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Barnard Columbia Gender

Barnard B.A. and Columbia M.A. Labor economist Louise C. Odencrantz, 1907-1912

 

Rummaging through the digital archives of Barnard College in search of curricular materials, I was paging through scrapbooks of Barnard graduates in search of old syllabi and exams when I happened to stumble upon the five year self-reports of the class of 1907. There I found the story of an empirical labor researcher who after getting her B.A. went on to get an M.A. at Columbia University. While by today’s standards Louise Odencrantz would not technically be regarded as an economist, a glance at her work reveals an empirical labor economist with a focus on women’s labor force experience. I found her story compelling enough to transcribe for Economics in the Rear-view Mirror and then discovered that her papers were donated to the Schlesinger Library of the Radcliffe Institute at Harvard University.

______________________

Louise C. Odencrantz.
Biography

Louise C. Odencrantz was born on August 22, 1884, in Gothenburg, Nebraska; she received her B.A. from Barnard College in 1907 and her M.A. in Social Sciences from Columbia University in 1908. From 1908 to 1915 she was an investigator in industrial relations for the Russell Sage Foundation. From 1915 through 1919 she supervised both the New York State and the United States Employment Bureaus on the wartime employment of women in industry. As Personnel Director (1919-1924) for Smith & Kaufmann, Inc., a New York City silk ribbon company, she was active in labor negotiations and employee welfare programs. In 1922 she helped organize the International Industrial Relations Association and attended its congresses as United States delegate in 1922, 1925, and 1928. From 1927 to 1936 she was Director of the Employment Center for the Handicapped in New York. For the next three years she helped organize and train new staff for the New York State Division of Placement and Unemployment Insurance, and during World War II was Executive Director of the Social Work Vocational Bureau in New York City. She retired from the business world in 1946, remaining active in many volunteer programs until her death in April 1969.

Odencrantz was the author of Italian Women in Industry (1915) and The Social Worker in Family, Medical and Psychiatric Social Work (1927), and co-author of Industrial Conditions in Springfield, Ill. (1915) and Public Employment Services in the United States (1938).

 

Source: Schlesinger Library, Radcliffe Institute, Harvard University. Louise C. Odencrantz Papers, 1909-1968.

______________________

Selection of Publications

Louise C. Odencrantz. Irregularity of employment of women factory workers. Survey, 21: 196-210. 1909.

Louise C. Odencrantz and Zenas L. Potter. Industrial Conditions in Springfield, Illinois: A Survey by the Committee on Women’s Work and The Department of Surveys and Exhibits, Russell Sage Foundation. New York: Russell Sage Foundation, June 1916.

Louise C. Odencrantz. Italian Women in Industry: A Study of Conditions in New York City. New York: Russell Sage Foundation, 1919.

______________________

Odencrantz’s Report in the 1907 Class Book. 1907—1912 (Barnard College)

Louise C. Odencrantz. “Writing one’s memoirs when she has been out of college five years is something like summarizing her life history at the age of five. At least, I feel as if life had just begun. (If indeed you could see how the handsome young Italian fellows roll “dem soulful eyes” at me, you’d think I was still Sweet Sixteen.) During these years you are in a sort of suspended state, not knowing for certain whether you want to stick to your present job or not for the rest of your working days. And in these years you rapidly discover that the work you took in college seems to be of little use, but the courses that you didn’t take would have been so helpful. For instance my head ached with Latin, French, Greek and German when I left college, and Italian is the only language I have ever had to use. And why didn’t I take a course in Statistics instead of Art Appreciation? It would have saved me many a worry. But how could I tell I was never going to teach?

My work has been practically the same since 1907, investigating always, but my employers have changed much. The first year it was for the College Settlements’ Association for which I held a fellowship. That same winter saw me one of two lone women in the Columbia Economics Seminar of some fifty Japs, Americans, Chinese, Russians and other miscellanies. If my mind had not been so full of the unemployment of factory girls, the seminar would have offered a good thesis on the immigrant question. The following year I was investigator for the Alliance Employment Bureau and for the last three years for the Committee on Women’s Work of the Russell Sage Foundation.

No one of my friends has ever been able to discover what I do other than that I go to see all sorts of factories and queer people, to discover what the trade conditions are for women in New York City. It is all most interesting to me as it is to every other investigator. What more absorbing than to enter almost into a working girl’s life, learn her ways of thinking, her ambitions, her sorrows and worries and her points of happiness? It is pathetic to find girls remembering you years after you have been to ply them with an hundred questions, and that your friendly visits have been epochs in their lives. There is Jennie, one of my staunch friends. She is an Italian flower maker, 34 years old, who had to go to work when she was 12 years old. “It must be lovely to know how to read and write”, she said. Now she supports three strong, grown brothers, her mother and herself. Why? Because her mother would not leave these sons tho they abuse and boss her, and Jennie would not leave her mother. To you she would appear only a large, stout, cross-eyed woman, ignorant and coarse, but get acquainted! Do you wonder I am a hot suffragist and am willing to wear out the asphalt on Fifth Avenue on May 4th?

It is indeed a life of motleyed experience, drinking wine almost by the quart, eating super with these people (oh, don’t mind if the macaroni is served from a wash bowl in the middle of the table, or that the glass you drink from has not been washed since the last imbiber), trying to persuade Angelina not to take back her good-for-nothing husband when he gets out in 6 months, or getting a place in the country for Katie, an Irish bookbinder, pale and worn out. She is 22 but tells you that she used to go to dances and weddings when she was young.

For the last months I have been playing statistician and I feel as if my legs were tables, my arms appendices, my body a census volume, covered with dollar marks and percents and diagrams. Even in writing this I can scarcely refrain from inserting a few tables and statistics.

I have no photographs to send of a husband, etc., as I have none. One married shirtwaist maker asked me the other night, “You got a fellow?” and when I replied “No,” she exclaimed, “What’s the matter?””

Louise received an M.A. in 1908 and the results of her investigation for C.S.A. were published in the Survey for May, 1909.

 

Source: Found in the Barnard Digital Collection. Mary Catherine Reardon Scrapbook, 1903-1911: 1907 Class Book. 1907—1912, Edited by Sophie Parsons Woodman, pp. 14-15.

Image Source: Class portrait of Louise Christine Odencrantz, Barnard Class of 1907 in Mortarboard 1907, p. 173.

Categories
Chicago Economic History Economist Market Economists Fields

Chicago. Report of the Bailey-Christ-Griliches Committee, 1957

 

Today’s artifact provides a collection of suggestions from three young faculty members of the University of Chicago department of economics in 1957 regarding (inter alia) thesis writing, linkages with business/law/statistics faculty, long-term staffing, and the creation of a working-papers series. After reading the report, I guess one should not be terribly surprised that all three of these young turks would ultimately end up spending the lion’s share of the rest of their working lives elsewhere than Chicago. Basically what we have below is a young insider’s view of how to proceed in promoting excellence at Chicago, though it does not really have the ring of a majority view of that faculty. For fans of Saturday Night Live, one might say Christ et al. wanted “less cowbell” but the “more cowbell” faction was stronger. [An alternate source for the SNL sketch]

The following report was written by Carl Christ who incorporated assessments by his fellow committee members Martin J. Bailey and Zvi Griliches.  These guys were only ca. 34, 30, and 27 years old, respectively, in 1957. One suspects that the acting chair of the department of economics at the University of Chicago, D. Gale Johnson, was hoping to tap the minds of the younger faculty members for some fresh ideas. Both Friedman and Stigler had already entered mid-life at 45 and 46 years of age, respectively. 

I have added footnotes to the text in square brackets, e.g. [1], where descriptions of the reader’s markings by T. W. Schultz are provided.

_______________________

T. S. Schultz’s handwritten notes attached to Report

I.  Christ-G-B

  1. dust off Master’s (hold)
  2. treatment of the weak
  3. rec[commend?] students with more enthusiasm
  4. more history (underway)
  5. combine workshops?

II. Business –Law-Statistics

O.K.     more cross listing of courses. List of faculties for use in assigning committees (underway)

III. Information

prong 1. Special seminar (tied to more visitors)
prong 2. more 1 & 2 year visitors
prong 3. dist our staff (2 v.G.
prong 4. reprint service (underway)

 

_______________________

copy of T. W. S.

REPORT OF THE BAILEY-CHRIST-GRILICHES COMMITTEE*

            *The committee was appointed by D. Gale Johnson, acting chairman of the Department, pursuant to a motion passed at a department meeting late in the spring quarter of 1957. The report was written by Carl F. Christ, chairman of the committee, and has been approved in substance by Martin J. Bailey and Zvi Griliches, the other two committee members.

 

The committee has met together several times. In addition, each of us has “held hearings” with colleagues on numerous informal occasions. Our original terms of reference centered on a long range view of the question of staffing the department. But in our discussions we have ranged very widely.

We have dealth [sic] with five broad topics, some of which are interconnected. The five are, loosely speaking:

  1. Instruction, training and placement of students.
  2. Relations with the business, law, and statistics faculties.
  3. Information about the department for its members, for the economics profession and for prospective students.
  4. The allocation of resources in economics research.
  5. Kinds of economists the department ought to try to hire.

On some of these topics we have concrete suggestions, on some we have vague suggestions, and on some we merely have questions. This report provides a brief account of our discussions, and in the course of it it the suggestions and questions will appear.

 

(1) Instruction, training and placement of students.

This topic has not been a major one in our discussions. However we have several points under it.

First, the M.A. degree ought to be dusted off and made more respectable and more meaningful to students, so that those who do not choose or are not able to continue for the Ph.D. can go away from here with the feeling that they have made a worthwhile investment, to our credit as well as theirs.

Second, we ought to do a better job with our relatively weak Ph.D. aspirants in two respects: First, in discouraging or prohibiting from Ph.D. work any student who, in our opinion, is not capable of success by our standards. Second, once a student has been permitted to go ahead on his thesis, in encouraging and assisting him so that he is able to finish within a reasonable period of time and to have the feeling that he has been treated fairly. The reason for mentioning this point is that we have come across reports of several students who worked long and hard on theses and went through several revisions, with the result that they felt we had been unreasonably exacting and had unnecessarily delayed their degrees. [1]  If the M.A. degree is made more respectable as suggested above, there should be less difficulty in maintaining our Ph.D. standards and at the same time avoiding long-drawn-out struggles with marginal Ph.D. students. [2]

Third, we ought to be more vigorous and more liberal in recommending our students for jobs. There appears to be some evidence that in making recommendations we typically assume that the prospective employer has standards as high as ours, and so sometimes fail to place some of our people in jobs that instead are filled by less qualified students from elsewhere. [3]

Fourth, we ought to give at least some of our students a better knowledge of history and inability to make use of it in economics. Too many of our students go away with only poor knowledge in this area. At the same time, in Earl Hamilton and John Nef, not to mention others, the department has access to some of the best historical talent that is to be found anywhere. Can it not be turned to the advantage of more students? [4]

Fifth, we ought to economize our resources a bit by combining into one the workshop appearance in the thesis seminar of those students whose workshop performances appear ex post to have served the purpose of the thesis seminar. It might also be possible to combine the Ph.D. oral examination with the seminar appearance in some cases, thus making a further saving.
Sixth, we ought to take more advantage of the resources in the business, law, and statistics faculties, and be prepared to let them do the same with us (see topic 2 below). [5]

 

(2) Relations with the business, law, and statistics faculties.

The committee met for an hour with Allen Wallis, James Lorie, and Arnold Harberger to discuss informally the probable future course of relations between the department and the school. From this it appeared that the school intends to continue to send many of its advanced students to the department for training in price theory and monetary and income theory, and also that the school will welcome students from the department who wish to study topics that are offered in the school. [6] It also appeared that the school intends to invest fairly heavily in staff in the areas of industrial and market organization in the public regulation of business (this interested us because we feel that one of the main weaknesses in the department’s coverage lies here; see topic 5 below). [7]

We discussed the fact that while relations between the department and the school have always been cordial, there has not been as much flow back and forth as desirable, and in particular that some of our students would be interested in the business school’s work fail to follow up this interest because our demands on their time are quite heavy. We concluded that if there were more cross-listing of courses in the catalog and time schedules (the business school now does a better job of this than we do), and if some of their faculty came to our seminars and oral examinations and vice versa, and if there were more preliminary examination committees and thesis committees with members from both the school and the department, then in the course of meeting their degree requirements, any interested economics department students will find it easier to draw on the resources of the business school and vice versa.[8]

A similar approach to law and statistics would appear promising.

 

(3) Information about the department for its members, for the economics profession, and for prospective students.

One of the most commonly recurring themes in our discussions with each other and with “witnesses” in our “hearings” was that we do not provide good enough information for each other and for outsiders about the kind of work that is going on here, and the advantages we believe we have. Our discussions on this point have led to one of the two major suggestions we have to offer (the other appears below in section 5).

The suggestion is to set up a four-pronged program something like the following. (We will quickly list the four prongs, and then return with some comments.) First, set up a sort of special seminar (which might be called the Economics Research Center Seminar) to meet more or less regularly about twice a month, at which the best work that students and faculty and guests are doing would be presented to the department and its guests. Second, have a larger number of one-year or two-year visitors from all over the U. S. and the world, either as post-doctoral fellows or research associates or the like, whose main responsibility here would be to work on their own research and participate in the special seminar, as well as to take part in one or more workshops and research projects. Third, distribute dittoed copies of our essentially finished work to a selected mailing list of economists in the US and abroad, as the Agricultural Economics group already does informally. And fourth, have a reprint series that would carry the best published articles and papers by our faculty, students, and guests.

It is clear that if such a special seminar is set up and no cut is made in the number of meetings of the other workshops and seminars, the faculty workload will increase. Since we feel that it is already pretty high, it seems sensible to suggest that each workshop skip one meeting each month. This should approximately compensate for the extra load created by the special seminar.*

*A crude survey of the faculty attendance at the Agricultural Economics Seminar and the Chile, Labor, Money, Public Finance, and Econometrics Workshops yields the estimate that about 40 faculty-hours (that is, about 20 man-seminars) per week go into these workshops. Assuming that about 10 faculty members would come to each special seminar, about every two weeks, this would require a weekly average of about 10 faculty-hours (or about 5 man-seminars), which would be released if the frequency of meetings of the workshops were reduced about 25%. Another economy measure in this direction is mentioned under topic (2), fifth item.

(In response to the special seminar idea, some colleagues have suggested that the important thing is to circulate advance notice of particularly good work that is about to be presented, so that interested faculty members and others can attend, and that if this can be done, there is no need to have a special seminar; the regular workshop sessions will suffice. If the idea is accepted that particularly good work ought to be publicized within the department before it is presented, then the question of whether to do this via notices of regular workshop meetings or via a special seminar can be discussed as a procedural matter.) [9]

The special seminar idea is tied in with the idea of more visitors, for one of the results we hope for is that the visitors will see our best work, and will spread the word about what kinds of things are being done here, when they leave and go elsewhere. [10]

The reprint series and the distribution of the dittoed manuscripts will, we hope, have a similar effect. Further, but dittoed manuscripts will enable some members of the profession at large to become familiar with our results many months before they can be brought out in published form. [11]

Other simpler measures that might improve the flow of information are the following: Putting out a special department circular or flyer describing the department, the workshops, the interchange of research among faculty and advanced students, and the large amount of faculty attention paid to students; returning to the practice of giving brief descriptions of courses in the catalog (and in the above-mentioned circular), instead of merely course titles as our department has been doing recently; and publishing an annual report for the Economics Research Center. [12]  The matter of job recommendations for our students, which is related to the topic of providing information, was touched on under topic (1) above.

 

(4) The allocation of resources and economics research.

The area of economics that is the most fully developed, the most systematic, the most firmly established, and probably the most reliable for understanding and controlling economic events is the more or less traditional theory of prices, distribution, and the allocation of resources, based on the tools of supply, demand, and marginal analysis. Because it’s postulates (including utility maximization, profit maximization, and a fairly widespread knowledge of market alternatives) appear to be rather unrealistic, this theory has the reputation among many people of being dry, abstract, and of little or no practical value. In the opinion of the committee and of many economists in our department and elsewhere, this theory is a powerful one and can lead to highly useful results when applied to real-world problems. Indeed, one of the most productive kinds of activity for economists appears to be to apply this theory to situations where public and private policies are inappropriate to the goals people have in mind. [13]

In our opinion, the main strength of our department lies in just this kind of activity. We have a group of people who are very devoted to and very good at discovering important, unsolved economic problems that can be solved with the aid of this kind of theory, and solving them. [14]

Our agricultural economists’ approach to the farm problem is one example. Their work on optimum storage rules and on the development of natural resources or others. Our department’s work on economic growth in a sense is another, since when we find that the growth in national product is not fully accounted for by inputs of labor and capital is usually measured, we begin to look for some missing input, either in the form of something that shifts the production function, or in the form of some quality improvements that we have missed in the labor and/or capital: knowledge in either case. This is related to work by Friedman, Becker, in the labor workshop on the value of education as an investment, and to Knight’s concept of human beings as a form of capital. Harberger’s work on depletion allowances, and on the welfare costs of the U.S. tax system, are other examples. Friedman’s and Cagan’s work on the demand and supply of money are examples too, in the sense that attention is focused on the behavior of economic units seeking to maximize their utility or profit in their holding of money and their borrowing and lending operations. Friedman’s and Reid’s consumption work is similar in that into rests on the same view of individual behavior. The whole Chile project is an example par excellence. Friedman’s suggestions for allowing the price system more scope in the fields of education, military recruiting, and the like, for which Friedman and indirectly, the department are so well known, are still others, as is Becker’s free banking scheme, though there is probably more disagreement among economists generally about questions like these that about the other work mentioned above.

While it is clear to us that applications of the familiar theory of allocation of resources very productive, it seems equally clear that the real frontiers of economics lies elsewhere. Some areas that have claimed attention so far are economic history, political science, sociology and social psychology and cultural anthropology, psychology (including learning theory), information theory, statistical decision theory, linear programming, the theory of games. It seems at least as likely that major advances in economics will come by one of these routes or some as-yet-unidentified route as they will come from applications of the familiar resource-allocation theory.

The foregoing statement is so broad that it is almost certain to be true, and almost useless as a guide to research workers interested in major advances. The committee polled itself as to where it thinks pay dirt lies, and where it does not lie, with results something like the following: Among the areas particularly likely to be fruitful are the borderland with learning theory and psychology concerning choice and decision-making  [15], the borderland with statistics concerning decision theory and game theory [16], the borderland with anthropology concerning culture and values [17], the borderland with political science concerning political institutions [18]. Also promising, we feel, are mathematical approaches generally, including mathematical approaches to some of the above mentioned borderlands. [19] None of us wanted to rule out linear programming, though none of us was enthusiastic about input-output.

In summary of this topic, we have two statements: First, the familiar resource allocation theory is a powerful tool and there remains a rich field for its application. Second, it seems to us that if some resources are invested in related but different areas such as those mentioned in the preceding paragraph, there is now a worthwhile chance of that substantial pay-off in the form of new knowledge relevant to economics.

 

(5) Kinds of economists the department ought to try to hire.

Over the past few years several members of the department (and a good many outsiders!) have expressed the view that our department is too homogeneous in several ways. [20] Most of us rely heavily on resource allocation theory, as suggested in the preceding section of this report, and do not emphasize peripheral and possibly frontier areas such as decision theory, learning theory, information theory, psychology, anthropology, and the like. [21] Most of us were trained at Chicago at some stage, are essentially anti-socialist, [22] have essentially similar views about monetary and fiscal policy, have similar views about how far public policy should rely on the price mechanism and how far it should interfere with it, and are primarily theoretically and analytically oriented as opposed to institutionally oriented.

In recent department meetings, our discussion of this matter has often gone something like this: First, we more or less agree that we ought to diversify by seeking a socialist, or an institutionalist, or something of the sort. [23]  Then we considered names of economists who might qualify, and one by one we reject them on the ground that they are not really good economists. The discussion ends when someone says, “There’s really nobody good in that category.”

Granted that we want to maintain a high level of quality in the department, there are at least two difficulties involved in any attempt to diversify. One is that in hiring people we like to feel that we know them pretty well, so as to make informed decisions. And the younger people whom we know the best, by and large, are our own former students and fellow-students. This creates and perpetuates a bias in favor of people trained at Chicago. [24] The bias is not so strong, of course, in the cases of people who have published and made reputations, but even here it appears to exist (look at the people who were brought here as associate professor from elsewhere, and ask how many have had training at Chicago).

A second difficulty is simply that it is hard to separate judgment about the quality of an economist from judgment about his position on questions of research strategy and of economic policy. We agree in principle that high quality is very important, and also that it is possible for powerful and prolific minds to disagree in good faith concerning research strategy and public policy. Still there is a temptation to feel that one’s own views sincerely arrived at are best, and that somehow an economist who disagrees strongly with them cannot really be a very good economist. [25]

It seems to the committee that the real issue is not diversification per se. We see the issue somewhat as follows: As we said in the foregoing section of the report, we believe that the real frontiers of economics lie in directions that are somewhat unorthodox by the lights of the department. [26] We also believe that there are high-quality economists who are unorthodox in the same sense. If these two premises are correct, then our interest as a department in pushing forward the frontiers of economics must prompt us to make a serious attempt to add a few such people to our staff. It is only in this sense the diversification seems to be a worthwhile aim.  [27]

The question of what sort of people the department ought to try to hire includes not only the problem of finding economists of high quality who appeared to have productive unorthodox approaches. [28] It also includes the problem of rounding out the subject-matter coverage of the department.

The committee pulled itself again, this time as to the subject matter areas that the department ought to pay special attention to, in seeking new faculty. The results were as follows.

For replacement of staff lost in recent years, the two high-ranking fields were mathematical economics-econometrics, and industrial and market organization in social control of business. [29]  (The second of these seems less urgent for us, in the light of the business school’s intention to invest in it; see topic 2 above.) Ranking almost as high was the history of economic thought. [30]

For expansion, we thought of business fluctuations, the economics of the firm, and American economic history (the latter mainly so as to free Earl Hamilton to give work in his real specialty, European economic history, without sacrificing our offering in the American field).

The last two sections of the report may be summarized thus (and here is the second major suggestion referred to earlier). It is the feeling of the committee (1) that we should place a high value on quality, and (2) that in view of our belief that the present composition of the department is weak in areas where the frontiers of economics are to be found, we should make a serious attempt to find high quality people whose interests and competence give promise of advancing the frontier, as suggested in the end of the preceding section of the report. We also suggest that the department pay special attention to the fields mentioned in the foregoing paragraph. In particular, we suggest that the department undertake to appoint a person in the mathematical economics-econometrics area beginning in the fall of 1958. [31]

There is no reason why one or more of these things should not be combined in the same person. And, of course, there is no reason why we should pass up opportunities to hire good economists who are essentially orthodox by our lights, if our resources will permit us to do that as well as meet our author needs.

 

Handwritten Markings and Remarks

[1] Vertical line in left margin marks the last two sentences of paragraph.

[2] Question mark in left margin for this sentence.

[3] “a good point” in left margin for second sentence of paragraph.  “need to ask[?] terms of the specific job + not general letters” in the right margin

[4] “good” in left margin. Vertical line in left-hand margin marks the entire paragraph.

[5] “OK” in left margin. Vertical line in left-hand margin marks the entire paragraph.

[6] “good” written in left margin next to this sentence.

[7] Vertical line in left margin marks the last sentence of the paragraph.

[8] “get list from these committees” in left margin for this sentence.

[9] “OK” in left margin for the last sentence of this paragraph.

[10] “OK” in left margin next to this paragraph.

[11] “OK” in left margin for the last sentence of this paragraph.

[12] underlined “merely course titles as our department has” and “publishing an annual report for the Economics”

[13] Four vertical lines in the left margin mark the last sentence of this paragraph.

[14] Vertical line in the left margin marks the entire paragraph.

[15]  Underlined: “borderland with learning theory and psychology concerning choice and decision-making”,  “(1)” in left margin.

[16] Underlined: “statistics concerning decision theory and game theory”,  “(2)” in left margin.

[17] Underlined: “anthropology concerning culture and values”,  “(3)” in left margin.

[18] Underlined: “political science concerning political institutions”,  “(4)” in left margin.

[19] “(5)” with a vertical line in the left margin marking “mathematical approaches generally, including mathematical approaches to some of the above mentioned borderlands.”

[20] “is too homogeneous in several ways” is underlined.

[21]  “decision theory, learning theory, information theory, psychology, anthropology” is underlined.

[22] “anti-socialist” is circled

[23] “socialist” and “institutionalist” are each circled.

[24] Vertical line in left margin marking the second, third, and fourth sentences of this paragraph.

[25] Vertical line in left margin marking this entire paragraph.

[26] “economics lie in directions that are somewhat unorthodox” is underlined.

[27]  Vertical line in left margin marking the last two sentences of this paragraph.

[28] “productive unorthodox approaches” is circled

[29] “mathematical economics-econometrics” is circled  “also Stigler” written in left hand margin with reference to “industrial and market organization”

[30] “history of economic thought” is underlined, connected with short line to bottom margin note “Stigler”.

[31] Curly vertical line in the left margin marks the entire paragraph.

 

Source: University of Chicago Archives. Department of Economics Records, Box 42, Folder 8.
Mimeograph copy without marginal notes also found in Harvard University Archives. Papers of Zvi Griliches, Box 129, Folder “Correspondence, 1954-1959”.

Image Source: Professor Carl F. Christ in Johns Hopkins University yearbook. Hullabaloo 1962.

 

Categories
Exam Questions Harvard

Harvard. Junior political economy final examination. Green, 1870

 

 

In a previous post I transcribed the final exam questions for Francis Bowen’s senior year course “Political Economy” at Harvard, 1868-69. In that post you will also find biographical information.

In the following year, 1869-70, “Political Economy” was  offered to seniors in the first term (Bowen’s text-book). It was also taught (with a different text-book: Rogers) in the second term of the junior year.

_______________________________

From the Annual Report of the President of Harvard College, 1869-70

[There are four subjects and four instructors listed for the required subjects for second term Juniors in 1869-70 according to the annual report of the president of Harvard College.]

 

Required Studies. Text-books Number of students Number of Sections Number of Exercises per Week Number of Hours per Week
Instructors. Subjects.
Mr. O. W. Holmes, Jr. Constitutional Law Alden’s Science of Government

158

4 1

4

Mr. N. St. J. Green Philosophy Hamilton’s Metaphysics;
Rogers’s Political Economy

158

3 3

9

Prof. Bowen Forensics (four)

158

Prof. Lovering Physics Lectures

158

2 1

2

 

Textbook:   James E. Thorold Rogers, A Manual of Political Economy for Schools and Colleges. Oxford: Clarendon Press, 1868.

 

Source: Harvard University. Annual Report of the President of Harvard University, 1869-1870, p. 38.

_______________________________

POLITICAL ECONOMY

  1. Is a hard bargain, voluntarily entered into, an advantage to both parties, or a disadvantage to one? Why, and how?
  2. What is the cause of value? What is the measure of value?
  3. What is Capital? Profit? Wages? Rent?
  4. What are the causes which determine the Wages of Labor?
  5. What is the effect of laws regulating the rate of Interest? How do they produce that effect?
  6. What is meant by Demand and Supply? Give an illustration of the price of an article being affected by Demand. Give one of its being affected by Supply.
  7. Is Capital equally distributed to all kinds of Labor? If it is, why is it? If it is not, why is it not?
  8. What are the proper functions of Government?
  9. What are the general principles of Taxation?
  10. Why are the Precious Metals used as Money? How are they distributed?

 

Jun. Ann. June, 1870.

 

Source: Harvard University Archives. Harvard University. Final Examinations 1853-2001. Box 1, Folder “Final examinations, 1869-1870”.

 

Image Source:  Portrait of Francis Bowen from the Harvard Square Library (Unitarian Universalism). The Harvard Book: Portraits.

 

Categories
Chicago Economists Johns Hopkins

Johns Hopkins. Memories of Chicago Economics Ph.D. Alumnus and JHU professor Carl Christ, 2017

 

Sometime in the second half of the 1980’s, when my stock as an expert on the economy of the German Democratic Republic was reasonably high and the future fall of the Berlin Wall was still sufficiently somewhere over the rainbow, the President of the Johns Hopkins University (Stephen Mueller) apparently hoped enough to attract me to the young American Institute for Contemporary German Studies of Johns Hopkins in some capacity to have the economics department of the university invite me to present a seminar and talk with colleagues there. Knowing now just how excited departments can be about suggestions coming from the university administration regarding potential appointments, I should have gone into this campus visit with low expectations. 

As it turned out my host for the visit was the senior professor Carl Christ who was the proverbial gentleman and a scholar. He was an engaging and sympathetic mensch with broad interests. From that time I have read with delight his accounts of the Chicago years of the Cowles Commission. He struck me as a scholar you could trust.  I was introduced to his colleague Peter Newman who, if memory serves me correctly,  joined us for lunch. Come to think of it, for my latent interest in the history of economics, I could have hardly had a much better day.

However the story of my day with the Johns Hopkins department of economics would be incomplete without admitting that the seminar did not go well…for me. It was the first time in my (hitherto sheltered) academic life that I was mawled by a pit-bull seminarian over a point that was quite important for his c.v. but of third-order importance for the results of my paper. In any event, there was no further contact one way or another with the Johns Hopkins economics department after that.

My positive impressions of Carl Christ survived and I am delighted to share what I have found out about the life and career of the this fine specimen of  a 1950 University of Chicago economics Ph.D. Note:  “Although his economic training was in the ‘Chicago School,’ he never believed that economic efficiency was a higher goal than social justice,” wrote a daughter, Alice Christ of Lexington, Ky.”

The previous post provides his reading lists for a sequence of econometrics courses he taught at the University of Chicago in 1957.

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Obituary
May 3, 2017

Longtime JHU Economist Carl Christ dies at 93

Carl Christ, Professor Emeritus in the Department of Economics at Johns Hopkins University, passed away on April 21, 2017. Professor Christ was born on September 19, 1923 in Chicago and graduated from the University of Chicago Lab School. He earned his BS in Physics from the University in Chicago in 1943 and his Ph.D. in Economics from the same institution in 1950. He worked as a Junior Physicist on the Manhattan Project in Chicago from 1943 to 1945 and was an Instructor in Physics at Princeton University from 1945 to 1946, after which he enrolled in the graduate program in the Department of Economics at the University of Chicago. He was a Research Associate at the Cowles Commission at Chicago from 1949-1950. He moved to the Department of Economics at Johns Hopkins in 1950, where he served on the faculty until 1955, when he moved back to the Department of Economics at the University of Chicago, where he served as Associate Professor from 1955 to 1961. In 1961, he returned to Johns Hopkins as Professor, where he remained until he retired in 2005 and assumed Emeritus status.

Carl Christ had a distinguished record of scholarship across multiple topics. His interests ranged from econometric methods, especially the testing and evaluation of econometric models, to monetary and fiscal policy and to the history of econometrics. His work on macroeconometric models was rooted in the Cowles Commission tradition of structural econometric models based solidly on economic theory and careful attention to identification, endogeneity, and consistent and efficient estimation. He wrote a seminal paper on the forecast error variances from those types of models and on their sensitivity to model specification. He authored a widely used introductory econometrics textbook in 1966, Econometric Models and Methods, which popularized the structural econometric approach. The textbook was translated into several languages. In the area of monetary and fiscal policy, his major contribution was a deep incorporation of the federal budget constraint in all its dimensions–fiscal, monetary, reserves, debt, and so on–into macroeconometric models, which had inadequately incorporated those features prior to his work. He showed that policy multipliers were very different when the budget constraint was properly modeled. His interest in the history of econometric methods was also strong, and he wrote a history of the Cowles Commission during its first 20 years which was published in 1952, an expanded version of which appeared in the Journal of Economic Literature in 1994, and he wrote a history of the founding of the Econometric Society as well as several other pieces on the history of quantitative analysis. He was a student and admirer of Tjalling Koopmans and, with Martin Beckmann and Marc Nerlove, edited the Scientific Papers of Koopmans. A symposium in his honor where papers relating to his research were presented was held at Johns Hopkins in 1995 and was published in the Journal of Econometrics in 1998.

Christ served in numerous professional and department capacities during his career. He served in multiple capacities of the American Economic Association, including serving as Vice President, serving on its Executive Committee, chairing several other committees, and serving on the Editorial Board of the American Economic Review. He served in numerous roles for the National Bureau of Economic Research, including service as a Member, Vice Chair, and Chair of its Board of Directors. He served on the Council of the Econometric Society and in several other capacities for the Society. He was an elected Fellow of the Econometric Society and the American Statistical Association and received many other citations and awards. At Johns Hopkins, he served as Chair of the Economics Department twice, from 1961 to 1966 and from 1969 to 1970. He also served on numerous university committees throughout his career and into his time as Emeritus Professor. The Department of Economics at Johns Hopkins has a named professorship as well as a named graduate student fellowship in his honor.

He is survived by his wife of 66 years, the former Phyllis Tatsch.

 

Source:   Johns Hopkins University Department of Economics Website. “Longtime JHU Economist Carl Christ dies at 93”.

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IN MEMORIAM
Published Apr 25, 2017

Longtime Johns Hopkins economist Carl F. Christ dies at 93
Trailblazing expert in field of econometrics specialized in fiscal policy and government budget restraint, spent more than 40 years at JHU

by Jill Rosen

 

Carl F. Christ, a distinguished economist whose career at Johns Hopkins University stretched more than 40 years, including two stints leading his department, died Friday. He was 93.

Christ was a trail-blazer in the field of econometrics, where statistical analysis puts economic theories to the test. In the late 1960s he wrote one of the first textbooks on the subject, a book that became a standard text used for decades in economics courses worldwide. Much later, in 1998, the Journal of Econometrics honored him with a special issue, a collection of articles by “friends, colleagues, and professional admirers of his life’s work,” that praised his contributions, his influence, and the “beauty” of his analytical work.

Christ, born in Chicago, graduated in 1943 from the University of Chicago, where his father was on the faculty of the business school. He did not initially pursue economics, but physics, teaching it at Princeton and working on the Manhattan Project, a research effort during World War II that led to the creation of nuclear weapons.

But Christ realized he wanted to use his mathematics ability to help the world in a different, more peaceful way. He once told the News-Letter, “During World War II, I lived in a house full of pacifists while I was working on the atom bomb. I then wanted to do something that had to do with human problems.”

“He wanted to do more good in the world,” said his daughter, Lucy Smith. “He wanted to be constructive and he saw economics as the path to do that.”

After returning to school and earning a PhD in economics from the University of Chicago, Christ joined the faculty of Johns Hopkins in 1950, where he stayed for most of the rest of his career, except for a six-year stint at the University of Chicago.

In addition to pioneering the use of computers to test econometric models, Christ’s niche was monetary and fiscal policy, especially government budget restraint. He is the author of four books, editor of one, and has more than 40 articles in journals and books, as well as more than 60 other publications.

“He was one of the greatest macro econometricians of the 1950s and 1960s,” said Johns Hopkins economist Robert Moffitt. “He worked on the first wave of econometrically-based macroeconomic models of the economy developed at the Cowles Foundation at the University of Chicago, and became a leading authority in the economics profession on their estimation.”

Students at Johns Hopkins chose him to win the George E. Owen Teaching Award in 1985, an award for outstanding teaching and devotion to undergraduates.

In 2008, when the university established a named professorship in his honor—the Center for Financial Economics’ Carl Christ Professorship—his colleagues described it as an honor for “the legacy of a man who has been an inspirational teacher and mentor to generations of Johns Hopkins students.”

Johns Hopkins economics professor emeritus Louis Maccini, who Christ hired, said Christ always had time for junior colleagues and students, ready with constructive criticism and good advice.

“When he hired me he was a very distinguished scholar, and I appreciated how I could talk with him and get sensible advice—passed on as if I was his equal,” Maccini said. “I tried to model myself after him in that regard.”

Beverly Wendland, dean of JHU’s Krieger School of Arts and Sciences, also recalled Christ’s dedication to the university.

“A renowned economist who was beloved by both his students and faculty colleagues, Carl was instrumental in making our Department of Economics the standard-bearer that it is today,” she said.” He will be remembered, not only for his pioneering work in econometrics, but for his love and dedication toward Johns Hopkins.”

Christ was passionate about the university community, joining numerous efforts and boards, and even appearing in a few Johns Hopkins theatrical productions. He was a devoted member of “The Oldtimers,” an informal club for retired faculty and staff.

“He held the thing together,” said Matt Crenson, a Johns Hopkins political scientist and an Oldtimer. “He planned meetings, he made reservations, he discussed the menu, and he sent out notices—I hope we’ll be able to survive without him.”

Off-campus, Christ served on the Maryland Governor’s Council of Economic Advisers and helped the Urban League by drafting brochures on financial topics, like how to buy a house with sustainable mortgage payments.

At Roland Park Place, where he lived, Christ joined the investment advisory committee and the hospitality committee. He could also be regularly spotted at the corner of 41st Street, with a “War is not the answer” sign.

In addition to his daughter Lucy, Christ is survived by his wife of 66 years, Phyllis; daughters Alice Christ and Joan Christ; and five grandchildren.

 

Source: Johns Hopkins University, Hub website.

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Obituary
April 26, 2017

Carl F. Christ, noted Johns Hopkins economist
by Frederick N. Rasmussen
The Baltimore Sun

Carl F. Christ, a noted Johns Hopkins University economist whose career spanned more than four decades and who during World War II worked on the Manhattan Project, died Friday of complications from prostate cancer at Roland Park Place.

He was 93.

“Carl Christ was one of the leading figures in the world on macroeconomics and econometrics, and was clearly one of the most distinguished senior faculty members at the time,” said Louis J. Maccini, who retired from Johns Hopkins in 2013, where he had served as chair of the economics department from 1992 to 2007.

“We have been colleagues and friends for almost 50 years, and it was Carl who hired me at Hopkins in 1969,” he said.

“An important ingredient about Carl was that he was a very constructive person, and his comments and opinions were always constructively offered to students and colleagues,” he said. “When I came to Hopkins, he treated me equally as a colleague, and I appreciated that. It was a key element of his personality that he was always helpful and constructive.”

The son of Jay Finley Christ, a professor in the business school of the University of Chicago, and Maud Trego Christ, an educator and suffragette, Carl Finley Christ was born and raised in Chicago and was a graduate of the University of Chicago Laboratories School, a high school. He attended Colorado College for two years.

He was a 1943 Phi Beta Kappa graduate of the University of Chicago, where he earned a degree in physics.

From 1943 to 1945, he worked as a junior physicist for the Manhattan Project, which led to the development of the atomic bomb.

After his wartime work with the Manhattan Project, Dr. Christ decided to use his mathematics acumen to achieve peaceful ends.

“During World War II, I lived in a house of pacifists while I was working on the atom bomb. I wanted to do something that had to do with human problems,” he once told the Johns Hopkins News-Letter.

After serving as an instructor in physics at Princeton University from 1945 to 1946, he returned to the University of Chicago, where he earned a Ph.D. in economics.

“Although his economic training was in the ‘Chicago School,’ he never believed that economic efficiency was a higher goal than social justice,” wrote a daughter, Alice Christ of Lexington, Ky.

He joined the Hopkins faculty in 1950 as an assistant professor and in 1953 was named assistant professor of political economy.

Dr. Christ was a senior Fulbright research scholar at the University of Cambridge from 1954 to 1955.

Dr. Christ left Homewood in 1955 when he became an associate professor of economics at the University of Chicago, where he taught until 1961. He then returned to Hopkins as professor of political economy.

He was department chair from 1961 to 1966, and again from 1969 to 1970, and in 1977 was appointed to the Abram G. Hutzler professorship in political economy.

“Dr. Christ was a trailblazer in the field of econometrics, where statistical analysis puts economic theories to the test. In the late 1960s, he wrote one of the first textbooks on the subject, a book that became a standard text used for decades in economics courses worldwide,” according to a Johns Hopkins news release announcing his death.

The book, “Econometric Models and Methods,” was published in 1966. He was a contributor to the International Encyclopedia of the Social Sciences, Volume IV, which was published in 1968; “Simultaneous Equations Estimation,” 1994; and “Econometrics, Macroeconomics and Economic Policy” in 1996.

In 1998, the Journal of Econometrics honored Dr. Christ with a special issue that contained articles from “friends, colleagues and professional admirers of his life’s work,” and recognized him for the “beauty” of his work.

Dr. Christ also pioneered the use of computers to test econometric models. His field of specialties included monetary and fiscal policy, especially government budget restraint.

“He is particularly interested in what is known as the government budget restraint, which involves the three ways the government can raise funds when it spends money — taxing, borrowing or printing more money,” reported The Baltimore Sun in a 1981 article.

“Dr. Christ conceded that it is impossible to develop an economic theory that describes human behavior as well as scientific theory can describe the behavior of molecules,” according to the article.

In addition to his four books, he wrote more than 40 articles in journals and books, as well as in more than 60 other publications, including The Sun, regarding economic matters.

Dr. Christ was the recipient in 1985 of the George E. Owen Teaching Award, presented by Hopkins students for outstanding teaching and devotion to undergraduates.

His courses on macro- and microeconomics, government financial policy and the stock market were popular among students at the Homewood campus.

In 2008, Hopkins established a professorship in his honor at the Center for Financial Economics.

Dr. Christ began a phased-in retirement in 1989 and fully retired in 2009.

“According to department secretary Donna Altoff, he continued to show an exceptional level of interest in the students, and loved to talk to them and took interest in their job searches until the end,” wrote another daughter, Lucy Christ Smith of Seattle, in an email.

He and his wife of 66 years, the former Phyllis Tatsch, were former residents of Juniper Road in Guilford and moved to Roland Park Place in 2006. He remained active on many university committees and boards and even performed in several theatrical productions at Johns Hopkins and the Hamilton Street Club.

He was an active member of The Oldtimers, an informal club for retired Hopkins faculty and staff, where he planned meetings, discussed menus and sent out notices to the membership.

Dr. Christ served as a member of the Maryland Governor’s Council of Economic Advisers and helped the Urban League by drafting brochures in financial topics with such articles as how to purchase a house with affordable mortgage payments.

At Roland Park Place, he served as a member of the investment advisory and hospitality committees.

He also regularly participated in a weekly protest staged by residents along 40th Street in front of Roland Park Place, where he could be spotted carrying a sign that read “War is not the answer.”

He and his wife were avid catamaran sailors and windsurfers, and since 1933, he had spent summers on Lake Michigan at Williams Grove and Harbert Woods.

Dr. Christ donated his body to the Maryland Anatomy Board, and plans for a memorial service are incomplete.

In addition to his wife and two daughters, he is survived by another daughter, Joan Christ of Seattle; and five grandchildren.

 

Source: The Baltimore Sun, April 26, 2017.

 

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 In Memoriam—Carl Christ (1923-2017)
Comments from Carl Christ’s students, friends and colleagues

From the Department of Economics, Johns Hopkins University webpage:
http://econ.jhu.edu/in-memoriam-carl-christ-1923-2017/

“Carl was a great teacher and mentor. I was delighted that i managed to catch up with him for lunch on my last visit to the US. He had a most significant impact on me and I am sure on so many others. He was what made Hopkins.”

—John Hewson

 

“I was a student of Carl’s in the 1960s. It was an interesting time. Re econometrics, it was a time when it was becoming a more common tool for economists. Carl had just finished his book and was using it in class. I remember complaining about the high word-to equation ratio relative to competing books (by Johnson and by Goldberger). His story was that his book was especially for grown-up economists who needed to learn econometrics on their own and needed more examples and explanations. So it was a book more than a text book.

Three things I still remember that are still important:

  1. He was an early nag about identification- something that faded for a while in the profession, but has come back with a vengeance.
  2. He used to preach that an econometric paper must not only tell the truth and nothing but the truth, but also the whole truth-more appropriate than ever now, in a world of easy data mining.
  3. I recall him once working on a draft of a survey paper on econometrics, and his secretary (there were secretaries then) misread “econometrics” in the title and typed “economic tricks.” He thought maybe that was a better title.

He was both a great scholar and a true gentleman. It is good that he lived so long.”

—Robert Van Order , George Washington University

 

“He was a kind and generous man and as residual claimant served as my thesis adviser for which I am eternally grateful. He may well have been the third or fourth member of the Department to be so engaged.”

—Stuart I. Greenbaum, Prof. Emeritus , Olin Business School, Washington U. STL

 

“Carl was my teacher in the early seventies. I still remember his course vividly. When he started his econometrics course with chapter (7?) on identification stating that the early chapters were background. He also insisted on giving us back his per-book royalty as we all had bought his book.

More recently, Carl invited me to write a piece on Bela Balassa for the New Palgrave Dictionary of Economics which I accepted with pleasure. Even though he did most of the work, he insisted that my name appear first…..

Carl was a great mentor and the life at Hopkins.

When we organized a service for Bela at the Bank, Carl spoke of Bela with great emotion, breaking up in tears when he told us that Bela took the train back to DC to help his daughter with her homework only to come back to Homewood the next morning.”

—Jaime de Melo

 

“Here is another anecdote: when I took Carl’s class in 1992 his book was out of print and Greene (2nd edition!) was the official textbook. However, he lent us copies of his book. He had photocopies for the male students and the original textbook for our female classmates (the rationale was that the hard-copy was lighter to carry than the photocopies).

Like Jim and Bob, I also remember his emphasis on identification and on the economic interpretation of the results. He was a great scholar, teacher, and a true Gentleman.”

—Ugo Panizza

 

“Dr. Christ was my econometrics teacher and Dissertation Advisor in the mid /late 70s. He was amazing. Pieces I remember fondly are

  • His penchant for using every inch and corner of the board before erasing anything… (and side-bets among students about when he’d actually have to bring out the eraser)
  • Carl and Phyllis attending the periodic grad-Department-wide crab outings to Bo Brooks that I organized — with very messy Bay Seasoning-coated hands around red beer cups
  • His being a real person
  • His dedication to swimming / exercise
  • His desire to have people really understand what he was talking about — and instilling in me a real wish to be useful — something that has been a focus ever since.
  • He was my favorite teacher, and a real role model. It was wonderful to know him, and he’ll be missed.

And I use that story about “economic tricks” all the time before speeches I give (:-)).”

—Lisa A. Skumatz, Ph.D Principal , Skumatz Economic Research Associates (SERA)

 

“Many thanks for sending out this very sad notice of the passing of Professor Christ. I had not heard of his passing even though I live in the DC area. He was my econometrics professor at JHU and, although I showed no talent in econometrics, I enjoyed his class very much. He was so enthusiastic in class, and out of class as well. It was really special to see him at the retirement party for Lou Maccini a few years ago.

Professor Christ was a true scholar, and the personification of a great teacher. A truly classy person who, along with several other Hopkins professors, should have received Nobel prizes. I know he will be missed at Hopkins and by many of his former students like me.

Please convey my sincere regrets to his wife.”

—Eileen Mauskopf

 

“I join all of you in expressing my deep gratitude to Carl and in celebrating his life and work. Carl was my professor and thesis advisor (with Bela). I owe them both greatly.

Let me share an anecdote and a comment.

Anecdote. In the late 1960s early 1970s I was an undergrad student of Econ at the Univ of Buenos Aires in Argentina. There was a bookstore in downtown BsAs specialized in imported books on economics, politics, and similar topics… I liked to go there and just look at the books (as a student, my income was limited). One day I was drawn to a green book on econometrics; I felt I had to buy it even though a) it was expensive; b) my econometrics was poor; and c) my English was even poorer to non-existent. Furthermore, I had not heard of the author and I was not planning on leaving my country to study abroad. Still, I bought the book and I carried it with me to the different countries in Latin America and the Caribbean where I lived and worked when I left my country in 1976.

Fast forward several years, and the mystery of why I bought the book was finally revealed: I went to study at JHU, first at SAIS, and then at the Dep of Economics, where, you guessed it, I was the only one in my class with a personal copy of Carl’s famous book. Carl had a good laugh when I told him the story about my (his) book.

Comment. Other colleagues mentioned Carl’s work on identification. I’d like to highlight a related issue: his paper on Pitfalls in Macroeconomic Model Building along with the paper on government budget constraints were two of the most useful applied macroeconomics papers I have ever read. Once I heard someone say that “macroeconomics is national accounting identities plus opinions.” Everybody is entitled to her/his own opinions (on expectations, behavioral issues, market clearing mechanisms, and so on) but Carl made clear that you are not entitled to your own accounting identities, nor can you ignore them. Many policy disasters in developing countries (and some developed ones) happen because policy makers ignore basic double-accounting identities Carl so rightly emphasized (along with the proper matching of independent equations and the number of endogenous variables in a well-specified macro model).

It was a privilege knowing Carl. My thoughts and prayers go out to him, his family, and friends.”

—Eugenio Díaz-Bonilla

 

“Carl Christ’s greatest legacy was far more than celebrated author of “Econometric Models and Methods” – a 10 year undertaking. And far more than several dozen first rate Journal articles. Even more than a first rate teacher willing to tackle undergrad economics courses. It was his very demanding role as a Thesis Advisor par excellence that I consider his greatest Legacy. Demanding his students work to highest standards of scholarship. No matter how long it took. Always willing to read draft after draft with carefully made comments. Carl Christ was a demanding task master. But he was a superb Thesis Advisor and readily accessible. Under his indefatigable energies those of us privileged to be his Thesis students learned the standards of scholarship. It was the greatest of privileges to be his student. His reputation as a sterling Thesis Advisor went well beyond the Hopkins community.”

—Peter I Berman , (1963-67)

 

“I had the honor and privilege to have been Professor Christ’s grad student and TA for the Macroeconomics and Senior Honors Essay. Aside from his outstanding scholarship, I was lucky enough to observe a fantastic and dedicated teacher at work and a wonderful person and humanitarian to boot. Many of us tried and in vain to emulate this role model. When we heard the sad news, some of us were reminiscing about our experiences with Professor Christ.

Not sure how many know this, but beyond the academics, Professor Christ was also an athlete. I recall a sweet and funny anecdote when Kali Rath, Rafael Tenorio and I were teaching at University of Notre Dame in Indiana in the 90’s, and Gabriella Bucci at Depaul University. We received a call from Carl and Phyllis inviting us with our spouses to his summer house at the lake in New Buffalo, Michigan. We arrived at their home and proceeded to walk to the lake, where he wanted to teach us wind surfing. While walking to lake, we were all chatting with Carl and Phyllis when Kali noticed that Carl was casually holding two buckets containing equipment and other stuff for the sailboat etc.. so he insisted that he should help carry at least one. Carl asked “are you sure?” Kali assured him, and so Carl let go of one of the buckets and kept walking to the lake with the rest of us in tow. Suddenly, I realized that Kali was lingering way behind. I went back to ask him the matter and Kali said “Why don’t you try to lift the bucket” I tried and barely managed lift it before dropping it!! It took two of us to lift it and carry it to the lake panting and all, while marveling at how Carl managed to carry two of them and still lead the troops all the way to the lake while carrying on casual conversation with all of us. We had a wonderful day there.

As many others alumni already mentioned, he epitomized what Hopkins is.

He is and will be sorely missed. Deepest sympathies to Phyllis and family and the larger Hopkins one.”

—Ralph Chami , Assistant Director Institute for Capacity Development International Monetary Fund

 

“Dear friends and colleagues,

Carl Christ was a major reason I came to Hopkins. My undergraduate adviser knew his work and my budding interest in econometrics, and recommended that I apply to Hopkins. Little did I know that behind the book-writer was such a remarkable teacher, scholar, and person.

As a teacher, he was instrumental in helping me really understand identification, a concept I had only loosely grasped as an undergrad. His course built a foundation in econometrics that has served a whole generation of Hopkins students well to this day. More broadly than that, his approach to every question or idea in seminars or conversations was couched in terms that students could appreciate.

The depth of his involvement in his field of research was clear. Among other things, he would talk about the inner workings of the various macroeconometric models of the day. With his characteristic smile and a twinkle in his eye, he would relate that the publicized estimates from those models could sometimes be the technical estimate from the model –with a little final “from the gut” adjustment by the lead economist. Not trying to indict anyone, he was rather intending to both give us some insight to the complicated interaction of modeling limitations, the intuition of experienced economists, and policy influence, as well as get us thinking about what really constituted good research practices.

On the personal side, one of my early memories of the graciousness of Carl and Phyllis was the party they held for first-years in the fall of 1976, on election night for Ford vs Carter. Besides it being a wonderful social mixer, they held a little contest for who could pick the winner and his percentage of the popular vote. As I recall, the winner was the wife of one of our non-US classmates – politics has always been a universal language …

It was terrific to see Carl and Phyllis at Lou’s retirement event. While we hadn’t seen each other in a very long time, his memory was keen as always. He quickly recalled not only my first post-Hopkins job but also some of our DOPE softball days! Those are fond final memories.

My heartfelt condolences go to Phyllis and all of their family and friends.

Best regards,

—Richard J. Willke, Ph.D. , Chief Science Officer International Society for Pharmacoeconomics and Outcomes Research

 

“And, yet several more anecdotes.

I remember Carl – we called him Dr. Christ, back then. I was a grad student in the latter part of the 1970s; macroeconomics and international finance were my declared fields.

I remember Carl most vividly for his skillful and intuitive application of mathematical modeling to the greater understanding of macroeconomic theory and policy.

One of my fondest memories of him, was observing how he sat during our general seminars. I remember chuckling to myself, as I watched him, sitting in his chair, his legs folded up underneath him, in the shape of a pretzel. I always marveled at his ability to do that. ?Like the other professors in the department, he was dedicated to his students, the Department, the University, and his profession.

Certainly, one of the great ones!

He will be missed!

My condolences to his wife and family.”

—Milt Pappas, Ph.D.

 

“Carl Christ was an inspiration to me. He was a brilliant economist and very approachable. As a student, I remember that any of the students would walk past his office and he would call out a welcoming greeting to us. My first teaching experience was as a TA for him and I learned a lot from him. I am still a Professor!

Carl, rest in peace and send your blessings to us here on earth.”

—Marianne McGarry Wolf, Ph.D. , Wine and Viticulture Department, California Polytechnic State University

 

” I have just learnt about the sad demise of my most respected Professor Carl Christ. He is the one who offered me the admission with Fellowship to the Graduate Program in Economics at JHU in 1966, was my Ph.D. dissertation major guide along with late Prof Niehans); wrote a rather strong recommendation to my first post Ph.D. employer, IIM Ahmedabad (India), where I served 1970 through until my retirement in 2010; gave a strong recommendation to the Illinois State University, where I served as a full time visiting professor for five semesters at different times during 1982-1990; among several other critical helps. More than these, he was the one who taught me how to conduct research, how to develop econometric models, and how to even draft the thesis in good and correct English language (he corrected the language of the entire first chapter of my thesis and asked me to correct the rest in the same ways). As he was away in England as a Visiting Professor during 1966-67, I missed having had any full course under him, though a lot of my learning in Macroeconomics and Econometrics is due to him. He encouraged me whenever I was upset during my thesis work, helped me even when I had personal difficulties, and arranged my thesis defense shortly after the Commencement as I was keen to return back to India to attend my sister’s wedding. On personal level, he invited me with his family to his house and blessed my wife and both daughters! Such a teacher and guide, rare to find, had been a great boon to me and my accomplishments. Prof Christ, Prof Niehans and Prof Edwin Mills, all at JHU, were great Professors to me! All of them were/are great economists and I have always felt great pride through them.

It has been my great fortune and privilege to be a student of Prof Carl Christ. I offer my humble prayers to the Almighty GOD to grant peace to the departed soul, and courage and strength to the bereaved family to bear this loss. Prof Christ will always remain in my heart and mind through my life. ”

—Girdharilal Saduram Gupta

 

“Carl Christ was an inspiring teacher. I was fortunate to be his research assistant (or one of them) on his econometrics text and in fact am cited in the acknowledgements in the book. It was a great honor to work with him.”

“Good memories of a fine man, Bob (Robert Van Order). I was on campus 1963-65 when he was doing his book (then went off to South Korea and finished the dissertation later on the work there). I do remember to this day his emphasis on identification and am glad you mentioned it.”

—Roger Norton, ’71 , Texas A&M University

 

“The tributes to Carl Christ are really nice to read. I entered Professor Christ’s econometrics class when I arrived at Hopkins, in 1971. The first thing he did was to give everyone a 5 dollar bill, which he told us was the royalty on his book that we had to buy for the class. I was impressed, as were others – indeed, I can still see that scene in my mind even now. Later on, I marked his econometrics assignments, and he became my thesis supervisor. He was a famous scholar of uncompromising integrity with his students and in his own work. By example, he inspires still.

My deepest condolences to Mrs. Christ and her family.”

—Stanley L. Winer , Canada Research Chair Professor in Public Policy, School of Public Policy and Department of Economics, Carleton University, Canada

 

“I was a student at Hopkins 1973-77. Carl taught me econometrics-and impressed upon me the importance of identification and, as a result, structural estimation. I passed his semester of economic tricks, but failed the second semester (with Charley Mallor, I believe). They gave me an oral exam—he and Charley. Carl’s synopsis—“It’s like pulling teeth, but you pass. Just don’t do a thesis in econometrics.” Good advice.

His ability to sit like a pretzel, his good cheer on every day I ever was in his presence, his willingness to slide hard into the catcher at the annual softball game, his obsessively-compulsively organized office (journals were organized like dentin woodwork on a house, with each year’s worth of a journal lined up perfectly, but every other year’s collection pulled forward precisely one inch)—all were memorable. But grad school is an apprenticeship, and Carl was unstinting in his ability–by example and by the gifts of his time—to develop us into fellow professionals.

If there is an afterlife, I’ll bet for Carl it involves him sailing Lake Michigan in the mornings and writing research in the afternoons—as was his wont during the summers when I knew him.”

—Robert A Driskill , Vanderbilt University

 

“Like all of us I have a great memory of Prof Christ. I was at JHU during 1968 to 1972. He was not my thesis advisor, but I had always learned from him in and out of his courses. He was always a great teacher. And one summer I had the privilege of living in his beautiful home, being his house keeper when he was on vacation. When I was returning to Thailand to begin my teaching career at Thammasat University he gave me one advice which I always follow. He said ‘when writing a recommendation letter, always tell the truth’.

I am forever grateful for what he had done for me.”

—Narongchai Akrasanee , Bangkok, Thailand

 

“Thank you everybody for bringing back wonderful memories about Dr Christ who contributed so much in making my Hopkins years (1973-77) so enjoyable.

Like Jim and Ugo put so eloquently, Dr Christ was indeed a scholar, a teacher, a true gentleman and a mentor. He was also a father figure for foreign students like me.

I was very moved to read in his obituary that he “regularly participated in a weekly protest staged by residents along 40th Street in front of Roland Park Place, where he could be spotted carrying a sign that read “War is not the answer.””

We were lucky to have known him and to benefit from his teachings of economic tricks and more importantly from his exemplary behaviour as a teacher and mentor that will always be wit us.

My sincere condolences to his wife and family.”

—Andre Sapir

 

“Fun to read so many tributes to Carl. Certainly, a “man for all seasons”, one who was always civil and professionally courteous in all situations which I can remember in my JHU days. After almost 40 plus years in academic life, I certainly appreciate the witness of Carl’s manner and style of interacting with colleagues and students. A collegiality which we cannot always take for granted, and which we cannot ever underestimate as a value when we recruit faculty in our institutions.

On his teaching and academic advising, looking back, of course, we of my vintage remember well the extensive treatment of identification and of properly-specified government budget constraints in any model, for meaningful policy discussion.

We of the Johns Hopkins diaspora were very fortunately to have him as one of our professors.”

—Paul McNelis

 

“Professor Carl F. Christ was my and Poonsa-nga econometrics professor and Dissertation Adviser in different period of time in the 70’s. He was an amazing scholar, teacher, a true gentleman, a great mentor and the life at Hopkins.

He was liked our father during our wedding and beyond. It was a big opportunity provided by him for Poonsanga to be a postdoctoral fellow at MIT in 1976 and for me to do my dissertation immediately after being a Ph.D. candidate.

I have stayed with him and Mrs. Phyllis three times, first with Poonsanga in Baltimore home in 1982, second I was alone in his summer home with Lucy and her family and the third with my two sisters in their Baltimore home in 2006.

Apart from losing our teacher and dissertation adviser, we have lost our beloved father. He will be in our hearts for ever. Our sincere condolences to Mom Phyllis and their 3 daughters and grandchildren.”

—Poonsa-nga and Borwornsri Somboonpanya Ph.Ds , International Education Travel Co., Ltd. (IET), Bangkok, THAILAND

 

“I have very fond memories of my days as a graduate student at JHU in the 60s.

Carl was a great teacher, a model as a scholar, and a wonderful and unforgettable person.”

—Ernst Baltensperger

 

“Carl lived a long, active and productive life.

I was only on the faculty at Hopkins for a year as a young assistant professor, but Carl was remarkably kind and always prepared to discuss without any condescension and when I came back for a brief visit in 2006 it was as if I had never been away. A true gentleman and a scholar.”

—Alan Kirman , Directeur d’études à l’EHESS, Membre de l’IUF, Professeur émerite à Aix-Marseille Université, Paris

 

“It is great to read the tributes to Carl Christ. I was also a student of his in the early 70’s as well as his TA. He cared about all his students; both the graduate and undergraduate students, and spent a great deal of time with them. As a first-year graduate student, I was assigned to be a discussant on a paper that he presented. When the paper was published, I was listed in the acknowledgements, which was a thrill for a young graduate student – the first time my name was in a journal.

He has been a role model for me as an academic. When I do empirical work, I always think of him and his admonishment that no matter how sophisticated the methods, the work stands on the economics behind it.”

—Susan Vroman , Department of Economics, Georgetown University

 

“I have very fond memories of Carl that go as far back as 1952 when I started my graduate studies at JHU. I took econometrics from him, way before his book came out. The following year Richard Stone was visiting Hopkins and he and Carl organized an evening seminar to read Morgenstern and von Neumann on the theory of games – way before game theory became popular.

The last time I saw Carl and Phyllis was at a conference in 2014. Attached is a photo from that conference of Carl with Takeshi Amemiya, Al Harberger and me.”

—Marc Nerlove , Distinguished University Professor, Emeritus, Department of Agricultural and Resource Economics, University of Maryland College Park

 

“I took econometrics from Carl in the mid 1970s. I had no idea about his background in physics until I read his obituary. I think this background explains why Carl always thought that there should be no conflict between economic theory and econometrics; they are complementary. This view of economic research was what he imparted to generations of his students. It was his imprint on those of us lucky enough to takes his courses.

He truly was a gentleman and a scholar and as decent a man as I have known. My condolences to his family on their loss.”

—Robert J. Rossana , Dept. of Economics, Wayne State University

 

“Dr. Christ was my graduate econometrics professor and I was his TA for undergraduate macroeconomics in spring ‘92.

As I recall, it was a large class and I assisted Dr. Christ in exam grading and keeping track of records which he all scribed by hand. He was of the generation prior to the internet age, and I remember him being extremely afraid of computer viruses affecting his non-internet ready PC with a floppy disk drive.

My efforts to cajole him into using Excel to add efficacy was futile and I was vetoed with his totally convinced _expression_ that this may infect his computer. I thought it was funny that an intellectual giant of physics and math/stat-intensive econometrics would be so concerned with a computer virus which had almost no chance of penetrating his computer.

He was a great communicator who resonated with undergraduate students. He will be greatly missed.”

—Jongsung Kim , Professor of Economics, Bryant University

 

“I entered the program too late to take Carl’s courses. When I was on the job market, Carl was the one who taught me how to communicate and negotiate with the other side. Maybe that was the time he taught me the real “economic tricks.” When he was very happy to know that I got an offer from U Texas, Carl said, “You see, you are already wearing jeans.” Then he told me the joke that, since Texans are so proud of being the largest state in the contiguous US, Alaskans would split the state in half so that Texas would become the third largest state in the US. I still remember his smile, which I saw several times again since I moved back to Hopkins. Maybe that is the thing that lured me back: an celebrated academic with a warm heart.”

—Yingyao Hu , Professor of Economics, Johns Hopkins University

 

“I was very saddened to hear of the passing away of Professor Christ. I was his student in the early seventies when I was a graduate student at Hopkins. He was a great teacher and a wonderful person. I too remember him returning the royalty money to the students who had purchased the Econometrics textbook. His stress on the Identification problem has stayed with all of us it seems.

Professor Christ was an inspiring teacher, and could set tough exams. He would set an open book final exam and students had twenty four hours to complete it. Most of us had to stay up all night trying to figure out the answers! He was an enthusiastic participant in all department activities, whether dissertation seminars or even Halloween parties!

Professor Christ was also my dissertation adviser,together with Professor Hugh Rose. He was generous with his time, and our discussions were always stimulating and thought provoking. My husband and I stayed with him and his wife when I visited Hopkins for my graduation, and we remember their warm hospitality. Please convey my sincere condolences to his wife, and other family members.”

—Bimal Kaicker Beri

 

“I studied in Hopkins 1966-69, took Carl’s modules on macroeconomics and econometrics, worked as his

A in undergraduate macroeconomics and benefited from generous hospitality at his fine house .

I have nothing but happy memories of my interactions with him during those years. He was brilliant without showmanship, considerate in all matters, diligent and conscientious as a lecturer. He gave us graduate students a deep and long-lasting insight into macroeconomic foundations. I count myself lucky to have had him as teacher and mentor.

There was something quintessentially American about him. He embodied the best of American virtues: openness, honesty, seriousness of purpose combined with optimism and a prevailing cheerfulness. Unlike many other US academic economists he seemed to have a strong sense of place, as witness his enduring devotion to Hopkins.

He was rightly admired as a man of the highest integrity. One of many instances of this stays in my memory. The recommended text for his econometrics module was (naturally and properly) his own textbook Econometric Models and Methods that had recently been published. It was an expensive tome and he was conscious of the tight budget constraint many of us graduates were subject to in those days. He believed it was wrong for him to benefit personally from his choice of textbook. Accordingly everyone in the class who had bought his book was given an envelope addressed in his own hand containing the amount of the royalty he would receive from each sale, calibrated to the last cent.

Thank you, Carl! I’ll raise a glass to you for a good life well-lived.

May he rest in peace.”

—Dermot McAleese , Emeritus Whately Professor of Political Economy, Trinity College, Dublin, Ireland

 

“I am deeply saddened to hear the news that Mr. Carl Christ has passed away on April 21, 2017. I join my fellow econ-alumni in offering my condolences to the family and friends of Carl was my teacher and thesis supervisor (with Bela Balaasa and Lawrence Klein (from U Penn) at the Department of Political Economy during 1985-1987. He was not only a kind teacher but also a great human being as he was always willing to help student.

What I liked most about Carl was that he would comment on the papers of the faculty and graduate students during Graduate Student Seminars in a polite yet constructive manner. I never found him being harsh while offering comments. I had the opportunity to interact with Carl on a regular basis, when I was writing my Ph.D. dissertation. His comments were always constructive and improved the quality of my work.

Let me share with my fellow econ-alumni some interesting facts about Carl and my Ph.D. defense. I defended my thesis on August 5, 1987. By then Carl had already left for Beijing to set up JHU Campus in China. My other supervisor, Bela Balassa had to go through 13 hours throat surgery in Washington, D.C on August 4, 1987—a day prior to my defense. He too, was therefore not available during my defense. Larry Klein was in some Latin American Country and had promised to be present at my defense on August 5. By 10:50 am (the defense time was 11:00 am), Klein did not show up at the JHU which made me really nervous, thinking that none of my supervisors would be there during my defense. However, by 10:55am, Larry Klein entered the building of Economic department. I breathed a sigh of relief when I saw Larry Klein with his travel bag entering the department. Bruce Hamilton and Louis Maccini represented Carl and Balassa in my defense.

Before Carl left for Beijing, I had a long meeting with him in his office where we went through the final draft of the thesis. He was very much satisfied with my work which gave me enough confidence and encouragement to defend my thesis, of course, Larry Klein was a great source of strength during the defense. I defended my thesis on August 5, 1987 with minor comments; submitted the revised version within 10 days and left US on August 25, 1987. My thesis defense was a memorable event for me as I defended my thesis in the absence of two of my supervisors (Carl and Bela).

It was indeed a privilege and honor for not only knowing Carl but also being his student. With Carl’s demise, I lost all of my thesis supervisors. The world has lost three great human beings that the God had bestowed on us. May God rest Carl’s, Bela’s and Klein’s souls in peace and give strength to their families and friends to bear this loss.”

—Professor Ashfaque Hasan Khan , Principal & Dean, School of Social Sciences & Humanities (S3H), National University of Sciences & Technology (NUST), Islamabad

 

“I entered Hopkins in 1961, the same year as the second coming of Carl to JHU. When I applied to JHU, I was attracted by the names like Machlup, Domar, and Musgrave, but both Machlup and Domar were gone by the time I entered. Musgrave was still there for two more years, and I learned a great deal by reading his textbook Public Finance. A greatest boost for me, however, was the fact that Carl came back in the same year. He invited me to his office and asked me if I liked mathematics. I proudly answered yes. Then he asked me if I knew differential equations. My heart sagged as I didn’t know them. During the first two years at Hopkins I worked as research assistant to Dr. Edwin Mills in his project on water resources. It was good education for me as Dr. Mills was a man of a very sharp mind. But I was bogged down by the need to study geology of water, which I found extremely boring. Just then Carl came along and suggested I should work on econometrics, which I did. Initially I had planned to finish my dissertation in two years, but as my father became rather ill, I wanted to finish the thesis in one year and go back to Japan with a doctor’s degree and show it to my father. He died two weeks after I came home. I couldn’t have finished the thesis in one year without Carl’s cooperation way beyond his duty. The other members of the committee were Edwin Mills and Geoff Watson, to whom I am also grateful.”

—Takeshi Amemiya , Stanford University

 

“I took Dr. Christ’s course in Intermediate Macroeconomic Theory in spring 1963, and his econometrics course in 1965-66. Dr. Christ was a brilliant and challenging teacher. He always gave each student, who purchased his econometrics book for class, a refund equal to the amount of the book royalty. I have never had another professor do that. During my time in graduate school, Dr. Christ was the Department Chair. In my opinion, he did an excellent job.”

—Alan Sorkin , Ph.D.,1966

 

“As a grad student, I took Professor Christ’s Econometrics course in 1971-72 and also TA’d for him in the undergraduate macro principles course. For someone seeking a career at a teaching institution, as I did, there couldn’t have been a better role model than Professor Christ. He took great pains to make sure the TA’s knew what he would be lecturing on before each class, prepared us for what would be the most difficult material for the students, allowed us (really, expected us) to come up with our own quiz and exam questions, met with us regularly, etc. One day each week he would have lunch in the undergraduates’ cafeteria, just so his students would have a chance to interact with him outside the classroom setting. What a great example he set of a true teacher-scholar! I feel very fortunate to have been mentored by him.”

—Geoffrey Gilbert , Professor Emeritus of Economics, Hobart and William Smith Colleges

 

I once came across Dr. Carl Christ in the hallway when I was still a graduate student. We briefly talked and he was very approachable to me. He gave me a lot of encouragement on economics study and also a few books that I still keep them now. He was a gracious scholar and gentleman.

—Yizhen Zhao , East Carolina University

 

Carl Christ has made a lasting positive difference. He was my thesis supervisor

during my graduate school days at Hopkins (1962-1966). I also served as his teaching assistant in an undergraduate course in economics. I chose university teaching and research as a profession, from which I am now retired. Whenever a student thanked me for my supervision and advice, I smiled in thankful remembrance of my experience with Professor Christ. I endeavoured to pass on the Christ attitude towards students, even though lacking his natural devotion to the cause of education and, above all, his easy ability to detect and direct you, always, to the important details in the analysis or argument. I received prompt and insightful comment when I submitted research to Carl Christ as late as 2004. A resounding thank-you. May the life that Carl Christ lived lessen the family’s grief at his passing.

—John W. Iton , Ph.D.(1966) Retired

 

I would like to mention another way in which Carl Christ was a memorable professor — he was a terrific teacher of undergraduates.

I was an undergraduate at Johns Hopkins (BA ’88), and I went on to graduate school in economics later on. I took Macro Principles with Carl (or Dr. Christ, as I called him then), and Micro Principles with Bruce Hamilton, and both the content of these classes and the personal regard of both professors had a huge influence on me. (And while I’m mentioning it, so did my first TAs, Jonathan Neuberger and Greg Hess.)

Carl was gracious to everyone, but not only that — he took me, as a 19-year-old, seriously. I recognize, now that I am a professor too, how meaningful that is. I got more and more excited about economics the more classes I took, and I ended up taking some first-year graduate classes, including econometrics from Carl, before I left Hopkins. As many of the letter writers have mentioned, his emphasis on simultaneous equations models stayed with me forever after!

I look back very fondly on these formative years that I experienced at Johns Hopkins.

—Leora Friedberg , Department of Economics, University of Virginia

 

Carl and I exchanged holiday cards regularly for more than 40 years, updating each other on our professional, family, and social accomplishments and challenges. Like many of my fellow Hopkins doctoral students, Carl Christ was a friendly, insightful, and demanding professor: certainly one of the great leaders in the department when I was there from 1967-71. Two anecdotes: Our econometrics class was one of the first to use his textbooks. One of the students in the class – not me – off handedly mentioned that there might be a conflict of interest if an instructor required his students to purchase a book that he had written. The next class day Carl gave each of us who had purchased the book something like $2.00 to reflect his royalties. However, his generosity had limits: there was nothing for anyone who had purchases a used copy. Second: At the time I was at Hopkins the department was on the top floor of Gilman Hall. There was a back staircase, and one day after lunch several doctoral students, including myself, decided to race us the stairs from the ground floor. We did this in waves, and not very quietly. At one point, at the top of the landing, we were greeted by Carl, and expected a stern “what are you doing?” or “you are disturbing the peace.” Instead, he simply smiled and asked what was the best time. I suspect that he might have tried to beat it!

—Bruce Jaffee , Emeritus Professor of Business Economics and Public Policy, Indiana University

 

Image Source:  Carl Christ at the Mathematical Economics Conference in Honor of M. Ali Khan in 2013.  From the gallery of pictures at “In Memoriam–Carl Christ (1923-2017)”.

Categories
Chicago Statistics Suggested Reading Syllabus

Chicago. Econometrics sequence (2 quarters). Christ, 1957

 

From 1955 through 1961 the University of Chicago economics Ph.D. alumnus (1950) and early Cowles Commission researcher, Carl Christ, was associate professor at the University of Chicago. I stumbled upon the following reading lists for his two quarter econometrics sequence from 1957 filed away in Milton Friedman’s papers along with Econ 300A and 300B (Price Theory and Distribution)  reading lists.

It is interesting to see that input-output theory and linear programming are still considered parts of “econometrics” at even this relatively advanced date. 

The next post will provide life and career information as well as anecdotes shared by former students and colleagues following his death in April 2017.

___________________

Economics 314 and 315
Econometrics and Special Topics in Econometrics
READING LISTS
Winter and Spring 1957
Mr. Christ

 

  1. Econometrics “Texts”

Chiefly for 314:

Tinbergen, Jan, Econometrics.

For both 314 and 315:

Tintner, Gerhard, Econometrics.
Klein, Lawrence R., A Textbook of Econometrics.
Hood, William C., and Tjalling C. Koopmans, Studies in Econometric Method (Cowles Commission Monograph 14). Especially chapters 1, 2, 4, 5, 6, 9. (Chapter 6 is chiefly for Economics 315).

  1. Statistical Inference (Including Regression and Correlation)

In addition to relevant parts of books listed above, the following are useful. They are approximately in increasing order of difficulty.

Chiefly for 314:

Wallis, W. Allen, and Harry V. Roberts, Statistics: A New Approach. Especially the following sections and chapters.
2.8; 4.5-6; 5; 6.1, 6.5; 8.7; 9; 10.9-12; 12; 14.1-2, 14.5-6, 14.8; 15; 17; 18; 19
Walker, Helen M., and Lev, Statistical Inference.

For both 314 and 315:

Ezekiel, Mordecai, Methods of Correlation Analysis, 2nd edition.
Yule, George Udny, and Kendall, An Introduction to the Theory of Statistics (not the earlier book by Yule alone).
Snedecor, George W., Statistical Methods.
Fisher, Ronald A., Statistical Methods for Research Workers, 6th edition or later.
Tippett, L. H. C., The Methods of Statistics.
Hoel, Paul G., Introduction to Mathematical Statistics.

Chiefly for 315:

Anderson, R. L., and T. A. Bancroft, Statistical Theory in Research.
Mood, A. M., Introduction to the Theory of Statistics.
Wilks, S. S., Mathematical Statistics.
Cramer, Harald, Mathematical Methods of Statistics.

  1. Econometric Techniques and Problems (Including the Estimation of Parameters)

In addition to relevant sections of books cited under I and II above, see the following. Items marked with an asterisk(*) are particularly important.

Chiefly for 314:

Working, E. J., “What do Statistical ‘Demand Curves’ Show? QJE 41 (February, 1927), pp. 212-35. Reprinted in AEA Readings in Price Theory, pp. 97-115.
*Christ, Carl F., “History of the Cowles Commission,” in Cowles Commission, Economic Theory and Measurement. (20th Annual Report). Especially pp. 12-13, 30 (bottom)-41, 47 (middle)-60.
*Koopmans, Tjalling C., “Identification Problems in Economic Model Construction,” Econometrica 17 (April, 1949), pp. 125-44. Reprinted as chapter 2 in Hood and Koopmans (cited under I above), pp. 27-48.
*Marschak, Jacob, “Economic Structure, Path, Policy, and Prediction,” AER, XXXVII (May, 1947), pp. 81-4.

For both 314 and 315:

Koopmans, Tjalling C., “The Logic of Econometric Business Cycle Research,” JPE 49 (April, 1941), pp. 157-81.
*Haavelmo, Trygve, “The Statistical Implications of a System of Simultaneous Equations,” Econometrica 11 (January, 1943), pp. 1-12.
*Marschak, Jacob, “Econometric Measurements for Policy and Prediction”, Chapter 1 in Hood and Koopmans (cited under I above), pp. 1-26.
*Bennion, E. G., “The Cowles Commission’s ‘Simultaneous Equation Approach’”, Rev. Econ. and Statistics, XXXIV (February, 1952), pp. 49-56.
*Meyer, John R., and Miller, “Some Comments on the ‘Simultaneous Equations Approach’”, Rev. Econ. and Statistics, XXXVI (February, 1954), pp. 88-92.
*Bronfenbrenner, Jean, “Sources and Size of Least Squares Bias in a Two-Equation Model,” chapter 9 in Hood and Koopmans (cited under I above), pp. 221-35.
*Haavelmo, Trygve, “Methods of Measuring the Marginal Propensity to Consume,” JASA 42 (March, 1947), pp. 105-22. Reprinted as chapter 4 in Hood and Koopmans (cited under I above), pp. 75-91.
Foote, R. J., and K. A. Fox, Analytical Tools for Measuring Demand, U. S. Department of Agriculture Handbook No. 64.
*Klein, Lawrence R., “On the Interpretation of Theil’s Method of Estimation of Economic Relations,” Metro-economica 7 (December, 1955).
*Basmann, Robert, “A Generalized Classical Method of Linear Estimation of Coefficients in a Structural Equation”, Econometrica 25 (January, 1957).

Chiefly for 315 (in chronological order):

*Haavelmo, T., “The Probability Approach in Econometrics,” Econometrica 12 (1944), Supplement.
*Koopmans, Tjalling C., “Statistical Estimation of Simultaneous Economic Relationships,” JASA 40 (December, 1945), pp. 448-66.
Cochrane, Donald, and Guy H. Orcutt, “Application of Least Squares Regression to Relationships Containing Autocorrelated Error Terms,” JASA 44 (March, 1949), pp. 32-61.
Orcutt, Guy H. and Donald Cochrane, “A Sampling Study of the Merits of Autoregressive and Reduced Form Transformations in Regression Anaysis,” JASA 44 (September, 1949), pp. 356-72.
Koopmans, Tjalling C., ed., Statistical Inference in Dynamic Economic Models (Cowles Commission Monograph 10).
*Koopmans, Tjalling C., and W. C. Hood, “The Estimation of Simultaneous Linear Economic Relationships,” chapter 6 in Hood and Koopmans (cited under I above), pp. 112-99.

  1. Statistical Tests for Econometric Equations

For both 314 and 315:

Durbin, James, and G. S. Watson, “Testing for Serial Correlation in Least Squares Regression. II.” Biometrika 38 (June, 1951), pp. 159-78.
Hotelling, Harold, “The Selection of Variates for Use in Prediction,” Annals Math. Stat. 11 (1940), pp. 271-83.

  1. Aggregate Econometric Models of the U. S. Economy

For both 314 and 315:

Tinbergen, Jan, Statistical Testing of Business Cycle Theories, Vol. II: Business Cycles in the U.S.A., 1919-1932.
Klein, L. R., Economic Fluctuations in the U.S., 1921-1941 (Cowles Commission Monograph 11).
Clark, Colin, “A System of Equations Explaining the U.S. Trade Cycle 1921-1941,” Econometrica Vol. 17 (April, 1949), pp. 93-123.
Christ, Carl, “A Test of An Econometric Model for the U.S., 1921-1947,” in Conference on Business Cycles (N.B.E.R.), pp. 35-129.
Valavanis-Vail, Stefan, “An Econometric Model of Growth, U.S.A. 1869-1953,” AER 45 (May, 1955), pp. 208-21, 225-7.
Klein, L. R., and Arthur Goldberger, An Econometric Model of the U.S., 1929-1952 (Contributions to Economic Analysis, No. IX).
Fox, Karl A., “Econometric Models of the U.S., “ JPE 64 (April, 1956), pp. 128-42.
Christ, Carl F., “Aggregate Economic Models,” AER 46 (June, 1956), pp. 385-408

  1. Demand Studies

For both 314 and 315:

Schultz, Henry, Theory and Measurement of Demand.
Girshick, M. A., and Trygve Haavelmo, “Statistical Analysis of the Demand for Food,” Econometrica 15 (April, 1947), pp. 79-110. Partly reprinted as chapter 5 in Hood and Koopmans (cited under I above), pp. 92-111.
Wold, Herman, and Lars Jureen, Demand Analysis.
Fox, Karl A., The Analysis of Demand for Farm Products (U. S. Department of Agriculture Technical Bulletin No. 1081).
Working, Elmer J., Demand for Meat (American Institute of Meat Packing).
Stone, Richard N., The Measurement of Consumers’ Expenditure and Behaviour in the U.K., 1920-1938, Vol. I (National Institute of Economic and Social Research, London).

  1. Consumption Functions

For both 314 and 315:

Ferber, Robert, A Study of Aggregate Consumption Functions (N.B.E.R.).
Modigliani, Franco, and R. E. Brumberg, “Utility Analysis and the Consumption Function,” in Kenneth Kurihara, ed., Post Keynesian Economics.
Brumberg, R. E., “An Approximation to the Aggregate Saving Function,” Economic Journal 66 (March, 1956).
Nerlove, Marc, “Estimates of the Elasticities of Supply of Selected Agricultural Commodities,” Journal of Farm Economics 38 (May, 1956), pp. 496-512. Read primarily for the expectations hypothesis.
Friedman, Milton, and Gary Becker, “A Statistical Illusion in Judging Keynesian Models,” JPE 65 (February, 1957).

  1. Other Applications

Chiefly for 314:

Douglas, Paul H., “Are There Laws of Production?” AER 38 (March, 1948), pp. 1-41.
Mendershausen, Horst, “On the Significance of Professor Douglas’ Production Function,” Econometrica 6 (April, 1938), pp. 143-53.

Chiefly for 315:

Hildreth, Clifford, and Frank Jarrett, A Statistical Study of Livestock Production and Marketing (Cowles Commission Monograph 15).
Prais, S. J., and H. Houthakker, The Analysis of Family Budgets (Cambridge Univ., Dept. of Applied Economics).

  1. Input-Output

Chiefly for 314:

Evans and Hoffenberg, “The Interindustry Relations Study for 1947,” Rev. Econ. and Statistics, XXXIV (May, 1952), pp. 97-142.
Dorfman, “The Nature and Significance of Input-Output,” Rev. Econ. and Statistics, XXXVI (May, 1954), pp. 121-33.
Christ, Carl F., “A Review of Input-Output Analysis,” in Conference in Research on Income and Wealth, Studies in Income and Wealth, Vol. 18: Input-Output Analysis: An Appraisal (N.B.E.R.).

  1. Linear Programming

Chiefly for 314:

Dorfman, “Mathematical, or ‘Linear’, Programming,” AER XLIII (December, 1953), pp. 797-825.
Chipman, “Linear Programming,” Rev. Econ. and Statistics, XXXV (May, 1953), pp. 101-17.
Heady, “Simplified Presentation and Logical Aspects of Linear Programming Technique,” Journal of Farm Economics, XXXVI (December, 1954), pp. 1035-48.
Boles, “Linear Programming and Farm Management Analysis,” Journal of Farm Economics, XXXVII (February, 1955), pp. 1-24.

  1. Calculus

The following (arranged in increasing order of difficulty) are useful.

Thompson, Sylvanus P., Calculus Made Easy.
Allen, R. G. D., Mathematical Analysis for Economists.
Courant, R., Differential and Integral Calculus (2 vols.).

  1. Matrix Algebra and Determinants

In addition to the following, see appendices in Tintner and in Klein (cited under I above), and special sections in Anderson and Bancroft and in Mood (cited under II above):

Aitken, A. C., Determinants and Matrices.
Albert, A. A., Introduction to Algebraic Theories.
Ferrar, William L., Algebra.
Wade, Thomas L., The Algebra of Vectors and Matrices.
Allen, R. G. D., Mathematical Economics, Chapters 12-14.

 

Source:   The Hoover Institution Archives. Papers of Milton Friedman, Box 77, Folder 1 “University of Chicago 300A & B”.

Image Source. Detail of “Carl Christ, teaching economics-1963” (second from left at seminar table) from the Carl Christ memorial webpage of the Department of Economics, Johns Hopkins University.

Categories
Exam Questions Harvard Syllabus

Harvard. Principles of Economics. James Tobin’s Student Reading Assignments, 1936-37

 

A few posts ago I provided a transcription of a bibliography of supplementary readings for Harvard’s principles of economics course in 1938-39.  While not uninteresting and indeed suggestive of the breakdown of topics and associated canonical texts, the bibliography provided little insight to the actual course coverage.

To remedy this I took a deep dive into James Tobin’s sophomore year notes for the course that run  260 consecutively numbered, clean hand-written notes for his readings along with brief summaries of the content of the section meetings. I have written down the exact sequence of readings he took notes on and have included the dates of the sections that give us approximate windows for when he did the readings. For the record, Tobin got an A in the course which hardly surprises. Other students could have fallen far short on the reading, but not Tobin!

The two main texts by Taussig and Slichter come as no surprise. Ten chapters were also assigned from a draft book manuscript by McIsaac and Smith that was published the following year. Tobin was fairly exact and consistent in identifying the chapter numbers and titles in his reading notes for Taussig and Slichter. His chapter titles for McIsaac and Smith differ quite substantially from those of the printed textbook, so I have included both.

To complete the set, I have included two semester final exams with this post.

______________________

Course Announcement

Economics A. Principles of Economics

Tu., Th., Sat., at 11. Professor Burbank and Dr. J. R. Walsh, and other members of the Department.

Economics A may be taken by properly qualified Freshmen with the consent of the instructor.

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-37.   Official Register of Harvard University,  Vol. XXXIII, No. 42 (September 23, 1936) p. 141.

______________________

Primary Course Texts

Taussig, Frank W. Principles of Economics 3rd ed. Volume I; Volume II.

Slichter, Sumner H. Modern Economic Society. New York: Henry Holt and Company, 1931.

McIsaac, Archibald MacDonald and James Gerald Smith. Introduction to Economic Analysis. Boston: Little, Brown and Company, 1937.

“The authors gratefully acknowledge the many constructive criticisms and the friendly co-operation offered by the instructors in Economics A at Harvard University, where a preliminary edition of the text was used in during 1936-37.”

______________________

 Reading Notes Sequence
James Tobin, 1936-37

Official beginning of classes Thursday October 1, 1936.

Taussig.

Chapter 1 [Wealth and Labor]

Slichter.

Chapter I [The Control of Economic Activity]
Chapter 3 [Free Private Enterprise],

Section
Tuesday 10/6/36

Taussig.

Chapter 2 [Of Labor in Production];

Slichter.

Chapter 2 [Some Fundamental Economic Concepts]

Section
Thursday 10/8/36, Saturday 10/10/36

Slichter.

Chapter 3 [Free Private Enterprise],

Taussig.

Chapter 3 [The Division of Labor and the Development of Modern Industry]
Chapter 4 [Large-Scale Production]

Slichter.

Chapter 7 [Large Business Units]
Chapter 5 [Machine Industry]
Chapter 6 [Specialization]

Section
Saturday 10/17/36

Taussig.

Chapter 5 [Capital]
Chapter 8 [Introductory: Exchange, Value, Price]

Slichter.

Chapter 4 [Modern Industry—A Capitalistic Organization]
Chapter 11 [Modern Industry—A Credit Economy]

Section
[no date]

McIsaac & Smith.

Chapter I [Notes: The Approach to Economic Analysis. Book: Nature and Purpose of Economic Analysis]
Chapter II [Notes: Contemporary Economic Background. Book: Production and Income in the Modern Economy]
Chapter III [Notes: Economic Valuations. Book: The Mechanism of Exchange]
Chapter IV [Notes: Factors Affecting Demand. Book: Consumer Demand]
Chapter V [Notes: Methods of Determinaing Prices. Book: Analysis of Supply: Cost of Production]

Section
Tuesday 11/10/36, Thursday 11/12/36, Saturday 11/14/36

McIsaac & Smith

Chapter VI [Notes: Current Supply Price. Book: Current Price Adjustment: Competitive Conditions]
Chapter VII [Notes: Current Supply Price and Costs of Production. Book: Current Price Adjustment: Monopolistic Conditions]

Section
Tuesday 11/17/36, Thursday 11/19/36

McIsaac & Smith

Chapter VIII [Notes: Dynamic Supply Price & Costs of Production. Book: Normal Tendencies in Price Adjustment]
Chapter IX [Notes: Price Spreads. Book: Supply and Price under Dynamic Conditions]

Section
Tuesday 12/1/36

Slichter.

Chapter 8 [Modern Business Organizations]

Section
Thursday 12/3/36

Slichter.

Chapter 17 [Public Authority as a Determinant of Price—The Problem in General]
Chapter 18 [Public Authority as a Determinant of Price—Public Utility Rates]
Chapter 19 [Public Authority as a Determinant of Price—The Stabilization Operations of the Federal Farm Board]
Chapter 22 [The Position of the Consumer]

Section
Tuesday 12/15/36, Thursday 12/17/36

Slichter.

Chapter 21 [The Determination of the Price Level]

Taussig.

Chapter 17 [The Precious Metals. Coinage]
Chapter 18 [The Quantity of Money and Prices]
Chapter 19 [The Cost of Specie in Relation to its Value]
Chapter 20 [Bimetallism]
Chapter 21 [Bimetallism, continued. The Displacement of Silver]
Chapter 23 [Government Paper Money]
Chapter 22 [Changes in Prices]

Section
Thursday 1/14/37

Taussig.

Chapter 24 [Banking and the Medium of Exchange]
Chapter 25 [Banking Operations]

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Section
Tuesday 2/9/37, Thursday 2/11/37

Slichter.

Chapter 11 [Modern Industry—A Credit Economy]

Taussig.

Chapter 30 [The Theory of Prices Once More]

Section
Saturday 2/13/37, Tuesday 2/16/37, Thursday 2/18/37, Saturday 2/20/37

Taussig.

Chapter 32 [The Foreign Exchanges]
Chapter 33 [The Balance of International Payments]
Chapter 34 [The Theory of International Trade. Why Particular Goods are Exported or Imported]
Chapter 36 [Protection and Free Trade. The Case for Free Trade]
Chapter 37 [Protection and Free Trade, continued. Some Arguments for Protection]

Section
Tuesday 2/23/37, Thursday 2/25/37, Saturday 2/27/37

Slichter.

Chapter 29 [International Economic Policies—Restrictions on Imports and Exports]

Section
Tuesday 3/2/37, Thursday 3/4/37

McIsaac & Smith.

Chapter 10 [Notes: Demand for Indirect Uses. Book: Producer’s Demand]

Section
Saturday 3/6/37, Tuesday 3/9/37

Taussig.

Chapter 38 [Interest on Capital used in Production. The Conditions of Demand]
Chapter 39 [Interest, continued. The Equilibrium of Supply and Demand]
Chapter 40 [Interest, Further Considered]
Chapter 42 [Rent, Agriculture, Land Tenure]
Chapter 43 [Urban Site Rent]
Chapter 44 [Rent, concluded.]

Section
Saturday 3/13/37, Tuesday 3/16/37, Thursday 3/18/37, Saturday 3/20/37

Taussig.

Chapter 47 [Differences of Wages. Social Stratification]
Chapter 52 [The General Level of Wages]
Chapter 53 [Population and the Supply of Labor]
Chapter 54 [Population, continued.]

Slichter.

Chapter 9 [The Organization of Labor]

Section
Saturday 3/27/37, Tuesday 3/30/37, Thursday 4/1/37, Saturday 4/3/37

Taussig.

Chapter 49 [Business Profits]
Chapter 50 [Business Profits, continued.]
Chapter 51 [Great Fortunes]
Chapter 55 [Inequality and its Causes. Inheritance]

Encyclopedia of Social Sciences–Article on Population

Meade, James. on Population [in An Introduction to Economic Analysis and Policy, 1936] Part IV, chapter II [The Optimum Supply of Labour].

Hansen, Alvin. Theory of Population, Growth and Decline [Chapter XII in Economic Stabilization in an Unbalanced World, 1932.]

Section
Thursday 4/15/37, Saturday 4/17/37,
Tuesday 4/20/37, Thursday 4/22/37, Saturday 4/24/37,
Tuesday 4/27/37, Thursday 4/29/37, Saturday 5/1/37, 
Tuesday 5/4/37, Saturday 5/8/37,
Tuesday 5/11/37, Thursday 5/13/37,
Tuesday 5/18/37,
Thursday 5/27/37

Taussig.

Chapter 62 [Railways]
Chapter 63 [Railway Problems, continued]
Chapter 64 [Public Ownership and Control]
Chapter 65 [Combinations and Trusts]
Chapter 45 [Monopoly Gains]

Slichter.

Chapter 16 [Monopoly and Custom as Determinants of Price]
Chapter 28 [The Support of the State]

Silverman, Herbert Albert. Taxation; Its Incidence and Effects. London: Macmillan, 1931.

Chapter 5. General Principles of Incidence.

Slichter.

Chapter 20 [The Business Cycle]

Wooton, Barbara. Plan or No Plan. New York: Farrar & Rinehart, 1935.

Chapter 1. The Nature of an Unplanned Economy.
Chapter 2. Nature of Russian Planned Economy.
Chapter 3. Achievements and Possibilities of an Unplanned Economy.

 

Source: Sequence of readings assemble from Yale University Archives. James Tobin Papers. Box 7, Volume Economics A.

______________________

1936-37
HARVARD UNIVERSITY
ECONOMICS A
Mid-Year Final Examination
 

Part I
Answer TWO of the following three questions

  1. “In the long run the factors which are of importance in explaining prices are different from those which are of importance in the short run.” Discuss critically.
  2. Explain and distinguish between the determination of prices under conditions of:
    1. Indirect or monopolistic competition.
    2. Pure competition.
  3. “Both monopolies and monopolistic competition (indirect competition) may lead to an uneconomical use of the factors of production.” Discuss.

 

Part II
Answer all questions

  1. In view of the tremendous advantages accruing to the large unit of production, how can one explain the continued existence, and in some lines of industry and trade, the prevalence of the small scale enterprise?
  2. Discuss (a) the process of formation and (b) the function of the country’s capital equipment.
  3. “It is highly doubtful whether from a social point of view the advantages of the corporate form of enterprise outweigh its disadvantages.” Discuss.
  4. “Everybody knows that the trouble with this country is a shortage of money. You know it to be true in your case; I know it to be true in mine. My plan is simple. On Christmas morning — at the very time when extra cash will be appreciated — I propose to give every man, woman, and child a brand new dollar bill for every dollar he or she now has.” Discuss.

 

1936-37
HARVARD UNIVERSITY
ECONOMICS A
Year-End Final Examination
 

Part I

  1. Hour essay on quotation (a) or (b).
    1. “In a price economy the factors of production are so distributed that the goods most desired by consumers are produced by the most efficient methods. A control planning board could at best only duplicate the results which in an unplanned economy are achieved without conscious effort.”
    2. “Most of our economic troubles are ascribable to the fact that we are half way between laissez-faire and free competition on the one hand and a planned economy on the other. Thus we get many of the evils of both without the benefits of either.” Discuss with special reference to the “evils” and “benefits,” and give your opinion as to where the balance lies.

 

Part II
Write on each question of this part.

  1. It is said that wages are determined by:
    1. the law of supply and demand,
    2. the process of bargaining—individual and collective—between workers and employers,
    3. Social stratification—i.e. non-competing groups.Can these explanations be reconciled with the marginal productivity theory?
  2. Some economists have denied that interest corresponds to a real cost of production as wages correspond to labor. They say that interest is rather a surplus above actual cost, and a measure of capitalistic exploitation of wage-earners. According to them interest would not arise in a communist economy.
    Do you agree? Why or why not?

 

Part III
Write on any TWO of the following.

  1. “Lately our imports of goods have been increasing faster than our exports. If this tendency continues it will eventually bankrupt the country. We can no more continue to pay out more than we take in than can a business man afford to have outgo continually in excess of income.”
  2. Explain the mechanism by which an increase in aggregate bank reserves will affect the level of prices.
  3. Discuss the causes of industrial fluctuations and the public action that might ameliorate them.
  4. A tax on unimproved land will not be shifted but a tax on factory buildings probably will be shifted. Do you agree? Why or why not?

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

 Image Source: James Tobin’s senior year portrait in Harvard Class Album, 1939.

 

Categories
Exam Questions Harvard

Harvard. Exams from Principles of Economics. Day, Davis, Burbank et al., 1917-18

 

 

For most students who go on to concentrate in economics, the principles of economics course is the first contact with the discipline. Like they say, you have only one try to make a first impression. We’ll see in a coming post that Taussig’s textbook Principles of Economics still served as the backbone of the Harvard principles course twenty years later.

________________________

Course Description

INTRODUCTORY COURSES
Primarily for Undergraduates

[Economics] A. Principles of Economics. , Th., Sat., at 11. Asst. Professor Day and Dr. Davis, Dr. Burbank and Messrs. P. G. Wright, Monroe, Lincoln, and Van Sickle.

Course A 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. It undertakes an analysis of the present organization of industry, the mechanism of exchange, the determination of value, and the distribution of wealth.

The course is conducted partly by lectures, more largely by oral discussion in sections. Taussig’s Principles of Economics is used as the basis of discussion.

Course A may not be taken by Freshmen without the consent of the instructor.

 

Source: Division of History, Government, and Economics. 1917-18. Official Register of Harvard University, Vol. XIV, No. 25 (May 18, 1917) p. 58.

________________________

Course Enrollment

[Economics] A. Asst. Professor Day and Asst. Professor J. S. Davis, Dr. Burbank, Mr. Monroe, and Dr. E. E. Lincoln.—Principles of Economics.

Total 258: 1 Graduate, 8 Seniors, 73 Juniors, 150 Sophomores, 3 Freshmen, 23 Other.

 

Source: Harvard University. Report of the President of Harvard College, 1917-18, p. 53.

________________________

1917-18
HARVARD UNIVERSITY
ECONOMICS A
Mid-year Final Examination

Plan your answers carefully before writing. Write concisely. Arrange your answers strictly in the order of the questions, beginning each on a new page.

  1. What is labor? To what extent is it irksome? How, if at all, is the irksomeness of labor to be minimized?
  2. Explain “producers’ surplus.” Under what conditions of cost does it arise? How is monopoly profit to be distinguished from producers’ surplus? Illustrate throughout by diagram.
  3. “Before the war started the bullion value of the U.S. silver dollar, measured in gold, was about 42c. At this rate it took 37 ounces of silver to equal one of gold. Today [October, 1917], with silver bullion at about $1.00 an ounce, the value of a silver dollar is 77c., a ratio of about 20 to 1. It would only take another advance such as occurred within the last month for silver to reach the U.S. coinage ratio of ‘16 to 1.’”
    In this case what would happen, and why? Would the consequences be objectionable? If so, on what grounds? If not, why not?
  4. Explain briefly: (a) commercial banking; (b) “deposits as currency”; (c) bank reserves; (d) Federal Reserve notes; (e) Gold Settlement Fund.
  5. Analyze the factors contributing to the present “high cost of living.”
  6. “The nations of the world should adopt a uniform system of currency with a common standard. This would do away with all this bother about ‘par of exchange,’ ‘gold points,’ ‘rate of exchange,’ etc.”
    To what extent is this conclusion warranted? Explain.
  7. To what extent does the following offer a solution of the tariff problem?
    “In all tariff legislation the true principle of protection is best maintained by the imposition of such duties as will equal the difference between the cost of production at home and abroad.”
  8. Comment briefly upon the following:
    “During the days and weeks and months ahead there must be no cessation or lessening of effort on the part on any one of us—man or woman—to keep business healthy and normal.
    “Industries of every kind must be maintained to their fullest capacity. Money must be kept in circulation. There must be no hysterical, misguided retrenchment, masquerading under the cloak of economy.
    “The nation calls for every encouragement and support that the commercial and industrial forces can supply—and that means everybody doing his bit to keep business booming.

 

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

________________________

 1917-18
HARVARD UNIVERSITY
ECONOMICS A
Year-end Final Examination

Plan your answers carefully before writing. Write concisely. Arrange your answers strictly in the order of the questions, beginning each on a new page.

  1. What factors tend to limit the extension of (a) large-scale production in agriculture? (b) large-scale production in manufacture? (c) large-scale management, or industrial combination?
  2. Explain briefly: (a) demand; (b) decreasing cost; (c) internal economies; (d) “dumping.”
  3. State carefully: (a) Gresham’s law; (b) the law of diminishing returns; (c) the law of monopoly price; (d) Malthus’s law of population.
  4. To what extent and for what reasons should taxes be employed in financing the present war?
  5. In what respects are business profits like, in what unlike, (a) wages? (b) rent?
  6. What practical expedients would you suggest for raising the wages of workers in the lowest social group?
  7. Discuss the following contention: “One objection to having the state pay people when they are ill or old or out of work is that it saps that personal initiative and prudence and foresight which lie at the basis of an orderly civilization.”
  8. What grounds are there for saying that under a socialistic régime the efficiency of the rank and file of workers would be (a) greater? (b) less?

 

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

Categories
Exam Questions Harvard

Harvard. Introductory Economics. Mid-Year and Final Exams, 1938-39

 

A supplementary bibliography for Harvard’s introductory economics course along with the enrollment data were transcribed for the previous post. The final exams for both semesters of this two semester course are transcribed below. A transcription of the first multiple-choice exam for introductory economics at Harvard (1948!) has also been posted.

_______________________

1938-39
HARVARD UNIVERSITY
ECONOMICS A
Mid-year Final Examination

Choose and SIX questions

  1. “Large-scale production and the modern corporation have rendered obsolete such concepts as private property, free enterprise and individual initiative.” Do you agree?
  2. “The only thing which has kept large business units from crowding out small units in every part of the economic system has been the willingness of the small operators to stand continual losses in order to retain their independence.” Discuss.
  3. “The principal function of commercial bank credit is to make unnecessary the physical transfer of metallic and paper money. Commercial banks merely hold balances in the form of these types of money for a depositor and enable him to transfer claims to this money to other depositors.” Do you agree? Explain fully.
  4. “Assume that Congress had voted that the ‘Federal Reserve Board be commissioned to stabilize the price level.’” How, would you suggest, should the Federal Reserve Board go about it?
  5. Because of unsettled political conditions abroad, the pickup of general business conditions here, and the undervaluation of the dollar relative to other currencies, there has been lately a steady influx of gold into this country.
    1. Discuss the adjustments you would expect to take place if the so-called automatic gold standard were in effect.
    2. Discuss the adjustments possible under a managed gold standard.
  6. What would be the effect on prices and output of a lowering of the price of the raw materials used in a purely competitive industry? Discuss from the short and long run point of view.
  7. “A single department store carries 19 toothpastes and 15 toothpowders, which are only a fraction of the total varieties of these articles. That this is wasteful and uneconomical is beyond argument, but it would not be so easy to prove it keeps up the price of toothpaste in general. The very competition in these items of which we see evidence in all national advertising probably tends in the other direction.” Discuss.

 

 

1938-39
HARVARD UNIVERSITY
ECONOMICS A
Year-End Final Examination

I

(One hour and one-half.)

Write on BOTH of the following in this section. Choose either ONE as a subject for an hour essay, marking it as such.

  1. “Defenders of the competitive system rest their case upon the operation of a price system which secures the optimum utilization of the factors of production. This point of view, however, completely ignores the realities of the situation.” Discuss.
  2. “Business spending depends upon business prospects; business prospects depend upon consumer expenditures; but consumer expenditures depend upon business spending. Thus we face a dilemma from which there is no escape.”

 

II

Write on any THREE of the following:

  1. “The fact that there are ten million unemployed is sufficient evidence that our population is too large. A gradually declining population is to be welcomed rather than feared, since it would in time eliminate the unemployed surplus.” Discuss.
  2. “The rate of wages in a particular plant depends mainly on the bargaining strength of the workers and the employer. The workers can therefore always raise their wages by organizing into a trade union.” Discuss.
  3. “The free traders would have us turn the whole earth into one free market, with the result that the standard of living in every nation would in time become approximately equal. Thus although the ‘have-not’ nations would be better off, this would be because of a corresponding sacrifice on the part of the ‘have’ nations. The protective tariff protects our standard of living.” Discuss.
  4. “Of one thing we can be sure, any tax on land cannot be shifted.” Discuss.
  5. “It is a truism that demand and supply determine the rate of interest. The important thing is to know what factors affect the demand for and supply of capital.” Discuss.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Lloyd Appleton Metzler Papers, Box 9, Folder “Econ A”. Also in Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992, Box 1, Folder “Economics I: 1939-1962”.

 

 

 

Categories
Courses Harvard Suggested Reading

Harvard. Introductory Economics. Supplementary Readings, 1938-39

 

 

__________________________

…Economics A is required for admittance into every advanced course, although there are a few which allow it to be taken at the same time. It is by no means too difficult for Freshmen, may be taken by them with the consent of the instructor, and concentrators urge all Freshmen who think they may go into the field to take this course during their first year. This will enable them to begin taking advanced courses their Sophomore year, as History and Government concentrators do, and thereby allow a much wider range of study during their last two years, both in courses and in tutorial. History 1 and Government 1 are both required for concentration in Economics. The former should be taken Freshman year….

Source: Articles on Fields of Concentration Harvard Crimson, May 31, 1938.

__________________________

SUPPLEMENTARY READINGS FOR ECONOMICS A
Harvard University
1938-39

This bibliography has been prepared by members of the Economics A staff to supplement the assigned reading on the subject matter of the course. A division has been made in the reading: Part A listings are works and selections of a more general character, while those of Part B include more specialized or more advanced material. Students will also find the Encyclopedia of the Social Sciences a valuable source of information on the various topics.

Introduction and Historical Background.

A

Johnson, E. A. J., Some Origins of the Modern Economic World.

Kaempfert, W., A Popular History of American Inventions (2 vols.).

Kirkland, E. C., A History of American Life, pp. 246-339.

Lipson, E., The Economic History of England, Vol. I, pp. 347-390.

Lynd, R. and H., Middletown; and Middletown in Transition.

Mantoux, P. The Industrial Revolution in the Eighteenth Century, pp. 193-346.

Myers, G., History of Great American Fortunes.

See, Henri, Modern Capitalism.

Usher, A. P., The Industrial History of England, pp. 314-366.

Warshow, H. T., Representative Industries in the United States.

B

Bober, M. M., Karl Marx’s Interpretation of History.

Cole, A. H., The American Wool Manufacture, pp. 86-136, 219-244.

Fraser, C.E., and Doriot, G. F., Analyzing Our Industries.

Kautsky, Karl, The Class Struggle, pp. 7-87.

Usher, A. P. History of Mechanical Inventions, pp. 1-31.

 

II. Institutions.

A

Adams, C. F., Chapters on the Erie.

Arnold, T., Folklore of Capitalism.

Berle, A., and Means, G. C., The Modern Corporation and Private Property.

Hunt, B., History of Joint-Stock Corporation in England.

Laski, H. J., Rise of Liberalism.

National Resources Committee, Recent Technical Changes.

Robinson, E. A. G., Structure of Competitive Industry.

Strachey, John, The Coming Struggle for Power.

B

Dewing, A. S., Corporation Finance.

Hammond, J. L., and B., Rise of Modern Industry.

Fortune Magazine, Nov. 1936, “The United States Steel Corporation.”

Steffens, L., Autobiography.

Tarbell, Ida, History of the Standard Oil Company.

Twentieth Century Fund, Big Business, Its Growth and Its Place.

 

III. Money, Banking and International Finance.

A

Bradford, F. A., Money and Banking.

Burgess, W. R., The Reserve Banks and the Money Market (1936 ed.).

Ely, R. T., Outlines of Economics.

Feaveryear, A. E., The Pound Sterling.

King, W. T. C., History of the London Discount Market.

Meade, J. E., An Introduction to Economic Analysis and Policy, Parts I and V.

Meyers, M. G., The New York Money Market.

Moulton, H. G., The Financial Organization of Society.

Robertson, D. H., Money.

White, H., Money and Banking (Historical Sections)

B

Catterall, R. C. H., The Second Bank of the United States.

Currie, L., The Supply and Control of Money in the United States.

Federal Reserve Bulletins and Annual Reports.

Gayer, Arthur, Monetary Policy and Economic Stabilisation;  Lessons in Monetary Experience.

Hawtrey, R. G., The Art of Central Banking.

Keynes, J. M., A Treatise on Money, Vol. I, Chs. 2, 9-14.

 

IV. Value Theory.

A

Burns, A. R., The Decline of Competition, Chs. I, III, V, VIII.

Gray, Alexander, Development of Economic Doctrine.

Henderson, H. D., Supply and Demand, Chs. I-V.

Marshall, A., Principles of Economics, Book I, Chs. I, II, III; Book IV, Chs. III, XIII; Book V, Chs. III, V.

Meade, J. E., Introduction to Economic Analysis and Policy, Part II, Chs. I-IV.

B

Cassels, John, “Law of Variable Proportions,” Explorations in Economics, pp. 223-236.

Chamberlin, E., Theory of Monopolistic Competition.

Crum, Leonard, Rudimentary Mathematics for Economists and Statisticians (Quarterly Journal of Economics Supplement, May, 1938).

Keynes, J. M., “Alfred Marshall 1842-1924, “ Memorial of Alfred Marshall, A. C. Pigou editor, pp. 1-66.

Mill, J. S., Autobiography.

Robbins, Lionel, The Nature and Significance of Economic Science.

Robinson, Joan. Economics of Imperfect Competition, pp. 1-92.

Smith, Adam, Wealth of Nations, Book I, Chs. I-III.

 

V. Price Policy and Public Authority.

A

Black, J. D., Agricultural Reform in the United States.

Dennison, H. S., and Galbraith, J. K., Modern Competition and Business Policy.

Ezekiel, M., and Bean, L. H., Economic Bases for the A.A.A.

Hamilton, Walton H., and Others, Price and Price Policies.

Jones, Eliot, Trust Problem in the United States.

Jones, Eliot, and Bigham, T. C., Principles of Public Utilities.

Locklin, D. P., Economics of Transportation.

Mosher, W. E., and Crawford, F. G., Public Utility Regulation.

Lyons, L. S., and Others, The National Recovery Administration.

Nourse, E. G., Davis, J. S., and Black, J. D., Three Years of the A.A.A.

President’s Committee on Industrial Analysis, Report on the N.R.A.

Ripley, W. Z., Main Street and Wall Street.

Seager, H. R., and Gulick, C. A., Jr., Trust and Corporation Problems.

Watkins, M. W., Industrial Combinations and Public Policy.

B

Bauer, J., and Gold, N., Public Utility Valuation.

Cabinet Committee on Cotton Textile Industry, Report, Senate Document 126, 74th Congress, 1st

Daugherty, C. R., de Chazeau, M. G., and Stratton, S. S., Economics of the Iron and Steel Industry.

Wallace, Donald, Market Control in the Aluminum Industry.

Watkins, M. W., Oil: Stabilization or Conservation.

 

VI. Wages and Population.

A

Adamic, Louis, Dynamite.

Brooks, R., When Labor Organizes.

Carver, T. N., Distribution of Wealth, Ch. IV.

Henderson, H. D., Supply and Demand, Ch. IX.

Hicks, J. R., Theory of Wages, Ch. I-V.

Malthus, Thomas, Principles of Population (2nd).

Marshall, Alfred, Principles of Economics.

Taussig, F. W., Principles of Economics, Vol. II, Chs. 47, 48.

Walsh, J. R., I.O., Industrial Unionism in Action.

Wright, H., Population.

B

Millis, H. A., and Montgomery, R. E., Labor Progress and Some Basic Labor Problems (3 vols.).

National Resources Board, Problems of a Changing Population.

Perlman, S., History of Trade Unionism in the United States, Part I.

Perlman, S., and Taft, P., History of Labor in the United States 1896-1932, especially Section 4.

Robertson, D. H., Economic Fragments, “Wage Grumbles.”

Webb, S., and B., History of Trade Unionism, Chs. 1, 2, 7, 8.

Witte, E. E., The Government in Labor Disputes, Chs. 1, 2, 5, 6, 9, 13.

 

VII. Interest.

A

Fisher, Irving, Capital and Income, Chs. 1-6; Theory of Interest.

Henderson, H. D., Supply and Demand, Ch. VIII.

Taussig, F. W., Principles of Economics, Vol. II, Chs. 38-40.

B

Böhm-Bawerk, Eugen v., Positive Theory of Capital, Books 1, 2, 5, 6, 7.

Hansen, A. H., Full Recovery or Stagnation, Ch. 1 “Review of J. M. Kenyes’s General Theory etc.”

Keynes, J. M., General Theory of Employment, Interest, and Money, 13-17.

Schumpeter, J. A., The Theory of Economic Development.

Wicksell, Knut, Lectures on Political Economy, pp. 101-218.

 

VIII. Rent.

A

Carver, T. N., The Distribution of Wealth, Ch. V.

Fetter, F. A., Economic Principles, Vol. I, Part II, pp. 89-158.

George, Henry, Progress and Poverty.

Henderson, H. D., Supply and Demand, Ch. VI.

B

Marshall, Alfred, Principles of Economics, Book IV, Chs. 2, 3; Book V, Chs. 8-11; Book VI, Chs. 9, 10.

Monroe, A. E., Value and Income, Chs. V, VI, VII.

Ricardo, David, Principles of Political Economy, Chs. 2, 3; “Influence of a Low Price of Corn on the Profits of Stock,” E. C. K. Gonner, Economic Essays by David Ricardo.

 

IX. Profits.

A

Berle, A., and Means, G. C., Modern Corporation and Private Property, Book IV.

Carver, T. N., Distribution of Wealth, Ch. 7.

Henderson, H. D., Supply and Demand, Ch. VII.

Marshall, Alfred, Principles of Economics (8th), Book VI, Ch. 8.

B

Gordon, R. A., “Enterprise, Profits, and the Modern Corporation,” Explorations in Economics.

Knight, Frank, Risk, Uncertainty and Profits, Chs. 2, 9, 10.

Schumpeter, J. A., Theory of Economic Development, Chs. I-IV.

Veblen, Thorstein, Theory of Business Enterprise.

 

X. International Trade and Tariff.

A

Beveridge, Sir Wm., Tariffs: The Case Examined.

Ellsworth, P., International Economics.

Hansen, Alvin H., Commission of Inquiry on Naitonal Policy in International Economic Relations.

Harrod, R. F., International Economics.

Killough, U. B., International Trade.

Salter, Sir Arthur, Recovery, the Second Effort.

Smith, A., Wealth of Nations, Book IV.

Taussig, F. W., Tariff History of the United States; Readings in International Trade and Tariff Problems; Some Aspects of the Tariff Question.

Wallace, Henry, America Must Choose.

Whale, B., International Trade.

B

Delle Donne, O., European Tariff Policies.

Haberler, Gottfried, The Theory of International Trade.

Macmillan Report, Addendum III (Keynes)

Ohlin, Bertil, Interregional and International Trade.

Page, T. W., Making the Tariff in the United States.

Ricardo, David, Principles of Political Economy, Chs. VII, XIX, XXII.

 

XI. Public Finance

A

Clark, J. M., The Economics of Planning Public Works.

Gayer, Arthur, Public Works in Prosperity and Depression.

Gayer, Hansen et al, “Recent Depression and Public Works and Taxation,” New Republic Supplement, Feb. 1938.

Keynes, J. M., Means to Prosperity.

Robinson, M. E., Public Finance.

B

Bullock, C. J., Readings in Public Finance.

Colwyn Report, Great Britain: Report of the Committee on National Debt and Taxation, 1927.

Fagan, Elmer, and Macy, C. W., Public Finance: Selected Readings.

Lutz, H. L., Public Finance (third edition)

National Industrial Conference Board, Cost of Government in the United States 1935-37.

Silverman, H. A., Its Incidence and Effects.

Stamp, Sir J., Fundamental Principles of Taxation (second edition)

Twentieth Century Fund, Facing the Tax Problem.

 

XII. Business Cycles and Social Reform.

A

Cole, G. D. H., Principles of Economic Planning.

Ely, R. T., Outlines of Economics, Ch. 17.

Fisher, Allan, Clash between Progress and Security.

Hansen, Alvin H., Economic Stabilization in an Unbalanced World.

Meade, J. E., Introduction to Economic Analysis and Policy, Part I.

Mitchell, W. C., “Description of Cycle,” in Moulton, H. G., Financial Organization of Society.

Pigou, A. C., Socialism vs. Capitalism.

Robbins, L., The Great Depression.

Simons, H., Positive Program for Laissez-faire.

Wooton, B., Plan or No Plan.

B

Clark, J. M., Strategic Factors in the Business Cycle.

Haberler, G., Prosperity and Depression.

Hansen, Alvin H., Full Recovery or Stagnation; Business Cycles.

Keynes, J. M., General Theory of Employment, Interest, and Money.

Pigou, A. C., Economics in Practice; Economics of Welfare.

Robinson, Joan, Introduction to the Theory of Employment.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Lloyd Appleton Metzler Papers, Box 9, Folder “Econ. A”.

 

 

Categories
Harvard Radical Seminar Speakers Suggested Reading

Harvard. Critical Spirit in Economics, Grad student symposium, 1968

 

Fished out of miscellaneous items filed chronologically under the label “Harvard University Department of Economics” in John Kenneth Galbraith’s papers is the following early outline for a symposium organized by the Graduate Economics Club for the month of May, 1968. Faculty were invited to join in the discussions by the president of the Graduate Economics Club, David M. Gordon (New York Times obituary: March 19, 1996). I have yet to confirm whether any or all of the four Friday afternoon sessions actually took place. John Kenneth Galbraith sent his regrets less than a week before a session that was to consider the reception of the New Industrial State. Samuel Bowles and Herbert Gintis were on the program that also included Hilary Putnam, a philosopher of science.

_______________________

Dear faculty member,

The Graduate Economics Club is sponsoring a series of discussion during the month of May, emphasizing certain broad questions of critical perspective in economic theory.

It is our hope that these discussions will initiate and promote an open discussion and exchange of ideas among students and faculty.

Enclosed you will find an outline of the first few of these round-table discussion. Central to the success of these discussions is the participation of the faculty. We cordially invite your attendance.

All meetings will be held in Littauer, the room to be announced.

Sincerely,

Graduate Economics Club,
Dave Gordon, Pres.

_______________________

THE CRITICAL SPIRIT IN ECONOMICS

  1. The Myth of an Objective Economics: The Separation of Positive and Normative Thought.
    Friday, May 3, 2:00 – 4:00.

    1. The Ideological Element in Conceptualization and Model-Building: Professor Hilary Putnam.
      Professor Putnam, a philosopher of science and logician at Harvard, will speak on the contributions of T. S. Kuhn and Karl Popper, after which the discussion will be opened to the group.
      Readings are (starred items are most important):

      1. *T. S. Kuhn, The Structure of Scientific Revolutions, esp. chap. 2, 4, 10, 12, 13. (72 pages)
      2. *Karl Popper, The Logic of Scientific Discovery, I, II; esp. pp. 27-30, 32-34, 40-42.
      3. *Karl Marx, A Contribution to the Critique of Political Economy, Author’s Preface (Xerox, pp. 9-15).
      4. *Milton Friedman, “The Methodology of Positive Economics,” in Essays in Positive Economics.
      5. Stephen Toulman, The Philosophy of Science, chap. 2, pp. 17-56.
      6. Michael Polanyi, Personal Knowledge, chap. 2, pp. 18-32.
      7. Pratt, Raiffa and Schlaiffer, Introduction to Statistical Decision Theory, Appendix A3, esp. A3.4.
    2. Examples from Economic Literature: These readings are meant to illustrate points made in the above readings:
      1. *Roy Harrod, “Scope and Method in Economics”, Economic Journal, Sept., 1938.
      2. *Oscar Lange, “Marxian Economics and Modern Economic Thought”, Review of Economic Studies, June, 1935.
      3. *Robert Solow, “Son of Affluence”, The Public Interest, Fall, 1967.
      4. *Robin Marris, review of Galbraith’s New Industrial State, Am. Econ Review, March, 1968, pp. 240-247.
  2. Paradigms in Development Economics
    Friday, May 10, 2:00 – 4:00

    1. Tensions, Preferences and Economic Development: Sherman Robinson.
      1. *Sherman Robinson, “Tensions, Preferences and Development”, Xerox in Littauer Library.
      2. *Gunnar Myrdal, Prologue to Vol. I of Asian Drama.
    2. Development paradigms
      1. *H. Chenery, “Comparative Advantage and Development Policy”, AER, March, 1961. Reprinted in Surveys of Economic Theory, AEA
      2. *Paul Baran, “On the Political Economy of Backwardness”, in Agarwala and Singh
      3. Gunnar Myrdal, Economic Theory and Underdeveloped Regions, chap. 2, “The Principle of Circular and Cumulative Causation,” and chap. 6, “National State Policies in Under-Developed Countries.”
    3. The Relevance of Economic Theory to Economic Development: Prof. Samuel Bowles.
      1. *Gunnar Myrdal, op. cit., chap. 4, “The Role of the State” and chap. 5 “International Inequalities”
      2. *Hla Myint, “Classical Theory of International Trade and the Underdeveloped Countries”, Economic Journal, June 1958, reprinted in Readings in Economic Development, T. Morgan, 1963.
      3. Hla Myint, “The Gains from International Trade and the Backward Countries”, REStud., 1954-55, pp. 29-42.
      4. Mason, Economic Planning in Underdeveloped Areas, chap. 2, sections 2, 5.
      5. Lenin, Imperialism.
      6. *Hobson, The Evolution of Modern Capitalism, chap. X, sections 9, 10.
      7. *Aron, Peace and War, Part II, chap. IX, “On Resources”, pp. 243-278.
  1. Welfare Economics and the Value of Efficiency Criteria: Herb Gintis.
    May 17, Friday, 2:00 – 4:00
    Professor A. Bergson has kindly agreed to participate.
    Readings to be Announced.
  1. The Role of the State in Economic Theory
    Friday, May 24, 2:00 – 4:00.
    Speakers and readings to be announced.

_______________________

Carbon Copy of Galbraith’s response

April 29, 1968

Mr. Dave Gordon
Graduate Economics Club
Littauer Center M-8

Dear Mr. Gordon:

Unhappily I will be in Italy on May 3rd, so I will not be able to attend the round-table discussion on that day. I am sorry.

Yours faithfully,

John Kenneth Galbraith

 

Source: John F. Kennedy Presidential Library. Papers of John Kenneth Galbraith, Series 5. Harvard University File, 1949-1990. Box 526, Folder “Harvard University Department of Economics: General Correspondence, 1967-1974 (3 of 3)”.

Image Source: David M. Gordon in Harvard Class Album, 1964.