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Exam Questions Harvard

Harvard. Graduate course on money, banking and the business cycle. Schumpeter, 1933-34

 

It took Joseph Schumpeter a few years to establish his personal teaching niche in the Harvard economics department. This post provides material I have found (thus far) from Schumpeter’s graduate course covering monetary economics, policy, and business cycles from his second year as a permanent faculty member.

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Economics 50. (formerly Economics 38). Professor Schumpeter. — Money, Banking, and the Business Cycle.

Total 31: 10 Graduates, 15 Seniors, 1 Junior 4 Radcliffe, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1933-34, p. 86.

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Reading Period Titles for Economics 50

Reading Period. Fall Term, 1933-34.

Suggested Readings:

(1) Pigou, A.C., Industrial Fluctuations.
(2) Mitchell, The Business Cycle.
(3) Hansen, Theories of the Business Cycle.
(4) Snyder, C., Business Measurements.
(5) Persons, W.M., Business Forecasting.
(6) Hawtrey, R.G., The Art of Central Banking

Reading Period. Spring Term, 1933-34.

Suggested readings:

League of Nations (B. Ohlin), The Course and Phases of the World Economic Depression, 1931.
J.M. Clark, Strategic Factors in Business Cycles (National Bureau of Economic Research), 1934.
J.M. Rogers, The Process of Inflation in France, 1914-1927 (Columbia University Press, 1929).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2, Folder “Economics, 1933-34”.

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1933-34
HARVARD UNIVERSITY
ECONOMICS 50
Mid-Year Examination.

Answer any FOUR of the following questions.

  1. Is the equation of exchange (MV = PT) a tautology, and if so, in what sense? What do you think of Mr. Keynes’ claim that his equations are no mere identities?
  2. How are we to measure the amount of credit creation, and what is the distinction between it and the net increase of producers purchasing power above what it would be if there were no credit creation?
  3. “A fall in the prices of consumption-goods due to an excess of saving over investment does not in itself…require any opposite change in the price of new investment goods.” Explain and criticize.
  4. Explain the fact that the general price level and the rate of both short and long interest consistently vary together.
  5. “If the banking system controls the terms of credit in such a way that savings are equal to the value of new investment, then the average price-level of output as a whole is stable.” What do you think of this?
  6. How do you define “value of money”? Discuss the difficulties in the concept of the General Level of Prices.
  7. In what ways might speculation in securities affect business activity?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 12. Bound Volume: Examination Papers, Mid-Years 1933-34.

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1933-34
HARVARD UNIVERSITY
ECONOMICS 50
Final Examination.

Answer fully any FOUR of the following SIX questions.

  1. What were, according to your opinion, the causes of the inflow of gold into France after the stabilization of the French franc?
  2. If you were to recommend a policy conducive to the elimination or the smoothing down of business fluctuations, what would you try to stabilize: the sum total of incomes, incomes per capita, the price level, any particular group of prices, the rate of interest, the rate of exchange, profits?
  3. “Both international and national considerations called for a reversal of restrictive monetary policy early in 1929.” What do you think of this?
  4. What do you think were the most important “intensifying factors” which account for the unusual severity of the present world’s crisis?
  5. What is meant by Carl Snyder’s Trade Credit Ratio and what do you think of its significance?
  6. How would you define the relation between gold and prices? What consequences would you expect from the devaluation of the dollar (a) for the internal price level of this country in the short and in the long run, (b) for the external trade of the United States?

Source: Harvard University Archives. Harvard University. Examination Papers, Finals (HUC 7000.28, 76 of 284), June 1934.

Image Source: Harvard Archives. Irving Fisher and Joseph Schumpeter (May 12, 1934).

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Exam Questions Harvard

Harvard. Midyear Exam for Money, Banking and Cycles. Harris, 1934

 

This post adds an item to the course materials for Seymour Harris’ 1933-34 undergraduate Harvard course “Money, Banking and Cycles”.

Previously posted:

Syllabus and reading assignments for both semesters.

Course Final Examination from June 1934.

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1933-34
HARVARD UNIVERSITY
ECONOMICS 3
Mid-Year Examination

  1. Answer (a), (b) or (c)
    1. What banking weaknesses were revealed by the major crises in the U.S. in the fifty years preceding the War?
    2. Give the main outline of Bank of England policy during the Restriction Period (Napoleonic Wars) with critical comments.
    3. Discuss the principles of Central Banking embodied in the Bank Charter Act of 1844. Was England’s success in maintaining the gold standard before the War because of or in spite of the Act? Would you favor the adoption of the principles of the Bank Act of 1844 in this country at the present time?
  2. Spend one hour on this question.
    The more important items on the balance-sheet of the Federal reserve authorities were as follows in the months designated:
(Millions of dollars)
Bills Discounted Bills Bought U.S. Govt. Securities Monetary Gold Stock Money in Circulation Member Bank Reserve Balances
March ‘32 714 105 809 4372 5531 1899
March ‘33 994 379 1875 4260 6998 1914
Sept. ‘33 138 7 2202 4327 5632 2489

What inferences as to policies and developments in this period can be drawn from these figures? Elaborate.

  1. Answer two of the following three questions:
    1. Discuss the relation of the banks to the capital market.
    2. What concern should a central bank have with security speculation?
    3. What limits, if any, are there to the creation of deposits? What limits, if any, are there to the creation of deposits? Discuss in this connection the varying reserve requirements against time and demand deposits.

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 12. Bound Volume: Examination Papers, Mid-Years 1933-34.

Image SourceHarvard Class Album 1934.

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Harvard Suggested Reading Syllabus Undergraduate

Harvard. Junior tutorials in economics. Smithies and Chamberlin, 1960-61

 

The previous post is a Harvard Crimson article that reported on a major re-evaluation of the undergraduate economics program in 1959. The place of the junior tutorial was described as follows:

“The analytic material ejected from Ec. 1 has found refuge in Sophomore tutorial, while Ec. 98 (Junior tutorial) although heavily biased towards the empirical is the only course in the Department offering an overall view of the field.”

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Course Enrollments

[Economics] 98a Tutorial for Credit—Junior Year. Professor Smithies. Half course, Fall.

Total 65: 11 Seniors, 48 Juniors, 2 Sophomores, 4 Radcliffe.

[Economics] 98b Tutorial for Credit—Junior Year. Professor Chamberlin. Half course, Spring.

Total 61: 13 Seniors, 46 Juniors, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1960-61. Page 75.

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HARVARD UNIVERSITY
Department of Economics
Fall 1960

Economics 98a
MACROECONOMICS
Professor Smithies

Reading List

  1. The English Classical System

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chs. 1, 2, 3; Book II; Book IV, chs. 1, 3, 8.

David Ricardo, Principles of Political Economy, chs. 2-6, 21.

W. J. Baumol, Economic Dynamics, ch. 2.

Malthus, T. R., An Essay on the Principle of Population (1st & 2nd editions), Macmillan, London, 1914.

Malthus, T. R., Principles of Political Economy, Book II, ch. I, “On the Process of Wealth.”

  1. Marxian Dynamics

M.M. Bober, Karl Marx’s Interpretation of History, chs. 1-3 and 9-13.

P. Sweezy, The Theory of Capitalist Development, chs. 4-6, 8, 9.

Suggested:

Joan Robinson, An Essay on Marxian Economics.

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.

  1. The Neo-Classical School and the Schumpeterian System

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

____________, Business Cycles, Vol. I, chs. 3, 4.

____________, Capitalism, Socialism, and Democracy, Part II.

A. Marshall, Principles of Economics, Book VI, chs. 12, 13, Appendixes A, C, D.

Suggested:

A. A. Young, “Increasing Returns and Economic Progress,” Economic Journal, December 1928, reprinted in R. V. Clemence (ed.) Readings in Economic Analysis, Vol. 1.

R. Solow, “A Contribution to the Theory of Economic Growth,” QJE, Feb. 1956.

A. Smithies, “Productivity, Real Wages, and Economic Growth,” QJE, May 1960.

  1. Keynesian Economics.

J. M. Keynes, The General Theory of Employment, Interest, and Money, chs. 3, 19, 22-24.

A. Hansen, Monetary Theory and Fiscal Policy, chs. 3-6.

L. Klein, The Keynesian Revolution, ch. 3.

Suggested:

Income, Employment and Public Policy, “Essays in Honor of Alvin H. Hansen”, chs. 1, 5, 6.

S. E. Harris (ed.), The New Economics, chs. 39, 40.

  1. Business Cycles.

A.H. Hansen, Business Cycles and National Income, chs. 11-24.

Tinbergen and Polak, The Dynamics of Business Cycles, ch. 13.

  1. Business Cycles and Economic Growth.

E. Domar, “Expansion and Employment,” American Economic Review, March 1947, also reprinted in Essays in the Theory of Economic Growth, ch. IV.

A. Smithies, “Economic Fluctuations and Growth,” Econometrica, January 1957.

Wm. Fellner, “The Capital-Output Ratio in Dynamic Economics,” in Money, Trade, and Economic Growth (Essays in Honor of J. H. Williams).

  1. Inflation.

Bernstein and Patel, “Inflation in Relation to Economic Development,” International Monetary Fund, Staff Papers, Nov. 1952.

Kenneth K. Kurihara, Post-Keynesian Economics, ch. 2.

Staff Report on Employment, Growth, and Price Levels, Joint Economic Committee, Congress of the U.S., December 24, 1959, ch. 5.

  1. Economic Analysis and Economic Policy.

J. Tinbergen, Economic Policy: Principles and Design, chs. 1, 2, 3.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

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HARVARD UNIVERSITY
Department of Economics

Economics 98b
MICROECONOMICS
Spring 1961

Professor Chamberlin

Week of Tuesday

Feb. 7

Markets, Perfect and Imperfect

Chamberlin, Monopolistic Competition, Chapter II, including note on Deviation from Equilibrium.

Feb. 14, 21

General Relations of Demand, Supply, Cost and Value

Marshall, Principles, Book V, Chapters 1-11, Appendix H.

Robinson, Joan, “Rising Supply Price,” Economica, New Series VIII, (1941). (Also in AEA Readings in Price Theory, Vol. VI, and in Robinson, Joan, Collected Economic papers).

Feb. 28

The Production Function and the Cost Curve of the Firm

(No lecture)

Boulding, Economic Analysis, Third Edition, chapters 28, 34, or revised edition, Chapters 24, 31 to p. 698.

Monopolistic Competition, 6th or 7th edition, Appendix B. (Also in Towards a More General Theory of Value, Essay 9.)

Mar. 7, 14

General Analysis of Monopolistic Competition. Product Differentiation. The Group

Monopolistic Competition, Chapters 1, 4, 5, 9.

Chamberlin, “Monopolistic Competition Revisited,” Towards a More General Theory of Value, Essay 3.

Robinson, Joan, Imperfect Competition, Foreword, Introduction, Chapters 1, 2.

Triffin, Monopolistic Competition and General Equilibrium Theory, pp. 78-89.

Mar. 21

Oligopoly

Monopolistic Competition, Chapter 3, Appendix A.

Fellner, Competition Among the Few, Chapter 1.

Arant, Willard, “Competition of the Few Among the Many,” QJE, 70:327 (1956).

Clark, J.M., “Toward a Concept of Workable Competition,” AER, 1940. (Also in AEA Readings in Price Theory)

Suggested: Fellner, further chapters.

Mar. 28

Nonprice Competition

“The Product as an Economic Variable,” Towards a More General Theory of Value, Essay 6.

Monopolistic Competition, Appendix C, Chapters 6, 7.

Apr. 2-9

SPRING VACATION

Apr. 11, 18, 25,
May 2

Microincome Theory, Wages, Exploitation, Collective Bargaining
Hicks, The Theory of Wages, Chapters 1, 2, 4.

Robertson, “Wage Grumbles,” Readings in Income Distribution, No. 12.

Robinson, Imperfect Competition, Chapter 25.

Monopolistic Competition, (5th or later edition), Chapter 8; pp. 215-18.

Chamberlin, “Monopoly Power of Labor,” Towards a More General Theory of Value, Essay 12.

Dunlop, “Wage Policies of Trade Unions,” Readings, No. 19.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (2 of 2)”.

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ECONOMICS 98b—PAPER
[Spring 1961]
Due any time, but not later than May 9.

The purpose of this paper is to give an opportunity for a bit of “theorizing” of your own. The paper may be either constructive or critical, but the emphasis should be on your own contribution, rather than on developing the subject more generally, or expounding it mainly in terms of the ideas and views of others.

The ideal subject would be chosen by yourself—either an adverse reaction to, or further development of: something said in lectures, in the assigned or related reading, or in tutorial discussions. A rounded treatment or essay on the subject is not desired—rather something in the nature of a “Note” (say for the Quarterly Journal), which would either present an idea of its own or criticize one which has been presented by someone else. (A good illustration of this latter is Essay 13 in Towards a More General Theory of Value.) Brevity is therefore desirable. Papers should normally be from six to twelve pages (typed, double spaced), with fifteen as an absolute limit. Extensive reading is not indicated; (in an extreme case there might even be none at all), but a great deal of time should be given to thinking through carefully what you want to say.

The accompanying list of topics is suggestive only; as stated above, one chosen by yourself might be better. In any case your subject should be approved; and the question of reading should be taken up with your tutor.

SUGGESTED TOPICS

Some further analysis of the classroom market problem, or of a variation on it. (Material between page 236 to the end in the article as printed would illustrate further developments from the original problem.)

Marginal cost pricing as against Marshall’s short run normal analysis.

The Representative Firm Revisited.

Comment on Modigliani’s article: “New Developments on the Oligopoly Front,” JPE 66:215 (1958).

Mr. Kaldor’s concept of advertising cost. (“The Economic Aspects of Advertising,” Review of Economic Studies, Vol. XVIII (1) No. 45.)

Some aspect of spatial equilibrium.

A review of Machlup, “Marginal Analysis and Empirical Research,” AER, Sept. 1946.

Review of Gottlieb, “Price and Value in Industrial Markets,”Economic Journal, March 1959.

Is equilibrium with external economies possible under perfect competition? Under monopolistic competition?

Temporal Differentiation.

Some aspect of empirical cost curves.

“Bilateral Oligopoly”—Big Business and Big Labor.

Measures which might be taken to reduce “excess capacity.”

A critique of Stigler’s “Monopolistic Competition in Retrospect,” in his Five Lectures on Economic Problems.

“‘Entry’ is often not the literal appearance of a new firm, but the decision of an old one to add the new product to its line.” What effect would this have on the conventional analysis?

“Conjectural Variation” as a solution to oligopoly.

How would more attention to sales maximization and less to profit maximization affect the analysis?

Deliberate product obsolescence: Implications for public policy.

The Lester-Machlup controversy over the wage elasticity of the demand for labor.

Comment on “Some Basic Problems in the Theory of the Firm” by Papandreou in A Survey of Contemporary Economics, Vol. II.

If the concept of a “group” were to be abandoned, following Triffin, what would happen to the analysis in Chapter 5?

Review of Alchian, “Uncertainty, Evolution and Economic Theory,” JPE 1950; also in AEA Readings in Industrial Organization and Public Policy.

The Economic Analysis of Industry-Wide Advertising.

My Own Grumbles on Wages. (Suggested by the title of Roberson’s article assigned later in the course.)

The case for assuming imperfect, instead of perfect, knowledge in economic theory.

Stigler on the Kinked Demand Curve. (“The Kinky Oligopoly Demand Curve and Rigid Prices,” AEA Readings in Price Theory, and criticism by Efroymson in QJE 69:119 (1955).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003.Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

Image Source:  John Simon Guggenheim Memorial Foundation website. Arthur Smithies (1955 Fellow), Edward H. Chamberlin (1958 Fellow).

 

 

 

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Economics Programs Harvard Undergraduate

Harvard. Undergraduate economics concentrators dropped over 50% in 1950s.

 

This post provides some backstory to the next post that features the reading lists for Harvard’s junior year tutorial in macroeconomics (Arthur Smithies) and microeconomics (Edward Chamberlin) used in 1960-61. The following Harvard Crimson article describes the undergraduate program in crisis (as seen in the massive drop in economics concentrators). The fall in numbers was attributed to the observation that economics “instruction gyrates widely from verbal triviality to mathematical incomprehensibility”.  Now one might say that much economics instruction gyrates from verbal incomprehensibility to mathematical triviality.

Alfred Marshall tried to design his own Cambridge Curriculum to address two classes of students, those needing general economics training for leadership careers in business and government and those needing advanced training for research careers in economics. Integrated training of the two classes within a single program at Harvard appears to have reached its limits by the second half of the twentieth century. 

Marshall, Alfred. The New Cambridge Curriculum in EconomicsLondon: Macmillan, 1903.

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Economics: Undergraduate Program Undergoes Extensive Re-Evaluation
By Michael Churchill

The Harvard Crimson, November 14, 1959

C. P. Snow, British scientist and author, recently called attention to what he termed the problem of two cultures in our society–the gap in understanding between the traditional humanities and social sciences on the one hand and modern science and technology on the other. Both exist side by side, yet remain intellectually divorced in our modern society. This dichotomy serves well in considering the difficulties surrounding the discipline of economics, for its midway position in such a scheme is indicative of its problems.

The subject matter of economics is the productive system, with all its relations to the world of technology. The concern of economics, however, is this system’s role in society and its effect on men, their livelihood, and their institutions. Not an integrator of the two cultures, nevertheless it must span the separation.

The Economics Department is currently undergoing a crisis. It has failed up to now to accommodate both elements in a coherent program. The result is strikingly demonstrated by the flight of undergraduate concentrators from the field. In less than a decade the number has declined by over half; from 709 in 1949 to 340 in 1958. Although the decline may partially reflect a nationwide tendency, it also is the result of the confusion and frustration attending the undergraduate program here, as the instruction gyrates widely from verbal triviality to mathematical incomprehensibility.

Though economics stands mid-way between two cultures, it is its similarity to the natural sciences that causes the greatest problems. Professional economics shares with the sciences an analytic technique “remote from the common experience of the layman and a language that is principally mathematical,” to use the words the Bruner Committee applied to the natural sciences. And to judge from the current trend this will become increasingly so.

Another similarity with science is that the study of economics is often cumulative, thereby necessitating an extensive introduction to provide the requisite basic knowledge. These are the same problems with which the Bruner Report was concerned in the teaching of natural sciences in a liberal arts program. That report dealt primarily with the problem of the non-concentrator in science–the General Education courses in natural sciences. The Economics Department, however, because of the interest of its concentrators, encounters the same problems throughout its program.

Some of the concentrators are presumably economists, and the Department little wishes to discourage their interests. The vast majority, however, will be lawyers, doctors, and even, despite the Department’s hostility, businessmen.

A final similarity with the sciences lies in the difficulty both areas have in getting the proper senior faculty to teach undergraduate courses. Because of the vast gap between the level of professional work and the elementary nature of undergraduate work–a gap so great that the difference is not only of degree of sophistication but of content–many professors are either reluctant to teach undergraduates or incapable of making the transition.

The combination of the inherent difficulties in teaching economics in a liberal arts college plus the almost total neglect of the undergraduate program in past years has resulted in the precipitous decline in concentrators. The hope of halting that decline lies at the bottom of the Department’s plans to re-design the undergraduate program, which are now under way.

Arthur Smithies, Chairman of the Department, met frequently this summer and again this fall with a Department Committee on Undergraduate Education appointed last spring. Headed by Professor Dunlop, members of the group are Professors Chamberlin, Duesenberry, and Meyer, Assistant Professors Gill and Lefeber, and instructors Baer and Berman.

The results of this increased attention are already apparent in changes made this year in Economics 1 and Junior tutorial, Ec. 98. Historical and topical subjects have gained emphasis at the expense of some of the more theoretical and analytical material, which is now consigned to Sophomore tutorial. In former years economic theory was presented in a historical vaccum without any consideration of the evolution of the economic system from a local medieval subsistence economy to the modern international productive system. The first month of Economics 1 is now devoted to filling this gap. Other changes include an increased emphasis upon the problem of underdeveloped countries and the substitution of a three-week study of the economy of the Soviet Union for the former week’s survey of comparative economic systems.

Along with these changes in content have come those of organization. Gone is the “parade of stars” which formerly masqueraded as lectures. Instead there are now blocs of integrated lectures covering single aspects of the course, for example the series of lectures the first month that Professor Gill gave on economic history. Another long-standing distinguishing trait of the course, its extensive use of teaching fellows, is also on the way out.

The changes are clearly tending to make the course less an introduction into the Department and more a General Education course in the social sciences. The stress, in the attempt to interest the non-concentrator through presentation of historical and topical issues, is now upon political economy rather than upon economics. In a liberal arts college such a solution to the problems affecting the discipline seems to be the most logical and rewarding for an introductory course.

Faced, however, with the task of teaching its concentrators some of the methods and techniques of the economist, the department has moved towards increasing utilization of Sophomore and Junior tutorial for this purpose. The analytic material ejected from Ec. 1 has found refuge in Sophomore tutorial, while Ec. 98 (Junior tutorial) although heavily biased towards the empirical is the only course in the Department offering an overall view of the field.

But there is this year, in addition, an increased amount of attention towards policy questions and topical economic issues in both courses, a reflection of the prevalent belief that meaningful economics on the undergraduate level should relate, as Smithies said, “to the great public issues of the day.” In practice these two elements–the analytical tools and the social framework in which they must fit–still remain divorced in these courses, but at least the attempt is being made to integrate them.

The most perplexing problems facing the Department occur in the area of the middle group courses. To some extent they are aggravated by the Department’s quantative approach to the number of concentrators, with its concern to retain the marginally interested student within the Department. And again the nature of the field, with its disparity between advanced professional techniques and an undergraduate approach, intensifies the problem that confronts many other departments in the College–that of withstanding the polar attractions of pre-professional orientation or of superficiality. Concerning the middle course group area, Dunlop’s committee has only just begun its discussions, but the major alternatives are well known.

There is general agreement, according to Dunlop, that the undergraduate program as part of a liberal arts program should not be a pre-professional training. Disagreement, however, becomes manifest quickly after that statement. Many members of the department, for instance, feel that the best concentrators, the potential future economists, should be allowed to take courses on the graduate level, and indeed should be encouraged to do so. In effect these students would be obtaining a pre-professional training, but the supporters of this proposal feel that this is the only way whereby the interest of the economics-oriented student can be prevented from obstruction by the triviality of normal undergraduate economics courses. At present many undergraduates already take graduate level courses, but the new plan would make a sharper distinction between those who do and do not.

Another group in Department, however, voices the opinion that the College student should not clutter his schedule with pre-professional courses, but rather use his time to study such fields as music, literature, and mathematics. If a student does do graduate work later in economics he will have no trouble picking up whatever advanced analytic tools he needs at that time, while if he does not intend to do so there is no sense in wasting his time with a lot of specialized technique, this bloc maintains.

One proposal, approved by nearly all and sorely needed, is to introduce a greater flexibility into the program through increased use of half-year courses. Presently over half of the seventeen courses offered run from September to June. Many of these, it is admitted, could be pared down to a half-year.

This leads to the proposal for a new type course to replace the far-flung surveys. They would probe smaller areas, but penetrate deeper. Based on the combined desire to attract more students, and the premise that the goal is a more intelligent understanding of the public issues of the past and present, the courses would be designed around the topical approach. Examples would be courses on the corporation, on the economic impact of government activity, the present course on the Soviet Union, a half-year course on underdeveloped countries. In discussing this approach, Dunlop stressed that these would not be “watered down versions of the analytic approach but a new crosscut.” It should be noted that, while not analytical, these courses would still include some quantitative analysis or even simple economic models, but these methods would not become ends or major concerns of the courses.

Another proposal is to set up a core program in the Department. There is, in fact, almost one already. Ec. 141–Money and Banking, Ec. 161–Industrial Organization, and Ec. 181–Industrial Relations, cover the major areas of the field and at least two of them are necessary to handle Generals well. A real core program where all concentrators would progress from one level of the next has many advantages; it provides a common background which the lecturer can assume, gives a common training, and insures that a student will not neglect a vital aspect of the field. But it also has disadvantages, the primary one being the difficulty of handling non-concentrators who have not had this core. Separate sections in a course might be a simple answer here. A more difficult problem is that of time. Ec. 1, 98, and 99 already constitute three-fifths of the required courses. A central core program of another three semesters would aggravate the present lack of flexibility.

For the Economics Department this is a time of discussion, but it must soon reach the hour of decision. Certainly the present situation is not tolerable. By its over-concern with theoretical models and tools, the Department has separated itself from the true materials of a liberal arts education in economics. It should not, however, allow itself to reach the other extreme, in its quest for concentrators, of reducing the content of the courses to a point where an economics student is no more qualified to discuss and solve an issue of political economy than an intelligent government concentrator.

There is little question of the importance of economics today, with its strategic position between the technological productive system and the literary tradition of the social sciences, and with its unique combination of the empirical and theoretical. It remains only to be taught well.

 

 

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Economics Programs M.I.T.

M.I.T. Graduate Economics Association’s info-welcome letter to new cohort, April 1965

 

Sloan Building
Massachusetts Institute of Technology
Cambridge 39, Massachusetts
April 21, 1965

Dear New Students:

On behalf of the Graduate Economics Association, I would like to welcome you to M.I.T. and Cambridge. This letter will try to tell you a little about your prospective surroundings at M.I.T. and in Boston, and about the GEA itself. If, after reading this letter, you have some unanswered questions, I heartily encourage your writing to me for more information. My address is on the last page of this letter.

M.I.T.

You have probably studied the Sears-sized catalogue of the Institute and found it an impressive document, if a bit forbidding. You will find that the Institute means business, but is run to make things reasonably smooth for the large body of students and staff. This means that it pays to read the notices, check mail boxes and announcements to meet deadlines, but that rules are made to be broken, given a good and sufficient reason. The idea is to ask the right person and keep asking until you get an authoritative answer.

The Economics Department

You will find that most of the time you spend and the contacts you make at M.I.T. will be within the department, especially if you do not live in the Graduate House. The department is located in the Sloan Building at the extreme east end of the campus, on the second and third floors (the latter housing the graduate registration officer and the head of the department). In the same building are the Sloan School of Management and the Faculty Club. Dewey Library, the Political Science Department and the Center for International Studies will be moving next door to quarters in the new Hermann Building. This may cause some confusion so be prepared to ask twice to find something. To reach the Sloan Building via public transportation you may either take a Massachusetts Avenue bus to any of the stops at the Institute, then proceed east along Memorial Drive (along the Charles River) about seven minutes walk; or you may take the Harvard-Ashmont MTA line to Kendall Square, then follow Wadsworth Street south (toward the River), and you are there.

You are about to begin graduate work with some of the finest economists in the world. We also like to feel that the group of graduate students here is an unusually stimulating and interesting one. There is an Institute rule that in effect requires residence until the thesis is completed. This rule is largely for your benefit, so that you can work alongside more advanced students. They are happy to talk to new students and should prove the best sources of more-or-less reliable information on all sorts of subjects. Incidentally, while you may feel that the most highly developed science among your colleagues is baseball, do not hesitate to ask for help in clearing up a point in economics. Some of us remember back to first-year courses.

The faculty are busy, but not too busy to see you if you have a question. Your initial faculty contact will be with Professor Kindleberger on Registration Day (September 20), whom you will deal with throughout the rest of the term regarding schedules, course changes, and other departmental affairs. Shortly after the beginning of the first term, we will arrange a short session for all first-year graduate students with one of the members of the department to enter your questions about department policy on graduate study in economics at M.I.T.

Most of the economics books and journals you will need can be found in Dewey Library. On Registration Day, beginning at about 3:00 p.m., Miss Klingenhagen, the head librarian will give entering students her Grand Tour of the library. You will find that it is quite easy to make use of Dewey’s reading and research facilities. You will also find that the freedom of individual movement is relatively greater than in most large institutional libraries (including some other M.I.T libraries). This, of course, behooves students to comply with a few wishes of the library staff regarding (the relative absence of) noise and the process of checking out, caring for, and returning books. If you have questions, suggestions, or complaints, see Miss Klingenhagen, Mr. Presson, or anyone else on the library staff. Do not hesitate to ask the library to get any books relating to economics which they do not have, or of which more copies are required. Of course, the longer lead time you give on your requests for books, the better the library is able to serve you.

The huge library resources of Harvard have become less accessible recently, but they can be used on occasion given sufficient ingenuity and a modicum of determination. Widener is the most attractive and of course the most restricted library at Harvard. Littauer (economics and public administration) and Baker (business school) are both available without much trouble, at least for in-room use and certain stack privileges. The surest way to gain access to all this wealth is to take a course at Harvard. Short of this direct (and perhaps painful?) approach, more devious and less certain means must be employed.

The Graduate Economics Association

As you may have guessed, the GEA is comprised of all graduate students in economics. Its functions are to provide services involving external economies. This includes a lounge, economics seminars, social functions, student-faculty liaison, and the present opus. All this is run on the paltry sum of $2.00 per member per year, payable at the cocktail party to be held on:

Registration Day, September 20, 1965

On Registration Day, the GEA will sponsor a cocktail party to celebrate your entrance and the beginning of classes the next day. TIME: 4:00 p.m. PLACE: Faculty Club Penthouse on the 6-1/2 floor of the Sloan Building. The first two drinks will be subsidized to the amount of $0.50; anyone who thinks he can stand a third (or fourth…) will have to subsidize himself (note we said “sponsor” a cocktail party). The primary purpose of the party is to afford everyone an opportunity to meet his colleagues, both new and “old” students and faculty.

Earlier in the day, from 10-12 a.m., the GEA will provide (not sponsor) a free advisory service to clear up confusion and to give life and meaning to catalogue course descriptions. GHQ for this service will be the Economics Lounge on the second floor of the Sloan Building.

LIVING IN THE BOSTON AREA

Geography

Boston, like all great metropolitan areas, is a slum-infested city surrounded by hundreds of suburbs. You will quickly find that each landlord sells the combination of housing and location, and that a good location may come dear. Yet it will also be discovered that the good locations and the popular may differ markedly, especially for you. The Sloan Building is located in an industrial district, and there is little in the way of living quarters in that part of Cambridge. On the other hand, just across the “Pepperpot” Bridge is Beacon Hill. This famous address is actually a paradoxical combination ranging from the homes of some of Boston’s venerable old families, to near-slums with various degrees in between which are acceptable to a struggling graduate student. The whole riverside area from there up to the Fenway lies within possible walking distance and abounds with possible living accommodations. Moving further back, rents become cheaper and flats more modest as we go into the Back Bay area. The adjacent suburbs such as Allston, Brighton, Brookline, Somerville, Watertown, and, for that matter, the other parts of Cambridge itself offer still more in the way of apartments, remodeled homes, and, for the single person, rooming houses. (There are some good rooming houses for singles just off Central Square.) Cambridge, especially in the Harvard Square area, tends to charge for location. Obviously you can evaluate this in terms of the time and money that the distance involves. Whether you have a car or whether you can get into a car pool with a fellow student will contribute to this decision. But don’t plan on parking privileges at M.I.T. The parking lot next to the Sloan Building is filled with construction. Even in better days students seldom qualify for “a parking sticker.” it would be wise to write the Campus Patrol for an application, but the general rule is you must live outside of Cambridge and off the MTA routes. Then available spaces are allotted by seniority (leaving Graduate Students next to last). The public transportation in Boston is probably more adequate than those who suffer with it like to think. Fares are 20 cents for the subway, and 10 cents for most surface transit.

Housing

Housing in the areas listed above is a problem for everyone, especially those who are on a tight budget (i.e., everyone). For unmarried students, the solutions are: the Graduate House, a room, or an apartment. The alternatives to the new M.I.T. housing for married students are an apartment or a house. Some sources of information on available accommodations are:

–the M.I.T. housing office in Building 7, Room 7-102. Up-to-date listings are available.

–Phillips Brooks House at Harvard (supposedly for Harvard students, but no questions are asked). Up-to-date listings are available.

–bulletin boards, at M.I.T.: Graduate House, Dewey Library (in Sloan Building), Building 10; at Harvard: ask bearded students; and at the Stop & Shop Supermarket on Memorial Drive, Cambridge.

–local newspapers, especially the Sunday Globe, Tech Talk, Harvard Crimson.

–real estate agents, pavement pounding, asking everyone, putting up notices, etc.

You will find that rents may be found in the neighborhood of $70 per month and (mostly) up for good apartments, $110 to $150 (for two persons), and that rooms may go for a little as $10 per week. If you can, come up early and spend a day or two looking. Don’t get discouraged by the places or prices, since there are good places available, particularly before the first week of September. Anyone who waits until after September first, however, will almost certainly find his choice limited. Most leases run for 12 months, expiring the end of August. As you shall probably have to pay for the entire month of September, this is an additional incentive to arrive early, whenever possible.

Furniture

Here again the situation is confusing. The extra cost of a furnished apartment may be far greater than the value in use of the furniture. There are numerous ways to obtain furnishings. First, check the bulletin boards, although these are the most fruitful in May and June. Second, call the M.I.T. Dames who hold a furniture sale each fall (M.I.T. Student Furniture Exchange, Ext. 4293). Rental services can be a good value, and there are a large number of secondhand dealers. Massachusetts Avenue, in Cambridge, between Central and Harvard Squares, is lined with these places. Charitable groups such as the Salvation Army, the Morgan Memorial, and the Saint Vincent de Paul Society also sell second-hand furniture. On the other hand, judicious shopping in the legitimate new furniture stores and discount houses such as Sears or Lechmere Sales may yield better values in the long run. As might be expected, those firms specializing in the student trade raise prices come September—therefore, early arrival and use of more general sources is advisable. Last fall I became the Chippendale of amateur furniture makers and would be happy to give advice on this, if requested.

Graduate House

For unmarried students who want to avoid housekeeping, the Graduate House may be the answer. On paper the House, with its activities, dining room, and proximity to campus, seems ideal. Prices range from $160 to $235 a semester, and it is quite likely that you will be paying the higher prices, as there are many more rooms available in this range—all triples. Singles are almost impossible to obtain as a first-year student; further, the chances of rooming with a fellow economist are quite small. However, it has been possible in the past to switch roommates and/or rooms during the year if desired.

The rooms are fully furnished, which is a help, and contain lamps, beds, desks, easy chair, and bureaus. With the latest rent increase, the Institute also cut down janitorial service and stopped providing linen. There are washing machines in the basement, where the showers are also located. It is an old but well-kept-up building. Some of the rooms are on the dingy side, but they are large if nothing else (except for some of the singles, which look like converted closets).

There is a cafeteria-dining room in the Graduate House, which serves somewhat-better-than-average institutional food on a pay-as-you-eat basis; meal costs here are likely to run close to $3.00 per day (for three meals). You can contract for commons meals, arranging for these either at the Grad House or at Walker Memorial, or a combination of the two (breakfast at the Grad House, lunch and dinner at Walker, has proven convenient for Grad House residents who spend their life in the relative isolation of the Sloan Building). Walker Memorial is close to 5 minutes walk from the Grad House, but on the way to the Sloan Building, and provides a gathering spot for many economics students at lunch and dinner. For the single student, these gatherings can be a valuable aspect of life around M.I.T. The Grad House sponsors assorted dances, teas, and lectures, and is equipped with ping-pong, television, a record player, and a darkroom. There are intramural sports and you are allowed to entertain guests at any time. There is generally a long waiting list for entry into the Grad House, but students who have lived there recommend it highly, and well worth the effort of applying. A check at the House on arrival may reveal that the waiting list has shortened considerably as people changed their mind, went elsewhere, or otherwise dropped out.

Parking around the Graduate House is quite difficult, but not impossible. Parking permits to the House parking lot are next to impossible to obtain unless there is a special reason. The lot is open to all, however, on weekends, and occasional weekday parking in the lot usually leads to no difficulty.

Roomates

While normally considered a personal problem, we sympathize with the desire of some incoming graduate students to make contact with other members of your class in hopes of sharing an apartment (sounds like a lonely hearts club). Therefore, for your convenience (and to satisfy your curiosity), we have included a list of students admitted for next fall. If any of you want to make contact with classmates, send your name back to me by the end of May, plus your summer address, and I will compile a short list of those desiring roommates. This will be returned to the interested parties. All further action must be initiated by you. Correspondence during the summer might more safely be addressed to Myra Strober. (See last page)

The Coop

You are entitled to be a member of the nation’s most successful consumers’ cooperative—the Harvard Cooperative Society (or Coop). Its main store in Harvard Square stocks a full line of clothing, supplies, books and other needed items, and its Technology Store—to be located on the first floor of the new M.I.T. Student Union—on Massachusetts Avenue across from the main building of M.I.T.—carries a moderate number of these items and can, if feasible, have others transferred. The big advantage is that you get a 10 per cent discount on your purchases payable the following fall. (Economists have often wondered how all the bookstores in Harvard Square meet this competition. Apparently they can survive without following the same course; but one, the Mandrake, does give a 10 per cent spot discount which is, of course, even better than the Coop’s deferred 10 per cent. However, some negotiating may prove that the practice is more widespread than that.)

Employment for Students

Summer jobs and part-time jobs are handled through the Placement Office and/or the Department of Economics. See Professor Kindleberger or Miss Tapley for this.

Employment for Wives

The search for jobs for students’ wives can be something of a struggle. As in all cities women will find:

–employers are more interested in secretarial skills than higher education

–the fields where women can use their special training are those in which there is a shortage of men—the sciences in particular

–the average Boston company has little faith in the career girl, and she is likely to get passed over in favor of the male

The large employers in Boston are the insurance companies and banks, and the schools such as M.I.T. and Harvard. They are all constantly searching for qualified people, though the emphasis is generally on secretarial and clerical rather than professional or administrative jobs. At the Institute, both the Office of Personnel Relations and the Technology Dames are particularly interested in helping students’ wives find jobs.

There are commercial employment agencies which charge a week’s salary (or more) for placement, but they tend to be fee-happy and should be a last resort. However, the Women’s Educational and Industrial Union at 264 Boylston Street, Boston, is said to combine real counseling, consideration of your interests, and wide variety of jobs. The Boston Globe has the best listing of employment opportunities of all the papers.

Another field worth exploring, as we are told, is teaching in one of the private schools which may be open to women with college degrees even if they have had no formal training in education. However, they may require experience. The public school systems are a mass of prejudices, arbitrary rules, and other impediments to hiring. As a start, on requires American citizenship and certification by the Massachusetts Department of Education. For such work you will obviously need education courses and may find bars against you due to lack of experience or because of marriage. Surprising as it may seem, the suburban public school systems, which are the more attractive from a teacher’s standpoint, seem to be more willing to hire working wives of students than do the Boston or Cambridge Systems.

Miscellaneous

Harvard and M.I.T. students put out various unofficial guides to graduate school life, full of information on the worldly temptations of the area (music, women, restaurants, etc.). These are worth reading even if you are sure you will never stray from the path of duty. A copy of M.I.T.’s guide is sent to American students only, with admissions material. We will have copies of the guide available for those who did not receive them at the desk of the registration officer’s secretary (room 52-380) on registration day.

Owning a car here is extremely expensive and inconvenient, but the alternatives do not appeal to many people. Since Massachusetts auto registration and insurance in the Cambridge-Boston area are very expensive, you will be well advised to maintain your home-state registration. Daytime parking around M.I.T. is difficult, unless you arrive by 8:00 a.m. or are prepared to pay or walk. As was noted above, Tech parking lots are for staff, employees, and those who live far away (in the past this has meant outside Cambridge and off the M.T.A. routes) or are disabled. If you get lost frequently while driving in Boston, you are normal, but otherwise traffic is no heavier than in other cities. The style of driving takes some getting used to, but you can stand up to anyone except taxis and pedestrians.

Finally, here is a way to be one-up around M.I.T. The secret is numbers. Buildings, courses (i.e. fields of study), subjects, rooms, and books carry numbers, as do students. Example: your number is 658350, as you find out from your registration card. You are in Course XIV (Economics and Social Science), you are taking 14.121 (a first-semester, graduate economics subject), which meets in room 52-143 (Sloan Building, first floor, room 43.)

If you have any questions in the meantime, I would be happy to hear from you: my address is listed below. When you arrive at M.I.T., others will be pleased to answer any questions, and I will usually be available around the Dewey Library or the Economics Department on weekdays. The place is small enough that there should be no difficulty finding me there.

In closing, let me once again encourage you to write me if you have any questions, problems—or just to say hello. In any case, I look forward to seeing you come September.

Sincerely yours,
[signed]
Lovell S. Jarvis

GEA Officers

President Secretary-Treasurer Seminar Chairman
Lovell S. Jarvis
417 East Tenth Street
Winfield, Kansas
(During April and May, Room 52-371, M.I.T.)
Myra H. Strober
368 Riverway
Boston, Massachusetts
William M. Vaughn, III

Source: M.I.T. Archives. Department of Economics Records. Box 2, Folder “1969 G.E.A. 1970”

Source: Historical Working Papers on the Economic Stabilization Program …, Part 3, By United States. Department of the Treasury. Office of Economic Stabilisation, p. 1496.

Categories
Johns Hopkins Suggested Reading Syllabus

Johns Hopkins. Reading List for Monetary Economics, William Poole, 1964

 

Typically one encounters the work of senior scholars without having much of a clue about what they might have been like when they were young. While there is the occasional Peter Pan among us who have lived long lives as Wunderkinder (e.g. Paul Samuelson), the overwhelming majority of academic economists have developed, some even in a positive sense, so it is useful to have material from different points in their individual life cycles. This post provides a small window into the academic life of a young economist who was to go on to become a member of Ronald Reagan’s Council of Economic Advisers and the eleventh president of the Federal Reserve Bank of St. Louis, Professor William Poole. The reading list for monetary theory transcribed below comes from his second year at the Johns Hopkins University.

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William Poole’s Fed Biography

William Poole became the eleventh president of the Federal Reserve Bank of St. Louis on March 23, 1998, and retired March 31, 2008.

Poole was born in Wilmington, Delaware. He received a bachelor’s degree from Swarthmore College in 1959 and a master’s degree and a doctorate in economics from the University of Chicago in 1963 and 1966, respectively. Before joining the St. Louis Fed, Poole was Herbert H. Goldberger Professor of Economics at Brown University. He served on the Brown faculty from 1974 to 1998 and the faculty of Johns Hopkins University from 1963 to 1969. Between these two university positions, he was senior economist at the Board of Governors of the Federal Reserve System. He was also a member of the Council of Economic Advisers in the first Reagan administration from 1982 to 1985.

Poole has published numerous papers in professional journals and engaged in a wide range of professional activities. He has published two books: Money and the Economy: A Monetarist View in 1978 and Principles of Economics in 1991 (coauthored with J. Vernon Henderson). During his ten years at the St. Louis Fed, he delivered over 150 speeches on a wide variety of economic and finance topics.

In 1980 and 1981, Poole was a visiting economist at the Reserve Bank of Australia; in 1991, he was the Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. He has served on various advisory boards of the Federal Reserve Banks of Boston and New York and the Congressional Budget Office. He is a senior fellow at the Cato Institute, distinguished scholar in residence at the University of Delaware, senior economic adviser to Merk Investments, and a special adviser to Market News International.

Swarthmore honored Poole with a doctor of laws degree in 1989. He was inducted into the Johns Hopkins Society of Scholars in 2005 and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.

Source: William Poole page at the Federal Reserve History Website

______________________

THE JOHNS HOPKINS UNIVERSITY
Monetary Theory—361
Fall 1964

W. Poole

READING LIST

TEXT: A.G. Hart and P.B. Kenen, Money, Debt and Economic Activity (3rd. ed.)

I The Nature of Money

Hart & Kenen, “Introduction”
D.H. Robertson, Money, Ch. 1, pp. 41-50

II The Supply of Money

Hart & Kenen, Chs. 1-7
E.S. Shaw, Money, Income and Monetary Policy, Chs. 2, 3, 6, 10
A. Hansen, Monetary Theory and Fiscal Policy, Ch. 2
B. Kragh, ”Two Liquidity Functions and the Rate of Interest,” R.E. Stud. 17 (2) (1949-50) pp. 98-106
M. Friedman, “Commodity-Reserve Currency,” JPE 59 (June, 1951) pp. 203-32; reprinted in M. Friedman, Essays in Positive Economics, pp. 204-50

III Classical Quantity Theory

Hart & Kenen, Ch. 11
I. Fisher, The Purchasing Power of Money, Chs. 1-5, 8
A.C. Pigou, “The Value of Money,” QJE 32 (1917-18) pp. 38-65; reprinted in RMT, pp. 162-83
A. Hansen, Ch. 3

IV The Demand for Money and the Rate of Interest

Hart & Kenen, Ch. 14
J.M. Keynes, The General Theory of Employment, Interest and Money, Chs. 13-15, 17
A. Hansen, Ch. 4
W.J. Baumol, ”The Transactions Demand for Cash: An Inventory Theoretic Approach,” QJE 66 (Nov. 1952), pp. 545-56
J. Tobin, “The Interest-Elasticity of Transactions Demand for Cash,” R.E.Stat. 38 (Aug. 1956), pp. 241-47
_________, “Liquidity Preference as Behavior Towards Risk,” R.E.Stud. 25 (2) (Feb. 1958), pp. 65-86
M. Friedman, “The Quantity Theory of Money—A Restatement,” in M. Friedman (ed.) Studies in the Quantity Theory of Money

V Money and Economic Activity

Hart & Kenen, Chs. 12, 13
J.M. Keynes, Chs. 7-12, 18
M. Bailey, National Income and the Price Level, Chs. 1,2
A. Hansen, Ch. 5
J.R. Hicks, “Mr. Keynes and the ‘Classics’: A Suggested Interpretation,” Econometrica 5 (April 1937), pp. 147-59

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy Series 6, Box 1, Folder “Course Outlines and Reading Lists, ca. 1950, 1963-68”.

Image Source: William Poole at the Federal Reserve Centennial, 2014.

Categories
Columbia History of Economics

Columbia. Reading List. Economic Thought Before Adam Smith. Dorfman, ca 1947

 

The following course reading list was included with other history of economics reading lists in Joseph Dorfman’s papers at Columbia University. Course catalogues from 1945-46 through 1957-58 were examined and they confirm that this course was indeed taught by Joseph Dorfman. While listed as offered during the 1947-48 and 1948-49 academic years, the course was explicitly bracketed as not offered from 1949-50 through 1957-58. The course was not offered before 1947-48.

____________________

Course Announcement 1947-1948
[also 1948-49]

Economics 111—History of economic doctrine to Adam Smith. 3 points Winter Session. Professor Dorfman.

Tu.Th. 1:10. 310 Fayerweather.

Various systems of economics with especial attention paid to the wider aspects of connection between theories and organization of industrial society at the time. Antiquity; Middle Ages; mercantilists; Physiocrats; and English precursors of Adam Smith.

Source: Columbia University. Bulletin of Information. Forty-seventh Series, No. 38 (September 13, 1947). Announcement of the Faculty of Political Science for the Winter and Spring Sessions 1947-1948, p. 46.

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ECONOMICS 111

Ashley, W. J. An Introduction to English Economic history and Theory, Chapter VI

Beer, M. An Inquiry into Physiocracy

Beer, M. Early British Economics

Bonar, James Philosophy and Political Economy

Bonar, James Theories of Population

Dempsey, Bernard W. Interest and Usury, Chap. 4-7

Heckscher, Eli Mercantilism

Higgs, Henry The Physiocrats

Johnson, E. A. J. Predecessors of Adam Smith

Laistner, L. M. Greek Economics

Monroe, Arthur Eli Early Economic Thought

Monroe, Arthur Eli Monetary Theory Before Adam Smith

O’Brien, G. An Essay on Medieval Economic Thinking

Somerville, et al. “Interest and Usury,” The Economic Journal, vol. 41, pp. 646-49; vol. 42, pp. 123-37, 3112-23

Viner, Jacob Studies in the Theory of international Trade, Chapters 1 and 2.

Ware, Norman J. “The Physiocrats”, The American Economic Review, XXI, pp. 607-19

Mitchell, The Background of Greek Economics (pp. 24-37)

 

Source: Columbia University Libraries. Manuscript Collections. Joseph Dorfman Collection. Box 13, Folder “College Bound Reports. Examination questions”.

Image Source: From Joseph Dorfman’s 1973 Columbia University picture Identification Card in Joseph Dorfman Collection, Box 13, Unlabelled Folder.

Categories
Brookings Chicago Economists Gender Social Work

Chicago. Economics Ph.D. alumna. Helen Russell Wright, 1922

 

From the days when economics still had room for policies of social work, Helen Russell Wright, economics Ph.D. alumna of the University of Chicago (1922). 

_______________________

Helen Russell Wright.

1891, February 26. Born in Glenwood, Iowa.
1912. A.B. Smith College.
Studied economics and social work in the Chicago School of Civics and Philanthropy (CSCP) under Sophonisba Breckenridge and Edith Abbott
1912-13. Appointed research student in the Department of Social Investigation. (CSCP)
1913. Certificate of the Chicago School of Civics and Philanthropy.
1913-14. Senior Research Studentship (honorary). Department of Social Investigation (CSCP)
1914-15. Senior Research Studentship (honorary). Department of Social Investigation (CSCP)
1917-18.  Research assistant at Department of Social Investigation (CSCP)
1918-19. Assistant in Social Investigation (CSCP).
1919-1920. Assistant in Social Investigation (CSCP).
1920-21
. Fellow in Political Economy, University of Chicago.
1922. Ph.D. University of Chicago. Thesis: The political labour movement in Great Britain, 1880-1914.
1922. Children of Wage-Earning Mothers: A Study of a Selected Group in Chicago. U.S. Department of Labor, Children’s Bureau, Publication No. 102. Washington: Government Printing Office, 1922.
1922-24. Senior Staff member, Brookings Graduate Institution of Economics, Washington, D.C.
1924-28. Member of the faculty of the Brookings Graduate Institution of Economics, Washington, D.C.
1926. Co-authored with Walton Hale Hamilton, The Case of Bituminous Coal. New York: The Macmillan Company, 1926.
1928. Co-authored with Walton Hale Hamilton, A Way of Order for Bituminous Coal. New York: The Macmillan Company, 1928.
1928. Joins University of Chicago’s School of Social Service Administration.
1931. Associate Professor of Social Economy, Graduate School of Social Service Administration, University of Chicago, Chicago, Ill.
1938. Professor and Assistant Dean of the School of Social Service Administration, University of Chicago, Chicago, Ill.
1944. Social Service in Wartime. Chicago: University of Chicago Press.
1942-1956. Succeeded Edith Abbott as Dean of the Social Service Administration, University of Chicago.
1950-56. Editor of the Social Service Review.
1954. Received the University of Chicago’s alumni medal.
1955. Illinois Welfare association’s annual award for outstanding service in 1955.
1956. Retired from the University of Chicago
1957-58. Chief of a technical assistance team of the Council on Social Work Education to assist the development of the schools of social work in India.
Part-time teaching at the University of Southern California.
1969, August 14. Died in Pasadena, Los Angeles, California.

 

Image Source: Helen Russell Wright’s senior year portrait in Smith College, The 1912 Class-Book, p. 56.

Categories
Chicago Exam Questions Socialism Suggested Reading Syllabus Undergraduate

Chicago. Readings and exam for “Wage-labor and capital”, 1970

The following set of course materials from the University of Chicago was included in a folder for “Comparative Economic Systems” in Martin Bronfenbrenner’s papers at Duke University. According to his c.v. he would have still been a professor at Carnegie Tech at that time and there is no mention of a visiting professorship at Chicago. As it turns out, I was correct in presuming that this was not a course taught by Bronfenbrenner. The Head of Research and Instruction of the Special Collections Research Center at the University of Chicago Library, Catherine Uecker, consulted the course timetable for the spring quarter 1970 and found that the instructor was Professor Gerhard Emil Otto Meyer.

_______________________

Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

GRADE REQUIREMENTS:

a) term paper
b) final examination

TENTATIVE READING LIST (subject to some changes)

Note: All readings except those labelled as “optional” (Opt.) are required. Each student is expected to read, in addition to all required readings, some agreed-upon optional readings which may, but need not, be taken from the list below. The following readings are more or less systematically listed, not in the order they will be assigned.

  1. Karl Marx

Capital, vol. I, chs. 4-9; 11-12; 15 (sec. 1-7); 16-19; 25 (sec. 1-4); 32 (chs. 10 and 24 optional).

The Communist Manifesto
Wage-Labor and Capital
Value, Price and Profit
Critique of the Gotha Programme
[These four readings are available in many editions; conveniently combined in K. Marx and F. Engels, Selected Works (paperback, International Publishers)]

The Economic and Philosophic Manuscripts of 1844, trans. By M. Milligan (International Publishers), pp. 65-91, 106-131 (pp. 132-164 optional)

Marx’s “Enquête Ouvrière” (mimeographed)

  1. Interpretive Materials on Marx’ Theory (in general, and on Labor-Capital Relations in particular)

Sweezy, Paul M., The Theory of Capitalist Development, Introduction and chs. 1-5 (optional, recommended for those who need a general survey of Marxian “economics”)—or

Ernest Mandel, Marxist Economic Theory (2 vols.), ch. 1-5 (optional-alternative to Sweezy)

Sowell, Thomas, Marx’s “Increasing Misery Doctrine” (mimeographed)

Avineri, Shlomo, The Social and Political Thought of Karl Marx chs. 2-4 and 6 (opt.)

Lefebvre, Henri, The Sociology of Marx, ch. 4 (opt.)

Dahrendorf, Ralph, Class and Class Conflict in Industrial Society, ch. I (opt.)

  1. Modern Economic Theory (especially Wage and Employment Theory):

Hicks, J.R., Theory of Wages (selections) (opt.)

Douglas, Paul H., Theory of Wages (selections) (opt.)

Robertson, D.H., Lectures on Economic-Principles, vol. II, (selections) (opt.)

  1. Modern Sociological Theory with special regard to Problems of Class, Work and Alienation)

Dahrendorf, Ralph, (see above under B), ch. 2 ff. (opt.)

Bendix, R. and S.M. Lipset, Reader on Class, Status and Power (First and Second Editions) (selections) (opt.)

Arendt, Hanna, The Human Condition (selections) (opt.)

Bell, Daniel, The End of Ideology, esp. chs. 12 and 16 (Opt.)

Ruitenbeck, H.M. (ed.), Varieties of Modern Social Theory (selections) (opt.)

Blauner, Robert, Alienation and Freedom (selections) (opt.)

Josephson, E. & M., (ed.), Man Alone. Alienation in Modern Society. (selections) (opt.)

  1. Marxian and Modern Theory Confronting Each Other

Horowitz, David. (ed.), Marx and Modern Economics, pp. 68-116 (other essays opt.)

Robinson, Joan, An Essay on Marxian Economics (opt.)

Lange, Oskar, Political Economy, vol. I (selections) (opt.)

Schumpeter, Joseph, Capitalism, Socialism and Democracy, part I (opt.)

Aron, Raymond, Main Currents in Sociological Thought, vol. I, pp. 107-180 (opt.)

Kerr, Clark, Marshall, Marx and Modern Times (opt.)

Wolfson, Murray, A Reappraisal of Marxian Economics, ch. 1-3 (opt.) (Penguin Bks.)

Samuelson, Paul, “Wages and Interest: Marxian Economic Models” Am. Ec. Review, Dec. 1957) (opt.)

Selected theoretic and empirical materials on technological unemployment and automation (to be announced).

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Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

Supplementary List of Optional Readings

1) to Section B:

Solow, Robert, “The Constancy of Relative Shares” in American Economic Review, September 1958.

Ossowski, S., Class Structure in the Social Consciousness

Wesolowski, W., “Marx’s Theory of Class Domination” in: Lobkowitz, H., ed., Marx and the Western World

2) to Section C:

Dobb, M, Wages

Rees, R., The Economics of Trade Unions (both these books are published in ‘Cambridge-Chicago Economic Handbooks’ series)
Hicks, J.R., Theory of Wages has been published in a second edition with important additions and commentary

3) to section D:

Bottomore, T.B., Classes in Modern Society (paperback)

4) to section E:

Robinson, Joan, Economic Philosophy, ch. II

Adelman, Irma, Theories of Economic Growth and Development, ch. 5

5) on technological unemployment and automation:

Lederer, Emil, Technical Progress and Unemployment (International Labour Office) 1938

Woytinsky, W., Three Sources of Unemployment (International Labor Office) 1935

Kaehler, Alfred, “The Problem of Verifying the Theory of Technological Unemployment” in Social Research, vol. II, 1935

Neisser, Hans P., “Permanent Technological Unemployment” in Am. Economic Review, March 1942, pp. 50-71

“The Triple Revolution” in Fromm, E., ed., Socialist Humanism, pp. 441-461

Marcuse, H., Five Lectures, esp. lecture V, “The End of Utopia”

Brunner, Karl, “The Triple Revolution and a New Metaphysics” in New Individualist Review, Spring 1966 (vol. 4, no. 3)

Silberman, Charles E., and the edition of Fortune, The Myth of Automation

Brozen, Yale, Automation: The Impact of Technological Change (1963)

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Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

Take-home Examination:

Directions: Write two essays, one from group A (topics 1-5) and one from group B (topics 6-11). Devote approximately one hour on each essay. Return the examination to Gates-Blake 431 or 428 not later than Thursday, June 11, at 12:30 P.M. Indicate on your examination a) which kind of grade you expect (P., I. or letter grade) and b) topic of oral report or term paper you have completed or intend to write. If a member of the class wishes to obtain a letter grade (i.e. grade other than P or I) this quarter, the term paper should be handed in not later than Friday, June 12, at 5 P.M. (in G-B 431).

(In none of the topics listed below, will you be graded on the basis of the position taken by you, but rather with regard to the quality of your analysis or argument).

Group A (Choose one topic)

Topic 1. Explain (as far as possible in your own terms) what Marx means by the “wage-labor system” as distinguished from other types of social-economic organization.

Topic 2. In what respects did Marx modify (or retain) his views concerning increasing working class misery (as expressed in the Communist Manifesto) in his later writings?

Topic 3. How do, according to Marx, different kinds of capitalistic accumulation processes affect the position of wage-laborers and the general wage-labor system?

Topic 4. How does Marx conceive the end of the capitalistic system?

Topic 5. Explain the relationship between alienation, exploitation and class domination in Marx (i.e. the younger or more mature one; or both).

Group B (Choose one topic)

Topic 6. Characterize broadly the major differences in the general approach (or “method”) of Marxian theory and “modern” social science.

Topic 7. In what substantive respects do major Marxian theories appear to be paralleled (or confirmed) or contradicted by results of ‘modern’ social sciences?

Topic 8. Does the abandonment of Marx’ labor-theory of value (and the consequent particular theory of surplus value and exploitation) necessarily imply a stand in support of private property and private enterprise?

Topic 9. Assuming that Marxian (classical and present-day) and non-Marxian (“modern”) social analysis are both live options and both faced with new difficulties, problems, and tasks, how would you broadly assess the most fruitful directions(s) of “praxis”-oriented social enquiry?

Topic 10. (If you did not choose topic 5 in Group A): Restate Marx’s conception of “freedom” (with regard to its most relevant social-historical dimensions and stages) in brief contrast with alternative conceptions of freedom.

Topic 11. Choose one of the optional readings not used by you for term paper or oral report and use it either as basis for comment on Marx’ views (concerning the condition of wage-labor) or, vice versa, as object of comments from a “Marxian” point of view.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Martin Bronfenbrenner Papers, Box 23, Folder “Comparative Economic Systems a.d.”.

Image Source: From the 65th birthday dinner honoring Gerhard Meyer at Hutchinson Commons. University of Chicago Photographic Archive, apf1-04472, Special Collections Research Center, University of Chicago Library.

Categories
Princeton Suggested Reading Syllabus

Princeton. Reading assignments. Graduate International Trade. F.D. Graham and C.R. Whittelsey, 1930-34

 

For this post Economics in the Rear-view Mirror has transcribed the reading assignments for Princeton’s graduate course “International Trade Theory” for the academic years 1930-31 (F. D. Graham), 1931-32 (C. R. Whittlesey), and 1933-34 (F. D. Graham). The typed lists come from Frank W. Fetter’s papers at the Economists’ Papers Archive of Duke University and are found in a folder along with Fetter’s handwritten notes for the course in 1932-33 that was taught by Graham.

Frank W. Fetter and C. R. Whittlesey co-taught the companion course, Economics 526 “International Economic Policies” during the second semester of 1933-34.

____________________

Graduate Course in International Trade.
Assignments, 1930-31
F. D. Graham

Bastable: Theory of Foreign Trade.

Mun: Englands Treasure by Forraign Trade.
A. Smith: Book II, Ch. 5; Bk. IV, Chs. 1, 2, 3.

Ricardo: Chs. 17, 19, 22.
Mill: Chs. 17, 18, 19, 21.

Cairnes: Part III, 1, 2, 3, 5.
Graham: QJE 1924, Theory of International Values Reexamined

Marshall: Money, Credit and Commerce, Bk III.
Taussig: International Trade.

Graham: QJE, Some Aspects of Protection.
Knight: Criticism of Graham and reply, QJE.

Marshall: Appendix.
Pigou: Protective and Pref. Import Duties.
Dietzel: Retaliatory Duties, Omit Ch. III.

Angell: Theory of International Prices, to p. 199.

Patten: Economic Basis of Protection.
Angell: Theory of International Values, Continental Th. Hist.

Taussig: Readings in International Trade—Wagner, Schuller International Trade, chs. 11, 12, 13.
Viner: Dumping, first (theoret.) part
Graham: Review of Dumping.

Viner: Canada’s Balance of International Indebtedness (omit techni. Part)
Taussig: Int. Trade Under Deprec. Paper, QJE 1917
Graham: Do QJE 1922

Goschen: Foreign Exchange
Cassel: Money & Foreign Exchange. P.P.P. notion
Graham: Self-limiting and Self-inflammatory movements QJE 1929
Germany’s Capacity to Pay. AER June 1925

Pigou: Some Problems of Foreign Exchange, Econ. J. 1920.
League of Nations Papers: Brussels Fin. Conf., entitled “Exchange Control”

Graham: The Young Plan, Alumni Weekly
_______: Exchange, Prices, and Production (omit Part III)

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Frank Whitson Fetter Papers, Box 55, Folder “Teaching. Ec-International Trade Theory (Princeton University) Assignments, Syllabi, notes, 1930-1934”.

____________________

Graduate Course in International Trade.
Assignments, 1931-32
C. R. Whittlesey

Mun: England’s Treasure by Forraign Trade.
A. Smith: Wealth of Nations, Book II-5; Bk. IV-1, 2, 3.

Ricardo: Chs. 17, 19, 22.
Mill: Bk. III, chs. 17, 18, 19, 21.
Cairnes: Part III, chs. 1, 2, 3.

Nassau Senior: On the Cost of Obtaining Gold, 35 pp.
Bastable: Theory of Foreign Trade.

Taussig: International Trade.
Marshall: Money, Credit and Commerce, Bk III.

Graham: Theory of International Values Reexamined, Q.J.E., Nov. 1923.
C.R.W.: Foreign Investment & Terms of Interchange.
Williams, J.H.: The Theory of International Trade Reconsidered. Economic Journal, June 1929, pp. 195-209.

Whittlesey: Article on Stevenson Plan.
Patten: Economic Basis of Protection.
Graham: Some Aspects of Protection Further Considered. Q.J.E. Feb. 1923
Knight: Criticism. Q.J.E. August 1924.
Graham: Reply and Rejoinder. Feb. 1925
Broster, E.J. Proposal for a Scientific Tariff. Econ. Journ. June 1931, 313-16.

Wagner: Agrarian vs. Mfg. State in Taussig: Readings (ch. 13)
Brentano: Terrors of Industrial State in Taussig: Readings (ch. 15)
Dietzel: Retaliatory Duties (whole book)
Pigou: Protective and Preferential Duties.

Viner: Dumping. (Theoretical part) pp.
Graham: Review. June 1924, A.E.R., pp. 321-4

Keynes: Treatise on Money, last ch. Of Vol I
Taussig: Trade Under Depreciated Paper, Q.J.E., May 1917, pp. 380
Graham: Trade Under Depreciated Paper, Q.J.E., Feb. 1922, pp. 220-73
Zapoleon: International & Domestic Commodities and the Theory of Prices, Q.J.E. May 1931, pp. 409-59.
Viner: Canada’s Balance of International Indebtedness. Introduction and Part II.
Graham: Classical Economists and Theory of International Trade.

Viner: Canada’s Balance of International Indebtedness. Introduction and Part II.
Goschen: Foreign Exchange.
Graham: Hyper-Inflation, pp. 97-99; 113-49.
Cassel: Money and Foreign Exchange After 1914. pp. 137-202.
Graham: Germany’s Capacity to Pay and the Reparation Plan. A.E.R. June 1925.

N. Senior: On the Transmission of the Precious Metals.
Pigou: Some Problems of Foreign Exchange, Econ. Jour., Dec. 1920, pp. 460-72.
Thomas: Government Control of Foreign Exchange Abroad. Annalist, 11-27-31, pp. 869-71.
League of Nations: Exchange Control (Brussels Finance Conf.)
Baster, A.S., Jr.: A note on Australian Exchange. Econ. Jour., Sept. 1930, pp. 466-71.

Graham: Hyper-Inflation (all the rest)

Angell: Theory of International Prices.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Frank Whitson Fetter Papers, Box 55, Folder “Teaching. Ec-International Trade Theory (Princeton University) Assignments, Syllabi, notes, 1930-1934”.

____________________

List of Readings in International Trade Theory.
1933-34
[F. D. Graham’s Course, Princeton]

Comparative Costs and International Values.

Mun: England’s Treasure by Foreign Trade.
Cantillon: Essai sur la nature In commerce in general
Smith: Wealth of Nations, Book II, ch. 5; Bk. IV, ch. 1, 2, 3.
Ricardo: Principles, chs. 17, 19, 22.
Mill: Principles, Bk. III, chs. 17-22.
Senior: Cost of Obtaining Money
Cairnes: P.E. Part III.
Bastable: International Trade.
Graham: Theory of Int. Values Reex., Q.J.E., 1923.
______: Theory of Int. Values, Q.J.E., 1932.
Ohlin, Interregional and Int. Trade.
Angell, J.W. Theory of Int. Values: Selections
Taussig, F.W. International Trade.
Viner, J. Doctrine of Comparative Costs, Weltwirtschaftliches Archiv, Oct. 1932
Marshall: Money, Credit and Commerce, Bk III and Appendices, F, G, N, J.
Edgeworth: Pure Theory of Int. Values in Papers.

Monetary Mechanism

Senior: Distribution of Precious Metals.
Cairnes: The Australian Episode
Taussig: Int. Trade under Deprec. Paper, Q.J.E. 1917
Graham: Int. Trade under Deprec. Paper—the U.S., Q.J.E. 1922
______: Exchange, Prices and Prod. Selections
______: The Fall in the Value of Silver, etc. J.P.E. 1931
Viner, J. Canada’s Balance of Payments.
Goschen: Foreign Exchange.
Angell, J.W. Theory of Int. Prices.

Protection

Patten: Economic Basis of Protection
Taussig: Readings in Int. Trade: Schüller, etc.
Dietzel: Retaliatory Duties
Pigou: Protective and Preferential Import Duties.
Copland & others:
Graham: Protective Tariffs
______: Some Aspects of Protection Further Consid. Q.J.E. 1922

Special Problems

Viner: Dumping
Wallace & Edminster: Int. Control of Raw Materials

Foreign Investment

Whittlesey: Foreign Investment and Terms of Trade.
Wilson: Capital Exports and the Terms of Trade.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Frank Whitson Fetter Papers, Box 55, Folder “Teaching. Ec-International Trade Theory (Princeton University) Assignments, Syllabi, notes, 1930-1934”.

Image Sources: Princeton University yearbook Bric-A-Brac. Frank D. Graham (1942) and C. R. Whittlesey (1938).