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Exam Questions Harvard History of Economics Syllabus

Harvard. Reading list and semester exams. History of economics. O.H. Taylor, 1962-1963

Overton Hume Taylor (1897-1987) served as the Harvard economics department’s one-man show of PPE interdisciplinarity at both the undergraduate and graduate level for two decades covering the middle of the 20th century. He was a native of Craig, Colorado, received his B.A. at the University of Colorado in 1921 and Ph.D. from Harvard in 1928. He held the rank of instructor at Harvard 1929-1960 and ultimately promoted to professor, 1960-64. He retired from Harvard in 1964, going on to teach at Vanderbilt University for five years. He moved to live with his brother (Angus Taylor) in Kensington, California four months before dying of cancer. His wife, Edith Meyer Taylor (1905-1984), was an expert on cerebral palsy (Psychological Appraisal of Children with Cerebral Defects, 1959).

Previously posted course materials for the history of economic thought and socialism taught by Overton Hume Taylor at Harvard.

____________________________

HARVARD UNIVERSITY
Department of Economics

Professor Taylor

Economics 105
Outline
Autumn 1962

  1. Sept. 24-Oct. 5. Introductory; Political and Economic Life and Thought in the West in Classical Antiquity, the Middle Ages, and Early Modern Times.

Reading due October 5:

      1. O. H. Taylor, Philosophies and Economic Theories, in Economics and Liberalism.
      2. G. H. Sabine, A History of Political Theory, first 4 chapters.
      3. J. A. Schumpeter, History of Economic Analysis, Part II, chapters 1 and 2.
      4. Plato’s Republic, 1st 4 ‘books’, especially ‘book 2’.

Mon. Sept. 24.  Introductory lecture, about the course, and the background of Plato’s thought.

Wed. Sept. 26. Plato vs. “capitalism” and democracy.

Fri. Sept. 28. Aristotle’s philosophy, ethics, politics, and economics.

Mon. Oct. 1. Later antiquity — Stoicism and Roman Law — Christianity and Western Civilization — Medieval Europe — and Scholasticism.

Wed. Oct. 3. From medievalism to modernity; Hobbes; and Mercantilism.

Fri. Oct. 5. Discussion.

  1. Oct. 8-19. Locke; the Enlightenment; the Physiocrats; and the Psychological  — and — Ethical Theories of Shaftesbury, Hutcheson, and Adam Smith.

Reading due October 19:

      1. O. H. Taylor, 1st 3 essays in Economics and Liberalism.
      2. O. H. Taylor, 1st 3 chapters in A History of Economic Thought.
      3. J. Locke, 2nd Treatise on Civil Government, chapters 2-9 inclusive.

Mon. Oct. 8. The 17th century intellectual revolution and the 18th century enlightenment; modern science and philosophy, and rational ethics and politics; and the classical liberalism, natural law version.

Wed. Oct. 10. Locke’s philosophy, ethics, and political philosophy.

[Fri. Oct. 12. Holiday]

Mon. Oct. 15. The philosophy and economics of the Physiocrats.

Wed. Oct. 17. The psychological — and — ethical theories of Shaftesbury, Hutcheson, and Adam Smith.

Fri. Oct. 19. Discussion.

  1. Oct. 22 – Nov. 2. Adam Smith’s Economics, and Benthamism

Reading due November 2:

      1. O. H. Taylor, A History of Economic Thought, chs. 4 and 5.
      2. A. Smith, The Wealth of Nations, 1st 7 chapters.

Mon. Oct. 22. Adam Smith on national wealth and the causes of its growth.

Wed. Oct. 24. A. Smith on value, prices, and the ‘natural’ working of the free, competitive economy.

Fri. Oct. 26. A. Smith on wages and profits.

Mon. Oct. 29. Benthamism — the classical liberalism, utilitarian version.

Wed. Oct. 31. Benthamism (2).

Fri. Nov. 2. Discussion

  1. Nov. 5 – Nov. 16. Classical Economics — Malthus and Ricardo.

Reading due November 16:

      1. O. H. Taylor, A History of Economic Thought, chs. 6, 7, 8.
      2. J. M. Keynes, essay on Malthus, in [Essays in Biography, 1933]
      3. D. Ricardo, Works, ed. Sraffa, vol. 1, Principles of Economics, 1st 6 chapters.

Mon. Nov. 5. The Malthusian theory of population growth and poverty.

Wed. Nov. 7. Ricardo vs. A. Smith on value and prices.

Fri. Nov. 9. Ricardo on economic growth — wages, profits, and rents — and the stationary state.

Mon. Nov. 12. Ricardo vs. Malthus on over-saving and inadequate demand — Say’s Law of Market

Wed. Nov. 14. Ricardian — classical economics; comments.

Fri. Nov. 16. Discussion.

  1. Nov. 19-30. J. S. Mill’s Philosophy, Ethics, Politics, and Economics.

Reading due November 30:

      1. O. H. Taylor A History of Economic Thought chs. 9, 10.
      2. J. S. Mill, Utilitarianism, and On Liberty.
      3. J. S. Mill, Principles of Political Economy, Bks. I chs. 4, 5, 10, 11, 12; and Bk. II chs. 1, 2, 4, 11, 15, 16.

Mon. Nov. 19. Introductory, about Mill; and Mill’s vs. Bentham’s utilitarian ethics.

Wed. Nov. 21. Mill on liberty, and the evolution of 19th century liberalism.

Fri. Nov. 23. Mill’s economics, I; production, capital, economic growth, and the stationary state.

Mon. Nov. 26. Mill’s economics II; distribution of wealth, socialism, private property, agrarian reform, and natural – competitive wages, profits, interest, and rent.

Wed. Nov. 28. Mill’s economics III; the role of the state.

Fri. Nov. 30. Discussion.

  1. December 3- Marxism.

Reading due December 14:

      1. O. H. Taylor, A History of Economic Thought, ch. 11.
      2. J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.
      3. P. M. Sweezy, Theory of Capitalist Development, Parts I, II except (omit) chap. 7.

Mon. Dec. 3. Introductory, about socialism, Marx, and Marxism.

Wed. Dec. 5. Hegel and Marx, philosophies of history.

Fri. Dec. 7. The Marxian economic interpretation of history, and theory of class struggles.

Mon. Dec. 10. Marxian economics I. Theory of value, wages, and “capitalist” incomes.

Wed. Dec. 12. Marxian economics II. Theory of capital accumulation and economic progress, the falling profit rate, recurrent depressions, and the growth of monopolies.

(Last few sessions before Christmas holidays left unscheduled here.  Room to “catch up”, complete discussion of Marxism.)

Reading Period Assignment

John Stuart Mill. Principles of Political Economy, Book III.

____________________________

HARVARD UNIVERSITY
Department of Economics

Economics 105
Examination
January 26, 1963

Professor O. H. Taylor

Write half-hour essays on six of the following subjects including No. 7.

  1. Adam Smith’s theory of ‘sympathy’ and ‘the moral sentiments,’ and his theory of a socially well-working economic system ruled by competition and the ‘self-interest’ of each individual.
  2. Adam Smith’s and Ricardo’s theories of economic growth.
  3. Adam Smith’s and Ricardo’s theories of value.
  4. Benthamism and classical economics — their similarities and differences, and effects on each other.
  5. Effects of the Malthusian population doctrine on the Ricardian system of economic theory.
  6. J. S. Mill’s views on the roles of (1) institutions and (2) economic ‘laws,’ in affecting the distribution of wealth.
  7. J. S. Mill’s theory of value and the pricing of products in the competitive economy.

Source: Harvard University Archives. Final Examinations—January 1963—Social Sciences (HUC 7000.28, 144 of 284).

____________________________

HARVARD UNIVERSITY
Department of Economics

Economics 120
Spring 1963

  1. February 4-15: Marxism

Reading due February 15:

      1. O.H. Taylor, A History of Economic Thought, Chapter 11
      2. Marx and Engels, The Communist Manifesto
      3. J.A. Schumpeter, Capitalism, Socialism and Democracy, Part I.
      4. P.M. Sweezy, The Theory of Capitalist Development, Parts I, II.

Monday, February 4- Introductory Lecture

Wednesday, February 6- “Utopian” Socialism, early 19th c.  Europe, and Marx

Friday, February 8- Hegel and Marx and Marx’s “sociology” of history

Monday, February 11- Marx’s Economics I.

Wednesday, February 13- Marx’s Economics II.

Friday, February 15- Discussion.

  1. February 18-March 1: Victorian Conservative Liberalism and Neo-Classical Economics

Reading due March 1:

      1. O.H. Taylor, A History of Economic Thought, Chapter 12
      2. E. von Böhm-Bawerk, Positive Theory of Capital, Books III, IV
      3. T.N. Carver, Distribution of Wealth, Chapters 2,3,4

Monday, February 18- Introductory Lecture

Wednesday, February 20- “Marginal Utility,” costs and value; the “marginalists” vs Ricardo on value

[Friday, February 22-Holiday]

Monday, February 25- “Marginal productivity” and income distribution; wages; capital and interest

Wednesday, February 27- Marginal Productivity and incomes continued; rent and business profits

Friday, March 1- Discussion

  1. March 4-15:  Marshall

Reading due March 15

      1. O.H. Taylor, A History of Economic Thought, Chapter 13
      2. H.D. Henderson, Supply and Demand, first 5 chapters or
      3. A. Marshall, Principles of Economics, 8th edition, Books III, IV, Chapters 9-13, and V, Chapters 1-5

Monday, March 4- Marshall, Ricardo, and the “revolution”

Wednesday, March 6- Marshall on the law of demand and laws of returns, costs and supply–under competition

Friday, March 8- Marshall on price determination in the short, intermediate and long-run

Monday, March 11- Marshall on competition and monopoly

Wednesday, March 13- Marshall on income distribution

Friday, March 15- Discussion

  1. March 18-29: Democratic Socialism, Communism and Fascism; and Modern U.S. Liberalism and Conservatism

Reading due March 29

      1. O.H. Taylor, A History of Economic Thought, Chapters 14, 15.
      2. — — — —, Economics and Liberalism, Introduction and essays #1-4 incl., 7,9
      3. G.B. Shaw, The Fabian Essays
      4. Crossman and others, New Fabian Essays

Monday, March 18- Western Socialism’s turn away from Marxist Orthodoxy; the Fabians and British Socialism

Wednesday, March 20- From Marxist Orthodoxy continued; European “revisionism”

Friday, March 22- Czarist Russia, Lenin, and Modern Communism

Monday, March 25- Fascism

Wednesday, March 27- The U.S. in and since the 1930’s — Liberalism and Conservatism

Friday, March 29- Discussion

SPRING VACATION

  1. April 8-19: Monopoly and Competition in the Modern Economy

Reading due April 19

      1. O.H. Taylor, A History of Economic Thought, Chapter 16
      2. E.H. Chamberlin, Theory of Monopolistic Competition, first 5 chapters

Monday, April 8- Competition and Monopoly in the Economy and the Public Interest; the Traditional Views and the New, Modern Analysis

Wednesday, April 10- Product Differentiation and Competing Monopolies

Friday, April 12- Oligopoly

Monday, April 15- Large-scale Organizations, Individual Freedom, Public Control and the Common Welfare

Wednesday, April 17- Discussion

[Friday, April 19, Holiday]

  1. April 22-May 3: Keynesian Economics

Reading due May 3

      1. O.H. Taylor, A History of Economic Thought, Chapter 17
      2. S.E. Harris, The New Economics, Part III.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 8, Folder “Economics 1962-63 (1 of 2)”.

Reading Period Assignment

David McCord Wright. Democracy and Progress, 1943.
or
John Maurice Clark. Alternative to Serfdom, 1947 (revised, 1960).

____________________________

HARVARD UNIVERSITY
Department of Economics

Economics 120
FINAL EXAM
 June 1, 1963

Write half-hour essays on six questions including No. 7

  1. State incisively, as parts of Marx’s theory of the functioning and development of capitalism, his economic theories on the following topics:value, wages, surplus value, accumulation and concentration of capital, the changing organic composition of capital, and the falling profit rate; and then more fully explain and discuss his theory or theories on one or two of those topics.
  2. Explain and discuss either the marginal utility theory of the pricing of products, or the marginal productivity theory of the pricing of the productive services of labor and of capital, in a competitive economy.
  3. Explain and discuss Marshall’s theory of the long-run normal or equilibrium price of a product produced by a competitive industry, under conditions of decreasing cost with growth of the industry and its market.
  4. Compare and discuss “the classical liberalism” and present day American “liberalism”, with equal attention to their points of agreement and of disagreement.
  5. Explain and discuss (1) the required conditions for the existence of an economic system of ‘pure’ competition, and the sense and way in which such a system, if it could and did exist, would best serve the economic welfare of society as a whole; and (2) how ‘product differentiation’ leads to a system of ‘monopolistic competition’ or ‘competing monopolies’; and the defects and merits of this system, for the economic welfare of society.
  6. Explain and discuss the ideas of ‘Keynesian theory’ on the following points:how growth of the peoples’ incomes affects consumption and saving; how growth of the economy’s stock of capital, through new investments, affects the profitability of further new investments; why and how total demand may become insufficient to sustain ‘full employment’, in an ‘affluent’ society; and how the government should use ‘fiscal policy’ to maintain ‘full employment’?
  7. Write out the principal comments that you want to make on Wright’s Democracy and Progress, or on Clark’s Alternative to Serfdom.

Source: Harvard University Archives. Final Examinations—June 1963—Social Sciences (HUC 7000.28, 147 of 284).

____________________________

Other posts with course material
on the history of economics
taught by Overton Hume Taylor at Harvard

Final exams for “Modern Economic Theory and its Critics”. O.H. Taylor, 1938-39 https://www.irwincollier.com/harvard-final-exams-for-modern-economic-theory-and-its-critics-o-h-taylor-1938-39/

O.H. Taylor’s undergraduate course, Intellectual Background of Economic Thought, 1941 https://www.irwincollier.com/2106-2/

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Outline and final exam. Economic and Political Ideas, Taylor. 2nd term, 1947-48 https://www.irwincollier.com/harvard-outline-and-final-exam-economic-and-political-ideas-taylor-2nd-term-1947-48/

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Half-year exam for O.H. Taylor’s Economics and Political Ideas, 1949 https://www.irwincollier.com/harvard-half-year-exam-o-h-taylors-economics-political-ideas-1949/

Graduate history of political economy course. Taylor, 1948-49 https://www.irwincollier.com/harvard-graduate-history-of-political-economy-course-taylor-1948-49/

Economics of Socialism. Overton Taylor et al., 1950 Harvard. Economics of Socialism. Overton Taylor et al., 1950

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