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Chicago

Chicago. Soliciting Contributions of Alumni/ae to Fund for Graduate Fellowships, 1931

Scarcely a week goes by for anyone with a Ph.D. these days that does not bring some sort of request for a financial contribution from the one or other alma mater. I can easily imagine that the sort of letter transcribed below from the head of the department of economics at the University of Chicago was still something of a novelty in 1931.

Looking at the list of the former Chicago economics fellows from whom contributions had been requested, I noticed that the first four names are alphabetically arranged, the next four names are likewise alphabetically arranged, the next four names (with one exception) are also so arranged as are the next two and the final three. The facts, that (i) the sample letter (December 16, 1931 to Trevor Arnett) was addressed to the 13th person on the list and (ii) dated only two days before the cover letter to University of Chicago Trustee James Stifler was sent, lead me to conclude that Chairman Millis had a response rate of two for the dozen letters he first sent out. I am somewhat surprised he even sent off his letter to James Stifler before receiving at least one positive response. Maybe Millis was told something like “Why don’t you folks write to some of your earlier fellows and ask for money” and he just wanted to show for the record that he had tried.

___________________________________

 

The University of Chicago
Department of Economics

December 18, 1931

Dr. James M. Stifler
The President’s Office
Faculty Exchange

Dear Mr. Stifler:

I enclose a carbon copy of a letter written to Mr. Arnett, one of the former fellows in Economics, and a list of the seventeen persons to whom such letters were sent. For your information, I may say that to date I have had only two replies, both of them in terms of “I regret.”

Sincerely yours
[signed]
H. A. Millis

 

HAM-W
Encl.

___________________________________

 

December 16, 1931

COPY

 

Mr. Trevor Arnett
General Education Board
61 Broadway
New York City

Dear Mr. Arnett:

I have talked over an idea I have had for some time with a few men who have held fellowships in Economics at the University of Chicago, and, finding a favorable reaction to it, now write you. The idea is this: that those of us who feel so inclined should contribute at our convenience some part of all of the stipend received when fellows to a fund to finance fellowships in Economics at the University. The underlying thought is that there is a good case for those of us who were fortunate enough to have assistance at a crucial time in our training to lend help to others in the generation following us. The need for well trained men is great; many very promising young men and women cannot get the necessary training without some financial aid. Last year, for example, our Department had 175 applications for fellowships and scholarships. Twenty of the applicants for fellowships, and twenty-seven altogether, we graded as A-1, but, with some funds secured from the outside, we were able to grant fellowships to only six of the twenty. From the information I have, it would appear that more than one-half of the remaining fourteen have had to forego entirely or postpone their program of work leading to the doctorate in Economics here or elsewhere. Next year we shall have less fellowship money from the sources available this year.

Do you feel inclined to join some of us in this plan? If you do, will you not write me and state to what extent you wish to contribute and when? In making your decision, you will, of course, keep in mind that there is no desire to exert pressure upon any one, and that there is no thought that a fellowship granted has not been fully earned.

Sincerely yours,
H. A. Millis

HAM-W

 

List of those written:

1. Professor Henry Rand Hatfield Department of Economics, University of California, Berkeley, California
2. Dr. Simon J. McLean Board of Railway Commissioners, Ottawa, Canada
3. George G. Tunell The Atchison, Topeka & Santa Fe Railway, Railway Exchange Building, Chicago, Ill.
4. Professor Henry P. Willis Columbia University, New York City
5. Professor C. A. Arbuthnot Western Reserve University, Cleveland, Ohio
6. Dr. Earl Dean Howard Hart, Schaffner & Marx, 36 South Franklin Street, Chicago, Illinois
7. Professor W. W. Swanson Department of Economics, University of Saskatchewan, Saskatoon, Canada
8. Miss Anna Pritchitt Youngman 97 Columbia Heights Post Office, Brooklyn, New York
9. Professor H. G. Moulton The Brookings Institution, 744 Jackson Place, Washington, D.C.
10. Professor W. C. Mitchell c/o D. H. MacGregor, Oxford University, Oxford, England
11. Professor Duncan A. MacGibbon Board of Grain Commissioners, Winnipeg, Canada
12. Professor James A. Moffat University of Indiana, Bloomington, Indiana
13. Mr. Trevor Arnett General Education Board, 61 Broadway, New York City
14. Professor Stephen B. Leacock McGill University, Montreal, Canada
15. Professor Spurgeon Bell Department of Economics, Ohio State University, Columbus, Ohio
16. Miss Hazel Kyrk University of Chicago, Faculty Exchange
17. Professor Sumner Slichter School of Business Administration, Harvard University, Cambridge, Massachusetts

___________________________________

 

[Carbon copy]

December 21, 1931

 

Dear Mr. Millis:

I have received and read with great interest the letter which you sent to Mr. Trevor Arnett. It seems to me to be an excellent letter and I do not see how anybody could object to it.

I fancy that you may receive some further regrets but I hope that there may be a considerable number who will feel that they can fall in with the plan.

Faithfully yours,

James M. Stifler

Mr. H. A. Millis
Department of Economics
Faculty Exchange

___________________________________

 

 

Source: University of Chicago Archives. Office of the President. Hutchins Administration. Records. Box 72, Folder “Economics Dept, 1929-1931”.

Image: Social Science Building, University of Chicago.

 

Categories
Chicago Courses Economists Gender Home Economics

Chicago. Remedial Economics Course for Entering Graduate Students, Hazel Kyrk. 1926

 

Today’s artifact documents a working link between the educational programs of the Chicago Department of Political Economy and the Department of Home Economics and Household Administration in the person of Hazel Kyrk, a pioneer in the fields of consumer and family economics. From the brief memo written by the chair of the department of political economy, L. C. Marshall, we see that Kyrk was tasked with teaching a course that would be open to seniors in the College and to entering graduate students for either home economics or economics “who have not had work in this field”. By “advanced” one presumes an accelerated introductory course perhaps covering the material of a couple of freshman level courses. Still it is interesting to see that a graduate student in 1926, completely innocent of all formal economic training, could start the graduate program of economics with (or after) only a quarter of remedial education.

I have added to this post the course listings for the year before the creation of the new course Economics 202 (The Economic Order, Advanced Course) and the following year.

For more about Hazel Kyrk: Andrea H. Beller and D. Elizabeth Kiss. “On the Contribution of Hazel Kyrk to Family Economics” (June 2008). 

A chronology of her career is included on my page of Chicago economics Ph.D.’s 1894-1926

_______________________________________

 

Carbon Copy of Memo from L.C. Marshall

May 22, [19]26

[To:] J. M. Clark, P. H. Douglas, J. A. Field, Hazel Kyrk, L. W. Mints, H. A. Millis, W. H. Spencer, C. W. Wright, Jacob Viner

[From:] L. C. Marshall

I have arranged with Miss Blunt to have Home Economics 141 dropped and to substitute for this course Economics 202, The Economic Order, Advanced Course, prerequisite 18 majors, given by Miss Hazel Kyrk.

As will be apparent from this statement Miss Kyrk’s work will serve as a one major survey of the economic order for senior college and graduate students who have had no previous work in economics. There is a considerable constituency of such persons who need this work as a preliminary to their work in Home Economics. Then, too, as time goes on we shall probably be under the necessity of offering this course once each quarter for our own senior college and first year graduate students who have not had work in this field. This latter matter, however, is one for later adjustment.

LCM:MLN

Source: University of Chicago Archives. Department of Economics. Records. Box 22, Folder 7.

_______________________________________

 

General and (Some) Intermediate Course Listings

1925-26

UNDERGRADUATE COURSES

A. General Survey Course

101*. Industrial Society.—Mj. Summer, Autumn, Winter, and Spring, Professor Marshall and Others.

[*Limited-credit course: After a student has credit for 18 majors but less than 27, this course will be credited at one-half major; after he has credit for 27 majors, it will not be credited at all.]

See also Home Economics 141. The Household in Modern Industrial Society.

 

B. Intermediate Courses

201. Principles of Economics.—Mj. Spring, —

[…]

Source: University of Chicago. Annual Register covering the Academic Year Ending June 30, 1925, with Announcements for the Year 1925-1926. P. 146.

1926-27

UNDERGRADUATE COURSES

A. General Survey Course

101. Industrial Society.—Mj. Summer, 8:00, Dr. Montgomery.

102*, 103, 104. The Economic Order I, II, III.—Mj. Autumn, Winter, and Spring, Professor Marshall and Others.

[*Limited-credit course: After a student has credit for 18 majors but less than 27, this course will be credited at one-half major; after he has credit for 27 majors, it will not be credited at all.]

 

B. Intermediate Courses

201. Principles of Economics.—Mj. Winter, 10:00, Mr. Palyi; Spring, —

202. Economic Order, Advanced Course.—Mj. Autumn, 1:30, Associate Professor Kyrk and Assistant Professor Mints.

[…]

 

Source: University of Chicago. Annual Register covering the Academic Year Ending June 30, 1926, with Announcements for the Year 1926-1927. P. 138.

 

 

1927-28

UNDERGRADUATE COURSES

A. General Survey Course

102*, 103, 104. The Economic Order I, II, III.—Mj. Summer, Autumn, Winter, and Spring, 8:00, 11:00 and 1:30, Professor Marshall and Others.

[*Limited-credit course: After a student has credit for 18 majors but less than 27, this course will be credited at one-half major; after he has credit for 27 majors, it will not be credited at all.]

See also Home Economics 141. The Household in Modern Industrial Society.

 

B. Intermediate Courses

201. Intermediate Economic Theory.—Mj. Autumn, Winter, Spring, 8:00, Professor Douglas, Associate Professor Sorrell, and Assistant Professor Cox

202. Economic Order.—Mj. Autumn, Winter, and Spring, 9:00, Associate Professor Kyrk and Assistant Professor Mints.

[…]

Source: University of Chicago. Annual Register covering the Academic Year Ending June 30, 1927, with Announcements for the Year 1927-1928. P. 162.

_______________________________________

 

Image Source: Photo of Hazel Kyrk from her 1918 U. S. Passport Application. National Archives. Roll 0504, 20 April 1918.

 

 

 

Categories
Chicago Courses Exam Questions Suggested Reading Syllabus

Chicago. International Trade and Finance. Jacob Viner, 1933.

 

The first four pages of written notes taken by Milton Friedman for Jacob Viner’s course, International Trade and Finance, provide something of a course syllabus and list of suggested reading assignments. The notes are undated but in his civil service job applications, Friedman provided a list of courses by university, semester or quarter and course instructor. Milton Friedman took Jacob Viner’s course during the Winter quarter (January to mid-March) of 1933. Generally Friedman’s handwriting is easy to read, knowing the context, though some checking of authors’ names was required. I provide one sample from a particulary difficult five or six lines and welcome any alternative readings. Otherwise I am extremely confident in my transcription.

Elsewhere in his files, Milton Friedman had what appears to be a later photocopy of an exam for this course. The folder is labelled “Biographical: Class Exams circa 1932-1938”. “University of Chicago” and “Milton Friedman” are handwritten on the photocopy of the original typed copy of the exam.

Don Patinkin took the same course that was still taught by Viner in 1944: the course outline, readings and some exam questions are available in an earlier post.

_____________________________

International Economic Relations: Course Description

[Economics] 370. International Trade and Finance.—This course deals with the theory of international values, the mechanism of adjustment of international balances, foreign-exchange theory, the international aspects of monetary and banking theory, and tariff theory. Prerequisite: Economics 301 or its equivalent. Winter, Viner.

 

Source: University of Chicago. Announcements. Arts, Literature and Science, vol. XXXII, no. 12 (for the sessions of 1932-33), p. 361.

_____________________________

From Milton Friedman’s Course Notes

✓Mun England’s Treasure Ch. 2, 3, 4, 5, 20, 21

✓Hume Essays Moral & Political. Vol I—Essays (of Commerce/of the Balance of Trade)

✓Viner   Early English Theories. J.P.E. June & Aug, 1930. All of June article. pp. 418-431, 442-448 in Aug. article.

 

Bullionist Controversy

✓Silbering, Fin[ancial] & Mon[etary] Policy [of Great Britain During the Napoleonic Wars] Qu. Jour of Ec 1924

✓Angell ch III & Appendix A

✓Ricardo High Price of Bullion in works also in Gonner. Ricardo’s Essays

✓Viner Canada’s Balance, pp. 191-20[last digit smeared, might be “4”]

J.P.E. Oct 1926 pp. 600-608

✓J.S. Mill Principles Bk III Ch XXIV

✓Walker Money. Ch XIX & XX

Mill Principles Book III, Ch XIX, XX, XXI, XXII

Taussig, International Trade. Ch XVII, XVIII

 

1) Canada’s Balance pp. 202-212, 145-190

Angell pp. 170-174, 505-510

2) Ohlin. Is the Young Plan Feasible? Index Feb 1930

3) Angell-Q.J.E. May 1928

Rogers in Recent Ec. Changes Vol. II, Ch. II
Taussig, Int. Trade 325-332

4) Moulton on War Debts in Schanz Festgabe [Festgabe für Georg von Schanz zum 75 Geburtstag. Tübingen: J. C. B. Mohr. 1928. 2 vols. Papers by Beckerath, Lotz, Jèze, Einaudi, Stamp, Moulton, and others.]

____________________

with respect to 1) find answer:

  1. to what factor does Viner assign & to what factor does Angell says Viner assigns the immediate responsibility for the rise in prices. Also to what fact[or] he assigns it.
  2. What role does Viner assign & what role does Angell say Viner assigns & what role does Angell assign to the expansion of Canadian Bank loans.
  3. What is order of priority acc[ording] to Viner & acc[ording] to Ang[ell] of fluctuation in Canada bank demand liabilites & outside reserves.
  4. (cf. th[eory] by Mill or Tau[ssig]) If outside reserves was held as gold in Canada what role in the mechanism would the classical theory assign to them

 

Comparative Costs

Ricardo-Principles ch 7

Viner Welt-Archiv Oct, 1932

____________________

Manoïslesco Theory of Protection [Reviewed by Viner in JPE, Feb. 1932, pp. 121-125]

Grunzel Joseph. Handbuch der internationalen Handelspolitik (probably)]

Cherbuliez [, Antoine] Précis de la Science E., pp. 375-391

Walras “Théorie du Libre Échange. Revue d’Économique Politique XI (1897) pp. 651-664

or ‘Études d’Éc. Pol. Applique, pp. 286-304 [1898 reprint of previous article].

Pareto-Cours

Angell

Taussig. Int. Trade

Weber, Alfred. “Die Standortslehre und die Handelspolitik Archiv für Sozial. XXXII (1911) 667-688
____________________
Choose one & in about 10 days give appraisal thereof.

J.S. Mill Principles Bk III Ch XVII XVIII

Marshall. Money Credit & Commerce Bk III Ch VI, VII, VIII Appendix J[?] pp. 330-342

Terms of Trade

Taussig: Int. Trade see Index under Barter Terms of Trade.

Yntema Ch. 5.

Wilson Capital Imports, Ch 4.

Depreciated Paper

Taussig, Int. Trade 336-408

Graham Exchange Prices & Prod. in Germany. 97-99; 117-149

Cassel Money & Foreign Exchange after 1914, pp. 137-186

Cassel The Treatment of Price Problems. Ec J. Dec 1928

Ohlin International Trade Relations. Index Aug 1930

Bastable. Theory of Int’l Trade Ch 6.

League of Nations. [Financial Committee] Report of Gold Delegation, 1932 [Official no.: C.502.M.243.1932.II.A]

____________________

Read letter in last issue of Economica of a letter on the true something or other.

 

Source: Hoover Institution. Milton Friedman Papers, Box 120, Bound notes (Economics 370/J. Viner/10 a.m. S.S.B. 107).

_____________________________

Final Exam Questions Winter Quarter 1932-33

Economics 370

  1. Write notes on the following:
    1. “Increasing Returns” and the Comparative Cost Doctrine
    2. The “Law of Reciprocal Demand” and the “Equation of International Exchange.”
    3. The possibilities of partial specialization under free trade.
  1.       a.  Discuss the part played by international shifts in money incomes in adjusting balances of payments to international capital movements.
    b.  Explain briefly the part played in the lending country in connection with the same process by bank deposits and by bank loans.
  2. “The principles governing the rate of exchange may be illustrated by the following mechanical example. Represent two countries by two cisterns, and their stock of legal tender money by water, so that the depth of the water in either cistern may be taken to be the general level of prices in the corresponding country. If water cannot pass from either cistern to the other any divergence of depth may be produced at will by adjusting the respective quantities of water in them. This corresponds to the case of countries with independent currencies. If, however, the water can flow through a pipe leading from the base of one cistern to the base of the other, the depths in the two cisterns will always be identical.”
    Hawtrey, Good and Bad Trade, 1913, pp. 109-110.
    Comment briefly.

 

Source: Hoover Institution. Milton Friedman Papers, Box 115, Folder 13. “Biographical: Class Exams circa 1932-1938”.

Categories
Columbia Exam Questions Suggested Reading Syllabus

Columbia. Foundations of Social Economics. J.M. Clark 1937

 

Working with the papers of John Maurice Clark is not for historians who abhor dirt and disorder. Simply imagine going into an attic and finding the papers of your grandparents dumped shelf by shelf, pile by pile, with or without the social contrivance of filing, and now image the dust of decades has penetrated the recesses of box and folder. And yet there is much interesting stuff for the hardy to be found in the rummage of Clark’s career.

Three items are posted today from J. M. Clark’s course on the foundations of social economics: (i) five pages describing a course project for students to think about an economic constitution for a newly discovered, virgin continent that is 1/10 the scale of the United States which would be colonized by 1/10 of the U.S. population but run as an experiment in economics; (ii) an undated handwritten course bibliography; (iii) an undated typed final examination for the course.

Examination questions for one of the two courses taught back-to-back from a few years earlier can be found in Milton Friedman’s papers.

_________________________________

COURSE DESCRIPTIONS

Economics 109—Foundations of social economics. 3 points Winter Session. Professor J. M. Clark.
M. and W. at 2:10. 401 Fayerweather.

The course pays attention to the nature of man, and of joint organizations which act as economic men; the economic ideal, viewed dynamically; the social meaning of wealth; the institution of exchange; the principles of choice, value, and cost; a functional analysis of production; the basic institutions of control; economic guidance; negotiation and bargaining; the factors of production and the laws of return; the problem of waste.

Economics 110—Dynamics of value and distribution. 3 points Spring Session. Professor J. M. Clark.
M. and W. at 2:10. 401 Fayerweather.

The functions of value and price; the dynamics of supply and demand for commodities and factors of production; the institution of competition; social vs. competitive schemes of distribution; value and expenses of production; expenses and ultimate costs of production; cumulative vs. self-limiting changes; the level of prices; economic rhythms.

 

Source: Columbia University Bulletin of Information, Thirty-seventh series, No. 28 (June 26, 1937). History, Economics, Public Law, and Social Science. Courses offered by the Faculty of Political Science for Winter and Spring Sessions 1937-1938, p. 27.

_________________________________

Typed copy of Course Project, Econ 109
Winter Semester 1937

[handwritten note at top of page
“P.P. [per person?] 2-3 Objectives. 4-5 Strategic decisions.”]

Tentative project for Econ. 109.
(May be used as a carry-over in early meetings of 110 this year—Jan.-Feb., 1938)

Specifications for a new economic system.

A new continent, unoccupied and reproducing the area and resources of the U.S. on a one-tenth scale, has been discovered in the Pacific, and recognized as belonging to the U.S. Recognising that our present economic system is unsatisfactory, the Government has decided to use this area as a laboratory experiment in the setting-up of an altered system, starting from scratch with the advantage of hindsight as to the evils of our present system and trying to improve on them. More than one-tenth of our population, including quotas from all walks of life, have signified their willingness to try the experiment and to cooperate loyally in whatever system is selected. We needn’t take Al Capone [Chicago gangster kingpin] if we don’t want him, but we can have Owen Young [founder of RCA, the Young Plan regarding the reduction of German reparations was his namesake], Henry Dennison [important figure in scientific management movements] and others of like complexion if we want them.

This class has been designated as one of a number of groups to draw up and submit proposals, from which a plan for developing the area will ultimately be selected or otherwise made up. There are other groups concerned with religion, education and political government, and there will be interchange between all the groups before their various proposals are knit together. The political-government group is marking time until it finds what kind of a system it will have to devise a government for. There may be other groups set up on health, penology, family and social relations, art and possibly other matters as developments seem to require them.

[Handwritten title insert] First Strategic decision.

            We shall use modern scientific and technical methods of production. In departing from the pattern of the existing system, we are free to go all the way to the most complete communism, or to move in the other direction and try to set up a system more genuinely individualistic (and presumably more competitive) than the present one, if we think the chief trouble is that it is not individualistic enough.

Desirable ends, formulated as standards, so far as possible.

            “Maximum individual welfare”, including physical and mental health, personalities adjusted to social living, well-rounded exercise of faculties and adequate stimulus thereto, liberty of choice, within limits, barring things demonstrably harmful to individual or society but including choice of occupation, particular forms of recreation and consumption, adequate guidance in the exercise of liberty, possible special stimulation to activities regarded by proper and competent bodies as especially valuable.

More goods, for those who need them most, implying much greater equality of distribution that at present, but not neglecting importance of increasing total. Flat equality, or distribution (of all goods) according to need, debatable. What kinds of goods? Not much more food, not very much more clothing, much more adequate housing, more adequate education, much more adequate health service (but our religious board includes a couple of Christian Scientists!) “More goods” calls for stimuli to efficiency of production in all grades, and liberty to try new processes and new goods. Whole question of bureaucratic morale, of differentiated material rewards varying with performance (or in proportion to commercial worth of superior performance?) of comparative, quasi-competitive or completely competitive tests of performance.

Right to opportunity to work.

Relative stability of rate of production.

Adequate supply of capital to ensure progressive efficiency of production, with future product rationally weighted against present privation.

Rational distribution of family income over time, with balanced provision for old age and emergencies. (This may or may not be tied up with the provision of capital funds, as at present).

National defense, to the extent deemed necessary (We shall assume that it does not call for a totalitarian system.) [Handwritten note: “Can we safely assume that in 1947?]

Strategic decisions.

            Scope of consumers’ preference in deciding what goods and services shall be produced. We shall surely let them decide what color wall-paper and furnishings to have, and beyond certain minimum requirements what books to read and what recreations to follow. We may ration some things—if so, what?—but there will be some realm within which we let them have purchasing power which they are free to use as they choose. This will be our money, and goods will have a price, within this realm.

Shall we also let them choose whether to spend or not to spend? The dangers here are two: fluctuations of total spending (including that on capital formation) and excess saving not spent on capital formation. Unless incomes and the feeling of insecurity fluctuate heavily, the first danger is not great. With large concentrated incomes eliminated, the second danger would be practically removed. Fluctuating credit for busing durable consumers’ goods would create more danger; and for industrial investments, more still. Control of credit can be made effective downward, but not very well upward, even if credit is a public monopoly.

As to public services, I shall assume that we keep the present list, with reservations as to poor-relief if the need is changed or other agencies substituted; and that the question is as to additions. The big question is whether we make the main body of production a public service. If we do, it will be for two main reasons: to control inequality of distribution, and to control the relation between the current volume of production and the spendings (consumer and capital) it depends on to take the goods off the market, to the end that utilized production may be limited only by power and willingness to produce, no fall short of that limit as at present.

If we do that, problems arise of means to secure efficiency from workers and managers, source and allotment of capital and possible place and reward for private savings, determination of production programs and of kinds of goods and services to be produced, including new ones, organization of invention and incentives, determination of wages, of prices, of income devoted to free public series, pensions, etc. procedure concerning workers’ choice of occupation and shifting from one to another, selection of workers and treatment of those nobody wants—that’s enough to start with and to give some idea of the sort of thing that would be encountered. How combat the stagnation of bureaucracy, the multiplication of supervisors, the business of passing the buck and finding scapegoats for poor performance (I assume we shouldn’t want the scapegoats shot)? What sort of “social accounting” shall we use?

If we permit private saving, what shall we do about inheritance, and how prevent evasions of our policy.

We can embody the essentials of our plan in a constitution; how shall we provide for amendment? Shall the whole be in the hands of elected officials? If so, will anyone dare to support an opposition ticket? Will dissatisfied elements believe that a reelection was genuine and fair? Will such factors as these lead the system into a dictatorship of force, even if it did not start that way?

_________________________________

Bibliography for Economics 109
[no date]

Economics 109

Veblen:         “The Place of Science in Modern Civilization”

The Theory of Business Enterprise
The Theory of the Leisure Class
The Instinct of Workmanship.

Davenport, H. J. “Economics of Enterprise”

Anderson, B. M. “Social Value”

Cooley, C. H. : “Social Process”

Hobson, J. A. : “Work & Wealth”.

Pigou, A. C.: “Economics of Welfare” or “Wealth & Welfare”

Tugwell, (ed):  “The Trend of Economics”.

Boucke, O. F.: Critique of Economics”.

Mill, J. S.:      “Principles of Economics”

Essays on “Liberty” and “Utilitarianism”.

Clark, J. B.    “The Philosophy of Wealth”.

“Essentials of Economic Theory”.

Dickinson: Motives in Economic Life

Parker, Carleton: The Casual Laborer.

Wicksteed: “The Common Sense of Pol. Econ.”

Watkins: G. P. “Welfare as an Economic Quantity”.

Hoover Committee “Waste in Industry”

Chase, Stuart: The Tragedy of Waste”.

Clark, J.M.: “Social Control of Business”

“Economics of Overhead Costs”.

Ely: “Property & Contract”.

Commons: “Legal Foundations of Capitalism”.

Sidgwick: Principles of Political Economy.”

Tawney: The Acquisitive Society”

Edie: Principles of the New Economics.”

[Day, Clarence] “This Simian World.”

_________________________________

Economics 109
Final Examination
[undated]

 

Answer two questions, but not more than one of questions 3-8, inclusive.

  1. Discuss effects of recent military techniques on problems of the economic organization of a country.
  2. With respect to equality as a social-economic objective, what does the prevailing American social judgment favor? Note questions of degree of equality or inequality, and questions of different matters in respect of which people may be equal or unequal.
  3. “Individuals allocate expenditures so as to secure equal marginal utilities from money spent for different things, or to put themselves on a basis of indifference as between different expenditures”. Discuss. If true, why and by what psychological process; if not true, suggest amendments in the light of more realistic psychology.
  4. If you were founding a new society, what would you do about consumers’ freedom of choice, and why? If you allow such freedom in important degree, consider how far this commits you to other features of the present economic system.
  5. Discuss the economic importance of the “instinct of workmanship”.
  6. Compare the theory of “balked dispositions” with the tradition utilitarian treatment of the subjective sacrifices of production.
  7. Discuss economic significance of intelligence tests, in the light of the question what kind of a population is suitable or unsuitable to a system of private enterprise, either complete or modified.
  8. Discuss the social productivity of advertising and salesmanship, and compare this problem with the traditional concept of production, as bearing on the social productivity of private enterprise.
  9. Do the same for the social productivity of “bargaining” activities.
  10. Discuss the range of possible kinds of agencies available to perform economic functions.
  11. Would you assume that the attempt to maximize profits (with or without competition) standardizes economic behavior sufficiently to warrant using this assumption as a sufficient basis for deductive theorizing: that is, as furnishing all the basis such theorizing needs to take account of?
  12. Discuss the meaning of supply schedules or demand schedules, taking account of complexities or difficulties involved.

 

Source: Columbia University Libraries. Manuscript Collections. Papers of John M. Clark. Box 24, Unlabeled Folder.

Image Source: Detail from Columbia University group photo of economics department from the early 1930s. Columbia University Libraries. Manuscript Collections. Columbiana, Department of Economics Collection, Box 9, Folder “Photos”.

 

Categories
Chicago Economists

Chicago. Visiting Professorship Offered Schumpeter for 1926

 

Joseph Schumpeter did not teach at the University of Chicago in 1926 but he was sent a cable offering him $4000 to teach  during the  five months April through August 1926. No reply was filed with the exchange of letters between the President’s Office and the Department of Political Economy and the copy of the cable sent to Schumpeter’s address in Vienna. I would guess that the Chicago colleagues were unaware that Schumpeter had just been appointed to a professorship in Bonn in 1925. In November 1925 Schumpeter was married in a Lutheran church in Vienna, so perhaps he actually saw the informal offer.

I have added “[sic]” after the street address given for Schumpeter in Vienna. An umlaut was added, presumably by someone who thought Schumpeter’s street could use a diacritical mark. The street got its name to honor the Royal Counselor (and unumlauted) Johann Peter Strudel von Strudenhof (1648-1714).

Salaries for the 1926-27 year (found in the budget recommendations for 1927-1928) ranged from $8000 for the head of the department, L. C. Marshall (Professor) through $6000 for Jacob Viner (Professor) to $3250 for L.W. Mints (Assistant Professor) so that $4000 for two quarters of teaching was a pretty generous offer.

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Letter from Vice President Tufts to Professor Field

[COPY]

8 October 1925

Professor James A. Field
Faculty Exchange

Dear Professor Field:

Confirming our conversation, it was the judgment of the President in consultation with Mr. Arnett and myself that in view of our present financial situation we could not go beyond the provision of the budget as would be required if Professor Schumpeter were to be invited for three quarters. The suggestion was made for the consideration of the Department that it might consider an offer, preferable for one quarter or perhaps for two quarters, one of these to be the summer quarter, for which there would be funds in the present budget. If he were to be invited for two quarters the understanding is that he might be offered four thousand dollars. If for a single quarter a larger proportionate sum would doubtless be necessary, as for example twenty-five hundred dollars, although we have had several distinguished men from Europe for the summer quarter whom we have paid eighteen hundred or two thousand dollars.

The Department will of course consider whether this appointment would be its best use of the available funds.

Very truly yours,

James H. Tufts

JHT.p

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Response by Prof. Field to Vice-President James H. Tufts

The University of Chicago
Department of Political Economy

October 8th, 1925.

Mr. James H. Tufts,
Vice-president
The University of Chicago

Dear Mr. Tufts:

At our departmental meeting this noon we discussed at some length the proposal to invite Professor Schumpeter to give instruction here in the Spring and Summer quarters of the coming year. We were unanimously of the opinion that both our Summer schedule and our general departmental situation would be very much strengthened if Professor Schumpeter could be induced to come on the terms suggested in your memorandum, namely four thousand dollars ($4,000) for the two quarters.

We shall be glad, therefore, if the president’s office will extend an invitation to Professor Schumpeter. In order that we may lose no time, either in reaching him or in obtaining his tentative answer, we suggest that a cablegram be sent him asking if he would consider an appointment on the proposed terms, requesting an answer by return cable, and indicating that if his provisional answer is favorable we will write him a letter explaining fully the sort of arrangement we are proposing and the character of the work which would be assigned to him. The cablegram should presumably specify the actual dates at which his term of service would begin and end. Professor Schumpeter’s address is Strüdlhofgasse [sic] 17, Vienna IX.

If you feel that you need any additional information before you cable Professor Schumpeter will you be good enough to let me know at once? Our hope of getting him probably depends on quick action.

Sincerely yours,

[signed| James A. Field

JAP-mk

______________________________________________

 

WESTERN UNION CABLEGRAM

October 12, 1925

Professor Schumpeter
Strüdlhofgasse [sic] 17
Vienna IX

Would you consider teaching this university April first to September first next Cable and if yes letter will explain details Honorarium four thousand dollars

President University Chicago

Prepay and charge
The University of Chicago (President’s Office)

 

Source: University of Chicago, Department of Special Collections. Office of the President. Mason Administration. Records. Box 24, Folder “24/1 Economics Department appointments and budgets 1925-1927”.

Categories
Columbia Computing Economists

Columbia. Chaddock’s Request for Funding for his Statistical Laboratory, 1911.


From time to time I like to add a little budgetary detail.  For the year 1911-12 assistant professor Robert E. Chaddock’s salary was $2500 (the top professor salary in economics, $6000, went to Henry R. Seager). Today’s post is a request for $500 of additional funds for the 1911-12 budget for the statistical laboratory run by Chaddock.  I add some biographical material for Chaddock (the photograph from the 1919 Barnard College yearbook is the only picture of him I have been able to find in my online search), including the Columbia Spectator’s report of his suicide in 1940.

Earlier posts at Economics in the Rear-View Mirror concerning the purchase of calculating equipment for economic research were:  1928 (Henry Schultz at Chicago) and  1948 (George Stigler at Columbia).

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Source: Barnard College, Mortarboard, 1919.

Memorial:  Frederick E. Croxton, “Robert Emmet Chaddock, 1879-1940,” Journal of the American Statistical Association, Vol. 36, No. 213 (March, 1941), pp. 116-119.

 

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Copy of letter by Seligman to Butler

December 18, 1911

Nicholas Murray Butler, LL.D.,

President, Columbia University

New York.

Dear President Butler:-

I have asked Professor Chaddock, our new assistant professor of statistics, to give me a report of the work that has been done in the statistical laboratory this year. I take pleasure in sending a copy of his report herewith and with your permission I should like to amend the budget letter of the Department, if that is still practicable, to the extent of asking for a special appropriation of $500 for the statistical laboratory, the amount to be expended for the statistical machine and for such supplies, charts, atlases, etc. which would not properly come under the head of the library appropriation.

You will remember that two or three years ago you were kind enough to secure a special appropriation of $500 for some comptometers for the laboratory. That amount was not included in our budget letter. Perhaps this also could be taken care of in a similar way.

Respectfully,

[unsigned copy, E.R.A. Seligman]

SE-S

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Copy of letter by Chaddock to Seligman

C O P Y

December 18, 1911

Professor E. R. A. Seligman,

Columbia University.

Dear Professor Seligman:

As suggested, I am sending you this letter to describe the work and needs of the statistical laboratory. On the theory that the laboratory is a place for practice and a place where sources of information may be found, it has been our aim this year to keep the laboratory open between the hours of 9 A.M. and 6 P.M. Much of the time some men have been found there at its opening and closing hours.

The class in elementary statistics numbers about 45, of whom 40 are engaged in doing actual laboratory work in addition to the two hours of lectures weekly. Our plan has been to divide the lecture group into five sections for their laboratory work, meeting Monday, Wednesday, and Friday at nine o’clock and Monday and Wednesday at eleven o’clock, in addition to lectures Monday and Wednesday at ten o’clock. By this plan the groups are reduced to eight or ten men and scientific work is possible. The lecture work is made concrete to each individual through his own work and his misconceptions are checked and corrected by personal supervision. The student is thus enabled also to know and to use the mechanical aids without which the work of the statistician would be largely impossible today.

Besides the class in elementary statistics, there are students who, having had the lecture work, are engaged in writing their dissertation which involves statistical work. The laboratory offers facilities for work of this character and should aim to make it possible to turn out better digested statistical material in our dissertations.

An effort is being made to provide in the laboratory sources of information contained in Federal, State, and City reports and in reports of special investigations. Periodical document lists of the State and Federal governments are kept convenient for reference.

The effort has also been made to get into touch by correspondence and personal conference, with the practical statistical work being done in the city both by public and private agencies, with the view of impressing the student with the concrete problems of statistical work and with the importance of a working knowledge of how to use and judge supposed facts.

It would seem also to be important that the statistical laboratory at Columbia, by its equipment, demonstrate to all who see it and use it what the ordinary working equipment of a statistician ought to be, what the sources of information are, and how they may be handled.

In view of these aims we venture to set forth certain needs, the satisfaction of which conditions the complete efficiency of the laboratory:

(1) One calculating machine of “Millionaire” or “Ensign” type—probably $250 or $300. The present equipment of machines is not adequate to keep a group busy without loss of time.

(2) A Statistician’s working library to be kept on the laboratory shelves. Some appropriation toward this library which is to contain the chief works on theory and method as well as special sources, i.e., Webb, Dictionary of Statistics.

(3) 10 copies of Barlow’s tables of squares, cubes, etc., up to 10,000 @ 6 s. each—60 s.

(4) 10 copies of Peter’s Multiplication and division tables at 15 s. each—150 s.

(5) Provision for a card file in the laboratory itself of all the statistical material available in the library so that the student in statistics may have a ready reference. Also for the purpose of recording all documents and sources received and kept in the laboratory itself.

(6) Provision for securing portraits of certain men most prominent in the development of statistical science, for the laboratory walls, i.e. Pearson, Quetelet, Engel, La Place, etc.

Attempts have been made by correspondence and conference, and will be made, to find out the best equipment for a laboratory such as ours and we ask your cooperation.

Sincerely,

(signed) Robert E. Chaddock.

 

Source: Columbia University Libraries, Manuscript Collections. Papers of Edwin Robert Anderson Seligman, Box 98A, Folder “Columbia (A-Z) 1911-1913”.

 

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Professor Chaddock Dies in Fall
Sociology Head, 61, Plunges from Roof; Believed a Suicide

 

Dr. Robert Emmet Chaddock. Professor of Statistics and head of the Columbia Department of Sociology, died yesterday morning at 11:20 after falling eleven stories from the roof of his apartment house at 39 Claremont Avenue. He was sixty-one years old.

It is believed that Dr. Chaddock’s death was a suicide.

Professor Chaddock left his apartment on the fifth floor at 10 A.M., the usual hour he left for his office, and walked to the roof of the building. He was dressed in an overcoat and hat, and carried a brief case and an umbrella.

Shortly after 11 A.M., a maid from an adjoining apartment, Ethel Anderson, discovered him sitting on the parapet on the west side of the building. She called the elevator boy, but before either could summon assistance, Dr. Chaddock jumped or fell to the courtyard below. He left his overcoat, hat, brief case and glasses along the edge of the roof.

Worried About Wife

Seemingly In good health and spirit prior to his death, it was learned on good authority yesterday that the 61-year old professor had been worried over the health of his wife, Mrs. Rose A. Chaddock, who survives him. Dr. Chaddock left no communication, but fatigue and overwork were some of the motives put forth as possible causes of his death.

A daughter, Mrs. Parker Soule of Roswell, New Mexico, is his only other survivor. She was in Roswell at the time of the accident.

Dr. Nicholas Murray Butler, President of the University headed the list of bereaved faculty associates. In a statement to The Spectator yesterday, Dr. Butler stated:

“Our whole University family is stupefied and heartbroken at the tragic death of Professor Chaddock. Himself a scholar of outstanding importance and large influence in his chosen field, we all held him in affectionate friendship and looked forward to many years yet of continuing accomplishment. Our feeling at this sudden ending of his life is too deep to be put into words.”

Speaking for the entire Sociology Department of which he has been acting in the capacity of chairman for the past two weeks, Dr. Willard W. Waller, Associate Professor of Sociology, stated, “We have lost a sincere friend and a valued colleague. That is the sentiment of Fayerweather Hall.”

Dr. Chaddock was born in Minerva, Ohio on April 16, 1879. A member of the University faculty for thirty-one years, he was Professor of Sociology and Statistics since 1922.

Held Two Degrees

His degrees included A.B. Wooster College, Wooster, Ohio; LL.D. (Hon.) 1929. He was a member of Phi Beta Kappa; Fellow of the American Statistical Association, American Public Health Association and the Population Association of America and a member of the American Sociological Society.

He was one of the founders of the Cities Census Committee which developed the “census tract” unit for enumeration and tabulation of population and other types of data in New York City. This “census tract” idea has now been adopted by many cities, following the lead of New York.

Dr. Chaddock’s book, “Principle and Methods in Statistics,” published in 1925, has long been accepted as the standard text in the field.

Source: Columbia Daily Spectator, Volume LXIV, Number 20, 22 October 1940.

 

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Comptometer

 

Comptometers were made by the Felt & Tarrant Manufacturing Company of Chicago, Illinois and the initial patent holder was Dorr E. Felt. This is a very unusual model in black paint and gold decorations. Almost all Comptometers are in copper patena or polished copper housings. While there are some very rare listing (printing) models, the ones most often found do not have printing capability as is the case with this particular one. The Comptometer was probably the most important adding machine or calculator ever made. The first one (model one) was made with an all wooden case (see the model one in our collection) and came out in 1887 and the last one was made with an cast aluminum case sometime in the early 1960s. The people who operated them (usually women) were also called comptometers and the modern term for the person in charge of an accounting department, Comptroller, is the evolution of the name comptometer (operators titles). The more modern term for the chief accountant, Controller, is also an evolution from Comptometer. The last listed patent date on this Comptometer is 1914 and that is most likely, or very close to, the year it was manufactured. This machine comes with its original tin case and the case is prlobably more rare than the machine. Both the machine and the case have an estimated condition rating of 2+, 2.

Source: Comptometer at Branford House Antiques Website.

 

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Millionaire Calculator

This lever-set, manually operated non-printing calculating machine has a brass mechanism and a metal case with lid. The lid and the flat plates that cover the mechanism are painted black. The carriage is entirely contained within the case. The machine carries out direct multiplication.
Ten German silver levers are pulled forward to set up numbers. A crank left of these may be set anywhere between 0 and 9 for direct multiplication and division. A lever right of the digit levers may be set at addition, multiplication, division, or subtraction. Right of it is the operating crank. A row of ten windows in front of the levers shows the number set on the levers. It is labeled DIVISOR.
In front of this is the carriage, with two other rows of windows. The row closest to the levers (further from the front) indicates the multiplier or quotient. The other row shows the result or the dividend. The result windows are labeled DIVIDEND and may be set with a dividend using thumbscrews. The carriage has zeroing knobs for both these registers. Holes for decimal markers are between the digits of all three registers. Between the front two registers, at left, is a button used to shift the carriage. A bell rings if the number in the result window changes sign (as when subtraction produces a negative number).
A paper sheet inside the lid gives instructions for operating the machine and related tables, along with a cleaning brush and key. The stand is stored separately.
A mark on the middle of the front of the machine reads: THE MILLIONAIRE. A metal tag on the right reads: Hans W. Egli (/) Ingenieur (/) Fabrikation von Rechenmaschinen (/) Pat. O. Steiger (/) ZURICH II. A metal tag on the left reads: W.A. Morschhauser (/) SOLE AGENT (/) 1 Madison Avenue (/) NEW YORK CITY. Just under this tag is stamped the serial number: No 2609. A mark on the carriage next to the result register reads: PTD MAY 7TH 1895. SEPT. 17TH 1895. Scratched in the middle of the front of the machine is the mark: FOR PARTS ONLY.
For related documentation see MA*319929.03 through MA*319929.07.
Daniel Lewin has estimated that Millionaire calculating machines with serial number 1600 date from 1905, and those with serial number 2800, from 1910. Hence the rough date of 1909 is assigned to the object.
This calculating machine was used by the physicist William F. Meggars of the United States National Bureau of Standards.

 

Source: Smithsonian. The National Museum of American History.

 

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Ensign Model 90 Calculating Machine

This full-keyboard direct multiplication non-printing electric calculating machine has an iron and steel case painted black, The nine columns of plastic black and white keys are colored according to the place values represented. Complementary digits are indicated on the keys. Keys for odd digits are concave, and those for even ones are flat. The keyboard is covered with green felt.

Right of the number keys is an addition bar. Considerably to the right of this is a key to be depressed in division and ten digit keys used to enter digits directly in multiplication. To the left of the keyboard is a key marked “C” that, when depressed, locks the keyboard. A row of seven number dials serves as a revolution counter. These dials are covered with glass.

On the left side is a handle for clearing the revolution counter and result register. Behind the keyboard and revolution counter, inside the machine, in a row of 16 number dials recording the result. These dials are also covered with glass. They are deep within the machine, and difficult to read. The result register may be divided to record two results simultaneously. The base of the case is open, with a cloth cover inside it. This example has no motor.

A mark on the front of the machine reads: The Ensign. A mark on the right side reads: ENSIGN (/) MANUFACTURING CO. (/) BOSTON, U.S.A. (/) PATENTED (/) NOV. 1, 1904. – JAN. 2, 1906. (/) JULY 9, 1907. – FEB. 18, 1908 (/) JUNE 2, 1908. (/) OTHER PATENTS PENDING.

The Ensign was an early example of an electrically operated calculating machine. The Ensign Manufacturing Company of Waltham, Massachusetts is listed in Thomas’ Register for 1909. The dates on the machine refer to dates of patents of Emory S. Ensign, who was president of the company. The Ensign Manufacturing Company of Boston, Massachusetts, is listed in Thomas’ Register for 1912, 1914, 1915, 1916, and 1917. It was not listed in 1918. By this time, Ensign seems to have moved to Queens, New York. The machine was manufactured until about 1925.

 

Source: Smithsonian. The National Museum of American History.

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Image Source: Robert Emmet Chaddock from Barnard College, Mortarboard, 1919.

 

 

Categories
Curriculum Fields Harvard Undergraduate

Harvard. Taussig Reports to Alumni About the Special Needs of the Economics Department, 1915

 

A recent post provided Harvard President Lowell’s interpretation (1916) of the results of a recently completed study on economics instruction at Harvard (subsequently published in 1917). In this post we see how Professor Frank W. Taussig spins his reception of the ongoing study for a pitch to Harvard alumni to get over their edifice complexes (i.e. their revealed preference to fund new structures) and to create more endowments to fund graduate students and post-docs who are an important link between the research and instructional missions of the University in general and the department of economics in particular.

______________________________

 

THE DEPARTMENT OF ECONOMICS.
PROF. F. W. TAUSSIG, ’79.

The most striking change that has taken place during the last fifty years in the content of the College curriculum has been the dominance acquired by the political and economic subjects. What Greek, Latin, Mathematics were a half-century ago, that Economics, Government, History are now, — the backbone of the ordinary undergraduate’s studies. I will not undertake to say whether on the whole the change is or is not to be welcomed. It has its good sides and its bad sides. In one respect it is undoubtedly good. The main cause behind it is a great awakening of public spirit, — a consciousness that the country is confronted with pressing political and economical problems, and that we must gird our loins to meet them. And an assured consequence will be that the new generation of College men, who are being graduated every year by the thousands and tens of thousands, all trained in these subjects, will constitute a leavening force which must in time affect profoundly and beneficially the conduct of public affairs. At all events, so far as university teachers and administrators are concerned, the plain fact must be faced: instruction in these subjects has to be provided on a large scale.

The responsibility thus devolving on the Harvard Department of Economics among others was impressed on its members by the outcome of the new system of concentration introduced in 1910. It appeared that in some years this department had the largest number of concentrations of any; and in every year the number was very large. Its only rival was the English Department. These figures — familiar enough to Harvard men — set the economists to thinking. Under the able leadership of the chairman, Prof. C. J. Bullock, a deliberate inspection of the Department’s work was decided on. Obviously, the surest way to get at the unvarnished facts was to enlist the services of outside critics. To this end the Department of Education was asked to come to our aid. Its members were invited to attend lectures and recitations, to read examination books and theses, to learn by questionnaires what the students themselves said and thought, to suggest improvements. In addition, some members of the Visiting Committee appointed by the Board of Overseers really visited, attending systematically the exercises in some courses and preparing valuable critical reports. The Educators responded to the appeal with gratifying heartiness, and the two Departments have cooperated cordially in a course of action which is unique in the history of the University.

Already this movement has borne fruit; and it will bear still more. The introductory course Economics A (which has successively borne the names Philosophy 6, Political Economy 1, Economics 1, and now Economics A) has been systematically visited. New methods of instruction have been suggested, old methods have been tested, promising devices are on trial. It should be added that the more expensive and effective methods of instruction tried in it, and started even before the educational survey, were made possible only by generous financial support from the Visiting Committee. This is the largest elective course in College, having over 500 students; here is the most important teaching task. In the next tier of courses, two are being conducted on new lines; in these cases on the department’s own initiative rather than in consequence of advice from outside. They are the undergraduate courses on accounting and statistics, in which something closely akin to a laboratory system is being applied. That is, the assigned tasks are done, not in the student’s room and at his own (procrastinated!) hour, but in special quarters equipped for the purpose, at times appointed in advance, and under the supervision and with the aid of well-trained assistants. Other courses, especially those having considerable numbers, are now under similar inspection, and we have every hope that in them also good advice will be secured and good results obtained.

The problems of instruction in this subject, as in so many others, are far from being solved. How far lecture, how far enlist discussion, how far recite? In what way bring it about that the students shall think for themselves? In what way communicate to them the best thinking of others? Almost every department of the University, not excepting the professional schools, is asking itself these questions and is experimenting with solutions. Undoubtedly, different methods will prove advantageous for different subjects. Within the Department of Economics itself there is occasion for variety in methods. Some courses, especially those dealing with matters of general principle and of theoretic reasoning, are best conducted by discussion. Others, dealing with concrete problems, with the history of industry and of legislation, with description and fact, call for a judicious admixture of required reading, lectures, written work. In all, the great thing to be aimed at is power and mastery: training in thinking for yourself, in reaching conclusions of your own, in expressing clearly and effectively what you have learned and thought out. The courses that deal with industrial history, with the labor problems, with railways and combinations, taxation and public finance, money and banking, need something in the nature of laboratory work, such as I have just referred to; an extension and improvement, supervision and systematization, of the familiar thesis work.

Now, throughout all such endeavor and experimentation, the indispensable thing is a staff of capable and well-trained instructors. We need able men, effective personalities. We need them throughout, from top to bottom, — professors, assistant professors, instructors, assistants. The ideal man is one having a good head, good judgment, good teaching power, good presence, good training, the spirit of scholarship and research. Men who possess all these qualities are rare birds; we are in luck when we get the perfect combination. Often we have to accept men not up to the ideal. But we know what we ought to have, and we should strive to get as nearly to its height as we can.

In no subject is there greater need of good teachers and of trained thinkers than in economics. The subject is difficult, and it abounds with unsolved problems. Some things in its domain are indeed settled, — more than would be inferred from current popular controversies or from the differences in the ranks of the economists themselves. But on sundry important topics it is useless to maintain that we have reached demonstrable conclusions. There are pros and cons; conflicting arguments must be weighed; only qualified propositions can be stated. Differences of temperament, of upbringing, of environment, will cause the opinions of able and conscientious men to vary. Hence there is need above all of teachers who can think, weigh, judge; who are aware of the inevitable divergencies of opinion and of the causes that underlie them. There is abundant room for conviction, for enthusiasm, for the emphatic statement of one’s own views. But also there is need, above all in the teacher, of patience, discrimination, charity for those whose views are different.

It is thus of the utmost importance that young men of the right stamp should be drawn into the profession. I say the profession, because it has come to be such. And it is a profession with large possibilities, one that may well tempt a capable, high-spirited, and ambitious young man. Twenty-five years ago, when I was in the early stage of my teaching career, it would have been rash to encourage such a youth to train himself to be an economist. Then academic positions were but ill-paid, and were not held in assured high esteem. The situation has changed. Though salaries are still meager, they are rising; and the public regard for scientific work is increasing for all subjects, and not least for this one. Quite as important is the circumstance that the services of trained economists are now in demand for the public service, and that in this direction there are large opportunities for usefulness and for distinction. The possible range of work has come to be much wider than the academic field. And no large pecuniary bait is necessary to enlist men of the needed quality. Those who are interested primarily in money-making cannot indeed be advised to enter the profession; but they are also not of the sort to be welcomed in it. I am convinced that nowadays there are more young men than ever, in Harvard and elsewhere, to whom something nobler appeals. The spirit of service is abroad in the land, and moves students not only in their choice of college courses, but in their choice of a career. Yet a career should be in sight. There should be a reasonable prospect of promotion, a decent income according to the standards of educated men.

To enlist men of the right stamp in the service of the University there must be still another sort of inducement. There must be a stimulating atmosphere, a pervasive spirit of initiative and research. To mould the thoughts of students and so the opinions of the coming generation is an attractive task; but no less attractive, often more so, — much will depend on temperament, — is the opportunity to influence the forward march of thought, the solution of new problems. As I have just said, economics offers unsolved problems in abundance. There are high questions of theory, concerned with the very foundations of the social order and tempting to the man of severe intellectual ambition. There are intricate questions of legislation and administration, calling for elaborate investigation and pressing for prompt action; these will tempt the man of practical bent. For either sort of work, there must be something more inspiring than the opportunity for routine teaching. The advanced student needs the clash of mind on mind, the companionship of eager inquiry. It is this way that the Graduate School most serves Harvard College, and indeed is indispensable to the College. Without the opportunity and the stimulus of independent scientific work by the graduate students as well as by the teaching staff, it would be hopeless to try to enlist in the University service promising men of the desired quality.

I dwell for a moment on this aspect of the situation, because it is not understood by those among the alumni who believe that too much of the University’s money and too much of the professors’ time are given to graduate instruction. The late Professor Child, one of the most distinguished scholars as well as one of the most delightful men in the annals of Harvard, is said to have remarked that Cambridge would be a most attractive place were it not for the students. The remark reflects the weariness which in time comes over the professor whose teaching is confined to the routine instruction of undergraduates. It is astonishing how much scholarly work of high quality was achieved by Child and others of the older generation, under the untoward conditions of their day; sometimes, there is ground for suspecting, — not, by the way, in Child’s case, — because they simply slighted their routine teaching. Under the new conditions and the new competition in the academic world, we may be sure that if this were the only sort of work expected of the staff, the staff would be made up in the main of men qualified for this work only. It is the opportunity of doing creative work that tempts the highest intellectual ability; and creative work needs a creative atmosphere.

It is to be noted, further, that the source from which Harvard College and all the colleges must draw their teaching staffs is in these graduate schools. The experience of the Department of Economics convinces its members that the only way to secure a good staff of junior teachers, — instructors and assistants, — is to train them in a graduate school. The staff of the Department has been very much improved during the last ten years, and the improvement has come almost exclusively by recruiting from its own advanced students. We are confident that the training we give them is thoroughly good; we even cherish the belief that nowhere else can so good a training be secured. At all events, we try to retain the best of our advanced students in our service; if not indefinitely, at least for considerable stretches of time. And among the inducements which lead them to stay with us are the opportunities not only for teaching, but for research of their own, made possible by a moderate stint of stated work and enriched by the wealth of material in our great library.

What the Department of Economics most needs, then, and indeed what the University most needs in every department, is men. The University must have buildings, laboratories, libraries; but most of all it must have ripe scholars, inspiring teachers, forward thinkers. As it happens, external and mechanical facilities count less in economics than in many other subjects. There is no need of expensive laboratories, such as are indispensable for physics, chemistry, biology, the medical sciences. Like the Law School, we use chiefly collections of books and documents, and convenient lecture and conference rooms. The one fundamental thing is the men, and the one way to get them is to have free money, — enough money to pay good salaries to those on the ground, and to draw to the University the rare genius whenever by good fortune he is to be found. The specific way in which the generous-minded graduate can serve the needs of such a department is by the endowment of instruction and research.

The endowment of instruction ordinarily takes the form of the establishment of a professorship; and this will doubtless remain the most effective way of achieving the end. But there are other ways also. Professor Bullock has recently called attention in these columns to the possibilities of the endowment of economic research. I venture to offer a suggestion for something analogous, — something which may combine the endowment of research with that of instruction, and which has the further merit of not requiring so formidable a sum as is necessary nowadays for the foundation of a professorship. The University has at its disposal a not inconsiderable number of fellowships for training young men of promise. I believe that it could use with high advantage similar posts, more dignified and more liberally endowed, for mature men who are more than promising, — whose powers are proved, whose achievements are assured. Research fellowships they might be called, or professorial fellowships, if you please. An endowment of a moderate amount would enable the incumbent of such a post, if a young unmarried man, to give his whole time to research; if an older man, to limit his teaching hours within moderate bounds and so to give a large share of his time and energy to research and publication. The appointments would be made, I should suppose, for a specified term of years; and they would go preferably to scholars in the full vigor of early manhood. They would be highly honorable, and they would be tempting to men of high ideals and of quality coming up to our own ideals of University service. Will not some of our friends, not of the multi-millionaire class, desirous of doing what they can for our benignant mother, and perhaps of perpetuating a cherished name, reflect on this possibility?

 

Source: The Harvard Graduates’ Magazine. Vol. 24, No. 94 (December, 1915), pp. 274-279.

 

Categories
Chicago Economists Harvard

Harvard. Jacob Viner Beats Paul Douglas for Ricardo Prize Scholarship, 1916

 

Jacob Viner and Paul Douglas were not only colleagues at the University of Chicago, they also overlapped briefly in graduate school at Harvard in 1915-16. The Ricardo prize scholarship  that they both competed for was worth $350 and considerably exceeded the regular annual tuition-fee, e.g., for a newly enrolled (1916-17) full-time, resident student in the Graduate School of Arts and Sciences annual tuition was $200. Since both were already enrolled in 1915-16, they would have been charged the tuition fee published in the earlier catalogue for 1915-16 that I have not yet hunted down. One might  speculate that Douglas had hoped to complete his Ph.D. at Harvard but that he needed to win the scholarship…or perhaps “honorable mention” was not honorable enough for him. In any event, Douglas went on to receive his Ph.D. from Columbia University. In all fairness, Viner was in his second year at Harvard and could use the Ricardo prize scholarship exam in April as a dress rehearsal for his Ph.D. examinations that he took the next month.

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Ricardo Prize Exam. Will be Held in Upper Dane Tomorrow

Harvard Crimson, April 4, 1916

The Ricardo Prize Scholarship examination will be held in Upper Dane Hall tomorrow at 2 o’clock. The scholarship is valued at $350, and is open to anyone who is this year a member of the University, and who will next year be either a member of the Senior class or of the Graduate School of Arts and Sciences. Each candidate will write in the examination room an essay on a topic chosen by himself from a list not previously announced, in economics and political science. In addition, statements of previous studies, and any written work, must be submitted by every candidate to the Chairman of the Department of Economics not later than the time of the examination. The man who wins the scholarship must devote the majority of his time next year to economics and political studies.

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Ricardo Prize Scholarship

The Ricardo Prize Scholarship for 1916-17 has been awarded to Jacob Viner, A.M., of Montreal, Quebec, a second-year student in the Graduate School of Arts and Sciences. Honorable mention has been awarded to Paul Howard Douglas, A.M., of Cambridge, a first-year student in the Graduate School of Arts and Sciences.

Source: Harvard University Gazette, Vol. XI, No. 34, May 13, 1916, p. 181 .

Image Source: Collage of details taken from photos apf1-08488 (Viner) and  apf1-05851 (Douglas) from University of Chicago Photographic Archive, Special Collections Research Center, University of Chicago Library.

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Curriculum Harvard Undergraduate

Harvard College President Lowell on Instruction in Economics Department, 1917

In 1912 the economics department of Harvard initiated a major study of economics instruction in the University that was completed in 1916 and published as: 

The Teaching of Economics in Harvard University. A Report Presented by the Division of Education at the Request of the Department of Economics. Cambridge, Massachusetts: Harvard University Press, 1917. 248 pages.

I will of course rummage through the report for tidbits to post in Economics in the Rear-View Mirror, but for now, visitors at least have a link that will take them directly to the published study together with the following reflections of the President of Harvard College at the time A. Lawrence Lowell that were stimulated by the study. One does not really feel 100 years away from Lowell’s time, give-or-take a presentation software package, a MOOC or some learning platform (e.g. “Blackboard”).

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From the Annual Report for 1915-16 of the President of Harvard College, A. Lawrence Lowell:

One of the most interesting things done in the College during the last few years has been an invitation given by the Department of Economics to the Department of Education to investigate the undergraduate instruction in economics with a view to its improvement. Such a request to another body was not needed to prove the open mind, the desire to improve, the willingness to change its methods and to deal with its instruction as a systematic whole, which has been conspicuous in the case of the Department of Economics; but it is highly significant and full of promise. The investigation, which occupied a couple of years, has been very elaborate, making a large use of statistics, of questionnaires to instructors, students and graduates, of examination questions designed to test the progress of students in their capacity to deal with problems, and of other methods of inquiry that need not be described here. It has touched many different aspects of instruction, some of them of value far beyond the department immediately concerned. These things will appear when the report is published, but it may not be out of place to mention a couple of them here.

The fundamental questions in all education are the object sought and the result attained. Is economics studied in college for the sake of its general educational value in training the mind and preparing for good citizenship, or with a view to its vocational utility in the student’s subsequent career; and how far does it actually fulfil each purpose? An answer to these questions was sought by means of questionnaires addressed to all students taking economic courses and to a thousand graduates, beginning as far back as the Class of 1880 and comprising men engaged in every kind of occupation. Of course all the persons addressed did not reply, and many of the answers were too vague to be of use. Yet among the replies there were a large number definite enough to be of great value. Of the students, about one-third intended to take up a business of some kind; more than one-half as many were looking forward to the law; while the rest were distributed among all the different careers of which an undergraduate can conceive. Of all these men, about two-fifths gave as their chief reason for electing economics its value in training the mind or in understanding public and social problems; while even of those intending to adopt some occupation for which the subject is popularly supposed to offer a preparation, only about one-fifth expected to find what they learned directly helpful, although many more trusted that it would be of indirect assistance.

More interesting still are the replies from the graduates, for they had been enabled to measure what they had acquired by the light of experience in their various pursuits. The men in almost every occupation speak more commonly of the general cultural or civic benefit that they obtained than of vocational profit. This is notably true of the lawyers, and in a less degree also of the business men. The only two classes of graduates who speak with equal frequency of the two kinds of benefit derived are the journalists and the farmers; but they are few in number, and their answers do not appear to have been closely discriminating in this respect.

Results like those brought out by the inquiry of the Department of Education have a direct bearing upon the teaching of Economics, and the position of the subject in the undergraduate course of study. If the chief value of economics, is vocational, it ought to be taught mainly from that point of view, and undergraduates ought not to be generally encouraged to elect it who will not pursue some vocation to which it leads. But if, on the other hand, its principal benefit lies in training men to think clearly, and to analyze and sift evidence in the class of problems that force themselves upon public attention in this generation, then the greater part of the courses ought to be conducted with that object, and it is well for every undergraduate to study the subject to some extent. An attempt to aim at two birds with the same stone, is apt to result in hitting neither. Moreover, a confusion of objectives is misleading for the student. An impression often arises, without any sufficient basis, that some particular subject is an especially good preparation for a certain profession, and the theory is sometimes advocated warmly by the teachers of the subject from a laudable desire to magnify the importance of their field. Students naturally follow the prevailing view without the means of testing its correctness; not infrequently, as they afterwards discover, to the neglect of something they need more. The traditional path to eminence at the English bar has been at Oxford the honor school in literae humaniores, at Cambridge the mathematical tripos, and since the strongest minds in each university habitually took these roads, the results appeared to prove the proposition. It is well, therefore, that we should seek the most accurate and the most comprehensive data possible on the effect of particular studies upon men in various occupations, and upon different classes of minds. Such data are not easy to procure and are still more difficult to interpret, but when obtained they are of great value, and would throw light upon pressing educational questions about which we talk freely and know almost nothing.

Another matter with which the Department of Education dealt in their inquiry, again by the use of the questionnaire, is the relative value attached by students to the various methods of instruction. These were classified as lectures, class-room discussion, assigned reading, reports, essays or theses prepared by the student, and other less prominent agencies. Taken as a whole the students ascribed distinctly the greatest value to the reading, the next to the class-room discussion, placing lectures decidedly third, with reports and other exercises well below the first three. This order was especially marked in the case of the general introductory course known as Economics A. In the more advanced courses the order is somewhat changed. Even here the required reading is given the highest value, but the lectures in these courses are deemed more important than the class-room discussion. Among the better scholars in the advanced courses the value attributed to the lectures is, in fact, nearly as great as that ascribed to the assigned reading. These men also give to the reports, essays and theses a slightly greater importance than do the elementary and the inferior advanced students, although they do not place them on a par with the other three methods of instruction.

Answers of this kind are not infallible. There are always a considerable number of students who express no opinions, or whose opinions are not carefully considered. Nevertheless the replies are highly significant as indicating an impression—the impression of persons who, imperfect as their judgment may be, are after all the best judges, if not indeed the only judges, of what they have obtained from the different methods of instruction. In some ways the answers are unexpected. One would have supposed that class-room discussion would be of more value in an advanced course than in an elementary one. For it would presumably be remunerative in proportion as the members of the class possess information about the subject and a grasp of the principles involved. Probably the real reason for the relatively small importance attached to it by students in advanced courses is to be found in the fact that many of these courses are conducted mainly as lecture courses without much class-room discussion. The most illuminating fact that appears from the replies is the high value attached to the assigned reading as compared with the lectures. Even in the cases of the better scholars in the advanced courses it is not safe to assume an opinion that the lectures are of equal value with books, because they may be referring strictly to the reading formally assigned which is only a part of the reading that they do.

The problem of the relative value of books and lectures in higher education, or, for that matter, of books and direct oral teaching at school, is one that ought to receive very careful attention. The tendency for more than a generation, from the primary school to the university, has been to throw a greater emphasis on oral instruction as compared with study of the printed page. Half a century ago the boy at school and the student in college were habitually assigned a certain task, and the exercise in the class-room was in the main a recitation, the work of the teacher consisting chiefly in ascertaining whether the task had been properly performed, the set number of pages diligently and intelligently read, and in giving help over hard places or removing confusion in the pupil’s mind. But since that time the whole trend of education in all its grades has been towards in increase in the amount of direct instruction by the teacher. At school he or she talks to the class more and listens less than formerly, teaches it more directly, imparts more information. In the college or university the recitation has almost entirely disappeared, giving place mainly to lectures and in a smaller degree to class discussion. In fact, the impression among the general public, and in the minds of many academic people, is that the chief function of a professor is to give lectures, — not of course in the literal sense of reading something he has written, but imparting information directly to the class by an oral statement throughout the lecture hour.

Lectures are an excellent, and in fact an indispensable, part of university work, but it is possible to have too many of them, to treat them as the one vital method of instruction. This has two dangers. It tends to put the student too much in a purely receptive attitude of absorbing information poured out upon him, instead of compelling him to extract it from books for himself; so that his education becomes a passive rather than an active process. Lectures should probably be in the main a means of stimulating thought, rather than of imparting facts which can generally be impressed upon the mind more accurately and effectively by the printed page than by the spoken word.

Then again there is the danger that if lecture courses are regarded as the main object of the professors’ chair, the universities, and the departments therein, will value themselves, and be valued, in proportion to the number of lecture courses that they offer. This matter will bear a moment’s consideration, for it is connected with certain important general considerations of educational policy. To make the question clear, and point out its bearing upon our own problems, something may be said about the relations that exist between instruction in the College and in other departments of the University.

Many American universities have adopted a combined degree, whereby the earlier portion of the professional instruction in law, medicine, and other technical subjects, is taken as a part of the college course; and at the same time they maintain separate faculties for the college, or undergraduate academic department, and for the graduate school of arts and sciences. At Harvard we have gone on the opposite principle in both cases. We have separated each of the professional schools almost wholly from the college, with a distinct faculty and a distinct student life of its own. We have done this on the ground that a strictly professional atmosphere is an advantage in the study of a profession, and we believe that the earnestness, the almost ferociously keen interest, of the student body in our Law School, for example, has been largely due to this fact. We believe that the best results in both general and professional education are attained by a sharp separation between the two. On the other hand, we have not established a distinct faculty for the graduate school, but have the same faculty and to a great extent the same body of instruction for undergraduates and graduates, each man being expected to take such part of it as fits his own state of progress. We have done this because we have not regarded the Graduate School of Arts and Sciences as exclusively or distinctly a professional school for future teachers. If it were so, it would probably be necessary to give it more of a pedagogical character than it has today. Indeed there has appeared to be no serious disadvantage, such as exists in the case of a purely professional school, in our practice of not separating the graduate school wholly from the college. Although there is a single faculty the two bodies of students are quite distinct, and the graduates take no part in the athletics or social activities of the men in college. They are in no danger of any lack of industry, nor do they suffer from contact with the college students taking courses primarily for graduates. The best Seniors who have reached the point of electing advanced courses are by no means inferior in capacity, education, or earnestness to the average graduate. And, on the other hand, competent undergraduates benefit greatly by following instruction that would not otherwise be open to them.

Our system, by closing professional education to undergraduates, obliges them to devote their college course entirely to academic studies; and at the same time it opens all academic instruction to undergraduates and graduates alike. By so doing it treats the whole list of academic courses as one body of instruction whereof the quantity can be readily measured and the nature perceived. In this way our system brings into peculiar prominence a question that affects the whole university policy in this country. A university, as its name implies, is an institution where all branches are studied, but this principle easily transforms itself into the doctrine that a university ought to offer systematic instruction in every part of every subject; and in fact almost all departments press for an increase of courses, hoping to maintain so far as possible a distinct course upon every sub-division of their fields. This is in large measure due to the fact that American graduate students, unlike German students, tend to select their university on account of the number and richness of the courses listed in the catalogue on their particular subjects, rather than by reason of the eminence of the professors who teach them. Some years ago it happened that a professor of rare distinction in his field, and an admirable teacher, who had a large number of graduate students in his seminar, accepted a chair in another university. His successors at his former post, however good, were by no means men with his reputation. Under these circumstances, one would have supposed that many of his pupils would have followed him, and that fresh students would have sought him in his new chair. But in fact the seminar at the place he left was substantially undiminished, and he had a comparatively small body of graduate students in the university to which he migrated.

The real reason for increasing the list of courses, though it is often not consciously recognized, is quite as much a desire to attract students as a belief in the benefit conferred on them after they come. The result has been a great expansion within the last score of years in the number of courses offered by all the larger universities. Counting two half-courses as equivalent to one full course, our Faculty of Arts and Sciences offered last year to undergraduates or graduates 417½ courses running throughout the year. Of these 67 were designated as seminars, where advanced students work together in a special field under the guidance of the professors. More will be said of these later. Some of the remaining 350½ were in reality of the same character, and others involved purely laboratory work; but most of them were systematic courses of instruction, mainly what are called, not always accurately, lecture courses. In addition, there were 119 more courses listed in the catalogue, but marked as being omitted that year. These are in the main courses designed to be given in alternate years, where the number of applicants is not large enough to justify their repetition annually. A student has thus an opportunity to take them at some time during his college career. They entail upon the instructor almost as much labor in preparation as the others, and are an integral part of the courses of instruction provided by the University. The total number of courses, therefore, offered by the Faculty of Arts and Sciences was 536½, whereby something over 73 were in the nature of seminars.

Some years ago a committee of the Board of Overseers suggested that there were needless courses provided, and the Committee of the Faculty on Instruction examined the whole list, making careful inquiries of the members of the several departments, and reported that with one or two exceptions there were no courses for which good and sufficient reasons could not be given. The result of a similar inquiry would be the same today. There are few, if any, courses that could be seriously considered by anyone as useless or superfluous in themselves. Almost every one of them is intrinsically valuable, and a distinct contribution to the instruction in the subject. Nevertheless, it is a proper subject for consideration whether the policy of offering courses of instruction covering every part of every subject is wise. No European university attempts to do so. No single student can take them all in any large field and his powers would be deadened by a surfeit of instruction if he did. For the undergraduates a comparatively small array of staple courses on the most important portions of the subject, with a limited number of others on more highly specialized aspects thereof, is sufficient. For the graduate students who remain only a year to take the degree of Master of Arts, and who are doing much the same work as the more advanced Seniors, the same list of courses would be enough; and for those graduates who intend to become professors in universities and productive scholars it would probably be better, — beyond these typical specialized courses, which would suffice to show the method of approaching the subject — to give all the advanced instruction by means of seminars where the students work together on related, but not identical paths, with the aid of mutual criticism and under the guidance of the professors. Fewer courses, more thoroughly given, would free instructors for a larger amount of personal supervision of the students, would be better for the pupils; and would make it possible for the University to allow those members of the staff who are capable of original work of a high order more time for productive scholarship. Many a professor at the present day, under the pressure of preparing a new course, cannot find time to work up the discoveries he has made, or to publish a work throwing a new light on existing knowledge.

In making these suggestions there is no intention of urging a reduction of our existing schedule. But it is time to discuss the assumption, now apparently prevalent in all American universities, that an indefinite increase in the number of courses provided is to be aimed at in higher education. The question is whether that policy is not defective in principle, and whether we are not following it to excess, thereby sacrificing to it other objects equally, if not more, important.

Courses are merely a means to an end, and that end is the education of the student. One method of placing courses in their true light as a means of education is the provision of comprehensive examinations for graduation, covering the general field of the student’s principal work beyond the precise limits of the courses he has taken. This has long been done in the case of the doctorate of philosophy; and in the year covered by this report it was applied for the first time to undergraduates concentrating in the Division of History, Government and Economics. Only 24 students of the Class of 1917, who finished their work in three years and concentrated in this field, came under its operation; but they were numerous enough to give a definite indication of the working of the plan. To that extent the results were satisfactory. The examination papers were well designed for measuring the knowledge and grasp of the subject, with a large enough range of options to include the various portions of the field covered by the different candidates; and the examiners themselves were satisfied with the plan as a fair means of testing the qualification of the students. During the coming year a much larger number of men will come up for this comprehensive examination, which promises to mark a new departure in American college methods.

 

Source: Harvard University. Reports of the President and the Treasurer of Harvard College 1915-16 (Cambridge, 1917), pp. 11-19. Reprinted in Harvard Crimson, January 19, 1917.

Image Source: Harvard President A. Lawrence Lowell from Harvard Class Album 1920.

 

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Chicago Cornell Economists Harvard

Harvard and Chicago. Harvard Class of 1873 reports from J. Laurence Laughlin 1879-1913


James Laurence Laughlin (1850-1933)
was the founding head of the Department of Political Economy at the University of Chicago. One earlier post provided a mid-career biographical sketch of Laughlin and another his proposal at Cornell to expand the economics course offerings. Also of interest is his list of suggested titles for a personal library of economics as of 1887.

When compared to the notes submitted to the respective Harvard Class Secretaries,   Frank W. Taussig (Class of 1879) or Robert Franz Foerster (Class of 1909), Laughlin appears to have had a less intense filial attachment to his alma mater.

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1879

JAMES LAWRENCE [sic] LAUGHLIN.

Secretary has heard nothing from him. At last accounts he was teaching school in Boston

Source: The Second Triennial Report of the Secretary of the Class of 1873 of Harvard College. Boston, Geo. H. Ellis Press, Commencement 1879. Page 18.

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1883

JAMES LAWRENCE [sic] LAUGHLIN.

Received degree of Ph. D. from Harvard in 1876 and was appointed instructor in Political Economy in 1878. Has been made Assistant Professor in the same department the current year. Has been a contributor to the “Atlantic,” “International,” etc. Was married September 9, 1875, to Alice McGuffey of Cincinnati. A daughter, Agatha, was born January 3, 1880, and his wife died January 11, 1880.

Source: The Third Triennial Report of the Secretary of the Class of 1873 of Harvard College. Newport, Davis & Pitman, Commencement 1883. Page 17.

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1885

JAMES LAWRENCE [sic] LAUGHLIN.

Assistant professor of political economy at Cambridge. Has published ” Laughlin’s Mill’s Political Economy,” and written a few magazine articles. Was married to Miss H. M. Pitman, Sept. 4, 1883.

Source: The Fourth Triennial Report of the Secretary of the Class of 1873 of Harvard College. Boston, Rand, Avery, & Co., Commencement 1885. Page 14.

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1888

JAMES LAURENCE LAUGHLIN.

626 Chestnut St., Philadelphia. “I have written a new book : ‘The Elements of Political Economy; with some applications to Questions of the Day,’ in 1887, and it has gone into a second edition. ‘Gold and Prices since 1873;’ a study on the so-called appreciation of gold, etc., etc. My ‘History of Bimetalism,’ has gone into its second edition; and my edition of ‘Mill,’ into its fourth or fifth. I have resigned my position in Cambridge, and

have come to Philadelphia to take the management of an Insurance Co., the ‘Philadelphia Manufacturers Mutual Fire Insurance Co.;’ but shall continue my economic writing.”

Source: The Fifth Triennial Report of the Secretary of the Class of 1873 of Harvard College. Boston, S. J. Parkhill & Co., Commencement 1888. Page 21.

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1891

JAMES LAWRENCE [sic] LAUGHLIN.
“I am Professor of Political Economy and Finance at Cornell University and see Jack White every day. These are my two distinctions since last writing.”

[…]

HORATIO STEVENS WHITE.

“I have just finished my third year as Dean of the Faculty. This spring I was called to the chair of Germanic languages in the new Stanford University, Palo Alto, California. The trustees here meanwhile appointed me as head of the German department with an increase in salary. The California offer however remains open, and I shall visit the Pacific coast next winter and study the situation on the spot before coming to a final decision. Our Faculty baseball nine, which has been organized for several years, continues to win a majority of its games with various student clubs. The chair of Political Economy left vacant by the resignation of Professor E. B. Andrews, who was elected President of the Brown University, has been filled by the appointment of our classmate Laughlin, who has occupied the position this year with general acceptance. As a result of his efforts the trustees have decided to appoint an associate professor in the department, to establish two special fellowships in Political Economy, and to place at his disposal a generous publication fund. The University is to be congratulated upon this able contribution which ’73 has thus made to our Faculty.”

Source: The Sixth Triennial Report of the Secretary of the Class of 1873 of Harvard College. Boston, S. J. Parkhill & Co., Commencement 1891. Pp. 19, 39.

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1898

JAMES LAWRENCE [sic] LAUGHLIN.

5747 Lexington Ave., Chicago, I11. Taught school in Boston, and took degree of Ph.D. at Cambridge in 1876. Was appointed instructor in Political Economy at Harvard in 1878 and Assistant Professor in 1883. In 1888 he was in Philadelphia, where he had the management of the Philadelphia Manufacturers’ Mutual Fire Insurance Co. Subsequently he was Professor of Political Economy and Finance at Cornell, and is now at Chicago University in a similar capacity. He has devoted much time to writing on political economy and finance, and has published some important books on those subjects.

Source: The Seventh Report of the Secretary of the Class of 1873 of Harvard College Issued upon the Twenty-fifth Anniversary of Graduation. Boston, S. J. Parkhill & Co., Commencement 1898. Page 23.

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1905

JAMES LAWRENCE [sic] LAUGHLIN.

Since 1892 he has been Head Professor of the department of Political Economy in the University of Chicago. For some years he has been editor of the “Journal of Political Economy.” He served on the Monetary Commission appointed by the Indianapolis Convention of Boards of Trade, in 1898, and was entrusted with the preparation of the report which appeared in a volume of six hundred and eight pages. In 1894 he was invited to prepare a currency law for Santo Domingo. The visit to the island on a special steamer, the negotiations with the government, the enactment of the law and its provisions, were subsequently published in the “Journal of Political Economy.” In 1902 he published the first volume of a magnum opus on money. This volume, “The Principles of Money,” will be followed by five succeeding volumes “when time is granted to finish them.” In addition to this work he has written many books and articles treating of the various phases of his specialty in this and other countries.

Source: The Eight Report of the Secretary of the Class of 1873 Harvard. Boston, Rockwell and Churchill Press, Commencement 1905. Pp. 23-4.

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1913

JAMES LAURENCE LAUGHLIN.

Is at the head of the Department of Political Economy at Chicago, and an authority on finance whose reputation is world-wide. At the Three Hundredth Jubilee of the University of Giessen, Germany, in 1907, he was given an Honorary Doctorate. He writes:

“Any modest member of the Class of 1873 does not feel that he has done anything worth reporting. In 1906 I was appointed by the German Kultus Ministerium an exchange professor from the University of Chicago to Berlin. I lectured in German before the Vereinigung für Staatswissenschaftliche Fortbildung, and also in Cologne, as well as at the University of Berlin. In the winter of 1908-09, I was one of two delegates (the other being Professor A. A. Michaelson, the recipient of a Nobel Prize) to the Scientific Congress of all American Republics in Santiago, Chile. I crossed the Andes, visiting Argentina, and came home by the east coast. In June, 1911, I was given leave of absence from the University in order to take charge of the nation-wide campaign to obtain a reconstruction of our currency and banking system. In this work I was chairman of the Executive Committee of the National Citizens’ League for the promotion of a sound banking system. The results of this campaign are now apparent. Not only is there an insistent and intelligent public opinion demanding reform, but the new administration is ready to put a satisfactory measure through Congress. It now looks as if the purpose of this campaign was certainly attained. Of course I have been guilty off and on of publishing some books and articles, but they are not as good as I should like to have them, and when I get to the next world I am going to revise them and make them just what they ought to be for an audience that I hope will not yet be made up very largely of the Class of 1873. For I hope that the surviving members of the class will long be here after I have departed.”

Source: The Ninth Report of the Secretary of the Class of 1873 Harvard. Boston, Rockwell and Churchill Press, Commencement 1913. Pp. 25-6.

Image Source: Clipped from printed speech given at the 78th meeting of The Sunset Club at the Grand Pacific Hotel, Chicago, December 6, 1894 found in Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.