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Columbia. Memorial Minute for Wesley Clair Mitchell, 1949

 

Memorial minutes entered into a faculty’s record have the virtue of being brief and typically are written by someone who has had a close personal/professional relationship with the subject as seen in the following memorial minute delivered by Wesley Clair Mitchell’s student and later colleague, Frederick C. Mills.

The dual memoir Two Lives–The Story of Wesley Clair Mitchell and Myself, written by Mitchell’s wife Lucy Sprague Mitchell is available at hathitrust.org and provides much detail, e.g. an eight page autobiographical letter written by Mitchell in 1911.

______________________

WESLEY CLAIR MITCHELL
Memorial Minute read by Professor F. C. Mills
February 18, 1949

Wesley Clair Mitchell, Professor Emeritus of Economics, died in New York City on October 29, 1948. In his death the world lost one of the great scholars of our generation and the members of this Faculty lost a distinguished colleague and a cherished friend.

Wesley Mitchell was born in Rushville, Illinois, on August 5, 1874, the son of a country doctor who had won the rank of Brevet Colonel as a Civil War surgeon. The family was of New England stock, and although a middle-western boyhood and later adult years in California and New York left their impress on Mitchell, something of the New England strain was always discernible in the pattern of his thought and life.

Mitchell’s student days, undergraduate and graduate, were spent at the University of Chicago, with a one-year interim period at Halle and Vienna. The influence of the German and Austrian residence was slight; Mitchell was a product of American university training in the period of vigorous growth that came at the turn of the century. His outstanding qualities as an economist were distinctive of ways of thought and study that were largely indigenous to this country. Thorstein Veblen, John Dewey, J. Laurence Laughlin in their several ways deeply affected Mitchell’s thinking and his way of conceiving of the problems of society.

Following a year at the Census Bureau and a short term as instructor at the University of Chicago, Mitchell moved in 1902 to the University of California, at Berkeley, to begin a decade of fruitful work and of steady personal growth. His tools of research were sharpened and his mastery of them perfected. The brilliant studies of the greenback period, in which the pattern of his scholarly work was first defined, were extended. The massive monograph on Business Cycles, one of the great products of scholarship in the social sciences, was here completed. But beyond these solid contributions to economic thought and method this was a rich period inMitchell’s life, to which he always looked back as something of a personal golden age. A young man intellectually somewhat aloof and inclined toward austerity mellowed in the sunshine of the west and in the easy, pleasant companionships of the young University. He took to the Sierras avidly, relishing the free ways, the free language and the physical release to be found in mountain climbing. A companion of those days says that Wesley’s inhibitions were peeled off like the layers of an onion as successive altitude levels were passed. He found a wife, too, in the west; when he left California in 1912 he took with him the Dean of Women of the University.

Wesley Mitchell’s service at Columbia began in 1913 and extended to the date of his retirement in 1944, except for a three-year term at the New School for Social Research. Indeed, his Columbia connection extended, properly, to the day of his death, for there was no time when we did not consider him one of us, or when he did not so regard himself. Mitchell’s reputation had been established by the time he came to Columbia; he had reached full scholarly maturity. Yet his growth continued and his accomplishments multiplied. A steady (but not a voluminous) flow of papers, reviews, addresses and more extensive studies came from his pen. Into each, whether brief or extended, went care in the construction of a logical and orderly argument, skill in the marshaling of evidence, and objectivity in the use of that evidence. Each, too, was in exposition a work of craftsmanship by a man whose ear was extraordinarily sensitive to the rhythms of our language and whose mind was alert to shades of meaning and subtleties of expression.

There was also an almost uninterrupted series of public and professional services and of accumulating honors. He was Chief of the Price Section of the War Industries Board during the first World War, chairman of the President’s Committee on Recent Social Trends, a member of the National Planning Board, the National Resources Board, and the Federal Emergency Administration of Public Works, and chairman of the Committee on the Cost of Living when that burning issue threatened to check the steady production of goods during the second World War. There was the launching in 1920 and the directing for a quarter of a century of a new instrument for the advancement of knowledge—the National Bureau of Economic Research. Over a long stretch of years he helped to break down the barriers between the social sciences and to unify their activities in the Social Science Research Council. He was one of those who founded and shaped the New School for Social Research. Counsel and guidance were given over many years to the Bureau of Educational Experiments. He was called upon to direct the affairs of professional societies, serving as President of the American Economic Association, the American Statistical Association, the Econometric Society, and the American Association for the Advancement of Science. There were elections to learned societies at home and abroad. Honorary degrees came from Oxford, the University of Paris, and from major universities in this country. These were rich honors and they were not unwelcome; but he remained to the day of his death a modest scholar, who would both gladly learn and gladly teach.

It was as teacher and scholar that Mitchell’s greatest services were rendered to Columbia, and it was in these roles that he was best known to us of this Faculty. Mitchell possessed in high degree the qualities of a good teacher. There was insight in his analyses; there was a freshness of view that he never lost; there was lucidity of thought and expression; there was a sense of sharing with the student the task of inquiry. Above all, perhaps, was the sense of integrity. Here was a man without affectation, without pretense, who honestly sought understanding.

The specific contributions that Mitchell made to economics will be duly appraised by his colleagues in that profession. As members of a political science faculty, however, it is proper for us to recognize the service of Mitchell in breaking economics out of the tight formalism of the tradition that prevailed when he came to the subject. He was profoundly unhappy about economics as a branch of logic, dealing with the interaction of atoms in the form of human reasoning machines, subjecting itself only to tests of logical consistency, almost indifferent to the relevance of its principles to complex and constantly changing reality. Mitchell himself was not unskilled in the spinning of deductive arguments, but he was keenly aware of the dangers of self-delusion in unchecked rationalism. His bent was empirical; his emphasis in research was on the constant checking of reason against observation. First in the monetary field, later in the study of prices, of business cycles, and of national income, he developed and refined methods of quantitative analysis and stimulated a movement that has deeply affected the character of economic research and the content of economic thought the world over. But Mitchell’s concern was never with method as method. Man was at the center. Economics was to him on of the sciences of human behavior. And the human being with whose actions he was concerned was a complex creature whose motives could not be reduced to the reasoned balancing of satisfactions against pains or of prospective gains against prospective losses. He stressed the role in economics of institutions — of money, of the industrial system — which man had shaped and which in turn were shaping him; in so doing he helped to turn many younger economists to the study of a neglected phase of economic life. These various aspects of Mitchell’s thought are developed in treatises and shorter papers published over a period of fifty years. They are outstandingly revealed in the series of books on business cycles that are Mitchell’s greatest substantive contribution to economics.

Some of the personal qualities of Wesley Mitchell have been suggested in this brief account of his work. But there was much more than this. He was a lover of poetry whose mind was stocked with verse. He was a connoisseur of mystery stories who could warmly resent the moral betrayal of the reader when the author played unfairly with him. He was a craftsman, skilled in the fine art of woodwork. He was tenacious and unremitting in seeking principles of order in human affairs, yet free from dogmatism and open to criticism and advice from his youngest associates. He was a kindly and generous man, a source of continuing and friendly inspiration to students and colleagues alike. In his life’s work Mitchell served the human race. In his own being he helped to give dignity to that race.

 

Source: Memorial Minute on Professor Wesley C. Mitchell read by Professor F. C. Mills at the meeting of Faculty of Political Science of February 18, 1949. Appended to the Minutes of the Faculty Meeting.

Image Source:Foundation for the Study of Cycles Website  .

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Economists Harvard

Harvard. Economics Ph.D. Alumnus (1922), William Arthur Berridge in mid-career 1939

 

 

 

Today’s posting provides some biographical detail (through age 46) of  William Arthur Berridge (b. 13 April 1893; d. 25 Sept 1973). Harvard Class of 1914, Phi Beta Kappa and 1922 economics Ph.D. that comes from his personal report to the Class of 1914’s twenty-fifth reunion volume. Besides being on the lookout for the artifacts of economics education in the form of course descriptions, notes, reading lists and examination questions, Economics in the Rear View Mirror is interested in the life and career stories of economics Ph.D.’s. Contributions from the community of visitors are very much welcome. Well-told personal anecdotes of time in the trenches as a graduate student would greatly add to this growing collection of material.

___________________

WILLIAM ARTHUR BERRIDGE
HARVARD CLASS OF 1914
[1939 report]

 

Born: Lynn, Mass., Apr. 13, 1893. (Bill). Parents: Frank Berridge, Sadie May Brown.
Prepared at: Classical High School, Lynn, Mass.
Years in College: 1910-1914. Degrees: A.B. magna cum laude, 1914; A.M., 1919; Ph.D., 1922.
Married: Ruth Reid, Cambridge, Mass., Jan. 24, 1918. Children: Katherine Beatrice, May 31, 1919; Ruth Margaret, Mar. 4, 1921.
Occupation: Economist, Metropolitan Life Insurance Co., 1 Madison Ave., New York, N.Y.
Address: 52 Gramercy park North, New York, N. Y.

 

Perhaps the World War which broke out before we had recovered from Commencement did not affect me more than my average classmate. But perhaps it affected me differently from most. One influence that it had was to switch me from physical to social sciences. The route was circuitous, however. My aspirations were, one after another, to enter (1) engineering, (2) physics, (3) mathematics, (4) ministry, (5) social administration or social ethics, (6) statistics, and finally (7) economics. They even overlapped; for, during the two years when I was studying in numbers (4)-(5), the beloved Bôcher got me appointed an instructor in no. (3) over at the College.

The longer I live, the less do I regret all that “batting around.” I find it has enriched my working and living. Even the two years in uniform benefited me and my work in several ways, some of which I did not properly evaluate until years afterward.

In 1919, on nothing at all, we went back to Cambridge, to learn how better to help the world understand, if not solve, the expected war aftermath of economic problems. While studying for a Ph.D., I enjoyed earning a living as a research assistant for Bullock’s and Persons’ Committee on Economic Research, and as an instructor and tutor—this time, for a change, in the same field I was studying—aided by two or three windfalls from writing.

After completing in 1922 my thesis on unemployment, I spent five pleasant years in Providence as assistant (later associate) professor of Economics at Brown, but in 1924 I began devoting half-time to the Metropolitan Life in New York as consulting economist. In 1927 I left Brown to become full-time (and over-time!) economist for that company. It is a voluminous but varied and intensely interesting assignment on the research end, and in addition it is in a very real sense teaching as well. I love the work, and the social-minded institution for which I do it.

Elsewhere in the company, such varied and distinguished research is being done as to create some real “university” atmosphere. I also keep up, as well as I can, contacts with outside research men, in both the academic and the applied fields.

Politics? I still call myself an Independent Democrat, though I have never yet voted for a presidential candidate who won! The personal views that I hold as to many current political conditions and economic policies, I refrain from writing, for I have no asbestos paper.

Travel? During my Coast Artillery experience, travel was confined mostly to a rocky island far out in Boston Harbor, where it was my fate to have a Mine Command—among other duties. So I did not travel abroad until 1922, when (with my wife) I spent the summer in England as a Sheldon Traveling Fellow, consulting British specialists on unemployment. We also discovered numerous Berridges, above as well as below ground. In 1928 I spent a delightful month in France and Germany, ending a year’s sojourn by the family there. Since then I have delegated my foreign traveling wholly to the family—Italy, Greece, etc.

Hobbies? “Puttering around”—making and doing things at my farm in Berkshire County. We also like music, dancing and theater and perhaps 1 in 10 of the movies produced in recent years. So far, I have never made headway toward realizing either of two old aspirations: (1) to become a “Sunday painter” in both oils and water color, (2) to write a play that would “make” Broadway.

Publications: “Cycles of Unemployment in the U.S.,” Houghton Mifflin Co., 1923; “Purchasing Power of the Consumer” (with two others), A. W. Shaw Company, 1925; “Employment Statistics for the U.S.” (with one other), Russell Sage Foundation, 1926; One chapter in “Unemployment and Business Cycles,” McGraw-Hill Company, 1923; various articles on economic subjects, such as unemployment, labor turnover, gold, silver, foreign trade, U.S. and U.K. business conditions, etc.

Member of: American Economic Association; American Statistical Assn. (fellow); Social Science Research Council (to 1939, representing A.S.A.); American Farm Economic Assn.; Academy of Political Science; American Academy of Political and Social Science; Royal Economic Society, Royal Statistical Society, England; Harvard Club of New York City; Cosmos Club, Washington, D.C.

 

Source:   Harvard College Class of 1914 Twenty-fifth Anniversary Report. Cambridge, MA: Cosmos Press, 1939, pp. 52-54.

Image Source:  Cover of Harvard Class Album 1946.

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Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Reading assignments and final exam for Business Cycles. Samuelson, 1948

 

The reading list and final exam questions for Paul Samuelson’s course on business cycles at M.I.T. that he taught during the second term of 1942-43 were posted earlier. In this posting I provide transcriptions for the reading list and final exam for the same course offered five years later. I have included a carbon copy of the first two questions that are different from the first two questions in the mimeographed copy. Maybe the carbon copy was preliminary, perhaps undergraduates and graduates received different questions. In any event the questions are different and clearly identified for the same examination date and same course. Note the tease in his illustration for Question 3 where he lists “in order of importance” “sunspots” and “anti-Keynesian” as Samuelson’s personal main theories.

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Reading Assignment, Economics 26
Spring Term 1948

  1. The student should buy J. M. Keynes, General Theory of Employment, Money and Interest; and if possible, G. Haberler, Prosperity and Depression (3rd revised edition).
  2. As background reading, the student may wish to consult J. A. Estey or E. Bratt on Business Cycles [James Arthur Estey, Business Cycles, New York: Prentice-Hall, 1941; Elmer Clark Bratt, Business Cycles and Forecasting, 3rd 1949] and Joan Robinson, Introduction to the Theory of Employment.

 

Reading Assignments
A

Wesley C. Mitchell, Business Cycles: The Problem and its Setting (1927), Chapters 1, 4.
A. H. Hansen, Fiscal Policy and Business Cycles, Chapters 1, 2
Wm. H. Beveridge, Full Employment in a Free Society, Appendix A.
J. A. Schumpeter, Business Cycles (1939), Chapters 4, 7C, 15G
S. Kuznets, National Income and its Composition, Vol. 1, Chapter 1
G. Haberler, Prosperity and Depression, Chapters 1, 9

Optional:

A. F. Burns and W. C. Mitchell, Measuring Business Cycles.

 

B

G. Haberler, op cit, Ch. 2, 3, 4, 5, 6, 7
A. H. Hansen, Business Cycle Theory, 1, 2, 4, 8
K. Wicksell, Interest and Prices, Introduction, Ch. 5, 7, 8, 11.

 

C

J. M. Keynes, General Theory
P. Samuelson, Ch. 13 on Savings and Investment in Economics
A. H. Hansen, Fiscal Policy, 6, 11, 12, 13, 14, 15
G. Haberler, Ch. 8, Part III
S. E. Harris, Postwar Economic Problems, Ch. 2, 5
S. E. Harris, Economic Reconstruction, Ch. 5
Selected Readings on Business Cycles, [Probably: American Economic Association. Gottfried Haberler, chairman of the selection committee. Readings in Business Cycle Theory. Philadelphia: Blakiston, 1944.] Lange, Clark, Tinbergen papers.

 

D

Financing American Prosperity. [Financing American prosperity : a symposium of economists. Editors: Paul T. Homan and Fritz Machlup. New York : The Twentieth Century Fund, 1945.] Read Ch. 1 and any other two
Federal Reserve Monograph No. 3. First Musgrave Article and Comments.

 

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Business Cycles
Ec 26 Examination
May 27, 1948
[from mimeographed copy]

20 minutes

  1. What postwar public policies should be followed in connection with business cycles? (If none, justify your answer.)

 

15 minutes

  1. Define in a paragraph or less:

acceleration principle
Say’s Law
marginal propensity to invest
“foreign trade multiplier”
Juglar cycle

 

15 minutes

  1. Next to each of the following writers fill in the appropriate letter and number (or numbers if more than one is called for).

Thus the correct answer for Samuelson might be as indicated:

Samuelson    A         2         9

if his principal contribution occurred in the last 20 years; and if the theories of the cycle for which he is best known were (in order of importance) “sunspots” and “anti-Keynesian.”

 

Time of Principal Contribution Main Theory or Theories
A. Last 20 years 1. monetary
B. Early 20th century (1900-27) 2. sunspots and weather
C. 19th century or earlier 3. underconsumption
4. self-generating, endogenous
5. exogenous investment fluctuation
6. Say’s Law of Markets
7. eclectic (some truth in most theories)
8. overinvestment
9. anti-Keynesian

 

 

Time of Principal Contribution

Main Theory or Theories

Cassel

_____

_____; _____

Catchings

_____

_____

Dewey and Dakin

_____

_____

Fisher (I.)

_____

_____

Foster

_____

_____

Haberler

_____

_____

Hawtrey

_____

_____

Hansen

_____

_____; _____

Hobson

_____

_____

Hayek

_____

_____; _____

Jevons

_____

_____

Anderson

_____

_____; _____

Keynes

_____

_____; _____

Pigou

_____

_____

Lauderdale

_____

_____

Mitchell

_____

_____; _____

Mises

_____

_____; _____

Malthus

_____

_____

Spiethoff

_____

_____

Ricardo

_____

_____

Tugan-Baranowsky

_____

_____; _____

Schumpeter

_____

_____

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Business Cycles
Ec 26 Examination
May 27, 1948
[from carbon copy]

 

20 minutes

  1. In retrospect what public policies seemed called for in the period between the two world wars in connection with “business cycles”?

 

15 minutes

  1. Define or describe in a paragraph:

natural rate of interest vs. real rate of interest
open market purchase
Kondratieff cycle
marginal efficiency of capital

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Paul A. Samuelson Papers: Box 33, Folder “14.451 Business Cycles, 1943-1955”.

Image Source: From the slideshow at the MIT Memorial Service for Paul A. Samuelson held on April 10, 2010.

 

Categories
Exam Questions M.I.T.

M.I.T. Final exam for business cycles course taught by Paul Samuelson, 1943

 

The following exam questions come from the carbon paper copy in Paul Samuelson’s papers. Transcribed below are the final exam questions for his course on business cycles taught during the second term of the 1942/43 academic year at M.I.T. The reading list for this course was transcribed and posted earlier. The next posting will provide the reading assignments and final examination for his course five years later.

______________________

Business Cycles
Ec 26 Examination
Thursday, May 20, 1943

Answer two or three questions not all from the same section.

I

  1. “The older economists regarded the trade cycle as a fluctuation around an undefined base. Modern economists have for the first time a theory of effective demand to determine that base.” Develop the last sentence, and weigh the accuracy of the whole quotation.
  2. Must savings equal investment? Discuss this problem, giving as little weight as possible to terminological and definitional matters. Go to the heart of the matter, and show how hoarding enters the picture if at all.
  3. What is the optimum amount of money in a system; the optimum marginal efficiency of capital; the optimum marginal propensity to consume? Explain.
  4. How can those who have lost faith in monetary control have so much confidence in the efficacy of fiscal policy?

 

II

  1. What is the effect on prices and wages of greatly increased effective demand? Illustrate with the policy problems raised during a war.
  2. Weigh the chances for boom and depression in the half decade after the war.
  3. Resolved: Secular stagnation is likely if not inevitable. Prepare a brief for the affirmative and for the negative.
  4. Discuss the problems raised by the public debt.

 

Source: David M. Rubenstein Rare Book & Manuscript Library, Duke University. Paul A. Samuelson Papers: Box 33, Folder “14.451 Business Cycles, 1943-1955”.

Image Source: From the slideshow at the MIT Memorial Service for Paul A. Samuelson held on April 10, 2010.

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Graduate Core Economic Theory, Readings and Exams. Schumpeter, 1936-37

 

The reading lists and exams for Schumpeter’s graduate economic theory course in 1935-36 have been posted earlier (the year Paul Samuelson took the course). It is worth noting that Keynes and the General Theory (at least Chapters 11, 13-16) were added to the readings for the second term of 1936-37.

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Course Announcement, 1936-37

Economics 101 (formerly 11). Economic Theory

Mon., Wed., Fri., at 2. Professor Schumpeter.

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1936-37 (first edition). Official Register of Harvard University, Vol. XXXIII, No. 5 (March 2, 1936), p. 142.

__________________________

Course Enrollment, 1936-37

Primarily for Graduates:

[Economics] 101. (formerly 11). Professor Schumpeter.–Economic Theory.

Total 36:  30 Graduates, 3 Seniors, 3 Radcliffe.

Source: Harvard University. Report of the President of Harvard College for 1936-1937, p. 93.

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Economics 101

Following is a list of some of the most important works in English dealing with problems outside the range of perfect competition. They are not all assigned, but assigned reading is taken altogether from this list.

Pigou, A. C., Economics of Welfare, 3rd Edition.
Chamberlin, E. H., The Theory of Monopolistic Competition.
Chamberlin, E. H., On Imperfect Competition, in the March, 1934 Supplement of The American Economic Review, pp. 23-27.
Robinson, Joan, Economics of Imperfect Competition.
Robinson, Joan, What is Perfect Competition, Q. J. E., Nov. 1934.
Zeuthen, F., Problems of Monopoly and Economic Warfare.
Cournot, A. A., Mathematical Principles of the Theory of Wealth.
Edgeworth, F. Y., The Pure Theory of Monopoly (Papers, Vol. I)
Hotelling, Harold, Stability in Competition, E. J., March 1929.
Shove, G. F., The Imperfection of the Market, E. J., March 1933.
Harrod, R. F., Doctrines of Imperfect Competition, Q. J. E., May 1934.
Hicks, J. R., The Theory of Monopoly, Econometrica, Jan. 1935.

The subjects, in the order in which they will be taken up, together with the assigned reading, are given below.

I.  The Technique and the Background.

Pigou, Part II, Ch. XIV.
Robinson, Chs. 1, 2.
Chamberlin, Chs. 1, 2.

 

V. Monopolistic Competition

Chamberlin, Chs. 4, 5, 6, 7.
Robinson, Ch. 7. Q.J.E., Nov. ‘34
Shove, E.J., March ’33.
Harrod, Q.J.E., May ’34.

II.  Simple Monopoly.

Pigou, Part II, Ch. XVI.
Robinson, Chs. 3, 4, 5.

VI. Discrimination.

Pigou, Chs. XVII, XVIII (Part II).
Robinson, Chs. 15, 16.

III.  Duopoly and Oligopoly

Pigou, Part II, Ch. XV.
Chamberlin, Ch. 3.

 
IV. Bilateral Monopoly.

Hicks, Sect. 3.

 

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 9, Folder “Ec 11, Fall 1936”.

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[Hand-written notes, neat, presumably to be typed]

  1. On Substitution

Marshall, V., Chs. 4, 8; VI, Ch.1.
Hicks, Theory of Wages, Ch. 6.
Robinson, Imperfect Competition, Ch. 22.
Machlup, “Commonsense of the Elast. of Subst.”, Rev. Econ. Stud., Vol II, No. 3. (on Econ. 1 shelf)

More Advanced

Hicks, Appendix.
Various notes on elast. of subs. In Vols I and II, Rev. Econ. Stud., by Hicks, Lerner, Kahn, Tarshis etc.
Hicks, Rev. Econ. Stud. Oct., 1936.
Pigou, Econ. Journal, June, 1934.

  1. On Period of Production

Böhm-Bawerk, E., Positive Theory of Capital, Bk II, Ch. 2, 3.
Knight, F. H., “Capital, Time + the Interest Rate,” Economica, August 1934 (on Econ. 151 shelf)
Hayek, F. A., Q. J. E., Feb., ‘36
Machlup, F. “Professor Knight + the Period of Production,” J. P. E., Oct. 1935.

More Advanced

Gifford, C.H.P., Econometrica, April 1935 (in Econ. 102 shelf).

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 9, Folder “Ec 11, Fall 1936”.

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1936-37
HARVARD UNIVERSITY
ECONOMICS 101

(Answer any FIVE questions)

  1. What meaning can be attributed to
    1. Positively inclined demand curves?
    2. Negatively inclined long-run average cost curves?
  2. Define arc elasticity of demand and explain the usefulness or otherwise of the concept.
  3. From given demand curves for consumers’ goods we derive demand curves for the producers’ goods or factors of production. From these in turn we derive the prices of factors and hence incomes. And these incomes determine the demand curves for consumers’ goods. Does this involve circular reasoning?
  4. Why is the explanation of market price by means of the theory of marginal utility superior to the explanation of market price by means of the Ricardian theory of quantity of labor?
  5. Consider a commodity A which is the product of two factors of production B and C. Then “an increase in the supply of A raises the demand for B in terms of money if the elasticity of the demand for A is greater than the elasticity of substitution.” Prove.
  6. Show why and in what sense price is determinate in the case of bilateral monopoly.
  7. “Perfect competition exists to such a negligible extent in the modern economy that all theorizing based on this assumption must be regarded as sheer waste of time.” What have you to say to this?
  8. “The key to problems of imperfect competition lies in the conditions of demand. But it is precisely when we come to problems of imperfect competition that the ordinary demand curve apparatus ceases to have any clear meaning.” Comment.

Mid-Year. 1937.

 

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 9, Folder “Ec 11, Fall 1936”.

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ECONOMICS 101 [“37” is handwritten here]

The first month of the second term will be devoted to a study of the principles underlying the theory of distribution, with special emphasis on wages.

  1. Substitution and Relative Shares
    1. Hicks, J. R., The Theory of Wages, Ch. VI.
    2. Machlup, Fritz, “The Common Sense of the Elasticity of Substitution”, Review of Economic Studies, June, 1935.
    3. Hicks, J. R., “Distribution and Economic Progress: A Revised Version”, Review of Economic Studies, October, 1936.
    4. Also notes and articles on substitution and relative shares in Review of Economic Studies, Vol. I, Nos. 1 and 2, though not required reading, may be consulted.
  2. Theory of Wages and Marginal Productivity
    1. Marshall, Bk. VI, especially Ch. I.
    2. Hicks, J. R., Theory of Wages, Ch. I.
    3. ——-, Marginal Productivity and the Principle of Variation,” Economica, February, 1932.
    4. Schultz, Henry and Hicks, J. R., “Marginal Productivity and the Lausanne School: “A Reply” and “A Rejoinder”, Economica, August, 1932.
    5. Robertson, D. H., “Wage Grumbles” in the volume of essays entitled Economic Fragments.
    6. Chamberlin, E. H., On distribution under Imperfect Competition, pp. 23-27 of the Supplement to the American Economic Review, March, 1934.

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 10, Folder “Ec 11, Spring 1937”.

__________________________

 ECONOMICS 101

            The next two or three weeks will be devoted to the discussion of capital and interest. A select bibliography and the assigned reading are listed below.

BIBLIOGRAPHY

  1. Böhm-Bawerk, E., Capital and Interest (a history of interest theories) [: and] The Positive Theory of Capital (the third edition, available only in German, containing the polemical Excursi, is to be preferred to the English translation)
  2. Marx, Karl, Capital (especially Vol. I, Parts III and VII; Vol. II, Part III; Vol. III, Parts II and III)
  3. Wicksell, Knut, Über Wert, Kapital und Rente [, and] Lectures on Political Economy, Vol. I
  4. Fisher, Irving, The Rate of Interest (1907) [; and] The Theory of Interest (1930) (a rewriting of the earlier work)
  5. Taussig, F.W., Wages and Capital
  6. Knight, F.H., “Interest”, article in The Encyc. of Soc. Science
  7. For a rather complete list of the numerous recent articles on capital, interest and the structure of production, Cf. Machlup, Fritz, “Professor Knight and the Period of Production”, Journal of Political Economy, 1935, first footnote.
  8. For an exposition of Böhm-Bawerk, Wicksell and the later work along the same lines done in Sweden, particularly by Gustav Akerman, Cf. Kirchmann, Hans, Studien zur Grenzproduktivitätstheorie des Kapitalzinses.
  9. Keynes, J. M., General Theory of Employment, Interest, and Money.

ASSIGNED READING

  1. Fisher, The Rate of Interest, Part I, Chs. 1,2,3; Part III, Ch. 10
  2. Böhm-Bawerk, Positive Theory, Book I, Ch. 2; Book II, Chs. 2,4,5; Book V, Chs. 1,2,3,4,5; Book VI, Chs. 5,6,7; Book VII, Chs. 1,2,3.
  3. Wicksell, Lectures, Vol. I, pp. 144-171; 185-195.
  4. Keynes, J. M., General Theory of Employment, Interest, and Money, 11, 13, 14, 15, 16.

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 10, Folder “Ec 11, Spring 1937”.

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1936-37
HARVARD UNIVERSITY
ECONOMICS 101

Answer FIVE questions. Arrange your answers in the order of the questions.

  1. Saving, by increasing the quantity of capital, will tend to increase its absolute and relative share. At the same time saving will tend to reduce the rate of interest and thereby to decrease capital’s absolute and relative share. State the conditions on which the net effect of saving on the absolute and relative share will depend. What do you think the actual effect is in practice?
  2. Classical economists spoke of a net benefit accruing from free trade. Have we any means to measure that benefit and to determine how it is divided between the trading nations?
  3. Which of the theories of interest which you have studied seems to you most acceptable and why?
  4. What warrant is there for the statement that in perfect competition and perfect equilibrium every firm will produce that quantity which corresponds to the point of minimum average cost?
  5. Discuss the problem of inequality of incomes from the following points of view: (a) measurement, (b) economic effects, (c) relation to welfare.
  6. Could unemployment exist with perfect competition?
  7. What do you regard as the most desirable railroad rate policy? State clearly and justify your criteria of desirability, and show how the policy selected meets these criteria.

Final. 1937.

 

Source: Harvard University Archives. Joseph Schumpeter Papers. Lecture Notes. Box 10, Folder “Ec 11, Spring 1937”.

Image Source: Harvard University Archives. HUGBS 276.90p(43) Irving Fisher and J. A. Schumpeter (May 12, 1934).

Categories
Fields Harvard

Harvard. Economics Ph.D. Candidates’ General/Special Examination Fields, Committees. 1918-19

 

 

For nine Harvard economics Ph.D. candidates this posting provides information about their respective academic backgrounds, the six subjects of their general examinations along with the names of the examiners, their special subject, thesis title and advisor(s) (where available).

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DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS
EXAMINATIONS FOR THE DEGREE OF PH.D.
1918-19

Notice of hour and place will be sent out three days in advance of each examination.
The hour will ordinarily be 4 p.m.

Chungtao Tahmy Chu.

General Examination in Economics, Thursday, November 14, 1918.
Committee: Professors Bullock (chairman), Whipple, Carver, Persons, and Dr. Lincoln.
Academic History: Harvard College, 1914-17; Harvard Graduate School, 1917—. A.B., 1917. Assistant in Economics, 1917-18.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1760. 3. Statistical Method and its Application. 4. Money and Banking. 5. Municipal Government. 6. Public Finance.
Special Subject: Public Finance.
Thesis Subject: “Taxation of Salt.”

John Henry Williams.

Special Examination in Economics, Friday, November 15, 1918.
General Examination passed May 7, 1917.
Academic History: Brown University, 1909-12; Harvard Graduate School, 1915-17. A.B., Brown, 1912; A.M., Harvard, 1916; Instructor in English, Brown University, 1912-15. Sheldon Travelling fellow in Argentina, 1917-18. Instructor in Economics 1918-19.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Public Finance. 4. Labor Problems. 5. History of Political Theory. 6. International Trade and Tariff Policy.
Special Subject: International Trade.
Committee: Professors Taussig (chairman), Bullock, Carver, and Dr. Persons.
Thesis Subject: “Argentine International Trade Under Inconvertible Paper Money, 1880-1900.”
Committee on Thesis: Professors Bullock, Taussig, and Carver.

Norman John Silberling.

Special Examination in Economics, Monday, May 12, 1919.
General Examination passed November 6, 1916.
Academic History: Harvard College, 1910-14; Harvard Graduate School, 1914—. A.B., 1914; A.M., 1915. Assistant in Economics, 1915-17.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. Social Reforms. 5. Sociology. 6. Psychology.
Special Subject: Money and Banking.
Committee: Professors Bullock (chairman), Carver, Day, Langfeld, Dr. Persons, and Dr. Lincoln.
Thesis Subject: “A History of British Theories of Money and Credit, 1776-1848.”
Committee on Thesis: Professors Bullock, Day, and Dr. Monroe.

Joseph Lyons Snider.

General Examination in Economics, Wednesday, May 14, 1919.
Committee: Professors Carver (chairman), Ripley, Foerster, Burbank, and Dr. Persons.
Academic History: Amherst College, 1911-15; Harvard, February 1917—. A.B., Amherst College, 1915; A.M., Harvard, 1918. Assistant in Public Speaking, Amherst, 1915-16; assistant in Social Ethics, Harvard, 1917-19; instructor in Radcliffe College and Wellesley College, 1918-19.
General Subjects: 1. Ethical Theory. 2. Economic Theory. 3. Poor Relief. 4. Social Reforms. 5. Sociology. 6. Statistics.
Special Subject: Sociology.
Thesis Subject: “Feeble-mindedness in Massachusetts.” (With Professor Carver.)

Benjamin Walter King.

General Examination in Economics, Friday, May 16, 1919.
Committee: Professors Bullock (chairman), Ripley, McIlwain, Day, Dr. Persons, and Dr. Lincoln.
Academic History: West Virginia University, 1904-09; University of Chicago, 1912-13; Harvard Graduate School, 1915-17, 1918—. A.B., West Virginia University, 1909; A.M., Harvard, 1917. Assistant in Economics, 1917.
General Subjects: 1. Economic Theory and its History. 2. History of Political Theory. 3. Economics of Corporations. 4. Economic History since 1750. 5. Railways. 6. Statistical Method and its Application.
Special Subject: Statistical Method and its Application.
Thesis Subject: “Inquiry into Prices.” (With Dr. Persons.)

Robert Herbert Loomis.

General Examination in Economics, Tuesday, May 20, 1919.
Committee: Professors Ripley (chairman), Bullock, Carver, Dr. Hooton, and Dr. Persons.
Academic History: Clark College, 1908-11; Harvard Graduate School, 1914-18. A.B., Clark, 1911; A.M., Harvard, 1918. Teacher, Fay School, Southboro, 1912-14; Assistant in Social Ethics, 1915-16; Tutor in the Division of History, Government, and Economics, 1916-17. Instructor in Economics, Simmons College, 1918-19.
General Subjects: 1. Economic Theory and its History. 2. Statistical Method and its Application. 3. Labor Problems. 4. Socialism and Social Reform. 5. Anthropology. 6. Economic History since 1750.
Special Subject: Economic History since 1750.
Thesis Subject: “Development of the Boot and Shoe Industry in Massachusetts since 1875.” (With Professor Gay.)

Duncan Clark Hyde.

General Examination in Economics, Tuesday, May 27, 1919.
Committee: Professors Bullock (chairman), Carver, McIlwain, Day, Dr. Persons, and Dr. Lincoln.
Academic History: McGill University, 1913-17; Harvard Graduate School, 1917—. A.B., McGill, 1917; A.M., Harvard, 1918.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. Sociology. 5. History of Political Theory. 6. Public Finance.
Special Subject: Public Finance.
Thesis Subject: “Canadian War Finance.” (With Professor Bullock.)

Wilfred Eldred.

Special Examination in Economics, Thursday, May 29, 1919.
General Examination passed April 29, 1912.
Academic History: Washington and Lee University, 1906-09; Harvard Graduate School, 1910-14. A.B., Washington and Lee, 1909; A.M., ibid., 1909; A.M., Harvard, 1911. Instructor in Economics, 1912-14. Instructor in History and Economics, San Diego High School and Junior College, 1914-15. Instructor in Economics, Leland Stanford Junior University, 1915-17.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Public Finance and Financial History. 4. Money, Banking, and Crises. 5. Transportation and Foreign Commerce. 6. History of American Institutions.
Special Subject: Economic History of the United States.
Committee: Professors Carver (chairman), Hart, Bullock, Ripley, and Dr. Monroe.
Thesis Subject: “The Wheat and Flour Trade Under Food Administration Control.” (With Professor Carver.)
Committee on Thesis: Professors Carver, Ripley, and Burbank.

Martin Gustave Glaeser.

General Examination in Economics, Saturday, May 31, 1919.
Committee: Professors Ripley (chairman), Bullock, Carver, McIlwain, Foerster, and Dr. Lincoln.
Academic History: University of Wisconsin, 1906-07, 1908-11, 1913-17. A.B., 1912. Assistant in Business Extension Division, University of Wisconsin, 1910-11. Special lecturer in Public Finance, University of Wisconsin, 1917.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Economics of Corporations. 4. Labor Problems. 5. History of Political Theory. 6. Transportation.
Special Subject: Transportation.
Thesis Subject: “The Cost of Service Theory in Rate Regulation.” (With Professor Ripley.)

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1918-19”.

Image Source: Dedication of the Widener Memorial Library, 1915.  Library of Congress Prints and Photographs Division Washington, DC.

 

Categories
Methodology Statistics

Statistical Society. On the Relation of Statistics to Political Economy. Address by William A. Guy, 1865

 

I am afraid I can’t recall any details from the wild-goose chase that serendipitously landed me at the following 1865 address by the forensic physician/statistician William August Guy. His speech to the British Statistical Society covered everything from the origins and usages of the word “statistics” through its relation to political economy and “social sciences” (his quotes).  

There is much interesting in these 1865 musings, but perhaps my favorite quote is the following:

…the sciences which have to do with living beings, whether in the vegetable or animal kingdom, must rest their claims rather upon the fidelity of their descriptions, and the soundness of their classifications, than on the fulfilment of their predictions or the power which they can exert. The knowledge which they have acquired by the observation of many individuals differing widely from each other, cannot be applied with certainty to the individuals themselves, but only to groups of individuals similar to those which first supplied the knowledge. And that which is true of the plant or the animal, is true of individual men as members of society. It is from groups of persons that we obtain our knowledge; it is to like groups that we apply it. We cannot, therefore, refuse to the Actuary who first collects and arranges facts relating to the duration of human life, and then calculates the expectation of life, the title of a man of science, for no better reason than that his calculations possess the high utility of which I have been speaking, not when applied to the individual man, but only when brought to bear (as in life assurance) on great numbers of persons. And so must it be with the Statist, in the sense in which I would use the term. He collects and arranges his facts, calculates their average value, marks, in some cases, their extreme values, and would make application of his knowledge to the groups or classes to which the facts relate, but that the right and power of action rests with the State and not with him. But the fact that the results which he obtains are applicable in practice not to individuals but to classes, and the accident, so to speak, which separates the discovery of truth from the power of applying it, cannot destroy the dignity of his pursuits nor rob statistics of its right to take rank among the sciences.

I have made a few editing corrections, e.g. correcting misspellings in German, for the sake of assisting text searches by others.

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Biography of William August Guy

GUY, WILLIAM AUGUSTUS (1810–1885), statistician, was born in 1810 at Chichester, where his male ancestors for three generations had been medical men. Hayley, in his ‘Life of Romney,’ says of his grandfather, William Guy, that he won Cowper’s heart at sight, and that Romney would have chosen, him as a model for a picture of the Saviour. Guy spent his early life with this grandfather and then went to Christ’s Hospital, and for five years to Guy’s. He won the Fothergillian medal of the Medical Society of London in 1831 for the best essay on asthma, and afterwards entered at Pembroke College, Cambridge, where, after further study for two years at Heidelberg and Paris, he took his M.B. degree in 1837. In 1838 he was appointed professor of forensic medicine at King’s College, London, in 1842 assistant-physician to King’s College Hospital, and from 1846 to 1858 he was dean of the medical faculty. He early directed his attention to statistics, and was one of the honorary secretaries of the Statistical Society, from 1843 to 1868. In 1844 he gave important evidence before the Health of Towns Commission on the state of printing offices in London, and the consequent development of pulmonary consumption among printers. He took part in founding the Health of Towns Association, and was incessantly occupied in calling public attention to questions of sanitary reform by investigations (statistical and medical), lectures, and writings. He thus rendered valuable services in connection with the improvement of ventilation, the utilisation of sewage, the health of bakers and soldiers, and hospital mortality.

He edited the ‘Journal of the Statistical Society’ from 1852 to 1856, was vice-president 1869-72, and in 1873-5 he was president of the society. He was Croonian (1861), Lumleian (1868), and Harveian (1875) lecturer at the Royal College of Physicians, and was frequently censor and examiner of the college. In 1878 he was appointed one of the royal commissioners on penal servitude, and on criminal lunatics in 1879. In 1876-7 he was elected to the post of vice-president of the Royal Society.

Guy’s ‘Principles of Forensic Medicine,’ first published in 1844, and frequently reedited, is now a standard work, the fourth and later editions having been edited by Dr. David Ferrier. Although often consulted in medico-legal cases he would never give evidence publicly, partly from over-sensitiveness, partly from want of confidence in juries. Guy retired from medical practice for many years before his death, retaining only his insurance work. His sympathies were broad, as were his political and religious views. He died in London on 10 Sept. 1885, aged 75.

Guy’s larger works are: 1. ‘R. Hooper’s Physician’s Vade-Mecum; enlarged and improved by W.A.G.,’ 1842 (many subsequent editions). 2. ‘Principles of Forensic Medicine,’ 1844; 4th edition, 1875, edited by D. Ferrier. 3. T. Walker’s ‘Original,’ edited with additions by W.A.G. 1875; another edition 1885. 4. ‘Public Health; a Popular Introduction to Sanitary Science,’ pt. i. 1870; pt. ii. 1874. 5. ‘The Factors of the Unsound Mind, with special reference to the Plea of Insanity in Criminal Cases,’ 1881. 6. ‘John Howard’s Winter’s Journey,’ 1882.

Guy published several lectures, and contributed many papers to the Statistical Society, including the ‘Influence of Employments on Health,’ ‘The Duration of Life among different Classes,’ ‘Temperance and its relation to Mortality,’ ‘The Mortality of London Hospitals,’ ‘Prison Dietaries,’ and ‘John Howard’s True Place in History.’

 

Source: “Guy, William Augustus” by George Thomas Bettany in Dictionary of National Biography, 1885-1900, Volume 23.

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On the Original and Acquired Meaning of the term “Statistics,” and on the Proper Functions of a Statistical Society: also on the Question whether there be a Science of Statistics; and, if so, what are its Nature and Objects, and what is its Relation to Political Economy and “Social Science.”

By William A. Guy, M.B., F.R.C.P., one of the Honorary Secretaries of the Statistical Society.

[Read before the Statistical Society, 21st November, 1865.]

It cannot, I think, be denied that those who cultivate the branch of knowledge which this Society was established to foster and promote, are held in less estimation than men who devote the same labour and similar talents to many other pursuits. This arises in part from misapprehensions as to the meaning of the word “Statistics,” and as to the objects and aims of statistical inquiries; and in part to the common mistake of confounding the laborious collection of facts which constitutes the second process of every sound statistical inquiry with the whole procedure, overlooking alike the judgment and scientific insight which planned the inquiry, and the critical and analytical talent employed in discovering and displaying the truth. The aim of this communication is to vindicate the claim of Statistics to an honourable place among the sciences, and of statistical inquiries to the credit of which they have been unintentionally deprived. In carrying my purpose into effect, I shall observe the order of inquiry indicated in the title of the paper itself.

1. On the Original and Acquired Meaning of the term “Statistics.”

The word “Statistik,” from which the English “Statistics” is derived, is somewhat more than a century old. It appears to have been first used by Gottfried Achenwal, professor of law and politics at Göttingen, in his work entitled “Staatsverfassung der heutigen vornehmsten Europaischen Reiche und Völker,”* of which the first edition bears date 12th April, 1749. [Abriß der neusten Staatswissenschaft der vornehmsten Europäischen Reiche und Republicken] The word Statistik does not appear on the title page of the book, but is printed in large letters at the head of a short sketch of the bibliography of politics prior to the appearance of the author’s work. This sketch is headed “Vorbereitung von der STATISTIK [Staatskunde] überhaupt,” and gives a list of ten works in Latin and German published between the years 1668 and 1750, which works are best described as treatises on universal history; and it is followed by a philosophical disquisition in sixty-one sections, respecting the several elements which go to make up a full and complete history of a modern State. It is in this introduction that the original meaning of the term statistics is to be sought.

*The sixth edition of this work has been purchased for the library of the Society.

Now we find the author incidentally defining the term Statistik as that branch of learning (Disciplin) which occupies itself with the extent, limits, subdivisions, and natural relations of States, their advantages, their history, and their origin; as the description of the political constitution of one or more States; as synonymous with Staatskunde and Staatsbeschreibung (the science and the description of States). By statistics (die Statistik), he says, we attain to a knowledge of States and their constitution. But it is not everything that can be truly said of a State that properly finds a place in statistics, but only what contributes to political knowledge, and conduces, in an eminent degree, to the welfare of a State; so that the more any matter concerns the general well-being of a State the more necessary is it that it should find its illustration in statistics. Again, it is not what the vulgar care most about that proves most attractive to the statistical inquirer. The number of swine, or the first use of coffee in country parts, has more importance in his sight than the pedigrees of noble houses. And again, in speaking of statistical collections, the author insists that the facts of which they consist, should be as little as possible mixed up with reasonings. They ought to be mere facts. Lastly, this Statistik is worthy of honour, for from it history borrows a considerable portion of her light, to general public law it contributes most valuable material, and it enriches politics with a multitude of practical data.

What the author really means by statistics, is practically shown in the eight short treatises on Spain, Portugal, France, Great Britain, the Netherlands, Russia, Denmark, and Sweden, which constitute the body of his work. Taking Great Britain as our example, we find him first giving (in seven short sections under the head of Staatsveränderungen) a short history of our origin and growth; then under the head of Länder, an account of our boundaries, climate, mountains, and streams, of our constituent parts, and their divisions into counties, with their productions; then under the head of Einwohner,* the number of inhabitants, and their character; next under Staatsrecht, our fundamental laws, the order of regal succession, the prerogatives of the crown, the character of the government, the estates of the realm, the houses of parliament; next, under the head of Hof- und Regierungsverfassung, the titles of the king and crown prince, the royal arms, the officers of state, the privy council, the State religion, our universities and places of education, our local government, our legal procedures, our manufactures, internal traffic, und external commerce, our coinage, our finances, system of taxation, and national debt, our army and navy. This account of Great Britain is finished by a short chapter headed Staatsinteresse, in which the author sets forth in few words what he conceives to be the causes of the then prosperity of the nation which he, perhaps not inaptly, designates “the paradise of lawyers.”

It will be seen, then, that Achenwall uses the word Statistik as strictly synonymous with Staatskunde, or State-science, and Staatsbeschreibung, or the description of States; and that under the name of statistics he describes the actual condition of a State under all its aspects—territorial, political, educational, religious, industrial, commercial, and financial—its means of offence and defence being given as a necessary part of its history, but the exploits of its army and navy being passed over or lightly touched upon. It will be seen also, that the use of figures is not insisted on, although facts, pure and simple, and as much as possible disencumbered of theories, are commended as of the greatest value.

From the general tone and spirit of Achenwall’s introductory chapter, I infer that he felt the want of some one comprehensive word which should supersede the many terms in use at the time at which he wrote, such as Staatskunde, Staatsbeschreibung, Staatslehre, Staatswissenschaft, Staatsrecht, Staatskenntniss, Staatsklugheit, &c. The meaning of some of these terms he defines very clearly, as in the following passage. “Staatslebe teaches how States should be: “Staatskunde describes them as they are: Staatsgeschichte shows “how they have become what they are. Staatskunde is a stationary “Staatsgeschichte, as this is a progressive Staatskunde. It must “be understood, then, that we are not now treating of a States-history according to the taste of the Anno Domini men, but “according to that of Robertson, Lagerbring, Gyannoni,” &c.

The word Statistik, then, means the description of States as they are; and the description contemplated by the author is obviously such an one as the best modem historians carry into practical effect when they contend that history should not be a mere record of names, dates, wars, and political struggles, but also afford complete and faithful pictures of manners and customs, sciences and arts, industry and commerce—of everything, in fact, which contributes to the wealth, strength, honour and dignity of a nation.

Additional light is thrown on the meaning of the word Statistik by the incidental use of the word Staatisten or Staatsgelerten, the learned in matters of state, a word which is evidently the exact equivalent of the word Statist, which our old English writers frequently employ—always in the sense of a man versed or busied in State matters, but with shades of difference. Shakespeare seems to use it in the sense both of politician and statesman. Ford, in the latter sense. Beaumont and Fletcher contrast statists with men of action. Milton speaks of statists and lawyers, and seems to use the word statist as synonymous with statesman, and with patriot. Wood describes Gardner as a great statist. Sir Thomas Browne classes statists and politicians together. Lastly, Carlyle quotes an old proverb, not intended to be very complimentary to us, “as the statist thinks the bell clinks.” The word “statism,” again, is used by some old authors as synonymous with “policy,” “the arts of government,” or statecraft; and the words “Statistical” and Political,” “Statist,” “Statesman,” and “Politician,” are given as equivalent terms by Todd in his edition of Johnson. For most of these references, which are given in extenso below,* I am indebted to Todd’s edition of Johnson’s “English Dictionary” and Richardson’s “English Dictionary;” and I bring this part of my paper to a close by quoting the definition of Statistics given in those works.

“Statisticks (from Statism or Statist). That part of municipal philosophy which states and defines the situation, strength, and resources of a nation.”—Todd’s Johnson.
“Statistick (Fr. Statistique) is a word for which we are said to be indebted to a living writer. Statisticks is applied to everything that pertains to a State—its population, soil, produce, &c.”—Richardson.**

* “The greatest politician is the greatest fool; for he turns all his religion into hypocrisy, into statisme, yea into atheism, making Christianity a very foot-stool to policy.”—Junius, Sin Stigmat (1639), p. 613.
“Hence it is that the enemies of God take occasion to blaspheme, and call our religion statism.”—South, vol. I, sermon 4.
“And besides them I keep a noble train,/Statists and men of action.”—Gonzales. Beaumont and Fletcher, Laws of Candy, act ii, scene 1.
“You are an eminent statist, be a father/To such unfriended virgins, as your bounty/Hath drawn into a scandal.” Ford, The Fancies Chaste and Noble, act ii, scene 3.
“Statists indeed,/And lovers of their country.” Milton Paradise Regained.
“Though he (Cicero) were sparing otherwise to broach his philosophy among statists and lawyers.”—Milton, Doct. and Disc. of Divorce, b. ii, c. 3.
“The people looking one while on the statists, whom they beheld without constancy or firmness.”—Milton, History of England, vii, b.ii.
“He (Gardner) was a learned man and of excellent parts, a great statist, and a writer of many books.”—Wood, Fasti, Oxon, vol. i.
Posthumus to Philario. “I do believe/(Statist though I am none, nor like to be)/That this will prove a war.” Shakespeare, Cymbeline, act ii, scene 4.
“I once did hold it, as our statists do,/A baseness to write fair.” Hamlet to Horatio. Hamlet, act v, scene 2.
“As the statist thinks, the bell clinks.”—Old Proverb.
Statists and politicians unto whom Ragione di Stato is the first considerable, as though it were their business to deceive the people.”—Sir Thomas Browne, Pseudodoxia Epidemica (Vulgar Errors), book i.
Statists that labour to contrive a commonwealth without our poverty, take away the object of charity, not understanding only the commonwealth of a Christian, but forgetting the prophecy of Christ.”—Sir Thomas Browne, Religio Medici, part ii, 1642.

**The living writer here spoken of is probably M. B. P. Capper, “Statistical Account of the Population, &c., of England and Wales, 1801.”

How the word Statistik came to undergo so considerable a change of meaning, as to imply not a history or description of States and Kingdoms, but only a part of the materials of which such history or description is composed (as if for a stately building we were to substitute the bricks or stones, for a finished painting some only of the colours), it would not be easy to point out, nor would the search after the facts repay the labour of the investigation. Suffice it to state that such a change had already taken place when this Society was first called into existence in the year 1834.

On referring to the Report of the third meeting of the British Association, held at Cambridge in 1833, I find Professor Sedgwick stating from the chair that, in addition to the five existing sections, another, originating with some distinguished philosophers, had come into operation, the object of which was to promote statistical inquiries. The president thought it necessary to justify the addition of this sixth section, and, in doing so, insisted that it should limit itself to “matters of fact,” “mere abstractions,” and “numerical results,” constituting what might be called “the raw material to political economy and political philosophy,” by which perhaps “the “lasting foundations of those sciences may be ultimately laid.” The formation of this new section was referred to in the following year as the prelude to the establishment of a flourishing society which acknowledged itself the offspring of the Association, and promised, by a similar procedure, to advance materially the greatly neglected subject of British statistics. The prospectus of our Society, which was printed in the Transactions of the Association, fixed the date of our foundation as the 15th March, 1834, and set forth very clearly our objects and plan. It stated that the Statistical Society of London was established for the purpose of procuring, arranging, and publishing “facts calculated to illustrate the condition and prospects of society,” that ” the first and most essential rule of its conduct” was “to exclude carefully all opinions from its transactions and publications—to confine its attention rigorously to facts—and, as far as it may be found possible, to facts which can be stated numerically, and arranged in tables.”

It will be seen, then, that at the date of the establishment of the Statistical Section of the British Association, and of this Society (its offspring), statistics had already come to mean rather the materials of a science than the science itself. As Professor Sedgwick understood the word, it represented mere facts to be used as the raw material of political economy and philosophy, but as the Founders of our Society apprehended it, the facts were to be applied to the building up rather of a social than of a political edifice. But there was one point upon which all parties seem to have been agreed. The statistical labourer was not to be indulged with the luxury of opinions; he was to be a patient drudge, binding up his sheaves of wheat for others to thresh out. The very crest and motto of the Society, stared him in the face from the cover of every Journal, reminding him of the humble and unintellectual work expected at his hands. In putting forth this restricted and unattractive programme, the British Association seem to have been actuated by a desire to secure for the new section facts as trustworthy as the observations and experiments in physical science, with which the other sections had to do; while the Statistical Society wished to separate itself as much as possible from the hypotheses and unfounded assertions which had heretofore formed great part of the stock in trade of the political economist and social reformer. But both parties overlooked the fact that the new section of the Association on the one hand, and the Statistical Society on the other, had other functions to discharge than that of mere depositories of facts. Meetings were to be held at stated intervals, which should offer to those who attended them, such attractions as are put forth by other societies. The members would expect to listen to, and to take part in, not merely dry strictures on the author’s facts and figures, the soundness of the units, and the sufficiency of the numbers, but discussions on the broad principles which the figures might seem to suggest or establish. If the author could succeed in concealing or stifling his opinions, his audience would not be restrained from expressing theirs; and it was surely hard to deny him a liberty which could not be refused to them.

It is obvious, too, that exactly in proportion to the talent and originality of the author, and the desire of the members to profit by his labours, would be his own restiveness under the restrictions imposed upon him. Accordingly, as early as May, 1835, we find Mr. Hallam, the treasurer of the Society, at a meeting at which he himself presided, “giving an account of regulations enacted by the magistrates of Ypres, for the maintenance of the poor in the year 1530,” in which account there does not occur a single figure, much less a single tabular statement, but the distinctly expressed opinion that these Belgian provisions for the poor formed the model for our own English legislation in the reigns of Henry VIII and Elizabeth: and in December of the same year, Mr. G. R. Porter reads a paper “On the Connection between Crime and Ignorance, as exhibited in Criminal Calendars.” Now Mr. Hallam begins his communication by remarking “that it seems within the province of the Statistical Society to collect such information from the history of past times, as illustrates the condition of society, especially in relation to the more important discussions of political economy;” and Mr. Porter, after rehearsing the objects of the Society, observes “that occasions will sometimes arise when it may be permitted to the members of the Statistical Society to offer the result of investigations whereby they may have detected fallacies, and especially those which have been suggested, and are apparently supported by inquiries more strictly coming within the limits of statistical labours.” Thus early, then, in the history of this Society, do we find its very founders and office-bearers, men of whom we are justly proud, breaking through the narrow bounds within which it was sought to confine them, and setting at nought the self-denying ordinance which, had it been narrowly observed and strictly acted up to, would have made the Statistical Society of London a very bye word for contented dullness and senseless drudgery. But fortunately for us the Society has become moulded almost imperceptibly into a more attractive form. The facts and figures of many of our most valued contributions have first been collected and arranged by men who submitted to the labour because they had opinions which they wished to bring to the test, and have then been brought before us instinct with the living energy, and force which thought lends to fact.

The most cursory examination of the Journals of the Society, or of the excellent Index to their contents, must serve to convince us that the eminent men to whom I have just referred, did not stand alone in their disobedience to the strict letter of our original prospectus. Their successors followed their example, and produced papers for discussion at our evening meetings, and for subsequent publication in the Journal, of which it may be worth while to attempt an analysis. I find that these papers admit of being arranged in at least as many groups as those which follow:—

  1. Papers giving an account of the existing state or condition of entire nations or kingdoms—such an account as Achenwall himself would have designated by the term Statistik.
  2. Papers giving a similar account of parts only of such nations or kingdoms, of provinces, counties, districts, cities, towns, and parts of towns, rural districts, and villages. These descriptions would probably have received from Achenwall the same designation.
  3. Papers discussing, in relation to whole kingdoms, or parts of them, such matters as education, crime, industry, health, wealth, manufactures, commerce, special branches of industry and production, &c.
  4. Reports of the inquiries of committees appointed by the Council, as the Committees on Education in Westminster, Finsbury, and London, on the state of Church Lane, St. Giles’s, on Registration and the Census, on Beneficent Institutions, &c.
  5. Polemical papers, contesting the opinions of authorities past or present, as derived by them from the use of numerical returns or otherwise.
  6. Papers on the numerical method, and the scientific treatment of facts and figures.
  7. Papers discussing, without the aid of figures, some historical question, or some question relating to the proper meaning and use of terms employed by the political economist or student in some allied science. These papers are few in number, and may be looked upon as exceptional.
  8. Papers on subjects belonging properly to some well defined branch of science, such as physiology or medicine, admitted into the Journal as rich in facts and figures, but having no direct bearing on the objects of “statistics” properly defined. Such are some parts of the paper of Dr. Clendenning “On the Relative Frequency of Pulmonary Consumption and Diseases of the Heart,” published in the first volume of the Journal, and the greater portion of that of Dr. Hutchinson, “On the Results of Experiments with the Spirometer,” published in vol. vii.

This classified outline of the papers submitted to the Society for discussion, and printed in our Journal, will prepare the way for the consideration of the second subject comprised in the title of my paper, namely,

2. The Proper Functions of a Statistical Society.

It will not, I think, be disputed that Achenwall’s definition of the word Statistik is quite in keeping with the now acknowledged functions of a statistical society, and that if the meaning of the term be so enlarged as to embrace not States or kingdoms only, but all their constituent parts, the functions of the society may be very properly enlarged in a like degree.

Again, it will not be denied that Achenwall was right in insisting upon the value of facts, nor that a statistical society would forfeit its distinctive character, if it did not aim at collecting, arranging, and tabulating facts, as its means of illustrating and describing the actual condition of States, Kingdoms, and their constituent parts.

But it is evident that the definition of Achenwall, even with the extension here indicated, would be too narrow to embrace all the proper functions of a statistical society, as now generally understood. Something more than a true history and description of States and their constituent parts is clearly implied in the words used by our founders, when they describe our object and plan to be the procuring, arranging, and publishing “facts calculated to illustrate the condition and prospects of society.” Now the word “society” is evidently not synonymous with the word “State,” and it is doubtful whether Achenwall ever proposed to himself that minute and comprehensive survey of man as a being living in society which our founders had in view. He contemplated, as I think, an improved history of States; we an improvement in the condition of the individual, the constituent unit of the State. He aimed at a correct knowledge of States for the sake of the knowledge itself; we at a perfect knowledge of the individual, with a view to his improvement as a man, such knowledge being impossible of attainment through the isolation of an individual from the class to which he belongs, inasmuch as the propriety of the selection might be questioned; such improvement being equally impossible through the obvious inadequacy of remedial measures, applied merely in detail, to individuals suffering some common injury. Hence the necessity of large numbers of facts.

The true conception of the functions of a statistical society may, I think, be best arrived at by combining into one comprehensive sentence the definition of Achenwall and the statement of our prospectus, and adding to this combined formula, such minor details as are obviously suggested by the proceedings and usages of our Society. If this view of the matter be correct, the following summary of the proper functions of a statistical society will not be very wide of the truth :—

  1. To collect and preserve facts illustrating the past and present condition and probable future prospects of States and their territorial divisions, and of the several classes of their inhabitants. This is best done by means of a library, well arranged and duly catalogued, containing both books and manuscripts.
  2. To add to existing facts by the special inquiries of committees, or of persons appointed for the purpose.
  3. To promote the discussion of unsettled questions and the correction of erroneous views in political and social economy, by arranging for the reading of papers at periodical meetings to be held for the purpose, such papers only to be deemed to be within the province of the Society, as make use of facts and numerical statements in support of the views therein expressed.
  4. To encourage to the utmost all efforts tending towards the establishment of sound principles for the guidance of those who engage in the work of collecting, arranging, and tabulating facts, and in applying the numerical method to the discovery of truth.
  5. To discourage the improper use of the word statistics as a mere synonym for collections of facts, irrespective of the use to which they are put; and to uphold the dignity of the Society as applying facts of a peculiar order to purposes of the highest utility.
  6. To discourage and repress all encroachments on the arena of politics, as objects of party strife.

Such would appear to be the proper functions of a statistical society as determined by a joint consideration of the original meaning of the term Statistics, the programme of our Society, and our experience of its actual working.

3. Is there a Science of Statistics; and, if so, what are its Nature and Objects, and what is its Relation to Political Economy and Social Science?

It is obvious that we are not in a condition to answer the question, whether there be a Science of Statistics, until we have first settled (if that be possible) the meaning of the word Science itself; and it is equally obvious that this word is one of very unsettled import, having every shade of meaning between knowledge arranged and methodised, and certainty based on demonstration. On consulting the same Dictionaries from which I collected the meanings of the words Statist and Statistics, I learn that according to the usage of the best authors, science may either retain its original meaning namely, knowledge, or come to signify any “one of the seven liberal arts,” or “any art attained by precepts or built on principles,” or “certainty grounded on demonstration.” If Shakespeare and Pope may be cited as authorities for the right use of words, music and mathematics are sciences, as are also the seven “liberal arts,” grammar, rhetorick, logick, arithmetick, musick, geometry, and astronomy. Glanville, a prose writer cited by Johnson, goes the extreme length of speaking of the “indisputable mathematics” as the only science heaven hath yet vouchsafed to humanity. Gibbon seems to use the word science as equivalent to the word speculation.

But the adjective, scientifick, appears to have been used by our best prose writers in one and the same sense of demonstration or certainty. Thus Sir Thomas Browne appears to consider science as “natural philosophy proceeding from settled principles,” and issuing in “a sure and rational belief;” Howell speaks of scientifical knowledge, as something of unusual excellence; South of scientifick evidence as something surpassing “high probability” and “moral certainty;” and Locke has the phrase “scientifical or demonstrative reasoning,” and speaks of “a comprehensive, scientifical, and satisfactory knowledge of the works of nature.”*

* See Todd’s Johnson, and Richardson’s “English Dictionary,” under the words ” Science” and ” Scientifick.”

If from the works of authors cited in dictionaries, we pass on to consider the more formal definitions of science as given by our best authorities, we find great differences of meaning. I will content myself with quoting two eminent scientific men, Sir John Herschel and Professor Sedgwick. The former, in his “Discourse on Natural Philosophy,” p. 18, tells us that “Science is the knowledge of many, orderly, and methodically digested and arranged, so as to become attainable by one.” The latter understands by science (I quote from his address to the British Association in 1833), “the consideration of all subjects, whether of a pure or mixed nature, capable of being reduced to measurement and calculation.” These definitions may be taken to indicate the two extremes of meaning of the word Science. It can mean nothing less than the one, nor more than the other. But perhaps its true meaning is to be gathered not from dictionaries or from the definitions of philosophers themselves, but from a close examination of its primary and secondary uses as drawn from examples. It is in this way that I shall myself attempt to answer the question—What is a science?

In the first place, it is obvious that the word Science originally meant knowledge, as the word Art meant skill, and that a science meant a special application of knowledge as an art did a special application of skill. But it is also obvious that the words science and art have ceased to be exactly synonymous with knowledge and skill. They evidently mean knowledge and skill with certain qualifications and reservations.* An art, so long as it continues to be a mere affair of skilful handiwork, remains an art; but directly it submits itself to the guidance of well ascertained general principles, it may claim to be a science, provided only that its applications have a certain largeness of scope, combined with utility of a high order. Thus there is an art of music, and a science of musical composition; an art of drawing, and a science of perspective; an art of construction, and a science of architecture; an art of reasoning, and a science of logic; an art of persuasion, and a science of rhetoric; an art of calculation, and a science of arithmetic. In all these instances the art has a large aim and an undoubted utility as ministering to some universal want, or some general craving for refined amusement of the senses and mind, while the science is characterised by the universality and precision of its application to the special instances created by the corresponding art.

* “Knowledge, emphatically, not imperfect or protended.”—Richardson’s English Dictionary.”

An examination, therefore, of the arts that have grown into sciences, and are generally acknowledged to deserve the name, shows that the characteristic of sciences is the possession of general principles applied with precision to individual instances furnished by the arts out of which they have grown, or to which they lend their aid. In some instances, it will be seen that the principles of the science, though precise, are few in number, while the art is characterised by largeness of application within very narrow limits. Such is the science of logic as applied in the art and act of reasoning. In other cases, arts draw their rules of practice from more than one science, as is the case with architecture, which rests on the sciences of construction and ornamentation; or with the modern art of war, which uses the sciences of projectiles and of fortification, to which may perhaps be added the science of chemistry, and possibly a science of self-defence, of which fencing, with its precise phrases and definite rules of procedure, is the highest development.

In order, then, that any special application of knowledge or of skill may attain to the dignity of a science, and claim its patent of nobility, it must show universality and precision in its principles or rules, and utility of a high order in the application of them. But to these marks or signs of science, we must make some addition if we would satisfy the requirements of those who use the word science in its most restricted sense. They will have it that the principles or rules in question must not only be universally applicable to all suitable special instances, but they must be expressed in figures of arithmetic, and the results of their application must be certain. The eclipse must happen to a moment, and last for its calculated period; the elements of a compound body must combine in their atomic proportions to the ten-thousandth of a grain; musical notes must be so arranged and combined, as not to offend the most sensitive ear; and the lines of a drawing in perspective, must fall with such minute precision, that the most practised eye shall not detect the least departure from nature.

But is it not obvious that to limit the application of the word science thus narrowly, is to deny the use of that honourable title to some of those branches of knowledge which have been enriched by the greatest and most fruitful discoveries? Surely the men who in practising the noble art of healing, walk in the light of the discoveries of Harvey and Charles Bell, who have attained to the prevention of at least one loathsome malady, and to the performance of operations without pain; who have completed their knowledge of anatomy, and made great progress in the study of minute structure, of the chemical components of the body and its secretions, and of the subtle causes of disease; who make constant and skilful use of the most delicate instruments of investigation; who possess many approved remedies, some of which they apply with certainty to the cure of some maladies, and to the relief of others; have a claim to a higher title than that of mere artists, and may speak of themselves as men of science, and boast of a science of medicine, though their few certainties are mixed up with much that is purely conjectural, and their best knowledge runs like a golden thread through a tissue of imperfectly ascertained facts. For like reasons it would be unjust to those who practise the excellent arts of farming and horticulture in the light of modern discoveries to refuse to acknowledge a science of agriculture; and to the statesmen who administer the affairs of nations on the principles established by such men as Adam Smith, a science of political economy.

But in actual practice the term science is applied to branches of knowledge which are nearly or quite innocent of the use of figures; as, for instance, to Botany, which had earned its title by careful classification and exact description, even before it called to its assistance the microscopist to unravel, and the chemist to analyse, the tissues of plants. Zoology and Entomology, have perhaps even less claim to the name of sciences; and Geology owes that title rather to the largeness and grandeur of its objects, than to the precision of its information.

Chemistry, again, of which the claim to the dignity of a science is not to be disputed, owes its proud position to many distinct causes —to the joint possession of a numerical theory, of a precise and condensed nomenclature, of delicate instruments of analysis and discovery, joined to its perfect command of the materials on which it operates, and its intimate relations with other sciences on which it is in a condition to confer the greatest benefits.

In direct contrast to the science of chemistry, stands a branch of knowledge which has no practical applications, and owes its title to be termed a science solely to the dignity and surpassing interest of its object, and the singular talent and acuteness of its most distinguished cultivators—I mean the science of metaphysics. Setting this aside as exceptional, we may say of science in general that it should have practical applications of acknowledged utility and dignity, and general principles, comprehensive and precise, to which the mere practice of an art could not have given rise. But the hastiest survey of those branches of knowledge to which the term science has been, by general consent, applied, reveals a diversity of character in keeping with the obvious variety of practical pursuits to which men are impelled by necessity or choice. Astronomy has to do with objects of which the mass cannot be increased or lessened, nor the composition altered, nor the movements controlled by human interference. Its claim to be a science must, therefore, rest, in the main, on the exact fulfilment of its prophesies. The sciences which preside over all our great works of construction, are tested by the stability and durability of the works for which they supply the necessary numerical data. Chemistry vindicates its title by the visible and tangible results of its operations. But the sciences which have to do with living beings, whether in the vegetable or animal kingdom, must rest their claims rather upon the fidelity of their descriptions, and the soundness of their classifications, than on the fulfilment of their predictions or the power which they can exert. The knowledge which they have acquired by the observation of many individuals differing widely from each other, cannot be applied with certainty to the individuals themselves, but only to groups of individuals similar to those which first supplied the knowledge. And that which is true of the plant or the animal, is true of individual men as members of society. It is from groups of persons that we obtain our knowledge; it is to like groups that we apply it. We cannot, therefore, refuse to the Actuary who first collects and arranges facts relating to the duration of human life, and then calculates the expectation of life, the title of a man of science, for no better reason than that his calculations possess the high utility of which I have been speaking, not when applied to the individual man, but only when brought to bear (as in life assurance) on great numbers of persons. And so must it be with the Statist, in the sense in which I would use the term. He collects and arranges his facts, calculates their average value, marks, in some cases, their extreme values, and would make application of his knowledge to the groups or classes to which the facts relate, but that the right and power of action rests with the State and not with him. But the fact that the results which he obtains are applicable in practice not to individuals but to classes, and the accident, so to speak, which separates the discovery of truth from the power of applying it, cannot destroy the dignity of his pursuits nor rob statistics of its right to take rank among the sciences. And if, as in the case of chemistry, to which I have already adverted, the claim to be called a science rests on more attributes than one, this same claim may be set up on behalf of statistics: for we, too, have our classifications and our nomenclature; we, too, have our numerical method; we, too, have powerful instruments of analysis in our tabular forms; we, too, have the most universal and subtle of all the means of discovery, the power of eliminating disturbing elements, of establishing numerical equalities, and exhibiting residues as containing the cause or causes which made two or more numerical statements to differ from each other. We largely use the true Baconian method of induction, and Lord Bacon’s own favourite instrument the Tabula inveniendi. Lastly, of the utility and dignity of our pursuit there cannot be a doubt.

From these considerations, then, I infer that there is a science of statistics—a science worthy of respect, encouragement, and support—a science of which the members of this Society may be justly proud—a science to which States and nations need not be ashamed to acknowledge their obligations.

The question of the relation which this science of statistics bears to Social Science and Political Economy, is the only one which, according to the title of this paper, remains to be discussed. My answer to this question will be anticipated from what has gone before. The science of statistics is a comprehensive science, of which “social science” and political economy are only branches or departments. The original prospectus of this Society, already quoted, did really establish a Social Science when it stated as its object the procuring, arranging, and publishing of “facts calculated to illustrate the condition and prospects of society;” while Professor Sedgwick spoke of the Statistical Section of the British Association, to which, as I have shown, this our Society owes its origin, as dealing with “matters of fact,” “mere abstractions,” and “numerical “results,” which were to furnish “the raw material to political economy and political philosophy;” by which, as he thought probable, “the lasting foundation of those sciences might be ultimately laid.” So that this Society may be said to have from the first cultivated both social and political science in the only satisfactory way—by the accumulation of facts. The fact that a Society calling itself the “Social Science Association,” has within a few years come into existence, does not in any way invalidate our claim to have first set on foot, in fact, though not in express terms, a social science; nor, if we were to lay claim on our own behalf, to the exclusive cultivation of that science, should we do any injustice to the younger society. For it is obvious that the work done by the Social Science Association, excellent as it is, is not in the nature of Science. It may be described, without injustice, as a Social Reform Association, encouraging the discussion of alleged social evils, inviting publicity, and taking practical steps, by means of memorials, petitions, and deputations to men in authority, to promote legal and social reforms. To the members of that Association, and to all other men, we offer the services of a social and political science, slowly and painfully constructed on the basis of facts laboriously brought together, but upon the collection, arrangement, tabulation, and analysis of which we bring constantly to bear the pure bright light of scientific method. We do not allege that there is no other way to social reform and improvement but this toilsome path of ours; we know that many financial, social, and legal habits, arrangements, and procedures may be convicted of folly, inconvenience, and injustice, without the use of a single figure of arithmetic; but we also know that in almost all disputed questions, our aid is invoked, because we are believed to collect, arrange, and classify our facts in the true spirit of science, calmly and impartially, having as our primary object the discovery of truth by facts, and not the redress of grievances.

But it is time that I bring this communication to a close. In doing so, I trust that I may lay claim to some success in my attempt to give increased dignity and importance to this Society, and a new interest to the labours of its members. For myself, at least. I may say, that in offering to the Society a long series of communications on which I have bestowed much labour and thought, I acted in the belief that I was contributing to the gradual, slow growth, not of heaps of facts without reference to their use or application, but of a veritable science, social and political—a science with a definite aim, an orderly classification of subjects, a numerical method with its strict rules of synthesis and analysis—something more than the Statistik of Achenwall, nothing less than “the political economy and “philosophy” of Sedgwick ; a science which I believe it to have been the real aim of our founders to establish when they announced their intention to illustrate by facts the condition and prospects of society. I hope also to be forgiven if I so far ignore the rude conceptions of our original prospectus, as to indulge in the luxury of “opinions,” and to respect the now disused motto which bids me bind up my sheaves of wheat for others to thresh out, rather as a venerable relic of the past, than as a principle of action to be at this moment implicitly obeyed and acted upon.*

* I append a tabular sketch of the chief divisions of Statistics recognised in the original prospectus of the Society,—a prospectus drawn up by Henry Hallam, Charles Babbage, Richard Jones, and John Elliot Drinkwater, constituted a provisional committee for the purpose. The committee did not point out distinctly the subdivisions of medical statistics. They are assumed to be the two printed in a distinctive type.

Economical

(1.) Natural productions and agriculture of nations.
(2.) Manufactures.
(3.) Commerce and currency.
(4.) Distribution of wealth (rent, wages, profits, &c.).

Political

(1.) Facts relating to the elements of political institutions, the number of electors, jurors, &c.
(2.) Legal statistics.
(3.) Finance and national expenditure, civil and military establishments.

Medical

(1.) (P Preventive Measures).
(2.) (P Curative Measures, Hospitals, tec).
(3.) Population.

Moral and Intellectual

(1.) Statistics of literature.
(2.) Education.
(3.) Religious instruction and ecclesiastical institutions.
(4.) Crime.

 

Source: Journal of the Statistical Society of London, December 1865, pp. 478-493.

Image Source: Barraud & Jerrard, Photographers – The Medical profession in all countries containing photographic portraits from life v. 2, no. 13. London: J. & A. Churchill, 1874.

 

Categories
M.I.T. Suggested Reading Syllabus

M.I.T. First term core macro. National income and employment. Readings and Exams. Domar, 1965

 

For the previous posting I transcribed Robert Solow’s reading list and mid-term exam for M.I.T.’s second term of graduate core macroeconomics. That course reading list was lean, short & sweet. Today we turn to my Doktorvater, Evsey D. Domar, who taught the first term of that graduate sequence. Both my obligation to friends of  Economics in the Rear-view Mirror and my profound doctor-filial piety were needed to motivate me to transcribe Domar’s entire fourteen page course reading list. I am delighted to say I was able to find the midterm and final exams for the year and include them here.

___________________

THEORY OF NATIONAL INCOME AND EMPLOYMENT

E. D. Domar 14.451 Fall Term 1965-66
READING LIST

The purpose of this list is to suggest to the student the sources in which the more important topics of the course are discussed from several points of view. His objectives should be the understanding of these topics and not the memorization of opinions and details.

There now exists a good textbook on macroeconomics—Gardner Ackley, Macroeconomic Theory (The Macmillan Company, New York, 1961). Its knowledge is necessary but not sufficient for passing the course. While several copies are on reserve at Dewey, the acquisition of private copies is recommended.

It is also convenient to acquire the two National Income volumes published by the U.S. Department of Commerce and listed in Section I.

 

I. NATIONAL INCOME AND RELATED ITEMS
(September 21 – October 14)

REQUIRED

Ackley, Chapters 1-4.
Kuznets, S., National Income and Its Composition, Vol. I (New York, 1941). [handwritten note: Chap. 1]
National Income 1954 Edition, A Supplement to the Survey of Current Business, U.S. Department of Commerce (Washington, D.C., 1954), pp. 27-60, 153-58.
U.S. Income and Output, A Supplement to the Survey of Current Business, U.S. Department of Commerce (Washington, D. C., 1958), pp. 50-105. Browse through the statistical tables of both volumes to know what is available where.
Leontief, W. W., “Output, Employment, Consumption and Investment,” Quarterly Journal of Economics, Vol. 58 (February, 1944), pp. 290-314.
Leontief, Studies in the Structure of the American Economy (New York, 1953), pp. 27-35.
Dorfman, R., “The Nature and Significance of Input-Output,” Review of Economics and Statistics, Vol. 36 (May, 1954), pp. 121-33.
Kendrick, J. W., Productivity Trends in the United States (Princeton, 1961), pp. xxxv-lii, 20-77.
Domar, E. D., “On Total Productivity and All That,” The Journal of Political Economy, Vol. 70 (December, 1962), pp. 597-608. [This is a review of Kendrick’s book; several reprints are available in Dewey.]
Domar, E. D., “On the Measurement of Technological Change,” The Economic Journal, Vol. 71 (December, 1961), pp. 709-29. [Read only pp. 709-14, 726-29.]
Board of Governors of the Federal Reserve System, Industrial Production 1959 Revision (Washington, 1960), pp. iii-41. [Look for the method, not for statistical details.]
Sigel, S. J., “A Comparison of the Structures of Three Social Accounting Systems,” National Bureau of Economic Research, Input-Output Analysis: An Appraisal, The Conference on Research in Income and Wealth, Studies in Income and Wealth, Vol. 18 (Princeton, 1955), pp. 253-89.

ADDITIONAL READINGS:

Jaszi, G., “The Statistical Foundations of the GNP,” Review of Economics and Statistics, Vol. 38 (May, 1956), pp. 205-14.
Domar, E. D., “An Index-Number Tournament,” mult., 1963. [Several copies are available in Dewey; your comments will be appreciated.]
Griliches, Zvi, “Notes on the Measurement of Price and Quality Changes,” and comments by Jaszi, Denison and Grove, in Conference on Research in Income and Wealth, Models of Income Determination (Princeton, 1964), Vol. 28, pp. 381-418.
Lewis, Wilfred, Jr., “The Federal Sector in National Income Models,” and comments by Hickman and Pechman, in Conference on Research in Income and Wealth, Models of Income Determination (Princeton, 1964), Vol. 28, pp. 233-78.
Bailey, M. J., National Income and the Price Level (New York, 1962), pp. 269-300.
Kuznets, S., National Income and Its Composition (New York, 1941).
Ruggles, R. and N., National Income Accounts and Income Analysis (New York, 1956).
Ruggles, “The U.S. National Accounts,” American Economic Review, Vol. 49, (March, 1959), pp. 85-95.
National Bureau of Economic Research, The National Economic Accounts of the United States, Review, Appraisal and Recommendations, General Series 64, (Washington, 1958).
Organization for European Economic Cooperation, A Standardised System of National Accounts, (Paris, 1952).
Gilbert, M. and I. B. Kravis, An International Comparison of National Products and the Purchasing Power of Currencies, A Study of the United States, the United Kingdom, France, Germany and Italy, Organization for European Economic Cooperation (Paris, 1954).
Gilbert, M., Comparative National Products and Price Levels, A Study of Western Europe and the United States, Organization of European Economic Cooperation, (Paris, 1958).
United Nations, Yearbook of National Accounts Statistics, the latest issue.
United Nations, National Income Statistics, the latest issue.
United Nations, World Economic Survey and other Economic Surveys.
Studenski, The Income of Nations. Theory, Measurement, and Analysis: Past and Present (New York, 1958). [A wealth of information, particularly of historical character.]
Nove, A., “The United States National Income A La Russe,” Economica, Vol. 23, 1956.
Bergson, A. The Real National Income of Soviet Russia Since 1928 (Cambridge, Massachusetts, 1961).
Kravis, I. B., “Relative Income Shares in Fact and Theory,” American Economic Review, Vol. 49 (December, 1959), pp. 917-49.
Samuelson, P. A., “Evaluation of Real National Income,” Oxford Economic Papers (New Series), 1950, pp. 1-29.
Samuelson, “The Evaluation of ‘Social Income’: Capital Formation and Wealth,” in F. A. Lutz and D. C. Hague, editors, The Theory of Capital (London, 1961).
Leontief, W. W., The Structure of American Economy (New York, 1941).
Leontief, Studies in the Structure of the American Economy (New York, 1953).
Taskier, C. E., Input-Output Bibliography 1955-1960, United Nations (New York, 1961).
Evans, W. D., and M. Hoffenberg, “The Interindustry Relations Study for 1947,” Review of Economics and Statistics, Vol. 34, (May, 1952), pp. 97-142.
Stewart, I. G., “The Practical Uses of Input-Output Analysis,” Scottish Journal of Political Economy, Vol. 5, (February, 1958).
Dosser, D. and A. T. Peacock, “Input-Output Analysis in an Under-Developed Country: A Case Study,” Review of Economic Studies, Vol. 25 (October, 1957).
Input-Output Analysis: An Appraisal, Studies in Income and Wealth by the Conference on research in Income and Wealth, Vol. 18 (Princeton, 1955).
Solow, R. M. “Technical Change and the Aggregate Production Function,” Review of Economics and Statistics, Vol. 39 (August, 1957), pp. 312-20.
Abramovitz, M., “Resources and Output in the United States Since 1870,” American Economic Review, Papers and Proceedings, Vol. 46 (May, 1956), pp. 5-23, reprinted as National Bureau of Economic Research, Occasional Paper 52 (New York, 1956).
Kendrick, J. W., Productivity Trends in the United States (Princeton, 1961).
Denison, E. F., Sources of Economic Growth in the United States and the Alternatives Before Us (New York, 1962).
Abramovitz, M., “Economic Growth in the United States,” American Economic Review, Vol. 52 (September, 1962), pp. 762-82. [This is a review of Denison’s Book.]
Moorsteen, R. H., “On Measuring Productive Potential and Relative Efficiency,” Quarterly Journal of Economics, Vol. 75 (August, 1961), pp. 451-67.
Fabricant, S., The Output of Manufacturing Industries, 1899-1937 (New York, 1940), particularly Chapter 1.
United Nations, Statistical Office, Index Numbers of Industrial Production, St/Stat/ Ser/ F1 (New York, 1950).
Board of Governors of the Federal Reserve System, Flow of Funds in the United States 1939-53 (Washington, D. C., 1955).
Powelson, J. P., National Income and Flow-Of-Funds Analysis (New York, 1960).
Measuring the Nation’s Wealth, National Bureau of Economic Research, Studies in Income and Wealth, Vol. 29 (Washington, D. C., 1964).

 

II. GENERAL AGGREGATIVE SYSTEMS
(October 19 – October 28).

REQUIRED:

Ackley, Parts II and III.
Keynes, J. M., The General Theory of Employment, Interest and Money (London and New York, 1936). [Omit the appendixes to Chapters 6 and 19.]
Note: Neither book is arranged in the order of this reading list. Hence these two assignments apply to other sections of it as well.
Wells, P., “Keynes’ Aggregate Supply Function: A Suggested Interpretation,” The Economic Journal, Vol. 70 (September, 1960), pp. 536-42.
Johnson, H. G. and the discussants, “The General Theory After Twenty-five Years,” American Economic Review Papers and Proceedings, Vol. 60 (May, 1961), pp. 1-25.
Klein, L. R., “The Empirical Foundations of Keynesian Economics,” in K. K. Kurihara, ed., Post Keynesian Economics (New Brunswick, N. J., 1954), pp. 277-319.

ADDITIONAL READINGS:

Lekachman, Robert, Keynes’ General Theory: Reports of Three Decades, (New York and London, 1964).
Patinkin, D., Money, Interest, and Prices, Second Edition, (New York, 1965).
American Economic Association, Readings in Business Cycle Theory (Philadelphia, 1944), Essays 5, 7, 8.
American Economic Association, Readings in the Theory of Income Distribution (Philadelphia, 1946), Essay 24.
Metzler, “Three Lags in the Circular Flow of Income,” in Income, Employment and Public Policy, Essays in Honor of Alvin H. Hansen (New York, 1948), pp. 11-32.
Harris, S. E., The New Economics (New York, 1947), Essays 8-19, 31-33, 38-46.
Lerner, A. P., Economics of Control (New York, 1944), Chapters 21-23, 25.K
Kurihara, K. K., Post Keynesian Economics (New Brunswick, N. J., 1954).
Klein, L. R., The Keynesian Revolution, (New York, 1947), Chapters 3-5.
Ellis, H. S., A Survey of Contemporary Economics, Vol. 1, (Philadelphia, 1948), Chapter 2.
Burns, A. F., “Economic Research and the Keynesian Thinking of Our Times,” in his The Frontiers of Economic Knowledge, (Princeton, 1954), or in the Twenty-Sixth Annual Report of the National Bureau of Economic Research, Inc. (New York, 1946). See also the discussion by Hansen and Burns in the Review of Economic Statistics (November, 1947).
Dillard, D., “The Influence of Keynesian Economics on Contemporary Thought,” American Economic Review, Papers and Proceedings, 1957.
Hutt, W. H., Keynesianism: Retrospect and Prospect (Chicago, 1963).
Friedman, Milton, and G. S. Becker, “A Statistical Illusion on Judging Keynesian Models,” Journal of Political Economy, Vol. 55 (February, 1957), pp. 64-75.

 

III. PRICE FLEXIBILITY AND EMPLOYMENT
(November 2-11)

REQUIRED:

Patinkin, D., Money, Interest, and Prices, Second ed., (New York, 1965), Chapters 9-11.
Pigou, A. C., “The Classical Stationary State,” Economic Journal (December, 1943).
Power, J. H., “Price Expectations, Money Illusion and the Real Balance Effect,” Journal of Political Economy, Vol. 67 (April, 1959).
Mayer, T., “The Empirical Significance of the Real Balance Effect,” Quarterly Journal of Economics, Vol. 73 (May, 1959).

ADDITIONAL READINGS:

Readings in Monetary Theory, Essay 13.
Schelling, T. C., “The Dynamics of Price Flexibility,” American Economic Review (September, 1949).
Lange, O., Price Flexibility and Employment (Bloomington, Indiana, 1944). [Get the main idea and omit the details.]
Friedman, M., “Lange on Price Flexibility and Employment,” American Economic Review (September, 1946).
Patinkin, D., Money, Interest, and Prices (Evanston, Illinois, 1956).
Hicks, J. R., “A Rehabilitation of ‘Classical Economics’,” Economic Journal, Vol. 47, (June, 1957).

 

IV. THEORY OF INTEREST
(November 16-25)

REQUIRED:

Hicks, J. R., Value and Capital (Oxford, 1957), Chapters 11 & 12.
Lydall, H., “Income, Assets, and the Demand for Money,” Review of Economics and Statistics, Vol. 40 (February, 1958), pp. 1-14.
Gurley, J. G., and E. S. Shaw, “Financial Aspects of Economic Development,” American Economic Review, Vol. 65 (September, 1955), pp. 515-38.

ADDITIONAL READINGS:

Patinkin, the rest of his excellent book.
Gurley, J. G., and E. S. Shaw, Money in a Theory of Finance (Washington, 1960).
Tobin, J., “Liquidity Preference as Behavior Towards Risk,” The Review of Economic Studies, Vol. 25 (February, 1958), pp. 65-86.
Hart, A. G., and P. B. Kenen, Money, Debt and Economic Activity, Third Ed., (Englewood Cliffs, N. J., 1961).
American Economic Association, Readings in the Theory of Income Distribution (Philadelphia, 1946), Essays 22, 23, 26.
American Economic Association, Readings in Monetary Theory, (New York, 1951), Essays 6, 11, 15.
Patinkin, D., “Liquidity Preference and Loanable Funds: Stock and Flow Analysis,” Economica, Vol. 25 (November, 1958).
Lutz, F. A., “The Interest Rate and Investment in a Dynamic Economy,” American Economic Review, (December, 1945).
Wright, A. L., “The Rate of Interest in a Dynamic Model,” Quarterly Journal of Economics, Vol. 72 (August, 1958), pp. 327-50.
Matthews, R. C. O., “Liquidity Preference and the Multiplier,” Economica, Vol. 28 (February, 1961), pp. 37-52.
Supplement to the Review of Economics and Statistics, Vol. 45 (February, 1963) on “The State of Monetary Economics.”
Friedman, M. and A. J. Schwartz, A Monetary History of the United States 1867-1960 (Princeton, N. J., 1963).
Friedman, M., ed., Studies in the Quantity Theory of Money (Chicago, 1956).

See also INVESTMENT DECISIONS.

 

V. CONSUMPTION AND SAVING
(November 30- December 9)

REQUIRED:

Crockett, Jean, “Income and Asset Effects on Consumption: Aggregate and Cross Section,” and comments by D. B. Suits, in Conference on Research in Income and Wealth, Models of Income Determination (Princeton, 1964), Vol. 23, pp. 97-136.
Duesenberry, J. S., Income, Saving, and the Theory of Consumer Behavior (Cambridge, Massachusetts, 1949). Omit the details and get the main points.
Friedman, M., A Theory of the Consumption Function (Princeton, 1957), Chapter 9.
Friend, I., and I. B. Kravis, “Entrepreneurial Income, Saving and Investment,” American Economic Review, Vol. 47 (June, 1957), pp. 269-301.
Tobin, J., “On the Predictive Value of Consumer Intentions and Attitudes,” The Review of Economics and Statistics, Vol. 41 (February, 1959), pp. 1-11.
Farrell, M. J., “The New Theories of the Consumption Function,” The Economic Journal, Vol. 69 (December, 1959), pp. 678-96.
Dobrovolsky, S. P., Corporate Income Retention 1915-43 (New York, 1951). [Omit the details.]
Lintner, J. and discussants, “Distribution of Income of Corporations Among Dividends, Retained Earnings, and Taxes,” American Economic Review Papers and Proceedings, Vol. 46 (May, 1956), pp. 97-118.
Gordon, M. J., “The Optimum Dividend Rate,” presented at the 6th Annual International Meeting of the Institute of Management Sciences (Paris, September, 1959). [On library reserve.]
Domar, E. D., Essays in the Theory of Economic Growth (New York, 1957), pp. 154-67, 195-201.

ADDITIONAL READINGS:

Ferber, R., “The Accuracy of Aggregate Savings Functions in the Post-War Years,” Review of Economics and Statistics, Vol. 37 (May, 1955), pp. 134-48.
Friedman, the rest of his book.
Brown, E. C., Solow, R. M., Ando, A., and J. Karekan, “Lags in Fiscal and Monetary Policy,” in Commission on Money and Credit, Stabilization Policies (Englewood Cliffs, N. J., 1963), pp. 1-165.
Modigliani, F., and R. Brumberg, “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data,” in Kurihara, K. K., ed., Post Keynesian Economics (New Brunswick, N. J., 1954), pp. 388-436.
See also its discussion by Brown, B., and F. M. Fisher, “Negro-White Savings Differentials and the Modigliani-Brumberg Hypothesis,” Review of Economics and Statistics, Vol. 40 (February, 1958), pp. 79-81.
Friend, I., and S. Schor, “Who Saves?,” The Review of Economics and Statistics, Vol. 41 (May, 1959), pp. 213-45.
Zellner, Arnold, “The Short-Run Consumption Function,” Econometrica, (October, 1957).
Dennison, E. F., “A Note on Private Saving,” Review of Economics and Statistics, (August, 1958).
Friedman, M., and G. Becker, “A Statistical Illusion in Judging Keynesian Models,” Journal of Political Economy, Vol. 65 (February, 1957).
Klein, L. R., “The Friedman-Becker Illusion,” Journal of Political Economy, Vol. 66 (December, 1958).
Morgan, J. N., Consumer Economics (New York, 1955).
Katona, G., and E. Mueller, Consumer Expectations 1953-56 (Ann Arbor, Michigan, 1956).
Bailey, M. J., “Saving and the Rate of Interest,” Journal of Political Economy, Vol. 45 (August, 1957), pp. 279-305. Reprinted in Landmarks in Political Economy, edited by E. J. Hamilton, A. Rees, and Johnson, H. G., (Chicago, 1962), pp. 583-622.
Klein, L. R., ed., Contributions of Survey Methods to Economics (New York, 1954).
Goldsmith, R. W., A Study of Saving in the United States, Three volumes (Princeton, 1952).
Heller, W. W., Boddy, F. M., and C. L. Nelson, Savings in the Modern Economy, a Symposium (Minneapolis, 1953).
Mincer, J., “Employment and Consumption,” The Review of Economics and Statistics, Vol. 42 (February, 1960), pp. 20-26.

 

VI. INVESTMENT DECISIONS
(December 14 – January 6)

REQUIRED:

Ackley, Chapter 17.
Solomon, E., ed., The Management of Corporate Capital (Glencoe, Ill., 1959), pp. 48-55, 67-73.
White, W. H., “Interest Inelasticity of Investment Demand—The Case from Business Attitude Surveys Re-examined,” American Economic Review, Vol. 46 (September, 1956), pp. 565-587.
Meyer, J. R., and E. Kuh, The Investment Decision (Cambridge, Massachusetts, 1957), Chapter 12.
Penrose, E., “Limits to the Growth and Size of Firms,” American Economic Review Papers and Proceedings, Vol. 45 (May, 1955), pp. 531-43.
Foss, M. F., and Natrella, V., “Ten Years’ Experience with Business Investment Anticipations,” Survey of Current Business (January, 1957).
Schultz, T. W., “Capital Formation by Education,” The Journal of Political Economy, Vol. 68 (December, 1960), pp. 571-83.

ADDITIONAL READINGS:

Lerner, A. P., “On the Marginal Product of Capital and the Marginal Efficiency of Investment,” Journal of Political Economy, Vol. 51 (February, 1953), pp. 1-14. Reprinted in Landmarks in Political Economy edited by E. J. Hamilton, Rees, A., and H. G. Johnson (Chicago, 1962), pp. 538-58.
Pitchford, J. D. and A. J. Hagger, “A Note on the Marginal Efficiency of Capital,” The Economic Journal, Vol. 48 (September, 1958), pp. 597-600.
Duesenberry, J., Business Cycles and Economic Growth (New York, 1958), Chapters 4-7.
Meyer and Kuh, the rest of the book.
Hirschleifer, J., “On the Theory of Optimal Investment Decision,” The Journal of Political Economy, Vol. 66 (August, 1958), pp. 329-352. [An excellent but difficult paper.]
James, E., A Reconsideration of the Theoretical Criteria for Optimum Investment Planning (M.I.T. doct. diss., 1961). [A good survey of the literature.]
Lovell, M. C., “Determinants of Inventory Investment,” in Conference on Research in Income and Wealth, Models of Income Determination (Princeton, 1964), Vol. 28, pp. 177-232.
Penrose, E. T., The Theory of the Growth of the Firm (Oxford, 1959).
The Quality and Economic Significance of Anticipations Data, A Conference of the Universities—National Bureau Committee for Economic Research (Princeton, 1960).
Foss, M. F., “Investment Plans and Realizations—Reasons for Differences in Individual Cases,” Survey of Current Business (June, 1957).
Foss, M. F., “Manufacturers’ Inventory and Sales Expectations—A Progress Report on a New Survey,” Survey of Current Business (August, 1961).
Robinson, J., The Accumulation of Capital (London, 1956). [Wish we had time for it.]
Lutz, F. A., and V., the Theory of Investment of the Firm (Princeton, 1951).
Heller, W. W., “The Anatomy of Investment Decisions,” Harvard Business Review, (March, 1951), pp. 95-103.
Meade, J. E., and P. W. S. Andrews, “Summary of Replies to Questions on Effects of Interest Rates,” and “Further Inquiry into the Effects of Rates of Interest,” Oxford Economic Papers, No. 1, 1938 and No. 3, 1940.
Ebersole, J. F., “The Influence of Interest Rates,” Harvard Business Review, Vol. 17, 1938, pp. 35-39.
Henderson, H. D., “The Significance of the Rate of Interest,” Oxford Economic Papers (October, 1938), pp. 1-13.
Andrews, P. W. S., “Further Inquiry into the Effects of Rates of Interest,” Oxford Economic Papers, (February, 1940), pp. 32-73.
Sayers, R. S., “Business Men and the Terms of Borrowing,” Oxford Economic Papers (February, 1940), pp. 23-31.
Brockie, M. D., and A. L. Grey, “The Marginal Efficiency of Capital and Investment Programming,” Economic Journal, Vol. 46 (December, 1956).
White, W. H., “The Rate of Interest, the Marginal Efficiency of Capital, and Investment Programming,” Economic Journal, Vol. 48 (March, 1958).
Grey, A. L., and M. D. Brockie, “The Rate of Interest, Marginal Efficiency of Captial and Net Investment Programming: A Rejoinder,” Economic Journal (June, 1959).
Spiro, A., “Empirical Research and the Rate of Interest,” Review of Economics and Statistics, Vol. 40 (February, 1958).
Cunningham, N. J., “Business Investment and the Marginal Cost of Funds,” Metroeconomica, Vol. 10 (August, 1958).
Cunningham, N. J., “Business Investment and the Marginal Cost of Funds,” Part II, Metroeconomica (December, 1958).
Wilson, T., “Cyclical and Autonomous Inducements to Invest,” Oxford Economic Papers, Vol. 5, 1953.
Lydall, H. F., “The Impact of the Credit Squeeze on Small and Medium Sized Manufacturing Firms,” Economic Journal, Vol. 47 (September, 1957).
Friend, I., and J. Bronfenbrenner, “Business Investment Programs and Their Realization,” Survey of Current Business (December, 1950).
Schultz, T. W., “Investment in Human Capital,” American Economic Review, Vol. 60 (March, 1961) pp. 1-17.
Houthakker, H. S., “Education and Income,” The Review of Economics and Statistics, Vol. 41 (February, 1959), pp. 24-28.
Eckhaus, R. S., “On the Comparison of Human Capital,” Center for International Studies, M.I.T., mult.
Becker, G. S., Human Capital: a Theoretical and Empirical Analysis, with Special Reference to Education (New York, 1964).

See also THEORY OF INTEREST and MULTIPLIER AND ACCELERATOR

 

VII. MULTIPLIER AND ACCELERATOR
(January 11 – 18)

REQUIRED:

Kahn, R. F., “The Relation of Home Investment to Unemployment,” Economic Journal, 1931. Republished in Hansen and Clemence, Readings in Business Cycles and National Income (New York, 1953), Essay 15.
Readings in Business Cycle Theory, Essays 9-12.
Haavelmo, T., “Multiplier Effects of a Balanced Budget,” Econometrica, 1945, reprinted in Readings in Fiscal Policy, pp. 335-343.
Salant, William A., “Taxes, Income Determination, and the Balanced Budget Theorem,” The Review of Economics and Statistics (May, 1957).
Tsiang, S. C., “Accelerator, Theory of the Firm, and the Business Cycle,” Quarterly Journal of Economics, Vol. 65, 1951.

ADDITIONAL READINGS:

Tinbergen, “Statistical Evidence on the Acceleration Principle,” Economica, Vol. 5, 1938.
Eisner, R., “Capital Expenditures, Profits, and the Acceleration Principle,” and comments by G. H. Hickman, in Conference on Research in Income and Wealth, Models of Income Determination, (Princeton, 1964), Vol. 28, pp. 137-176.
Peston, M. H., “Generalizing the Balanced Budget Multiplier,” and “Comment” by W. A. Salant, The Review of Economics and Statistics (August, 1958).
Bowen, W. G., “The Balanced-Budget Multiplier: A Suggestion for a More General Formulation,” The Review of Economics and Statistics, (May, 1957).
Goodwin, R. M., “The Multiplier” in Seymour E. Harris, ed., The New Economics (New York, 1947), pp. 482-99.
Chenery, H. B., “Overcapacity and the Acceleration Principle,” Econometrica, Vol. 20 (January, 1952), pp. 1-28.
Caff, J. T., “A Generalization of the Multiplier-Accelerator Model,” The Economic Journal, Vol. 69 (March, 1961), pp. 36-52.
Kuznets, S., “Relation Between Capital Goods and Finished Products in the Business Cycle,” in Economic Essays in Honor of Wesley Clair Mitchell, (New York, 1935).
Knox, A. D. “The Acceleration Principle and the Theory of Investment: A Survey,” Economica, Vol. 19, 1952.
Harrod, R. F., Towards a Dynamic Economics (London, 1948).
Hicks, J. R., A Contribution to the Theory of the Trade Cycle (Oxford, 1950).
Goodwin, R. M., “Problems of Trend and Cycle,” Yorkshire Bulletin, Vol. 5 (August, 1953).
Ott, A. E., “The Relation Between the Accelerator and the Capital Output Ratio,” Review of Economic Studies, Vol. 25, (June, 1958).
Minsky, H., “Monetary Systems and Accelerator Models,” American Economic Review, Vol. 47, 1957.
Friedman, M. and D. Meiselman, “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897-1958,” Stabilization Policies, Commission on Money and Credit, (New Jersey, 1963), pp. 165-268.
Hester, D. D., “Keynes and the Quantity Theory: a Comment on the Friedman-Meiselman CMC Paper,” the reply by Friedman and Meiselman, and the rejoinder by Hester, The Review of Economics and Statistics, Vol. XLVI (November, 1964), pp. 364-377.

See also INVESTMENT DECISIONS.
This subject will also be discussed in Economics 14.452.

 

VIII. MISCELLANEOUS (If time permits)

Ackley, Chapters 16, 20.
Mincer, Jacob, “Investment in Human Capital and Personal Income Distribution,” The Journal of Political Economy, Vol. 66 (August, 1958), pp. 281-302.
Goldsmith, Selma F., “Size Distribution of Personal Income, 1956-59,” Survey of Current Business (April, 1960).
Liebenberg, M., and J. M. Fitzwilliams, “Size Distribution of Personal Income, 1957-60,” Survey of Current Business (May, 1961).

A few other sources may be added from time to time.

 

Source: Duke University, David M. Rubenstein Library. Economists’ Papers Archives. Papers of Evsey D. Domar, Box 15, Folder “Macroeconomics, Old Reading Lists”.

___________________

 MIDTERM EXAMINATION
(One hour and twenty minutes)

THEORY OF INCOME AND EMPLOYMENT
E. D. Domar ….. 14.451 ….. December 9, 1965

 

Please answer all questions. Use a separate book for each question.

  1. [25%] The economy consists of carrots, rabbits and dogs. Rabbits cultivate and eat carrots, while dogs breed and eat rabbits.
    You are asked to compute the national income and product for this economy from the point of view of:

(a) The rabbits
(b) The dogs

Explain your methods carefully and indicate the basic philosophy underlying them. [handwritten note:  Too easy]

  1. [25%] “Existing methods of national product computations exaggerate the rate of growth of real product over time in a given country, and overstate the ratio between the real product of highly developed and of underdeveloped countries.”
    Comment fully and critically. [handwritten note: explain better in class]
  2. [30%] Write a comprehensive essay on the subject of “Keynes and Patinkin on the Relation between the Quantity of Money on the one hand, and Interest Rate, Price Level and National Income on the other.”
  3. [20%] Discuss the treatment of intermediate products in several indexes of industrial productions. Give examples.

 

Source: Duke University, David M. Rubenstein Library. Economists’ Papers Archives. Papers of Evsey D. Domar, Box 15, Folder “Examinations (1 of 3)”.

___________________

FINAL EXAMINATION
Three Hours
 

E. D. Domar ….. 14.451 ….. January 26, 1966

Please answer any FIVE questions out of six. Whenever you feel that the questions do not provide sufficient information for you to answer, add the necessary assumptions and state them clearly. Read each question through before answering any part of it.

  1. (a) “The best cure against inflation is a balanced budget.”
    (b) “The more each individual or corporation tries to save, the smaller will be the total savings for the economy as a whole.”

Comment on each statement separately.

  1. “The best cure against inflation is increased production.”

Comment fully. Assume that there are unemployed resources to allow for increased production. (Hint: production of what?)
In the light of your answer, do you think a prolonged strike in some industry is inflationary or deflationary? Explain your position.

  1. (a) Explain the several definitions of MONEY used in Price Flexibility and Employment discussions. In each case indicate the specific reasons for that particular definition.
    (b) For each definition of money given by you in (a), examine the effects on the stock of money of central bank purchases of (i) government securities, (ii) private securities, (iii) gold from the public.

Comment on your results.

  1. (a) Explain the meaning of PRODUCTIVITY from a private and from a social point of view.
    (b) In the light of your explanation given in (a), comment on the productivity of the following persons and on the treatment of their incomes in the national income and product accounts:

(i) A public relations employee of a private corporation

(ii) A public relations employee of the U.S. Department of Defense

(iii) A recipient of interest from the General Electric Company. (You happen to know that he has inherited his bonds from his great uncle who was a great swindler.)

(iv) A recipient of interest on U.S bonds issued in order to finance aid to schools.

(v) A lawyer defending a bookmaker in court

(vi) A nasty professor whose course was a complete waste of time.

Look over your answers and try to generalize (unless you have already said all you want to say in part (a)).

  1. Applying (a) such consumption theories as you know, and (b) your own common sense and empirical knowledge, discuss the effects on consumer spending of the following measures. Assume that the amounts of tax reduction in the first three cases and the amount of dividend in the fourth are all equal in a given year.

(i) A reduction in the Federal income tax (Specify the kind of reduction.)

(ii) A reduction in the Federal capital gains tax

(iii) A reduction in the Federal estate (inheritance) tax

(iv) A declaration of a national dividend (specify the kind) for a given year

(v) A redistribution of income from the rich to the poor

(vi) A redistribution of income from landlords to businessmen (in some underdeveloped country).

Any generalizations?

  1. (a) “Technological progress raises the level of income and employment by making existing assets obsolete and thus shortening their economic life.”

Comment on this statement. Assume that the economy has unemployed resources.

(b) Alvin Hansen used to argue that one reason for the stagnation of the American economy in the nineteen-thirties and for the high level of UNEMPLOYMENT then existing consisted in the slow growth of population at the time.

Do you agree? Comment fully. Should an underemployed economy encourage immigration or emigration, or neither?

 

Source: Duke University, David M. Rubenstein Library. Economists’ Papers Archives. Papers of Evsey D. Domar, Box 16, Folder “Macroeconomics, Final Exams”.

 

Image Source: Evsey D. Domar at the MIT Museum.

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

M.I.T. Economic Growth and Fluctuations. Readings and Midterm Exam. Solow, 1966

 

The readings for the second term MIT graduate core course in macroeconomics “Economic Growth and Fluctuations” was taught by Robert Solow in 1966. The reading list and midterm questions transcribed for this posting come from his papers at the Duke Economists’ Papers Archive. Solow was indeed listed for this course in the internal report “Department of Economics, Teaching Responsibilities” dated March 4, 1966 in Box 3 of the Department of Economics Papers in the M.I.T. archives.

The first term course that academic year was taught by Evsey D. Domar. His 14-page reading list (!) together with the midterm and final examinations have been transcribed and posted as well.

________________________

Spring 1966

READING LIST          14.452

I. Economic Growth

  1. Stylized Facts

Kendrick and Sato, “Factor Prices, Productivity and Growth”, AER, December 1963.
Bureau of the Census, Long-Term Economic Trends (This is a compendium of data. Spend an hour or two leafing through it.)

  1. Aggregative Models

Hahn and Matthews, “The Theory of Economic Growth: A Survey”, Economic Journal, December 1964, Parts I, II, IV.
Modigliani, “Comment” in Behavior of Income Shares (NBER), pp. 39-50.
Tobin, “Money and Economic Growth”, Econometrica, October 1965.
Marty, “The Neoclassical Theorem”, AER, December 1964.
Diamond, “National Debt in a Neoclassical Growth Model”, AER, December 1965, pp. 1126-1135 only. Rest optional.
Findlay, “The Robinsonian Model…”, Economica, February 1963 and comments by Robinson and Findlay in Economica, November 1963.

  1. Sources of Potential Output

Nelson, “Aggregate Production Functions” AER, September 1964
Denison, Sources of Economic Growth in the U.S. (Don’t read every word, but try to grasp content.)
Abramovitz, “Review of Denison”, AER, September 1962.
Phelps, “The New View of Investment”, QJE, November 1962.
David and van de Kliendert, “Biased Efficiency Growth in the U.S.”, AER, June 1965.

II. Short-Run Macrodynamics

  1. Short-Run Movements in Productivity

Brechling: “The Relationship between Output and Employment…”, Review of Economic Studies, July 1965
Kuh, “Cyclical and Secular Labor Productivity…”, Review of Economics and Statistics, February 1965
Wilson and Eckstein, “Short-Run Productivity Behavior…”, Review of Economics and Statistics, February 1964.

  1. Measuring Potential Output and the Gap

Thurow & Taylor, “The Interaction between Actual and Potential Rates of Growth in the U.S. Economy”, Mimeo.
Kuh, “The Measurement of Potential Output”, mimeo.

  1. Cycles and Fluctuations

Samuelson, “Interaction between Multiplier Analysis and the Principle of Acceleration”, Review of Economics and Statistics, 1939, reprinted in AEA, Readings in Business Cycle Theory.
Metzler, “The Nature and Stability of Inventory Cycles”, Review of Economics and Statistics, 1941.
Kaldor, “A Model of the Trade Cycle”, EJ 1940, reprinted in Hansen and Clemence, Readings in Business Cycles and National Income.
DeLeeuw, “The Demand for Capital Goods by Manufacturers”, Econometrica, July 1962.
Eckstein, “Manufacturing Investment and Business Expectations”, Econometrica, April 1965.
Jorgenson, “Anticipations and Investment Behavior”, Ch. 2 in The Brookings Quarterly Econometric Model of the U.S., (optional).
Darling and Lovell, “Factors Influencing Investment in Inventories”, Ch. 4 in The Brookings Quarterly Econometric Model of the U.S.
Okun, Effects of the Tax Cut of 1964. To appear or else mimeo. [handwritten addition]

  1. Integration of Growth & Effective Demand [handwritten addition, no items listed]

________________________

First Examination     14.452           April 13, 1966

  1. Imagine a one-sector economy, satisfying all the standard simplifying assumptions, in a steady state with constant saving ratio, constant rate of population growth, and no technological change. Now let there be a sudden once-and-for-all shift in technology, with the property that output per man increases by 10% at each and every capital-per-man. There is no change in saving ratio or population growth.
    1. What happens along the full-employment path?
    2. In the new steady state, has capital per man increased by more or less than 10%? Has output per man increase by more or less than 10%?
    3. Describe roughly how the competitively imputed real wage, rate of interest, and relative distribution of income might differ between the new steady-state and the old. (You will not always be able to settle the direction of change.)
  2. In the same sort of economy, suppose that investment demand is such that businesses will quickly snap up all investment opportunities yielding at least some “target rate of return”, like 20%, but none yielding less. Discuss in terms of diagram or otherwise, whether the economy is likely to experience inadequate or excessive aggregate demand near the steady state. What effect would a sudden increase in the rate of population growth have (assuming that the saving ratio was not affected)?
  3. Denison has been described as a pessimist with respect to the possibility of raising the U.S. rate of growth through deliberate policy. Is that a fair description? If so, what are the main sources of his pessimism? What do you gather from Nelson, Abramovitz and Phelps on this subject?

 

Source: Duke University, David M. Rubenstein Library. Economists’ Papers Archives. Papers of Robert M. Solow, Box 67, Folder “Exams”.

Image Source: Robert M. Solow (undated). MIT Museum .

Categories
Barnard Columbia Courses Curriculum

Columbia. Economics Courses with Descriptions, 1905-07

 

 

From time to time I mistakenly repeat the preparation of an artifact, as is the case with this list of instructors and courses offered in economics and social sciences by the Columbia University Faculty of Political Science in 1905-07. Still, I am getting better with respect to formatting, so I am replacing the V1.0 with this V2.0 today.

________________________________

OFFICERS OF INSTRUCTION
FACULTY OF POLITICAL SCIENCE
[Economics and Social Sciences (1905-07)]

EDWIN R. A. SELIGMAN, Ph.D., LL.D., McVickar Professor of Political Economy
[Absent on leave in 1905-06.]
FRANKLIN H. GIDDINGS, Ph.D., LL.D., Professor of Sociology
JOHN B. CLARK, Ph.D., LL.D., Professor of Political Economy
HENRY R. SEAGER, Ph.D., Professor of Political Economy, and Secretary
HENRY L. MOORE, Ph.D., Adjunct Professor of Political Economy
VLADIMIR G. SIMKHOVITCH, Ph.D., Adjunct Professor of Economic History
EDWARD THOMAS DEVINE, Ph.D., LL.D., Professor of Social Economy

OTHER OFFICERS

ALVIN S. JOHNSON, Ph.D., Instructor in Economics
GEORGE J. BAYLES, Ph.D Lecturer in Ecclesiology [A.B., Columbia, 1891; A.M., 1892; LL.B., 1893; Ph.D., 1895.]
ELSIE CLEWS PARSONS, Ph.D., Lecturer in Sociology in Barnard College

________________________________

GROUP III—ECONOMICS AND SOCIAL SCIENCE

GRADUATE COURSES

It is presumed that students who take economics, sociology or social economy as their major subject are familiar with the general principles of economics and sociology as set forth in the ordinary manuals. Students who are not thus prepared are recommended to take the courses in Columbia College or Barnard College designated as Economics 1 and 2 (or A and 4) and Sociology 151-152.

The graduate courses fall under three subjects: A—Political Economy and Finance; B—Sociology and Statistics; C—Social Economy.

Courses numbered 100 to 199 are open to Seniors in Columbia College.

Courses numbered 200 and above are open to graduate women students upon the same terms as to men.

All the courses are open to male auditors. Women holding the first degree may register as auditors in Courses numbered 200 and above.

Subject A—Political Economy and Finance

ECONOMICS 101-102—Taxation and Finance. Professor SELIGMAN.
M. and W. at 1.30. 422 L.

This course is historical, as well as comparative and critical. After giving a general introduction and tracing the history of the science of finance, it treats of the various rules of the public expenditures and the methods of meeting the same among civilized nations. It describes the different kinds of public revenues, including the public domain and public property, public works and industrial undertakings, special assessments, fees, and taxes. It is in great part a course on the history, theories, and methods of taxation in all civilized countries. It considers also public debt, methods of borrowing, redemption, refunding, repudiation, etc. Finally, it describes the fiscal organization of the state by which the revenue is collected and expended, and discusses the budget, national, state, and local. Although the course is comparative, the point of view is American. Students are furnished with the current public documents of the United States Treasury and the chief financial reports of the leading commonwealths, and are expected to understand all the facts in regard to public debt, revenue, and expenditure contained therein.

Given in 1906-07 and in each year thereafter.

ECONOMICS 103—Money and Banking. Professor H. L. MOORE.
Tu. and Th. at 10.30, first half-year. 415 L.

The aim of this course is (1) to describe the mechanism of exchange and to trace the history of the metallic money, the paper money, and the banking system of the United States; to discuss such questions as bi-metallism, foreign exchanges, credit cycles, elasticity of the currency, present currency problems, and corresponding schemes of reform; (2) to illustrate the quantitative treatment of such questions as variations in the value of the money unit, and the effects of appreciation and depreciation.

ECONOMICS 104—Commerce and Commercial Policy. Dr. JOHNSON.
Tu. and Th. at 10.30, second half-year. 415 L.

In this course the economic bases of modern commerce, and the significance of commerce, domestic and foreign, in its relation to American industry, will be studied. An analysis will be made of the extent and character of the foreign trade of the United States, and the nature and effect of the commercial policies of the principal commercial nations will be examined.

ECONOMICS 105—The Labor Problem. Professor SEAGER.
Tu. and Th. at 11.30, first half-year. 415 L.

The topics considered in this course are: The rise of the factory system, factory legislation, the growth of trade unions and changes in the law in respect to them, the policies of trade unions, strikes, lockouts, arbitration and conciliation, proposed solutions of the labor problem, and the future of labor in the United States.

Given in 1906-07 and in alternate years thereafter.

ECONOMICS 106—The Trust Problem. Professor SEAGER.
Tu. and Th. at 11.30, second half-year. 415 L.

In this course special attention is given to the trust problem as it presents itself in the United States. Among the topics considered are the rise and progress of industrial combinations, the forms of organization and policies of typical combinations, the common law and the trusts, anti-trust acts and their results, and other proposed solutions of the problem.

Given in 1906-07 and in alternate years thereafter.

[ECONOMICS 107—Fiscal and Industrial History of the United States. Professor SELIGMAN.
M. and W. at 3.30, first half-year. 415 L.

This course endeavors to present a survey of national legislation on currency, finance, and taxation, including the tariff, together with its relations to the state of industry and commerce. The chief topics discussed are: The fiscal and industrial conditions of the colonies; the financial methods of the Revolution and the Confederation; the genesis of the protective idea; the fiscal policies of the Federalists and of the Republicans; the financial management of the War of 1812; the industrial effects of the restrictive and war periods; the crises of 1819, 1825, and 1837; the tariffs of 1816, 1824, and 1828; the distribution of the surplus and the Bank war; the currency problems before 1863; the era of “free trade,” and the tariffs of 1846 and 1857; the fiscal problems of the Civil War; the methods of resumption, conversion and payment of the debt; the disappearance of the war taxes; the continuance of the war tariffs; the money question and the acts of 1878, 1890, and 1900; the loans of 1894-96; the tariffs of 1890, 1894, and 1897; the fiscal aspects of the Spanish War. The course closes with a discussion of the current problems of currency and trade, and with a general consideration of the arguments for and against protection as illustrated by the practical operations of the various tariffs.

Not given in 1905-07.]

[ECONOMICS 108— Railroad Problems; Economic, Social, and Legal. Professor SELIGMAN.
M. and W. at 3.30, second half-year. 415 L.

These lectures treat of railroads in the fourfold aspect of their relation to the investors, the employees, the public, and the state respectively. A history of railways and railway policy in America and Europe forms the preliminary part of the course. The chief problems of railway management, so far as they are of economic importance, come up for discussion.

Among the subjects treated are: Financial methods, railway constructions, speculation, profits, failures, accounts and reports, expenses, tariffs, principles of rates, classification and discrimination, competition and pooling, accidents, and employers’ liability. Especial attention is paid to the methods of regulation and legislation in the United States as compared with European methods, and the course closes with a general discussion of state versus private management.

Not given in 1905-07.]

ECONOMICS 109 — Communistic and Socialistic Theories. Professor CLARK.
Tu. and Th. at 2.30, first half-year. 406 L.

This course studies the theories of St. Simon, Fourier, Proudhon, Rodbertus, Marx, Lassalle, and others. It aims to utilize recent discoveries in economic science in making a critical test of these theories themselves and of certain counter-arguments. It examines the socialistic ideals of distribution, and the effects that, by reason of natural laws, would follow an attempt to realize them through the action of the state.

ECONOMICS 110 — Theories of Social Reform. Professor CLARK.
Tu. and Th. at 2.30, second half-year. 406 L.

This course treats of certain plans for the partial reconstruction of industrial society that have been advocated in the United States, and endeavors to determine what reforms are in harmony with economic principles. It treats of the proposed single tax, of the measures advocated by the Farmers’ Alliance, and of those proposed by labor organizations, and the general relation of the state to industry.

ECONOMICS 201—Economic Readings I: Classical English Economists. Professor SEAGER.
Tu. and Th. at 11.30, first half-year. 415 L.

In this course the principal theories of the English economists from Adam Smith to John Stuart Mill are studied by means of lectures, assigned readings and reports, and discussions. Special attention is given to the Wealth of Nations, Malthus’s Essay on Population, the bullion controversy of 1810, the corn law controversy of 1815, and the treatises on Political Economy of Ricardo, Senior, and John Stuart Mill.

Given in 1905-06 and in alternate years thereafter.

ECONOMICS 202—Economic Readings II: Contemporary Economists. Professor SEAGER.
Tu. and Th. at 11.30, second half-year. 415 L.

In this course the theories of contemporary economists are compared and studied by the same methods employed in Economics 201. Special attention is given to Böhm-Bawerk’s Positive Theory of Capital and Marshall’s Principles of Economics.

Given in 1905-06 and in alternate years thereafter.

ECONOMICS 203-204—History of Economics. Professor SELIGMAN.
M. and W. at 3.30. 415 L.

In this course the various systems of political economy are discussed in their historical development. The chief exponents of the different schools are taken up in their order, and especial attention is directed to the wider aspects of the connection between the theories and the organization of the existing industrial society. The chief writers discussed are:

I. Antiquity: The Oriental Codes; Plato, Aristotle, Xenophon, Cato, Seneca, Cicero, the Agrarians, the Jurists.

II. Middle Ages: The Church Fathers, Aquinas, the Glossators, the writers on money, trade, and usury.

III. Mercantilists: Hales, Mun, Petty, Barbon, North, Locke; Bodin, Vauban, Boisguillebert, Forbonnais; Serra, Galiani ; Justi, Sonnenfels.

IV. Physiocrats: Quesnay, Gournay, Turgot, Mirabeau.

V. Adam Smith and precursors: Tucker, Hume, Cantillon, Stewart.

VI. English school: Malthus, Ricardo, Senior, McCulloch, Chalmers, Jones, Mill.

VII. The Continent: Say, Sismondi, Cournot, Bastiat; Herrmann, List, von Thünen.

VIII. German historical school: Roscher, Knies, Hildebrandt.

IX. Recent Development—England: Rogers, Jevons, Cairnes, Bagehot, Leslie, Toynbee, Marshall; Germany: Wagner, Schmoller, Held, Brentano, Cohn, Schäffle; Austria: Menger, Sax, Böhm-Bawerk, Wieser; France: Leroy Beaulieu, Laveleye, Gide, Walras; Italy: Cossa, Loria, Pantaleoni; America: Carey, George, Walker, Clark, Patten, Adams.

Given in 1906-07 and in alternate years thereafter.

ECONOMICS 205—Economic Theory I. Professor CLARK.
M. and W. at 2.30, first half-year. 406 L.

This course discusses, first, the static laws of distribution. If the processes of industry were not changing, wages and industry would tend to adjust themselves according to certain standards. A study of the mechanism of production would then show that one part of the product is specifically attributable to labor, and that another part is imputable to capital. It is the object of the course to show that the tendency of free competition, under such conditions, is to give to labor, in the form of wages, the amount that it specifically creates, and also to give to capital, in the form of interest, what it specifically produces. The theory undertakes to prove that the earnings of labor and of capital are governed by a principle of final productivity, and that this principle must be studied on a social scale, rather than in any one department of production. The latter part of this course enters the field of Economic Dynamics, defines an economic society and describes the forces which so act upon it as to change its structure and its mode of producing and distributing wealth.

ECONOMICS 206—Economic Theory II. Professor CLARK.
M. and W. at 2.30, second half-year. 406 L.

This course continues the discussion of the dynamic laws of distribution. The processes of industry are actually progressing. Mechanical invention, emigration and other influences cause capital and labor to be applied in new ways and with enlarging results. These influences do not even repress the action of the static forces of distribution, but they bring a new set of forces into action. They create, first, employers’ profits, and, later, additions to wages and interest. It is the object of the course to show how industrial progress affects the several shares in distribution under a system of competition, and also to determine whether the consolidations of labor and capital, which are a distinctive feature of modern industry, have the effect of repressing competition. It is a further purpose of the course to present the natural laws by which the increase of capital and that of labor are governed and to discuss the manner in which the earnings of these agents are affected by the action of the state, and to present at some length the character and the effects of those obstructions which pure economic law encounters in the practical world.

ECONOMICS 207—Theory of Statistics. Professor H. L. MOORE.
Tu. and Th. at 1.30, first half-year. 418 L.

The aim of this course is to present the elementary principles of statistics and to illustrate their application by concrete studies in the chief sources of statistical material. The theoretical part of the course includes the study of averages, index numbers, interpolation, principles of the graphic method, elements of demography, and statistical principles of insurance. The laboratory work consists of a graded series of problems designed to develop accuracy and facility in the application of principles. (Identical with Sociology 255.)

ECONOMICS 208—Quantitative Economics I: Advanced Statistics. Professor H. L. MOORE.
W. and F. at 11.30, second half-year. 418 L.

Quantitative Economics I and II (see Economics 210) investigate economics as an exact science. This course treats economics from the inductive, statistical side. It aims to show how the methods of quantitative biology and anthropology are utilized in economics and sociology. Special attention is given to recent contributions to statistical theory by Galton, Edgeworth, and Pearson. Economics 207, or an equivalent, is a prerequisite.

Given in 1905-06 and in alternate years thereafter.

ECONOMICS 210—Quantitative Economics II: Mathematical Economics. Professor H. L. MOORE.
W. and F. at 11.30, second half-year. 418 L.

This course treats economics from the deductive side. It aims to show the utility of an analytical treatment of economic laws expressed in symbolic form. The work of Cournot is presented and used as a basis for the discussion of the contributions to the mathematical method by Walras, Marshall, and Pareto. Economics 207, or an equivalent, is a prerequisite.

Given in 1906-07 and in alternate years thereafter.

ECONOMICS 241—The Economic and Social Evolution of Russia since 1800. Professor SIMKHOVITCH.
M. and F. at 9.30, first half-year. 418 L.

This course describes the economic development of the country, the growth of slavophil, liberal and revolutionary doctrines and parties, and the disintegration of the autocratic régime. (Identical with History 281.)

ECONOMICS 242—Radicalism and Social Reform as Reflected in the Literature of the Nineteenth Century. Professor SIMKHOVITCH.
M. at 9.30 and 10.30, second half-year. 418 L.

An interpretation of the various types of modern radicalism, such as socialism, nihilism, and anarchism, and of the social and economic conditions on which they are based.

ECONOMICS 291-292—Seminar in Political Economy and Finance. Professors SELIGMAN and CLARK.
For advanced students. Tu., 8.15-10.15 P.M. 301 L.

 

Subject B—Sociology and Statistics

SOCIOLOGY 151-152—Principles of Sociology. Professor GIDDINGS.
Tu. and Th. at 3.30. 415 L.

This is a fundamental course, intended to lay a foundation for advanced work. In the first half-year, in connection with a text-book study of theory, lectures are given on the social traits, organization, and welfare of the American people at various stages of their history and students are required to analyze and classify sociological material of live interest, obtained from newspapers, reviews, and official reports. In the second half-year lectures are given on the sociological systems of important writers, including Montesquieu, Comte, Spencer, Schäffle, De Greef, Gumplowicz, Ward, and Tarde. This course is the proper preparation for statistical sociology (Sociology 255 and 256) or for historical sociology (Sociology 251 and 252).

SOCIOLOGY 251—Social Evolution—Ethnic and Civil Origins. Professor GIDDINGS.
F. at 2.30 and 3.30, first half-year. 415 L.

This course on historical sociology deals with such topics as (1) the distribution and ethnic composition of primitive populations; (2) the types of mind and of character, the capacity for coöperation, the cultural beliefs, and the economic, legal, and political habits of early peoples; (3) early forms of the family, the origins, structure, and functions of the clan, the organization of the tribe, the rise of the tribal federations, tribal feudalism, and the conversion of a gentile into a civil plan of social organization. Early literature, legal codes, and chronicles, descriptive of the Celtic and Teutonic groups which combined to form the English people before the Norman Conquest, are the chief sources made use of in this course.

SOCIOLOGY 252—Social Evolution—Civilization, Progress, and Democracy. Professor GIDDINGS.
F. at 2.30 and 3.30, second half-year. 415 L.

This course, which is a continuation of Sociology 251, comprises three parts, namely: (1) The nature of those secondary civilizations which are created by conquest, and of the policies by which they seek to maintain and to extend themselves; (2) an examination of the nature of progress and of its causes, including the rise of discussion and the growth of public opinion; also a consideration of the policies by which continuing progress is ensured,—including measures for the expansion of intellectual freedom, for the control of arbitrary authority by legality, for the repression of collective violence, and for the control of collective impulse by deliberation; (3) a study of the nature, the genesis, and the social organization of modern democracies, including an examination of the extent to which non-political associations for culture and pleasure, churches, business corporations, and labor unions, are more or less democratic; and of the democratic ideals of equality and fraternity in their relations to social order and to liberty. The documents of English history since the Norman Conquest are the chief sources made use of in this course.

SOCIOLOGY 255—Theory of Statistics. Professor H. L. MOORE.
Tu. and Th. at 1.30, first half-year. 418 L.

This course is identical with Economics 207 (see [above]).

SOCIOLOGY 256—Social Statistics. Professor GIDDINGS.
Tu. and Th. at 1.30, second half-year. 418 L.

Actual statistical materials, descriptive and explanatory of contemporaneous societies, are the subject-matter of this course, which presupposes a knowledge of statistical operations (Sociology 255) and applies it to the analysis of concrete problems. The lectures cover such topics as (1) the statistics of population, including densities and migrations, composition by age, sex, and nationality, amalgamation by intermarriage; (2) statistics of mental traits and products, including languages, religious preferences, economic preferences (occupations), and political preferences; (3) statistics of social organization, including families, households, municipalities, churches, business corporations, labor unions, courts of law, army, navy, and civil service; (4) statistics of social welfare, including peace and war, prosperity, education or illiteracy, vitality, and morality, including pauperism and crime.

SOCIOLOGY 259—Ecclesiology. Dr. BAYLES.
Tu. and F. at 4.30, first half-year. 405 L.

The purpose of this course is to define the present relations of the ecclesiastical institutions to the other institutions of American society: the state, the government, marriage, family, education, and public wealth. An analysis is made of the guarantees of religious liberty contained in the federal and commonwealth constitutions; of the civil status of churches in terms of constitutional and statute law; of the methods of incorporation, of the functions of trustees, of legislative and judicial control; of denominational polity according to its type; of the functional activity of churches in their departments of legislation, administration, adjudication, discipline, and mission; of the influence of churches on ethical standards; of the distribution of nationalities among the denominations, of the territorial distribution of denominational strength, of the relation of polity to density of population, and of the current movements in and between various organizations tending toward changes of functions and structure.

SOCIOLOGY 279-280—Seminar in Sociology. Professor GIDDINGS.
W. at 3.30 and 4.30, bi-weekly. 301 L.

The Statistical Laboratory, conducted by Professors GIDDINGS and H. L. MOORE, is equipped with the Hollerith tabulating machines, comptometers, and other modern facilities.

Subject C—Social Economy

SOCIAL ECONOMY 281—Poverty and Dependence. Professor DEVINE.
Th. and F. at 4.30, first half-year. 418 L.

The purpose of this course and of Social Economy 282, which follows, is to study dependence and measures of relief, and to analyze the more important movements which aim to improve social conditions. An attempt is made to measure the extent of dependence, both in its definite forms, as in charitable and penal institutions, and in its less recognized and definite forms, as when it results in the lowering of the standard of living or the placing of unreasonably heavy burdens upon children or widows. Among the special classes of social debtors which are studied, besides the paupers, the vagrants, the dissipated, and the criminals, who require discipline or segregation as well as relief, are: Orphans and other dependent children; the sick and disabled; the aged and infirm; the widow and the deserted family; the immigrant and the displaced laborer; the underfed and consequently short-lived worker.

Given in 1905—06 and in alternate years thereafter.

SOCIAL ECONOMY 282—Principles of Relief. Professor DEVINE.
Th. and F. at 4.30, second half-year. 418 L.

In this course the normal standard of living is considered concretely to secure a basis from which deficiencies may be estimated. A large number of individual typical relief problems are presented, and from these, by a “case system,” analogous to that of the modern law school, the principles of relief are deduced. Among the larger movements to be considered are: Charity organization; social settlements; housing reform; the elimination of disease; the restriction of child labor; and the prevention of overcrowding, and especially the congestion of population in the tenement-house districts of the great cities.

Given in 1903-06 and in alternate years thereafter.

SOCIAL ECONOMY 283—Pauperism and Poor Laws. Professor SEAGER.
M. at 3.30 and 4.30, first half-year. 418 L.

This is an historical and comparative course intended to supplement Social Economy 281 and 282. Lectures on the history of the English poor law are followed by discussions of farm colonies, the boarding-out system for children, old-age pensions, and other plans of relief currently advocated in England. On this basis the public relief problems of New York State and City and the institutions attempting their solution are studied by means of excursions, lectures, and discussions.

SOCIAL ECONOMY 285—The Standard of Living. Professor DEVINE.
Th. and F. at 4.30, first half-year. 418 L.

A concrete study of the standard of living in New York City in the classes which are above the line of actual dependence, but below or near the line of full nutrition and economic independence. While this course will not be given in the year 1905-06, assignments will be made in the School of Philanthropy for research in such portions of this field as suitably prepared students may elect to undertake.

Given in 1906-07 and in alternate years thereafter.

SOCIAL ECONOMY 286—The Prevention and Diminution of Crime. Professor DEVINE.
Th. and F. at 4.30, second half-year. 418 L.

This course will deal with the social function of the penal and police systems. Special attention will be given to such subjects as juvenile courts; the probation system; indeterminate sentence; treatment of discharged prisoners; the system of local jails; segregation of incorrigibles, and prison labor.

Given in 1906-07 and in alternate years thereafter.

SOCIAL ECONOMY 290—Crime and Criminal Anthropology. Professor GIDDINGS.

Students desiring to make a special study of crime, criminal anthropology, and the theory of criminal responsibility may take the lectures of Sociology 256 or of Social Economy 286 and follow prescribed readings under the direction of Professor GIDDINGS.

SOCIAL ECONOMY 299-300—Seminar in Social Economy. Professor DEVINE.
Two hours a week. Hours to be arranged.

The work of the Seminar for 1905-07 will be a study of recent developments in the social and philanthropic activities of New York City; e. g., the social settlements; parks and playgrounds; outside activities of public schools; children’s institutions; relief societies; agencies for the aid of immigrants, and the preventive work of organized charities.

COURSES IN THE SCHOOL OF PHILANTHROPY

The School of Philanthropy, conducted by the Charity Organization Society, under the direction of Professor Devine, offers courses* aggregating not less than ten hours a week throughout the academic year, and also a Summer School course of six weeks in June and July. These courses are open to regular students of Columbia University who satisfy the director that they are qualified to pursue them with profit, and are accepted as a minor for candidates for an advanced degree.

The program of studies for 1905-06 is as follows:

            A—General survey (forty lectures) ; B—Dependent families (fifty lectures); C—Racial traits and social conditions (thirty-five lectures); D—Constructive social work (fifty lectures) ; E—Child-helping agencies (forty lectures); F—Treatment of the criminal (thirty lectures); G—Administration of charitable and educational institutions (thirty lectures); H—The State in its relation to charities and correction (forty lectures).

* These courses are given in the United Charities Building, corner Fourth Avenue and 22d Street.

 

COURSES IN COLUMBIA COLLEGE

ECONOMICS 1-2—Introduction to Economics—Practical Economic Problems. Professors SELIGMAN and SEAGER, and Dr. JOHNSON.
Section 1, M. and W. at 9.30, and F. at 11.30. Section 2, M., W., and F. at 11.30. M. and W. recitations in 415 L. F. lecture in 422 L.

 

COURSES IN BARNARD COLLEGE

ECONOMICS A—Outlines of Economics. Professor MOORE and Dr. JOHNSON.
Three hours, first half-year.
Section 1, Tu., Th., and S. at 9.30. Section 2, Tu. and Th. at 11.30, and S. at 9.30.

ECONOMICS 4—Economic History of England and the United States. Professor MOORE and Dr. JOHNSON.
M., W., and F. at 10.30, second half-year.

ECONOMICS 105—The Labor Problem. Professor SEAGER.
Tu. and Th. at 1.30, first half-year.

The topics treated in this course are the rise of the factory system, factory legislation, the growth of trade unions and changes in the law in respect to them, the policies of trade unions, strikes, lockouts, arbitration and conciliation, proposed solutions of the labor problem, and the future of labor in the United States.

ECONOMICS 120—Practical Economic Problems. Professor SEAGER.
Tu. and Th. at 1.30, second half-year.

The topics treated in this course are the defects in the monetary and banking systems of the United States, government expenditures and government revenues, protection vs. free trade, the relation of the government towards natural monopolies, and federal control of trusts.

ECONOMICS 121—English Social Reformers. Professor MOORE.
W. and F. at 1.30, first half-year.

A critical study of the social teachings of Carlyle, Ruskin, John Stuart Mill, Kingsley, and Thomas H. Green.
Open to students that have taken Course A or an equivalent.

ECONOMICS 122—Economic Theory. Professor MOORE.
W. and F. at 1.30, second half-year.

A critical study of Marshall’s Principles of Economics. The principal aim of this course is to present the methods and results of recent economic theory.
Open to students that have taken Course A or an equivalent.

ECONOMICS 109—Communistic and Socialistic Theories. Professor CLARK.
Tu. and Th. at 11.30, first half-year.

In this course a brief study is made of the works of St. Simon, Fourier, Proudhon, Owen, and Lassalle, and a more extended study is made of Marx’s treatise on capital. Recent economic changes, such as the formation of trusts and strong trade unions, are examined with a view to ascertaining what effect they have had on the modern socialistic movement.

ECONOMICS 110—Theories of Social Reform. Professor CLARK.
Tu. and Th. at 11.30, second half-year.

In this course a study is made of modern semi-socialistic movements and of such reforms as have for their object the improvement of the condition of the working class. Municipal activities, factory legislation, the single tax, recent agrarian movements and measures for the regulation of monopolies are studied.

SOCIOLOGY 151-152—Principles of Sociology. Professor GIDDINGS.
Tu. and Th. at 2.30.

This is a fundamental course, intended to lay a foundation for advanced work. In the first half-year, in connection with a text-book study of theory, lectures are given on the social traits, organization, and welfare of the American people at various stages of their history, and students are required to analyze and classify sociological material of live interest, obtained from newspapers, reviews, and official reports. In the second half-year, lectures are given on the sociological systems of important writers, including Montesquieu, Comte, Spencer, Schäffle, De Greef, Gumplowicz, Ward, and Tarde.

SOCIOLOGY 153-154 —Family Organization. Dr. ELSIE CLEWS PARSONS.
Tu. at 3.30, bi-weekly.

Field work in the study of family groups. Consultations.
Open to Seniors.

In connection with the lectures and field work of this course opportunities are given to students to become acquainted with the more important private institutions for social betterment in New York City, and to study the organization and activity of the various public agencies charged with the welfare of the community.

 

COURSES IN THE SUMMER SESSION

sA—Economic History of England and America. Lectures, recitations, and essays. Dr. JOHNSON.
Five hours a week at 1.30. 501 F. Credit I
(Equivalent, when supplemented by prescribed reading, to Economics 4.)

sB—Principles of Economics. Lectures and class discussions. Dr. JOHNSON.
Five hours a week at 2.30. 501 F. Credit I.
(Equivalent, when supplemented by prescribed reading, to Economics 1.)

sA1—Principles of Sociology. Descriptive and theoretical. Professor GIDDINGS.
Five hours a week at 10.30. 415 L. Credit I, II.
(Equivalent to Sociology IS1-)

sA2—Principles of Sociology. History of sociological theory. Professor GIDDINGS.
Five hours a week at 9.30. 415 L. Credit I, II.
(Equivalent to Sociology 152.)

Source: Columbia University. Bulletin of Information. Courses Offered by the Faculty of Political Science and the Several Undergraduate Faculties. Announcement 1905-07. pp. 3, 24-36.

Image Source: Roberto Ferrari, Unveiling Alma Mater [Sept 23, 1903]. Columbia University Libraries. July 15, 2104.