950

Final examination questions for two courses are followed by the Ph.D. general examination  in money and banking at Princeton from the 1949-50 academic year have been transcribed below. They were found in Martin Shubick’s papers in the Economists’ Papers Archive at Duke University. Note that I have yet to determine who taught Economics 305. The other two exams indicate that Henry Wallich was responsible for the exam questions and they are identically structured, somewhat differently from the Economics 305 exam.

An earlier post in Economics of the Rear-View Mirror provided a reading list for a course in money taught by Henry C. Wallich in 1950.

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[Handwritten note: “Wallich”]

Time: 3 hours

PRINCETON UNIVERSITY
Department of Economics and Social Institutions
Economics 505
Course examination

Spend about half of your time on Parts 1 and 2, the other half on Part 3.

Part 1 — One of the following two topics:

  1. The desirability of returning to an international gold standard system, such as existed before 1914 and between approximately 1925 and 1931. Discuss.
  2. The monetary powers of the United States Treasury and their impact effect on postwar monetary management. Discuss.

Part 2 — Two of the following four topics:

  1. What are the reasons, if any, for regarding investment as more nearly “independently determined” than consumption?
  2. What effects do you believe to be exerted by consumption upon the rate of investment?
  3. How is the plausibility of Hawtrey’s view of the cycle affected by changes in the economy during the last twenty years?
  4. Do you regard the cash balance version of the quantity theory of money or the transactions version as more closely related to the income theory of the value of money? State your reasons.

Part 3 — One of the following two topics:

  1. “The volume of money is more nearly an effect of the level of prices and incomes than a cause.” Discuss.
  2. What views were expressed during the 1920’a by leading economists about the ways in which interest rates affect investment. and how have these views stood up in the light of the experience of the ‘twenties and ‘thirties?

_______________________

PRINCETON UNIVERSITY
DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS
Economics 302 — Money and Banking
Final Examination
January 21, 1950
Time: 2½ hours

The questions can be answered in two hours actual working time, consideration will, therefore, be given organization and relevance of the material.

I

Explain briefly the following:

    1. quantity theory of money.
    2. cash balance equation.
    3. hoarding of bank deposits.
    4. clearing agreements.

II

  1. What are the major factors that can bring about an increase in the velocity of circulation of money?
  2. Is there a limit to a “velocity inflation”, i.e., could prices go on rising due to an increase in V if the volume of money remains constant? Give your reasons.

III

Suppose a country has to pay reparations. The citizens of the country are taxed and the money is turned over in form of a banking deposit to the country which receives the reparations.

  1. Assuming a gold standard, what will be the effect of the transfer of those funds from the paying country to the recipient country on:
    1. the balance between exports and imports of the paying country,
    2. on the foreign exchange rate,
    3. on gold movements.
  2. Can you think of a case where the reparation payments would have no effect on (b) and (c)?

IV

  1. What are the characteristics of the gold standard that account for its decline? Give reasons.
  2. Explain some of the alternativos that have replaced the gold standard (excluding the monetary fund).

“I pledge my honor as a gentleman that, during this examination, I have neither given nor received assistance.”

_______________________

Henry C. Wallich

Ph.D. Examination

Spend about half of your time on Parts 1 and 2, the other half on Part 3.

Part 1 — One of the following two topics:

  1. What are the relative merits of open market operations and changes in reserve requirements as instruments of central bank policy?
  2. Evaluate the contribution of income determination theories to the analysis of balance of payments adjustment.

Part 2 — Two of the following four topics:

  1. “Most theories of the price level can be reinterpreted as theories of income determination”. Discuss.
  2. “Without the stickiness of money wages, the price level would be exposed to almost unlimited fluctuations.” Discuss.
  3. Do you believe that the theory of the long-term interest rate as presented in the “General Theory” leaves that rate “hanging by its own bootstrap”? State your reasons.
  4. How far would you rely upon the acceleration principle in explaining the upper turning points of the cycle?

Part 3 — One of the following two topics:

  1. Discuss the effect upon monetary policy of the rise in our public debt.
  2. Discuss the impact of the depression of the ‘thirties upon monetary theory.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Martin Shubik Papers, Box 2. Folder “Exams, University of Toronto and Princeton 1947-50”.

Image Source: Portrait of Henry Christopher Wallich, 1962 Fellow of the John Simon Guggenheim Memorial Foundation. Colorized by Economics in the Rear-View Mirror.

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Exam Questions Harvard Money and Banking

Harvard. Final examination and enrollment for international trade and payments. Sprague, 1902-1903

Abram Piatt Andrew, Jr. and Oliver Mitchell Wentworth Sprague were the instructor team that picked up and ran with the baton for the field of money and banking at Harvard after Charles Dunbar had died in 1900. Their division of labor was for Andrew to cover money and for Sprague to teach banking.

Both semester courses continued to be offered in 1902-03. The examination questions with enrollment data for Sprague’s course have been transcribed for this post.

A timeline for his life has been added to “really tie the room together.”

For a recent view of Sprague, see Hugh Rockoff’s NBER Working Paper (October 2021) “O.M.W. Sprague (the man who ‘wrote the book’ on financial crises) meets the Great Depression”.

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O.M.W. Sprague

1873,
Apr. 22
Born in Somerville, Massachusetts
1894 A.B., summa cum laude, Harvard
1894-95 University Scholar, Harvard
1895 A.M., Harvard
1895-96 Henry Lee Memorial Fellow, Harvard
1896-97 Thayer Scholar, Harvard
1897 Ph.D. (Political Science), Harvard. Thesis: The English woolen industry in the seventeenth and eighteenth centuries.
1897-98 Study of economic history in London, England as Rogers Fellow
1898-99 Assistant in Economics, Harvard
1899-1900 Austin Teaching Fellow in Political Economy, Harvard
1900-04 Instructor in Political Economy, Harvard
1904-05 Assistant professor of economics (five year appointment), Harvard
1905,
June 12
Married Fanny Knights Ide (2 children)
1905-08 Professor of Economics, Imperial Univ. of Tokyo
1908-13 Asst. Professor, Graduate School of Business Administration, Harvard
1913-41 Edmund Cogswell Converse Professor of Banking and Finance, Graduate School of Business Administration, Harvard
1929 Member of the Gold Delegation of the League of Nations in a final effort to maintain the gold standard
1930-33 Economic adviser to Bank of England
1933 Financial and executive adviser to Secretary of Treasury
1937 39th President of the American Economic Association
1938 Litt.D., Columbia University
1941-1953 Professor emeritus, Harvard
1953,
May 24
Died in Cambridge, Massachusetts

Sources:

Cole, Arthur H., Robert L. Masson, and John H. Williams. Memorial [for] O.M.W. Sprague, 1873-1953. American Economic Review, Vol. 44 (1), March 1954, pp. 131-132.

Committee on the History of the Federal Reserve System, Register of Papers: Oliver Mitchell Wentworth Sprague (1873-1953), 1 November, 1955, p. 2.

Reports of the President of Harvard College.

Obituary in The Boston Globe May 25, 1953.

Books:

Economic Essays by Charles Dunbar, edited by O.M.W. Sprague. New York: Macmillan, 1904.

History of Crises Under the National Banking System. Washington: Government Printing Office, 1910. (Prepared for National Monetary Commission)

Banking Reform in the United States: A Series of Proposals including a Central Bank of Limited Scope. Cambridge: Harvard University, 1911.

Theory and History of Banking by Charles F. Dunbar, Fifth edition, with supplementary chapter presenting the record of the Federal Reserve System by Henry Parker Willis. Revised and in part rewritten with additional material by Oliver M. W. Sprague. New York: G.P. Putnam’s Sons, 1929.
[Original 1st edition by Charles F. Dunbar, 1891; 2nd edition, 1901; 3rd edition, 1917; 4th edition, 1921]

Recovery and Common Sense. Boston: Houghton Mifflin, 1934.

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Course Description.

International Trade and Payments
1902-03, first semester

  1. a 1hf. *International Trade and International Payments. Half-course (first half-year). Mon., Wed., Fri., at 9. Dr. Sprague.

Course 12a begins with a careful study of the theory of international trade, and of the use and significance of bills of exchange. The greater portion of the time will be devoted to an analysis of the foreign trade of the United States in order to distinguish the various factors, permanent and temporary, which determine the growth and direction of international commerce. With this purpose, also, a number of commodities important in foreign trade and produced in more than one country will be studied in detail. Each student will be given special topics for investigation which will familiarize him with sources of current information upon trade matters, such as trade journals, consular, and other government publications. In conclusion certain topics of a general nature will be considered, among which may be mentioned, foreign investments, the effects of an unfavorable balance of payments under different circumstances, and colonial trade.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

__________________________

Course Enrollment.

International Trade and Payments
1902-03, first semester

Economics 12a. 1hf. Dr. Sprague. — International Trade and International Payments.

Total 10: 1 Gr., 3 Se., 5 Ju., 1 So.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

__________________________

Course Final Examination

International Trade and Payments
1902-03, first semester

ECONOMICS 12a
  1. Compare the English Consular Reports with those of the United States.
  2. Explain carefully the reasons which render possible permanent differences in the general level of prices between countries, assuming (1) free trade, (2) a high general tariff in one country and free trade in the other. How would the removal of tariff barriers probably affect prices in the United States?
  3. The temporary effects of an unfavorable balance of foreign payments.
  4. Characteristics and advantages of trade with the tropics.
  5. Exports of manufactures from the United States.
  6. Analyze the effects to each country of complete reciprocity between Cuba and the United States. Would there be any advantage which the United States does not gain from unrestricted trade with Porto Rico?
  7. The effect of the growth of the foreign trade of other countries upon the absolute amount of British exports.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).
Also included in Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: O.M.W. Sprague in the Harvard Class Album, 1915, colorized by Economics in the Rear-View Mirror.

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Germany

Germany. University life seen through American eyes. Tupper, 1900-1901

 

Serendipity strikes again: Your curator of Economics in the Rear-View Mirror was culling yearbooks of the University of Vermont in the vain hope of finding a photo of the economist Charles W. Mixter when he came upon the following short essay.

While the following account of German academic life from student through professor was written by a Vermont professor of English, enough North American economists received their training in Germany by the turn of the 20th century that the felicitous descriptions found below should be of great interest for historians of “Anglo-Saxon” economics.

I have added notes in square brackets. Today I learned about the most famous vaudeville act performed by the Five Barrison Sisters. But you’ll have to read the note to Professor Tupper’s memoir to find out for yourself.

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University Life in Germany

FREDERICK TUPPER, JR.[*]

On an October morning, some years since, a recent Vermont graduate and I entered together the Aula of the Friedrich-Wilhelms-University at Berlin. Lectures were still two weeks away; but Germany is a country of leisurely beginnings and this was the morning of matriculation. The great hall was thronged with an interesting company. At a long table sat the Rector Magnificus, Harnack [1], the mighty theologian, and the professors of the various faculties. Moving about the room were students of three types: foreigners like ourselves; wanderers from other universities of the Fatherland; and boys from the “Gymnasium,” who had passed the “Abiturient” examination and become “mules” or freshmen. These last we regard with interest. They are unquestionably the best trained school boys in the world. For nine years they have been drilled by the best masters, every one a doctor, for some thirty hours a week. They have been taught not simply to remember, but to analyze, compare and classify, until, at the age of eighteen or nineteen stand often on a better footing than graduates of our colleges. But there is another side to the shield, as I learned when I grew to know them better. They have marred their sight — sixty per cent of Germans over eighteen wear glasses. They have hurt their health by long hours of work at home and by little play save perhaps skating in winter and gymnastic exercises on the “Turnboden.” With all his learning, the German Jack is often a dull boy.

After presentation of credentials and payment of eighteen marks, the entering student now obtains three things. The first is a certificate of matriculation, a portly and florid document, twice as large as a college diploma, attesting in pompous Latinity that, “under the auspices and authority of the very august and potent lord, William II, a most ornate youth has been duly enrolled, etc., etc.” The second is a student-card. Great is the power of this. It exempts from arrest, sometimes permits the holder to pass through crowds as one of the elect, and always provides reduced rates at the theatres, where the student may thus see for a trifle the greatest plays of Shakspere, Goethe, Schiller and Ibsen. The third is the “Anmeldebuch,” in which each course is entered upon the payment of twenty marks or five dollars, and which each professor signs. The matriculant is now a full-fledged student, free to come and go at will. Absolutely no restrictions are placed upon him, he may attend all lectures or no lectures. He wears no academic dress, he lives in no dormitory. As a result, he comes in contact with few men outside his own clique, and holds a little corner for himself against all mankind — Philistines, Camels [2], men of other corps, foreigners. Then too his self-sufficiency is a fearful and wonderful thing. “You English can never de Shakspere grammatik understand like we,” declared loftily a bulbous youth after the lecture, and one could only answer that his remark carried its proof. Add “Rechthaberei,” an insistence upon one’s rights at every cost, and a readiness to take offence, attested by many scars; and you have certain ingredients of the German students, class-prejudice, self-sufficiency, assertiveness and undue sensitiveness.

Now let me describe three students whom I knew well. Carl Jürgen was no noble, not even well-born, but a man of the people. His clothes were shabby, his coat ill-fitting and with an unnatural gloss, his linen or celluloid—I am not sure that his collars and cuffs were of linen— seldom above reproach, and his high hat was always brushed the wrong way. And yet he was a painstaking, earnest scholar,—a man present at many lectures—a student of intensive reading who, at the close of his six semesters, would make his doctorate with honor and fill some modest place in the state. He knew few men; to the better class of students he was a Philistine, for he loathed duels and despised the military. In theory he was a violent social-democrat; yet I have heard him ask of a guardsman some simple question with bated breath. He was not of the world of German gentry; but he had in him some of the finer elements that German gentlemen seldom have. He was a modest, gentle, kindly soul. Rudolf Biach [3], whom I met at the University of Munich, was a very different person. His father, a merchant prince of Vienna, out of his plenty, allowed his son some forty dollars a month for expenses. On this, with characteristic German thrift, he fared well; he dined heartily for a mark or less, he wore good clothes. and his dickey or false bosom (the Teutonic substitute for a shirt) was always a thing of beauty. He was at once young, irresponsible, idle and conceited. He knew as few men as Jürgen, but for another reason, a true Austrian, he despised the thick-witted Baeatians [sic, “Boeotians” see ftnt. 4], the Bavarians. He seldom went near a lecture-room, conceiving in the pride of his youth that he knew more than many doctors; during the session he was fond of ranging far afield, and I have wandered with him, west to Augsburg, north to Nuremberg, south to the Tyrol. Finally, he was as clever a boy as I have ever met — a wide reader, with fixed views on all the arts, a brilliant talker and a linguist of surprising gifts. After a few months’ training, he spoke English with fatal fluency. At Oxford, where I encountered him a year later, his command of the language, his wonderful self- possession, and his Austrian audacity won for him the suffrages of our little colony. Then there was Kuno von Eisenberg, a noble, whose people had been for five hundred years welcome at court, and a fair type of the aristocratic student, who never reads and who has no life outside of his corps. His cap of red, white and blue, and the gay riband that crossed his chest were his distinguishing marks. He had lived in an atmosphere of duels and beer drinkings, until his fat face was seamed with scars, and his body surfeit-swollen. He was always as full of quarrels as an egg of meat. The two proudest moments of his bibulous and bloody existence were the time when his mother led him forth to exhibit his first gashes to less fortunate mammas, and the joyous season when he was “fixed” or stared at and thus invited to a conflict by some famous swordsman. To a foreigner, who could not and would not fight, his manners were genial, gentle and kindly—in a word, charming. I can recall now, how his heels went together, his elbow curved, and his hat was jerked stiffly to the side when he bowed. ln the University of Berlin there were many men like Von Eisenberg, for each of the seventy fighting corps and vereins boasts fifteen or twenty members.

Now for the German professor! The last generation has seen the passing of the old type that appears in “Fliegende Blätter” and “Jugend,” grimly bespectacled, long-haired, absent-minded [5]. He is now usually a capable, practical and responsible man of affairs, whom the dust of the schools has not blinded. He has made sacrifices for the higher end, for his upward progress has been slow. After his doctor’s examination, following three years of advanced work, he decided to forego an oberlehrer’s or higher school teacher’s position with its seemingly princely salary of thirty-six hundred marks (nine hundred dollars), and to take his place on the lowest rung of the university ladder, as “Private- docent,” with fees of perhaps eight hundred marks. His undoubted ability and enthusiasm attracted students (perhaps too much stress is laid on his drawing power), and after some two or three years of very lean kine, he became extraordinary or associate professor. In the meantime he “scorns delights and lives laborious days.” He can take no steps towards soliciting a vacant professorship; but his “opus,” on which he has labored so faithfully appears. His name is up from Freiburg to Konigsberg. A call to a chair in a larger university, Berlin or Munich, comes, and he is a made man of social rank and comfortable income. He is, henceforth, an oracle among men, and his fame draws many wandering students to his university.

The fields of usefulness of the professor are three: His lectures, his personal association with students and his research. As a rule he is not a good lecturer, immeasurably inferior to his compatriot of the Sorbonne, who is nearly always a golden talker, and not approaching the best American or even English standards. There are, of course, many exceptions. Harnack and Willamowitz-Wollendorf drew and still draw large crowds to the “publicum” or public lectures; and few of us will forget the delight with which we listened to Dessoir discourse for many hours on Fine Arts. But Harnack and Willamowitz were giants and Dessoir had French blood. I think my statement holds—the lectures are often well planned, but they are too heavily burdened with fact, are poorly delivered and lack inspiration. Mountains of method, a thousand details, but few vistas and little illumination. The German professor is a social being. I remember how one great-hearted, deeply learned scholar affected young men. At the “kneipes” or feasts of his students he sat at the head of the table (wherever he sat would have been the head) directing the talk and joining lustily in the songs. The reverence for him was great; a quarrel in his presence was felt to be sacrilege, and the love of clash and conflict was nobly repressed. Then he drew men to his home, opening up to them in his study great stores of special knowledge, stimulating, quickening them by the force of his personality and example. I shall always recall long walks with him in the “Thiergarten.” His lectures and readings from Shakspere and the English poets (“Vair is voul and voul is vair,” “I could not lofe dee, dear, so mooch”) sometimes appealed to an American sense of humor, but roads traversed with him in private led always to treasures at the foot of the rainbow, and one was very grateful. In research, the German professor is pre-eminent. The way that he cuts is often very narrow, the path that he blazes through the wood of recondite scholarship is wide enough for only one man; but he sets those with whom he has to do journeying in this or that direction with ax and torch. Lights flash and steel rings everywhere, until the forest becomes known ground. Though others may range more extensively and with far better perspective, he has in accurate, painstaking, intensive scholarship, no equal on earth. And he attains and leads others to the goal in the face of at least one tremendous difficulty, a library system unparalleled in impracticability and inefficiency. Lack of catalogues and a poor library staff necessitate an interval of twenty-four hours between the time of ordering a book and its receipt, or rather the time due for its receipt, for, in many cases, when it is not on the shelves, its whereabouts are so uncertain that it may be reclaimed only when its usefulness is passed. All sufferers from this will doff their hats to the men who have triumphed over such conditions.

A university lecture room is perhaps the best place to study the students. It is 12 o’clock and the famous Erich Schmidt is to lecture on “Goethe and Schiller.” But every German class-hour has its “academisches viertel” or quarter-hour of grace. And this noon one is passed by the men either in refreshing themselves at the wine-and-beer shop kept by “Frau Pudel,” the janitor’s wife, in the first lobby-room on the left of the entrance, or in procuring orders for theatre-tickets in the first room on the right. But by 12.15 the lecture-hall is filled with students, many of them munching rolls or sandwiches (one never knows when “Semmel” or “Schinkenbrot ” will emerge from the capacious pocket of a German). The faces of the men are strong, but seldom clean-cut and clear-eyed; their frames are heavy but not athletic. I shall meet some of these fellows later at Munich, for the German student is a wide-ranger and sometimes completes his special course at three universities. The women are in large numbers at such a class as this. Then the professor enters in haste. Before he has even reached his desk, he begins, “Meine Herren und Damen!” (the order is significant), and proceeds with a frightful velocity that seems to offer defiance to note-books. But these students are all masters of short-hand and pens move triumphantly over paper — you may buy a copy of such verbatim notes, when the course is next repeated, and save yourself many a long sitting. Occasionally scraping of feet, “Scharren,” a well-known signal, warns the lecturer that his words are not heard at the rear of the room, and he raises his voice, until the shuffling ceases. So the lecture draws to its close.

Now, let us watch the student at play. This is the banquet hall of the Rhenania Corps on the evening of the “Weihnachts-Kneipe” or Christmas Feast. The walls are hung with old banners and armorial bearings, the long tables are groaning under steins and tankards, the fir-tree in the corner is flashing with a hundred lights. Forty men in the caps of the corps are steeped in the joyous spirit of the German yule-tide. The “Bier-zeitung” of the brotherhood, rich in comic illustrations and teeming with amusing personalities, starts the revel. Songs are sung, as only German boys can sing them. The leader gravely conveys to me his regrets that they have not yet mastered the two national airs of America, “The Bowery” [Recording from 1916, starts at 1:20] and “Linger longer, Loo;” but “Tannenbaum,” “Gambrinus” [perhaps these lyrics?] and “Gaudeamus” [Starts at 0:00 in this recording of German student songs] more than make good the omission. Salamanders are rubbed [6], jokes are told, speeches full of innuendo are delivered, all with tremendous effect. Then enters the humorist of the fraternity, with the snowy beard and gray cowl of the “Weihnachtsmann” or Santa Claus. To each and all he presents, amid shouts of laughter from the jolly crew, startling gifts. For instance, the American receives a handsome portrait of his esteemed country-women, “The Five Sisters Barrison [7], Misses Lona, Olga, Gertrude, Irmgard and Sophie, die beispiellos populärsten Damen des Continents.” Then the voices break again into song. As I conclude this sketch, that splendid chorus rings in my ears :—

“Wer keine Sorge je und kein Verzagen weiß,
Und wer sich rasch erstürmt des Lebens kecken Preis,
Wer ständig lichterloh, doch nie zu Ende brennt,
Lebt seinen Jugendtag als richtiger Student,
Ja! Als richtiger Student.” [8]

Source: University of Vermont yearbook, The Ariel 1907, pp. 25-31.

______________________________

[*] Frederick Tupper, Jr.

Born December 17, 1871 in Charleston, South Carolina

A.B., Charleston College, 1890.

A.M., Charleston 1892.

Ph.D., Johns Hopkins University, 1893;  Subjects: English, History, and Jurisprudence. Thesis: Anglo-Saxon Daegmael.

1906., L.H.D., University of Vermont.

Very popular Professor of Rhetoric and English Literature at the University of Vermont and decades long head of its English Department.

Died Feb. 11, 1950 in Brattleboro, Vermont.

[1] This information makes it possible to pinpoint the year of Tupper’s observations: Adolf von Harnack was rector 1900-1901.

[2] Kamel:

Here meant as an insult, such as “fool”. In student slang, “camel” refers to a student who does not belong to any fraternity or does not generally participate in student activity; cf. “Philistine”, “Buffalo” (i.e., rude and/or uneducated person).

Philister:

Those earlier members of a student fraternity once their studies have ended and their active participation in the fraternity’s activities have ceased are called “old gentlemen” or “Philistines”.

[3] Fun fact:

In 1911 Rudolf Biach translated Thomas Mun’s book England’s Treasure by Forraign Trade. (1664):

Englands Schatz durch den Aussenhandel. Wien: F. Tempsky; Leipzig: G. Freytag G.m.b.H., 1911.
(page images at HathiTrust; US access only)

[4] Almost certainly a misspelling. See, Boeotian.

[5] One example from Jugend, Nr. 16, 1896.

[6] The salamander is a customary, particularly solemn form of the drinking culture in German student fraternities. The group rubs their the glasses on the table before and/or after drinking together. This ritual takes place when formerly active members, representatives of friendly fraternities or other guests of honor are greeted.

[7]   “In their most famous act, the sisters would dance, raising their skirts slightly above their knees, and ask the audience, ‘Would you like to see my pussy?’ When they had coaxed the audience into an enthusiastic response, they would raise up their skirts, revealing that each sister was wearing underwear of their own manufacture that had a live kitten secured over the crotch.”
Source: https://en.wikipedia.org/wiki/Barrison_Sisters

[8] Full lyrics: Zieht der Bursch die Straße entlang.

Image Source: The University of Berlin (ca. 1890 to ca. 1900).  Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Exam Questions Harvard History of Economics

Harvard. Enrollment and exams on Adam Smith, Ricardo and followers. Mixter, 1902-1903.

 

Charles Whitney Mixter (b. Sept. 23, 1869 in Chelsea, MA; d. Oct. 21, 1936 in Washington, D.C.) taught a year-long course at Harvard on Adams Smith, Ricardo, and their dissenting followers in 1902-03.

Mixter received his Ph.D. from Harvard in 1897 with the thesis “Overproduction and overaccumulation: a study in the history of economic theory.” Further biographical information about Charles Whitney Mixter (1869-1936) is found in the post about his course offered 1901-1902. Also Economics in the Rear-view Mirror has a post with a student’s description of Mixter as economics instructor at the University of Vermont.

One of the dissenting followers of Adam Smith considered in Mixter’s course below was John Rae. Mixter edited a reprint of the 1834 book by John Rae, which he retitled The Sociological Theory of Capital. A few years before, Mixter had written two Quarterly Journal of Economics articles comparing Rae with Böhm-Bawerk:

A forerunner of Böhm-Bawerk”, Quarterly Journal of Economics, January, 1897. [“the first article by me upon Rae…had a title which was also in great measure a misnomer. Rae is not a mere ‘anticipator of the discoverer’ (to use one of Cannan’s phrases), but the discoverer himself. By reason of the lack of a theory of invention, Böhm-Bawerk’s doctrine of capital, although coming much later, is in essentials the less complete of the two.”]

Böhm-Bawerk on Rae,” Quarterly Journal of Economics, May, 1902. [Review of Chapter XI of the second edition of the Geschichte und Critik der Capitalzins-Theorien].

In the preface to his reprint of Rae’s book, Mixter provides us with some backstory to his research revealing the support of Frank Taussig and Irving Fisher at the beginning and the end of this book project:

When I first became interested in Rae’s theory of capital, under Professor Taussig’s direction in the economic seminary at Harvard University, there existed no printed information (except in his Preface) in respect to Rae himself; and for a long time nothing could be learned through inquiry in quarters which promised well in Canada and Great Britain. The late Professor Dunbar of Harvard, who always displayed a keen interest in the undertaking, urged me to persist, and at length a letter printed in the Montreal Star drew forth two replies, one from the Canadian antiquary Mr. H. J. Morgan, the other from the late Robert S. Knight of Lancaster, Ontario, a grand-nephew of Rae. This set me upon the right road to get into communication with several people who knew Rae personally. Of these the one who could tell me most was the late Sir Roderick W. Cameron of New York, a former pupil and life-long friend, at whose summer residence on Staten Island Rae died. Better still, I was able through the interest and kindness of this gentleman to come into possession of what few papers Rae left at his death. That is, I obtained all Rae’s effects of a literary nature which seem now to be in existence. Apparently, from statements made by Sir Roderick, there was another set of papers which Rae had with him at the time, but which were destroyed or in some way lost. The papers I obtained were little more than odds and ends, mostly unfinished fragments on a great variety of subjects, unfortunately but little on economics. Their chief use has been to help me to a fair understanding of Rae’s life, which I have been able, however, only very imperfectly to set forth.

I have received much information and kind assistance in this part of my work from not a few people in Canada, the United States, Honolulu, and Great Britain. I trust they will accept this general acknowledgment of my sense of indebtedness to them.

To Mr. L. W. Zartman of Yale University my especial thanks are due for assistance in preparing the copy for the printer, and in reading the proofs. I am also much indebted to Mr. Wilmot H. Thompson of the Graduate School of Yale, for revision of the classical quotations.

Finally, I wish here to express my obligations to Professor Irving Fisher of Yale University. His interest and encouragement have been of unfailing support. The proof sheets of the whole book have passed his able scrutiny, and his direct help in many other ways has been invaluable.

C. W. M.

Burlington,
Vermont, July, 1905.

______________________

Course Description

  1. a. Selected Topics in the History of Economic Thought since Adam Smith. , Wed., and (at the pleasure of the instructor) Fri, at 12. Dr. Mixter.

The chief subject to which attention will be directed in this course is the school of dissenting followers of Adam Smith — Lauderdale, Rae, and those influenced by them — who carried forward Smith’s work to very different results from those attained by the Ricardians. This study of a little known tradition gives a fresh point of view as to the general method of formulating and presenting economics. Some of the other subjects to be discussed are, — the classic doctrine of over-production, and the opposition to that doctrine; the economics of absenteeism; the history of the theory of colonization; early American economic theory.
The exercises will be conducted largely by means of discussion. Oral reports on assigned topics will be required.

  1. d 2hf. Adam Smith and Ricardo. Half-course (second half-year). Wed., Fri., at 2.30. Professor Taussig.

In this course, a careful study will be made of large parts of the writings of Adam Smith and Ricardo, and comparison made with contemporary authors as well as with the later writers who accepted the teachings of the earlier English school.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science  [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

______________________

Course Enrollment

Economics 20a. Dr. Mixter. — The History of English Economic Theory from Adam Smith to John Stuart Mill.

Total 5: 3 Gr., 2 Se.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

______________________

Mid-Year Examination 1902-03

ECONOMICS 20a

It is expected that questions 3 and 7 will be answered more at length than the other questions.

  1. Who was Bentham and what does he stand for in the history of economics?
  2. What is the nature of Rae’s reply to Smith’s 5th argument against protection?
  3. What would Adam Smith say to the assertion that trades unions are necessary in the United States to prevent a fall of general wages? In what various aspects did Smith examine the subject of wages?
  4. What are Adam Smith’s four canons or “maxims” of taxation?
  5. Is “capital” or “labor” the leading concept in the economics proper of the Wealth of Nations?
  6. What idea of most value have you obtained from Cannan?
  7. Discuss the Malthusian theory with respect to errors and shortcomings:—
    1. In its original form of statement and proof.
    2. In its original application.
    3. Sum up the modernized Malthusian doctrine in the form which seems to you most sound and useful.
  8. How has “the Commerce of the Towns contributed to the Improvement of the Country”?

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

______________________

Year-End Examination 1902-03

ECONOMICS 20a

Omit two of the last five questions.

  1. Criticise the following statement: “What he [Ricardo] really ‘endeavored to show’ was that the rate of profit depends on the productiveness of the last employed, or no-rent-paying agricultural industry, and it is not of much importance to his theory whether this dependence is brought about through rises and falls of money wages, or also by the direct influence of variations in the productiveness of industry.”
  2. What is Lauderdale’s significance in the history of economics?
  3. What are the points of similarity and of difference between Rae and Böhm-Bawerk?
  4. What portions of a complete treatise on economics are lacking in Rae’s work? Give some examples of peculiar terminology.
  5. Give an account of one of the following writers: Chalmers, Wakefield, Longfield, Senior.
  6. “His [the capitalist’s] profit consists of the excess of the produce above the advances; his rate of profit is the ratio which that excess bears to the amount advanced.” Comment on this.
  7. Criticise the phrase “the profits of stock are only another name for the wages of accumulated labour.” Who first advanced this idea?
  8. What was John Stuart Mill’s treatment of the subject of general overproduction?
  9. When it is said that a certain writer “took as his type of capital, machinery instead of wage-fund,” what do you understand by the expression? Mention several writers who have done this.
  10. Give a brief account of Cannan’s description of the discovery of the law of diminishing returns.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard scores (1905),  John Jepson (artists), Boston. Library of Congress Prints and Photographs Division Washington, D.C.

Categories
Exam Questions Harvard History of Economics

Harvard. Exam for German Economic Thought. Gay, 1903

This must have been a quick addition to the course offerings for 1902-03 since the course was not announced in the June 1902 brochure for the Division of History and Political Science for the coming academic year. In the following year Edwin Francis Gay (Berlin, Ph.D. in 1902 under Gustav Schmoller) expanded the course to cover both French and German economic thought.

______________________

Course Enrollment

Economics 22. 2hf. Dr. Gay. — Outlines of the Development of Economic Thought in Germany in the Nineteenth Century.

Total 4: 3 Gr., 1 Se.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 68.

______________________

ECONOMICS 22

  1. Translate from Conrad, pp. 69 [p. 64-65 in 1897 ed.], § 66, Die Grundrente.
    1. Describe briefly von Thünen’s concentric circles.
    2. Outline Rodbertus’s theory of rent and its relation to his explanation of crises.
  2. Translate  §69 [pp. 68-69 in 1897 ed.] , Die Regulierung des Lohnes.
    1. What features in this passage remind you of von Hermann’s treatment of wages?
      [Note: no (b) or any other parts to the question were printed]
  3. Karl Marx: a concise note concerning his life, his works, his theory of value, his influence in Germany at present.
  4. Give an account of the German historical school of economists.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Portrait of Edwin F. Gay from the Harvard Class Album 1914 colorized by Economics in the Rear-view Mirror.

Categories
Economists Funny Business NBER

NBER. An Ode to Arthur F. Burns, sung to the tune of “Silver Dollar”, George Shultz, 1970

 

 

As I was paging through images of some documents I had examined a few years ago in the papers of Arthur F. Burns at Duke University’s Economists’ Papers Archive, I found an image of a sheet of paper with the following brief  “Ode to Arthur Burns.” It was typed (perhaps printed) in the lower left quadrant of a sheet of paper. As often happens to us archive rats, we find an interesting document but one that comes with no clear indication of either authorship or the circumstances surrounding the creation of the particular document.

I will admit that I liked the Ode because it captures the essence of the Schmoller-Menger Methodenstreit and its 20th century revival seen in the Koopmans-Burns-and-Mitchell controversy regarding the proper dosage of theory required for scientific economic measurement. Recall: Burns and Mitchell got burned pretty badly by Koopmans’ review of Measuring Business Cycles.

Moderation was to come to the Cowles Commission in its 1952 shift from its chosen motto “Science is Measurement” to “Theory and Measurement”. On the other side, the NBER has long become a lot more like the Cowles Commission of old than it has to its statistical-institutionalist ancestors of the first half of the 20thcentury.

The theory versus empirical split is analogous to the normative versus positive economics split recognized in the earliest methodological tracts of philosophically inclined economists. Working economists in the mainstream view themselves bathed in the flattering light of moderation along both methodological dimensions. Both-side-ism is not just a journalistic weakness. Those who work on the frontiers of human knowledge love striking an Aristotelian pose of reasonable moderation (don’t we all?).

But getting back to the issue of the authorship of the Ode and its larger context, let me identify the two suspects of Ode authorship swept up in my duly diligent Google search:

  • George P. Shultz (1920-2021): a 1949 M.I.T. Ph.D. alumnus in industrial economics, Dean of the Business School at the University of Chicago, and successively Secretary of Labor, Director of the Office of Management and Budget, Secretary of the Treasury, and Secretary of State in Republican Administrations.
  • Edward Teller (1908-2003): the “father of the hydrogen bomb”, and if not Stanley Kubrick’s human model for Dr. Strangelove then a Doppelgänger to a second-order approximation. It is not altogether obvious how he could possibly fit into the picture.

So Whodunnit? We begin at the scene of the literary crime.

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Ode to Arthur Burns

A fact without a theory
Is like a ship without a sail,
Is like a boat without a rudder,
Is like a kite without a tail.

A fact without a theory
Is as sad as sad can be
But, if there’s one thing worse
In this universe,
It’s a theory without a fact.”

Source: Duke University, David M. Rubinstein Rare Book and Manuscript Library. Economists’ Papers Archive. Arthur F. Burns Papers. Box 6, Folder “Other papers 1926-1987 (1 of 2)”,

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Sometimes it just turns out that you get lucky with a Google search using just a snip of a quotation. George Shultz was reported to be the author of lyrics that he sang to “the lively tune of Silver Dollar”. This title meant nothing to me. But before turning to the further power of the internet, let us enter the relevant portion of the Time magazine profile of George Shultz with its lede that takes the reader back to a “VIP-stacked Manhattan dinner”, ca. 1970. We note minor differences in the middle of the second stanza but it seems likely that at the latest the Ode was performed in 1970.

The Economy:
Another Professor with Power

CONCLUDING a speech on economic policy at a VIP-stacked Manhattan dinner three years ago, George Shultz startled the audience by abruptly breaking into song. To the lively tune of Silver Dollar, the then director of the Office of Management and Budget [sic, he was Secretary of Labor at the NBER dinner in 1970] belted forth in full voice:

A fact without a theory
Is like a ship without a sail,
Is like a boat without a rudder,
Is like a kite without a tail.

 

A fact without a figure
Is a tragic final act,
But one thing worse
In this universe
Is a theory without a fact.

Shultz is seldom short on either fact or theory, although the softspoken, smooth-faced economist seldom expresses his ideas in song. His quick grasp of facts and theories, his skill in persuading the federal bureaucracy to act on them—plus an ironclad loyalty to the President—are the qualities that have prompted Richard Nixon to keep investing his Treasury Secretary with added clout. By now Shultz has become one of the two or three most powerful men in Washington….

Source: Time Magazine. Monday, Feb. 26, 1973.

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This evidence was enough to get me to take a deeper dive into another folder in Burns’ papers at Duke where I had found a copy of the pamphlet that was prepared as memorial to Arthur F. Burns after his death with brief tributes from President Ronald Reagan, Rabbi Joshua Haberman, Milton Friedman, Senator Pete Domenici, Fed Chairman Paul Volcker, Secretary of State George Shultz, and former Presidents Gerald Ford and Richard Nixon.

In his tribute George Shultz clearly staked a claim of authorship to the Ode to Arthur Burns. 

George P. Shultz

O’Bie [nickname of George Shultz’s wife, née O’Brien] and I have a wonderful friend in Arthur Burns. We have lost him, but his influence and example live on with us. As Arthur Burns has touched and enriched our lives as individuals, so he has left our country an enduring legacy of scholarship and statesmanship.

Arthur lived according to deeply held values, both moral and intellectual. There was never a more devoted, or a more effective, defender of democratic freedoms — political and economic, and also intellectual — than soft-spoken Arthur Burns.

Arthur’s scholarship was truly of Biblical scope. Helmut Schmidt called him the Pope of Economics. But he was also a great student of the bible, and he lived by the values he found in the Scriptures. Arthur believed in learning, in work, in service, in personal discipline. He thrived on the creative tension between an idea and its application. His legendary tolerance for debate and discussion was a measure of his rigorous respect for intellectual integrity. This same respect for human intelligence also meant that Arthur suffered no fools gladly.

Facts held a fascination for him that no grand theories could match. He insisted that statements be meticulously accurate. He believed that theories, like his beloved New England houses should stand four-square on a solid foundation of facts.

Arthur suspected that someone who was careless with facts was likely to be careless in thought and unsound in judgment. For a dinner in his honor years ago. I wrote words to an old tune to describe this attitude of his:

(Sung)

A fact without a theory is as sad as sad can be.
But if there’s one thing worse
In this universe,
It’s a theory without a fact.

This combination of intellectual and moral values, an insatiable capacity for disciplined work, and an ability to bridge the distance between concept and reality gave Arthur Burns a tremendous force of personality. When convinced of something Arthur was more powerful in his advocacy than just about anyone I have known. But convinced he had to be. Ever the student, Arthur was the first to admit when he didn’t know something and the first to seek out an answer.

I remember seeing Arthur in Germany in 1982, not long after his arrival as ambassador. He was already in his late seventies; yet, like a kid with a new toy, he was determined to master the German language and to understand the society and the economy. Master them he did, during a period of special challenge for our bilateral relations and for the NATO alliance. He never stopped learning. That’s why his life was so full.

Arthur is now mourned on both sides of the Atlantic on both sides of the aisle, in government, in business, in finance in academia. For years to come, Presidents and professors, Secretaries of State, and students of economics, even Governors of the Federal Reserve, will continue to learn from Arthur Burns, through the enduring force of his intellectual legacy.

We — his family, friends, colleagues — have had the great joy and privilege of knowing Arthur, the man. We will miss his infectious curiosity. We will miss his kindness. We will miss his counsel, his candor and his integrity. And, we will carry him in our hearts always.

Source: Duke University, David M. Rubinstein Rare Book and Manuscript Library. Economists’ Papers Archive. Arthur F. Burns Papers. Box 6, Folder “Memorial and remembrances, 1987-2003”, pp. 19-20.

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50th Anniversary Celebration
of NBER

The New York Times (March 2, 1970 p. 55 ) reported a dinner at the Waldorf-Astoria Hotel to honor the 50thanniversary of the National Bureau of Economic Research where both Arthur F. Burns (chairman of the Federal Reserve Board) and George P. Shultz (Secretary of Labor) were in attendance.  

THE HONORABLE GEORGE P. SHULTZ…now let me talk for a moment about Burns’ Laws, and here I’m talking to the Federal Reserve Board staff, of course. (Laughter)

Well! First, all calculations must be checked at least twice, independently.

Second, we must develop measurements of all the key variables. Be sure they’re as good as possible, and understand their strengths and limitations.

Third, always identify the logical structure of the argument, and if it has none, discount it and him. (Laughter)

Fourth, be willing to live with ambiguity, have patience, suspend judgment, wait for the facts to come in.

Fifth, certainly don’t be satisfied with examination of the aggregates. Look below the aggregates and the over-all movement of the figures; at the components, as certainly the components may be the most revealing, let alone appealing.

An finally, it’s important to examine the facts, and as Professor Leontief stated, to have a good conception for the relationship of the facts to the theory.

And so I would like to close with a little song, which I will try to sing to you. And this is by way of a sort of a ballad for Arthur Burns, and it’s my nomination for the alma mater, at least for the old National Bureau, if not for the new, and the theme song for the new Federal Reserve Board. And I’ll tell you I’ll give it a riffle through the first vers, and then I expect especially the head table, which has some briefing, to at least join me on the second, but I expect all of you to join me, too.

Ready? (Laughter)

A fact without a theory,
Is like a ship without a sail,
Is like a boat without a rudder,
Is like a kite without a tail!

A fact without a theory
Is like a tragic final act.
But if there’s one thing worse
In this universe
It’s a theory—I said a theory—I mean a theory—
Without a fact! (Laughter and applause)

[…]

THE HONORABLE ARTHUR F. BURNS: …And then I heard George sing a song, second time I heard it, and I’m puzzled. I asked George, sitting beside him, what would be the subject of his address tonight? And he mumbled, oh, something about guidelines. I said, “Oh no, you ought to sing that song, George.” Now I don’t know whether I inspired George to sing that song or whether the thought occurred to him independently. Somehow George and I have been on the same wavelength for so long, that though communicated itself from one to the other….

Source: National Bureau of Economic Research. Fiftieth Anniversary Dinner: Transcript of Proceedings, A Supplement to National Bureau Report 6 (June 1970) p. 20, 25.

__________________________

Handwritten copy of the Ode in Edward Teller’s desk
on White House stationery.

One shouldn’t think that the issue of authorship of the Ode would be a slam-dunk affair. Actually the first lead Google provided me was to an article in Hungarian (!) about the poetry (I am not making this up) of the nuclear physicist Edward Teller.

Having no reason to doubt Google’s translation of the Hungarian text, I learned that after the death of Edward Teller “a small note was found in a drawer.” An image of a handwritten note on White House stationery (without a date) was included and is provided below.

Source: Nyomhagyók Rovat, “Gyönyörködni titkos, mély harmóniákban” Teller Ede versei. Ponticulus Hungaricus, XXIII. évfolyam 12. szám ·2019. December.

This handwritten text bears more than a passing resemblance to the Ode found in Burns’ papers at Duke as well as the NBER version of the Ballad for Burns above. The second and fourth lines of the second stanza differ significantly. It is not unusual for songs and covers of songs to display variations after all. The author of the Hungarian article claimed/suggested the English original had been composed by Edward Teller.

Perhaps some kind visitor to Economics in the Rear-view Mirror  has easy access to Edward Teller’s and/or George Shultz’s handwriting to make a determination of the identity of the above scribe in the White House. But even if the note should turn out to be written in Teller’s hand, it does not exclude the possibility that he just copied the verses he heard or read.

In any event it seems to me less likely that Shultz would have plagiarized from Teller than Teller would have instead kept a copy for himself. Besides, Schultz had significantly more opportunity to jot down notes on a White House memo pad than Teller did. This doesn’t take away from the mystery of how this alternate Ode came to Teller’s desk. 

My final forensic note is that Teller was the sort of Central European intellectual who moved from home to home with a Steinway piano throughout his life compared to George Shultz who was a veteran of the U.S. Marines known to have a Princeton tiger tattooed on his (ahem) butt cheek. Which of the two men seems more likely to have recalled the words from a hit single in the early 1950s that covered a 1907 recording? 

__________________________

Which recording served as inspiration to George Shultz?

There are numerous interpretations recorded of Silver Dollar. The Website SecondHandSongs displays 32 versions.

Fun fact: Petula Clark, singer of the Hit “Downtown” (1964), also covered Silver Dollar in December 1950!

But for my silver dollar, the closest variation to the Shultz version is found in a 78 rpm record released in 1950.

Silver Dollar by Clancy Hayes
and his Washboard Five

A man without a woman is like a ship without a sail,
Like a boat without a rudder, just like a kite without a tail.
Yes, a man without a woman is the saddest thing what am.
But if there’s one thing worse in this universe,
It’s a woman without a man! […]

Image Source: Time Magazine cover August 16, 1971.

 

Categories
France Princeton

Princeton. French Reading Proficiency Exam for Economics, 1949

 

The following Ph.D. examination for French reading proficiency (Princeton, 1949) was found in Martin Shubik‘s papers at the Duke University Economists’ Papers Archives.   Thanks to the BnF Gallica website, I was able to identify the source of the quote: Traité d’économie politique. 1er volume. Introduction à l’étude de l’économie politique (2e édition revue et mise au courant), pp. 86-88. The text is taken from the definition of political economy offered by  Gaëtan Pirou (1886-1946), author of the Traiteé cited. I have restored the use of italics from the original text.

____________________________

PRINCETON UNIVERSITY
Department of Economics and Social Institutions

French Examination
December 8, 1949

Parmi les besoins qu’éprouvent les hommes, il en est dont l’apaisement est aisé parce que la nature offre les moyens d’y pourvoir dans des conditions d’abondance et de gratuité telles que les individus, au moment où le besoin se fait sentir sont assurés de trouver, sans peine ni perte de temps, les éléments d’une suffisante satisfaction. Prenons l’exemple du besoin d’air. Il n’en est sans doute pas de plus impérieux que celui-là, puisque, si l’homme cessait de pouvoir respirer seulement pendant quelques instants, il mourrait. Pourtant, dans la vie courante et en circonstances normales, nous n’avons pas à nous préoccuper de ce besoin; sa satisfaction ne nous demande aucun effort et n’implique de notre part aucune combinaison préalable, parce que l’ambiance dans laquelle nous vivons contient, et met à notre disposition, une quantité d’air très supérieure à ce qui nous est nécessaire.

Pour un grand nombre de nos besoins, il en est autrement. La nature ne nous offre pas spontanément et gratuitement les moyens d’y satisfaire. Il est donc nécessaire que les hommes suppléent à cette pauvreté naturelle en appliquant, sur les éléments du milieu dont ils disposent, une série d’efforts, et opèrent certaines transformations en vue de modifier le milieu et d’en extraire des objets susceptibles d’apaiser leurs besoins, de combler leurs désirs. Ces efforts seront de nature et d’importance très variables selon les cas; ils consisteront tantôt en un déplacement de l’homme qui ira à la chasse ou à la pêche pour se procurer le gibier ou le poisson qu’il convoite, tantôt en une préparation des choses, que la nature renferme mais qui nécessitent, pour être aptes à l’apaisement de nos besoins certain aménagements: cuisson du poisson ou du gibier, dépouillement de l’animal, etc.; tantôt enfin il y aura nécessité d’une véritable fabrication, où l’action humaine sera si profonde que l’on ne reconnaitra plus, dans l’objet finalement obtenu, les matières qui auront servi de point de départ à l’opération. De toute façon, à quelque degré, l’homme aura dû consacrer du temps et fournir du travail pour assurer la satisfaction de ses désirs. Celle-ci aura donc un coût; elle sera onéreuse.

Dans les sociétés primitives chaque individu s’applique, par son effort personnel — et généralement à l’aide d’une technique rudimentaire — à tirer du milieu les moyens de sa propre satisfaction. Si la nature ne lui offre pas un abri suffisant contre les intempéries, il abattra des branches d’arbres, les émondera, les taillera, hypothèse, se construira une hutte. En cette hypothèse un seul et même individu accomplit toute la série des actes qui vont de l’effort à la satisfaction; il parcourt tout le cycle, de la production à laconsommation.

Dans la vie sociale moderne, il n’en est plus ainsi.

Généralement, ce n’est pas le même homme qui produit et qui consomme tel ou tel objet déterminé. Celui qui mange une banane n’a pas d’ordinaire consacré de temps et de travail à faire pousser le bananier. Le vêtement a été fabriqué par d’autres que celui qui le porte. Chaque individu, en effet, se spécialise sous des conditions et des influences que nous aurons plus tard à rechercher, cans la production d’une catégorie particulière d’objets. Un boulanger consacre la plus grande partie de sa journée ou de sa nuit à faire cuire des pains. Un opticien pendant des années s’adonne à la fabrication de lunettes. Le boulanger ne consommera lui-même qu’une très minime fraction des pains qui sortiront de son four. L’opticien, s’il a une vue normale, ne se servira aucunement des verres qu’il taille.  Ainsi, la plupart des individus coopèrent à des productions qui ne sont pas destinées, au moins pour la plus grande part, à l’apaisement de leurs désirs personnels. Ces articles, qu’ils produisent et qu’ils ne consomment pas, ils les vendent, c’est- à-dire qu’ils les échangent contre de la monnaie. Puis, grâce à cette monnaie, ils achètent à d’autres producteurs ou à des commerçants les marchandises diverses qui permettront l’apaisement de leurs désirs les plus variés.

A mon sens, l’économie politique a pour objet l’étude de ces faits d’échange par lesquels un individu abandonne à un autre ce qu’il détient pour obtenir en contre-partie ce qu’il désire — faits grace auxquels est établi le pont entre la production des richesses et la satisfaction des besoins.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Martin Shubik Papers, Box 2. Folder “Exams, University of Toronto and Princeton 1947-50”.

Image Source: Faculté de Droit de Paris. Webpage: LXX (ou 70). Professeurs de Droit de Paris en caricatures (3/3).

Categories
Exam Questions Harvard Philosophy

Harvard. Ethics of the Social Questions. Course description, enrollment, final exam. Peabody, 1902-1903

One fairly popular field chosen for doctoral exams by Harvard’s economics students in the early 20th century was Social Ethics that combined elements of so-called “practical economics”, sociology, philosophy, and religion. That field and later department was chaired by Professor Francis Greenwood Peabody who served in both Harvard College and the Harvard Divinity School.

________________________

A short biography of Francis Greenwood Peabody can be found at the Harvard Divinity School History webpage.

A previous post provides the history of Harvard’s Department of Social Ethics up through 1920.

Peabody’s book, The Approach to the Social Question: An Introduction to the Study of Social Ethics (New York: Macmillan, 1909), presumably captures much, if not all, the spirit (Spirit?) of his ethical teachings.

________________________

Biographical note on
Francis Greenwood Peabody

Francis Greenwood Peabody (1847–1936), Plummer Professor of Christian Morals, was associated with Harvard College and Harvard Divinity School from 1880 to 1912, serving as a lecturer, professor, and dean. He received his Harvard AB in 1869 and graduated from Harvard Divinity School in 1872; while a junior, Peabody was first baseman on the first Harvard baseball team to play against Yale. In 1874, he was ordained as minister of the First Parish in Cambridge, a position he maintained until 1880, when he resigned due to poor health. Harvard Divinity School Dean Everett then asked Peabody to lecture, but President Eliot, whose first wife was Peabody’s eldest sister, opposed the appointment due to nepotism. Later that year, however, he was appointed lecturer on ethics and homiletics. His courses, “The History of Ethics,” and “Practical Ethics” were the first of their kind in American theological education. While at Harvard, he ended compulsory worship and helped transform the Divinity School from a denominational seminary into a non-denominational theological school.

Peabody was named Parkman Professor of Theology in 1882, and became Plummer Professor of Christian Morals in 1886, also taking charge of Harvard College’s Appleton Chapel. He retired in 1913. Peabody also served as Acting Dean of the Divinity School on two occasions during the absence of Dean Everett, and was Dean himself from 1901 to 1905. Throughout his career, Peabody published many works, served as an Overseer of Harvard College, and was on the Board of Trustees of the Hampton Institute. Peabody died in 1936.

Source: Harvard Archives. Guide to Papers of Francis Greenwood Peabody webpage.

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Earlier, at the end of the 19th century

Exam questions for earlier years of this course have been transcribed and posted:

1888-18891889-18901890-18911892-18931893-18941894-18951895-1896.

A history of Harvard’s Department of Social Ethics has also been posted earlier.

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The Ethics of the Social Questions
Course Description, 1902-03

Philosophy 5. The Ethics of the Social Questions. The problems of Poor-Relief, the Family, Temperance, and various phases of the Labor Question, in the light of ethical theory. Lectures, special researches, and prescribed reading. Tu., Th., Sat., at 10. Professor Peabody assisted by Mr. —.

This course is an application of ethical theory to the social problems of the present day. It is to be distinguished from economic courses dealing with similar subjects by the emphasis laid on the moral aspects of the social situation and on the philosophy of society involved. Its introduction discusses the various theories of Ethics and the nature and relations of the Moral Ideal [Required reading from Mackenzie’s Introduction to Social Philosophy; and Muirhead’s Elements of Ethics]. The course then considers the ethics of the family [Required reading from Spencer’s Principles of Sociology (Volume 1; Volume 2; Volume 3]; the ethics of poor-relief [Required reading from Charles Booth’s Life and Labor of the People (see links to volumes below)]; the ethics of the labor question [Required reading: Carlyle’s Past and Present; Ruskin’s Unto this Last; Schäffle’s Quintessence of Socialism]; and the ethics of the drink-question [Required reading from Fanshawe’s Liquor Legislation in the United States]. In addition to lectures and required reading two special and detailed reports are made by each student, based as far as possible on personal research and observation of scientific methods in poor-relief and industrial reform. These researches are arranged in consultation with the instructor or his assistant; and an important feature of the course is the suggestion and direction of such personal investigation and the provision to each student of special literature or opportunities for observation. Students are advised to take both Philosophy 1 and Economics 1 before taking this course, and must have taken either the one or the other, or its equivalent. A special library of 650 carefully selected volumes is provided for the use of students in this course. Attention is also called to the Paine Fellowship, the holder of which should pursue advanced study in the same direction.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science  [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

*  *  *  *  *  *  *  *  *  *  *  *

Charles Booth’s Life and Labor of the People:

(Original) Volume I, East London;
(Original) Volume II, London;
(Original) Appendix to Volume II;
Note: the previous three original volumes were re-printed as four volumes that then were followed by
Volume V, Population Classified by Trades;
Volume VI, Population Classified by Trades (cont.);
Volume VII, Population Classified by Trades;
Volume VIII, Population Classified by Trades (cont.);
Volume IX, Comparisons, Survey and Conclusions.

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The Ethics of the Social Questions
Course Enrollment, 1902-03

Philosophy 5. Professor Peabody, assisted by Mr. Ireland. — The Ethics of the Social Questions. The problems of Poor-Relief, the Family, Temperance, and various phases of the Labor Question, in the light of ethical theory.

Total 134: 5 Gr., 60 Se., 37 Ju., 15 So., 17 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 69.

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Mid-Year Examination, 1902-03

[to be added]

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Philosophy 5
The Ethics of the Social Questions
Final Examination, 1902-03

This paper should be considered as a whole. The time should not be exhausted in answering a few questions, but such limits should be given to each answer as will permit the answering of all the questions in the time assigned.

  1. The place in the modern Labor Question of:—

Chalmers;
Proudhon;
von Ketteler;
William Morris;
Leclaire.

  1. Carlyle on:

Democracy;
Permanence;
Captains of Industry.

  1. Ruskin on:

Ad valorem;
Veins of Wealth;
Ideals of Education. (Preface to: Unto this Last, p. xi.)

  1. Anarchism and Communism compared with each other and with the present industrial order.
  2. Lasalle and Marx compared as influences on German socialism.
  3. “Social labor-time” as a standard of value; the view of Marx (Schäffle, p. 81 ff.); the criticism of Schäffle (ch. VI, VII); the ethical effect to be anticipated.
  4. The scheme of industrial conciliation proposed by the Anthracite Coal Commission and its relation to French and English methods of arbitration and conciliation.
  5. The scheme of industrial partnership proposed by the U.S. Steel Corporation — its plan, results, and relation to other types of profit-sharing.
  6. The ethical principles underlying all forms of liquor legislation. Compare the liquor legislation of Massachusetts with that of Pennsylvania. (Fanshawe, ch. XI and XII.)

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Source: Harvard University Archives.  Francis Greenwood Peabody [photographic portrait, ca. 1900], Colorized by Economics in the Rear-view Mirror.