Category: Berkeley

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Economics Faculty Salaries for 15 U.S. universities. Hart Memo, April 1961

 

Here we have a memo written by member of the Columbia University economics department executive committee, Albert G. Hart, that presents the results of what appears to be his informal polling of the chairpersons of 21 departments. Fifteen of the departments provided the salary ranges at four different ranks. No further details are provided, this one page memo was simply filed away in a folder marked “memoranda”. Maybe there is more to be found in Hart’s papers at Columbia University. Up to now I have only sampled Hart’s papers for teaching materials and perhaps next time, I’ll need to look into his papers dealing with departmental administrative affairs.

For a glance at salaries about a half-century earlier:  Professors and instructors’ salaries ca. 1907. 

________________

AGH [Albert Gailord Hart] 4/21/61

CONFIDENTIAL information on economic salaries, 1960-61, from chairmen of departments

Institution

 Professors Associate professors Assistant professors

Instructors
Harvard

$12,000-22,000

 $9,000-12,000 $7,500-8,700

$6,500
Princeton

$12,000-…?…

 $9,000-11,500 $7,000-8,750

$6,000-6,750
California

$11,700-21,000

 $8,940-10,344 $7,008-8,112

$5,916-6,360
MIT

$11,000-20,000

 $8,000-11,000 $6,500-9,000

$5,500-5,750
Minnesota

$11,000-18,000

 $8,500-11,000 $6,800-8,400

?
COLUMBIA

$11,000-20,000

 $8,500-10,000 $6,500-7,500

$5,500-5,750
Northwestern

$11,000-…?…

 $8,000-11,000 $6,800-7,500

?
Duke

$11,400-16,000

 $8,200-10,000 $7,200-8,200

$5,800-6,500
Illinois

$11,000-15,000

 $7,500-10,000 $6,900-8,600

$6,500-7,100
Cornell

$10,000-15,000

 $8,000-10,000 $6,500-7,500

$5,500-6,500
Indiana

$10,000-14,800

 $8,300-10,000 $6,500-7,500

?
Michigan

$10,000-…?…

 $8,700-..9,500 $6,600-8,000

$5,000
Virginia

$..9,800-15,000

 $7,800-..9,800 $6,600-7,800

?
Wisconsin

$..9,240-16,150

 $8,000-..9,000 $6,550-8,460

$5,250-5,450
Iowa State (Ames)

$..8,500-13,000

 $7,500-..8,500 $6,700-8,000

$4,700-6,600

[…]

Note: The following institutions for which data were not included in the source materials are believed to pay their economists at scales at or above the Columbia level:

Carnegie Tech
Chicago
Johns Hopkins
Stanford
Yale
UCLA

[…]

 

Source:  Columbia University Archives. Columbia University, Department of Economics Collection. Carl Shoup Materials: Box 11, Folder: “Economics—Memoranda”.

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Berkeley Lecture Notes

Berkeley (but maybe Roosevelt College). Notes for 9 lectures on income and employment. Lerner, 1947.

 

 

The following (typed unless noted) lecture series outline by Abba Lerner is quite typical for his lecture notes. When I checked the University of California catalogues for 1945/46 and 1946/47, I discovered that there were no courses numbered in the 300’s at that time. William Fellner did teach a graduate course Economics 235A and 235B “Advanced Money and Credit” that could conceivably have been the relevant course.

It is also quite possible that Lerner’s handwritten note on the first card “Univ. of California Spring 1947” was incorrect. Maybe some day, this loose end gets tied. According to Lerner’s c.v. he was Professor of Economics at the New School for Social Research (1946-47) and at Roosevelt University, Chicago (1947-59).  He also lists visiting professorships at Roosevelt College in the Spring and Summer of 1947. He does not list the University of California for that year.
CV Source: Library of Congress. Papers of Abba P. Lerner. Box 6, Folder 2 “Biographical, 1943-82, n.d.”.

________________________

Income and Employment

9 lectures

  1. I, C Y, S. ✓ defs. ✓ system.
  2. Say and Keynes FF ✓ [functional finance]
  3. Rigidities and Unemployment
  4. The Rate of interest ✓
  5. Neo classical theory of Emp.
  6. Business Cycles
  7. FF and National Debt. ✓
  8. Employment Policy
  9. Sentimental Internationalism.

handwritten: multiplier ✓

handwritten: [Univ. of California Spring 1947]

________________________

INCOME AND EMPLOYMENT 335A

1. F. April 11th, 1947

✓ I and C make Y
✓ S and I. defs.
Steering Wheel
Deficits or big budgets (for defl
Keynes’ Law.
✓ simplicity and complicators.

Ec Steering Wheel
FF and Fed Debt
Integrated FE policy

________________________

INCOME AND EMPLOYMENT 335A

2. F. April 18th, 1947

Repeat I, C, and Y ✓

Functional Finance Principles. ✓
[handwritten: o] six instruments
Deficits or big budgets.

Say’s law and Keynes’ Law. ✓

Refs. Ec Steering Wheel
FF and Fed Debt
Integrated FE Policy

________________________

INCOME AND EMPLOYMENT 335A

3. F. April 25th, 1947

S and I. Pd. count receipts and payments. ✓
increased M. “out of” not ✓
value appreciation (Brookings)

[following section labeled “O” =omit?]
FF and six instruments
            implicit combination
Budgets and Debt Principles fall
Fear of Debt. Internal and External.
grandchildren. Interest Burden.
Real Burden. Inequality.
Inflation and taxes. Incentives
both ways – silent socialism.
What Aternative? Private
Debt worse. efficiency,
price charge, monopolistic
falsification keeps the evil
an especially bad tax system
though private.
Limit and limit.

handwritten addition: multiplier ✓

________________________

INCOME AND EMPLOYMENT

4. F. May 2, 1947

S and I again. govt S and I too ✓

Robertson’s definition ✓ –don’t explain. ✓

Ex ante—no clear meaning. ✓

propensities—equ. conditions. ✓

handwritten addition unclear: low? i

Debt. in- external. grandchild
interest burden. Real burden
inequality inflation and taxes.

incentives and loss offset
silent socialism Alternative?
private debt worse. efficiency
price charge monopoly as bad
tax limit and limit.

________________________

INCOME AND EMPLOYMENT

5. F. May 9, 1947

? No I and S ?

Continue Debt
Real burden
Distribution, loss offset,
socialism, profit rebate,
taxes, bad taxes, why taxes
bad? surplus. departure from
optimum price. what alternative
tax now or later.
troubles those of FE not of Debt.
private debt. efficiency of
private vs. public investment.
monopoly as very bad tax.
(negative rent)

limit and limit (Hansen)

Next Theory of Interest.

________________________

INCOME AND EMPLOYMENT

6. F. May 16, 1947

Conclude Debt.
Private vs. Govt Debt.
greater efficiency
charging average cost
like bad tax worse.

limit and limit.

Theory of Interest.
Classical S & D for saving Handwritten: Define F.E.

 

Handwritten: 7. May 23

Loanable funds ✓
Liquidity preference ✓
Must bring in Income
Assets and Money, (credit & Capital)
o[=omit?] ? Sigma
two margins OK ✓

Next Neo Classical Theory
Business Cycles.

________________________

INCOME AND EMPLOYMENT

8. F. June 6, 1947

Questions on Theory of Interest. ✓
Neo-Classical Theory of Employment
eight stages. Like Int. Th. ✓
Stability conditions
marginal propensity to invest.
marginal efficiency of investment
marginal productivity of Cap.

Business Cycles
expansion and prosperity
prosperity depending on expansion.

Kalecki’s scheme.
(Process analysis)

________________________

INCOME AND EMPLOYMENT

9. Sat. June 7, 1947 (?)

Sentimental Internationalism

Free trade failure
beggar my neighbor
advantages of fixed exchanges
International Monetary Fund.
exchange adjustment vs. price adjustment.
hedging. longterm investment for foreign trade.
competitive devaluation—T.T. ✓

hoarding each others’ currencies
conditions for single currency.
symptom cannot be legislated.

 

Source: Library of Congress. Papers of Abba P. Lerner. Box 22, Folder “Lectures and speeches: Other, 1937-47”.

Image Source: Publicity photo of Abba Lerner from Beth Emet’s announcement of speakers in its 1958 Forum (that included besides Dr. Abba Lerner, the Rev. Martin Luther King, Jr. as well as the actor Theodore Bikel) in Library of Congress. Abba P. Lerner Papers. Box 6, Folder 8 “’B’ miscellany”.

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Berkeley Chicago Columbia Economists NBER New School

Columbia. Memorial Minute for Wesley Clair Mitchell, 1949

 

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

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

______________________

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

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

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

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

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

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

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

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

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

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

 

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

Image Source:Foundation for the Study of Cycles Website  .

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Berkeley Columbia

Columbia Economics Ph.D. Alumnus (1931) and Berkeley professor, Leo Rogin

 

Today we get a glimpse of the life of Russian-born economist Leo Rogin who died at age 54 after having taught twenty years at UC Berkeley.

A additional brief biographical paper of Leo Rogin that highlights his influence on John Kenneth Galbraith:

Robert W. Dimand and Robert H. Koehn. Galbraith’s Heterodox Teacher: Leo Rogin’s Historical Approach to the Meaning and Validity of Economic Theory. Journal of Economic Issues, Vol. 42, No. 2 (June, 2008) pp. 561-568.

________________

Leo Rogin, Economics: Berkeley
1893-1947

by Robert A. Brady, Ralph W. Chaney, and Malcolm M. Davisson

The greatest tribute to Leo Rogin’s intellectual qualities was the response of his students. They invariably reported his classes to be extraordinarily challenging and exhilarating. Few teachers paid so little lip service to the conventional canons of pedagogy, yet few were able to stir up such animated and continuous reëxamination of fundamental propositions which underlie social theory in general and economic theory in particular. Former students are scattered all over the country who, years after, remember his classes as the outstanding intellectual experience of their entire college career.

Part of this experience was derived by contact with his charming personal qualities: an infectious enthusiasm, a wonderful sense of humor, a never failing delight in new ideas, and a great tolerance in outlook and interpretation. Some of these qualities may trace back to a life of rich and varied personal experience. He was born in Mohilev, Russia, on April 18, 1893. His father, manager of a large Russian estate, moved with his family to the United States in 1902, where in due time they became American citizens. Leo Rogin’s early interest was quite naturally devoted to agricultural subjects. He received the B.S. degree in Agriculture from Rutgers College in 1916 and the Ph.D. degree in Economics from Columbia University in 1931. He began teaching as Instructor in Economics and Sociology at Grinnell College in 1921. The following year he became Associate Professor of Economics and Sociology at North Carolina College for Women. In 1926 he was Assistant Professor of Economics at Lawrence College, Wisconsin. He came to the University of California in 1927, where he was Lecturer (1927-1938), Associate Professor (1938-1946), and Professor (1946-1947).

Interspersed with his teaching were other professional assignments. In 1925-1926 he served as Economist on the staff of the Guarantee Trust Company. In 1934-1935 he was Chief of Staff of the Labor Advisory Board of the NRA. In 1937-1938 he was Director of an extensive Survey of Destitution in Wyoming.

An understanding of the contribution of Leo Rogin must begin with the realization that he held that neither theory nor practice in the social sciences could be adequately analyzed or creatively expanded or refined outside of a frame of reference which was coextensive with the dual role of citizen and scholar. From this it followed that the differentia specifica which separates the social sciences from the natural sciences inheres in the structure, character, and functioning of social relations as such; that there is no escape from the acceptance of the historicity of social science theory, however formal and abstract; and that no aspect of social sciences–economics, political science, sociology–can be looked upon as more than a specific angle of an approach to an examination of the social sciences as a whole.

It is no accident, accordingly, that Leo Rogin felt, as an economist, that this view required that he become unusually well versed in philosophy and history. That this implied a stronger, rather than a weaker, imperative for rigor in his thinking processes is indicated by his systematic and long drawn-out self-education in logic and mathematics. But this very same emphasis also led him to feel that since the significant reality of the social sciences was an ever-changing and perpetually fluid manifold of social relations, it was highly necessary to cultivate a sense for the vagaries of theory by active participation in the social life of his time. Thus his personal as well as his scholarly life represented a quite unusual wedding of theory and practice. He maintained an acute and vivid interest in people, events, and a whole range of current social problems while at the same time constantly pursuing a heavy schedule of detailed and exacting research. This research had just begun to yield its most important results at the time of his sudden death in the summer of 1947. A major work, tentatively titled The Meaning and Validity of Economic Theory, representing some ten years of intensive work, is to be published in 1948. This study, dealing with the major figures in the evolution of economic thought from the time of the Physiocrats and the founding of the Classical School to J. M. Keynes, was prefatory to two other projected works. One was to be a detailed study of Keynes, whom Rogin regarded as one of the great transitional figures of contemporary times. The other was to be a constructive examination of the theory of economic planning.

Thus his work was cut off at the very time when it bore promise of yielding a significant reëxamination of economic theory as a whole. His earlier critical writings reflected a very carefully outlined plan of work and were notable for their penetration and originality. Particularly noteworthy was a series of articles and reviews on the writings of Karl Marx and Werner Sombart. An earlier study, The Introduction of Farm Machinery in its Relation to the Productivity of Labor in the Agriculture of the United States During the 19th Century, published by the University of California Press in 1931, reflects his intense interest in the practical side of economic investigation and forecasts his later concern over techniques and methodology. E. A. J. Johnson said of this study that, “It is at once a set of findings and a method… his methodological contributions are indispensable to economic historians.” His later work would have amplified this statement to cover the significant problems of contemporary theory and policy formation.

In 1923 Leo Rogin married Winifred Ellsworth. His widow, three daughters, and a son survive him.

Source: University of California. In Memoriam, 1947.

Image Source:  Blue and Gold, 1922.

 

 

 

 

 

 

 

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Berkeley Suggested Reading Syllabus

Berkeley. Graduate Macroeconomics. Syllabus, 1959

 

The following reading list from the University of California (Berkeley), Spring 1959, was found in the papers of Martin Bronfenbrenner who as far as I can determine was at Michigan State at the time. Perhaps someone who looks at the reading list (formatted more-or-less to look like the original mimeo) could identify which of the instructors listed for the course (Papandreou, Scitovsky, Caves, Minsky) might have assembled the reading list. The capitalization of book titles is not common. It is also interesting to note that income distribution, typically part of the second term of price theory elsewhere, is covered before turning to more familiar (today) macroeconomics territory.  Something else worth noting is the use of “macro-statics” and “macro-dynamics”. Comments welcome!

_________________________

Course Announcement

Graduate Courses

Admission to graduate courses requires, in all cases, the consent of the instructor. Undergraduate courses are not prerequisite to graduate courses, except where indicated.

 

200A-200B. Fundamentals of Economic Theory. (3-3) Yr.

            [Harvey Leibenstein, Ph.D., Associate Professor of Economics, in residence, fall semester only, 1958-59; Tibor Scitovsky, M.Sc., J.D., Professor of Economics; Philip W. Bell, Ph.D., Associate Professor of Economics, in residence, fall semester only, 1958-59; Richard E. Caves, Ph.D., Assistant Professor of Economics; Hyman P. Minsky, Ph.D., Assistant Professor of Economics.]

200A. Micro-economics: the behavior of firms and households, and the determination of prices and resource allocation patterns in a decentralized economy. Mr. Bell, Mr. Leibenstein, Mr. Scitovsky.

200B. Macro-economics: general interdependence and the behavior of aggregates in a decentralized economy. National income and employment determination. The impact of fiscal and monetary policies on employment, national income and its distribution. [Andreas G. Papandreou, Ph.D., Professor of Economics (Chairman of the Department)], Mr. Scitovsky, Mr. Caves, Mr. Minsky.

Source:   Bulletin of the University of California 1958-59. General Catalogue. Announcement of Courses, Departments at Berkeley. Fall and Spring Semesters, 1958-59. (July 10, 1958), pp. 109, 114.

_________________________

UNIVERSITY OF CALIFORNIA
Department of Economics
Spring, 1959

Reading List
Economics 200B

 

It is suggested that students purchase the following works:

J. M. Keynes, THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY
U. S. Department of Commerce, 1954 NATIONAL INCOME SUPPLEMENT to the survey of CURRENT BUSINESS.

I. The Pricing of Productive Services and the Distribution of Income

G. J. Stigler, THE THEORY OF PRICE, chaps. 10, 15
J. R. Hicks, THE THEORY OF WAGES, chaps. 1-4
E. Rolph, “The Discounted Marginal Productivity Doctrine,” in American Economic Association, READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp. 278-293
F. A. v. Hayek, “The Mythology of Capital,” READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp. 355-383
D. H. Buchanan, “The Historical Approach to Rent and Price Theory,” READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp. 599-637
F. H. Knight, “Profit,” READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp., pp. 533-546
B. F. Haley, “Value and Distribution,” SURVEY OF CONTEMPORARY ECONOMICS, Vol. I (ed. H. S. Ellis), pp. 26-48
N. Kaldor, “Alternative Theories of Distribution,” REVIEW OF ECONOMIC STUDIES, XXIII (1955-56), pp. 83-100
M. Kalecki, “The Distribution of the National Income,” READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp. 197-217

II. Macro-statics: National Income and Aggregate Demand

U. S. Department of Commerce, 1954 NATIONAL INCOME SUPPLEMENT
O. Lange, “Say’s Law: A Restatement and Criticism,” STUDIES IN MATHEMATICAL ECONOMICS AND ECONOMETRICS (ed. O. Lange, F. McIntyre, and T. O. Yntema), pp. 49-68

III. Consumer Behavior, the Consumption Function and Income Levels

J. S. Duesenberry, “Income-Consumption Relations and Their Implications,” in INCOME, EMPLOYMENT AND PUBLIC POLICY, ESSAYS IN HONOR OF ALVIN H. HANSEN, pp. 54-81.
J. Tobin, “Relative Income, Absolute Income, and Saving,” MONEY, TRADE, AND ECONOMIC GROWTH, ESSAYS IN HONOR OF J. H. WILLIAMS, pp. 135-156
M. Friedman, A THEORY OF THE CONSUMPTION FUNCTION, chaps. 2, 3
P. A. Samuelson, “The Simple Mathematics of Income Determination,” INCOME, EMPLOYMENT AND PUBLIC POLICY, pp. 133-155

IV. Business Behavior, the Level of Investment and the Rate of Interest

T. Scitovsky, WELFARE AND COMPETITION, pp. 216-226
J. Meyer and E. Kuh, “Acceleration and Related Theories of Investment,” REVIEW OF ECONOMICS AND STATISTICS, XXXVII, (August, 1955), pp. 217-230
A. P. Lerner, “On the Marginal Product of Capital and the Marginal Efficiency of Investment,” JOURNAL OF POLITICAL ECONOMY, LXI (February, 1953), pp. 1-15
J. R. Hicks, VALUE AND CAPITAL, chaps. 11-13
N. Kaldor, “Speculation and Economic Stability,” REVIEW OF ECONOMIC STUDIES, VII (October, 1939), pp. 1-27
J. Tobin, “Liquidity Preference and Monetary Theory,” REVIEW OF ECONOMICS AND STATISTICS, XXIX (May, 1947), pp. 124-130

V. Macro-static Models

P. Lerner, THE ECONOMICS OF CONTROL, chaps. 21-25
L. R. Klein, “Theories of Effective Demand and Employment,” JOURNAL OF POLITICAL ECONOMY, LV (April, 1957), pp. 108-131
J. R. Hicks, “Mr. Keynes and the ‘Classics’; A Suggested Interpretation,” READINGS IN THE THEORY OF INCOME DISTRIBUTION, pp. 461-476
F. Modigliani, “Liquidity Preference and the Theory of Interest and Money,” READINGS IN MONETARY THEORY, pp. 186-240
D. Patinkin, “Price Flexibility and Full Employment,” READINGS IN MONETARY THEORY, pp. 252-283

VI. Macro-dynamics and Economic Growth

E. D. Domar, “Expansion and Employment,” AMERICAN ECONOMIC REVIEW, XXXVII (March, 1947), pp. 34-55
R. Solow, “A Contribution to the Theory of Growth,” QUARTERLY JOURNAL OF ECONOMICS, LXX (February, 1956), pp. 65-93

VII. Inflation

A. C. L. Day, AN OUTLINE OF MONETARY ECONOMICS, CHAPS. 19-31

Source: Duke University, Rubenstein Library. Economists’ Papers Archive. Martin Bronfenbrenner Papers, 1939-1995. Box 26, Folder “Micro-econ + Distribution, 2 of 2, 1958-67, n.d.”.

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Barnard Berkeley Economists Gender Harvard Radcliffe

Harvard. Nine Radcliffe graduate students petition to attend “Economics Seminary”, 1926

 

Harvard’s Economic Seminary was a men-only affair going into the mid-1920’s. Before the beginning of the second semester of the 1925-26 academic year, a group of nine Radcliffe graduate students respectfully petitioned Allyn Young, the chairman of the Harvard Economics Department, to allow them “the privilege of regular attendance at the seminary”. Four of those women went on to earn Ph.D.’s in economics or economic history, three of them had substantial academic careers (Harvard, Berkeley and Pomona). At least one of the others had a full career as a government economist. 

Besides transcribing this priceless artifact for the chronicle of women in economics, I have conducted a preliminary sweep of internet sources, including genealogical resources available at ancestry.com to construct partial timelines for this gang of nine. I have even come up with pictures of all nine of them!

__________________________________

 

The Petition

January 21, 1926

 

To
Professor Allyn A. Young
Chairman of the Economics Department
Harvard University
Cambridge, Mass

The undersigned Radcliffe graduate students who are doing work in Economics at Harvard, would like permission to attend the weekly seminary in Economics. On two occasions they have been invited to be present at special meetings. They found the lectures stimulating and informative and are inclined to feel that the customary exclusion of Radcliffe students from these meetings puts them at some disadvantage. They must forego the opportunity of hearing both the informal lectures of experts in the various fields of Economics, and the results of the research of their fellow students. They also miss an invaluable chance for discussion less formal than that of the classroom.

Therefore, they petition the Economics Department for the privilege of regular attendance at the seminary.

[Signed]

Elizabeth L. Waterman
Mary C. Coit
Emily H. Huntington
Margaret R. Gay
Eunice S. Coyle
Miriam Keeler
M. Gertrude Brown
R. Guppy
A. Gilchrist

 

Source: Harvard University Archives. Department of Economics, Correspondence and Papers (1902-1950). Box 25; Folder: “Economics Seminary 1925-33”.

__________________________________

 

Elizabeth Lane Waterman
(1903-1973)

1903. Born September 24 in Boston to Arthur J. Waterman from England and Amy H. Lane of Boston.

1924. A.B. (honors in economics and sociology, Phi Beta Kappa) from Barnard College.

1925. A.M. from Radcliffe College.

1926-28. Received an Augustus Anson Whitney and Benjamin White Whitney Fellowship to study at the London School of Economics.

1928-29. Instructor at Wellesey College.

1929. Ph.D., Radcliffe College. Thesis title: Standard of Living of Eighteenth Century English Labor, 1700-1790.

1930. Married Glennon Gilboy (Professor of Engineering at MIT 1925-1937) April 19.

1929-30. Executive secretary of the Harvard Committee on Research in the Social Sciences.

1934. Wages in Eighteenth Century England. Cambridge MA: Harvard University Press.

1930-41. Executive Secretary of the Harvard Committee on Research in the Social Sciences.

1940. Applicants for Work Relief: A Study of Massachusetts Families under the FERA and WPA. Cambridge MA: Harvard University Press.

In World War II she served as economist for the Office of Strategic Services in Washington.

After the war she returned to Harvard as associate director of the Harvard economic research project, graduate school consultant and economics lecturer.

1953. Divorced in November.

1960-64. Consultant to the U.S. Bureau of Labor Statistics.

1961. Secretary-General of the International Conference on Input-Output Techniques in Geneva.

1968. Publishes A Primer on the Economics of Consumption (New York: Random House).

1973. Died October 10 in Waltham, Massachusetts.

Sources: A Biographical Dictionary of Women Economists, ed. by Robert W. Dimand, Mary Ann Dimand and Evelyn L. Forget. Also, see her obituary published in The Boston Globe, October 12, 1973. Thanks to Hendrika Vande Kemp for correcting  an error and for pointing to omissions in the original post.

Image Source: Barnard College, Mortarboard 1925, p. 62.

__________________________________

Mary Chandler Coit
(1895-1984)

1895. Born May 7 in Winchester, Massachusetts to Robert Coit and Eliza Atwood.

1917. Received A.B. with Distinction in Economics from Radcliffe College.

1920. Living with parents in Winchester, Massachusetts working as a secretary at a college.

1925. Received A.M. from Radcliffe College.

1930. Married Oscar Hatch Hawley March 11 in Ames, Iowa. In the 1930 census his occupation is listed as college music instructor (in the 1930 Iowa State College yearbook he is the conductor of the Iowa State Band) and hers as college instructor.

1939. Oscar Hatch Hawley died June 29 in Bolton Massachusetts.

1940. Census lists her as a widow farmer living in Worcester, Massachusetts with two sons, 8 and 6 years of age.

1984. Died 17 July in Lawrence, Massachusetts.

 

Sources: From genealogical data found at ancestry.com. The Iowa State College yearbook, Bomb, 1930.

Image Source: Radcliffe Yearbook, 1917, p. 34.

__________________________________

 

Emily Harriet Huntington
(1895-1982)

1895. Born October 22 in Sacramento, California to Dr. Thomas W. Huntington and Harriet Olive Pearson.

1917. A.B. awarded from University of California.

Worked on a cost of living study at the U. S. Bureau of Labor Statistics.

Attended graduate department of Bryn Mawr College.

Attended London School of Economics.

1924. A.M. awarded by Radcliffe College.

1926-7. Instructor in Economics at Simmons College in Boston.

1928. Ph.D. from Radcliffe College. Thesis Cyclical Fluctuations in the Cotton Manufacturing Industry.

1928. Returns to the University of California at the rank of instructor at the faculty of economics.

1930. Appointment to assistant professor

1937. Promotion to associate professor

1944. Promotion to professor.

1961. Retirement.

1982. Died April 20 in Berkeley, California.

 

Source: University of California, Bancroft Library/Berkeley. Regional Oral History Office. Emily H. Huntington: A Career in Consumer Economics and Social Insurance. Interview conducted by Alice Greene King. 1971. From genealogical data found at ancestry.com.

Image Source: 1921 passport photo.

__________________________________

Margaret Fitz Randolph Gay
(1901-1989)

1901. Born December 17 in Toledo Ohio to Edwin Francis Gay and Louise Fitz Randolph

1922. A. B. awarded by Radcliffe College. Phi Beta Kappa with distinction in history.

1923. A. M. Radcliffe College.

1928-29. $1,200 Augustus Anson Whitney and Benjamin White Whitney Fellowship to study abroad.

1931-36. Tutor in history and economics at Radcliffe.

1936-41. Assistant professor of history at Scripps College, Claremont, CA

1939. Married Godfrey Davies, member of the research staff of the Huntington Library and editor of its Quarterly.

1942-45. Analyst for Douglas Aircraft Co.

1948-1967. Instructor through professor ranks at Pomona College in Claremont.

1952. Ph. D. in History. Presumably thesis published as The Enforcement of English Apprenticeship: A Study in Applied Mercantilism, 1563-1642 (Harvard Economic Studies 97, Harvard University Press, 1956).

1967. Retirement.

1989. Died August 3 in Santa Barbara, CA.

 

Sources: Radcliffe College Annual Reports. John H. Gleason’s In Memorium: Margaret Gay Davies (1901-89).   From genealogical data found at ancestry.com.

Image Source: John Simon Guggenheim Memorial Foundation. Margaret G. Davies awarded fellowship 1961

__________________________________

Eunice Shipton Coyle
(1895-1982)

1895. Born October 3 in Boston to James Michael and Agnes M. Eisner.

1918. A.B. Radcliffe College.

1926. A.M. Radcliffe College.

1936. Census Bureau

1940. According to the Census her occupation listed as research worker at the Department of the Treasury.

1982. Died December 29 in Emmitsburg, Maryland.

Source: From genealogical data found at ancestry.com.

Image Source: Radcliffe Yearbook 1918, p. 35 .

__________________________________

 

Miriam Keeler
(1897-1998)

1897.Born September 30, 1897 in Malden Massachusetts to Charles H. Keeler and Susan R. Fisher.

1920. A. B. Magna cum laude from Mount Holyoke. Phi Beta Kappa.

1926. A.M. in economics from Radcliffe College.

1927. Married Samuel E. Cornelius. (died in 1965).

1929-1936. National Child Labor Committee of New York.

1938. Move to Washington area. Worked at Labor Department, editor of the monthly magazine The Child. issued by the Children’s Bureau.

1957. Wrote pamphlet “What Social Security means to Women”

1960. Retirement.

1998. Died November 12 in Sandy Spring, Maryland.

Source: Obituary “Miriam Keeler, Economist” in Washington Post, Dec. 3, 1993, B10. From genealogical data found at ancestry.com.

Image Source: Mt. Holyoke Yearbook, Llamarada, 1920, p. 194.

__________________________________

Gertrude Brown
(1903-1989)

1903. Born Mary Gertrude Brown on February 26 in Carre, Vermont to Joseph E. Brown and Dora Ellen Reagan.

1924. A. B. Mount Holyoke College. (Mary E. Wooley Fellowship)

1926. A. M. in economics. Radcliffe College.

1926. Assistant in the Department of Economics and Statistics, M.I.T.

1927. Married Elmer J. Working (Harvard economics Ph.D.) June 11 in Somerville, Massachusetts.

1928. Residence in St. Paul, Minnesota. Husband employed as associate professor in the College of Agriculture.

1932. Ph.D. in Economic History at Radcliffe College. “The History of Silk Culture in the North American Colonies.”

1930. Residence in Washington, D.C. Husband employed as a government economist.

1935. Residence in Washington, D.C.

1940. Living in Urbana, Illinois. Husband professor at the University of Illinois.

1989. Died January 9 in Denver Colorado.

Source: From genealogical data found at ancestry.com.

Image Source: Mt. Holyoke Yearbook, Llamarada, 1924, p. 68.

__________________________________

Ruth Guppy
(1899-1991)

1899. Born June 11 in Marblehead, MA to George Guppy (architect, born in New York City) and Florence R. Gray (born in Chelsea, MA).

1926. A.M., Radcliffe College.

1930. According to Census, Ruth Guppy was single, living in Brooklyn and working as an economic researcher for a bank.

1930. Married Lawrence G. Ropes in 1930.

1940. Residence in Beverly, Massachusetts. Husband’s occupation listed as hydraulic engineer.

1991. Died Jan 7. Last residence Short Hills, New Jersey.

Source: From genealogical data found at ancestry.com.

*  *  *  *  *  *  *

Lynne Ranieri, a former neighbor of Ruth Guppy Ropes, came across this page in Economics in the Rear-view Mirror during the course of her research on her former neighbor. Ms. Ranieri graciously provided me the image of Ruth Guppy, age ca. 15 years and wrote me via Facebook:

At the end of her life my neighbor, Ruth Guppy Ropes lived with her brother here in NJ and when he moved to MA to be with his son (by which time Ruth had died), I attended his estate sale and bought some artifacts of their lives, including photos of Ruth. I saw your blog post had photos of some of the Radcliffe petitioners, but none of Ruth. In the event you would like to add her to your archives, I have attached here one of my favorite photos of her at her desk. The photo is dated 1914 and as Ruth was born in 1899, I would assume this was when she was in high school. If it is too small to see, I can email you a larger version. I have also attached here a photo of an obviously-older Ruth [see below]. FYI, it seems she married Mr. Ropes in 1930 and I have not yet found any evidence of her having returned to her work in economics…
I am happy to see Ruth get a bit more recognition for her accomplishments. She was much older than I am and I didn’t have much time to get to know her well, but in the little time I spent with her it was clear she was a bright, gentle woman.

__________________________________

 

Anna True Gilchrist
(1882-??)

1882. Born January 17 in Arlington, Massachusetts to George E. Gilchrist (born in Canada) and Annie J. Warren.

1900. Pupil at Northfield Seminary in Northfield, Massachusetts.

1901-02. Lived in Europe.

1910. Residence in Melrose, Massachusetts with parents.

1906. A. B. Boston University. Member Delta Delta Delta and Phi Beta Kappa.

1920. Listed in the Simmons College yearbook Microcosm as a graduate student.

1922. Passport renewal application for travel to England, Egypt, Palestine, Greece, France, Italy and Switzerland with scheduled departure on the Lapland (President Wilson) on January 18, 1923. Her occupation is listed as social worker, residing in Melrose.

1926. A.M., Radcliffe College.

1940. Residence at 110 Sewall Ave. in Brookline, MA.

Source: From genealogical data found at ancestry.com.

 

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Harvard. Memo on Master’s degree requirements in ten other departments, 1935

 

The following memo was found in the papers of the Harvard department of economics outlining the formal requirements for the award of a master’s degree in economics for ten other departments ca. 1935.  Harvard requirements for 1934-35 have been previously posted here at Economics in the Rear-View Mirror.

____________________

REQUIREMENTS FOR A.M. IN ECONOMICS

University of Chicago
—Catalogue Vol. XXV, March 15, 1935—
No. 7, p. 293.

“The specific requirements for the Master’s degree are:

  1. A minimum of 8 courses, or their equivalent (of which at least 6 must be in Grades II and III above*). Either in his undergraduate or graduate work the candidate should cover the substantial equivalent of the requirements for the Bachelor’s degree in economics…(May be shown by examination.)
  2. A thesis involving research of at least semi-independent character.
  3. A final examination (either oral or written at discretion of the department). The examination is on the thesis and its field and on one other field chosen by the candidate.
  4. All candidates…are expected to show ability to think clearly…on abstract economic questions, and familiarity with terms and common concepts of economic science.

No language requirement for A.M. apparently.

No set time limit, but (p. 282) they seem to regard three of work in economics (either as graduate or as undergraduate) as “normal preparation” although “exceptionally capable” students may do it in less time.

* Grade II and III being respectively survey and problem courses (II), and Research, reading and seminar courses (III). Grade I includes intermediate courses.

 

Stanford University

  1. One academic year of graduate work (A “normal time” but also minimum).
  2. Thesis
  3. Examinations (general or final and at discretion of department).

 

Cornell University

  1. At least one full year of residence at Cornell.
  2. “No student may be admitted to candidacy for any of the degrees of A.M., M.S.,…, or Ph.D. whose training has not included work in a foreign language equivalent to three units of entrance in one language or two in each of two languages.
  3. A thesis or (at departmental discretion) an essay.
  4. Written or oral (at departmental discretion) final examination.

He must show a knowledge of:

Three special fields, such as: in Economic Theory and History:

(1) Good general knowledge of history of economic thought, including classical school and contemporary.
(2) Familiarity with economic analysis and controversial area of economic thought.
(3) A background knowledge of social and intellectual history.

or in Monetary Theory:

One requirement:
(1) A detailed understanding of the theory and history of money; monetary system of the United States, theory and history of banking; banking system of United States, foreign exchange, monetary aspects of cyclical fluctuations.

No specific course requirements as far as I can see.

 

University of Minnesota

  1. At least one full academic year’s work (in residence).
  2. Thesis required.
  3. Nine credit hours each quarter of graduate courses for three quarters.
  4. He must have done in three years (undergraduate) work in his major subject if it is open to freshmen, or two years otherwise.
  5. A reading knowledge of a foreign language to be determined by the department is necessary.
  6. An examination.

 

University of Michigan

  1. Residence requirement: One semester and one summer session, or three summer sessions; nine hours work a semester and six hours a summer session are minimum to establish residence at the respective sessions.
  2. A minimum of 24 hours of graduate work is required (i.e. necessary but not alone sufficient).
  3. Thesis may be required at discretion of department (apparently economics does not require it).

 

University of Wisconsin

  1. At least two semesters’ work, at least one of which to be at Wisconsin.
  2. An oral examination.
  3. A thesis may be required of students seeking to specialize in a definite line of study.

 

Princeton University

“After Commencement Day, 1935, the degree of M.A. will be awarded only to a student who has passed the general examination for the Doctor’s degree.” This implies a knowledge of French and German; and implies not less than two years graduate study. The examination may be written, oral, or both. One year of residence is required.

 

Yale University

  1. Two full years of resident graduate study required (but may be in less time in exceptional cases where unusual scholarship is demonstrated).
  2. Reading knowledge of either French or German.
  3. An essay is required of all candidates.
  4. (Apparently) A comprehensive written examination in field of concentration in Department of Economics (it is not specified for which degree so that it seems to apply to both M.A. and Ph.D.).

 

Columbia University

  1. “The candidate shall have registered for and attended courses aggregating not less than thirty tuition points, distributed over a period of not less than one academic year or its equivalent.”
  2. “The candidate shall have satisfied the department of his choice that he has satisfied requirements specified by the department for the degree.” (May include courses, examination, an essay, seminars, or “other work”.)

 

University of California

“There are required 20 semester units and in addition a thesis.”

“At least eight of the 20 units must be strictly graduate work.”

“The student must spend one year of residence.”

Rate of taking units:

“Graduate students in the regular session taking only upper division courses are limited to a program of 16 units” (a semester or a year? probably a semester).

“Graduate students…taking only graduate courses are limited to 12 units.” Mixtures are regulated in proportion thereto.

 

Source: Harvard University Archives. Department of Economics, Correspondence and Papers 1930-1961. (UAV 349.11) Box 13, Folder “Graduate Instruction, Degree Requirements.”

 

 

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Size distribution of graduate and undergraduate programs in economics. U.S., 1963-65

 

 

These are the last two statistical tables from the so-called “Cartel” summary report from December 1965 of leading economics departments in the U.S. intended to provide orientation for departmental chairpersons in salary negotiations. Today’s posting gives the numbers of undergraduate and graduate majors reported by 29 departments. 

Earlier postings gave the distribution for full-professors, the distribution for associate professors, and the distribution for assistant professors across departments. Two previous postings have the actual distributions for entering salaries for new Ph.D.’s for 1964-65 and 1965-66 and the anticipated range of salary offers for new Ph.D.’s for 1966-67. Those first five reports from The Cartel provide distributions of median or average incomes or ranges of salary offers by ranks across departments. Table 6c from the summary report that gives the salary distributions by rank for 335 professors, 143 associate professors and 185 assistant professors from all 27 departments.

Refer to the first posting in this series of tables for information about the compiler Professor Francis Boddy of the University of Minnesota and a list of the 30 departments belonging to the Chairmen’s Group.

____________________

 

TABLE 7c
Graduate majors in Economics – 29 institutions:

 

1963-64 1964-65 1965-66
(Estimate)
300 and over 2 2

1

200-299

 0 0 2
150-199 3 4

5

100-149

 6 5 6
80-99 4 4

3

60-79

 5 7 5
40-59 6 4

4

20-39

 2 1 0
1-19 1 1

1
Number of departments reporting:

29

 28

27
Total number of students:

2,963

 3,057

3,118

____________________

 

TABLE 8C
Undergraduate majors in Economics – 29 institutions

 

1963-64 1964-65
300 and over 4

4

250-299

 1 1
200-249 3

2

150-199

 4 6
100-149 8

5

80-99

 1 1
60-79 2

1

40-59

 2 3
20-39 1

1

1-19

 1

1
Number of departments reporting:

27

25
Total number of students:

4,550

4,312

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

Image Source: quick meme website.

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Economics Professors’ Salaries by Rank (6), 1965-66

 

 

This is the sixth table from the so-called “Cartel” summary report from December 1965 of 9-10 month salaries paid in U.S. economics departments. In the previous five tables The Cartel reports median or average incomes or ranges of salary offers by ranks across departments. In this posting we have Table 6c from the summary report that gives the salary distributions by rank for 335 professors, 143 associate professors and 185 assistant professors from all 27 departments.

Earlier postings gave the distribution for full-professors, the distribution for associate professors, and the distribution for assistant professors across departments. Two previous postings have the actual distributions for entering salaries for new Ph.D.’s for 1964-65 and 1965-66 and the anticipated range of salary offers for new Ph.D.’s for 1966-67.

Refer to the first posting in this series of tables for information about the compiler Professor Francis Boddy of the University of Minnesota and a list of the 30 departments belonging to the Chairmen’s Group.

Using the BLS web CPI Inflation calculator, one can inflate nominal levels (say for December 1965, the date of the report) to April 2017 using a factor of 7.69.

 

____________________

TABLE 6c

Salaries of Economists (9-10 month, academic year, 1965-66) in 27 of the 29 Departments of Economics (The Cartel):
N = Number of Persons

MID POINT OF RANGE PROFESSORS ASSOCIATE PROFESSORS ASSISTANT PROFESSORS
26,750/and over 2
26,500 0
26,000 2
25,500 1
25,000 8
24,500 0
24,000 4
23,500 2
23,000 7
22,500 2
22,000 12
21,500 7
21,000 10
20,500 5
2,0000 22
19,500 10
19,000 13
18,500 11
18,000 24
17,500 8
17,000 19
16,500 23
16,000 27
15,500 20 1 0
15,000 21 2 1
14,500 14 2 0
14,000 22 10 0
13,500 10 12 0
13,000 10 13 1
12,500 7 18 2
12,000 6 20 1
11,500 3 21 7
11,000 3 13 9
10,500 0 18 18
10,000 0 9 35
9,750 1 9
9,500 2 28
9,250 1 11
9,000 0 24
8,750 0 8
8,500 0 13
8,250 2
8,000 15
7,750 1
N=335 N=143 N=185

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

Image Source:  “Me and my partner” by C. J. Taylor on cover of Punch, December 25, 1889. Library of Congress Prints and Photographs Division Washington, D.C.

 

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Expected New PhD Starting Salaries in U.S. Economics Departments (5), 1966/67

 

 

This is the fifth table from the so-called “Cartel” summary report from December 1965 of 9-10 month salaries paid in U.S. economics departments. Table 5c give figures for the anticipated range of salaries for “freshly completed PhD’s” for the coming academic year (1966-67) across the departments reporting. Earlier postings gave the distribution for full-professors, the distribution for associate professors, and the distribution for assistant professors. The previous posting has the actual distributions for entering salaries for new Ph.D.’s for 1964-65 and 1965-66. Refer to the first posting in this series of tables for information about the compiler Professor Francis Boddy of the University of Minnesota and a list of the 30 departments belonging to the Chairmen’s Group.

The copy of this table in the Johns Hopkins University archives has a useful handwritten addition. It is noted that the median lower bound of the range is $9,250 and the median higher bound of the range is $10,000. Thus one might say a measure of the range of the anticipated, as of December 1965), 9-10 month salary offers for “freshly completed PhDs” for 1966-67 was ($9,250 — $10,000), though such a range was not necessarily anticipated by any one of the 27 departments responding to that question.

Compared to Table 4c, this table tells us that the range of offers for “freshly completed PhDs” was anticipated to move up $250 about a 2.67% nominal increase from 1965-66 to 1966-67.

Using the BLS web CPI Inflation calculator, one can inflate nominal levels (say for December 1965, the date of the report) to April 2017 using a factor of 7.69.

 

____________________

TABLE 5c
Departments Expect to Have to Offer to Get
“Freshly Completed PhD’s for Next Year, 1966-67

 

MID-POINT OF RANGE

 FROM TO
13,000 0

0

12,500

 0 0
12,000 0

1

11,500

 0 0
11,000 0

6

10,500

 0 7
10,000 5

6

9,750

 0 0
9,500 8

4

9,250

 1 0
9,000 8

2

8,750

 1 0
8,500 1

1

8,250

 0 0
8,000 3

0

N=

 27

27

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

Image Source:  Caption under the drawing: “No class of labor feels the grip of grinding monopoly more than our underpaid, overworked ball-players.”  “The base-ball Laocoon” by L. M. Glackens. Cover of Punch, May 14, 1913. Library of Congress Prints and Photographs Division Washington, D.C.