Category: Chicago

Chicago. 25th anniversary of Dept of Political Economy, 1916

Post author By Irwin Collier
Post date 2016-05-07

In 1916 the department of political economy of the University of Chicago celebrated its 25^th anniversary (coinciding with that of the university) with a privately printed pamphlet in which were listed the names of the 38 members of the instructional staff, 12 assistants, 98 fellows, 637 graduate students and 31 Ph.D.’s of its first quarter century. Note: some names are listed in more than a single category. Appended to the end of the pamphlet is a statistical record of instructional staff, graduate students and political economy course registrations annually for the period.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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TWENTY-FIVE YEARS OF THE
DEPARTMENT OF POLITICAL ECONOMY

DEPARTMENT
OF
POLITICAL ECONOMY.
1892-3.

OFFICERS OF INSTRUCTION:

J. LAURENCE LAUGHLIN, Ph. D.,

Head-Professor of Political Economy.

ADOLPH C. MILLER, A. M.,

Associate-Professor of Political Economy.

WILLIAM CALDWELL, A. M.,

Tutor in Political Economy.

___________________________________

TWENTY-FIVE YEARS
OF THE
DEPARTMENT OF POLITICAL ECONOMY
UNIVERSITY OF CHICAGO

JAMES LAURENCE LAUGHLIN
Professor and Head of the Department of Political Economy
1892-1916

CHICAGO
PRIVATELY PRINTED
MCMXVI

___________________________________

JAMES LAURENCE LAUGHLIN
Professor and Head of the Department of Political Economy, 1892-1916.

* * *

Edith Abbott

Special Lecturer in Political Economy, 1909-10.

William George Stewart Adams

Lecturer on Finance and Colonial Policy, 1901-2.

Trevor Arnett

Lecturer in Accounting, 1909-13.

John Graham Brooks

University Extension Lecturer in Political Economy, 1893-97.

William Caldwell

Instructor in Political Economy, 1892-94.

John Bennet Canning

Special Assistant in Political Economy, 1914; Assistant, 1914-15; Instructor, 1915-

John Maurice Clark

Associate Professor in Political Economy, 1915-

Carlos Carleton Closson

Instructor in Political Economy, 1895-96.

John Cummings

Reader in Political Economy, 1893-94; Assistant Professor, 1903-10.

Herbert Joseph Davenport

Instructor in Political Economy, 1902-4; Assistant Professor, 1904-7; Associate Professor, 1907-8.

Ernest Ritson Dewsnup

Professorial Lecturer on Railways and Curator of the Museum of Commerce, 1904-7.

Garrett Droppers

Professorial Lecturer, 1906-7.

Carson Samuel Duncan

Instructor in Commercial Organization, 1915-

Jay Dunne

Assistant in Accounting, 1913-14; Instructor, 1914-

James Alfred Field

Instructor in Political Economy, 1908-10; Assistant Professor, 1910-13; Associate Professor, 1913-

Worthington Chauncey Ford

Lecturer on Statistics, 1898-1901.

Frederic Benjamin Garver

Assistant in Political Economy, 1911-13; Instructor, 1913-14.

Elgin Ralston Lovell Gould

Professor of Statistics, 1895-96.

Stuart McCune Hamilton

Instructor in Political Economy, 1914-16.

Walton Hale Hamilton

Assistant Professor of Political Economy, 1913-15.

Henry Rand Hatfield

Instructor in Political Economy, 1898-1902; Assistant Professor, 1902-4.

Frank Randal Hathaway

Reader in Statistics, 1892-93.

William Hill

Associate in Political Economy, 1893-94; Instructor, 1894-97; Assistant Professor, 1897-1908; Associate Professor, 1908-12.

Isaac A. Hourwich

Docent in Statistics, 1892-94.

Robert Franklin Hoxie

Instructor in Political Economy, 1906-8; Assistant Professor, 1908-12; Associate Professor, 1912-

Alvin Saunders Johnson

Associate Professor of Political Economy, 1910-11.

John Koren

Professorial Lecturer on Statistics (Political Economy and Sociology), 1909-10.

Leon Carroll Marshall

Assistant Professor of Political Economy, 1907-8; Associate Professor, 1908-11; Professor of Political Economy, 1911-

Hugo Richard Meyer

Assistant Professor of Political Economy, 1903-5.

Adolph Caspar Miller

Associate Professor of Political Economy, 1892-93; Professor of Finance, 1893-1902.

Wesley Clair Mitchell

Assistant in Political Economy, 1900-1; Instructor, 1901-2.

Robert Morris

Instructor in Political Economy, 1904-7.

Harold Glenn Moulton

Assistant in Political Economy, 1910-11 ; Instructor, 1911-14; Assistant Professor, 1914-

Frederic William Sanders

Lecturer in Statistics, 1896-97.

Frederick Myerle Simons

Assistant in Industrial Organization, 1913- 15; Instructor, 1915-

Thorstein B. Veblen

Reader in Political Economy, 1893-94; Associate, 1894-96; Instructor, 1896-1900; Assistant Professor, 1900-06.

Chester Whitney Wright

Instructor in Political Economy, 1907-10; Assistant Professor, 1910-13; Associate Professor, 1913-

* * *

[Assistants]

Clarence Elmore Bonnett

Assistant in Political Economy, 1910-11.

Ezekiel Henry Downey

Assistant in Political Economy, 1909-11.

John Franklin Ebersole

Assistant in Political Economy, 1909-10.

Edith Scott Gray

Assistant in Political Economy, 1915-

Homer Hoyt

Assistant in Political Economy, 1915-

Edgar Hutchinson Johnson

Assistant in Political Economy, 1909-10.

John Curtis Kennedy

Assistant in Political Economy, 1908-11.

Robert Russ Kern

Assistant in Political Economy, 1908-9.

Hazel Kyrk

Assistant in Political Economy, 1913-14.

Duncan Alexander MacGibbon

Assistant in Political Economy, 1912-13.

Ernest Minor Patterson

Assistant in Political Economy, 1910-11.

Leona Margaret Powell

Assistant in Political Economy, 1915-

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FELLOWS

Edith Abbott (1903-05)

William Harvey Allen (1897-98)

Eugene Charles deAndrassy (1913-14)

Charles Criswell Arbuthnot (1901-03)

Leon Ardzrooni (1910-13)

Trevor Arnett (1899-1900)

Edward Martin Arnos (1912-13)

Otho Clifford Ault (1913-14)

Edward Donald Baker (1912-14)

Sturgeon Bell (1906-07)

Clarence Elmore Bonnett (1912-13)

Donald Elliott Bridgman (1905-07)

Howard Gray Brownson (1906-07)

Francis Lowden Burnet (1912-13)

George Chambers Calvert (1894-95)

John Cummings (1893-94)

Rajani Kanta Das (1914-16)

Herbert Joseph Davenport (1897-98)

Katharine Bement Davis (1897-98; 1899-1900)

William John Alexander Donald (1911-12)

James Alister Donnell (1902-03)

Ezekiel Henry Downey (1908-09)

Ephraim Edward Erickson (1911-12)

Katharine Conway Felton (1895-96)

Albert Lawrence Fish (1899-1900)

Ralph Evans Freeman (1915-16)

Hamline Herbert Freer (1892-93)

Frederic Benjamin Garver (1910-11)

Marshall Allen Granger (1915-)

Homer Ewart Gregory (1915-)

Gudmundur Grimson (1905-06)

Willard Neal Grubb (1908-09)

Charles Kelly Guild (1911-12)

William Buck Guthrie (1900-01)

William Fletcher Harding (1894-95)

Sarah McLean Hardy (1893-95)

Henry Rand Hatfield (1897-98)

Chauncey Edward Hope (1912-13)

Albert Lafayette Hopkins (1905-06)

John Lamar Hopkins (1899-1900)

Earl Dean Howard (1903-05)

Robert Franklin Hoxie (1893-95; 1902-03)

Homer Hoyt (1913-15)

Howard Archibald Hubbard (1909-12)

Walter Huth (1912-13)

John Curtis Kennedy (1907-09)

Robert Russ Kern (1907-08)

Benjamin Walter King (1913-14)

William Lyon Mackenzie King (1896-97)

Delos Oscar Kinsman (1898-99)

Hazel Kyrk (1912-13)

Manuel Lippitt Larkin (1911-12; 1913-14)

William Jett I.auck (1903-05)

Ferris Finley Laune (1915-)

Stephen Butler Leacock (1900-02)

Mary Margaret Lee (1907-08)

Svanto Godfrey Lindholm (1900-02)

Simon James McLean (1896-97)

James Dysart Magee (1909-10)

Basil Maxwell Manly (1909-10)

Howard Sherwood Meade (1897-98)

Albert Newton Merritt (1905-06)

Frieda Segelke Miller (1912-15)

John Wilson Million (1892-93; 1894-95)

Harry Alvin Millis (1898-99)

Wesley Clair Mitchell (1896-99)

James Ernest Moffat (1915-)

Harold Glenn Moulton (1909-11)

Walter Dudley Nash (1901-02)

Robert Samuel Padan (1900-01)

Eugene Bryan Patton (1905-08)

Clarence J. Primm (1908-10)

Yetta Scheftel (1913-14)

D. R. Scott (1911-12)

Frederick Snyder Seegmiller (1909-10)

George Cushing Sikes (1893-94)

Selden Frazer Smyser (1901-02)

Lewis Carlyle Sorrell (1915-)

George Asbury Stephens (1908-09)

Worthy Putnam Sterns (1897-1900)

Henry Waldgrave Stuart (1894-96)

Laurence Wardell Swan (1914-15)

William Walker Swanson (1905-08)

Archibald Wellington Taylor (1909-12)

John Giffin Thompson (1903-04)

George Gerard Tunell (1894-97)

Helen Honor Tunnicliff (1893-94)

Victor Nelson Valgren (1911-12)

Cleanthes Aristides Vassardakis (1911-12)

Thorstein B. Veblen (1892-93)

Merle Bowman Waltz (1895-96)

Samuel Roy Weaver (1911-12)

Victor J. West (1908-09)

Henry Kirke White (1893-94)

Murray Shipley Wildman (1901-04)

Henry Parker Willis (1895-98)

Ambrose Pare Winston (1893-94; 1896-97)

Anna Pritchett Youngman (1905-06; 1907-08)

___________________________________

GRADUATE STUDENTS

Abbott, Edith

Agate, William Richard

Akers, Dwight La Brae

Allen, William Harvey

Alvord, Clarence Walworth

Andrassy, Eugene Charles de

Apel, Paul Herman

Appell, Carl John

Apps, Elizabeth

Arbuthnot, Charles Criswell

Ardzrooni, Leon

Arnett, Trevor

Arnos, Edward Martin

Atcherson, Lucile

Ault, Otho Clifford

Bacon, Margaret Gray

Baker, Edward Donald

Balch, Emily Greene

Baldwin, James Fosdick

Ball, Ernest Everett

Barden, Carrie

Barnes, Jasper Converse

Barnes, Mabel Bonnell

Baron, Albert Heyen Nachman

Barrett, Don Carlos

Barrett, Roscoe Conkling

Bassett, Wilbur Wheeler

Bealin, Nella Ellery

Beall, Cornelia Morgan

Belknap, William Burke, Jr.

Bell, Hugh Samuel

Bell, James Warsau

Bell, Spurgeon

Bender, Christian Edward

Bengtson, Caroline

Benson, Madison Hawthorne

Berghoff, Lewis Windthorst

Bernstein, Nathan

Beyle, Herman Carey

Bischoff, Henry J.

Blachly, Clarence Day

Black, John Donald

Blankenship, Harry Alden

Bliss, George Morgan

Blotkin, Frank Ernest

Board, Willis Marvin

Bolinger, Walter Allen

Bond, William Scott

Bonnett, Clarence Elmore

Borden, Edwin Howard

Bosworth, William Baeder

Bournival, Phillippe

Bouroff, Basil Andreevitch

Boyce, Warren Scott

Boyd, Carl Evans

Boyd, Charles Samuel

Boyd, William Edington

Bozarth, Maud

Bradenburg, Samuel Jacob

Bradley, Frederick Oliver

Bramhall, Frederick Dennison

Brandenberger, William Samuel

Breckinridge, Roeliff Morton

Breckinridge, Sophonisba Preston

Bridgman, Donald Elliott

Bridgman, Isaac Martin

Briggs, Claude Porter

Brister, John Willard

Bristol, William Frank

Bristow, Oliver Martin

Brooks, Samuel Palmer

Brown, Fanny Chamberlain

Brown, Samuel Emmons

Brownson, Howard Gray

Bryant, William Cullen

Buchanan, Daniel Houston

Buchanan, James Shannon

Buechel, Fred A.

Bulkley, Herman Egbert

Bullock, Theodore Tunnison

Burnet, Francis Lowden

Burnham, Smith

Bushnell, Charles Joseph

Butts, Alfred Benjamin

Byers, Charles Howard

Byram, Perry Magnus

Cable, Joseph Ray

Calhoun, Wilbur Pere

Calvert, George Chambers

Cammack, Ira Insco

Canning, John Bennet

Capitsini, George Peter

Carlton, Frank Tracy

Carmack, James Abner

Carroll, John Murray

Carroll, Mollie Ray

Cartwright, Lawrence Randolph

Cassells, Gladys May

Catterall, Ralph Charles Henry

Chamberlain, Elizabeth Leland

Chapin, Lillian

Chen, Huan Chang

Chen, Po

Cheng, Pekao Tienton

Cheu, Beihan H.

Church, Clarence Cecil

Church, James Duncan

Clark, Fred Emerson

Clark, Henry Tefft

Clarkson, Matthew Alexander

Cleveland, Frederick Albert

Clifford, Wesley Nathaniel

Cole, Warren Bushnell

Collicott, Jacob Grant

Collins, Laurence Gerald

Colton, Ethan Theodore

Colvin, David Leigh

Colvin, William Elmer

Conover, William Bone

Cordell, Harry William

Cox, William Edward

Craig, Earl Robert

Cross, William Thomas

Crowther, Elizabeth

Cummings, John

Curran, James Harris

Cutler, Ward Augustus

Daniels, Eva Josephine

Darden, William Edward

Das, Rajani Kanta

Davenport, Frances Gardiner

Davenport, Herbert Joseph

Davidson, Margaret

Davis, Blanche

Davis, Katharine Bement

Davison, Leslie Leroy

Davison, Madeline

Dawley, Almena

Day, James Frank

DeCew, Louisa Carpenter

Dies, William Porter

Dodd, Walter Fairleigh

Dodge, LeVant

Donald, William John Alexander

Donnell, James Allister

Downey, Ezekiel Henry

Duncan, Carson Samuel

Duncan, George Edward

Duncan, Marcus Homer

Duncan, Margaret Louise

Dunford, Charles Scott

Dunlap, Arthur Beardsley

Dunn, Arthur William

Durand, Alice May

Durno, William Field

Duval, Louis Weyman

Dye, Charles Hutchinson

Dyer, Gustavus Walker

Dymond, Edith Luella

Dyson, Walter Mitchell

Easly, Walter Irving

Easton, William Oliver

Ebersole, John Franklin

Edwards, Anne Katherine

Eidson, Lambert

Ellis, Charles Hardin

Ellis, Mabel Brown

Elmore, Edward Bundette

Engle, John Franklin

Erickson, Ephraim Edward

Eslick, Theodore Parker

Eyerly, Elmer Kendall

Felton, Katharine Conway

Fine, Nathan

Fish, Alfred Lawrence

Fitzgerald, James Anderson

Fleming, Capen Alexander

Fleming, Herbert Easton

Fleming, William Ebenezer

Flocken, Ira Graessle

Foley, Roy William

Forrest, Jacob Dorsey

Fortney, Lorain

Foucht, Pearl Leroy

Francis, Bruce

Franklin, Frank George

Frazier, Edgar George

Freeark, Frederick Aaron

Freeman, Helen Alden

Freeman, Ralph Evans

Freer, Hamline Herbert

Galloway, Ida Gray

Galloway, Louis Caldwell

Gamble, George Hawthorne

Gardner, Emelyn Elizabeth

Gardner, William Howatt

Garver, Frederic Benjamin

Gebauer, George Rudolph

Geddes, Joseph Arch

Genheimer, Eli Thomas

Gephart, William Franklin

Glover, Ethel Adelia

Going, Margaret Chase

Goodhue, Everett Walton

Goodier, Floyd Tompkins

Graham, Theodore Finley

Granger, Marshall Allen

Granger, Roy T.

Grant, Laura Churchill

Gray, Edith Scott

Gray, Helen Sayr

Gray, Victor Evan

Green, Martha Florence

Gregg, Eugene Stuart

Gregory, Homer Ewart

Griffith, Elmer Cummings

Grimes, Anne Blanche

Grimson, Gudmundur

Griswold, George C.

Gromer, Samuel David

Grubb, Willard Neal

Guice, Herman Hunter

Guild, Charles Kelly

Guildford, Paul Willis

Guthrie, William Buck

Hagerty, James Edward

Hahne, Ernest Herman

Hall, Arnold Bennett

Hamilton, John Bascom

Hamilton, Robert Houston

Hammond, Alva Merwin

Hand, Chester Culver

Hanks, Ethel Edna

Harding, William Fletcher

Hardy, Eric West

Hardy, Sarah McLean

Hargrove, Pinkney Settle

Harris, Estelle

Harris, Ralph B.

Hastings, Cora Walton

Hatfield, Henry Rand

Haynes, Fanny Belle

Hearon, Cleo Carson

Hedrick, Wilbur Olin

Herger, Albert August Ernst

Herndon, Dallas Tabor

Herron, Belva Mary

Hewes, Amy

Hidden, Irad Morton

Hill, Harvey Thomas

Hinton, Vasco Giles

Hitchcock, William

Hodgdon, Mary Josephine

Hodge, Albert Claire

Hodgin, Cyrus Wilbur

Holman, Guy

Holmes, Marion

Honska, Otto James

Hope, Chauncey Edward

Hopkins, Albert Lafayette

Hopkins, John Lamar

Horner, John Turner

Hotchkiss, Irma Helen

Hourwich, Isaac A.

Howard, Earl Dean

Howe, Charles Roland

Howerth, Ira Woods

Hoxie, Robert Franklin

Hoyt, Homer

Hubbard, Howard Archibald

Hughes, Elizabeth

Humble, Henry William

Humphries, Louis Kyle

Hunt, Duane Garrison

Hunter, Estelle Belle

Huntington, Ellery Channing

Huth, Walter

Ito, Jiniro

Jacobson, Henry Anthony

Jalandoni, Jose Ledesma

Johnson, Edgar Hutchinson

Johnson, Edna Margaret

Jones, Austin Franklin

Jordan, Elijah John

Juchhoof, Frederik

Jude, George Washington

Kaiser, Arthur

Kammeyer, Julius Ernest

Karsten, Eleanor G.

Keeney, George Albert

Kelley, James Herbert

Kellor, Frances Alice

Kelly, Arthur Caryl

Kennedy, John Curtis

Kern, Robert Russ

Kerr, Robert Floyd

Kester, Roy Bernard

Kibler, Thomas Latimer

Kilpatrick, Elizabeth Smith

King, Benjamin Walter

King, Harriet Gertrude

King, James Alexander

King, James Stanhope

King, William Lyon Mackenzie

Kinsman, Delos Oscar

Kirkham, Francis Washington

Kling, Henry Frank

Kobayashi, Kaoru

Koepke, Frank Oswald

Kyrk, Hazel

Lamar, Clyde Park

Lamborn, William Henry

Landis, George Butts

Lane, Elmer Burr

Lang, Ellen Flora

Lange-Wilkes, Friedrich Fred

Larkin, Manuel Lippitt

La Rowe, Eugene

Latourette, Lyman Ezra

Lauck, William Jett

Lauder, Charles Edward

Laune, Ferris Finley

Lavery, Maud Ethel

Leacock, Stephen Butler

Learned, Henry Barrett

Leavitt, Orpha Euphemia

Le Drew, Henry Herbert

Lee, Mary Margaret

Leff, Samuel

Lefler, Shepherd

Legh, Sydney Cornwall

Lenhart, Harry Hull

Lennes, Nels Johan

Leonard, Walter Anderson

Lewis, Henry

Lewis, Neil Madison

Lindholm, Svanto Godfrey

Lippincott, Isaac

Lipsky, Harry Alexander

Lobdell, Charles Walter

Logan, Harold Amos

Logan, John Lockheart

Loomis, Milton Early

Loveless, Milo James

Lowry, Russell

Lucas, William Hardin

Luehring, Frederick William

Lurton, Freeman Ellsworth

McAfee, Lowell Mason

McClintock, Euphemia E.

MacClintock, Samuel Sweeny

McCord, Robert Bryan

McCrimmon, Abraham Lincoln

McCurdy, Raymond Scott

McCutchen, George

McDonald, Julius Flake

McDonald, Neil C.

McElroy, Charles Foster

McGaughey, Hester Grier

McGee, Walter Scott

MacGibbon, Duncan Alexander

Machen, John Gresham

McIntosh, Donald Howard

McKenzie, Floyd Stanley

McKinley, Alexander Daniel

McKinley, Gertrude

Kinney, Winfield Scott

McLean, Earl

MacLean, Murdoch Haddon

McLean, Simon James

Maclear, John Fulton

McMullen, Samuel

MacQueary, Thomas Howard

Magee, James Dysart

Magee, James Edward

Mangold, George Benjamin

Manly, Basil Maxwell

Mann, Albert Russell

Marsh, Benjamin Clarke

Martin, Asa Earl

Martin, William Chaille

Marxen, William Bartenick

Matheny, Francis Edmund

Mather, Arlen Raymond

Matlock, Ernest

Maw, Vung Tsoong

Maynard, Archibald Benton

Meade, Edward Sherwood

Meek, James Rariden

Menge, George John

Merrell, Oscar Joe

Merritt, Albert Newton

Merry, Paul Horace

Miller, Christian A.

Miller, Clarence Heath

Miller, Edmund Thornton

Miller, Frieda Segelke

Miller, Roy Newman

Miller, Wiley Austin

Million, John Wilson

Millis, Harry Alvin

Mills, Florence Howland

Mitchell, James Ennis

Mitchell, Wesley Clair

Moffat, James Ernest

Monroe, Paul

Montgomery, Louise

Montgomery, Stafford

Moore, Blaine Free

Moore, Stephen Halcut

Morris, Robert

Mosser, Stacy Carroll

Moulton, Harold Glenn

Mumford, Eben

Munn, Glenn Gaywaine

Nagley, Frank Alvin

Nash, Walter Dudley

Naylor, Augustine Francis

Neff, Andrew Love

Neill, Charles Patrick

Nesbitt, Charles Rudolph

Newton, John Reuben

Nida, William Lewis

Niece, Ralph Harter

Northrup, John Eldridge

Norton, Elvin Jensen

Norton, Grace Peloubet

Nourse, Edwin Griswold

Noyes, Edmund Spencer

O’Brien, Charlotte Louise

O’Dea, Paul Montgomery

O’Hara, Frank

Okada, George F.

Olin, Oscar Eugene

Padan, Robert Samuel

Paden, Thomas Hosack

Parker, Bertrand De Rolph, Jr.

Parker, Norman Sallee

Parker, Robert Lincoln

Parker, Ulysses Simpson

Parish, Charles O.

Paschal, Rosa Catherine

Patterson, Ernest Minor

Patton, Eugene Bryan

Pattrick, John Hezzie

Payne, Walter A.

Peabody, Susan Wade

Pease, Theodore Calvin

Pease, William Arthur

Perrine, Cora Belle

Peterson, Otto Edward

Phillips, Ulrich Bonnell

Pierce, Paul Skeels

Polzin, Benzamin Albert

Porter, Nathan Tanner

Potts, Charles Shirley

Powell, Bert Eardly

Powell, Leona Margaret

Prescott, Arthur Taylor

Price, Maude Azalie

Primm, Clarence J.

Putnam, James William

Putnam, Mary Burnham

Quaintance, Hadley Winfield

Rabenstein, Matilda Agnes

Radcliffe, Earle Warren

Rainey, Alice Hall

Reasoner, Florence

Reed, Ralph Johnston

Refsell, Oscar Norton

Reighard, John Jacob

Remick, Mary Ethel

Remp, Martin

Renninger, Warren Daub

Reticker, Ruth

Rice, Dorothy Lydia

Richardson, Russell

Richey, Mary Olive

Richter, Arthur William

Riley, Elmer Author

Ristine, Edward Ransom

Robertson, James Rood

Rogers, May Josephine

Rosenberg, Edwin J.

Rosseter, Edward Clark

Rygh, George Taylor

Sanderson, Dwight

Sandwich, Richard Lanning

Schafer, Joseph

Scheftel, Yetta

Schloss, Murray L.

Schmidt, Lydia Marie

Schmidt, Otto Gustave

Schmitt, Ella

Schoedinger, Fred H.

Schroeder, Charles Ward

Scott, D. R.

Scott, Edward Lee

Scott, James M.

Seegmiller, Frederick Snyder

Selian, Avedis Bedros

Sellery, George Clark

Senseman, Ira Roscoe

Seward, Ora Philander

Shaw, George Washington

Shelton, William Arthur

Shepherd, Fred Strong

Shoemaker, Lucile

Shue, William Daniel

Sikes, George Cushing

Simons, Frederick Myerle

Sinclair, James Grundy

Singer, Martin

Skelton, Oscar Douglas

Slemp, Campbell Bascom

Smith, Almeron Warren

Smith, Gerard Thomas

Smith, Guy Carlton

Smith, Roy

Smith, Walter Robertson

Smyser, Seldon Frazer

Snavely, Charles

Sorenson, Alban David

Sorrell, Lewis Carlyle

Sparks, Edwin Erle

Spencer, Simpson Edward

Splawn, William Marshall Walter

Sproul, Alexander Hugh

Stark, William Belle

Stearns, Tilden Hendricks

Steiner, Jesse Frederick

Stephens, George Asbury

Stephenson, George Malcolm

Sterns, Worthy Putnam

Stevens, William Spring

Stone, Raleigh Webster

Stoneberg, Philip John

Stoner, Thurman Wendell

Stowe, Frederick Arthur

Stuart, Henry Waldgrave

Styles, Albert Frederick

Sullivan, Margaret Veronica

Sundstrom, Ingeborg

Sutherland, Edwin Hardin

Swan, Laurence Wardell

Swanson, William Walker

Swift, Elizabeth Andrews

Sydenstricker, Edgar

Tajima, Kazuyoshi

Takimoto, Tanezo

Tan, Chang Lok

Tanner, Alvin Charles

Tarr, Stambury Ryrie

Taylor, Archibald Wellington

Taylor, William G.

Temple, Frances Congdon

Teng, Kwangtang

Textor, Lucy Elizabeth

Thomas, David Yancey

Thompson, Carl William

Thompson, Charles Sproull

Thompson, Edwin Elbert

Thompson, John Giffin

Thorne, Florence Calvert

Thornhill, Ernest Algier

Thurston, Henry Winfred

Tiffany, Orrin Edward

Tilton, Howard Cyrus

Towle, Ralph Egbert

Towne, George Lewis

Treleven, John Edward

Tunell, George Gerard

Tunnicliff, Helen Honor

Turner, Mary

Updegraff, Elizabeth

Valgren, Victor Nelson

Varkala, Joseph Paul

Vassardakis, Cleanthes Aristides

Veblen, Thorstein B.

Vernier, Chester Garfield

Vogt, Paul Leroy

Vondracek, Olga Olive

Waldo, Karl Douglas

Waldorf, Lee

Waldron, George Burnside

Walker, Edson Granville

Walling, William English

Walrath, Albert Leland

Waltz, Merle Bowman

Wardlow, Chester Cameron

Ware, Richard

Warren, Henry Kimball

Warren, Worcester

Watson, Robert Eli

Watts, Cicero Floyd

Weaver, Samuel Roy

Webster, Arthur Ferdinand

Webster, William Clarence

Weisman, Russell

Wells, Emilie Louise

Wells, Oliver Edwin

West, Max

West, Victor J.

Westlake, Ruby Moss

Weston, Jessie Beatrice

Wethington, Joseph Francis

Whipple, Elliot

Whitaker, Hobart Karl

Whitcomb, Adele

White, Francis Harding

White, Henry Kirke

White, Laura Amanda

Whited, Oric Ogilvie

Wilcox, William Craig

Wildman, Murray Shipley

Willard, Laura

Williams, Arthur Rowland

Williams, Charles Byron

Williams, Frank North

Williams, John William

Williams, Pelagius

Willis, Henry Parker

Wilson, Eugene Alonzo

Winans, Clarence Henry

Winston, Ambrose Pare

Winston, James Edward

Wirt, William Albert

Witmer, John Earl

Woods, Erville Bartlett

Woolley, Edwin Campbell

Wright, Helen Russell

Yahn, Harold George

Yeisaku, Kominami

Youngman, Anna Pritchett

Zaring, Aziel Floyd

Zee, Treusinn Zoen

Zimmerman, John Franklin

___________________________________

DOCTORS OF PHILOSOPHY OF THE UNIVERSITY OF CHICAGO
DEPARTMENT OF POLITICAL ECONOMY

Edith Abbott (1905)

A Statistical Study of the Wages of Unskilled Labor in the United States, 1830-1900.

Charles Criswell Arbuthnot (1903)

The Development of the Corporation and the Entrepreneur Function.

Donald Elliott Bridgman (1907)

Economic Causes of Large Fortunes.

John Cummings (1894)

The Poor Law System of the United States.

Herbert Joseph Davenport (1898)

The French War Indemnity.

Katharine Bement Davis (1900)

Causes Affecting the Standard of Living and Wages.

William John Alexander Donald (1914)

The History of the Canadian Iron and Steel Industry.

Henry Rand Hatfield (1897)

Municipal Bonding in the United States.

Earl Dean Howard (1905)

The Recent Industrial Progress of Germany.

Robert Franklin Hoxie (1905)

An Analysis of the Concepts of Demand and Supply in Their Relation to Market Price.

Edgar Hutchinson Johnson (1910)

The Economics of Henry George’s Progress and Poverty.

Stephen Butler Leacock (1903)

The Doctrine of Laissez Faire.

Isaac Lippincott (1912)

The Industrial History of the Ohio Valley to 1860.

Duncan Alexander MacGibbon (1915)

Railway Rates and the Canadian Railway Commission.

Simon James McLean (1897)

The Railway Policy of Canada.

James Dysart Magee (1913)

Money and Prices: A Statistical Study of Price Movements.

Albert Newton Merritt (1906)

Federal Regulation of Railway Rates.

Harry Alvin Millis (1899)

History of the Finances of the City of Chicago.

Wesley Clair Mitchell (1899)

History of the United States Notes.

Harold Glenn Moulton (1914)

Waterways versus Railways.

Edwin Griswold Nourse (1915)

A Study in Market Mechanism as a Factor in Price Determination.

Robert Samuel Padan (1901)

Studies in Interest.

Eugene Bryan Patton (1908)

The Resumption of Specie Payment in 1879.

Oscar Douglas Skelton (1908)

An Examination of Marxian Theory.

George Asbury Stephens (1909)

Influence of Trade Education upon Wages.

Worthy Putnam Sterns (1900)

Studies in the Foreign Trade of the United States.

William Walker Swanson (1908)

The Establishment of the National Banking System.

George Gerard Tunell (1897)

Transportation on the Great Lakes of North America.

Murray Shipley Wildman (1904)

The Economic and Social Conditions Which Explain Inflation Movements in the United States.

Henry Parker Willis (1898)

A History of the Latin Monetary Union.

Anna Pritchett Youngman (1908)

The Economic Causes of Large Fortunes.

___________________________________

A STATISTICAL RECORD OF GROWTH
1892-1916

Source: James Laurence Laughlin, Twenty-Five Years of the Department of Political Economy, University of Chicago. Chicago: Privately printed, 1916.

Image Source: “JLL” initials from the title page, ibid.

Tags Adolph Miller, Arnett, Brooks, Caldwell, Canning, ClarkJM, Closson, CummingsJohn, CW Wright, Davenport, Dewsnup, Droppers, Duncan, Dunne, Edith Abbott, Field, FM Simons, Ford, Garver, Gould, Hatfield, Hathaway, Hourwich, Hoxie, HP Willis, Koren, Kyrk, Laughlin, MarshallLC, MeyerHR, Mitchell, Morris, Moulton, Sanders, Skelton, SM Hamilton, Veblen, WGS Adams, WH Hamilton, Wm Hill

Chicago Courses Exam Questions Suggested Reading Syllabus

Chicago. Economic Doctrine, Modern Tendencies. Lange, 1942

Post author By Irwin Collier
Post date 2016-04-24

“Modern Tendencies in Economic Economic Doctrine” was the title of the course taught by Oscar Lange in 1942 at the University of Chicago. According to the notes to the course taken by Norman Kaplan, the first two lectures appear to be Lange’s Apologia for the rationality postulate in modern economic theory that are then followed by lectures in which many themes of Hicks’ Value and Capital are addressed. Karl Marx, Max Weber and Talcott Parsons all get mention in his reflections on the rationality postulate. One can characterise Lange’s mission here and elsewhere as seeking to graft advances in economic theory from the marginal revolution that led to neoclassical economics to the trunk of (Marxian) classical economics.

______________________

_____________________________________

[Course Announcement, Economics 303, Spring 1942]

303. Modern Tendencies in Economic Doctrine.—A critical study of controversial questions in the general body of economic theory, and of some modern developments of that theory. The fundamentals of the theory of general equilibrium, the approach to dynamic economics, the foundations of welfare economics, the place of economics among the social sciences and problems of methodology will be discussed. Prerequisite: Economics 301 or equivalent. Spring, Tu., Th., 3:30-5:30, Lange.

Source: University of Chicago, The College and the Divisions for the Sessions of 1941-1942. Announcements Vol. XLI, No. 10 (April 25, 1941), p 307.

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Spring, 1942

ECONOMICS 303
BIBLIOGRAPHY

Required

J. R. Hicks. Value and Capital

H. Schultz. Theory and Measurement of Demand, chap. vi

J. Dean. “Department-Store Cost Functions,” Studies in Mathematical Economic and Econometrics, p. 222.

F. Lindahl. Studies in the Theory of Money and Capital, part I [(handwritten marginal note: (Read along with dynamic part of Hicks)]

H. Makower and J. Marschak. “Money and the Theory of Assets,” Economica (Aug. 1938)

M. Kalecki. “The Principle of Increasing Risk,” Essays in the Theory of Economic Fluctuations

G. L. S. Shackle. “Expectations and Employment,” Econ. J. (Sept. 1939)

________________. “The Nature of the Inducement to Invest,” RES (Oct. 1940)

A. G. Hart. “Uncertainty and Inducements to Invest,” RES (Oct. 1940)

T. Scitovszky. “A Study of Interest and Capital,” Economica (Aug. 1940)

J. Tinbergen. “Econometric Business Cycle Research,” RES (Feb. 1940)

R. F. Harrod. “Essay in Dynamic Theory,” Econ. J. (March 1939)

R. F. Kahn. “Some Notes on Ideal Output,” Econ. J. (March 1935)

N. Kaldor. “Welfare Propositions and Inter-Personal Comparability of Utility,” Econ. J. (Sept. 1939)

J. R. Hicks. “The Foundations of Welfare Economics,” Econ. J. (Dec. 1939)

A. P. Lerner. “From Vulgar Political Economy to Vulgar Marxism,” JPE (Aug. 1939)

H. D. Dickinson. “A Comparison of Marxian and Bourgeois Economics,” The Highway 1937

Eric Roll. “The Social Significance of Recent Trends in Economic Theory,” Canadian J. of Economics (Aug. 1940)

Optional

F. H. Knight. Risk, Uncertainty and Profit

G. Tintner. “A Contributionof the Non-Static Theory of Choice,” QJE (Feb. 1942)

A. G. Hart. “Anticipations, Uncertainty and Dynamic Planning,” J. of Business of the U. of C. (Oct. 1940)

J. R. Hicks. “A Suggestion for the Simplification of the Theory of Money,” Economica (1935)

P. N. Rosenstein-Rodan. “The Co-ordination of the General Theories of Money and Prices,” Economica (Aug. 1936)

J. Tinbergen. A Method and its Application to Investment Activity, League of Nations

H. D. Dickinson. The Economics of Socialism

M. H. Dobb. Political Economy and Capitalism

A. P. Lerner. “Statics and Dynamics in Socialist Economics,” Econ. J. (June 1937)

Talcott Parsons. The Structure of Social Action, chap. iv

_____________________________________

ECONOMICS 303
Spring, 1942

I. Discuss briefly the relation of the analysis of consumers’ behavior in terms of indifference curves and in terms of traditional marginal utility theory. Explain

(1) the concept of the marginal rate of substitution and its relation to marginal utility.

(2) the relation between the law of diminishing marginal utility and the convexity (toward the origin) of indifference curves.

(3) the assumptions underlying measurability of utility.

(4) the consequences which dispensing with the hypothesis that utility is measurable has for the law of diminishing marginal utility and for the Edgeworth-Pareto distinction between substitute, independent and complementary commodities.

(5) whether the use of indifference curves and of the marginal rate of substitution requires that utility be immeasurable.

II. Explain the difference between “co-operant” factors of production in the sense of Pigou (i.e., “complementary” factors in the sense of Edgeworth-Pareto) and complementary factors in the sense of Hicks-Allen-Schultz. Show why in the case of only two factors used to produce a product both definitions are equivalent but cease to be so if more than two factors are used. What is the purpose of replacing in the theory of production “co-operancy” by complementarity in the Hicks-Allen sense?

III. Describe the way in which uncertainty of price expectations influences the production plans of firms and the consumption plans of households. Explain

(1) what features of uncertain price expectations influence the planning of sales and purchases.

(2) apply your explanation to the determination of forward prices.

(3) discuss how uncertainty influences the length of the economic horizon and how this accounts for the insensitiveness of current investment to changes in interest rates.

IV. State the conditions of stability of general economic equilibrium and try to link them up with the relation of changes in the quantity of money to changes in the demand for cash balances. Don’t worry if you cannot answer the second part of the question. If you can answer it, give an example of a behavior of the monetary system which will make general equilibrium unstable.

Source: University of Chicago Archives. Norman Kaplan Papers, Box 2, Folder 6.

Image source: Wikipedia/commons.

Tags Lange

Chicago Courses Suggested Reading Syllabus

Chicago. Introduction to Money and Banking. A. G. Hart, 1933

Post author By Irwin Collier
Post date 2016-04-03

In the early 1930’s Lloyd Mints alternated teaching the undergraduate money and banking course at the University of Chicago (Econ 230) with the doctoral student Albert G. Hart who held the ranks of teaching assistant/instructor before receiving his Ph.D. in 1936. In Hart’s papers at Columbia University there is a copy of material for his course kept for students in the Harper Reading Room at the University of Chicago. The “Report on Conduct and Content of Course” included in this posting presents a detailed outline of his course as of its third iteration. Square brackets are used where I have supplied specific page numbers for the textbook assignments that I have found elsewhere in the same folder with this Report.

In the Review section Hart includes among the “leading ideas” of the course: “… in fields where prices are sticky, inflation and deflation take themselves out on volume of sales and hence of production and/or employment…”

______________________

If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled thus far. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

_________________________________

[Course Description from University of Chicago Announcements]

230. Introduction to Money and Banking.—The material in the course includes a study of the factors which determine the value of money in the short and in the long run; the problem of index numbers of price levels; and the operation of the commercial banking system and its relation to the price level and general business activity. Prerequisite: Social Science I and II or equivalent. Summer, Hart; Autumn, Mints; [Spring], Hart.

Source: University of Chicago, Announcements [for 1933-34], Arts, Literature and Science, vol. 33, no. 8 (March 25, 1933), p. 266.

_________________________________

Report on Conduct and Content of Course.

Econ 230
A. G. Hart

General Remarks:

My general policy (in which I follow the suggestions of Mr. Mints) has been to conduct the course definitely as a theoretical study, with the emphasis on analysis rather than history or factual description. Class meetings are devoted largely to discussion, with inevitable lapses into lecturing when historical or factual questions cannot be avoided. My reading assignments have been light (about 100 pages a week), but are of a character to call for mulling over. So far as possible I have avoided second-hand textbook material and gone to authoritative writers. On the necessary technical banking material a textbook is inevitable, and I have used Rodkey’s Banking Process twice and Bradford’s Banking once. (To my taste the former is definitely preferable.) On other subjects I have gone to standard authorities, as Irving Fisher, J. M. Keynes, Alvin Hansen, Wesley Mitchell, D. H. Robertson. These writers are emphatically not beyond the grasp of undergraduate classes here. Some points have been emphasized by written exercises; and I have tried by giving our examinations and by putting past examinations on reserve to make my examinations a guide to what I expected students to take away with them. Full assignments, as made this summer, and past examinations are in my assignment folder on reserve in Harper main reading room.

The following scheme is that given in my assignments; the order of various points somewhat altered from time to time, especially when current events bring certain sides of the course to the fore.

Scheme of Course:

I. Introduction: Money Concepts; Sketch of Monetary History; Present Circulating Medium in U. S.

Explanation of purposes of the course; the notion of money in the broader notion of circulating medium; a summary of the history of the American circulating medium; brief analysis of the current statistics on money in circulation and on bank deposits. Emphasis is laid on the fact that the class of circulating media has no clear-cut boundary, but shades off into the realm of ordinary commodities, and on the importance of bank deposits in American circumstances. Reading: Robertson, Money, pp. 1-17. Class Time: usually two, perhaps three hours.

II. The Quantity Theory of Money According to Fisher.

An analysis of the relations between quantity of money and bank deposits, their velocities, prices, and volume of transactions, through the Fisher equation. Emphasis is laid on the validity of the equation, the restricted conditions under which the Quantity Theory holds, and the consequent inadequacy of the Quantity Theory for short-period analysis; also on relative flexibility of different groups of prices. Reading: Fisher, Purchasing Power of Money, pp. 1-32, 47-54, 74-111, 184-97. Class Time: five or six hours.

III. The Quantity Theory According to the Cambridge School; European Postwar Monetary Experience.

A restatement of the Quantity Theory in “Cambridge” terms, using Keynes’ Monetary Reform as type. This is used to reinforce the analysis of the difficult “velocity” problem in the preceding section, and leads into some examination of the workings of inflation. The idea of forced saving is here brought out. Lately I am coming to doubt the pedagogical usefulness of the formulation in Monetary Reform; and I may take a different tack another time. Reading: Keynes, Monetary Reform, pp. 3-45, 46-80 [, 81-94]; Robertson, Money, e.g. 18-43. Class Time: three or four hours.

IV. Index Numbers: Refinement of Concept of Purchasing Power.

The concept of an index number of prices as reflecting changes in the value of a composite commodity of fixed make-up; index of quantity as reflecting valuations of different mixtures of goods at fixed prices. Necessity of index number analysis to put meaning into notion of price and output changes brought about by money. Emphasis is placed, of course, on fundamental notions and interpretation, not on the technique of index-number compilation. Reading: Fisher, Purchasing Power, pp. 198-233; memorandum of my own in assignment folder. I should assign Keynes [Treatise (optional), I, pp. 53-94] but for library difficulties. Written Assignment: problem in index-number computation, with simplified arithmetic, calculated to bring out differences among the various basic formulas. Class Time: three or four hours.

V. Nature of Banking and Clearing.

(In the Autumn Quarter, 1932 I put this before the treatment of monetary theory, which appears to be just about as satisfactory as the present arrangement.) Basic character of a bank; demand liabilities greater than quick assets, and demand liabilities serving as circulating medium. Mechanism of making and transferring deposits; clearing relations among banks. History of American banking. Study of bank reserves; of earning assets. Principle of credit pyramiding on increment of reserves. Reading: textbook passages [Rodkey, Banking Process, 1-86, 124-37, 137-54, 178-95, 201-224, 267-86; or Bradford, Banking, pp. 1-51, 52-96, 98-123]; Phillips, Bank Credit, chapter III [pp. 32-77]. Written Assignment or Hour Examination: reconstruction and interpretation of dismembered bank statement, involving comparison of two banks or one bank at two dates. Class Time: ten or twelve hours.

VI. Central Banking: Federal Reserve System.

Analysis of open market, re-discount and clearing functions of the Federal Reserve Banks, and of the administration of the system and its influence on the member bank reserve position. I have made no attempt to cover foreign central banking except for an hour’s lecture on the Bank of England and incidental references from this point in the course on to practices of foreign central banks. This is not because I doubt the usefulness of treating foreign banking ceteris paribus; but the marginal utility of time in a one-quarter course is so high as to put this below the zone of profitable use of resources. Emphasis is placed on the essential simplicity of central banking — holding cash reserves and earning assets and swapping them on the open market according to the position of business—, on its necessary non-profit character, etc. The leading ideas in this section are largely modeled on Mr. Mints. One of the drawbacks of using Bradford as text is the necessity of scrambling sections V and VI together to follow its arrangement. Reading: textbook passages [Rodkey, Banking Process, pp. 36-123, 196-200, 224-238; or Bradford, Banking, pp. 125-144, 145-168, 170-222, 223-247, 248-274, 311-336, 337-355]; W. R. Burgess, Reserve Banks and the Money Market, pp. 206-229; passages in Federal Reserve Bulletin [March 1932, pp. 1-5]. Written Assignment or Classroom Work: Analysis of weekly statements of Federal Reserve Banks and weekly reporting member banks; calculation of Federal Reserve reserve and collateral requirements and of free gold. [take F.R. statement for July 13 (published in morning papers July 21). Compute gold reserve requirements against deposits and notes, calculate excess gold reserves. Compute gold collateral requirement on notes, with and without Glass-Steagal arrangement, and calculate free gold on each basis.] From this point in the course the statement is discussed at some length every Friday. Class Time: five or six hours, plus a short time each week toward the end of the quarter for study of the statement.

VII. Foreign Exchange; International Banking Relations.

The mechanism of the exchange markets: acceptances, cable drafts, etc. The balance of payments and supply and demand of foreign funds; determination of the rate and adjustment of balances on and off the gold standard. Classical mechanism of adjustment; orthodox types of central bank intervention; post-war manipulative tricks in exchange market. Due largely to the trend of current events, emphasis has been placed on the determination of rates off the gold standard and on the short-run importance of flight from the currency and other types of speculative movements. Reading: as the topic is peripheral and cannot absorb much time, I have compromised between textbook readings and authoritative material, and have been assigning Taussig, Principles, vol. I, pp. 447-78 besides text-book passages. [Rodkey, Banking Process, pp. 155-68; or Bradford, Banking, 275-310; Robertson, Money, 69-91] Class Time: three or four hours.

VIII. Short Period Monetary Theory.

Inapplicability of quantity theory (though not of Fisher equation) in “transition period”. Generalization of Fisher cash-transactions approach: can be used wherever flow of goods and flow of money which buys it can both be conceptually isolated. Analysis through income concepts. Hawtrey’s scheme as a special case of transactions approach; illustration of analysis by his cycle theories. Concept of forced savings. Reading: Fisher, Purchasing Power, 55-74; Robertson, Money, 92-116; Hawtrey, Currency and Credit, 1-64. Class Time: four to six hours.

IX. Business Cycles.

Concept of business cycle; basic types of series showing cycle. Types of business cycle theories. Problems of “overproduction” in various senses. Reading: Mitchell, Business Cycles, the Problem and its Setting, pp. 1-60. Class Time: three to five hours.

X. Banking Policy and “Stabilization”.

General concept of stabilization – largely connotation with meaning vague. Monetary stabilization – constancy of index number or the exchange rate. Partial incompatibility of former and latter. Criteria of desirable indices to stabilize – full employment chief – point to desirability of gently raising money wages on average; consequences in other price groups. Central difficulty of price stickiness. Ways and means – inadequacy of central-bank control; inevitable influence of government finance. Savings-investment criterion of policy – its weaknesses. Reading: Robertson, Money, 144-194; Hansen, Economic Stabilization in an Unbalanced World, 3-27, 65-113, 271-314. Class Time: 4 to 6 hours.

Review:

When possible (it isn’t in the summer) I plan to devote four or five hours to systematic review. Leading ideas are brought out more clearly; especially: 1) the price level associated with the given flow of goods cannot rise, unless less goods of this group are sold or more money is spent on them; 2) when price movements are on foot the various forms of “price stickiness” make the movements of different speed and amplitude in different fields; 3) it is these relative price movements which are of practical importance; 4) in fields where prices are sticky, inflation and deflation take themselves out on volume of sales and hence of production and/or employment; 5) a banking system uncontrolled except by “qualitative” considerations will inevitably bring about inflation and deflation involving destructive movements of relative prices and of production; 6) in fact these considerations do not even enable a banking system to protect itself against a heavy proportion of failures in deflation.

Discussion of Above Scheme:

It will be observed that the course as I have given it contains little or no discussion of two topics which occupy a great deal of the literature, viz.: bimetallism and the classification of money under various heads (commodity, token, fiat etc.) Both of course come in for incidental mention; but neither, it seems to me, belongs in a one-quarter course here and now. Bimetallism, as discussed in the books, is today rather a historical relic; the effective issue is not double versus single standard, but gold standard versus “paper standard”. Systematic classification of money has distinct uses; but I’m inclined to trust to the passage on the subject in Robertson and avoid wasting class time on it. The necessary discussion of monetary history affords opportunity to talk a bit about both these matters; but a student who had taken the course with me could probably not explain the relation (e.g.) between over-valued and under-valued metal, or between proper bimetallic and limping standards.

More serious than these omissions of subject-matter is another type of omission: the course as I give it makes little attempt to inoculate the student against cranks by systematic study and dismemberment of the work of theoretical bunglers. It is a rather serious pedagogical defect to include little reading with which the instructor thoroughly disagrees. My excuses firstly that the course must take up more material then can be so treated in a single quarter and secondly that it seems to me the line between correct and incorrect analysis is fairly clearly drawn in the elementary phases of monetary and banking theory here treated. But frankly I’m afraid I must lay more weight on the first excuse than the second.

Albert G. Hart.

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Papers: Box 61, Folder “Assignments and Other Memoranda for Reserve in Harper Reading Room/Sec 2 Ec 230 1933 Chicago, Money (Summer Quarter)”.

Image Source: ditto.

Tags HartAG

Chicago Courses Suggested Reading Syllabus

Chicago. Monetary Dynamics Seminar. Milton Friedman, 1952

Post author By Irwin Collier
Post date 2016-03-25

Welcome to Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled thus far. You can subscribe to this blog below. There is also an opportunity for comment following each posting….

______________________

Transcribed from items in the Milton Friedman papers at the Hoover Institution today’s posting includes the bibliographic handout provided by Milton Friedman to the participants in his graduate seminar “Monetary Dynamics” that took place in the Spring Quarter of 1952 along with the official class list. We note that one of the graduate students enrolled in the seminar was Gary S. Becker. It is also interesting to note that “empirical studies” essentially meant “case studies” as of mid-twentieth century.

___________________________

The University of Chicago
Office of the Registrar

OFFICIAL CLASS LIST
SPRING QR. 1952

Instructor: FRIEDMAN MILTON
Department: ECON
Course number: 432

Student name:

Axilrod, Stephen H.
Becker, Gary S.
Deaver, John V.
Drayton, James
Fisher, Lawrence
Klein, John
Oort, Coenraad J.
Timberlake, Richard H. Jr.
Venetianer, Edmond

___________________________

Economics 432: Monetary Dynamics
Spring Quarter, 1952

The central topic for this quarter will be monetary inflation. We hope to cover the theory of monetary inflation and empirical evidence on monetary inflations. The major issues in this area are, the process whereby changes in the stock of money produce their effect on prices and output or conversely, whereby changes in prices and output affect the stock of money; the role of the interest rate in inflation or, conversely, the effect of monetary changes on the interest rate; the role of exchange rates in monetary inflation as both cause and effect; the relative value of alternative simplified theories for predicting the course of inflationary movement; the role and problems of governmental monetary policy in inflationary periods; empirical regularities in monetary inflations and hyperinflations.
We shall of course not be able to cover all these issues at all adequately; the interests of the members of the seminar will guide the selection made.
There is a vast literature on these problems. The following bibliography, despite its length, is highly selective and is designed to suggest material available and to give leads to people working on particular topics rather than to be exhaustive. The three parts into which the essentially theoretical material is classified (1 to 3) are by no means mutually exclusive and many entries could with equal justification have been classified elsewhere; the sections are meant only to indicate major broad divisions and the order within the sections, the rough lines of theoretical development. Similarly, many of the items in Section 4, supposedly dealing with policy, could readily have been classified in the earlier sections; and many of the entries in section 5, labeled empirical studies, contain discussions of policy or of theory.

1. Classical analysis of inflation

A. Original sources

David Hume, “Of Money,” “Of Interest” in Essays, Moral, Political and Literary, part II (first published 1752).

Adam Smith, Wealth of Nations (1776), Vol I. Bk. II, Chap 4; Bk 1, Ch xi, part of Pt. III (pp. 188-210 in Cannan edition); Bk. II, Ch. 11, esp. pp. 283-87 of Cannan edition.

Henry Thornton, An Essay on Paper Credit (1802), esp pp. 254-8, 281, 296-7, and 335-9 of reprint.

David Ricardo, Principles of Political Economy, (3rd ed. London (1821), Ch. 21; The Works and Correspondence, edited by P. Sraffa, Volume III, passim. (Cambridge 1951).

Nassau Senior, On the Value of Money (1840)

________________, Three Lectures on the Cost of Obtaining Money (1930)

John Stuart Mill, Principles of Political Economy, (1848), Bk. III, Ch. 8, 9, 23.

J. E. Cairnes, “Essays Toward a Solution of the Gold Question,” (written, 1858 to 1860) in Essays in Political Economy, Theoretical and Applied, (London, 1873) pp. 1 to 165.

B. Secondary sources

T. E. Gregory, Introduction to Tooke and Newmarch (London (1928), esp. pp. 22-31.

F. A. Hayek, “A Note on the Development of the Doctrine of ‘Forced Savings’”, Quarterly Journal of Economics, 1932, pp. 123-33.

J. W. Angell, The Theory of International Prices – history, criticism, and restatement (Cambridge, Mass., 1926)

Jacob Viner, Studies in the Theory of International Trade, (New York, 1937), Ch. III, IV, V.

Lloyd W. Mints, History of Banking Theory (Chicago, 1945)

2. Neo-classical

A. Swedish school

Knut Wicksell, Interest and Prices, esp introduction, by Bertil Ohlin, Preface, (London 1936) and Ch. 5-9.

_______________, Lectures, Vol. 2, Ch. IV; pp. 127-222 (London 1935)

Gunner Myrdal, Monetary Equilibrium, London (1939).

E. Lundberg, Studies in the Theory of Economic Expansion, (Stockholm, 1937)

E. Lindahl, Studies in the Theory of Money and Credit (London, 1939)

A. P. Lerner, “Swedish Stepping Stones in Economic Theory,” Canadian Journal of Economics, November 1940.

Brinley Thomas, Monetary Policy and Crisis, Ch. 3 and 4. (1936)

J. Marschak, “Wicksell’s Two Interest Rates,” Social Research, Nov. 1941.

B. Austrian school

L. von Mises, The Theory of Money and Credit (1934) Eng. Translation.

F. A. Hayek, Prices and Production (2nd edition (1935)).

C. Cambridge school

Alfred Marshall, Principles of Economics, pp. 593-5; Money, Credit, and Commerce, pp. 38-50 (1923)

__________________, Official Papers, Ch. II, esp. 38-41, 45-6, 123-32, 157-60. (1926)

D. H. Robertson, Essays in Monetary Theory, esp. Ch. II, XII (1940)

__________________, Banking Policy and the Price Level (3rd ed, 1950)

__________________, “Notes on the Theory of Money,” Readings in Monetary Theory, (Blakiston, 1951), pp. 159-61.

A. C. Pigou, Industrial Fluctuations (1927)

J. M. Keynes, Monetary Reform (London, 1923) especially Ch. III.

F. Langston, The Trade Cycle.

D. Other

J. M. Keynes, A Treatise on Money, esp Vol I, Ch. 13, pp. 293-302, Vol. II, Ch. 25, 30, 32, 33 (1930).

R. G. Hawtrey, The Art of Central Banking (1933), esp. pp. 116-207, 366-71.

__________________, Capital Employment, (1937) Ch. 4-6.

Irving Fisher, Elementary Principles of Economics, Ch. IX (N.Y. 1912) (revised)

__________________, The Purchasing Power of Money, (1926) Ch. 8.

__________________, The Rate of Interest, Ch. 8, 14, 16.

Bertrand Nogaro, Modern Monetary Systems (London, 1927)

M. Albert Aftalion, Monnaie, Prix et Change (Paris, 1927)

Joseph Schumpeter, Business Cycles, Vol II, Ch. 8 (1939)

MacMillan Report, Royal Commission on Finance and Industry, Cmd 3897 (1931), Ch. 11, pp. 92-160.

E. Critiques

H. Ellis, German Monetary Theory (1934) Ch. 8, 9, 19.

R. J. Saulnier, Contemporary Monetary Theory (1938)

Arthur Marget, The Theory of Prices (1938, 1942) Vol 1, Ch. 2, 12-16, Vol 2, Ch. 3.

R. S. Sayers, Modern Banking, Ch. VI (1939, rev. ed.)

G. Haberler, Prosperity and Depression, (1941, 3rd ed.) Part I.

3. Keynes of General Theory

A. General

J. M. Keynes, The General Theory of Employment, Interest, and Money. (London, 1936)

R. F. Kahn, “The Relation of Home Investment to the Multiplier,” Economic Journal, 1931.

Joan Robinson, Essays in the Theory of Employment (1938)

________________, “The Economics of Hyper-Inflation,” (Economic Journal, Sept. 1938), “War Time Inflation,” both in Collected Economic Papers (New York, 1951).

M. Kalecki, Essays on the Theory of Economic Fluctuations (1939)

J. R. Hicks, Value and Capital (2nd ed. 1946) Parts 3 and 4.

Alvin H. Hansen, Fiscal Policy and Full Employment, (1941).

________________, Monetary Theory and Fiscal Policy (1949) Chapter. 7, 8, 9.

________________, Economic Policy and Full Employment (1947).

L. Klein, The Keynesian Revolution (1947)

T. Wilson, Fluctuations in Income and Employment (3rd ed. 1948)

W. Fellner, A Treatise on War Inflation (1942)

A. G. Hart, Money, Debt and Economic Activity, (1948) Ch. 10.

A. P. Lerner, The Economics of Control, Ch. 21-25 (1944)

Walter A. Salant, “The Inflationary Gap, Meaning and Significance for Policy Making,” American Economic Review (June, 1942) pp. 308-14.

Milton Friedman, “Discussion of the Inflationary Gap,” American Economic Review (June, 1942) pp. 314-20.

Arthur Smithies, “The Behavior of Money National Income under Inflationary Conditions,” Quarterly Journal of Economics, 1942.

T. C. Koopmans, “The Dynamics of Inflation,” Review of Economics and Statistics, 1942, pp. 53-65 (comment by A. Smithies and reply, pp. 189-90.)

Franklin Holzman, “Income Determination in Open Inflation,” Review of Economics and Statistics, 1950.

Clark Warburton, “Monetary Expansion and the Inflationary Gap,” American Economic Review, 1944.

Lloyd A. Metzler, “Wealth, Saving, and the Rate of Interest,” Journal of Political Economy, April, 1951.

B. Wage-Price Spiral

Ralph Turvey, “Period Analysis and Inflation,” Economica, 1949.

________________, “Some Aspects of the Theory of Inflation in a Closed Economy,” Economic Journal, Sept. 1951.

J. Dusenberry, “The Mechanics of Inflation,” Review of Economics and Statistics, 1950.

W. A. Morton, “Trade Unionism, Full Employment, and Inflation” American Economic Review, March 1950.

_______________, “Keynesianism and Inflation,” Journal of Political Economy, June 1951.

M. W. Reder, “Theoretical Problems of a National Wage Policy,” Canadian Journal of Economics (Feb. 1948)

_____________, “On Money Wages,” Industrial Relations Research Association conference, 1950.

A. Rees, “Postwar Wage Determination in the Basic Steel Industry,” American Economic Review (June 1951).

4. Government Policy in Inflationary Periods

David Ricardo, “Funding System,” in The Works and Correspondence of David Ricardo, ed by Piero Sraffa (Cambridge, 1951), Vol. IV, esp pp. 185-200; also Vol. III, passim.

A. C. Pigou, The Political Economy of War (revised ed., 1940)

A. G. Hart, E. D. Allen, and collaborators, Paying for Defense (Philadelphia, 1941)

M. Kalecki, “General Rationing,” Bulletin of Oxford Institute of Statistics, January 1941.

G. L. Bach, “Rearmament, Recovery, and Monetary Policy,” American Economic Review, 1941

W. A. Wallis, “How to Ration Consumer Goods and Control Their Prices,” American Economic Review, 1942.

Carl Shoup, Milton Friedman, and Ruth Mack, Taxing to Prevent Inflation (New York, 1943).

Milton Friedman, “The Spendings Tax as a Wartime Fiscal Measure,” American Economic Review, 1943.

J. J. Polak, “On the Theory of Price Control,” Review of Economics and Statistics, 1945.

L. Seltzer, “Is a Rise in Interest Rates Desirable or Inevitable,” American Economic Review, December, 1945.

R. I. Robinson, “Monetary Aspects of Public Debt Policy,” Postwar Economic Studies #3, Board of Governors of Federal Reserve System.

H. C. Wallich, “The Changing Significance of the Interest Rate,” American Economic Review, December 1946.

R. G. Hawtrey, “Monetary Aspects of the Economic Situation,” American Economic Review, March 1948.

Ten Economists on Inflation, Review of Economics and Statistics, 1948.

L. V. Chandler, “Federal Reserve Policy and Federal Debt,” American Economic Review, March 1949.

R. S. Sayers, “Central Banking in Light of Recent Experience,” Quarterly Journal of Economics, 1949.

H. C. Murphy, The National Debt in War and Transition (1950)?E. A. Goldenweiser, American Monetary Policy (1951)

L. W. Mints, Monetary Policy for a Competitive Society. (1950)

Subcommittee on Monetary, Credit and Fiscal Policies (“Douglas subcommittee”), Hearings, 81^st Congress, 1^st Session and Report, 81^st Congress, 2^nd Session, Senate Document 129.

“The Controversy over Monetary Policy,” (Seymour Harris, Lester Chandler, Milton Friedman, Alvin Hansen, Abba Lerner, and James Tobin), Review of Economics and Statistics, August 1951.

J. K. Galbraith, The Theory of Price Control (1952)

Joint Committee on the Economic Report, Monetary Policy and the Management of the Public Debt, Joint Committee Print, 82^nd Congress, 2^nd Session (Washington, 1952) in two volumes.

5. Empirical Studies

W. C. Mitchell, History of the Greenbacks (Chicago, 1903)

_______________, Gold, Prices, and Wages under the Greenback Standard (Berkeley, 1908)

N. S. Silberling, “Financial and Monetary Policy of Great Britain during the Napoleonic Wars,” Quarterly Journal of Economics (1924), pp. 214-33, 397-439.

C. Bresciani-Turroni, The Economics of Inflation.

E. L. Dulles, The French Franc (New York, 1929)

W. De Bordes, The Austrian Crown (London, 1924)

S. S. Katzenellenbaum Russian Currency and Banking, 1914-24 (London, 1925)

James H. Rogers, The Process of Inflation in France, 1914-27 (New York, 1929)

Frank D. Graham, Exchange, Prices, and Production in Hyper-inflation: Germany, 1920-23 (Princeton, 1930)

Seymour Harris, The Assignats (1930)

R. A. Lester, Monetary Experiments (1939)

E. J. Hamilton, “Prices and Wages at Paris under John Law’s System,” Quarterly Journal of Economics (November, 1936).

______________, “Prices and Wages in Southern France under John Law’s System,” Economic History, a supplement of the Economic Journal (February, 1937)

Bertrand Nogaro, “Hungary’s Monetary Crisis,” American Economic Review (Sept. 1948).

Henry W. Spiegel, “A Century of Prices in Brazil,” Review of Economics and Statistics, 1948

A. J. Brown, “Inflation and the Flight from Cash,” Yorkshire Bulletin of Economic and Social Research, Vol. 1 (Sept., 1949)

L. V. Chandler, Inflation in the United States, 1940-49. (1951)

Milton Friedman, “Price, Income, and Monetary Changes during Three Wartime Periods,” [American Economic Review, Papers and Proceedings, May 1952, pp. 612-625]

Source: Hoover Institution Archives. Milton Friedman Papers, Box 78, Folder 4 (University of Chicago, Econ 432).

Tags Becker, Friedman

Chicago Undergraduate

Chicago. Undergraduate grade distribution in economics, 1925-26 and 1926-27.

Post author By Irwin Collier
Post date 2016-03-24

Relatively tough grading in undergraduate economics courses at the University of Chicago during the roaring ‘twenties

Folie1

Calculated by Irwin Collier from official totals of marks reported by departments.

___________________

Significantly Lower Grade Average for Economics Courses

Effective with the Summer Quarter, 1925 the University of Chicago switched from a marking system that distinguished nine ranks (A, A-,B, B-, C, C-, D, E, F) with grade points (6,5,4,3,2,1,0,-1,-2), respectively, to a system with five ranks (A, B, C, D, F) with grade points (6, 4,2,0,-2), respectively. The average mark required for a bachelor’s degree under the new system was 2 points.

Under this new point system non-economics courses were awarded on average 3.08 points compared to the average of 2.50 points awarded for economics courses. Following the grade distribution guidelines, a course would have awarded 2.63 points on average. Thus, the University of Chicago undergraduate economics grades were more than a quarter of a letter grade below those of other departments in the years 1925-27.

___________________

Grade Distribution Guideline

The Guideline distribution was voted at the joint meeting of the Faculties of the Colleges of Arts, Literature, and Science, the School of Commerce and Administration and the College of Education held on December 2, 1925:

…That in the case of a typical undergraduate section the instructor then compare the results thus obtained with the current general ratio of assignment to the several grades which (as explained at the meeting) is approximately as follows:

A [Excellent]	11%
B [Good]	29%
C [Fair]	39%
D[Barely Passable]	13+%
F [Failure]	4+%
Incomplete	Should not exceed 2%

Note that the distribution for the Guideline distribution in the graphic above EXCLUDES the 2% for incompletes.

___________________

Undergraduate Grade Distributions for institutions using a comparable marking system

Institution	Percentage distribution of grades
	A	B	C	D	F
University of Minnesota	10.8	27.3	36.3	16.7	5.8
University of Illinois (L.A. & S.)	11.5	25.4	33.8	18.9	10.4
Beloit College	9.0	31.0	40.0	11.0	3.0
Williams College	8.5	22.9	43.0	20.8	4.8
Dartmouth College	8.9	24.2	41.3	19.6	5.9
Northwestern University	12.8	30.8	40.3	9.2	4.6
Stanford University	16.8	34.4	35.1	7.2	2.8
University of Chicago, 1922-23	11.0	29.0	39.0	13.+	4.+
University of Chicago, 1926-27	13.9	36.6	37.1	6.2	3.0

From a memo dated November 21, 1927 from the Office of the President, University of Chicago signed by F. C. Woodward, Vice-President and dean of Faculties.

___________________

Source: Reports of official totals of marks reported by departments. University of Chicago Archives, Department of Economics Records, Box 26, Folder 3.

Chicago Curriculum Economists Exam Questions

Chicago. Paul Samuelson and Jacob Mosak. A.B. Comprehensive Exam Grades. 1935

Post author By Irwin Collier
Post date 2016-03-17
2 Comments on Chicago. Paul Samuelson and Jacob Mosak. A.B. Comprehensive Exam Grades. 1935

November 2003. Samuelson and I after Bergson Commemoration.

Welcome to my blog, Economics in the Rear-View Mirror. If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled for you to sample or click on the search icon in the upper right to explore by name, university, or category. You can subscribe to my blog below. There is also an opportunity to comment following each posting….

__________________________

Paul Samuelson and Jacob Mosak were undergraduate classmates at the University of Chicago. The two of them along with 27 other students were required to take a battery of comprehensive examinations in economics for the Bachelor’s degree. I found the distribution of grades for the comprehensive exams over the period 1934-1938 in the economic department records, as well as the distribution of grades for the separate courses taken by the 29 students.

Plot-spoiler: Paul Samuelson was the top undergraduate student at Chicago in the Spring Quarter of 1935 (or perhaps ever) and the first runner up, who lived to the grand old age of 99, also went on to have a full and distinguished career as an economics professional. Mosak’s greatest research hit in economics was his Cowles Foundation Monograph, General Equilibrium Theory in International Trade (1944).

I have appended to this posting descriptive material about the comprehensive exams and the descriptions of the individual courses along with instructor names according to the 1934-1935 Announcements.

_______________________

REPORT ON PAST COMPREHENSIVE EXAMINATIONS FOR THE BACHELOR’S DEGREE IN THE DEPARTMENT OF ECONOMICS

Quarter	A	B	C	D	E	F	Total
Spring, 1934						1	1
Winter, 1935	1		3			3*	7
Spring, 1935	3	11	12			3	29
Summer, 1935			1	2		1	4
Autumn, 1935	2		1			3	6
Winter, 1936	1	1	3			2	7
Spring, 1936	3	8	5	3	0	3	22
Summer, 1936		1	4			3	8
Autumn, 1936		1		2		1	4
Winter, 1937	1		2	1			4
Spring, 1937	3	8	4	4		3	22
Summer, 1937	1	5		2		2	10
	15	35	35	14	0	25	124
*Includes one unfinished examination. [name omitted]

[Handwritten additions:]
Winter, 1938		1	3			1	5
Spring, 1938	3	4	10	3		2	22
	18	40	48	17		28	151
%	11.92	26.49	31.79	11.25		18.54

______________________

[Number of students awarded a particular grade by economics course numbers for the Spring Quarter 1935 comprehensive examinations]

	209	210*	211	212	220	221-2	230	240	260	270**	[Comp. Avg. ]
A+	1	0	0	1	0	0	0		0	0	1
A	1	0	2	0	1	0	1	2	4	0	1
A-	5	1	1	0	2	0	1	1	1	0	1
B+	7	1	1	0	2	0	1	4	1	0	1
B	6	4	2	0	1	0	3	5	3	4	9
B-	4	1	1	0	2	0	5	3	1	2	1
C+	0	2	6	0	0	0	4	3	3	7	4
C	1	6	5	0	4	9	3	1	0	1	8
C-	2	4	3	0	1	0	2	0	1	2	0
D+	0	3	0	0	2	0	2	0	0	0	0
D	0	2	3	0	1	3	2	0	0	2	0
D-	0	2	0	0	0	0	4	0	1	0	0
E/F	2	3	4	0	0	1	1	0	2	3	3

Samuelson	A	A-	A		A		A	A	A		A+
Mosak	A+	B+	A	A+	C-		B-		A		A

*Numerical grades reported for this course, converted to letter grade using the following scale:

A+ (95-100); A (93-94); A- (90-92);
B+ (87-89); B (83-86); B- (80-82);
C+ (77-79); C (73-76); C- (70-72);
D+ (67-69); D (63-66); D- (60-62);
F (0-59).

**For four cases of exact border-line grades in Economics 270, e.g. B+/A-, I have assigned the higher grade.

______________________

[Role of the Comprehensive Examinations]

THE BACHELOR’S DEGREE

On admission to the Division, the students specializing in the Department arranges with the Departmental Counselor a suitable program of study in economics. He is expected to include in his departmental program the materials of 7 courses beyond Social science I and II. His comprehensive examination in economics will cover economic theory, accounting, statistics, economic history, and money and banking, as developed in Economics 209, 210, 211, 220 or 221, and 230. The comprehensive examination will also cover two elective fields, preferably labor, government finance, or international economic relations, as developed in Economics 240, 260, and 270. The scope and content of the several courses mentioned are indicated in the course announcements printed below.

[…]

THE DEGREE OF MASTER OF ARTS

[…]

The specific requirements for the Master’s degree are:

A minimum of 8 courses, or their equivalent (of which at least 6 must be in Grades II and III above). At some previous time the candidate should have covered the substantial equivalent of the requirements for the Bachelor’s degree in Economics. This equivalence may be shown by courses taken or by examination. The candidate must also have the preparation in the other social sciences required for the Bachelor’s degree at the University….

[…]

[Economics Course Descriptions 1934-35]

Intermediate Economic Theory. – A course designed for undergraduates majoring in economics who have completed the other departmental requirements for the degree, and for graduate students with limited training in systematic theory. It deals with forces controlling, through the price system, the organization of economic activity. Prerequisite: Senior standing and Economics 210, 211, 230 or their equivalents. Summer, 10:00; Autumn, 11:00; Winter, 11:00, [Paul Howard] Douglas.

Introduction to Accounting. – (1) The principles of double-entry accounting. (2) The principles of valuation and of income determination; the mathematical problems arising from accumulating and discounting future sums and annuities. (3) A survey of the uses and limitations of accounting information and compares the concepts of cost used by accountants and by economists. Prerequisite: Social Science I and II or their equivalent. Summer, 11:00, [Wilfrid Merrill] Helms; Autumn, 9:00, Shields; Spring, 11:00, [Theodore Otte] Yntema.

Introduction to Statistics. – The elementary principles of statistics. Main topics: frequency distributions, correlations, time series, index numbers. Prerequisite: Mathematics 104 or its equivalent. Summer, 10:00, [John Higson] Cover; Autumn, 11:00, [Henry] Schultz; Winter, 9:00,—.
Intermediate Statistics. [not offered 1934-35, description from 1933-34 follows] This course extends the scope of Economics 211 to include a brief introduction to partial and multiple correlation, but its main objective is to make the elementary statistical methods part of the working equipment of the student. Prerequisite: Economics 211 and introductory courses in economics, accounting, finance, and marketing. Spring 9:00, [Aaron] Director.

Economic History of the United States. – A general survey from the colonial settlements down to the present emphasizing the period since 1860. Prerequisite: Social Science I and II or their equivalent. Summer, 8:00, [Albert Gailord] Hart; Winter 1:30, [Chester Whitney] Wright.

Economic History of Classical and Western European Civilization. –A survey of industrial conditions in their relation to economic, social, political, and cultural history at selected periods and in selected countries, undertaken with a view to understanding the nature and significance of modern industrialism. Prerequisite: Social Science I and 2 courses in European history, or equivalent. Autumn, 1:30; Spring, 1:30, [John Ulric] Nef.

Introduction to Money and Banking. – A study of the factors which determine the value of money in the short and in the long run; the problem of index numbers of price levels; and the operation of the commercial banking system and its relation to the price level and general business activity. Prerequisite: Social Science I and II or equivalent. Summer, 9:00, [Albert Gailord] Hart; Autumn, 1:30, [Lloyd Wynn] Mints; Spring, 9:00, [Albert Gailord] Hart.

Labor Problems. – General survey of problems of labor arising in a system of free enterprise. Poverty, inequality, conditions of work, and unemployment are some of the topics considered. Trade-unionism and collective bargaining contrasted with state legislation as devices for dealing with these problems. Prerequisite: Social Science I and II or equivalent. Spring, 10:00, [Paul Howard] Douglas.

Introduction to Government Finance. – A course dealing with fiscal problems of government, mainly in their economic aspect. Practices in regard to expenditure, taxation, and borrowing studied in problems of policy critically examined. Prerequisite: Social Science I and II or equivalent. Spring, 11:00, [Henry Calvert] Simons.

International Economic Relations. – A survey of international economic relations with special emphasis on the theory of international trade and the economic foreign-policy of the United States. Are Prerequisite: Social Science I and II or equivalent. Winter, 11:00, [Harry David] Gideonse.

Source: University of Chicago Announcements. The College and the Divisions for the Sessions of 1934-1935. pp. 281-285.

Image Source: Photo taken of Paul Samuelson and me at the Harvard Faculty Club following the memorial service for Abram Bergson in November 2003.

Tags Mosak, Samuelson

Chicago Exam Questions

Chicago. Exam questions for Oskar Lange’s Imperfect Competition Course, 1941 & 1944

Post author By Irwin Collier
Post date 2016-03-10

__________________________

The economist Norman M. Kaplan’s papers includes the reading list, two exams, and over 200 pages of his clear and legible lecture notes from Oskar Lange’s graduate theory course on imperfect competition at the University of Chicago. I have already posted the reading list for the Autumn quarter of 1941. This posting consists of the course exam questions for both 1941 and 1944.

_________________________

The course description in the 1944-45 course announcements
[identical to course description in 1941-42 announcements]

Imperfect Competition.—A study of price formation and production under various transitional forms between perfect competition and pure monopoly, such as monopolistic and monopsonistic competition, noncompeting groups, oligopoly and bilateral monopoly. The problem of equilibrium under such forms. Noncompeting groups and social structure. Application of the theory to the study of distribution of incomes, collective bargaining, excess capacity, price rigidity, and business cycles. Imperfect competition and economic policy. Prerequisite: Economics 209 or equivalent. Sum[mer] 2d hf 1^st T and 1^st hf 2d T [C. ½ C in 2d hf 1^st T]: MWF 1-3; Autumn, TuThS 10; Lange.

Source: University of Chicago. Announcements of the College and the Divisions for the Sessions of 1941. Vol. XLIV, No. 8 (May 15, 1944), p. 275.

_________________________

ECONOMICS 307
Autumn, 1941

(Answer briefly)

I.

The following table shows the demand (sales) schedule and the total cost schedule from a monopolist producing a patented medicine:

Output (in units)	Price (per unit) at which output can be sold (in dollars)	Total cost (in dollars)
0	10	1000
100	9	1200
200	8	1400
300	7	1600
400	6	1800
500	5	2000
600	4	2200

Calculate the total revenue in the marginal revenue schedules
Calculate the marginal cost, average cost and average variable cost schedules. Indicate the fixed cost
Find the most profitable output and price. Showed that it is not affected by a change in fixed cost
Calculate the net profit.

II.

Explain the conditions under which monopolistic and monopsonistic price discrimination is (a) possible, (b) advantageous to the firm
Assuming that the firm finds it possible and advantageous to practice monopolistic or monopsonistic price discrimination, indicate the relationship between (in the case of monopoly) the prices charged in the different markets and the respective elasticities of demand, or (in the case of monopsony) between the prices paid in the different markets and the respective elasticities of supply
What can be said about the social desirability of monopolistic price discrimination from the point of view of welfare economics?

III.

Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
Explain and discuss critically the concepts of “monopolistic exploitation” and of “monopsonistic exploitation” of labor
Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) and of control of monopoly upon the demand for labor by a firm (or industry).
Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discussed her decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice (indicate your criteria of “justice”).

IV.

Discuss the fundamental difficulty of the theory of oligopoly and explain how it is solved in (a) Chamberlin’s theory of monopolistic competition, (b) on the basis of rules of group behavior endowed with the dignity of ethical norms
Discuss the significance of the kinked demand curve sub (1b) with regard to (a) price rigidity, (b) the functional distribution of incomes

V.

Discuss by means of a diagram the case of “service competition” between oligopolistic firms bound by a price agreement. Show (a) how the output of a firm is determined in this case and (b) the difference between this case and that of atomistic competition.

_________________________

ECONOMICS 307
December, 1944

I.

Describe Chamberlin’s theory of monopolistic competition and explain:

the “excess capacity” obtaining when the firm and the group are both in equilibrium; distinguish between short and long-period “excess capacity”; which of the two presents a waste of resources from the social point of view and why.
What assumptions about other firms’ reactions are made in Chamberlin’s theory.
What criticisms can be made of Chamberlin’s theory.

II.

Explain by means of a diagram the formation of the wage-rate under conditions of monopsony in the labor market. What is the relation of the wage rate to the value of the marginal product of labor?
Explain and discuss critically the concept of “monopolistic exploitation” and of “monopsonistic exploitation” of labor.
Give a diagrammatic account of the effects of trade-unionism (with uniform wage-rates) upon the demand for labor by a firm (or industry).
Indicate on the diagram the wage-rate you would impose if you were a government arbitrator. Discuss your decision in terms of (a) the level of employment, (b) the principles of welfare economics, (c) social justice. (indicate your criteria of “justice”).

III.

Explain the reasons which lead under oligopoly to formation of a conventional price and state:

Why is the demand curve likely to have a “kink” at the level of the conventional price;
What is the shape of the marginal revenue curve in this case;
Within what limits will a shift of the marginal cost curve leave price and output unaffected (illustrated by diagram);
What bearing has this upon the problem of trade-unionism and wage-fixing.

IV.

“Total output is maximized when the ratios of the marginal productivities of any two factors are the same in each industry.”

Explain what is meant in this context by “total output being maximized.”
Give a simple numerical illustration of the theorem.

Source: University of Chicago Archives. Norman M. Kaplan Papers, Box 2, Folder 7.

Image Source: Oskar Lange monument at Wroclaw University of Economics. Wikimedia Commons.

Tags Lange

Chicago

Chicago. Minimum Wage Debate, Bibliography. 1914

Post author By Irwin Collier
Post date 2016-03-02

“Resolved, That the States should Establish a Schedule of Minimum Wages for Unskilled Labor, Constitutionality Conceded.”

The Delta Sigma Rho Chapter at the University of Chicago published a 51 page broschure that included the constructive and rebuttal speeches of the Chicago teams along with debating briefs and a bibliography from the sixteenth annual contest of the Central Debating League against Michigan and Northwestern. The debates took place on January 17, 1914.

Below I post the bibliography from the Chicago teams.

The debate coach of those University of Chicago teams was the economist Harold Glenn Moulton (1883-1965).

Ph.B. University of Chicago, 1907; Instructor in Evanston Academy, 1908-9; Fellow in Political Economy, University of Chicago, 1909-10; Traveling Fellow in Political Economy ibid., 1910; Assistant in Political Economy, ibid., 1910-11; Instructor, ibid., 1911-1914; Ph.D., ibid., 1914; Assistant Professor, ibid., 1914—.

Harold Glenn Moulton went on to become the president of the Brookings Institution.

______________________________________

The Bibliography

Horwich, Isaac A.: Immigration and Labor, Pullman, N. Y., 1912.

Blatchford, Robert: Living wage, and the law of supply and demand.

Boyle, James: Minimum wage and syndicalism, Cincinnati, 1913.

Commons, J. R.: Trade unionism and labor problem. Chap. 8 State arbitration and the minimum wage in Australasia.

Seager, H. R.: Introd. to economics. Distribution of wages. 222-43.

Rogers, J. E. T.: Six centuries of work and wages: The history of English labor. N. Y., 1884.

Bul. 8: 1142-281. Labor conditions in New Zealand.

Bul. 10: 60-78. Minimum wage boards in Australia.

U. S. Congress. Senate Committee on wages and prices of commodities.

Clark, V. S.: The labor movement in Australasia. N. Y., 1906. Minimum wage boards: pp. 138-153.

Great Britain. Home Dept. Report on the wages boards and industrial conditions and arbitration acts of Australia and New Zealand. By Ernest Aves. Lond. 1908.

Ryan, John A.: Living wage. N. Y. 1912.

Adams, T. S., and Summer, H. L.: Labor Problems.

Chapin, R. C.: The standard of living.

Carlton, T. F.: History and problems of organized labor. Bibliogs. pp.

Mass. Com’n on minimum wage boards. Report 1912.

Streighthoff, F. H.: Standard of living among the industrial people of America. Bost. 1911. Bibliog. xv-xlx.

Minimum Wage. Intercollegiate debates. Vol. 2. pp. 44-545.

Wages and hours of labor. Mass. Com’n on the cost of living, 1910.

Webb, Sidney: Industrial Democracy.

Articles in Periodicals.

1913 Minimum wage. Clark, J. B.: Atlantic Monthly. Sept. pp. 289-297.

Minimum wage in Great Britain and Australia. M. B. Hammond Ann. Amer. Acad. 48: 22-36. Jl.

Immigration and the minimum wage. P. U. Kellogg. Ann. Amer. Acad. 48: 66-77. July.

Mass, and the minimum wage. H. L. Brown. Ann. Amer. Acad. 48: 13-21.

Relation of scientific management to the wage problem. C. B. Thompson. J. Pol. Econ. 21: 630-42. July.

Living wage and the living rate. T. Roosevelt. Outlook. 104: 501-2.

Legal minimum wage. J. Boyle. Forum. 49: 576-84. May.

Minimum wage legislation. J. A. Ryan. Cath. World. 96: 577-86. Feb.

Cost of living in New Zealand. E. Tregear. Ind. 75: 205-7. Jl. 24.

Theory of minimum wage. H. R. Seager. Amer. Labor Legislation Rev. Vol. 3: 81-91. General Discussion. Pp. 92-115.

1913. Monopoly of Labor. J. L. Laughlin. Atlantic Monthly. Oct. pp. 444-453.

1913. Minimum wage and emergency employment. (Negative.)

1913. Foerster, H. F.: Horwich’s Immigration Labor. O. J. Econ. 217: 656-71. Aug.

1913. Minimum Wage States. Editional Outlook, Nov. 8, 1913. p. 516.

1913. Minimum wage boards and hours regulation and discussion. By Irene Osgood Andrews. Life and Labor. Oct. pp. 297-303.

What is the minimum wage? A. N. Holcombe. Survey. 29: 74-6.

British miners and the minimum wage. J. A. Ryan. Survey. 28: 10-1.

Legal minimum wage in the U. S. A. N. Holcombe. Am. Econ. R. 2: 21-37.

Economic theory of a legal minimum wage. S. Webb. J. Pol. Econ. 20: 973-98. Dec.

Minimum wage act a substantial review of the text of the British coal mine act. Eng. Mag. 43: 451-3.

Minimum wage. T. Roosevelt. Outlook. 102: 159-60.

Perils of the minimum wage. Cont. 84: 31.

1911. Minimum wage and immigrant Labor. P. U. Kellogg. Nat’l Conf. Char, and Correc. 1911. 16: 5-77.

British report upon real wages in America and England. W. C. Mitchell, Q. J. Econ. 26: 160-3.

Minimum wage and immigration restriction: symposium. Survey. 25: 789-92.

Vice and wages. J. A. Hill. Survey. 27: 1191. Nov. 11.

Wages and cost of living. R. C. Chapin. N. C. C. and Correc. 1910. 449.

British minimum wages act of 1909. A. N. Holcombe. Q. J. Econ. 24: 574-7.

British minimum wages act of 1909. Text. Q. J. Econ. 24: 578-68.

Victorian wages boards and the New Zealand conciliation arbitration act. P. Kennaday. Yale R. 19: 32-54.

1909. Chapman, S. J.: Hours of labor. Economic Jour. Sept. v. 19: 353-373.

Present state of labor legislation in Australia and New Zealand. V. S. Clark. Ann. Amer. Acad. 33: 440-7.

Living wage. By J. A. Ryan. Review. Char. 17: 471-2.

1905. Freund, Ernst: Limitations of hours and labor and the federal supreme court. Green Bag. July, v. 17: 411-417.

Source: Central Debating League, University of Chicago. The Minimum Wage: A Debate. Chicago: 1914., pp. 50-51.

Image Source: University of Chicago Photographic Archive, apf1-00976. Special Collections Research Center, University of Chicago Library.

Tags Moulton

Chicago Curriculum

Chicago. Faculty and Course Offerings in the beginning, 1893/94.

Post author By Irwin Collier
Post date 2016-03-01

The University of Chicago’s first academic year was 1892/93. The first annual publication of the University Register announced the course offering for 1893/94. This is close enough to the big bang of the department of political economy founded by J. Laurence Laughlin for most purposes. I have added some biographical data on the faculty taken from the following year’s Register. That biographical information is placed within brackets. Otherwise, as in most other transcriptions, I have attempted to give the “look and feel” of the original formatting.

_______________________

The following abbreviations are used in the list of Courses of Instruction:

M=Minor. DM=Double Minor. MM=Major. DMM=Double Major.

Courses marked with a star (*) are intended exclusively or primarily for Graduate Students. Courses the numbers of which are enclosed in brackets [ ] are not given in 1893-4.

_______________________

II. THE DEPARTMENT OF POLITICAL ECONOMY.

OFFICERS OF INSTRUCTION.

J. LAURENCE LAUGHLIN, PH.D., Head Professor of Political Economy.

[A. B., Harvard University, 1873; A. M. and Ph. D., HarvardUniversity,1876. Master in Private Classical School, 1873-8; Instructor in Political Economy, Harvard University,1878-83; Assistant Professor in Political Economy, Harvard University, 1883-8. Secretary and President of the Philadelphia Manufacturers’ Mutual Fire Insurance Co.,1888-90; Professor of Political Economy and Finance, Cornell University, 1890-2; Editor of the Journal of Political Economy.]

EDWARD W. BEMIS, PH.D. University Extension Associate Professor of Political Economy.

[A. B., Amherst College, 1880, and A. M., 1884; Ph. D., Johns Hopkins University, 1885; Lecturer, Amherst College, 1886; Vassar and Carleton Colleges and Ohio University, 1887; Vanderbilt University, 1888-9; Northwestern University, 1892; Adjunct Professor of History and Economics, Vanderbilt University, 1889-92; Secretary of the Training Department, University of Chicago, 1892-4.]

ADOLPH C. MILLER, A.M., Professor of Finance.

[A. B., University of California, 1887; A. M., Harvard University, 1888; Instructor in Political Economy. Harvard University, 1889-90; Lecturer on Political Economy, University of California, 1890-1, and Assistant Professor-elect of History and Political Science in same, 1891; Associate Professor of Political Economy and Finance, Cornell University, 1891-2; Associate Professor of Political Economy. University of Chicago, 1892-3.]

WILLIAM CALDWELL, A.M., D.S., Instructor in Political Economy.

[A. M., pass degree. 1884. A. M., Honors of the First Class, 1886, University of Edinburgh; First place on the Honors List, with Bruce of Grangehill Fellowship, 1886; Student at Jena, Paris, Cambridge, Berlin, Freiburg; Ferguson Scholarship (open to honorsmen of all Scottish Universities), 1887; Assistant Professor of Logic. Edinburgh University, 1888-90; Locumtenens Professor of the Moral Sciences, Cardiff for Winter term of 1888; Sir William Hamilton Fellow, Edinburgh, 1888 for three years; Shaw Fellow, 1890, for ﬁve years; Lecturer of University Association for Education of Women, Edinburgh, 1889: Government Examiner for Degrees in the Moral Sciences, St. Andrews University, 1890, for three years; Lecturer on Logic and Methodology, Sage School of Philosophy, Cornell University, 1891-2; Tutor in Political Economy, the University of Chicago, 1892-3; Shaw Lecturer, University of Edinburgh, 1898; Doctor in Mental Science, ibidem, 1893.]

WILLIAM HILL. A.M., Instructor in Political Economy.

[A. B., University of Kansas, 1890; A. B. ,Harvard University, 1891; A.M., ibid., 1892; Lee Memorial Fellow in Harvard University, 1891-3; Instructor in Political Economy, ibid., 1893; Tutor in Political Economy, University of Chicago, 1893-4.]

THORSTEIN B. VEBLEN, PH.D., Tutor in Political Economy.

[A.B., Carleton College, 1880; Graduate student, Johns Hopkins University; Ph.D., Yale University, 1884; Fellow in Economics and Finance, Cornell University, 1891-2; Fellow in the University of Chicago, 1892-3; Reader in Political Economy, ibid., 1893-4.]

ISAAC A. HOURWICH, PH.D., Docent in Statistics.

[Graduate, Classical Gymnasium, Minsk, Russia, 1877; Candidate of Jurisprudence (Master of Law), Demidoff Juridical Lyceum, Yaroslavl, 1887; Member of the Bar, Court of Appeals of Wilno, Russia, 1887-90; Seligman Fellow, Columbia College, 1891-2; Ph.D., ibid., 1893.]

INTRODUCTORY.

The work of the department is intended to provide, by symmetrically arranged courses of instruction, a complete training in the various branches of economics, beginning with elementary work and passing by degrees to the higher work of investigation. A chief aim of the instruction will be to teach methods of work, to foster a judicial spirit, and to cultivate an attitude of scholarly independence. (1) The student may pass, in the various courses of instruction, over the whole ﬁeld of economics. (2) When ﬁtted, he will be urged to pursue some special investigation. (3) For the encouragement of research and the training of properly qualiﬁed teachers of economics, Fellowships in Political Economy have been founded. (4) To provide a means of communication between investigators and the public, a review, entitled THE JOURNAL OF POLITICAL ECONOMY, has been established, to be edited by the officers of instruction in the department; while (5) larger single productions will appear in a series of bound volumes to be known as Economic Studies of the University of Chicago.

COURSES.
[1893-94]

1. Principles of Political Economy. —Exposition of the laws of Political Economy in its present state. Mill, Principles of Political Economy, (Laughlin’s edition). Dunbar, Banking.

DM. Autumn and Summer Quarters.
PROFESSOR MILLER AND MR. HILL.

Open only to students who elect either 1a or 1b in the Winter Quarter.

1a. Advanced Political Economy.—Cairnes, Leading Principles of Political Economy. Marshall, Principles of Economics (vol. I).

DM. Winter Quarter.
PROFESSOR MILLER.

1b. Descriptive Political Economy. —Lectures and Reading on Money, Banking, Coöperation, Socialism, Taxation, and Finance. Hadley, Railroad Transportation. Laughlin, Bimetallism.

DM. Winter Quarter.
MR. CALDWELL.

2. Industrial and Economic History. —Leading Events in the Economic History of Europe and America since the middle of the Eighteenth Century. Lectures and Reading.

2 DM. Winter and Spring Quarters.
MR. HILL.

3. Scope and Method of Political Economy. —Origin and Development of the Historical School. Lectures and Reports.

DM. Winter Quarter.
MR. CALDWELL.

4. Unsettled Problems of Economic Theory. —Questions of Exchange and Distribution. Critical examination of selections from leading writers.

DM. Spring Quarter.
PROFESSOR LAUGHLIN.

5. History of Political Economy. —History of the Development of Economic Thought, embracing the Mercantilists and the Physiocrats, followed by a critical study of Adam Smith and his English and Continental Successors. Lectures and Reading Reports.

DM. Winter and Spring Quarters.
MR. CALDWELL.

6. Economic Factors in Civilization. —Study of the origin of some phases of our present Industrial Conditions. Lectures and Reports.

Summer Quarter.
MR. CALDWELL.

7. Socialism. —History of Socialistic Theories. Recent Socialistic Developments. Critical Review of Theoretical Writers, Programs and Criticisms. Lectures and Reports.

2 DM Winter and Spring Quarters.
DR. VEBLEN.

8. Social Economics. —Social Questions examined from the Economic standpoint:

A. Poor Laws, and kindred topics to be announced later.

DM. Spring Quarter.
MR. CUMMINGS.

B. Social Reforms—Future of the Working-classes. Immigration. State Interference. Insurance—Legislation. Arbeitercolonien.

DM. Summer Quarter.
ASSOCIATE PROFESSOR BEMIS.

C. Coöperation. Proﬁt-Sharing. Building Associations. Postal Savings. Trade Unions.

DM. Spring Quarter.
ASSOCIATE PROFESSOR BEMIS.

9. Money and Practical Economics. —Training in the Theoretical and Historical Investigation of Important Questions of the Day. Lectures and Theses.

DM. Autumn and Winter Quarters.
PROFESSOR LAUGHLIN.

10. Statistics. —Methods and Practical Training. Organization of Bureaus. Tabulation and Presentation of Results.

DM. Autumn Quarter.
DR. HOURWICH.

11. Advanced Statistics. —Statistics of Prices and Markets.

DM. Winter Quarter.
DR. HOURWICH.

12. Railway Transportation. —History and Development of Railways. Theories of Rates. Combination. Investments. State Ownership or Control. Lectures, Reports, Discussions, and Reading.

2 DM. Autumn and Winter Quarters.
MR. HILL.

13. Tariff History of the United States. —Legislation since 1780. Economic Effects. Political Causes. Lectures and Reports with Discussions. Reading.

Spring Quarter.
MR. HILL.

14. Financial History of the United States.—Rapid Survey of the Financial Experiences of the Colonies and the Confederation. Detailed Study of the Course of American Legislation on Currency, Debts. and Banking since 1789. Lectures and Reports.

DM. Spring Quarter.
PROFESSOR MILLER.

15. Finance. —Public Expenditures. Theories and Methods of Taxation. Public Debts. Financial Administration.

DM. Autumn Quarter.
PROFESSOR MILLER.

16. American Agriculture.—Movements of Prices. Foreign Competition. Changing Conditions of Agriculture. Land Tenure. Lectures, Reading, and Reports.

DM. Autumn Quarter.
DR. VEBLEN.

[17.] Banking. —Comparison of Modern Systems. Study of Principles. Lectures and Theses.

DM.
MR. HILL.

*18. Seminar in Finance.

2 DM. Winter and Spring Quarters.
PROFESSOR MILLER.

*19. Economic Seminar.

3 DM. Autumn, Winter, and Spring Quarters.
PROFESSOR LAUGHLIN.

SOURCES:

University of Chicago, Annual Register. July, 1892—July, 1893 with Announcements for 1893-4, pp. 38, 40-41.

University of Chicago, Annual Register. July, 1893—July, 1894 with Announcements for 1894-5, pp. 11-18, 46-47.

Tags Adolph Miller, Bemis, Caldwell, Hourwich, Laughlin, Veblen, William Hill

Chicago Exam Questions Statistics

Chicago. Ph.D. qualifying exam in statistics. 1932

Post author By Irwin Collier
Post date 2016-02-27
2 Comments on Chicago. Ph.D. qualifying exam in statistics. 1932

In his memo of February 1985 (Columbia University, A. G. Hart papers: Box 60, Folder “Sec I Notes on teaching materials, Learning”) Albert G. Hart wrote “I ducked the qualifying exam in statistics (in which for that date I was very well trained) because I disapproved of the focus of previous exams upon minor technicalities—hence I exploited the loophole which made ‘financial organization’ a separate field even though in principle the ‘theory’ exam included monetary economics.” The previous three postings give the examination questions for theory, economic history and financial organization (i.e. money and banking) for the qualifying exams Hart did take. I presume the exam of this posting is one he examined and then decided to duck statistics.

__________________________

[Handwritten note: University of Chicago (H Schultz)]

STATISTICS
Written Examination for the Ph.D.
Spring Quarter, 1932

Time – 3 1/2 hours

Answer seven questions: one question in Part I and two questions in each of the other parts.

PART I. Time Series

Discuss the possibility of applying the theory of probability or of sampling to the study of the statistical characteristics of time series.
Explain the factors that have to be taken into consideration in determining the best trend of a time series. What analyses can be made of a time series from which the trend and seasonal variation have been removed.
Discuss the advantages and limitations of the elimination of seasonals (a) by subtracting, (b) by dividing.

PART II. Index Numbers

Discuss the problem of assigning a precise and unambiguous meaning to a change in the price level (or to a change in some specified section of the price level, e.g., the wholesale price level of metals), touching on the contributions of Edgeworth, Fisher, Divisia, Keynes, and Bortkevitch.
If you were attempting to construct a 15 commodity wholesale price index which would precede the general B.L.S. wholesale price index by at least two months as consistently as possible (a) how would you select your commodities, (b) how would you wait them in the index?
Explain fully:

(a) Does Fisher’s ideal Index measure precisely and unambiguously the change in price level from one period to another of the commodities included in the index?
(b) What significance would you attach to the Factor Reversal test in the selection of the formula for price index?
(c) What significance would you attach to the Time Reversal test in the selection of a formula for a price index?

PART III. Correlation

x₁ = annual per capita cigarette consumption

x₂ = deflated average annual wholesale price of cigarettes

x₃ = deflated annual expenditure on advertising

x₄ = time in years

R_1.234 = .998 for the period 1922-1929 inclusive

r₁₄= .95

(a) What meaning would you attach to R_1.234?
(b) How reliable would you consider forecasts of x₁ for subsequent years based on the regression of x₁ on x₂ , x₃ , and x₄ ?
(c) Adjust R_1.234 for loss of degrees of freedom. Explain this adjustment.
(d) Calculate R_{1´.2´3´4´} in which the 1´, 2´, and 3´refer to the deviations from linear trends of the variables 1, 2 and 3.

2. Prove and explain the following relations: (The B’s are Greek Betas.)

(a) R²_1.23 = B_12.3 r₁₂ + B_13.2 r₁₃

(b) R²_1.23 = B²_12.3 + B²_13.2 + 2B_12.3 B_13.2 r₂₃

What meaning can be given to the Br’s in this connection when the equation of regression is of the type

x₁ = a + bx₂ + ct + dt² where t stands for time?

3. Critically appraise the attempts that have been made to apply the method of multiple correlation to one of the following:

(a) Statistical studies of demand
(b) Statistical studies of supply
(c) Any field selected by yourself.

PART IV. Probability and Sampling

Indicate the best procedures and tables to use in determining the reliability of the following constants, when the number of observations from which they have been derived is small (i.e., less than 50):

(a) the mean
(b) the standard deviation
(c) the simple coefficient of correlation
(d) the multiple coefficient of correlation
(e) the coefficients of progression in a multiple correlation equation
(f) the agreement of a hypothesis with observation
(g) the presence or absence of dependence

2. In a straw vote 200,000 ballots are sent out. 100,000 are returned and of the 60,000 or marked in favor of the proposition submitted.

(a) What can you say about the reliability of this vote?
(b) If the original mailing had been increased to 800,001 increase in reliability would have been secured in the returns?
(c) List the types of errors to which straw votes are subject.

3. 189 cases were treated with tetanus serum and 80 of them were cured. 199 cases were not treated with tetanus serum and only 42 of them were cured. What is the probability that the serum has had no effect, the difference in recoveries being due to fluctuations in sampling? (Outline your solution.)

4. A factory produces a certain screw which is collected at the machine inboxes of 1200 each. Long experience has shown that the proportion of boxes which contain various percentages of bad screws is as follows:
Per Cent of Bad Screws in Box

Per Cent of Bad Screws in Box	Proportion of Boxes Observed to Contain this Percentage of Bad Screws
0	0.780
1	0.170
2	0.034
3	0.009
4	0.005
5	0.002
6	0.000

The manufacturing standard is to consider any box which contains 2% or less of bad screws is satisfactory. The normal inspection consists in the examination of 50 screws out of each box. In particular box showed six bad screws under normal inspection. What is the probability that the manufacturing standard has not been maintained in the production of this box (i.e., that the box contains more than 2% defective screens)?

N. B. – Outline your solution giving formulas, indicating required tables, etc., But do not carry out the actual computations.

Source: Columbia University Libraries, Manuscript Collections. Albert Gailord Hart Collection. Box 60; Folder “Exams: Chi[cago] Qualifying”.

Image Source: Detail from the Social Science Research Building. University of Chicago Photographic Archive, apf2-07448, Special Collections Research Center, University of Chicago Library.

Tags SchultzH

TWENTY-FIVE YEARS OF THE DEPARTMENT OF POLITICAL ECONOMY

DEPARTMENT OF POLITICAL ECONOMY. 1892-3.

OFFICERS OF INSTRUCTION:

TWENTY-FIVE YEARS OF THE DEPARTMENT OF POLITICAL ECONOMY UNIVERSITY OF CHICAGO

JAMES LAURENCE LAUGHLIN Professor and Head of the Department of Political Economy 1892-1916

JAMES LAURENCE LAUGHLIN Professor and Head of the Department of Political Economy, 1892-1916.

[Assistants]

FELLOWS

GRADUATE STUDENTS

DOCTORS OF PHILOSOPHY OF THE UNIVERSITY OF CHICAGO DEPARTMENT OF POLITICAL ECONOMY

A STATISTICAL RECORD OF GROWTH 1892-1916

[Course Announcement, Economics 303, Spring 1942]

ECONOMICS 303 BIBLIOGRAPHY

Required

Optional

ECONOMICS 303 Spring, 1942

[Course Description from University of Chicago Announcements]

Report on Conduct and Content of Course.

General Remarks:

Scheme of Course:

I. Introduction: Money Concepts; Sketch of Monetary History; Present Circulating Medium in U. S.

II. The Quantity Theory of Money According to Fisher.

III. The Quantity Theory According to the Cambridge School; European Postwar Monetary Experience.

IV. Index Numbers: Refinement of Concept of Purchasing Power.

V. Nature of Banking and Clearing.

VI. Central Banking: Federal Reserve System.

VII. Foreign Exchange; International Banking Relations.

VIII. Short Period Monetary Theory.

IX. Business Cycles.

X. Banking Policy and “Stabilization”.

Review:

Discussion of Above Scheme:

OFFICIAL CLASS LIST SPRING QR. 1952

Instructor: FRIEDMAN MILTON Department: ECON Course number: 432

Economics 432: Monetary Dynamics Spring Quarter, 1952

1. Classical analysis of inflation

A. Original sources

B. Secondary sources

2. Neo-classical

A. Swedish school

B. Austrian school

C. Cambridge school

D. Other

E. Critiques

3. Keynes of General Theory

A. General

B. Wage-Price Spiral

4. Government Policy in Inflationary Periods

5. Empirical Studies

Relatively tough grading in undergraduate economics courses at the University of Chicago during the roaring ‘twenties

Significantly Lower Grade Average for Economics Courses

Grade Distribution Guideline

Undergraduate Grade Distributions for institutions using a comparable marking system

REPORT ON PAST COMPREHENSIVE EXAMINATIONS FOR THE BACHELOR’S DEGREE IN THE DEPARTMENT OF ECONOMICS

[Number of students awarded a particular grade by economics course numbers for the Spring Quarter 1935 comprehensive examinations]

[Role of the Comprehensive Examinations]

THE BACHELOR’S DEGREE

THE DEGREE OF MASTER OF ARTS

[Economics Course Descriptions 1934-35]

The course description in the 1944-45 course announcements [identical to course description in 1941-42 announcements]

ECONOMICS 307 Autumn, 1941

(Answer briefly)

I.

II.

III.

IV.

V.

ECONOMICS 307 December, 1944

I.

II.

III.

IV.

“Resolved, That the States should Establish a Schedule of Minimum Wages for Unskilled Labor, Constitutionality Conceded.”

The Bibliography

Articles in Periodicals.

II. THE DEPARTMENT OF POLITICAL ECONOMY.

OFFICERS OF INSTRUCTION.

INTRODUCTORY.

COURSES. [1893-94]

STATISTICS Written Examination for the Ph.D. Spring Quarter, 1932

TWENTY-FIVE YEARS OF THE
DEPARTMENT OF POLITICAL ECONOMY

DEPARTMENT
OF
POLITICAL ECONOMY.
1892-3.

TWENTY-FIVE YEARS
OF THE
DEPARTMENT OF POLITICAL ECONOMY
UNIVERSITY OF CHICAGO

JAMES LAURENCE LAUGHLIN
Professor and Head of the Department of Political Economy
1892-1916

JAMES LAURENCE LAUGHLIN
Professor and Head of the Department of Political Economy, 1892-1916.

DOCTORS OF PHILOSOPHY OF THE UNIVERSITY OF CHICAGO
DEPARTMENT OF POLITICAL ECONOMY

A STATISTICAL RECORD OF GROWTH
1892-1916

ECONOMICS 303
BIBLIOGRAPHY

ECONOMICS 303
Spring, 1942

OFFICIAL CLASS LIST
SPRING QR. 1952

Instructor: FRIEDMAN MILTON
Department: ECON
Course number: 432

Economics 432: Monetary Dynamics
Spring Quarter, 1952

The course description in the 1944-45 course announcements
[identical to course description in 1941-42 announcements]

ECONOMICS 307
Autumn, 1941

ECONOMICS 307
December, 1944

COURSES.
[1893-94]

STATISTICS
Written Examination for the Ph.D.
Spring Quarter, 1932