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Chicago. Course on International Economic Policies. Viner, 1944.

As the previous posting for Economics 370 (International Trade and Finance) taught by Jacob Viner at the University of Chicago during the Winter Quarter of 1944, this posting is based on detailed notes taken by Don Patinkin from which I have extracted a rough course outline with a corresponding list of assigned as well as suggested readings and references. 

After the course description, the course outline and Viner’s reading assignments as written by Don Patinkin in his notes have been transcribed.  A list of term paper topics for the course has also been transcribed. I am happy to report that almost all of the readings have been properly identified and brought into proper bibliographic form in a separate list placed at the end of this posting. As most of the readings for Viner’s policy course are well on this side of the copyright threshold, fewer links can be offered. The periodical literature that can be accessed at jstor.org has been linked, but most folks this interested in the history of 20th century economics have access to jstor through their university affiliations.

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[Course Description]

XI. INTERNATIONAL ECONOMIC RELATIONS

  1. International Economic Policies. A survey, with particular reference to the United States, of the international aspects of the economic policies and activities of governments. Topics: the fundamentals of international trade; tariffs and tariff technique; quotas and exchange controls; commercial treaties; unfair competition; colonial policies; international capital investments; commodity controls; the international aspects of shipping and railroad policies; international economic institutions; economic factors in diplomacy and war. Prereq: Two years’ work in the Division of the Social Sciences, or equiv. Spr: M, W, F, 9, Viner.

Source: The University of Chicago, Announcements, The College and the Divisions. Sessions of 1943-1944.   Vol. XLIII, No. 10 (August 10, 1943), p. 317.

__________________________

[Course Outline and Reading Assignments]

Economics 371
International Economic Policies
Spring Quarter, 1944
Jacob Viner

[Outline]

 

Subject LECTURES
Types of Econ. Policy
Mercantilism
Scandal Theory
Tariffs (MFN & CMFN)
Tariff Bargaining (History etc.)
New Forms of Trade Barriers
Monopoly Question
Int’l Cartels
Customs-Union
Colonial Problems
Native Labor Problem
Int’l Movements of Capital
Postwar investment policy
Raw Materials
Commodity Agreements
International Agencies

 

[Readings Assigned/Suggested in Sequence As Announced by Viner]

Winslow, “Marxian, Liberal, & Sociological Theories of Imperialism,” JPE v. 39 #6,Dec. ’31, pp. 713-86]

Robbins, Economic Causes of War, pp. 94-8, & Appendix pp. 111-24, London, 1939.

Staley, Foreign Investment & War. U. of C. Public Policy Pamphlets, 13-24]

Sulzbach, “Capitalistic Warmongers” U. of C. Public Policy Pamphlets. 25-35

cf. also Staley “War & The Private Investor” [not assigned]

John H. Herz, “Power Politics & World Organization” Am. Pol. Science Review Dec 42, v. 36 #6.

Int’l Relations. Jacob Viner, Proceeding American Econ Association March ‘44

Jacob Viner. Address before League of Nations. Society in Canada. Interdependence, V. 13 #3 &4 1936, pp. 218-229.

Haberler, Theory of Int’l Trade pp. 211-26, 245-95,
or
Ellsworth, Int’l Econ. pp. 275-340

U.S. Tariff Comm. Reciprocity Report, pp. 27-47, 504-510

Viner, Tariffs, Ency. Soc. Sciences

Tasca, Reciprocal Trade Policy of U.S. ch.’s 2-5 (pp. 10-9

Viner, Most Favored Nations Clause, JPE Feb ’24,
Index Jan ‘31

Viner, Trade Relations between Free-Market & Controlled Economies (League of Nations Memo 1943)

Joseph B. Lockey Am. Journal of Int’l Law 235-43

B. Nolde, Recueil de Cours Academie de Droit Internationale, 1924 II.

Viner—Proc. American Econ. Assoc. March 1944, pp. 315-29 “Intern. Relations between State-Controlled Nat. Economies”

Ellsworth
Haberler

(These not assignments, merely references)
Margaret Gordon, Barriers to World Trade
Howard Ellis, Exchange Control
Henry J. Tasca, World Trading Systems (Diff. between U.S. & Eng. on export controls)

 

League of Nations, Commercial Policy in Interwar period

[League of Nations] Haberler, Quantitative Trade Controls

Howard Ellis, Exchange Control, pp. 13-17

July [sic, May] ’43 Social Research. Schüller

Corwin Edwards “Int’l Cartels as Obstacles to Int’l Trade”. Proceed. A. E. Assoc. March ‘44

Ervin Hexner “Int. Cartels in the Post-War World” Southern Econ. Journal. Oct. ‘43

New Republic—special supplement on Cartels March 27, 1944

Federalist—No. XI & passim

De Beers “Tariff Aspects of the Federal Union” QJE Nov. 1941

U.S. Tariff Comm. Colonial Tariff Policies, Introduction, pp. 1-16, 26-42, 55-9, 63-78

P. Bidwell Tariff Policy of the U.S. 1933, pp. 70-101

Royal Institute of Int’l Affairs—The Colonial Problem. ch’s 1, 3,4.

Viner. typewritten article on U.S. colonial policy – on reserve.

Violet Conolly, Soviet Trade from the Pacific to the Levant” (1935)

[Violet Conolly], Soviet Economic Policy in East 1933.

Haberler [Regional blocs]—in Seymour Harris ed. Postwar Econ. Problems 1943, pp. 325-344

Skim [next three items]

Feis, Europe the World’s Banker. ch’s 1-3, pp. 463-69
Viner, Int’l Finance & Balance of Power Diplomacy, Southwestern Political and Social Science Quarterly March ’29, V. IX, No. 4.
Viner, Political Aspects of Int’l Finance” Journal of Business of U. of C. April-July ’28.

R.I.I.A.—The Problem of Int’l Investment. ch’s 1, 2,3 (=pp. 1-39); & 8 (=pp. 102-12)

J.W. Angell—Financial For. Policy of U.S. 1933—ch’s 3, 4,7

O. R. Hobson, The Function of Foreign Lending (pamphlet on reserve)

Staley, “Une critique de la protection diplomatique des placements à l’étranger” Revue gén. de Droit Int. Pub. Sept-Oct., 1935, pp. 541-558.

Knorr- Hist. of Eng. Colonial Theories (U of C. Ph.D. thesis)

On forced colonial labor: Lord Olivier, White Men & Colonial Labor (sic, white capital and coloured labour. McMillan (Penguin book). Lord Hailey, African Surveys.

Wallace & Edminster, Int’l Control of Raw Materials, ch’s 1, 9, 10, 11, 12

Staley, Raw Materials in Peace & War ch’s 1, 3, 5, 6, 7, 8,11

Round Table Discussion. Proceedings A.E. Assoc. (St. Louis, 1926), pp. 41-8

Viner, (Rubber Control), Foreign Affairs, July ‘26

Viner, Raw Materials Problem in Porritt (ed.), The Causes of War, 185-202 (Just look at last two)

Viner, Objectives of Post-War Int’l Econ. Reconstruction. New Wilmington lecture. May 1942,(on reserve).

______________________________

Possible Term Papers

Policy of U. S. with respect to any post war econ.

Lessons for post-war settlement from past failures

Foreign Investment in Backward Countries

Econ. Provisions other than P-p(?)

Lend-Lease as means of Inter-Allied Econ. Relation[?]

Case studies: Missionaries & Imperialism

Am. gov. preferences to domestic trade in gov. purchases

gov. intervention to collect foreign debt—any case study

Study of literature dealing with econ motives of U.S. entry into World War I.

Econ. Doctrine as applied by World Court in its Decisions

Canadian-American Hydro-agreements

Int’l action of cooperatives

Intl trade theories underlying activities of I. L.O.

 

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Bibliography for Viner’s Economics 371 in 1944

 

Angell, James Waterhouse. Financial foreign policy of U.S. New York: 1933. [A report to the second International studies conference on the state and economic life, London, May 29 to June 2, 1933, prepared for the American committee appointed by the council on foreign relations.]

Bidwell, Percy Wells. Tariff policy of the U.S.; A study of recent experience. New York: Council on Foreign Relations.1933 [A report to the second International studies conference on the state and economic life, London, May 29 to June 2, 1933, prepared for the American committee appointed by the council on foreign relations.]

Conolly, Violet. Soviet trade from the Pacific to the Levant, with an economic study of the soviet Far Eastern region. London: Oxford University Press, H. Milford, 1935.

Conolly, Violet. Soviet economic policy in the East; Turkey, Persia, Afghanistan, Mongolia and Tana Tuva, Sin Kiang. London: Oxford University Press, H. Milford, 1933.

de Beers, John S. Tariff aspects of a federal union. Quarterly Journal of Economics v. 56, no. 1 ( November 1941), pp. 49-92.

Edwards, Corwin D. International cartels as obstacles international trade. American Economic Review, Papers and Proceedings. v. 34, No. 1, part 2 supplement (March 1944) pp. 330-40.

Ellis, Howard Sylvester. Exchange control in central Europe. Harvard economic studies, no. 69. Cambridge: Harvard University Press, 1941. [Originally published as ‘Exchange control in Austria and Hungary’ and ‘Exchange control in Germany’ in the Quarterly journal of economics, volume 54, no. 1, part 2, November, 1939 and volume 54, no. 4, part 2, August, 1940.]

Ellsworth, Paul Theodore. International economics. New York: Macmillan, 1938.

Feis, Herbert. Europe the world’s banker, 1870-1914. New Haven: Yale University Press, 1931.

Gordon, Margaret S. Barriers to world trade; a study of recent commercial policy. New York: Macmillan, 1941. [Bureau of international research of Harvard university and Radcliffe college.]

Hamilton, Alexander. The utility of the union in respect to commercial relations and a navy. The Federalist, Number 11. 1787-88.

Haberler, Gottfried. The theory of international trade with its application to commercial policy (translated by Alfred W. Stonier and Frederic Benham). London: W. Hodge & company, 1936.

Haberler, Gottfried. Quantitative trade controls: their causes and nature. Geneva: League of Nations, Series II, Economic and financial. 1943. [“Prepared by Professor Gottfried Haberler … in collaboration with Mr. Martin Hill.”]

Haberler, Gottfried. “The political economy of regional or continental blocs” In Seymour Edwin Harris (ed.), Postwar economic problems, New York, McGraw Hill, 1943, pp. 325-44.

Hailey, William Malcolm (Lord Hailey). An African survey: a study of problems arising in Africa south of the Sahara. London: Oxford University Press, 1938. [Issued by the Committee of the African Research Survey under the auspices of the Royal Institute of International Affairs.]p

Herz, John H. Power Politics and world organization. American Political Science Review v. 36, no. 6 (December 1942), pp. 1039-1052.

Hexner, Ervin. International cartels in the postwar world. Southern Economic Journal v. 10, no. 2 (October 1943), pp. 114-135.

Hobson, O.R. The function of foreign lending. [International Chamber of Commerce. 9th International Congress (Berlin), 1937, Document #3].

Knorr, Klaus. British colonial theories, 1570-1850. Toronto: University of Toronto Press, 1944. [University of Chicago Ph.D. thesis]

League of Nations. Economic, Financial and Transit Department. Commercial policy in interwar period. Geneva: League of Nations, 1942.

Lockey, Joseph B. Pan-Americanism and imperialism. American Journal of International Law vol. 32, no. 2 (April 1938), pp. 244-243.

New Republic. Special supplement on cartels, March 27, 1944.

Nolde, Boris. Recueil des Cours 1924 II. Académie de Droit Internationale.

Olivier, Sydney Haldane (Lord). White capital & coloured labour. London: Independent Labour Party,1906 [also London: Hogarth Press by Leonard & Virginia Woolf]

Robbins, Lionel. Economic causes of war. London: J. Cape, 1939.

Royal Institute of International Affairs. The colonial problem. London: Oxford Press, 1937.

Royal Institute of International Affairs. The problem of international investment. London: Oxford University Press, 1937.

Schüller, Richard. Commercial policy between the two wars; personal observations of a participant. Social Research v. 10, no. 2 (May 1943), pp. 152-174.

Staley, Eugene. War and the private investor; a study in the relations of international politics and international private investment. Garden City, NJ: Doubleday, Doran & company, 1935.

Staley, Eugene. Une critique de la protection diplomatique des placements à l’étranger. Revue Générale de Droit International Public. v. 42 (September-October, 1935), pp. 541-558.

Staley, Eugene. Foreign investment and war. University of Chicago Public Policy Pamphlets, Nr. 18, 1935.

Staley, Eugene. Raw materials in peace and war. New York: Council on Foreign Relations, 1937.

Sulzbach, Walter. “Capitalistic warmongers”: a modern superstition. University of Chicago Public Policy Pamphlets, Nr.35, 1942.

Henry J. Tasca. The reciprocal trade policy of the U.S.; a study in trade philosophy. Philadelphia, University of Pennsylvania Press, 1938.

Henry J. Tasca, World trading systems; a study of American and British commercial policies. Paris: International institute of intellectual co-operation, League of Nations, 1939.

U. S. Tariff Commission. [Stanley Kuhl Hornbeck; Jacob Viner; Clive Day; Walter B. Palmer]. Reciprocity and commercial treaties. Washington, DC: Government Printing Office, 1919.

U. S. Tariff Commission. Colonial tariff policies. Washington, DC: Government Printing Office, 1922.

Viner, Jacob. The most-favored-nations clause in American commercial treaties. Journal of Political Economy v. 32, no. 1 (February 1924), pp. 101-129. [Reprinted in Viner, 1951.]
http://www.jstor.org/stable/1822463

Viner, Jacob. The most-favored-nation clause. Index v. 61 (February 1931), pp. 2-17. [Reprinted in Viner, 1951.]

Viner, Jacob. Political aspects of international finance. Journal of Business of the University of Chicago v. 1, no. 2 and no. 3 (April and July 1928)

Viner, Jacob. International finance and balance of power diplomacy, 1880-1914. Southwestern Political and Social Science Quarterly. v. 9, No. 4 (March 1929).

Viner, Jacob. Tariffs. In vol. 14 of Edwin R. A. Seligman and Alvin Saunders Johnson (eds.) Encylopaedia of the social sciences. New York: Macmillan 1930

Viner, Jacob. Address before League of Nations Society in Canada, Interdependence, v. 13, nos. 3 and 4 (1936), pp. 218-229.

Viner, Jacob. National monopolies of raw materials. (Rubber Control), Foreign Affairs v.4, no. 4 (July 1926), pp. 585-600. (rubber control)

Viner, Jacob. Raw materials problem. In Arthur Porritt and Arthur Salter (eds.), The causes of war. New York: Macmillan, 1932.

Viner, Jacob. U.S. Policy with Respect to the ‘Colonial Problem’. Typescript. [Perhaps later published as “The American interest in the ‘colonial problem.’” New York: Council on Foreign Relations, 1944.]

Viner, Jacob. Objectives of post-war international economic reconstruction. New Wilmington lecture, May 1942.

Viner, Jacob. International Economics. Glencoe, IL: Free Press, 1951.

Viner, Jacob. Trade relations between free-market and controlled economies. Geneva: League of Nations, 1943.

Viner, Jacob. International relations between state-controlled national economies. American Economic Review, Papers and Proceedings v. 34, no. 1, part 2 (March 1944, pp. 315-29
http://www.jstor.org/stable/1818704

Wallace, Benjamin B. (chairman). American practices analogous to foreign controls over raw materials, round table discussion. American Economic Review, Papers and Proceedings vol. 17, no. 1 Supplement (March 1927), pp. 41-8. [W. E. Grimes, H. E. Erdman, J. D. Black, Vanderveer Custis, Amos E. Taylor]

Wallace, Benjamin Bruce and Edminster, Lynn Ramsay. International control of raw materials. Brookings Institution. Washington, D.C., 1930.

Winslow, E. M. Marxian, liberal, and sociological theories of imperialism. Journal of Political Economy, v. 39, no. 6 (December 1931), pp. 713-86]

 

Source: Don Patinkin Papers. Duke University Rare Book Library. Box 3 (Course Materials and Class Notes), Folder “Patinkin as Student: Notebooks (1944)”.

Image source: Jacob Viner on the left, Theodore W. Schultz on the right. Undated. University of Chicago Photographic Archive, apf1-07483, Special Collections Research Center, University of Chicago Library.

 

Categories
Bibliography Chicago Courses Syllabus

Chicago. International Trade and Finance. Viner, 1944

 

Don Patinkin took reasonably detailed notes in two of Jacob Viner’s three graduate courses in international economics in 1944 from which it is a fairly easy task to put together course outlines and the corresponding lists of assigned as well as suggested readings and references.

Just as in his core economic theory course Economics 301, Price and Distribution Theory, Viner appears to have given reading assignments generally in blocks at a time that one presumes he wrote or had written on a black board to be copied into student’s notes. During his lectures there was the occasional new reference to be given.

A Chicago quarter is a dozen weeks long. Viner packed into the first dozen weeks a historical survey of mercantilism followed by one on the bullionist controversy and found time to talk about both exchange rate determination and the pure theory of trade as well as the competing plans by Keynes and White put forward on the eve Bretton Woods conference. An educational tour-de-force.

Almost all of the readings have been properly identified and brought into proper bibliographic form. And if this is not enough, I include Patinkin’s list of 19 Ph.D. examination questions for the field.

More recently I have posted the bibliography and exam questions for this course as taught by Viner in the Winter Quarter of the 1932/33 year. That information was found in the Milton Friedman papers in the Hoover Institution archives.

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Econ. 370
International Trade and Finance
Jacob Viner

Winter Quarter, 1944

__________________________

[Course Description]

XI. INTERNATIONAL ECONOMIC RELATIONS

  1. International Trade and Finance. The theory of international values, the mechanism of adjustment of international balances, foreign-exchange theory, the international aspects of monetary and banking theory, and tariff theory. Prereq: Econ 301 or equiv. Win: M, W, F 9, Viner.

Source: The University of Chicago, Announcements, The College and the Divisions. Sessions of 1943-1944.   Vol. XLIII, No. 10 (August 10, 1943), p. 317.

__________________________

[Course Outline and Reading Assignments]

Subject LECTURES
MERCANTILISM
BULLIONIST CONTROVERSY
INT’L MECHANISM: SIMPLE SPECIE
role of exchange rate fluctuations
role of price changes
role of specie flow
income elasticity for imports
terms of trade
unilateral payments
inductive studies
purchasing power parity theory
FRACTIONAL RESERVES
short term capital movements
inter-regional adjustments
flight capital
fixed and flexible exchanges
current int’l monetary agreement discussion
PURE THEORY OF INTERNATIONAL TRADE
Ohlin on determinants of specialization
Alternative cost doctrine
The case for FREE TRADE
Graphical analysis—Edgeworth on gains from trade

 

Mercantilism

Viner, Studies, ch. 1 & 2.

Heckscher, Mercantilism, II, 175-261.

—— Ency. Soc. Sciences, v. 10, pp. 333b-339a.

—— Econ. Hist. Review, Nov. 1936.

Viner, Review of Heckscher, Econ. Hist. Review, v. 6.

—— “Balance of Trade”, Ency. Soc. Sciences, v. 2, pp. 399-406.

Seligman, Bullionists, Ency. Soc. Sciences, v. 3, pp. 60-64.

Mun, England’s Treasure, ch’s 2, 3,4,5,6,7,8,19,20.

Hume’s Essays: “Of Money”, “Of the Balance of Trade”

Malynes

Bullionist Controversy

Viner, Studies, ch. 3 & 4.

Silberling, “Financial & Monetary Policy” (Q.J.E.—skim; Feb. & May 1924).

Angell, James W. Theory of international prices. Ch III & Appendix A, pp. 427-503.

Viner—Review of Angell. J.P.E. (pp. 601-611 only).

Ricardo—High Prices of Bullion in McCulloch edition of Works or in Gonner ed. Ricardo’s Essays.

Mechanism of International Equilibrium

E. M. Bernstein, J.P.E. 1939

Imre de Vegh in Review of Econ. Statistics, 1941

Leontieff (Essays in Honor of Taussig)

Robertson—Viner. QJE Feb 1939.

Ricardo, Principles ch. 7.

J.S. Mill, Principles, Book III, chs. 17 & 18.

Ohlin—Interregional & International Trade. ch’s 1,2,4,14,20; Appendices I & II.

Viner—Studies ch. 6.

[for material of ch. 5 (Viner) see—

Elmer Wood—Eng. Theories of Central Banking Control

E.V. Morgen. Hist. of Central Banking Theories

Wadrey [?], Ph.D. thesis]

read Ellsworth—Int’l Economics—chs. 5 &6—well organized

Mosak — Dr.’s thesis on material of ch. 6

Bronfenbrenner — Studies in Math. Economics-Lange

Haberler — Theory of Int’l Trade

 

International Mechanism Under Gold Standard, Fractional Reserves

[Viner] Studies — ch. 7

Explorations in Economics [Taussig Festschrift]: Currie [Domestic Stability & the Mechanism of Trade Adjustment to Int’l. Capital Movements]—pp.46-56, also Angell pp. 15-19, Leontief [Notes on the Pure Theory of Capital Transfer]—pp.84-91.

E. M. Bernstein, J.P.E., June 1940.

J.C. Gilbert, R.E. Studies V (1937-8), 187ff.

Imre de Vegh, R.E. Stat, 1942. [sic]

Paish, Economica, Nov. 1936

Interest Rates & Capital Movements

O. M. W. Sprague [Economic Adviser to the Bank of England]—Memorandum [presented after the Bank for International Settlements in May 1932]: Statistical Data on Foreign Short-Term Loans—their Collection & Use

[Paish, F. W.] Banking Policy & Int’l Payment. Economica [Nov.] 1936.

Gilbert. Review of Econ. Studies V. 5, pp. 187 ff.

The “Gold Standard”

[criticism of…next three items]

Keynes — Treatise on Money.

Whittlesey

Graham & Whittlesey. Golden avalanche

Bretton Woods:

Get Keynes’ plan (British Ministry of Information) & White (Treasury) plan (revised of July)

see also FR bulletin

Princeton bibliography on this.

Williams’ July- 1943 and Jan 1944, Foreign Affairs.

Irving Trust Co. Symposium. Read: texts of agreement

Goldenweiser, E. A.

articles by Kemmerer, Viner, Williams

C. P. Kindleberger, Short-Term Capital Movement (1936)

Marco Fanno. Normal and Abnormal Cap. movements.

Paul Einzig. Foreign Balances (1936)

Viner—Two plans for int’l monetary standard. Yale Review.

Pure theory of Int’l Trade

Viner—Studies ch.’s 8-9.

Lerner-(two articles) Diagrammatical Represent. Economica 346-56, 1932-34 319-34.

Leontieff — Use of Indifference Curves—Q.J.E. 1933.

Samuelson — Welfare Econ A.E.R. 1938.

Kaldor — Tariff — Economica 1940.

De Scitovszky — Reconsideration of Tariff — Review of Econ Studies—summer 1942.

J.C. Gilbert—Rev. Econ. Studies V. 3 “Present State of Int’l Theory”

Q.J.E. May 1938 Robertson on [Viner’s] Studies pp. 539ff.

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Bibliography for Viner’s Economics 370 in 1944

Angell, James W. Theory of international prices: History, criticism and restatement. Harvard Economic Studies No. 28, Cambridge, Harvard University Press, 1926.

Angell, James W. Equilibrium in international payments: the United States, 1919-1925. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).

Bernstein, E. M. Exchange rates under the gold standard. Journal of Political Economy, Vol. 48, No. 3 (Jun., 1940), pp. 345-356.

Bronfenbrenner, Martin. International transfers and the terms of trade: An Extension of Pigou’s Analyis. In Studies in mathematical economics and econometrics: in memory of Henry Schultz (1942).

Currie, Lauchlin. Domestic stability and the mechanism of trade adjustment to international capital movements. In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936)

De Scitovszky, T. A reconsideration of the theory of tariffs. The Review of Economic Studies, Vol. 9, No. 2 (Summer, 1942), pp. 89-110.

de Vegh, Imre. Imports and income in the United States and Canada. The Review of Economics and Statistics, Vol. 23, No. 3 (Aug., 1941), pp. 130-146

Einzig, Paul. Foreign balances. London: Macmillan, 1938.

Ellsworth, P. T. International economics. New York: Macmillan, 1938.

Encyclopaedia of the Social Sciences. Edwin R. A. Seligman and Alvin Johnson (eds.). New York, Macmillan Co.

Vol. 2 (1930);  Vol. 10 (1933)

Explorations in economics, notes and essays contributed in honor of F. W. Taussig. New York: McGraw-Hill, 1936.

Fanno, Marco. Normal and abnormal international capital transfers. University of Minnesota Press, 1939.

Fisher, Irving. The purchasing power of money. Its determination and relation to credit, interest and crises. New York: Macmillan, 1911.

Gilbert, J. C. The present position of the theory of international trade. The Review of Economic Studies, Vol. 3, No. 1 (Oct., 1935), pp. 18-34.

Gilbert, J. C. The mechanism of interregional redistributions of money. The Review of Economic Studies, Vol. 5, No. 3 (Jun., 1938), pp. 187-194.

Graham, Frank D. and Charles R. Whittlesey. Golden avalanche. Princeton: Princeton University Press, 1939.

Haberler, Gottfried. The theory of international trade. Trans. by Alfred Stonier and Frederic Benham. London: William Hodge, 1936.

Heckscher, Eli F. Mercantilism (2 vols.) London: George Allen and Unwin, first edition, 193; revised, second edition, 1955. Original Swedish edition, 1931). (Review Essay by John J. McCusker in EH.net)

Heckscher, Eli F. Mercantilism. The Economic History Review, Vol. 7, No. 1 (Nov., 1936), pp. 44-54

Hume, David. Essays, moral, political, and literary. Eugene F. Miller (ed.). Indianapolis: Liberty Fund, Inc.

Kaldor, Nicholas. A note on tariffs and the terms of trade. Economica, New Series, Vol. 7, No. 28 (Nov., 1940), pp. 377-380.

Keynes, John Maynard. A treatise on money. (2 vols.) New York: Harcourt, Brace and Company, 1930.

Kindleberger, Charles P. International short-term capital movements. New York: Columbia University Press, 1939.

Leontief, Wassily W. The use of indifference curves in the analysis of foreign trade. The Quarterly Journal of Economics, Vol. 47, No. 3 (May, 1933), pp. 493-503.

Leontief, Wassily. Note on the pure theory of capital transfer. In . In Explorations in economics, notes and essays contributed in honor of F. W. Taussig. (1936).

Lerner, A. P. The diagrammatical representation of cost conditions in international trade. Economica, No. 37 (Aug., 1932), pp. 346-356.

Lerner, A. P. The diagrammatical representation of demand conditions in international trade. Economica, New Series, Vol. 1, No. 3 (Aug., 1934), pp. 319-334.

Malynes, Gerard. A treatise of the canker of England’s commonwealth, 1601. in Tawney and Power, Tudor economic documents, III, 1924, pp. 386-505.

Malynes, Gerard. The circle of commerce or the ballance of trade, in defence [sic] of free trade [sic], 1623.

Mill, John Stuart. Principles of political economy with some of their applications to social philosophy. (7th ed.). A. J. Ashley (ed.). London: Longmans, Green and Co., 1909.

Morgan, E.Victor The theory and practice of central banking, 1797-1913. Cambridge,: Cambridge University Press, 1943.

Mosak, Jacob L. General-Equilibrium theory in international trade (University of Chicago doctoral dissertation, 1941).Bloomington, IN: Principia Press, 1944.

Mun, Thomas. England’s Treasure by Forraign Trade (1664). New York, Macmillan and Co., 1895.

Ohlin, Bertil G. Interregional and international trade. Harvard Economic Studies No. 39. Cambridge: Harvard University Press, 1933.

Paish, F. W. Banking policy and the balance of international payments. Economica, New Series, Vol. 3, No. 12 (Nov., 1936), pp. 404-422.

The Works of David Ricardo (New edition). J. R. McCulloch (ed.). London: John Murray, 1888.

Economic Essays by David Ricardo. Edited with introductory essay and notes by E. C. K. Gonner. London, G. Bell and Sons, 1926.

Ricardo, David. Principles of Political Economy and Taxation, E. C.K. Gonner (ed.). London, George Bell and Sons, 1903.

Robertson, D. H. Changes in international demand and the terms of trade. The Quarterly Journal of Economics, Vol. 52, No. 3 (May, 1938), pp. 539-540.

Robertson, D. H. Indemnity Payments and Gold Movements. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 312-314.

Robertson, D. H. Indemnity Payments and Gold Movements: A Rejoinder. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 317.

Samuelson, Paul A. Welfare economics and international trade. The American Economic Review, Vol. 28, No. 2 (Jun., 1938), pp. 261-266

Shields, Murry (ed.) International financial stabilization: a symposium. New York: Irving Trust Company, 1944.

Silberling, Norman J. Financial and Monetary Policy of Great Britain During the Napoleonic Wars, Quarterly Journal of Economics, Vol. 38, No. 2 (Feb., 1924), pp. 214-233; No. 3 (May, 1924), pp. 397-439.

Sprague, O. M. W. “Statistical Data on Foreign Short-term Funds; their Collection and Use.” Paper read before an assembly of central bank governors following the General Meeting at the Bank for International Settlements in May 1932. [mentioned in Third Annual Report, Bank for International Settlements, Basle (May 8, 1933), p. 22.]

Studies in mathematical economics and econometrics: in memory of Henry Schultz. Oscar Lange, Francis McIntyre and Theodore O. Yntema (eds.). Chicago: University of Chicago Press, 1942.

Viner, Jacob. Angell’s Theory of International Prices. Journal of Political Economy, Vol. 34, No. 5 (Oct., 1926), pp. 597-623.

Viner, Jacob. Review of Heckscher. The Economic History Review, Vol. 6, No. 1 (Oct., 1935), pp. 99-101

Viner, Jacob. Studies in the Theory of International Trade. New York: Harper and Brothers Publishers, 1937.

Viner, Jacob. Indemnity Payments and Gold Movements: A Reply. Quarterly Journal of Economics, Vol. 53, No. 2 (Feb., 1939), pp. 314-317.

Viner, Jacob. Two plans for international monetary stabilization. Yale Review, Vol. XXXIII (1943-44), p. 77ff.

Whittlesey, Charles Raymond. International monetary issues. New York: McGraw-Hill, 1937.

Williams, John H. Currency stabilization: The Keynes and White Plans. Foreign Affairs, Vol. 21, No. 4 (Jul., 1943), pp. 645-658.

Williams, John H. Currency stabilization: American and British attitudes. Foreign Affairs, Vol. 22, No. 2 (Jan., 1944), pp. 233-247

Wood, Elmer. English theories of central banking control, 1819-1858, with some account of contemporary procedure. Harvard Economic Studies 64. Cambridge: Harvard University Press, 1939.

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Ph. D. Exam questions in int’l trade

  1. Basic determinants of course of trade (direction, volume, constituent items) between regions in absence of legal barriers. How reconcile this with statement that course of trade determined by (1) comparative cost of prod. (2) relative scarcities of factors of production in regions.
  1. Explain differences & similarities in mechanism of capital transfer under (a) int’l metallic standard & (b) flexible exchanges.
  1. Is it possible to demonstrate superiority of fixed over flexible exchanges, or vice versa, from a national point of view, on purely a priori grounds? Why or why not?
  1. Role in int’l monetary equilibrium of (a) official gold price (b) stabilization fund (c) sterilization (d) tripartite agreement.
  1. Give an account of the evolution of terms of trade theorizing or explain the role in mercantilist thought of (a) bullionist doctrine (b) balance of labor doctrine c) quantity theory of value of money.
  1. Discuss the role in Eng. mercantilist thinking of (a) considerations of power as distinguished from consideration of plenty (b) provision motive (c) quantity theory of money.
  1. Discuss the role of “income elasticity” in the older & newer literature on the mechanism of adjustment of int’l balances.
  1. Discuss the role of short-term capital movements under flexible & fixed exchanges.
  1. Explain the possibilities & the limitations of national gain in the long-run thru governmental restriction on for. trade.
  1. int’l monetary system
  1. Explain the relationship to each other in int’l static equilibrium of (a) comparative costs (b) relative scarcity of factors (c) reciprocal demand.
  1. Discuss role in operations of pre-1914 gold standard of (a) central banking (b) London money market (c) exchange rate fluctuations.
  1. Explain role in mechanism of adjustment to disturbances of int’l balances of payments of (a) income elasticity (b) price elasticity (c) final purchase (or income) velocity.
  1. Note on following pre-Smithian doctrines (a) power vs. plenty as objectives of trade policy (b) the desirability or undesirability of hoards of the precious metals (c) a divinely ordained “universal economy.” (d) balance of labor.
  1. What are the possibilities in the long run, of national & of world economic gains from the imposition by national units of restrictions on foreign trade.
  1. Role of int’l short-term capital movements in int’l monetary & trade mechanism.
  1. Under free trade the nature of interregional specialization is determined by the relative scarcities of the factors of production in the diff. regions.
    1. What is meant by relative scarcity of factors of prod.
    2. Do the exponents of this theory mean “determined solely”
    3. Does free trade necessarily conduce to the lessening of the differences in the relative rates of remuneration of the diff. categories of “factors of production” as between diff. countries.
    4. If you were setting up a system of equalities to illustrate the nature of int’l equilibrium under free trade—what “standard of living” consideration would you take care of & how?
  1. Discuss interrelationships (if any) of balance of power, balance of trade, “balance of labor” considerations in English mercantilist doctrine.
  1. Explain basic theoretical issues between bullionists & the ant-bullionists of Restriction period & indicate to what extent Ricardo’s views were not generally accepted by the bullionists.

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Source: Don Patinkin Papers. David M. Rubenstein Rare Book & Manuscript Library, Duke University.. Box 3 (Course Materials and Class Notes), Folder “Patinkin as Student: Notebooks (1944)”.

Image Source: University of Chicago Photographic Archive, apf1-08488, Special Collections Research Center, University of Chicago Library. The photograph is dated 14 June 1944.

Categories
Chicago Courses Exam Questions

Columbia. Exam Questions for Econ 110. J. M. Clark, 1934

The course exam transcribed below would appear to correspond to John Maurice Clark’s course Economics 110 (Dynamics of value and distribution) which was offered in the Spring Session rather than Clark’s course Economics 109—Foundations of Social Economics which was offered in the Winter Session. Milton Friedman’s own notecards show that he did in fact attend Economics 109, but the content of the course as seen in Friedman’s notes is not reflected in the questions in the exam below. The handwritten note by Friedman identifying the exam as coming from  John Maurice Clark’s course “Social Economics” (i.e. Economics 109) and dated May 1934 is clearly incorrect. Examine the course description for Economics 110 to see if you agree.

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[COURSE DESCRIPTION]

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

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

Source: Columbia University Bulletin of Information, Thirty-third series, No. 26 (March 25, 1933). Courses offered by the faculty of Political Science for Winter and Spring Sessions 1933-1934. page 26.

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[Examination Questions for J. M. Clark’s Economics 110, Spring Term 1934.]

[Friedman’s handwritten note]
Exam in J. M. Clark’s course “Social Economics”, May 1934 [sic]

 

Answer three questions.

I.   Discuss the problem of the general characteristics of the supply-schedule for savings.

II.  Discuss whether the only geographical price-structure consistent with competition is one in which each producer sells at a price or prices which yield him a uniform amount at the point of production, the more distant purchasers paying the additional costs of transportation (Potter’s mill-base price.)

III. How would you draw the line between monopoly limited by substitution, and competition?

IV.  Discuss why competition between two or three large producers requires a different theoretical analysis from that which describes “pure competition” and why no single definitive answer to this problem has been found.

V.   Would you recommend further shortening of standard hours of labor per week, with wages per hour raised to give the worker not less than his former weekly earnings, as a means of stimulating business activity through increased purchasing power?

VI.  Can a cumulative increase in business activity be expected as a result of increased government spending during a depressions: (a) financed by borrowing, (b) financed by a sales tax? Could there be such an increase in physical volume of production and employment, or only in physical volume of business?

VI. B. (May be substituted for VI., but not both answered)
Under what conditions may an increase in expenditure for a given commodity have a cumulative effect in increasing the general volume of production; and under what conditions will it not have such an effect?

Source: Milton Friedman Papers, Hoover institution Archives, Box No. 115, Folder 13 (Biographical: Class Exams circa 1932-1938).

Image Source: Wikpedia.

 

Categories
AEA Chicago Funny Business

Chicago Hotel Costs for the 1924 AEA Meeting

Part of the cost-of-professors involves the costs of attending professional meetings. Just for a back-of-the-envelope calculation of how hotel rates have changed, we see that the headquarters hotel for the 1924 AEA meeting was The Congress where a double room (with private bath) cost $6.00 and up. (The rates quoted below appear to be day rates when one compares with rates quoted, e.g. for the La Salle Hotel, in The Official Hotel Red Book and Directory 1920.) 

A quick check of Booking.com and Orbitz gives rates for today at The Congress Plaza Hotel  “from $149”. I presume that rate is for double-occupancy-with-bath as well. We have an increase of $149/$6.00, a nearly 25-fold increase in the price over a 91 year period, about an average 3.5% annual rate of increase. OK, maybe the TV, phone and internet connections plus all that shampoo and conditioner should be adjusted for so this is an overstatement of hotel rate inflation.

Over the same period the Consumer Price Index for the U.S. has grown nearly 14-fold, about an average annual rate of increase of 2.9%. Of course there is room for discussion about how well this particular index handles the changing market baskets and quality differences over nearly a century.

1924_HotelCostsAEAmeetingChicago

More historical images of the Congress Hotel.

Postcard of the Auditorium Hotel.

Postcard of the Sherman Hotel.

 

Source: Announcement of the Thirty-Seventh Annual Meeting of the American Economic Association to be held at Chicago, Illinois, beginning Sunday Evening, December 38, and closing at Noon Wednesday, December 31. 1924. Issue of November 10.  From the University of Chicago Archives. Department of Economics Records, Box 22, folder 8.

Categories
Chicago Economists

Chicago. J. Laurence Laughlin thoughts on “Problems of the Young Scholar”. 1916

A quarter of a century is a long-time in dog-years but does not even span a healthy scholar’s productive lifetime. Nonetheless, the University of Chicago (founded in 1890 with classes beginning October 1892) celebrated its Quarter-Centennial with much pomp and proportionate circumstance. The address to the Chicago Ph.D.’s attending the celebration was given by the founding and long-serving head of the Department of Political Economy, J. Laurence Laughlin. He was among the earliest domestically trained American Ph.D.’s. These reflections on the life of a young scholar cover the first forty years of economics Ph.D.’s, Made-in-USA. The address provides unique insight into the formative years of organized graduate education in North American economics and academic career paths.

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THE ASSOCIATION OF DOCTORS OF PHILOSOPHY

The Association of Doctors of Philosophy met in the Quadrangle Club at 12:30 P.M. Tuesday, June 6 [1916]. Two hundred and forty-eight doctors were present, and many more sent congratulatory messages. In the absence of President Judson, Dean James Rowland Angell welcomed the guests at luncheon, and expressed the great satisfaction of the University in the large body of doctors who so ably represent it in all parts of the world. In response to an invitation from the Association, Professor J. Laurence Laughlin delivered an address.

 

PROBLEMS OF THE YOUNG SCHOLAR

By J. Laurence Laughlin Professor and Head of the Department of Political Economy

I

Perhaps it will be allowed me to discuss with you for a few minutes some problems of the young scholar in the United States; for the problems of the doctor are practically those of the scholar. In the widest sense they raise the old questions of idealism versus materialism. To vow one’s self to scholarship means renouncing “the world, the flesh, and the devil,” a dedication unto the hopeful, but often disappointing, search for the unknown. On the shining brow of the young scientist there should be the same glow as that which transfigured the face of Sir Galahad when he set out, uplifted in heart and purpose, to search for the Holy Grail.

Whatever the elevation of purpose, however, we must face the matter of preparation. In scholarship, as in war, he who is prepared is favored by the gods. How are scholars made? The only factories are our universities. This inevitably brings us face to face with opinions as to what the university should be. In these days the mobilization of educational resources in any great university involves such questions of administration that executive ability of a high quality is as essential in a faculty as in the departments of a great business house. Men must, therefore, be found in our membership who are not distinguished as scholars; and such men may not even be good teachers. Again, in this country, it goes without saying that the teaching function of the college cannot be wholly separated from the higher activities of the university. Men never can be fitted for research, the highest function of the university, without first passing through the systematic accumulation of knowledge and getting a seasoning of intellectual fiber to be obtained only under good teaching in the secondary school and the college. Teaching is in the main imparting to students the learning of others; but the successful teacher, while engaged in imparting the results of past thinking, may also create a thirst for knowledge and an eventual desire to discover new truth. I doubt if the teaching function ever can be much reduced in the university. It is the condition precedent to final achievement in research; for the inspiration to the possible student investigator usually comes through the medium of highly successful teaching. This opinion of mine may not be in accord with that which decries teaching because it hinders investigation. And yet I fully believe research to be not only the most important, but indeed the highest, function of the university — the brightest jewel in its crown.

It is a question as to what we mean by teaching. In the development of investigators some men, who are not themselves effective producers, are very successful in sending out men who are producers. If by teaching we mean guidance to the nascent investigator, then teaching is directly necessary to research. In the usual lament, that the drudgery of teaching stifles research, reference is undoubtedly had to the heavy work of introductory teaching and the time-consuming reading of students’ papers and reports. Here is one of the serious problems of the young scholar. The fabric of the educational system that leads up to the heights of research and discovery necessarily requires much teaching of a fundamental character. There must be preparation of the student for the final achievements of scholarship. To many a trustee a university should be created for the students, and success is measured by the numbers of students; to many a professor a university should be created for the professors, and success is often measured by the leisure allowed them for study. To others, a university is a place consciously organized so that by constant tests, gradation, and selection a few chosen persons may be evolved competent to carry on the highest tasks of research and discovery. In short, the recipe for stimulating investigation is, first catch your carp; first find the man capable of investigation. To one kind of man a splendid laboratory seems to give him a sense of importance; but the real man of research gives the laboratory importance. Big thinking may go on in a very small room.

II

Perhaps my only qualification for speaking to you today are that I am old enough — or young enough — to bridge with my memory the whole doctoral history in this country. It seems to be well established that I was part and parcel of the first seminar work in our universities, and among the first Ph.D.’s. Before Johns Hopkins University was established in 1876, three of us — of whom one was the present Senator Lodge of Massachusetts — had been engaged in research under Henry Adams, the historian, and we were made doctors at Harvard in 1876. The light literature which resulted from our investigations was contained in a volume of “Anglo-Saxon Law.”

With you have I trod the typical path of all doctors, who had to begin with a salary less than a policeman’s. I wonder how many of us feel like describing that wearisome path from five hundred dollars a year to an assistant professorship, in these words of Milton :

Long is the way

And hard, that out of hell leads up to light.

A president who was able to raise the salaries of learned young doctors was a very Jehovah on a golden throne, whose locks glowed like a thousand searchlights — before whom we stood, wistful acolytes of learning, with the dust of libraries on our brows.

Certainly one thing came prominently forth from my doctoral training. Never afterward could I balk at work because it was hard. The lesson of persistence in getting materials at no matter what cost of time or labor was learned, never to be forgotten. In a study of the origins of English law and institutions I was never supposed to whimper at re-reading the whole body of Anglo-Saxon laws six times in search for procedural methods from feud to jury, or to pore over twenty-five thousand pages of capitularies in mediaeval Latin. Never since has any task seemed impossible.

We young doctors must have been interesting to onlookers. We supposed that the whole world was watching us. We were distinguished in most cases by a big pipe in our mouths, a large sense of condescension to the non-doctoral universe, and by the air of great candor, which obliged us, solely in the interests of truth, to indicate that we were in the line of direct descent from Minerva. We might well have been admonished to “Tarry at Jericho until our beards are grown.”

There was the sort fresh from German kneipen, greatly respected,

For he by geometric scale
Could take the size of pots of ale.

But how many of us, having gone forth with the morning dew on our shining armor, have come back after long days with the cup? What a lot of rusty, dinted old harness is scattered along the doctoral highway!

If many of us have fallen short of our early promise, it is probably due to a loss of our inspiring vision. There are two possible reasons for such failures: First, in our egotism we thought we were investigators, when really we were not. For the advance of research there is nothing so deadly as conceit, and nothing so productive as humility. Learning is an essential to a teacher whose function it is to impart knowledge; but, as we all agree, education is not information. To collect the learning of others may impress the ignorant; but it is not research. To succeed in research one must have extended the boundaries of human knowledge, discovered a new principle, conquered the unknown. Sometimes the investigator comes with awe into the presence of a new truth. One day a young man came out of his laboratory, a new and strange expression on his face, and said, “Today I have just seen something that no man has ever seen before.” Columbus on the deck of his ship, when the dim coast line of America rose over the sea, could not have had a nobler thrill of discovery. Indeed, the uncharted seas of science today offer as many prizes of discovery as ever before in history.

It is a well-recognized fact that many persons seek and often obtain the doctorate merely for the purpose of increasing their revenue as teachers. These never had the vision, and never will be discoverers of truth. Our real interest is in the picked few. It remains true in research, as in the church, that “Many are called, but few are chosen.”

III

Failures, however, are more often ascribable, in the second place, to what may be called economic reasons. Before he has fairly mounted, on his journey the young doctor has added unto himself the burdens of a family. If never before, he must now exert himself to the utmost to be a bread-winner. Then comes the situation which has become so familiar to us all — and, I suppose, to every university president. The would-be scholar finds himself of necessity taking on routine teaching as a means of income; while the less gifted soon give up the hope of research, and the gifted few chafe against the bars of repressive drudgery, constantly hoping to find out a way of research while still earning a living. In short, even with the flower of young scholars the problem is to earn a living and yet to cling to the ideals of research. It must be frankly admitted that, if he has had obligations thrust upon him, it is his first duty to earn a living. That duty every man must face. But not infrequently a young idealist, full of his vision, feels that the world owes him a living, in spite of the burdens he himself has voluntarily assumed, in order that he may be free to hunt in the unknown fields of knowledge. Bitterly— but quite naturally— he is inclined to assail his university as unappreciative of the investigator; and his heart grows heavy.

It will not, I hope, be regarded as brutal to say plainly that if the will to produce is in us no power in heaven or earth can keep it down. No drudgery of teaching kept Moody from expressing himself; nor Ricketts from penetrating to the secrets of disease. And as to Shorey, no drudgery of teaching could prevent him, on receipt of a telegram, from packing his valise and in twenty-four hours beginning a course of twelve lectures in Boston on the “Efflorescence of the Diastole in the Poems of Pausanias.” If the divine fire burns within us, it must come forth somewhere, somehow. When a young scholar says life is too distracting, too noisy, for the serious work of production, he is publishing his own inadequacy. Was it not Chesterton who said, in reference to this matter when men complained of an unsympathetic environment, that Bacon and Shakespeare turned out their products as naturally and easily as we perspire? If a young scholar feels the inner surge to produce, let him somehow give a sample product by which he may be rated. It has been said of Jacques Loeb that if he were cast away on a coral reef with only a shoestring and a collar button he would probably soon be producing sea urchins, or frogs, by parthenogenesis.

IV

There is, to be sure, another and economic side to this matter. The price of a scholar is not difficult to explain. If scholars of the productive type are scarce, they “come high”; they occupy a monopoly position as truly as the successful captain of industry. Moreover, the statement of a new truth is often the heresy of today. The scholar who penetrates into the unknown must be content to be lonely; not infrequently he is obliged to go without a publisher. To be unappreciated, if not to be unpopular, is the part of the scholar who finds himself in antagonism to some illogical, but accepted, opinion of the day. Hence it may be said that

Learning hath gained most by those books by which the printers have lost.

Not only are men of research scarce, but their value to the university is infinite. The productive scholar is the one every university is seeking. At the time when President Jordan was gathering his faculty at Stanford, he wrote me on hearing of my coming to Chicago: “If a few more universities are established the position of a professor will soon become respectable, even in the eyes of the richest trustees.” But, if scholars are in such demand, why is there any complaint as to their economic conditions?

The truth is that a would-be teacher — like a horse — is not always what he seems. To invest in a professor is as much a gamble as to buy a horse. After being permanently corralled he is apt to lose speed, and to develop unexpected peculiarities. A university should be as experienced as a Kentucky breeder in picking promising colts. When a scholar has arrived, it is easy enough for an institution to know that he is a desirable man to have. We come to see, then, that a young scholar cannot expect to be discovered until he has somehow indicated his quality; but that, on the other hand, a very great responsibility rests upon the university to be keen in recognizing the productive quality early in life, to nourish and feed it, and be proud to give it that environment which will encourage production and thereby greatly honor the university. For, after all, the institution that is putting forth new growth of research at the top is the only institution that is really alive. If it is content to teach merely the accumulated learning and results of others, and itself to put out no new growth, it is really moribund.

Therefore, if productive scholars are not easy to find, and yet are absolutely essential to a live university, I may be permitted to suggest some practical means for mending the ills we now endure. Many men of promise have been crushed by untoward conditions of poverty. There are some trees that rise splendidly to heaven because they are planted in good soil and are favored by sun and rain; others of the same species are stunted and gnarled by an evil environment. So it is with scholars — most sensitive of all plants to kindly influence. What can be done by the university to find the stock true to species and give it its full growth?

Without doubt endowment funds should be set aside for the purpose of freeing men capable of research from the drudgery of elementary teaching. But — keeping in mind the frailties of human nature — these funds should be transferred from one man to another, and not given permanently to one. If a promising investigator were disclosed, such a man could be encouraged; if the promise failed of fulfilment, the man was not the one to be encouraged. Thus could be devised a practical means of discovering which of the many aspirants for research were fit for further trial. By some such method as this, without doubt, the university could gradually build up a corps of effective producers. Then, certainly, if the producer is found, the duty — and the ambition — of the university is clear. An investment in productive men is the highest possible use of the university’s funds. The creation of a permanent fund to be devoted to the encouragement of research, gradually accumulated or enlarged by gift, is the one clear sign by which an enlightened and progressive university may be known. To such an institution will come the pick of ambitious graduate students from everywhere. Doubly rich in investigators and in students of ability who are worthy of attention, then indeed will science grow from more to more in that place of learning.

V

In these past twenty-five years much has been done; more remains to be done. In many directions encouragement has been given to research; but while emphasis has been put upon good teaching — and teaching should aim to develop, not only the mind, but also character and good form — would we not make even more progress in the future if greater emphasis were placed on the methods of trying out promising producers and making possible to the gifted few the highest university distinctions?

We are turning out increasing numbers of mediocre doctors. They are too often given a degree for the careful collection of the learning of others. Very soon the degree of Ph.D. will have — as it may already have — gained the connotation of the routine A.M. degree. Some means should be found for separating collectors of learning from the productive investigators.

To some of us who have nearly reached the end of an academic career there is much of inspiration and cheer on an occasion like this. About to leave the stage and turn our faces to the sunset, we pause here a moment to look back to the sunrise; and out of the morning is seen the long line of young scholars sweeping on to the present hour, aflame to take up the tasks of scholarship we are leaving, and to carry forward the work of research far beyond our own expectation. Iturus salutat.

 

Source: The Quarter-Centennial Celebration of the University of Chicago, June 2 to 6. A record by David Allan Robertson. Chicago: University of Chicago Press, 1918, pp. 161-168.

Image Source: Cap and Gown, 1906.

Categories
Chicago Michigan

Interdisciplinary Moment. Max Sylvius Handman, Chicago Sociology Ph.D. 1917

This interdisciplinary moment comes as the result of my shallow acquaintance with American institutional economics. In the previous posting I ran across the name of M. S. Handman who was listed #2 in Frank Knight’s list of American Institutional Economists after Veblen but with the sarcastic addition “Perhaps the one true example [i.e. Veblen], except Handman, who has written little.” Knight then goes on to put Handman’s name in the #2 position without any bibliographic reference. The name rang no bells with me to be honest.

In the meantime I have consulted JSTOR to obtain a very convenient history of American Institutional Economics, Malcolm Rutherford’s Presidential Address before the Association for Evolutionary Economics: “Towards a History of American Institutional Economics”, Journal of Economic Issues, Vol. 43, No. 2 (Jun., 2009), pp. 308-318. This provides us with more context.

Max Handman received his Ph.D. in Sociology and Anthropology rather than in Political Economy. The title of his thesis was “The Beginnings of the Social Philosophy of Karl Marx.”

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[from the University of Michigan]

Memorial
Max Sylvius Handman
LSA Minutes

On December 26, 1939, while the University was in recess, Professor Max S. Handman, one of its outstanding personalities, died of coronary thrombosis; a scant two weeks after he had passed his fifty-fourth birthday. The first of the heart attacks to which he finally succumbed occurred in the spring of 1938, while he was devoting his sabbatical leave to a research project in South America. He returned to Ann Arbor early that summer and carefully nursed his ailment, both at the University Hospital and at home, to the end of the first semester of the academic year 1938-39. During the second semester of that year he was able to resume his teaching, and during the summer of 1939, though not a member of the teaching staff, he participated actively in the Institute of Latin-American Studies which was being conducted by the Summer Session. He then prepared and delivered his last paper, soon to be published, on the historical function of foreign investments in Latin-America. He was planning, of course, to continue his regular work during the present academic year, but a further severe attack shortly before the opening of the University in the fall confined him to bed till his untimely death. While the course of this illness afforded some preparation for the fatal outcome to his associates and friends, the actual loss of our widely known and beloved colleague came as a profound and lamented shock to all who knew him.

Max Sylvius Handman, son of Melchior and Rosa (Sayman) Handman, was born in Roman, Rumania, December 13, 1885. He remained in his native land into his eighteenth year. His father was engaged in commercial pursuits, but was dominated by a deep love of learning. In this environment the seeds were sown for a lifetime of scholarly interest and devotion. Young Handman received instruction at home as well as all available public schooling, through the Gymnasium at Roman. Upon his arrival in this country in 1903 he proceeded immediately to the far west, where he devoted himself for a period of two years to working at miscellaneous tasks and learning the English language. Two years later, in 1907, he received his Bachelor of Arts degree from the University of Oregon. Then followed ten years of graduate study, both at American and foreign institutions, including the University of Chicago, the University of Missouri, Columbia University, the College de France, and the University of Berlin. He received his Ph.D. degree from the University of Chicago in 1917, and during the same year he became a naturalized citizen of the United States. Some three years earlier, on September 3, 1914, he had married Della Dopplemayer of Marshall, Texas, after he had established himself as a young instructor.

His teaching experience, like his academic training, embraced a number of institutions. In 1913 he served as Docent in Sociology at the University of Chicago; from 1913 to 1916 he was Instructor in Sociology at the University of Missouri; from 1917 to 1926 he was Professor of Sociology, and from 1926 to 1931 Professor of Economics, at the University of Texas; and during the academic year 1930-31, just before he left Texas, he was Visiting Professor of Sociology at the University of Minnesota. From 1931 till his death he was Professor of Economics at the University of Michigan. During this relatively brief period he devoted himself on the instructional side to economic theory, labor economics, the history of economic thought, economic history, European economic problems, and Latin-American economic problems. While in recent years his independent studies were largely in the latter two fields, he adjusted himself in a fine spirit of cooperation to the curricular needs of the Department of Economics, and his qualifications were so diverse and his personality so stimulating that these varied tasks were entrusted to him with unquestioning confidence and were performed by him with high competence.

The breadth of Professor Handman’s interests is further evidenced by his outside contacts and activities of an academic and public character. In 1918 he served as a special investigator for the Library of Congress and as a member of the Committee on Public Information; and he was also attached, during the same year, to the staff of the United States Inquiry on Terms of Peace. In 1919 he was Director of the Red Cross Social Service Institute for Texas; in 1924 he was President of the Texas Conference for Social Welfare, holding at the same time, and for a number of years, the position of Trustee of the Texas Committee on Prisons and Prison Labor; and for a period of some six or seven years, from 1926 to 1932, he served in various capacities as a member of the National Conference of Social Work. In 1929-30 he was a special investigator for the National Commission on Law Observance and Enforcement (the so-called Wickersham Commission); and for a period of three years, from 1931 to 1934, he represented the American Economic Association on the Social Science Research Council. In the summer of 1932 he was sent to Rumania by the Council to study race and culture contacts in that territory, the results being published as a chapter on conflict and equilibrium in a border area; and in connection with this visit he was decorated by the Rumanian Government as Knight, First Class, of the Order of Cultural Merit.

For the most part Professor Handman’s publications are more noted for the range of their subject matter and the suggestiveness of their approach than for the detailed factual or analytical treatment accorded by thorn to the varied matters with which they deal. His only book-length manuscript, a socio-economic study dealing with standards of living and pecuniary valuation, he did not deem ripe for publication, although he labored upon it for many years. His score or more of journal contributions deal in part with concrete social and economic conditions in Texas and Mexico, particularly in their reciprocal impacts; but his more generalized writings, reflecting a broad philosophical attack upon the questions at issue, are the papers of primary significance. He has written illuminatingly, for example, on the sociological methods of Pareto, on scientific trends in economics, on economic history and the economist, on conflicting ideologies in the American labor movement, on the sentiment of nationalism, on the bureaucratic culture pattern and political revolution, on war, economic motives, and economic symbols. These writings cannot be cramped into the traditional molds of the established disciplines. They embrace, with varying degrees of emphasis, the fields of sociology, economics, psychology, political science, and history. His approach was that of the so-called social sciences as a group, rather than of more or less artificially delimited segments of the field; and while he chiefly charted channels of thought through this means, rather than cultivated intensively the areas of his special interest, he performed his chosen tasks with much knowledge and deep insight.

For such results his long training and experience in both sociology and economics were not alone responsible; of equal importance was the broadening effect of his enormously wide reading and extensive travel. His great library was in no sense the reflection of a collector’s hobby. Visitors to his home, earlier in Austin and later in Ann Arbor, were frequently amazed at his ability to locate without the slightest difficulty any book he wanted from among his many thousands of uncatalogued volumes; and what is much more significant, as those who ever had the privilege of conversing with him at any length repeatedly learned, he knew what was in his books. He wrote and spoke from a full mind, which was also enriched by personal contacts and observations in much travel in Europe and the Americas. His great linguistic facility–embracing the spoken tongue as well as the written word in French, German, Italian, Spanish, Portuguese, and Rumanian–rendered these travels a source of genuine enlightenment in the various fields of his interest. These factors, and not merely his actual publication record, contributed to Professor Handman’s wide recognition as a scholar. His professional colleagues in all parts of the country–particularly among the sociologists, economic historians, and students of Latin-America–entertained the highest respect and admiration for his knowledge and understanding. His counsel was sought often and in numerous quarters, and the meetings of the learned societies were very few in which he was not invited to participate as critic of the contributions of his older as well as younger colleagues.

In the last analysis, however, Professor Handman’s most significant service was rendered as a stimulating teacher and associate, who exerted a large influence upon the human beings with whom he came into contact. He was a highly cultivated gentleman, of broad sympathies and incisive understanding, who labored always in furtherance of human welfare. His great store of knowledge was not confined to the social sciences. He was steeped in general history, literature, philosophy, music, and the arts. The spirit molded by these humanistic influences was directed to the improvement of social living, in the narrower range of personal contacts as well as in the more complicated relationships of the great society. Toward this end he gave of himself unstintingly to his students, his associates, and the general community. Because of his lofty ideals, intellectual integrity, and endearing personality, he evoked satisfying and even gratifying responses throughout his career. That he was affectionately known to so many, both old and young, as Uncle Max was no mere accident. He built well and fruitfully. His memory will long endure.

D. H. Parker,
P. E. James,
I. L. Sharfman, Chairman

Source (also of image): University of Michigan Faculty History Project.

_________________

[from the University of Texas]

IN MEMORIAM
MAX SYLVIUS HANDMAN

Max Sylvius Handman, professor of sociology and economics, died in December of 1939.

Professor Handman was born on December 13, 1885, in Roman, Romania. He received a bachelor’s degree from the University of Oregon in 1907 and a PhD from the University of Chicago in 1917.

Dr. Handman taught at the University of Chicago and the University of Missouri. He joined the faculty of The University of Texas at Austin in 1917 and resigned in 1931, when he accepted a position at the University of Michigan at Ann Arbor.

Professor Handman served on the Committee on Public Information in 1918. He was a special investigator for the Library of Congress and for the Wickersham Commission on Law Enforcement. He was also president of the Texas Conference on Social Work in 1924.

During the early 1930s Professor Handman was recalled to Romania by King Carol to carry out a study on the problems of minority populations. He was later decorated by King Carol with the Order of Cultural Merit, Knight, first class, for his service.

<signed>

John R. Durbin, Secretary
The General Faculty

Source: Biographical sketch prepared by Teresa Palomo Acosta and posted on the Faculty Council web site on January 18, 2001.

Categories
Chicago Courses Syllabus

Chicago. Economics From an Institutional Standpoint. Knight c.1934

Frank Knight’s teaching at Chicago covered four bases: core economic theory, the history of economics, social control of the economy and institutional economics. 

One truly can’t fault 1930’s Chicago economics for failing to be aware of the surrounding disciplines. On the other side of the political spectrum we witness the same breadth in Paul Douglas’ 1938 course, Types of Economic Organization.

The following course outline is out of place in the folder for Econ 304 in the Homer Jones Papers. Note that the “general alphabetical bibliography” mentioned in the outline was not in this folder.   The copy of the outline transcribed below apparently came from Homer Jones’ classmate, A.H. = “Alice Hanson”,  later his wife.

Milton Friedman’s 1976 remembrance of Homer Jones was reprinted in the St. Louis Fed’s Review November/December 2013, 95(6), pp. 451-54.

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 Course Description

305. Economics from an Institutional Standpoint.—The relations between the classical-mathematical and institutional-historical views of economic phenomena; institutional factors as the framework and much of the content of the price economy; late nineteen century economic society as a complex of structural forms. Prerequisite: Economics 301 and some European economic history. C. 10:00, Knight.

Source:   Course description from the University of Chicago’s Announcement of courses for Summer Quarter 1934

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[ penciled addition:] A. H. (n.d.)

Economics 305
Economics from Institutional Standpoint

Main Topics and Notes on Literature
(To be used with general, alphabetical bibliography)

I. American Institutional Economics

1. Veblen, Th. (Perhaps the one true example, except Handman, who has written little.)

a. The Place of Science in Civilization. (1919) Collected Essays. “Why is Economics not an Evolutionary Science,” 3rd paper, contains most of Veblen’s position. For his criticism of classical economics, especially “Professor Clark’s Economics” and “Limitations of Marginal Utility”; also three papers on “Presuppositions of Economic Science.” For V’s positive contribution, the title essay and second, on “Evolution of the Scientific Point of View” most important, to be followed with “Industrial and Pecuniary Employments,” “Gustav Schmoller’s Economics” and papers on Capital, Marx, and Socialism.

b. Economics in the Visible Future. A.E.R., 1925 (Cf. Discussion of J. M. Clark).

c. Other works: Instinct of Workmanship, Theory of the Leisure Class, and Imperial Germany and the Industrial Revolution most important. Theory of Business Enterprise social-critical, on line of Industrial and Pecuniary Employments. Later books (Nature of Peace, Higher Culture in America, Vested Interests, Engineers and Price System, Absentee Ownership, etc.) More satirical, and literary or controversial in appeal.

2. Handman, M. S.

3. Commons, J. R., Legal Economist. (Laws are not institutional in origin, but become institutions if long kept in force).

a. Legal Foundations of Capitalism. (Cf. Reviews, Mitchell, A.E.R., June, 1924 and Scharfman, Q.J.E., 1924-5.

b. “Institutional Economics,” A.E.R., Dec. 1931. (Corres. Regarding same, ibid., June, 1932.)

4. Mitchell, W. C. (Quantitative or statisticial economist, properly at opposite pole from institutionalism, but usually included in the movement. Has, like most economists, written some things of a really institutionalist character

a. “Quantitative Method in Economics” (Presidential Address) A.E.R., 1925. (His main position: not institutionalistic).

b. “Prospects of Economics.” (Leading Essay) in Tugwell, The Trend of Economics. (Institutional only in sense of being more or less critical of the older classical economists).

c. “The Role of Money in Economic Theory” (Institutional) A.E.R. 1916 Sup.; “The Backward Art of Spending Money.” A.E.R., 1912. “Human Behavior in Economics.”….Rev. of Sombart, Q.J.E. 1928-9; Bentham’s Felecific Calculus, P.S.Q., June, 1918.

d. On Mitchell’s main work on Business Cycles, see review by J. M. Clark, in Rice’s Case-Book, with Mitchell’s comment.

5. Copeland, Clark, Hale, Mills, Tugwell, Wolfe, etc., see Tugwell, (Editor) The Trend of Economics. Sometimes treated as an institutionalist manifesto, but with several “black sheep.” Cf. Review of the volume by A. A. Young, Q.J.E.

6. Other authors more or less sympathetic with the “movement,” see Boucke[sp?], Clark, Edie (uses the word for all recent economics he approves of) Hamilton.

 

II. Criticism of Institutional Economics.

1. Eva Flügge, in Jahrb. f. Nationalökon. u. Statistik, LXII, 1927. Important; on relations to German Historical School Position.

2. Homan, P. T. Essays on Veblen and Mitchell in Contemporary Economic Thought. Also Paper, A.E.R., Sup., Mar., 1932, and Discussion following, by various members. Cf. J.P.E., 1927 (Impasse, etc.) Q.J.E., 1928 (Issues, etc.)

3. Morgenstern, Schumpeter, Suranyi-Unger.

 

III. Earlier Historical Economics

1. Leslie, T.E.C. “The Philosophical Method in Political Economy” and “History of German Political Economy” in Essays in Moral and Political Philosophy.

2. Schmoller, The Mercantile System. (Example of an argument for the method. Cf. Veblen’s essay on Schmoller, under Veblen, above.

3. Ashley, W. J. Trans. of Roscher Program; also “The Study of Economic History” and “The Study of Economic History after Seven Years,” first two in Q.J.E., all in Surveys Historical and Economic.

4. Cohn, G., A.A.A., 1894 and Ec. Jour., 1905; Dunbar, Q.J.E. Vol. I (and in vol. Econ. Essays); Keynes, J.M., in Scope and Method of Pol. Econ.; Ingram, in History of Pol. Econ.; Nasse, Q.J.E., 1886; Rae, in Contemporary Socialism, pp. 193-221; Seager, J.P.E., 1892; Wagner, Q.J.E., 1886.

 

IV. The Neo-Historical School in Germany, and Related Work.

1. Parsons, T., Capitalism in Recent German Literature (Somart and M. Weber; best thing in English. For orientation see also Parsons, “Economics and Sociology” in Q.J.E., February, 1932).

2. Sombart, W., “Economic History and Economic Theory”, Ec. Hist. Rev.; Nationalökonomie u. Soziologie, Kieler Vorträge; also in G.D.S., Vol. III.

3. Diehl, Carl, Life and Work of Max Weber, Q.J.E. Vol.33.

4. Abel, Th., Chap. on Max Weber in vol., Systematic Sociology in German.

5. Weber, M., Protestant Ethic; and General Economic History.

6. Sombart, W., Die drei Nationalökonomien. Der modern Kapitalismus.

7. Weber, M., Essays in Ges. Aufsätze zur Wissenschaftslehre, esp. on Roscher und Knies, and Objektivität; finally, Wirtschaft und Gesellschaft (2 vols., in Grudriss d. Sozialökonomie).

8. Brinkmann, C., in Überbau etc., Schmollers Jahrb., 1930.; von Schelting, Zum Streit um die Wissenssoziologie, in Archiv. f. Sozialwiss. u. Sozialpol., v. 62, 1930. And references in both.

9. Related work in other countries. Tawney. Religion and the Rise of Capitalism, and other work; Simiand[sp?], La method positive dans l’économie politique (and French Neo-Positivism generally).

10. Another German movement closely related to neo-historism is the Universalistic economics of Spann. See in English his History of Economics. Also, C. Schmitt, Politische Romantik.

11. On the problem of Objectivity (Wertfreiheit) an essential issue throughout this movment, but especially under the influence of communism and fascism, see E. Spranger, Der Sinn d. Voraussetzungslosigkeit d. Wissenschaft (1930 and references.

 

V. ISSUES INVOLVED IN INSTITUTIONALISM

1. General Problems of Behavior (above bio-mechanics and chemistry and histology). Surveys, chiefly on level of physiology and animal behavior in Parmelee, Problem of Human Behavior; Allport, Social Psychology. Cf. Metchnikoff, Nature of Man; Wheeler, Ants; Emerson, Termites. Psychology Symposia, Clark University, Psychologies of 1925, also 1930; also, The Unconscious, sponsored Mrs. E. Dummer. Cf. Cooley, Dewey, Ellwood, McDougall, Sumner, Wallas. Survey of General Sociology, Park & Burgess, Introduction. Sociology from standpoint of society as a unit, Spann, Gesellschaftslehre; from that of personalities in relation, Hornell Hart.

2. History and Economic History. Müller-Lyer; Hobhouse, also Hobhouse, Wheeler & Ginsburg; Gras; E. Gross. On Economic Interpretation of History; Communist Manifesto: Engels; Labriola; See; Seligman. (Hanson; Knight; Matthews). History and Historical Method: Adams, G. B. [sp.?]; Adams, Brooks; Barth; Bernheim; Cheyney; Flint; Fueter; Teggart; Rickert; Windelband. (For Rickert-Windelband view of history, Chap. I of Park & Burgess Sociology with Bibliography. Cf. Small, Origins of Sociology.

3. Institutions. Besides Sociology, see Anthropology, works of (esp.) Lowie, Goldenweiser; also, Boas, Kroeber, Wallis, Wissler, etc.

4. Particular Institutions, (all more or less economic in basis and function). Language: Sapir; The Family; Westermarck, Calhoun; Law: Commons, Pound, Jenks, Holdsworth, Maine, Maitland, Vinogradoff. Religion: Barton, Carpenter, Carus, Cumont, Harnak, Simkhovitch, Sohm, Lagarde, Walker.

5. Economic Institutions, Specifically. Bibliographies in Sombart, Der modern Kapitalismus; use table of contents and index. Surveys of Economic History; Knight, Barnes & Fluegel, Economic History of Europe; H. See, Modern Capitalism (both with chapter bibliographies).

6. Methodology. See M. R. Cohen, “Social Science and Natural Science,” in Ogburn & Goldenweiser (Ed.) The Social Sciences in their Interrelations; also most of the 33 papers in the volume, all with bibliographies. Rice, S. A., (Ed.) Methods in Social Science, a Case-Book; 52 papers, mostly analyses of particular works or groups of works from methodological standpoint. Keynes, J. N., Scope and Method of Political Economy.

7. Idea of Style and Culture-Pattern. Compare Wöfflin, Kunstgeschichtliche Grundbegriffe; Sapir in Ogburn and Goldenweiser.

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Source: Homer Jones Papers, Duke University, Rubenstein Library. Box 2, Folder “Frank H. Knight, Economics 304, lecture, notes, 1933, Oct.-1934.”

Image Source: University of Chicago Photographic Archive, apf1-03516, Special Collections Research Center, University of Chicago Library.

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Other sources for this course:

  • F. T. Ostrander’s “Notes on Frank H. Knight’s Course, Economics from an Institutional Standpoint, Economics 305, University of Chicago, 1933-34,” Research in the History of Economic Thought and Methodology, 23(B), 2005.
  • Earl Hamilton’s  Economics 305 notes in Summer Quarter 1935, (Frank Knight Papers, Box 38, Folder 8) are cited among other places in Malcolm Rutherford’s “Chicago economics and institutionalism” in The Elgar Companion to the Chicago School of Economics (Ross B. Emmett, ed.).
  • In the Hyman Minsky Archive at Bard College are notes Minsky took in Economics 305 during the Spring Quarter 1942.
Categories
Chicago Courses Economists

Chicago. Undergraduate Macro. Stanley Fischer, 1973

While organizing my material from George Stigler’s papers, I ran across this reading list for an undergraduate macro course taught in 1973 at the University of Chicago by the then thirty year-old future professor of the so-called MIT gang that included Ben Bernanke, Mario Draghi, Olivier Blanchard, Maurice Obstfeld, and Paul Krugman (yes, there were others… worth another post). Learn this stuff (and I mean really learn this stuff) and you too might become chief economist of the World Bank, or first managing director of the IMF, or vice chairman of Citigroup, or governor of the Bank of Israel, or Vice Chairman of the Fed. Excuse me, I mean “and/or”.

_____________________________

Winter 1973

Stanley Fischer

ECONOMICS 202
Reading List

Texts:

Branson: Macroeconomic Theory and Policy, Harper and Row, 1972.

Friedman: An Economist’s Protest, Thomas Horton, 1972.

 

I. Introductory

Friedman, M. “A Theoretical Framework for Monetary Analysis,” JPE, March/April, 1970, 193-238.

Johnson, H. G. “The Keynesian Revolution and the Monetarist Counter-Revolution,” AER Papers and Proceedings, May, 1971, 1-14.

Leijonhufvud, A. “Keynes and the Classics: Two Lectures on Keynes’ Contribution to Economic Theory,” London, Institute of Economic Affairs, 1969. Occasional Paper 30.

Tobin, J. Manuscript on Monetary Theory, Chapter 1. (This is on reserve in the library.)

 

II. Quantity Equation

Fisher, I. The Purchasing Power of Money, Macmillan, 1913, Chaps. 1, 2, 3, 4, 8.

Keynes, J. M., Tract on Monetary Reform, Macmillan, 1924, Chaps. 2, 3.

Patinkin, D. “The Chicago Tradition, the Quantity Theory, and Friedman,” JMCB, Feb., 1969, 46-70.

Pigou, A. C. “The Value of Money,” originally in Quarterly Journal of Economics, 1917, reprinted in Lutz and Mints.

 

III. The Demand for Money

Baumol, W. J. “The Transactions Demand for Cash: An Inventory Theoretic Approach,” QJE, Nov., 1952, reprinted in Thorn.

Cagan, P. “The Monetary Dynamics of Hyperinflation” in Studies in the Quantity Theory of Money, M. Friedman (ed.), University of Chicago Press, 1956.

Friedman, M. “The Quantity Theory of Money: A Restatement,” in OQM (also in Thorn and in Studies in the Quantity Theory of Money).

Keynes, J. M. The General Theory of Employment, Interest and Money, Macmillan, 1935, Chaps. 13, 15, 17.

Laidler, D. E. W. “Some Evidence on the Demand for Money,” JPE, Feb., 1966, 55-68.

Latané, H. A. “Cash Balances and the Interest Rate—A Pragmatic Approach,” RE and Sta., Nov., 1954, 456-60.

Tobin, J. “Liquidity Preference as Behavior Toward Risk,” RES, Feb., 1958, 65-86, reprinted in Thorn.

 

IV. The Supply of Money

Cagan, P. Determinants and Effects of Changes in the Money Stock, 1875-1960, Columbia University Press, 1965.

 

V. Inflation

Friedman, M. “The Role of Monetary Policy, “ AER, March 1968, 1-17, reprinted in OQM.

Phillips, A. W. “The Relation between Unemployment and the Rate of Change of Money Wages in the U.K., 1862-1957,” Economica, Nov., 1958, 283-99.

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[References completed]

Lutz and Mints.   Lutz, Friedrich A. and Mints, Lloyd W. Readings in Monetary Economics.Volume 5 of The series of republished articles on economics. R.D. Irwin, 1951.

Thorn. [probably] Money and banking: theory, analysis, and policy; a textbook of readings. Edited with introd. by S. Mittra. [Consulting editor: Richard S. Thorn]. New York, Random House [1970]

OQM. Friedman, Milton. Optimum Quantity of Money and Other Essays. New Brunswick, NJ: Transaction Publishers, 1969.

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Source: Source: Stigler, George. Papers, Box 3, Folder “U of C Other, Miscellaneous, Corresp. w. Pres., etc”, Special Collections Research Center, University of Chicago Library.

 

Image Source: MIT Museum.

 

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Chicago Courses

Chicago. Imperfect Competition (Econ 307) Reading List. Lange, 1941

Today’s posting  comes from Norman M. Kaplan’s student notes from his graduate studies: a carbon copy of the reading list for Oskar Lange’s course at the University of Chicago given in the Autumn Quarter of 1941.

The Course description from the 1941-42 course announcements:

307. 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 301 or equivalent. Summer, 9:00; Autumn, 1:30; Lange.

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

_______________________________________

ECONOMICS 307
Autumn, 1941

 

E. Chamberlin. The Theory of Monopolistic Competition

Joan Robinson. Economics of Imperfect Competition

Roy F. Harrod. “Doctrines of Imperfect Competition,” QJE (May 1934)

G. Stigler. “Notes on the Theory of Duopoly,” JPE (Sept. 1940)

A. C. Pigou. Economics of Stationary States. Chap. 14-19, 23, 40-44

R. Triffin. Monopolistic Competition and General Equilibrium Theory.

Testimony of Frank Fetter before TNEC. Hearings before TNEC, Part 5

N. Kalder. “The Equilibirum of the Firm” Econ. J. (1934)

__________. “Monopolistic Competition and Excess Capacity,” Economica (Feb 1935)

P. Sweezy. “Demand under Conditions of Oligopoly,” JPE (Aug 1939)

R. L. Hall and C. J. Hitch. Price Theory and Business Behavior. Oxford Economic Papers No. 2, May, 1939

M. W. Reder. “Inter-Temporal Relations of Demand and Supply within the Firm,” Canadian J. of Economics and Political Science (Feb 1941)

H. Smith. “Advertising Cost and Equilibrium,” RES (Oct 1934)

G. Tintner. “Note on the Problem of Bilateral Monopoly,” JPE (1939)

M. Bronfenbrenner. “The Economics of Collective Bargaining,” QJE (Aug. 1939

Turner. “Theory of Industrial Disputes,” RES (Feb 1934)

G. Tintner. “Note on the Problem of Bilateral Monopoly,” JPE (1939)

M. Bronfenbrenner. “The Economics of Collective Bargaining,” QJE (Aug. 1939)

Turner. “Theory of Industrial Disputes,” RES (Feb 1934)

A. P. Lerner. “The Concept of Monopoly and Measurement of Monopoly Power,” RES (Feb 1934)

____________. “From Vulgar Political Economy to Vulgar Marxism,” JPE (Aug 1939)

M. Kalecki. Studies in Theory of Economic Fluctuations. Chap. 1.

 

Optional

J. E. Meade. An Introduction to Economic Analysis and Policy, part II

E. A. G. Robinson. Structure of Competitive Industry.

F. Zeuthen. Problems of Monopoly and Economic Warfare, part 4.

F. Harrod. Price and Cost in Entrepreneur’s Policy. Oxford Economic Papers No. 2, May, 1939.

S. Nelson and W. G. Keim. Price Behavior and Business Policy. TNEC Mon. No. 1

Report of the Federal Trade Commission on Monopolistic Practices in Industry, Hearings before TNEC, part 5A

R. Triffin. “Monopoly in Particular and General Equilibrium Economics,” Econometrica (April 1941)

M. W. Reder. “Monopolistic Competition and the Stability Conditions,” RES (Feb 1941)

R. Shone. “Selling Costs,” RES (June 1935)

E. Hoover. “Spatial Price Discrimination,” RES (June 1937)

J. R. Hicks. “The Theory of Monopoly,” Econometrica, 1935

H. Hotelling. “Stability in Competition,” Econ. J., 1929

M. Bronfenbrenner. “Application of the Discontinuous Oligopoly Demand Curve,” JPE (June 1940)

R. H. Coase. “Some Notes on Monopoly Price,” RES (Oct. 1937)

Structure of the American Economy, chaps. 7, 8, 9

J. Robinson. “What is Perfect Competition?” QJE, 1934

E. Chamberlin. “Monopolistic or Imperfect Competition,” QJE, 1937

N. Kaldor. “Professor Chamberlin on Monopolistic and Imperfect Competition,” QJE, 1938

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

_______________________________________

Source: Kaplan, Norman Maurice. Papers, Box 2, Folder 7, Special Collections Research Center, University of Chicago Library

Image Source: Hoover Institution Archives. Papers of Yzgmunt Berling, Box 2. Lange is the civilian in the front left, soon to be General Yzgmunt Berling is the uniformed man on the right. The picture is from 1943.

 

 

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Chicago Columbia Cornell Harvard Michigan Pennsylvania Research Tip Salaries

Professors’ and Instructors’ Salaries, ca. 1907

Some 103 colleges and universities in the United States and Canada provided useable answers to a survey of higher educational institutions having annual instructional salary budgets of over $45,000 (note assistant professors at the time cost about $2,000 per year) conducted by the Carnegie Foundation for the Advancement of Teaching. Results were published in 1908 (the Preface is dated April 1908), so we can reasonably presume the information reported is either from budgetary data for the academic year 1907-08 or for the academic year 1906-07. The 101 page Bulletin even went on to present data for professorial incomes in Germany!

As the entire Carnegie Foundation Bulletin can be downloaded, this posting is more of a research tip/teaser. I present below an excerpt for the top ten universities (out of 103), ranked by their annual appropriations for the salaries of instructional staff.

Plucking two sentences in lieu of an executive summary, I offer the following quotes from the Bulletin:

“Good, plodding men, who attend diligently to their profession [law, medicine and engineering are meant here] but who are without unusual ability, often obtain in middle life an income considerably higher tthan a man of the greatest genius can receive in an American professor’s chair.” [p. 25]

“A German who possesses such ability that he may expect in due time to become a full professor and who prepares himself for university teaching must expect to study until the age of thirty with no financial return, to study and teach as a docent till nearly thirty-six with an annual remuneration of less than $200, and to teach from thirty-six to forty-one with an annual remuneration of from $600 to $2,000, by which time he may become a full professor and will continue to receive his salary until his death [my emphasis]…If he succeeds… he may hope for a much larger reward and be assured of security in old age.” [p. vii]

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Average Salaries for Ranks, Age at Start of Rank, Student-Instructor Ratios

Columbia Harvard Chicago Michigan Yale
Total annual income
(thousands of dollars)		 1.675 1.828 1.304 1.078 1.089
Annual Appropriation for Salaries of Instructing Staff
(thousands of dollars)		 1.145 .842 .699 .536 .525
Average Salary of Professor $4,289 4,413 $3,600 $2,763 $3,500
Average Age at Entrance to Grade of Professor 37.5 39 … … 35
Average Salary of Associate Professor … $3,600 $2,800 $2,009 …
Average Age at Entrance to Grade of Associate Professor … … … … …
Average Salary of Assistant Professor $2,201 $2,719 $2,200 $1,624 $2,000
Average Age at Entrance to Grade of Assistant Professor 32 33 … … 29
Average Salary of Instructor $1,800 $1,048 $1,450 $1,114 $1,400
Average Age at Entrance to Grade of Instructor 29 28 … … 24
Average Salary of Assistant $500 $347 $666 … …
Average Age at Entrance to Grade of Assistant 24 26 … … 23
Total Number of Students in University 4,087 4,012 5,070 4,282 3,306
Total Instructing Staff in University 559 573 291 285 365
Ratio 7.3 7 17.4 15 9
Total Number of Students in Undergraduate Colleges and Non-professional Graduate Schools 2,545 2,836 3,902 2,899 2,620
Total Instructing Staff in Undergraduate Colleges and Non-professional Graduate Schools 253 322 211 198 236
Ratio 10 8.8 18.4 14.6 11.1

 

Average Salaries for Ranks, Age at Start of Rank, Student-Instructor Ratios

Cornell Illinois Wisconsin Pennsyl-vania UC Berkeley
Total annual income
(thousands of dollars)		 1.083 1.200 .999 .589 .844
Annual Appropriation for Salaries of Instructing Staff
(thousands of dollars)		 .511 .492 .490 .433 .408
Average Salary of Professor $3,135 $2,851 $2,772 $3,500 $3,300
Average Age at Entrance to Grade of Professor … … 32.8 … …
Average Salary of Associate Professor … $2,168 $2,081 … $2,200
Average Age at Entrance to Grade of Associate Professor … … 29.6 … …
Average Salary of Assistant Professor $1,715 $1,851 $1,636 $1,850 $1,620
Average Age at Entrance to Grade of Assistant Professor … … 28.6 … …
Average Salary of Instructor $924 $1,091 $1,065 $1,000 $1,100
Average Age at Entrance to Grade of Instructor … … 27.5 … …
Average Salary of Assistant  … $660 $542 $650 $850
Average Age at Entrance to Grade of Assistant … … 24.5 … …
Total Number of Students in University 3,635 3,605 3,116 3,700 2,987
Total Instructing Staff in University 507 414 297 375 350
Ratio 7.1 8.7 10.4 9.8 8.5
Total Number of Students in Undergraduate Colleges and Non-professional Graduate Schools 2,917 2,281 2,558 2,618 2,451
Total Instructing Staff in Undergraduate Colleges and Non-professional Graduate Schools 283 190 231 166 218
Ratio 10.3 12 11 15.7 11.2

 

[From the table notes:]

“The grade of associate professor is only given when there is also the distinct grade of assistant professor in the same institution; otherwise the associate professor is classed throughout this discussion as an assistant professor.

Professors who are heads of departments received on an average $5,800 at the University of Chicago.

Figures for Cornell do not include the medical school.

 

Source: Table II in The Financial Status of the Professor in America and in Germany. The Carnegie Foundation for the Advancement of Teaching, Bulletin Number Two. New York City, 1908, pp. 10-11.

Image Source: Website of the Carnegie Foundation.

P.S. A list of all Carnegie Foundation Publications.