Author: Irwin Collier

Categories
Courses Curriculum M.I.T.

M.I.T. Student evaluations of first term core macroeconomics. Domar, 1967-69

 

The economic theory core courses at M.I.T. during the four academic years 1966/67 through 1969/70 consisted of two terms of microeconomic theory (“Economic Analysis”, 14.121 and 14.122) and two terms of macroeconomic theory (“Theory of Income and Employment”, 14.451, and “Economic Growth and Fluctuations”, 14.452). The instructors for the course by academic year were: 

 14.121 (Term 1) 14.122 (Term 2) 14.451 (Term 1) 14.452 (Term 2)
1966/67 Bishop Samuelson Eckaus

Solow

1967/68

 Bishop Samuelson Domar Solow
1968/69 Bishop Samuelson Domar

Foley

1969/70

 Bishop Samuelson Domar

Foley

A retrospective evaluation survey of these four courses was conducted (probably) sometime in late-1970. The original student responses wound up in Evsey Domar’s files and can be found today in his papers in the Economists’ Papers Archive at Duke University.

In other posts we have the responses for Robert Bishop’s Economic Analysis (14.121), Paul Samuelson’s term of Economic Analysis (14.122), and Robert Solow’s/Duncan Foley’s Economic Growth and Fluctuations (14.452).

In this post we’ll look at Evsey Domar’s course, Theory of Income and Employment (14.451),  that covered the topics:

national income,
general aggregative systems,
price flexibility and employment,
theory of interest and demand for money,
consumption and savings,
investment,
multiplier and accelerator,
employment and inflation.

First I provide the information about the course found in the announcement in the MIT course catalogues that essentially remained unchanged for the years from which the evaluations were solicited. The official course staffing and enrollment data that follow the course announcement confirm that Evsey Domar taught 14.122 in the last three years surveyed. We also learn the names of the two instructors who taught the recitation sections for Richard Eckaus and Evsey Domar.

Next I include the cover letter for the questionnaire sent out along with a tabulation of responses to the qualitative questions regarding the amount of economics presumed, the amount of mathematics and the balance of the course among the topics nominally covered.

Finally, and very much worth reading!, the interested visitor will find transcriptions of the written student comments concerning Domar’s course.

____________________

Announcement in the Course Catalogues

14.451T Theory of Income and Employment(A)

[Eckaus]
Prereq.:14.05
Year:G (1) 4-0-8

Examination of principal determinants of aggregate levels of income and employment.

Source: MIT. Catalogue 1966-67: p. 291.

page 219:

“ ‘T’ at the end of a subject number indicates that (1) a change has been made in the content or units of the subject or (2) the number was previously assigned to a different subject.
(A)’ following the name of a subject indicates that it is an approved subject for a graduate degree…
‘G’ is a graduate subject.
The time distribution of the subject, showing in sequence the units allotted to: recitation and lecture; laboratory, design, or field work; and preparation. Each unit represents 15 hours of work. The total unit credit for a subject is obtained by adding together all the units shown. One unit of recitation or lecture credit, and two units of laboratory or design credit, are each equivalent to one semester hour.”

Catalogue 1967-68: Course number drops T; Domar is the instructor, p. 307

Catalogue 1968-69:  Prerequisite for 14.451 changed to 14.06T, p. 312

Catalogue 1969-70:  no change, p. 294.

____________________

Course staffing and enrollments 14.451
First term of 1966-1969

1966: Term I. 3 hours/week. 44 regular students, 2 Listeners.

Professor Eckaus with Instructor J. R. Harris

1967: Term I. 3 hours/week 55 regular students, 4 Listeners.

Professor Domar with Instructor J. R. Harris

1968: Term I.  3 hours/week, 55 regular students, 3 Listeners

Professor Domar with Assistant S. Lewis  (1 hour per week recitation)

1969: Term I. 3 Hours/week. 51 regular students, 2 Listeners.

Professor Domar with Assistant Professor J.R. Harris (1 hour per week recitation)

Source:M.I.T. Archives. Department of Economics Records. Box 3, Folder “Teaching Assignments”

____________________

THEORY QUESTIONNAIRE

There are two problems that the theory sequence must continually face if it is going to be as useful as possible. The first of these is adjusting to the changing background of the incoming students. The second is adjusting to the changing needs of students who will use the theory course as background for other courses and research. This questionnaire is an attempt to gather information of the current state of the theory sequence relative to these two questions. The enclosed forms contain an outline of each of the theory courses and asks three questions.

These pertain to each heading in the course outline:

Does the course assume too much or too little economics background in this area?
Does the course use too much or too little mathematics in this area?
Given the overall constraint of time, is this area gone into too deeply or not deeply enough?

For each of the questions there is room to check too much or too little, no check at all to be given if the course is about right. Please put the year in which you took the theory courses at the top of each page. There is also room in each area for more detailed comment. Use this space to be specific on the changes in the given areas which you feel would be improvements—particularly in answer to question 3. Use the space at the bottom of each page to comment on topics that are not on the list, but should appear in the course; or to make other comments we haven’t thought to ask for.

Please return to 52-380 (Miss Pope) before Tuesday, October 21.

 

[Summary from 20 student responses:
of which 8 from 1967-68; 10 from 1968-69; 2 from 1969-70]

Ec 451:

 Economic background Math

Coverage
National Income Too little: 4

Too much: 0

 Too little: 1

Too much: 1

 Too deep: 10

Not deep enough: 2
General Aggregative systems Too little: 3

Too much: 1

 Too little: 2

Too much: 0

 Too deep: 1

Not deep enough: 4
Price Flexibility and employment Too little: 2

Too much: 1

 Too little: 1

Too much: 0

 Too deep: 3

Not deep enough: 4
Theory of interest and demand for money Too little: 2

Too much: 1

 Too little: 1

Too much: 0

 Too deep: 1

Not deep enough: 7
Consumption and savings Too little: 3

Too much: 0

 Too little: 1

Too much: 0

 Too deep: 2

Not deep enough: 5
Investment Too little: 2

Too much: 0

 Too little: 1

Too much: 0

 Too deep: 0

Not deep enough: 9
Multiplier and accelerator Too little: 2

Too much: 0

 Too little: 2

Too much: 0

 Too deep: 0

Not deep enough: 5
Employment and inflation Too little: 2

Too much: 1

 Too little: 1

Too much: 0

 Too deep: 0

Not deep enough: 13

 

Note: the responses from Richard Eckaus’ time (first term, 1966-67) have been excluded from this table, so the above are solely for the three years Evsey Domar taught the theory of national income and employment.

 

From the student comments
[each bullet point from a different student]

YEAR TAKEN: 1967-68

  • The Worst Course of the sequence, especially the section’s instructor. Applies to all these points. Tries to cover too much; being an authority in (almost) nothing. Applies to both instructors.
  • I don’t remember 451 very well—it was an awfully unstructured course (+ remains so in my mind), mybe because of the variety and profuseness of the subject matter. Too little guidance from Professor Domar + Harris—i.e., their considered opinion should be given more often.
    National income: Too much on statistics, tho I agree some is needed. That problem in class was a pile of crap—I can’t add anyway.
    General aggregative systems: more tournaments needed.
    Theory of interest and demand for money: more needed, and more guidance from profs.
    Investment: more needed and more guidance from profs.
  • Price flexibility and employment: I thought the section of the course on Patinkin was extremely interesting and well done.
    Consumption and saving: A unified treatment of the competing theories would be preferred to the n-th repetition of Duesenbery, Friedman, Modigliani.
    [for both 451 and 452]: As these courses were taught two years ago there was too little integration of the two terms. Partly this reflects a real gap in macro theory itself; I would like to see an integration of the Patinkin-type of analysis into growth theory.

 

YEAR TAKEN: 1968-69

  • National income: good that this is done, even if not very pleasant at the time
    Price Flexibility and employment: Too much on Patinkin.
    Employment and inflation: More important to cover this Phil curve., monet v. fiscal pol debate etc. than Patinkin
    Perhaps 451 could have assumed more backgrd as it tended to be slow going sometimes. But that’s a minor point. And better that way than to blur over the material too fast. 14.451 exam questions tended to be well-set + testing e.g. the opera + arias.
  • National Income: The index no. prob. was discussed at too great length and too little depth.
    General Aggregative systems/Price flexibility and employment: These two topics were covered fairly well.
    Theory of interest and demand for money: coverage sketchy
    Consumption and savings: very well discussed
    Investment: All I know about investment I learned in other courses—14.452, monetary, econometrics.
    Multiplier and accelerator: The Samuelson multiplier-accelerator article is read in 14.452; all of the items covered in 14.451 under this heading are silly.
    Employment and inflation: no coherent coverage at all.
  • Multiplier and accelerator: Difference equations ought to be specifically covered, with some applications.
  • National Income “+index numbers”: Time should have been more carefully allocated in order to include appropriately the last part of the course.
  • National Income and General aggregative systems: too much, need new, simpler national income.
    Pretty good presentation of money topics.
    No coverage of Investment/Multiplier+Accelerator/employment and inflation at the end.
  • National income: Although this certainly should be covered—too much time is spent on this topic.
    General aggregative systems: Nothing is done in the course on modern macro-static models & e.g.—the Correspondence Principle. The course must assume a complete background in standard macro—because this is hardly covered.
    Much too much time is spent on Patinkin—which could be sued for covering Modern Macro-Static models.
  • Price flexibility and employment: the basics of Keynes should be discussed more.
    Employment and inflation: inflation models of newer sort should be included.
  • I don’t want N.I. removed from 451, just reduced!
    [comment for all topics besides national income]: I realize that this is an impossible preference [to have more depth in all the other topics of 451], maybe the answer is another course in macro theory! or less of other things in 452.
  • [For both 451 and 452]: I do not like the Socratic method, especially when applied to solving differential equations. All courses tend to move too slowly at the beginning.
  • National income: It was a mistake to spend so much time on this + none on inflation—change priorities.
    Investment: Treated a little superficially
    Multiplier and accelerator: Use difference equation techniques.
    Employment and inflation: This was not covered at all unfortunately.
    In general 452 was good, 451 seemed weak.

 

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Evsey D. Domar Papers.Box 16, Folder “Student Evaluations (1 of 2)”.

Image Source: MIT Museum website

Categories
Courses M.I.T.

M.I.T. Student evaluations for core microeconomics course taught by Samuelson, 1970

 

The economic theory core courses at M.I.T. during the four academic years 1966/67 through 1969/70 consisted of two terms of microeconomic theory (“Economic Analysis”, 14.121 and 14.122) and two terms of macroeconomic theory (“Theory of Income and Employment”, 14.451, and “Economic Growth and Fluctuations”, 14.452). The instructors for the course by academic year were: 

 14.121 (Term 1) 14.122 (Term 2) 14.451 (Term 1) 14.452 (Term 2)
1966/67 Bishop Samuelson Eckaus

Solow

1967/68

 Bishop Samuelson Domar Solow
1968/69 Bishop Samuelson Domar

Foley

1969/70

 Bishop Samuelson Domar

Foley

A retrospective evaluation survey of these four courses was conducted (probably) sometime in late-1970. The original student responses wound up in Evsey Domar’s files and can be found today in his papers in the Economists’ Papers Archive at Duke University.

In other posts we have the responses for Robert Bishop’s Economic Analysis (14.121), Evsey Domar’s National Income and Employment (14.451) and Robert Solow’s/Duncan Foley’s Economic Growth and Fluctuations (14.452).

In this post I’ll limit attention to the term in the core taught by Paul Samuelson, namely, course 14.122 that covered the topics of consumer theory, general equilibrium, capital theory and welfare economics.

First I provide the information about the course found in the announcement in the MIT course catalogues that essentially remained unchanged for the years from which the evaluations were solicited. The official course staffing and enrollment data that follow the course announcement confirm that Paul Samuelson taught 14.122 in the four consecutive years surveyed. We also learn the names of the four instructors who taught the recitation sections for Samuelson’s course.

Next I include the cover letter for the questionnaire sent out along with a tabulation of responses to the qualitative questions regarding the amount of economics presumed, the amount of mathematics and the balance of the course among the topics nominally covered.

Finally, and very much worth reading!, the interested visitor will find transcriptions of the written student comments concerning Samuelson’s course. These reports of Samuelson’s teaching from the last half of the 1960s are consistent with my memory from the spring of 1975. The general laments about economic theory seen in some of the evaluations are not unfamiliar to those who have cared to listen to their students over the intervening decades.

____________________

Announcement in the Course Catalogues

14.121T Economic Analysis (A)

[Bishop]
Prereq.: 14.03
Year: G (1) 4-0-8

14.122T Economic Analysis (A)

[Samuelson]
Prereq.: 14.121
Year: G (2) 4-0-8

General theory of equilibrium under competition and monopoly. Theory of consumer choice, of demand, of the firm, of production and distribution, of welfare economics.

Source:  MIT. Catalogue 1966-67, p. 289.

“ ‘T’ at the end of a subject number indicates that (1) a change has been made in the content or units of the subject or (2) the number was previously assigned to a different subject.

‘(A)’ following the name of a subject indicates that it is an approved subject for a graduate degree…

‘G’ is a graduate subject.

The time distribution of the subject, showing in sequence the units allotted to: recitation and lecture; laboratory, design, or field work; and preparation. Each unit represents 15 hours of work. The total unit credit for a subject is obtained by adding together all the units shown. One unit of recitation or lecture credit, and two units of laboratory or design credit, are each equivalent to one semester hour.”
Source:  MIT. Catalogue 1966-67, p. 219.

MIT. Catalogue 1967-68: Same without T, p. 305. 
MIT. Catalogue 1968-69: Prerequisite for 14.121 changed to 14.04T, p. 310.
MIT. Catalogue 1969-70:  p. 293.

____________________

Course staffing and enrollments 14.122
Second term of 1967-1970

1967: Term II. 3 hours/week. 40 regular students, 0 Listeners.

Samuelson with Assistant Professor C. D. MacRae

1968: Term II. 3 hours/week. 53 regular students, 3 Listeners.

Samuelson with Instructor D. Jaffee [2 sections]

1969: Term II.  4 ½ hours/week. 49 regular students, 1 Listener

Samuelson with visiting Assistant Professor H.J.B. Rees.

1970: Term II. 3 Hours/week. 40 regular students, 0 Listeners.

Samuelson with Assistant Professor  R. E. Grieson (1 hour per week recitation)

Source: M.I.T. Archives. Department of Economics Records. Box 3, Folder “Teaching Assignments”

____________________

THEORY QUESTIONNAIRE

There are two problems that the theory sequence must continually face if it is going to be as useful as possible. The first of these is adjusting to the changing background of the incoming students. The second is adjusting to the changing needs of students who will use the theory course as background for other courses and research. This questionnaire is an attempt to gather information of the current state of the theory sequence relative to these two questions. The enclosed forms contain an outline of each of the theory courses and asks three questions.

These pertain to each heading in the course outline:

Does the course assume too much or too little economics background in this area?
Does the course use too much or too little mathematics in this area?
Given the overall constraint of time, is this area gone into too deeply or not deeply enough?

For each of the questions there is room to check too much or too little, no check at all to be given if the course is about right. Please put the year in which you took the theory courses at the top of each page. There is also room in each area for more detailed comment. Use this space to be specific on the changes in the given areas which you feel would be improvements—particularly in answer to question 3. Use the space at the bottom of each page to comment on topics that are not on the list, but should appear in the course; or to make other comments we haven’t thought to ask for.

Please return to 52-380 (Miss Pope) before Tuesday, October 21.

[Summary from all 22 student responses:
of which 2 from 1966-67; 8 from 1967-68; 10 from 1968-69; 2 from 1969-70]

Ec 122:

 Economic background Math

Coverage

Consumer theory

 Too little: 0

Too much: 1

 Too little: 1

Too much: 1

 Too deep: 3

Not deep enough: 1

General equilibrium

 Too little: 0

Too much: 1

 Too little: 2

Too much: 0

 Too deep: 0

Not deep enough: 8

Capital theory

 Too little: 2

Too much: 2

 Too little: 1

Too much: 0

 Too deep: 0

Not deep enough: 12

Welfare economics

 Too little: 1

Too much: 1

 Too little: 0

Too much: 0

 Too deep: 0

Not deep enough: 7

 

From the student comments,
Each bullet point from a different student.

YEAR TAKEN: 1967-68

  • Neither of the courses [121/122] give any mention to the modern treatments (esp., set-theoretic approach) of this material.
  • Needs much more [capital theory]
  • For 121 and 122: Both these courses are excellent for covering the technical aspects of price theory—but both fail to provide a “total picture” of what price theory is about”.
  • General equilibrium: some of the new formulations should be discussed.
    Capital theory: less classical, more current theory would be better.
  • OK [for assumed economics background, math, coverage].
    Capital theory: need more and careful lectures—this hard to comprehend
    Welfare economics: good.
  • Math in this part was not too much if it had been presented without assuming we already knew it all—could have had more careful explanation of mathematical concepts used without decreasing the amount or level of math used. [secretary wrote at top of page: not in tabulation—she just gave it to me]
  • For 121 and 122:In general, I thought both terms, despite their widely differing methods, were quite good. I would like to see more problem sets in 122, however, if necessary, just simplified examples of the theorems proved in class. Specifically, there are too few problems in general equil, of 2 person, 2 good sort. Such problems could usefully illustrate gen. equil. and welfare econ. and the differences between the two types of analysis.

 

YEAR TAKEN: 1968-69

  • Consumer theory: would have been better to start with the simplest case rather than with that rather horrific 1st lecture, which was not al all clear.
    Capital theory: coverage was not clear
    Welfare economics: would have liked more.
    GENERAL exam questions in 14.122 re discrimination etc were very interesting + tested absorption of material much more than the standard “regurgitate” question.
  • While the noted professor who offers this course is a student of economic history [history of economics is what is clearly meant] par excellence, gifted with a dashing wit and a marvelous grasp of the anecdotal style, his comparative advantage most certainly lies in economic theory. His students have, no doubt, considered the stage as a possible career, and have universally rejected it in favor of Economics. It logically follow then that in any 90 minute period the teaching of Economics should occupy at least the majority of the time. Theatrics has its place, no doubt, to add flavor and wit to the otherwise Dismal Science, but balance is of the essence. In retrospect, we seem to have covered several major topics during the course of the term. The mind boggles at the thought of what we might have done with an hour and fifteen minutes of economics per period instead of the usual 20 minutes! (A little more care in the preparation of handouts would also have been highly appreciated).
    On a more serious note, I would personal have appreciated a more thorough analysis of the normative branch of Economics. I feel that much more time should have been allotted to Welfare Economics, in particular, to the implications of economic theory to actually policy questions. I don’t believe, as Samuelson implied in his Chomsky “debate”, that normative considerations come only after the scientist has completed his appropriate (positive) tasks. The economist has a very definite social responsibility, to which all the theorizing in the world, taken by itself, contributes not in the least.
    Comment on the Basic Theory (and, in fact, most of the courses taught at M.I.T.) The basic trend that Economics appears to be following, at least at the Ph.D. level, distresses me more and more with each consideration. High powered theory, while undoubtedly a great mental exercise, becomes merely a game when it seeks to find justification solely within itself. As young economists in an increasingly troubled world, we have a distinct obligation and a unique opportunity to aid society. Economics prides itself at its supposed superiority over its sister Social Sciences, yet it is letting its advantages, an in fact its raison d’être, slip away. Our students are far too complacent, and the course material we are taught helps perpetrate this disease. A far greater stress must be place on realism, applications and normative goals. A discipline that exists merely or mostly in professional journals and material that has as its only object the employment of economics professors is an anachronism and a decided mis-allocation of resources.
  • The topics are well chosen and worthwhile and the readings are valuable. But Prof. Samuelson should spend more time organizing his lectures and guiding his students through these unfamiliar fields and less time telling his fascinating, charming, and irrelevant stories. The lectures are the weakest part of the course.
  • Samuelson wastes the opportunity. Too many anecdotes, not enough time on the actual material. Needs to be much more systematic and organized.
  • Capital theory and welfare economics, particulary the former should have been gone over in more detail-excessive speed obscures the fact that the overall coverage may be good and satisfactorily deep.
  • General equilibrium: The 2-factor, 2-good example would be helpful here as an illustration.
    Capital theory: The treatment in this area seemed superficial. 122 would have been more enjoyable if I had had a prior course in the mathematical theory of optimizing with constraints.
  • 121-122-451-452 All four courses well taught: main difficulty with the theory sequence is the poor integration of the four parts. Less isolation, more cross-references would help.
  • [on math] Hicks reading is too mathematical or too old (Hicks…).
    [on coverage] reasonably good allocation [across topics]
    Welfare economics. Repetitive. Need typed notes. The notes are good should be typed.
    [In red marker:] Samuelson does not appear to want to teach 122.
    Find some new victim.

 

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Evsey D. Domar Papers.Box 16, Folder “Student Evaluations (1 of 2)”.

Image Source:  Samuelson Memorial Information Page/Photos from Memorial Service.  Accessed via the Internet Archive Wayback Machine.

 

Categories
Exam Questions Johns Hopkins

Johns Hopkins. Mid-year and End-year final exams for business cycles. Domar, 1948-49

 

Copies of the examinations for Evsey Domar’s business cycles course at Johns Hopkins University offered during the 1948-49 academic year can be found in his papers at the Economists’ Papers Archives at Duke University but also in the archived collection of economics exams in the departmental papers at the Johns Hopkins archive. While Domar was fairly reliable in keeping copies of his course outlines and exams, I have yet to discover a course outline for any year. Perhaps he lent his sole copy to a colleague once?

Three sets of examination questions for 1951, 1952, and 1954 are also posted.

____________________

Course Announcement

Business Cycles 617-618. Associate Professor Domar. Two hours weekly through the year.

Statistical descriptions of fluctuations in economic activities and a systematic survey of past and present cycle theory.

 

Source: Catalogue Number of The College of Arts and Sciences; The School of Engineering; The School of Business in Johns Hopkins University Circular. New Series 1948, Number 3. Whole Number 579 (March, 1948) p. 85.

____________________

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION

Economics 617
Dr. Domar

Wednesday, January 26, 1949—9 a.m. Three hours

ANSWER ALL QUESTIONS. THEY CARRY EQUAL WEIGHTS. I AM MOST INTERESTED IN YOUR REASONING.

I.

In the last days of the OPA, it was emphatically asserted by various quarters that the best cure against inflation lay in increased production. Assume than an increase in output was actually possible. Would not increased production, however, result in larger money incomes and thus produce an inflationary effect, or at least counteract the deflationary effect of the increase in output?
Analyse this problem. The quality and depth of your analysis will count more than its quantity.

 

II.

Mr. Ayzenshtadt, whose paper was read in class, has this to say about Keynes’ system:

“Even the greatest admirers of Keynes and of this theory that loan capital is the main propeller of the industrial cycle, do not see anything new in it….Keynes himself thinks that the ‘novelty’ of his system lies in the equilibrium formula of the economic process, in which the independent and dependent variables are arranged as follows:

Independent variables

  1. Propensity to consume
  2. Marginal efficiency of capital
  3. Rate of interest
  4. Liquidity preference

Dependent variables

  1. Saving
  2. Investment
  3. Level of employment.”

Comment. Be specific.

 

III.

“In spite of his claims to the contrary, Keynes did not succeed in proving the possibility of underemployment equilibrium if wages and prices were assumed to be flexible. That a long period of unemployment could persist as a result of wage and price rigidity we had known long before Keynes.”

Comment on this statement and show what effects would flexible prices and wages have on elimination of unemployment (in a depression) and stabilization of the price level (in an inflation). Indicate clearly every step in your analysis. What practical recommendations follow from your discussion?

 

IV.

Write for thirty – forty minutes on any subject covered in the course which is of interest to you, but is not included in the preceding questions and not studied in your term paper. Make sure you have something worthwhile to say.

*  * *  *  *

The Johns Hopkins University
Final Examination

Economics 618
Dr. E. D. Domar

May 25, 1949. Three hours

Answer all questions. They carry equal weight.

I.

The following statement appeared in the National City Bank Monthly Letter (Jan. 1944) regarding government spending as a means of raising the level of income and employment:

“Government spending tends to be like a drug, in that it takes larger and larger doses to get result, and all the time debt and taxes get higher and higher.”

            Can a somewhat similar statement be made regarding private investment as an instrument for achieving and maintaining a high level of employment? Discuss the problem thoroughly.

 

II.

Examine the monetary equations (Nos. 3.10, 3.11, 3.12 in Klein’s Model III. (You should have his paper with you.)

[Klein, Lawrence R. “The Use of Econometric Models as a Guide to Economic Policy.” Econometrica 15, no. 2 (1947): 111-51. ]

  1. Give a thorough analysis of their meaning and structure.
  2. Explain the function which they perform or are supposed to perform in the system taken as a whole.
  3. State your criticism of them and present your positive suggestions.

 

III.

A Congressional Committee is holding hearing to determine (a) the causes of depressions and, (b) the methods for their elimination. Mr. Hayek and Mr. Marx are testifying. (You may use Mr. Paul Sweezy instead of Mr. Marx if you don’t want to get involved with ghosts).

Present:

  1. A brief statement of each witness’ views on points (a) and (b).
  2. Your criticism and evaluation of these statemtns.
  3. Your own statements on points (a) and (b).

Make sure that your position is well taken because both the witnesses and the members of the Committee (not to say anything about your instructor) can attack you on any point. Be precise and specific.

 

IV.

Evaluate critically the present day business cycles theory and research. Present your positive suggestions for their improvement. In what direction should the study of business cycles, in your opinion, develop? Be specific.

 

Source:     Duke University. David M. Rubinstein Rare Book and Manuscript Library, Economists’ Papers Archive. Evsey Domar papers, Box 16, Folder “Final Exams: Johns Hopkins, Stanford, U of Michigan”.

Image Source: College yearbook portrait of Evsey [Domashevitsky] Domar from the 1939 UCLA yearbook.

Categories
Economists Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Advanced Economic Theory. Uncertainty and Capital Theory. Readings and Exam. Solow, 1965

 

Topics in advanced economic theory in 1965 was taught at M.I.T. by Robert Solow. The topics discussed were uncertainty and capital theory. This post provides information that was found stored in three different folders in Robert Solow’s papers at the Economists’ Papers Archive at Duke University. Together in one place we now have the reading lists for the topics, the final exam questions and even the class list. For the little it is worth knowing, Robert Hall of Stanford and William Nordhaus of Yale were awarded A’s in the course. I certainly hope that their scientific reputations will not be affected by that revelation.

____________________

Spring 1965

14.192 Advanced Economic Theory
I. Economics of Uncertainty

K. Arrow, “Alternative Approaches…,” Econometrica, October 1951.
D. Bernoulli, “Exposition of a New Theory…,” Econometrica, January 1954.
M. Friedman and L. J. Savage, “Utility Analysis…,” JPE, August, 1948, also in Readings in Price Theory.
H. Markowitz, “The Utility of Wealth,” JPE, April, 1952.
I. Herstein and J. Milnor, “An Axiomatic Approach…,” Econometrica, April, 1953.
J. Pratt, “Risk Aversion…,” Econometrica, January-April 1964.
H. Latané, “Criteria for Choice Among Risky Ventures,” JPE, April, 1959.
J. Tobin, “Liquidity Preference…,” Rev. of Econ. Stud., February, 1958.
K. Arrow, “The Role of Securities…,” Rev. of Econ. Stud., April, 1964.
J. Hirschleifer, “Efficient Allocation…,” AER, May, 1964, 77-96 (including relevant discussion)
K. Arrow, “Uncertainty and the Economics of Medical Care,” AER, December, 1963.

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Reading Lists”.

____________________

Spring 1965

14.192 Advanced Economic Theory
Reading List on Capital Theory

I. Fisher: Theory of Interest, passim.
K. Wicksell: Lectures on Political Economy, Vol. I, Part II and Appendix on Akerman.
O. Lange: “the Place of Interest…”, Rev. of Econ. Studies, 1935-1936.
L. Metzler: “Rate of Interest and…”, JPE 1950, “Corrections”, JPE 1951.
P. Samuelson: “Some Aspects of the Pure Theory…”, QJE 1937
___________: “Rate of Interest under Ideal Conditions”, QJE 1939.
T. Koopmans: Three Essays on the State of Economics, pp. 105-126.
R. Radner: Notes on the Theory of Economic Planning.
E. Malinvaud: “The Analogy between…”, Rev. of Econ. Studies, 1961.
R. Solow: “Substitution and Fixed Proportions…”, Rev. of Econ. Studies, June 1962
________:  Capital Theory and the Rate of Return, Chapters 1, 2.
E. Phelps: “Substitution, Fixed Proportions,….”, International Economic Review, September 1963.
K. Arrow: “…Learning by Doing”, Rev. of Econ. Studies, June 1962.
R. Findlay: “The Robinsonian Model…”, Economica, February 1963 and “Comments” by Robinson and Findlay, Economica, November 1963.

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 67, Folder “14.192 Capital Theory”.

____________________

Final Examination
14.192 Advanced Economic Theory
Spring 1965

  1. Suppose Caius, a Petersburg merchant, has purchased commodities in Amsterdam which he could sell for 10,000 rubles if he had them in Petersburg. He therefore orders them to be shipped by sea, but is in doubt whether to insure them. He is well aware that at this time of year, of 100 ships which sail from Amsterdam to Petersburg, 5 are usually lost. How much wealth must Caius possess apart from the goods under consideration in order that it be sensible for him to abstain from insuring the shipment at a price of 800 rubles? And what fortune should be possessed by the man who offers to provide this insurance in order for him to be rational in doing so? Work out for an arbitrary utility function and specialize to the logarithmic case.
  2. In a perfectly competitive economy, it requires c (X) many years of labor, and nothing else, to build a machine which requires X men to operate it and has a capacity of one unit of output a year. The wage in terms of output is w and is expected to be constant forever. The market rate of interest is r, also constant. For given w, find the competitive equilibrium values of x and r. How does x change with w?
  3. By investing one unit of labor now (at real wage w) you can start a yoghurt-process. T units of time later, by investing one more unit of labor you can collect f (T) units yoghurt and start another identical yoghurt-process. There is a competitive capital market. You intend this yoghurt business to go on forever at the scale of one process. Discuss the determination of the best T, and implications for r and w.
  4. An investor with wealth W must divide it between holding cash, M, and holding one-year bonds in value B, paying interest at rate r. The return of principal is sure but the interest rate is random. Interest income is subject to a proportional tax at rate t. If the investor is a Bernoullian expected-utility maximizer and a risk-averter, how will his holding of bonds respond to a change in the tax rate? Explain the economics of your answer.

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Examinations and Quizzes”.

____________________

From the Final Grade Sheet

Second Term 1964-65
Subject number: 14.192
Subject name: Economics Seminar
Staff member in charge: [signed] R. M. Solow

Graduate students of economics who were awarded grades
[There were 5 A’s and 7 B’s]:

Bing, Peter C.
Bischoff, Charles W.
Blackburn, Anthony J.
Carter, D. Nicholas G.
Hall, Robert E.
Havens, John J. Jr.
Kamiya, Denzo [Emeritus Professor,Keio Univ.]
Kheir El Dine, H. Miss
Mazur, Michael P.
Moskowitz, Warren E.
Nordhaus, William D.
Schulson, Louis J.

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Examinations and Quizzes”.

____________________

(Preliminary) Class List

14.192 ADVANCED ECONOMIC THEORY
W 1:00-3:00
Professor Robert M. Solow

Bing, Peter C.
Bischoff, Charles W.
Blackburn, Anthony J.
Carter, D. Nicholas G.
Chacholiades, Miltiades  LISTENER
DeMenil, George F. DROPPED APRIL 13, 1965
Hall, Robert E.
Havens, John J. Jr.
Kamiya, Denzo
Kheir El Dine, H.
Mazur, Michael P.
Moskowitz, Warren E.
Schulson, Louis J.
Suva, Felipe
Wales, Terrence J. LISTENER
Cohen, Malcolm S. LISTENER
Stiglitz, Joseph
La Malfa, Giorgio LISTENER

Note:  William Nordhaus who received a grade in the course was not included in this preliminary class list. Felipe Suva and Joseph Stiglitz appear on this list but were not included in the gradesheet.

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archives. Robert M. Solow papers, Box 68, Folder “Reading Lists”.

Image Source:  Robert Merton Solow at the M.I.T. Museum website.

Categories
Exam Questions Harvard

Harvard. International Trade and Finance. Final Exam. Leontief, 1933

 

 

Wassily Leontief’s first appointment at Harvard was at the rank of instructor for the academic year 1932-33. The first course he taught was Economics 18 (Price Analysis) that was taken by two graduate students for credit during the fall semester. Leontief then taught Economics 39 (International Trade and Finance) in the second semester. I have yet to locate a syllabus or reading list for that course, but at least Economics in the Rear-view Mirror is able to provide visitors with the transcript below of what would appear to be Leontief’s earliest recorded examination at Harvard.

_________________

Course Description

[Economics] 39 2hf. International Trade and Finance

Half-course (second half-year). Mon., Wed., Fri. at 3. Dr. Leontief.

Starting with the classical theory of foreign trade, this course will lead to an analysis of modern problems in international economic relations. The movement of capital and labor across national boundaries will be discussed and the general trend in international economic relations and policies will be analyzed in connection with the changing structure of world economies.

Source:  Division of History, Government and Economics, 1932-33. Official Register of Harvard University, Vol. 29, No. 32 (June 27, 1932), pp. 81-82.

_________________

Course Enrollment

[Economics 39 2hf. Dr. Leontief.—International Trade and Finance.

Total 11: 9 Graduates, 2 Radcliffe.

Source:  Harvard University. Report of the President of Harvard College for 1932-1933, p. 66.

_________________

Final Examination

1932-33
HARVARD UNIVERSITY
ECONOMICS 392

(Three hours)

  1. Analyze the theory of costs in its application to the theory of international trade.
  2. “England was losing after the war its exports to other countries because its costs of production were too high.” Is this statement compatible with the theory of comparative costs? Analyze the case.
  3. Can a tariff protect the wage-level of a country?
  4. Under what conditions can a country gain from a protective tariff?
  5. What is dumping? Under what conditions is it most likely to occur?
  6. Analyze the principal items of a typical balance of payments.

Final. 1933.

Source: Harvard University Archives. Harvard University Examination Papers. Finals. (HUC 7000.28 vol. 75). Papers Printed for Final Examinations: History, History of Religions,…, Economics,…, Military Science, Naval Science January-June, 1933.

Image Source: Wassily Leontief in Harvard Class Album, 1934.

 

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Principles of Economics, Summer School. Syllabus and Exams, 1942.

Harvard Commencement, 1943. Military copy work from the Harvard ArchivesHarvard University. . Kris Snibbe/Harvard Staff Photographer

 

 

Harvard University was able to switch into a three semester per year mode in the very first summer after the U.S. entered World War II. There were two versions of the standard Principles of Economics course offered, one which extended over the twelve week summer term and one very intensive version that covered the material of a normal year-long course in just six weeks by having the students in class for two hours per days for five days per week. There was also a Principles “Lite” version that ran for only six weeks and covered just half the material apparently.

The syllabus for the full twelve week version of Economics A lists 2,600 pages of assigned reading for the  course. Nominally there would be five one-hour sessions per week, so on average for the sixty sessions students were expected to read 40-45 pages per day. Call me cynical, but I would be surprised if the average of the distribution were even half that pensum.

____________________

Summer enrollment in Principles of Economics, 1942

“The large number of course enrolments meant that individual classes were very much larger than in preceding years. The largest classes were Mathematics SAa, with 436 students, English SAa, with 347, English SAb, with 329, Mathematics SAb, with 299, and Economics SAa, with 222 students. Enrolment in 22 courses was 100 or more.”

Source:  Harvard University. Report of the President of Harvard College for 1941-1942, p. 356.

___________________

Course Announcements for Summer School 1942 

Economics SAa 1hf. Principles of Economics.
Half-course (first session). Mon. through Fri., at 11. Professor Burbank, and other members of the Department.

Economics SAa may be taken by properly qualified Freshmen with the consent of the instructor.
SAa and SAb provide an introductory study of the present organization of industry, money and the mechanism of exchange, the theory of value, foreign trade and tariff policy, the distribution of wealth; i.e., the forces governing the incomes of the laboring, land-owning, capitalist and business classes, and the relation of government to industry. The course is conducted entirely by oral discussion.

 

Economics SAb 2hf.Principles of Economics
Half-course (second session). Mon. through Fri., at 11. Professor Chamberlin, and other members of the Department.

Economics SAb may be taken by properly qualified Freshmen with the consent of the instructor.
Economics SAa is a prerequisite for the course.
For description see SAa.

 

Economics SA1(to count as a whole course in the first session). Principles of Economics
Whole course (first session). Mon. through Fri., 9 to 11.  Professor Burbank, and other members of the Department.

Economics SA1 is identical with SAa and Sab, the two, however, combined and completed in one session. Freshmen will not be admitted to this course. For description see SAa.

 

Economics SB 1hf. Principles of Economics
Half-course (first session). Mon. through Fri., at 11. Dr. Monroe.

If a Harvard student counts Economics SB for a degree, Economics A may be counted as a half-course only. Ordinarily students concentrating in History, Government, and Economics must take Economics A, SA, or SAa and SAb.
Course SB gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject.

 

Source:   Final Announcement of the Courses of Instruction offered in the Summer Term 1942 published in Official Register of Harvard University, Vol. 39, No. 16 (April 20, 1942), pp. 21-22.

____________________

ECONOMICS A
Summer Term, 1942

Sources: Arnold, Thurman The Bottlenecks of Business (1940)

*

 Benham and Lutz Economics, American Edition (1941)
Bidwell, P. Economic Defense of Latin America (1941)

**

 Federal Reserve System Federal Reserve Charts on Bank Credit, Money Rates and Business (1941)
Garver and Hansen Principles of Economics, Revised Edition (1937)
Golden and Ruttenberg The Dynamics of Industrial Democracy (1942)
Johnson, E.A.J. Some Origins of the Modern Economic World (1936)

**

 Luthringer, Chandler and Cline Money, Credit and Finance (1938)
Meyers, A.L. Elements of Modern Economics (1937)

**

 Neal, A.C., Editor Introduction to War Economics (1942)
Slichter, S.E. Modern Economic Society (1928)

-ditto-

 The Economics of Collective Bargaining (reprint)

-ditto-

 The Period 1919-1936 in the United States, Its Significance for Business Cycle Theory, in Review of Economic Statistics, Vol. XIX, Feb. 1937, No. 1, Part I

**

 Staff members Syllabus: Economics A
Taussig, F.W. Principles of Economics, Vol. I Third Edition Revised (1921)

**

 Taylor, H. Main Currents in Modern Economic Life (1941)
T.N.E.C. Price Behavior and Business Policy, Monograph No. 1 (1941)
T.N.E.C. Competition and Monopoly in American Industry, Monograph No. 21 (1940)

** To be purchased by students
* Suggested for purchase

Note:  Essay due at end of eight week.

 

ECONOMICS A
Outline and Reading Assignments
Summer Term, 1942

 

Weeks Pages
1st Part I. EMERGENCE OF MODERN ECONOMIC INSTITUTIONS
The economic problem; historical development of social and legal institutions; their effect on the economic problem.
Johnson,  Ch. 1, Economic Activity and Economic Development 7
_______, Ch. 2, The Late-Medieval Background 21
_______, Ch. 3, The Emergence of Capitalism 34
_______, Ch. 4, The Beginnings of Scientific Technology 32
_______, Ch. 5, The Formulation of Capitalist Theory 23
_______, Ch. 6, Protection and the Transplantation of Industrialism 24
_______, Ch. 7, The Export of Capital and the Genesis of Economic Imperialism 15
156
Part II. MODERN ECONOMIC INSTITUTIONS
A—The economic problem again; how it is solved today; the concept of useful production.
Benham, Ch. 1, General Survey 17
Taussig, Ch. 2, Of Labor in Production 13
30
B—Description of money flows and goods flows in a capitalist society; the relation of the division of labor to these flows; the forms of business organization and their relation to the division of labor.
Taylor, Ch. 6, Vol. I, The National Income and its Distribution 18
2nd _______, Ch. 12, Vol. I, Industrial Techniques 16
Taussig, Ch. 3, Division of Labor 18
_______, Ch. 4, Large Scale Production 15
Slichter, Ch. 8, (M.E.S.) Modern Business Organization 26
93
Part III. THE DIVISION OF LABOR AND MONEY
Division of Labor necessitates exchange; exchange is facilitated by the use of money; digression to explain the working of the monetary system in the United States.
Luthringer, Ch. 1, Functions and Significance of Money 24
_______, Ch. 2, Kinds of Money 23
_______, Ch. 3, Credit and Credit Instruments 15
_______, Ch. 4, Investment Institutions and Commercial Banking 23
Pamphlet, Credit Expansion, in Economics A Syllabus 14
Luthringer, Ch. 5, Central Banking and the Federal Reserve System 20
_______, Ch. 6, The Quantitative Control of Bank Credit 18
3rd _______, Ch. 7, Meaning of the Value of Money 14
_______, Ch. 8, Equation of Exchange and the Quantity of Money 16
_______, Ch. 9, Velocity of Money and the Volume of Trade 17
184
Part IV. THE SOLUTION TO THE ECONOMIC PROBLEM
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 A—The Markets for Commodities
Analysis in this section refers only to the determination of prices and quantities of commodities produced by a business firm. No answers are given to the questions: Why are wages, rents, interest high or low?
A.1 The Business Firm vis-à-vis Consumers in an unregulated market
A.1.a Consumer Demand
Why consumers spend their incomes as they do, the process whereby consumer demand is transmitted to the market.
Benham, Ch. 2, Markets 25
_______, Ch. 3, Demand 16
_______, Ch. 4, Prices with a Fixed Demand 10
_______, Ch. 5, Changes in Demand 10
61
A.1.b The Business Firm
The final relationship of cost to price depends on the competitive conditions in each commodity market; the profit motive the main determinant of the firm’s decisions.
Benham, Ch. 12, The Controlling Power of Demand 8
_______, Ch. 13, The Problems of the Firm (omit Sec. 11) 37
_______, Ch. 14, Monopoly 18
Monograph 21, Ch. 1, the Nature and Significance of Competition 18
Monograph 1, Part 1, Ch. 2, Nonprice Competition 53
4th _______, 1, Part 2, Ch. 1, Types of Geographical Price Structures 14
148
A.2 Effect of Government Regulation on the unregulated market
A.2.a Introduction
General analysis of regulation and impediments to free markets. Sections b, c, and d elaborate more completely some issues presented here.
Arnold, Ch. 1, The Basic Problem of Distribution 19
_______, Ch. 2, How Restraints of Trade Affect your Standard of Living 25
_______, Ch. 3, How Restraints of Trade Unbalance the National Budget 13
_______, Ch. 4, A Free market in time of National Emergency or War 30
_______, Ch. 5, An Elastic Procedure…to Prevent…Seizure of…Power… 24
_______, Appendix I and II 20
_______, Ch. 6, The Test is Efficiency and Service—not size 15
_______, Ch. 7, Procedure Under the Sherman Act… 31
5th _______, Ch. 8, The Clarification of Law through public enforcement 26
_______, Ch. 9, Antitrust Enforcement for the Betterment of the Consumer 21
_______, Ch. 10, Bottlenecks between the Farm and the Table 26
_______, Ch. 11, Labor—Restraints of Trade among the Underdogs 19
_______, Ch. 12, The Rise of a Consumer Movement 37
306
A.2.b Regulation and the Consumer
Taylor, Vol. II, Ch. 37, Consumption Standards 15
____________, Ch. 38, Consumers and the Business System 19
____________, Ch. 39, Consumer Cooperation 20
54
6th A.2.c Regulation and the Business Firm
(1) Monopoly
Taylor, Vol. I, Ch. 15, The Growth of Big Business 18
___________, Ch. 16, The Trend Toward Monopoly 17
___________, Ch. 17, Monopolies and Public Policy 16
51
(2) Public Utilities
Techniques of regulation different for firms classified as public utilities; the TVA—an example of a new regulatory device.
Taylor, Vol. II, Sec. 13, pp. 363-364 Introduction 2
____________, Ch. 48, The Nature and Scope of Public Regulation 15
___________, Ch. 49, The Price of Utility Services 16
___________, Ch. 50, Recent Expansion of Federal Control 19
___________, Ch. 51, The State as Operator 17
69
A.2.d Agriculture—a special problem
Taylor, Vol. II, Sec. 8, Agriculture and the Market 3
____________, Ch. 30, The American Farmers 18
____________, Ch. 31, Farmers in the Market System 19
____________, Ch. 32, Agriculture and Public Policy 24
64
7th B. The Markets for Productive Agents (Factors of Production)
The Analysis in this section refers to the determination of the prices of the factors of production, land, labor, capital and entrepreneurship in the markets where they are bought and sold. The entrepreneur’s reward, profit, is decided for him by the success or failure of his production plan. This market is, of course, not independent of the commodity markets. The unclassified reading discusses the productive agents of the United States:
Taylor, Vol. I, Ch. 8, How Productive Resources are Used 17
___________, Ch. 9, Population 19
___________, Ch. 10, Land 15
___________, Ch. 11 Localized Natural Resources 21
___________, Ch. 13 Capital 19
91
B.1 The Factors vis-à-vis Firms in an Unregulated Market
B.1.a. The Pricing Process in General
Benham, Ch. 9, Combination of Factors (omit sec’s 5,6) 18
Meyers, Ch. 11, The Distribution of Income 11
29
B.1.b. The Prices of Each Factor of Production
Benham, Ch. 15, The Mobility of Factors of Production 10
_______, Ch. 16, Wages, pp. 258-269 20
_______, Ch. 18, Rent 13
Garver and Hansen, Ch. 26, Interest 23
_______________, Ch. 27, Profits 12
78
8th B.2 Effects of Government Regulation and other Institutional Aspects of Distribution on the Markets for Factors.
B.2.a The Labor Market
Taylor, Vol. II, Ch. 33, The American Labor Market, pp. 75-89 14
___________, Ch. 35, The Labor Movement 24
Slichter (pamphlet). The Economics of Collective Bargaining 23
Taylor, Vol. II, Ch. 36, Public Policy Regarding Labor 22
Benham, Ch. 16, Wages, pp. 269-275 (section 9) 6
Golden, entire book. Write an essay of not more than 1200 words evaluating the ideas in the book. 347
436
9th B.2.b The Market for Savings
It is to be noted that firms and others may secure funds from credit created by commercial banks.
Taylor, Vol. I, Ch. 23, pp. 431-434 only (self financing by corporations) 4
__________, Ch. 24, Investment Credit Institutions 19
__________, Ch. 25, The Security Markets 17
__________, Ch. 26, Regulation of Securities and Exchanges 18
58
C. Public Finance and the Economic Problem
The State not only regulates markets as described above but also influences the prices of factors and commodities in the process of financing the production of public goods (roads, protection, etc.). The effects of government finance on the level of national income to be postponed to Part VI.
Luthringer,  Ch. 12, The Public Economy 13
_________, Ch. 13, The Revenue System 20
_________, Ch. 14, Tax Incidence 26
_________, Ch. 15, The Income Tax 20
_________, Ch. 16, Property and Other Taxes 18
_________, Ch. 17, Public Credit 14
_________, Ch. 18, Principles of Public Credit 16
127
Part V. INTERNATIONAL ASPECTS OF MARKETS AND FINANCE
Analysis of international trade and finance; the free market and the regulated market. Previous analysis emphasized only domestic markets although the principle of international trade is applicable to regions within a country to some extent; Latin America and the War.
10th Benham,  Ch. 25, The Theory of International Trade 22
_______, Ch. 26, Balances of Payments 10
_______, Ch. 27, Free Exchange Rates 10
_______, Ch. 28, The Gold Standard 22
_______, Ch. 29, Exchange Control 8
_______, Ch. 30, Import Duties and Quotas 9
Bidwell, Ch. 1, War and the Monroe Doctrine 16
______, Ch. 2, Propaganda and Politics 13
______, Ch. 3, German Economic Penetration 12
______, Ch. 4, The Weapons of Economic Defense 33
______, Ch. 5, The Fallacy of Hemisphere Self-Sufficiency 14
169
Part VI. PROSPERITY AND DEPRESSION
Analysis of the reasons why all prices move together; why all factors tend to become unemployed—hence the emphasis on the movements of national income. Previously, the analysis of prices was chiefly concerned (with the exception of the value of money) with relative prices. Existence of international markets tends to spread the cyclical pattern.
A. Explanation and Verification of Business Cycle Theories
Benham, Ch. 7, The Volume of Production, pp. 113-125 13
Garver and Hansen, Ch. 21, Business Cycles 18
11th Benham, Ch. 20, Economic Progress and the Trade Cycle, pp. 347-356 9
Slichter, R.E.S., The Period 1919-1936 in the U.S. Its Significance for Business Cycle Theory 19
59
B. Governmental Policy and Business Cycles
Taylor, Vol. II,  Ch. 44, Deficit Spending 16
____________, Ch. 12, The State as Provider (Introduction) 2
____________, Ch. 45, Providing Minimum Needs 17
____________, Ch. 46, Social Security 19
____________, Ch. 47, Public Housing 17

71
Part VII. TOTALITARIAN ALTERNATIVES TO CAPITALISM
Analysis of the solution to the economic problem in totalitarian economic systems.
Taylor, Vol. II, Sec. 14, Totalitarian Alternatives to Free Markets (Introduction) 2
____________, Ch. 52, Economic Basis of Totalitarianism 16
____________, Ch. 53, The Soviet Economy 23
____________, Ch. 54, The Fascist Economy in Italy 19
____________, Ch. 55, The National Socialist Economy in Germany 20
80
12th Part VIII. THE ECONOMICS OF WAR
Neal,  Ch. 1, Basic Economic Problems of War 15
____, Ch. 2, Economic War Potential 23
____, Ch. 3, Problems of War Production 21
____, Ch. 4, War Labor Problems 25
____, Ch. 5, Financing the War Effort 19
____, Ch. 6, Financing the War Effort, Business Finance 27
____, Ch. 7, Wartime Management of the Monetary and Banking System 28
____, Ch. 8, The Control of Individual Prices 31
____, Ch. 9, Economic Warfare 20
____, Ch.10, Post-War International Economics 19
228

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Randall Hinshaw Papers, Box 1, Folder “Schoolwork, 1940s”.

____________________

Final examination first half of course

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SAa

Part I

(One hour)

Write on BOTH of the following in this section:

  1. Analyze carefully the effects of the following on average cost, marginal cost, marginal revenue and price for the individual firm in the short run:
    1. A tax of ten cents per unit of output on a monopolist.
    2. A subsidy of ten cents per unit of output to firms in a purely competitive industry.
  2. Trace the repercussions on member bank reserve balances, Treasury deposits with the Federal Reserve System and reserves of the Federal Reserve System caused by:
    1. The purchase and sterilization of gold by the Treasury.
    2. The purchase of U.S. government bonds by the Federal Reserve System.
    3. A transference of Treasury deposits from the Federal Reserve System to member banks.

Part II

(Two hours)

Write on any FOUR of the following in this section:

  1. “Regulation of public utility rates may be effected by limiting charges to yield a fair return on a fair value of the property. This will result in prices comparable to competitive conditions. An alternative type of rate regulation may be accomplished by using as a ‘yardstick’ the rates which a government-owned plant could economically charge.”
    1. Does the use of the fair return formula approximate the price which would evolve in a competitive market for the same commodity?
    2. May the rates fixed by the Tennessee Valley Authority be used as a “yardstick” for privately-owned power companies?
  2. “There seems to be a common belief that banks, by some process of sleight of hand, contrive to create a multiple of the amount of money they receive. The truth is that they can lend not more, but less than the amount of money that comes into their hands.”
    Do you agree? Explain fully.
  3. “It is not size in itself that we want to destroy….What ought to be emphasized is…the evil of industries which are not efficient or do not pass (the gains from) efficiency on to consumers.” Arnold.
    Examine the consistency of this statement.
  4. Contrast carefully the industrial economic world of nineteenth century England with the industrial economic world of fourteenth century England.
  5. Write a letter to your congressman briefly explaining what you believe to be the basic American farm problems and critically evaluating the New Deal attempts to alleviate them.

Source:  Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

____________________

Final examination second half of course

HARVARD UNIVERSITY
[Second Session. Summer, 1942]
ECONOMICS SAb

Part I

(One hour)

Write on BOTH of the questions in this section:

  1. “The main fiscal problem of the war is the diversion of a large share of the national income from the private economy to the public fisc for war purposes.” Outline and defend a plan of taxation and borrowing which in your opinion effectively will solve this problem.
  2. Analyze the effects of an increase in the supply of labor on (a) the remuneration of the various productive factors and (b) the changes in output of those industries whose costs are mainly labor and those whose costs are mainly capital.

Part II

(Two hours)

Write on any FOUR of the questions in this section:

  1. Write an essay on the topic of cyclical unemployment emphasizing (a) the processes by which full employment is supposed to be effected in a free enterprise economy and (b) the reasons why these processes have failed to operate.
  2. What controls are necessary for the orderly and equitable distribution of goods during war time in the markets for factors of production and the markets for consumers’ commodities? Indicate the results likely to follow from partial rather than complete controls in these two major groups of markets.
  3. “Labor unions cannot raise the wages of labor within an occupation without reducing the number employed in that occupation since the entrepreneur cannot afford to pay labor more than the value of its marginal product.” Do you agree? Explain fully.
  4. Discuss carefully three methods of correcting an adverse balance of payments. Indicate the effects of each method on the level of domestic money incomes, the foreign exchange rate, merchandise exports and imports and short-term capital movements.
  5. Explain the chief methods of regulating securities markets in the United States. State concisely the functions of securities markets and evaluate the success of regulation in aiding the orderly functioning of these markets.

Source:  Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

____________________

Final Exam Intensive Course, First Session 1942

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SA1

I

(One hour)

  1. Reply fully to the following questions:
    1. Which are the main problems confronting the economy of this country during the present war?
    2. What measures of economic policy would you propose to cope with them?

II

(About one half hour each)

  1. What are the effects of the practice of self-financing by corporations upon
    1. the rate of interest;
    2. the allocation of the nation’s resources;
    3. the prevalence of competition, or of monopoly, in the economy as a whole?
  2. Let a tax be imposed upon a monopolist and the amount due be determined by either of the following methods:
    1. a fixed percentage of his profits;
    2. a fixed money amount per unit of output;
    3. a fixed percentage of the total money value of his sales;
    4. a global fixed sum, independent of either output or sales.

In which of these cases will he be able to shift the tax forward? Prove your conclusions by a graphical analysis.

  1. Criticize the following statement carefully:
    “The average citizen is inclined to think that there is nothing at all which he himself can do to check inflation. He considers the anti-inflationary fight a task for Uncle Sam only and therefore urges control of prices and labor and the draining off of excessive purchasing power. Actually, the citizen himself can do a great deal, and the efforts of the government will be far less effective unless he does.
    “He can co-operate with the government by putting money in the bank and making it work for him, instead of drawing it out, letting it lie idle and exposing it to the danger of theft, fire and forgetfulness, He can pay his debts. He can discharge his mortgage more rapidly. He can make larger down payments on installment purchases than he has to. He can be more generous to poor relatives. He can see his oculist, dentist or family doctor more often, and pay cash. He can contribute more liberally to local and national charities. He can refuse to hoard goods. He can refrain from rushing to buy the very articles of which there is a shortage….” (The Boston Herald, July 28, 1942, p. 14)
  2. Trace the main effects that the abolition of the tariff on beef (one of the major export articles of Argentina) would, in peacetime, have upon the economies of the United States and of Argentina. Distinguish the short-run and the long-run consequences.

Source:  Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

____________________

Final Examination for Principles of Economics “Lite”

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SB

I

(About one hour)

  1. Write an essay on one of the following topics:
    1. Long-run value under competition,
    2. The rate of wages,
    3. Investment and interest,
    4. Profits

II

(Answer TWO questions from this group.)

  1. How should you expect the following to affect the selling price of a farm: an increase in population; a fall in the rate of interest; the opening of a new market for its products; a bad crop failure?
  2. Explain the meaning of the following terms and show how one of them enters into the explanation of economic phenomena: comparative advantage; bank reserves; the gold points; marginal revenue.
  3. What are the principal factors responsible for cyclical fluctuations in business activity?

III

(Answer TWO questions from this group.)

  1. Explain the nature and operation of the forces which cause variations in the purchasing power of the dollar.
  2. Outline the principal forms of unemployment and discuss one of them in some detail.
  3. Compare the advantages and disadvantages of the different methods available for financing a war.

Source:  Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

Image Source: Harvard’s Commencement in 1943. From The Harvard Gazette, November 10, 2011.

Categories
Chicago Duke Economic History Economists Harvard Northwestern

Harvard. Economics Ph.D. alumnus (1929), later Chicago professor, E.J. Hamilton.

 

In an earlier post Economics in the Rear-view Mirror provided the undergraduate and graduate academic transcripts of Earl J. Hamilton, who besides having gone on to a distinguished career as a leading economic historian also served as the editor of the Journal of Political Economy for seven years. For this post I have transcribed c.v.’s from ca. 1948 and from Hamilton’s emeritus years, presumably from the 1970s, but he did live for nearly another two decades.

The previous post was dedicated to a long-time professional colleague and friend, Jacob Marschak, with whom Hamilton had overlapped at the Universidad Internacional (Santander, Spain) during the summer of 1933, and to whom Marschak had written for some advice regarding an application for a possible University of Chicago job.

Earl Hamilton died May 7, 1989. [Find-a-Grave link]

____________________

On Hamilton’s research on economic history

John H. Munro. “Money, Prices, Wages, and ‘Profit Inflation’ in Spain, the Southern Netherlands, and England during the Price Revolution era: ca. 1520-ca. 1650”. História e Economia—Revista Interdisciplinar. Vol. 4, No. 1 (1° semester 2008), pp. 13-71.

John H. Munro’s eh.net review of Hamilton’s American Treasure and the Price Revolution in Spain, 1501-1650 (1934).

See:  Earl J. Hamilton Papers on the Economic History of Spain 1351-1830.

____________________

Hamilton’s unfinished John Law Project

“John Law has attracted the interest of many writers. In the twentieth century two of the most active scholars researching on John Law were Paul Harsin and Earl Hamilton…Hamilton, who devoted some fifty years of his life to Law, never produced his promised biography and left only a couple of short articles on the man he so passionately studied…

Unfortunately, there is little order in the Hamilton papers. It will take the librarians of Duke University, assisted by experts on Law and his System, many years to classify them…As such, Earl and Gladys Hamilton will have left a very rich legacy for future generations of scholars.”

Source:    Antoin E. Murphy, John Law: Economic Theorist and Policy-maker.  Clarendon Press, (1997), especially Chapter 2 “Law’s Writings and his Critics”, pp. 8-13.

____________________

Earl J. Hamilton c.v., ca. 1948

THE UNIVERSITY OF CHICAGO
Chicago 37, Illinois
DEPARTMENT OF ECONOMICS

EARL. J. HAMILTON, Professor of Economics, University of Chicago

Previous and Present Positions: Assistant professor of economics, 1927-29, professor, 1929-44, director of graduate study in economics, 1938-44, Duke University; professor of economics, 1944-47, Northwestern University; professor of economics, 1947—, University of Chicago. Delegate for Spain, International Scientific Committee on Price History, 1930-36; lecturer, Universidad Internacional (Santander, Spain), summer, 1933, Colegio de Mexico, summer, 1943; rapporteur, Committee on World Regions, Social Science Research Council, spring, 1943; director of civilian instruction, Army Finance School, 1943-44. Editor of the Journal of Political Economy, August, 1948—.

Degrees: B.S., with Honors, 1920, Mississippi State College; M.A., 1924, University of Texas; Ph.D., 1929, Harvard University.

Affiliations: Economic History Association (Vice-President, 1941-42, Bd. Editors, 1941—); American Association of University Professors; American Historical Association; Economic History Society (Engl.); Corresponding Member, Hispanic Society of America; Fellow, Royal Economic Society, American Association for the Advancement of Science, and American Academy of Arts and Sciences.

Publications: American Treasure and the Price Revolution in Spain, 1501-1650 (1934); Money, Prices, and Wages in Valencia, Aragon, and Navarre, 1351-1500 (1936); War and Prices in Spain, 1651-1800 (1947); El Origen del Capitalismo y Otros Ensayos de Historia Económica (1948). Articles on history of economic thought, economic history, money, and prices.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Correspondence-Misc. 1930’s-1940’s and n.d.”.

____________________

Earl J. Hamilton c.v.
early 1970s[?]

THE UNIVERSITY OF CHICAGO
DEPARTMENT OF ECONOMICS

1126 East 59thStreet
Chicago, Illinois 60637

 

Earl J. Hamilton

Born at Houlka, Mississippi on May 17, 1899

B.S. with Honors, Mississippi State University 1920
M.A. University of Texas 1924
Ph.D. Harvard University 1929

Docteur Honoris Causa, University of Paris 1952; LL.D. Duke University 1966; Doctor Honoris Causa University of Madrid 1967.

Have held Thayer Fellowship and Frederick Sheldon Traveling Fellowship, Harvard University; Social Science Research Council Fellowship; Guggenheim Memorial Fellowship; and Faculty Research Fellowship from the Ford Foundation.

Have spent a total of more than twelve years gathering research data in the archives and manuscripts divisions of libraries in France, Italy, Holland, Spain, Belgium, England, Scotland and Latin America.

Speak, read, and write French, Italian, German, Spanish and Dutch.

Assistant Professor of Economics, Duke University, 1927-1929
Professor of Economics, Duke University, 1929-1944
Professor of Economics, Northwestern University, 1944-1947
Professor of Economics, University of Chicago, 1947-1968
Distinguished Professor of Economic History, State University of New York at Binghamton, 1967-1969
Now Professor Emeritus of Economics, University of Chicago and Distinguished Professor of Economic History Emeritus, State University of New York Binghamton.

Editor of the Journal of Political Economy for seven years.

President of the Economic History Association, 1951-1952.

Have determined from original manuscript sources the volume of precious metals imported into Europe from Mexico and Peru in the first hundred and seventy years after the discovery of America and have written a history of price in Spain from 1350 to 1800 based on contemporaneous account books, published in three volumes by the Harvard University Press. I have published a book of essays in Spanish entitled El Florecimiento del Capitalismo y Otros Ensayos de Histoira Económica [1948].

Am now writing from manuscript sources in the archives of France, Italy, Belgium, Holland, England and Scotland, to be published in four or five volumes a definitive history of John Law’s System, one of the greatest inflationary and deflationary episodes in history, popularly known as the Mississippi Bubble, and a biography of John Law of Lauriston.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Various Financial Correspondence (Personal) (1930s-1960s)”.

Image Source:  University of Chicago Photographic Archive, apf1-02446, Special Collections Research Center, University of Chicago Library.

 

 

Categories
Chicago Cowles Duke Economist Market Economists Germany Oxford

Chicago. Jacob Marschak seeks job application advice, his c.v. and list of publications, 1939

 

The economic historian Earl J. Hamilton met Jacob Marschak in Santander, Spain in 1933  and the two remained in touch. In Earl J. Hamilton’s papers at Duke University’s Economists’ Papers Archives I found the following 1939 letter from Marschak that is immediately followed by a copy of his c.v. and publications list. Since Marschak was asking for advice for applying for a job at the University of Chicago, it is not unlikely that his letter included the c.v. and publication list, though perhaps those copies were given to Hamilton earlier at the meeting at a drugstore in Detroit that is mentioned in the letter. Maybe all the stations of Marschak’s career listed in his 1938-39 c.v. and the publications from his list are all long known to Marschak scholars. But it is faster for me to include the artifacts here than to double check what is already known from other sources. It is interesting to see that his self-advertisement includes the fact that he studied economics and statistics under Eugen Slutsky in Kiev.

___________________

Jacob Marschak’s New Year’s Greeting for 1939 to Earl J. Hamilton

422 Fredonia Avenue
Peoria, Illinois

January 4, 1939

My dear Hamilton,

It was good to see you and have a chat with you—although it was much too short. I hope we shall continue, either in Durham or in Colorado Springs—I am looking forward very much to either.

You have somewhat embarrassed me by making your suggestion about the Chicago post. On thinking it over, I become more and more positive although I don’t know whether there is the slightest chance. If you would now repeat your question “Would you like to be considered by the Faculty” I should reply less hesitatingly than I did in that Drug Store in Detroit. If you still think I shall not make myself ridiculous by following up this suggestion, what steps (active or passive) would you advise me to take? I feel rather lost, and should be grateful for any advice. My present position is Reader in Statistics, and Director of the Institute of Statistics, University of Oxford. My actual interests are centered in Economic Statistics, and in Economics.

I have been staying here with my sister and her family who arrived from Vienna in Summer and have settled here—my brother-in-law specializes in the smelting[?] industry and owned a big factory in Europe. He has to do quite heavy work here, but both he and my sister are very happy. As it is the first time I have been living in a private home in America, and as (according to psychoanalysts and other clever people) it is the childhood associations which count most and are the true pivot of our inner life, I begin to feel myself less of a stranger and am enjoying a good rest. This is a beautifully situated and tastefully built prosperous town (140,000 inhabitants) it looks as if it contains large reserves of happiness and peace.

I am going to Chicago to-morrow—to collect my sister’s children shipped by train from New York, and then to remain in Chicago for the rest of January, c/o International House, University of Chicago. The Rockefeller Foundation will also forward all my letters.

I hope you arrived home happily and made a good start in 1939, studying the Mississippi bubble, the Dutch language and hundred other things and teaching your men real economics. Please remember me to Oliver, and Caltwright[?] I don’t yet know her, to Mrs. Hamilton. Good health for 1939 even in spite of French, or Swiss, cuisine!

Yours J. Marschak

___________________

Curriculum Vitae
[Jacob Marschak]

Born in Kiev (Russia) on July 23, 1898. High school graduation (gold medal), 1915[?]. Studied mathematics and engineering at the Department of Mechanics, Polytechnical Institute Alexander II, from 1915 to December, 1918; also belonged to the School of Military Engineeering Crown Prince Alexis in summer 1917, and attended courses in economics and statistics (E. Slutsky) at the School of Economics in 1918).

Emigrated to Germany in January, 1919. Studied economics and statistics (L. von Bortkievicz) and philosophy in Berlin later in Heidelberg. Deprived of Russian nationality, 1920. Graduated for Doctor of Philosophy (summa cum laude) with a dissertation on the Equation of Exchange (Publication No. 1.) in Heidelberg, 1922. In Italy, January-June, 1924 (Publication No. 40). On the economic staff of the Frankfurter Zeitung, 1924-26. In England on a research fellowship of the Heidelberg University, 1926. At the Forschungsstelle fuer Wirtschaft, Berlin, 1926-28. At the Institut fuer Weltwirtschaft, University of Kiel, supervising a staff of fifteen research workers on behalf of the Economic Enquiry Committee of the Reichstag (Enquête-Ausschuss) and teaching (Repetent); also attached as a “permanent expert” (Staendiger Sachverstaendiger) to the Committee at its meetings in Berlin, 1928-30.

Acquired German nationality, 1928. Appointed assistant professor (Privatdozent mit Staatlichem Lehrauftrag) of the University of Heidelberg, 1930, teaching economic theory and economic statistics, and conducting research (until 1933). Delegated by the German branch of the International Association for Social Progress to the Liège Conference in 1930 (Theory of Wages). Lectured on the invitation of the Spanish branch in 1931. Lectured again in Spain at Santander in 1933.

Elected Chichele lecturer in Economics, All Souls College, University of Oxford, 1933. Deprived of German nationality, 1935. Elected Fellow of the Econometric Society, 1935. Elected Reader in Statistics and Director of the Institute of Statistics, University of Oxford, 1935. Attended the Research Conference on Economics and Statistics at Colorado Springs, 1937, on the invitation of the Cowles Commission for Research in Economics. Lectured at the University of Amsterdam, Holland, 1938. Joint editor of the Oxford Studies in Economics and of the Oxford Economic Papers.

 

Publications

I. Economic Theory and Econometrics

  1. Verkehrsgleichung. Archiv für Sozialwissenschaft. Bd. 52. 1924.
  2. Wirtschaftsrechnung und Gemeinwirtschaft. Archiv f. Sozialw. Bd. 51. 1924.
  3. Die rebellische Konjunkturkurve (zu Karstens Hypothese). Magazin d. Wirtschaft. 1927.
  4. Consumption (Measurement). in: Encyclopaedia of Social Sciences.
  5. Elastizität der Nachfrage. Tübingen 1931 (Beiträge zur ökonomischen Theorie, herausgeg. von E. Lederer u. J. Schumpeter, Bd. 2).
  6. Thesen zur Krisenpolitik. Wirtschaftsdienst 1931.
  7. Der deutsche Volkswirt 1931.
  8. “Substanzverluste” (und: Berichtigte Schätzungen dazu) Archiv f. Sozialw. Bd. 67. 1932.
  9. Zur Rundfrage über “Substanzverluste”. Archiv f. Sozialw. Bd. 67. 1932.
  10. (with Walter Lederer) Grössenordnungen des deutschen Geldsystems. Archiv f. Sozialw. Bd. 67. 1932.
  11. Volksvermögen und Kassenbedarf. Archiv f. Sozialw. Bd. 68. 1933.
  12. Economic Parameters in a Closed Stationary Society with Monetary Circulation, Econometrica, 1934, Vol. II.
  13. Vom Grössensystem der Geldwirtschaft. Archiv für Sozialwissenschaft, 1933.
  14. Wages (Theory) in: Encyclopaedia of Social Sciences.
  15. On the Length of the Period of Production. Economic Journal, 1934.
  16. “Pitfalls in the Determinations of Demand Curves” (with Frisch and Leontief). Quarterly Journal of Economics, 1934.
  17. Kapitalbildung (with W. Lederer). Published by W. Hodge & Co., London, 1936.
  18. On Investment (mimeographed). 1935.
  19. Empirical Analysis of the Laws of Distribution. Economica, 1935.
  20. Measurements in the Capital Market. Proceedings of the Manchester Statistical Society, 1936.
  21. Limitations of Frisch’s “Consumption Surface” (reported in), Econometrica, 1937, p. 96.
  22. Influence of Interest and Income on Savings. Cowles Commission for Research in Economics, Third Annual Conference, 1937.
  23. Probabilities and Utilities in Human Choice (Published with No. 22).
  24. Assets, Prices and Monetary Theory (with H. Makower) Economica 1938.
  25. Money and the Theory of Assets. Econometrica 1938.
  26. Studies in Mobility of Labour: A tentative statistical measure (with H. Makower and H. W. Robinson). Oxford Economic Papers, No. 1, October, 1938.
  27. Studies in Mobility of Labour: Analysis for Great Britain (same author). In print for Oxford Economic Papers, No. 2.

 

II. Industrial Policy

  1. Die deutsche und die englische Elektrizitätswirtschaft. Der deutsche Volkswirt. 1926.
  2. Hohe Löhne und die Volkswirtschaft. Die Arbeit. 1927.
  3. Die Ferngas-Denkschrift. Der deutsche Volkswirt. 1927.
  4. Supervision of the Reports of the Investigations of the Economic Inquiry Commission of the Reichstag, 1928-1930, concerning the following industries: vegetable oils, margarine, gold and silver ware, watches, glass, china, other pottery, cosmetics, toys, leather, shoes, gloves. (Published Berlin 1930-1).
  5. Die Lohndiskussion. Tübingen 1930.
  6. Löhne und Ersparnisse. Die Arbeit. 1930.
  7. Das Kaufkraftsargument. Magazin der Wirtschaft. 1930.

34a. Problemas des salario (Sociedad para el progreso social. Grupo nacional español), Madrid 1931 (Nos. 32, 33, 34)

  1. Le problème des hauts salaires. (Additif au questionnaire de l’Association Internationale pour le Progres social. Les documents du travail, 1930 Paris).
  2. Lohntheorie und Lohnpolitik in: Internationales Gewerkschaftslexikon, herausgeg. von Professor L. Heyde. Berlin 1930.
  3. Zollpolitik und Gewerkschaften. Magazin der Wirtschaft 1930.
  4. Lohnsatz, Lohnsumme, Lohnquote und Arbeitslosigkeit, Soziale Praxis vom 14., 21., 28. April 1932.
  5. Sozialversicherung und Konsum, in: Volkswirtschaftliche Funktionen der Sozialversicherung. Berlin 1932.
  6. Der korporative und Hierarchische Gedanke im Fascismus. Archiv f. Sozialw. B. 51 u. 52 1924.
  7. (with Prof. E. Lederer) Die Klassen auf dem Arbeitsmarkt und ihre Organisationen. Arbeiterschutz. Grundriss d. Sozialökonomik IX, 2. Tübingen.
  8. (with Prof. E. Lederer) Der neue Mittelstand. Grundriss der Sozialökonomik IX, 1.
  9. Zur modernen Interessendifferenzierung. In: Soziologische Studien zur Politik, Wirtschaft und Kultur der Gegenwart. (Festschrift für Prof. Alfred Weber). Potsdam 1930.
  10. Zur Politik und Theorie der Verteilung. Archiv f. Sozialw. Bd. 85, 1930.

 

Source:   Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Correspondence-Misc. 1930’s-1940’s and n.d.”.

Image Source: Carl F. Christ. History of the Cowles Commission, 1932-1952

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Pennsylvania Regulations

Pennsylvania. Rules for graduate degrees, 1897-98

 

The previous post provided the list of graduate courses in economics and related fields (Politics, Sociology, and Statistics) offered at the University of Pennsylvania in 1897-98. This post adds the regulations governing admission, residence requirements, degree requirements for the M.A. and Ph.D. and tuition fees (plot spoiler: annual tuition was $100).

The graduate courses of instruction were arranged in sixteen groups that together constituted the Department of Philosophy. Hence, the doctoral degrees awarded for a major subject (e.g., economics) within one of these groups was logically called “doctor of philosophy”, i.e., Ph.D.

The unit of instructional account was the “standard course” which would be a lecture course of one hour per week for one academic year” so a two hour course for one term would be credited as one standard course and a one hour course for one term would be credited as 1/2 standard course. The overwhelming majority of courses offered in the group “Economics, Politics, Sociology and Statistics” were two-hour, one-term courses.

A Master’s degree required at least twelve standard courses, i.e. twelve hours of lectures  to attend per term for two terms, the normal load for one academic year. A doctoral student was required to complete at least twenty-four standard courses, so  two-years of course work.  A doctoral student was to declare three “branches of learning” in which proficiency was to be achieved. The choice of the three branches was subject to the approval of a Group Committee. The major subject would be the principal subject selected within the particular group and two minor subjects, one of which was recommended to be taken from outside of the group, presumably from history, philosophy, ethics or psychology if one’s major was, say, economics. “In every case the minor subjects shall be so related to the major as to conduce to some recognized and approved end.”  The minimum foreign language requirement was a good reading knowledge of two European languages besides English, at least one of which had to be “a modern tongue”.

Following the presentation of a thesis “upon some topic in the line of his major subject, showing high attainment or power of original and independent research” and its approval by the Group Committee in which his major lies, the candidate for the Ph.D. had to pass “a private written examination conducted by his instructors” as well as a public oral examination covering both the major and minor subjects.

__________________

Regulations for Graduate Degrees in the Department of Philosophy
University of Pennsylvania, 1897-98

The Department of Philosophy offers advanced instruction in the various branches of Literature and Science The instruction is intended primarily for persons who have profited by the advantages of a full college course, and who are desirous of continuing their studies upon lines more strictly defined and specialized. Others, however, may be admitted to study in the Department, under conditions hereinafter specified.

The session of 1897-98 will begin on Friday, October 1.

 

ARRANGEMENT OF COURSES.

The courses of instruction offered in this Department are arranged under the sixteen following groups:

  1. Semitic Languages.
  2. American Archaeology and Languages.
  3. Indo-European Philology.
  4. Classical Languages.
  5. Germanic Languages.
  6. Romanic Languages.
  7. English.
  8. Philosophy, Ethics, Psychology and Pedagogy.
  9. History.
  10. Economics, Politics, Sociology and Statistics.
  11. Mathematics.
  12. Astronomy.
  13. Physics.
  14. Chemistry.
  15. Botany and Zoology.
  16. Geology and Mineralogy.

All persons authorized to give instruction within a group constitute the Group Committee. To the several Group Committees are entrusted the arrangement of their respective courses, and the oversight of students taking majors within the group.

The instruction given within a group is subdivided into lecture courses, seminary courses and laboratory courses.

In stating the minimum requirements for residence and degrees a ”standard” course is used; this is a lecture course of one hour per week for one academic year. The lecture courses as actually given will be either multiples or fractional parts of this standard. The ratio of value of the several seminary and laboratory courses to the standard is variable, and will be set in each case by the Group Committee.

 

ADMISSION.

Students desiring to enter this Department must present themselves in person to the Dean.

Any person may be admitted by the Dean as a special student, not a candidate for a degree, upon the presentation of written statements from the instructors with whom he desires to work, certifying to his fitness and consenting to his admission.

Any person holding the degree of Bachelor of Arts or Bachelor of Science from some college or university whose degrees are recognized by this University as equivalent to its own may be admitted by the Dean as a candidate for a higher degree. In such cases the applicant’s diploma must be submitted to the inspection of the Dean.

Students who are allowed to become candidates for a higher degree are termed regular students. Those who are not candidates for a degree a.e termed special students.

If the degree has been taken five or more years before the date of application, the Dean may at his discretion require of the applicant further evidence of his ability to pursue with profit his studies in the Department.

Persons who do not hold a Bachelor’s degree may, in exceptional cases, be admitted as candidates for a degree; provided they satisfy the Executive Committee of the Faculty, by examination, or in such other way as the Committee may in each case determine, that they possess not only the knowledge necessary to the profitable pursuit of the subjects they may select, but also that general cultivation and training which is the result of a properly conducted college course.

Students already registered as candidates for a degree in other Departments of the University are allowed to pursue courses in this Department, and regular students of this Department are allowed to pursue courses in other Departments by the concurrent action of the respective Deans.

After admission, each student will be furnished with a matriculation card; no student who cannot show his matriculation card will be allowed to take any course. These cards are good only for the year in which they are issued, and must be renewed from year to year. For such renewal, personal application must be made at the office.

 

RESIDENCE.

All candidates for higher degrees are required to spend at least one year in residence at this University. To be construed in residence at this University, a student must pursue not less than six standard lecture courses or their equivalent, simultaneously. Work done at other universities may be accepted by the several Group Committees in lieu of a part of the work required for a degree.

When only one year is spent in residence at this University, it must be the last year of the student’s course.

 

DEGREES.

The degrees conferred in the Faculty of Philosophy are Doctor of Philosophy, (Ph.D.), Master of Arts, (A.M.), and Master of Science, (M.S.).

The right to recommend a candidate to the Board of Trustees for a higher degree is vested in a Board of Examiners, consisting of the Dean and three members of the Faculty, representing those branches of study in which the candidate has been working. Before a student can offer himself for examination, he must present to the Dean suitable written certificates from the Group Committees under whose supervision his work has been prosecuted, setting forth that he has not only complied with all conditions prescribed by the rules, but is also in the judgment of those committees fitted by his ability and attainments to receive the degree in question. No student can acquire a right to such recommendation merely by attending lectures, passing examinations, or by compliance with any prescribed conditions whatever. The requirements for degrees hereinafter specified must therefore be regarded as minimum requirements only, and it remains within the power of any Group Committee to refuse to grant any student a recommendation for the higher degree. All degrees are conferred at the annual commencement in June.

 

THE MASTER’S DEGREE.

Only those who have received the degree of Bachelor of Arts can proceed to that of Master of Arts.

Only those who have received the degree of Bachelor of Science can proceed to that of Master of Science.

The work for the Master’s Degree will occupy the student’s undivided time for at least one academic year. The candidate will be required to elect, with the consent of the Dean, not less than twelve standard courses or their equivalent, and to pursue them to the satisfaction of the committees offering them. He must then pass a private written examination under the direction of his instructors, and a public oral examination in the presence of the Board of Examiners, and of such members of the Faculty as desire to attend.

 

THE DOCTOR’S DEGREE.

The degree of Doctor of Philosophy is conferred solely in recognition of marked ability and high attainments in some definite branch of learning.

The degree will in no case be granted before the expiration of two years after the date of the candidate’s baccalaureate degree, nor upon a candidate who has not completed twenty-four standard courses or their equivalent. A student of ability, who has already had a good undergraduate course and pursues in graduate work the same topics to which he devoted special attention as an undergraduate, will usually be able to attain his degree in three years; but students whose college training has been in any respect defective, or who cannot devote their undivided attention to the work, will require a longer period of time.

The candidate for the Doctor’s degree must, upon entering the Department, elect the group within which he intends to do the greater part of his work, and will then pass under the jurisdiction of the committee in charge of that group. He must designate, with the consent of the committee, three branches of learning in which he desires to become proficient. One of these, which shall be known as his principal or major subject, shall lie within the group; although the Group Committee may direct him to courses given in other groups, and may allow them to be accounted part of the major work. The other two shall be known as his subordinate or minor subjects. It is recommended that at least one minor be taken outside the group in which his major lies. In every case the minor subjects shall be so related to the major as to conduce to some recognized and approved end.

Every candidate for the Doctor’s degree must possess a good reading knowledge of those languages which are judged by the committee in charge of the major essential to the prosecution of his major work.

Under no circumstances may a candidate present himself for his degree before he can show a good reading knowledge of two European languages besides English, one of which must be a modern tongue.

He must also present a thesis upon some topic in the line of his major subject, showing high attainment or power of original and independent research. This thesis must be presented and approved by the Group Committee in which his major lies before he can be admitted to the examinations.

The thesis must be typewritten or printed, unless upon recommendation of the committee in charge the Dean authorize the acceptance of a written thesis. The committee may require the thesis to be printed before recommending the candidate for the degree. If the thesis is written or typewritten, one copy must be deposited in the Library of the University before the student can be recommended for his degree; if printed, fifty copies must be deposited.

The candidate for the Doctor’s degree must pass a private written examination conducted by his instructors, and a public oral examination. The final examination is conducted by the Board of Examiners as hereinbefore provided, representing the candidate’s major and two minor subjects respectively, in the presence of such members of the Faculty as may desire to attend.

 

FEES.

For regular students the tuition fee is one hundred (100.00) dollars per annum. The graduation fee is twenty-five (25.00) dollars.

For special students a fee is charged according to the number of courses taken The fee for a course is found by multiplying ten dollars by the number of hours of instruction offered per week throughout the year, and adding five dollars to this product. If several courses be taken with the same instructor, this five dollars is added only once. Fees are payable to the Registrar in two instalments, on November 1 and February 1, strictly in advance.

 

Source:  Catalogue of the University of Pennsylvania. Fasciculus of the Department of Philosophy. Announcements for Session 1897-98, pp. 17-21.

 

Image Source:  University Library (built 1890, Furness, Evans & Co., architect; now Anne and Jerome Fisher Fine Arts Library), interior, reading room, 1898. University of Pennsylvania Digital Image Collection.

 

Categories
Courses Curriculum Pennsylvania

Pennsylvania. Economics Course Offerings, 1897-98

 

The Department of Philosophy at the University of Pennsylvania in 1897/98 corresponded to what today is generally called the Graduate Faculty of Arts and Sciences. The subjects of economics, politics, sociology, and statistics constituted the tenth group of the sixteen groups making up the Department of Philosophy. A Ph.D. candidate would select a major subject from the group and two minor subjects (recommended that “at least one minor be taken outside the group in which the major lies”). The course offerings and their short descriptions for group X have been transcribed below.

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Departments of the University of Pennsylvania
as of 1897/98
and the year they were established.

(1740. Charitable School; out of which grew, in)
1751. The College.
1765. The Department of Medicine.
1 790-1850. The Department of Law.
1865. The Auxiliary Department of Medicine.
1874. The University Hospital.
1878. The Department of Dentistry.
1883. The Department of Philosophy.
1884. The Department of Veterinary Medicine.
1885. The Veterinary Hospital.
1885. The Department of Physical Education.
1889. The Museum of Archaeology and Paleontology.
1891. The University Library. (Building erected)
1892. The Laboratory of Hygiene.
1892. The Wistar Institute of Anatomy and Biology.

Department of Philosophy

  1. Semitic Languages
  2. American Archaeology and Languages
  3. Indo-European Philology
  4. Classical Languages
  5. Germanic Languages
  6. Romanic Languages
  7. English
  8. Philosophy, Ethics, Psychology and Pedagogy
  9. History
  10. Economics, Politics, Sociology and Statistics
  11. Mathematics
  12. Astronomy
  13. Physics
  14. Chemistry
  15. Botany and Zoölogy
  16. Geology and Mineralogy

 

The degrees conferred in the Faculty of Philosophy are Doctor of Philosophy, (Ph. D. ), Master of Arts, (A. M.), and Master of Science, (M.S.).

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Faculty: 10. Economics, Politics, Sociology and Statistics

Simon N. Patten, Ph.D., Professor of Political Economy
Roland P. Falkner, Ph.D. Associate Professor of Statistics
John Quincy Adams, Ph.D., Assistant Professor of Political Science
Emory R. Johnson, Ph.D., Assistant Professor of Transportation and Commerce.
Samuel McCune Lindsay, Ph.D., Assistant Professor of Sociology
Leo S. Rowe, Ph.D., Assistant Professor of Political Science
Henry R. Seager, Ph.D., Assistant Professor of Political Economy
James T. Young, Ph.D., Lecturer, Administration

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X. ECONOMICS, POLITICS, SOCIOLOGY AND STATISTICS.

Professor Patten, Chairman; Associate Professor Falkner; Assistant Professors Adams, E. R. Johnson, Lindsay, Rowe and Seager; Dr. Young.

Majors —

Political Science, Economics, Transportation and Commerce, Statistics, Sociology.

Minors —

1. Political Science; A 1, 4; B 10.
2. Public Finance; A 3, and B 1, 2, or C 1, 2.
3. Administration; A 8, 6, 3, or A 9, 2, 4b; and C 5d.
4. Economic Theory; B 1, 2, and, B 10, or Mill’s Political Economy(2 hours a week).
5. History of Economic Thought; B 1, 2, 3, 4.
6. Economic History; B 10, and Group IX. C 2, 4.
7. Transportation and Commerce; B 11, 12, and A 4, or B 1, 2, or C 1, 2.
8. Statistics; C 1, 2, 3, 4, or C 1, 2, 3, and A3 (one term), or B 11.
9. Sociology; C 5c, 6, B 1, or C 5b, 6, 1, or C 5c 5d, A 4.

A.—POLITICAL SCIENCE, FINANCE AND ADMINISTRATION.

Assistant Professor Adams.

  1. History of Modern Political Ideas (2 hours per week)

Lectures covering the period from Bodin to the present, supplemented by prescribed reading. Relation between political thought and economic and social conditions will be studied, with special reference to the recent political development of England.

  1. Readings in Political Science (1 hour per week)

Reading and discussion of a few recent works on special phases of political problems.

  1. Public Finance (2 hours per week)

Taxation; the classification, incidence and effect of the several taxes. Methods of raising federal revenue in the United States; the revenue systems of the leading States (Second Term).

Assistant Professor Rowe.

  1. The Individual and the State (2 hours per week)

(a) (First Term.) The concept of individual liberty at different periods of political development. Relation to law and government. Distinction between civil and political liberty.  Guarantees, legal and political. The idea of social liberty in democratic communities.

(b) (Second Term.) Relation of the State to industrial action. Socialism and Individualism. Influence of economic and social changes on the sphere of activity of the State. Growth of free contract. Effect of recognition by the State of new forms of association.

  1. History and Theory of the State (2 hours per week)

(a) (First Term.) The general principles of political science. Its province and problems. Relation to the social sciences. Nature of political association; origin of the State; source and function of law. (Omitted in 1897-98.)

(b) (Second Term.) The concept of the State at different epochs. Growth of the distinction between State and government. Ends of the State; sphere of its authority; forms of the State and of government. (Omitted in 1897-98.)

  1. Municipal Government and Institutions (2 hours per week)

(a) (First Term.) The city and conditions of city life in the ancient, mediaeval and modern world. The relation between city and State in Europe and the United States.

(b) (Second Term.) Problems of modern city life. Relation to quasi-public works. Social problems.

  1. The Analytical School of Jurisprudence in its Relation to Political Science. (Second Term) (2 hours per week)

Selected readings from Bentham, Austin, Holland, Maine and Pollock. Relation of this school of thought to the doctrine of natural law and natural rights. Contrast between the historical and analytical concepts in political science.

Dr. Young.

  1. Administration (1 hour per week)

Local rural administration. A comparison of the organization and methods of local administration in Europe and America. Provinz, Bezirk, Kreis; Department, Arrondissement ; County, Township, etc. Modern growth and tendencies.

  1. Practical Problems in Administration (1 hour per week)

Studies in special questions, such as the formation and growth of systems of Civil Service; the development of boards and commissions of administrative control; the administration of factory legislation.

 

B. — ECONOMIC THEORY, ECONOMIC HISTORY, AND TRANSPORTATION AND COMMERCE.

Professor Patten.

  1. History of Political Economy (First Term) (2 hours per week)

The rise and development of the classical school of economists. Adam Smith and Ricardo form the natural centre of the study. Especial attention is given to the sources on which Smith’s Wealth of Nationsis based; and, in the latter part of the course, to the interpretation of Ricardo’s writings.

  1. Recent Development of Political Economy (Second Term) (2 hours per week)

The American economists are carefully studied. Prominence is given to the recent development of the theory of rent, to the theory of marginal utility, to the new aspects of the science resulting from an emphasis of the dynamic causes of social progress, to recent attempts to substitute consumption for production as the starting point of investigation and the basis of theory.

  1. The Relation of English Philosophy to Economics in the Eighteenth Century (First Term) (2 hours per week)

Philosophy and economics have in England been intimately related. The purpose of this course is to bring out the facts, character and extent of this relation and its results on both  sides.

  1. Scope and Method of Political Economy (Second Term) (2 hours per week)

Limitations of scope in economic investigation; its causes as deducible from the history of the science. The method of this science will be compared with that of others. The processes by which the great writers established their characteristic doctrines will be particularly considered. (Omitted in 1897-98.)

  1. Practical Applications of Economic Theory (First Term) (2 hours per week)

The object is to show the practical importance of the new theories, and the changes they will work in public opinion. Among the topics considered will be: taxation, wages, money, retail prices, population, the causes of poverty, the standard of life, co-operation, trades unions, the dependent classes. The distribution of the surplus will be specially considered, along with its proper weight as a factor in practical problems. (Omitted in 1897-98.)

  1. The Problems of Sociology (Second Term) (2 hours per week)

The possibility of a science of sociology; the attempts to found such a science, and the obstacles encountered; the relation of economics to sociology.

  1. Investigation of Special Topics (2 hours per week)

To promote original work and aid in the preparation of theses, special hours are assigned for the discussion of these investigations. Each student must select a topic, and give three hours a week to it throughout the year.

Assistant Professor Seager.

  1. Economic Conference (2 hours per week)

Assigned portions of the following works will be read and discussed: Böhm-Bawerk, Positive Theory of Capital; Hadley, Economics; Smart, Studies in Economics. Reports will be made on cognate topics of special interest.

  1. Advanced Reading in German and French Economics (2 hours per week)

Roscher, Grundlagen der Nationalökonomieand Philippovich, Allgemeine Volkswirthschaftslehre.
Leroy-Beaulieu, Traité théorique et pratique d’économie politique.

  1. The Industrial History of England and the Development of Economic Theory from 1750 to 1870 (2 hours per week)

The main features of the industrial revolution will be described, and the effects of the growth of the factory system on the position of the wage-earner, on legislation and on economic thought, will be considered. Then attention will be directed to the Corn-Law agitation, growing out of the Napoleonic war period; and the results of the Free Trade policy, inaugurated in 1846, will be discussed. Topics will be assigned for special reports. Lectures and assigned reading.

Assistant Professor E. R. Johnson.

  1. Theory of Transportation (1 hour per week)

General Theory of Transportation. The economic functions and the ideal organization of transportation. Competition and co-operation in railway management. The past and present functions of traffic associations. Relation of the State to transportation. Theories underlying governmental regulation in the United States and other countries. The theory of rates. Lectures accompanied by an outline of assigned readings.

  1. American Railway Transportation (2 hours per week)

Seminary, based mainly upon documentary sources. The work comprises (1) an examination of the salient features of the organization and management of railway transportation in the United States; and (2) a special study of railway regulation by the States and by the Federal government.

  1. Transportation Systems of the United Kingdom and Germany (1 hour per week)

Organization, relation to the government, results of regulation of railways in the United Kingdom, and of State ownership in Germany. (Omitted in 1897-98.)

  1. History of Commerce since 1500 (1 hour per week)

Lectures, assigned readings and investigations. Special attention will be given to the causes that have given the United Kingdom the commercial supremacy of the world. (Omitted in 1897-98.)

 

C. — SOCIOLOGY AND STATISTICS.

Associate Professor Faulkner.

  1. Introduction to Statistics (First Term) (2 hours per week)

A study of the statistics of population will serve to develop the general aspects of the science, the organization of statistical work, and the possibilities and limitations of statistical argument. Familiarity with the literature and the sources of statistical information will be the chief aim.

  1. Statistics of Economic Problems (Second Term) (2 hours per week)

This course supplements course 1: foreign commerce, railroads, banks, coinage, prices, strikes, wages, cost of living, will be studied from a statistical point of view. The literature will be reviewed and criticised.

  1. History and Theory of Statistics (First Term) (2 hours per week)

Summary of statistical efforts and statistical theory, culminating in the elaboration of statistical methods. Consideration of statistics as a science of method; the basis and form of  statistical judgments. (Open to students who have taken courses 1 and 2.)

  1. Statistical Organization (Second Term) (2 hours per week)

The history, organization and function of statistical agencies at home and abroad will be surveyed. The factors that contribute to the efficiency of census departments, labor bureaus, etc., will be studied. The statistical offices of the United States will be studied and their methods criticised. (Open to students who have taken courses 1 and 2.)

Assistant Professor Lindsay.

  1. Theory of Sociology (Two Years) (2 hours per week)

A systematic course in four parts; each part requiring two hours per week for half a year, and constituting an independent course.

(a) Methodology of the social sciences; their relations to economics. The problems of sociology. Brief review of the leading attempts to construct sociology as a science — Aristotle, Montesquieu, Comte, Spencer, Ward and Giddings.

(b) Primitive Society. Evolution of social organization and social control among primitive men. Special study of the forms of the family, and of the psychology of primitive society. Particular attention is given to the records of the American Indians.

(c) Structure of Modern Society. A study of the forms of social organization and social control resulting from modern demogenic association. The basis and relative strength of educational, political, religious and philanthropic factors.

(d) Social Movements of Modern Times. A discussion of the leading practical social problems of to-day, with a view to establishing a consistent theoretical point of view, and a method as a guide to the study of temporary and changing social conditions.

Note. — 5 d is open only to students who have had parts a, bor c, or an equivalent.

  1. Social-Debtor Classes (2 hours per week)

This course deals with those groups and individuals in modern society who contribute nothing to the social surplus, but who participate in it, and hence are social debtors. They are considered under the heads of (1) the reclaimable class; (2) the naturally dependent class; (3) the pauper class; (4) the criminal classes. The methods of dealing with these groups are likewise classified and discussed.

  1. Sociological Field Work (2 hours per week)

For special investigation of local social conditions and institutions. Opportunities for visiting industrial, educational and philanthropic institutions are afforded. Each student is expected to select a topic and make a careful study of some concrete social problem, with special reference to conditions in Philadelphia. Meetings for private conference and discussion are assigned.

Note. — In the academic year 1896-97, a special sociological investigation of the condition of the Negroes in the Seventh Ward of Philadelphia, is being carried on under the direction of William E. Burkhardt Du Bois, A. B., Ph. D., who was appointed for the year Assistant in Sociology for this purpose. The College Settlement of Philadelphia is co-operating in this investigation, and has appointed Miss Isabel Eaton, B. L., Fellow in charge of its work.

 

SEMINARY.

Seminary in Political Science, Economics and Sociology (2 hours per week)

The seminary meets each Monday evening during the academic year, for the presentation and discussion of papers prepared by the members under the direction of the professors in charge of the several topics in Group IX.

 

Source: Catalogue of the University of Pennsylvania. Fasciculus of the Department of Philosophy. Announcements for Session 1897-98, pp. 44-50.