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Berkeley Economists Education Labor

Berkeley. UC President, former economics professor, Clark Kerr dismissed in 1971.

Perhaps it is because I am an economist that I have been particularly sensitive regarding those of our discipline who have gone on to head colleges and universities. Or perhaps economists have indeed constituted a disproportionate share of such presidents/chancellors/deans. In either case, I feel sufficiently motivated to begin a new series “Economists gone university leaders” with this post dedicated to Clark Kerr, a Berkeley economics Ph.D. (1939). The title of his thesis was “Productive enterprises of the unemployed, 1931-1938”. He was the founding director of the UC Berkeley Institute of Industrial Relations and later became the first chancellor of the University of California, Berkeley and the twelfth president of the University of California.

Fun fact: Not only did then Governor Ronald Reagan vote to dismiss Clark Kerr but so too did the chairman of the UCLA Alumni Association and member of the University of California Board of Regents, Harry R. (Bob) Haldeman of Watergate infamy. 

There are two morsels of Clark Kerr’s wit to be enjoyed near the end of the post as a reward for reading two newspaper reports from 1967.

But first we begin with an inspirational thought from Clark Kerr’s early presidential years and an insight by the columnist James Reston as to how it was even conceivable that Clark Kerr could be fired. “As usual, the articulate and activist extremes have prevailed over the moderate and indifferent middle.” A lesson for our political times?

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The duties of a great university

“A great university has a duty to the future as great as its duty to the present. It must do more than serve the immediate society which provides its support: it must preserve the heritage of the past; it must try to open new doors. Intellectually it must be both more conservative of established values and more bold in trying innovations than may be fashionable at any given moment. It must maintain scholars in studies which a layman might consider archaic. It must support novel explorations which most people consider speculative. In the interests of future generations it must take the long view and may often have to defend the unpopular.”

Source: Office of the President, University of California. Unity and Diversity. The Academic Plan of the University of California, 1965-1975, p. 2.

When the Center could not hold

“The feeling against Governor Reagan and the Regents for their clumsiness, insensitivity, and even brutality in dismissing Kerr like an incompetent janitor is very strong here [in Berkeley]. Faculty and students, who were remarkably silent when he really needed them, are now all rallying to his support, but it is too late. As usual, the articulate and activist extremes have prevailed over the moderate and indifferent middle.”

Source: James Reston, “Berkeley: The Dismissal of Clark Kerr,” The New York Times, January 27, 1967, p. 44.

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Hail the New Chancellor!

CHANCELLOR AT BERKELEY

A civic dinner in honor of Clark Kerr, new Chancellor at Berkeley, has been planned the evening of Dec. 10 in the Peacock Court of San Francisco’s Mark Hopkins Hotel by a special Committee of the Regents in co-operation with President Robert G. Sproul.

Chancellor Kerr will be the principal speaker on the program, which will also include remarks by Governor Earl Warren and President Sproul, and music by the Glee Club, under the direction of Robert Commanday.

Approximately 450 civic, faculty, student, and alumni leaders are being invited to the affair which will introduce Chancellor Kerr to the Bay Area in his new capacity.

Chancellor Kerr was born in Pennsylvania and holds the bachelor degree from Swarthmore College, the M.A. degree from Stanford University, and the Ph.D. degree from the University of California. He completed his studies in 1939 and has since been an Associate Professor of Economics at the University of Washington, from which post he came to the Berkeley campus in 1945.

That was the year in which the Institute of Industrial Relations was established by the State Legislature, at the Governor’s request, and in recognition of the fact that labor-management relations had come to be a crucial problem in the life of California and the nation. Chancellor Kerr organized the Institute, recruited a well-qualified staff, and directed a program of teaching, research, and public service, the success of which is attested by the co-operation of both management and labor.

In addition to his academic achievements Chancellor Kerr has a record of public service both local and national, including service as a member of the Federal Advisory Council on Employment Security, U. S. Department of Labor; public member and vice-chairman of the National Wage Stabilization Board; consultant on industrial relations,

Atomic Energy Commission; chairman of the Labor-Management Advisory Committee, United States Conciliation Service; vice-chairman of the Twelfth Regional War Labor Board; and member of Federal Fact Finding Boards in important labor-management disputes.

Upon assuming the chancellorship at Berkeley Kerr relinquished his position as Director of the Institute of Industrial Relations, a position which was assumed by E. T. Grether, Flood Professor of Economics and Dean, School of Business Administration. Chancellor Kerr retained his title as Professor of Industrial Relations, School of Business Administration, and in addition is serving as Research Associate, Institute of Industrial Relations.

Source: University Bulletin, A Weekly Bulletin for the Staff of the University of California. Vol. 1, No. 17 (December 8, 1952), p. 89.

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The Backstory to Clark Kerr’s Dismissal as President of the University of California

1964 Turmoil Caught Kerr in Ironic Web
UC President, Skillful Negotiator, Unable to Settle Campus Strife Leading to Ouster

By William Trombley, Times Education Writer
The Los Angeles Times, (January 21, 1967), p. 15

Clark Kerr earned an international reputation as a negotiator of labor disputes.

But ironically it was his failure to settle campus conflict which set off the train of events leading to his being fired as president of the University of California Friday.

When Kerr returned to Berkeley from an Asian trip in September, 1964, he found the campus in an uproar.

Edward W. Strong, then chancellor, had ordered a halt to student political activity in an area outside Sather Gate where it always had been allowed.

Kerr thought the Strong order a mistake but also thought it would be awkward to reverse the decision.

Instead, he proposed that students be permitted use of Sproul Hall steps, instead of the banned Sather Gate area. He also recommended certain other concessions.

Sought Discussion

He did so, he said in later interview, because “I thought we could get things back into channels of discussion if we showed reasonableness. But it didn’t work.”

Instead, the Free Speech Movement exploded across the campus and onto the nation’s front pages and television screens.

From that time Kerr has led a troubled life.

Conservative members of the Board of Regents, who had never been happy about Kerr’s selection as president in 1958, solidified their opposition.

They were especially angry because Kerr opposed then Gov. Edmund G. Brown’s decision to call in police to arrest demonstrators during the Sproul Hall sit-in at the height of the FSM protest.

Strategy Has Worked

Kerr thought the demonstrators would leave the building eventually if the police were not called, a strategy that has been followed successfully in dealing with demonstrations on other campuses since then.

When a few students and nonstudents displayed four-letter words on signs and shouted four-letter words on the campus in the spring of 1965, some regents demanded that Kerr and Martin Meyerson, who had replaced Strong as Berkeley chancellor, dismiss the offenders.

However, Kerr and Meyerson thought that to punish the students without due process would revive all the bitterness of the fall and destroy the tenuous peace which prevailed on the campus.

The two officials announced their intention to resign, but later agreed to stay when the regents decided to permit them to settle the “filthy speech” incidents themselves.

Ouster Move

Regental opposition to Kerr reached a high point at the June, 1965, meeting of the board in San Francisco, when regents Edwin W. Pauley and John E. Canaday led a move to oust the president.

However, a coalition of “liberal” and “moderate” regents formed behind Gov. Brown to prevent the ouster.

The newly formed coalition of regents insisted, however, that Kerr carry out recommendations for decentralization of university administration which had been included in the Byrne Report.

This report, prepared for a regents’ committee by a staff headed by Beverly Hills attorney Jerome C. Byrne, found that the mammoth university was too highly centralized. It recommended that substantial administrative authority be delegated from the regents to Kerr and from him to the chancellors of the nine campuses.

More Power

Kerr moved immediately to grant more power to the chancellors. The regents also agreed to pass on some of their powers, and for about a year talk of Kerr leaving his post faded away.

The Berkeley campus was troubled by demonstrations against U.S. policy in Vietnam during 1965-66, but Kerr remained in the background, permitting Roger W. Heyns, the third Berkeley chancellor in three years, to work out the problems.

However, speculation that Kerr might quit or be fired was revived during the Brown-Reagan race for the governorship. Kerr made strenuous efforts to avoid involvement in the campaign, but there was little question that his administration in Berkeley was linked with Brown’s administration in Sacramento.

Doubt Remained

Even after Reagan’s overwhelming victory, however, there was doubt that Kerr would go.

The addition of Reagan, Lt. Gov. Robert H. Finch and Allan Grant, newly named president of the State Board of Agriculture, clearly gave the anti-Kerr forces a majority on the Board of Regents. But many observers thought the new governor might be reluctant to be identified with an educational purge.

When a new student protest led to further disorder, including a strike, at Berkeley in December, most regents supported Kerr in his determination to permit Chancellor Heyns to handle the trouble without regental interference.

However, the current controversy over the university’s budget evidently solidified the anti-Kerr votes on the board and persuaded them that this was the time to move against the president.

Kerr probably saw the end coming, however. A few weeks ago he concluded an interview with this reporter with the observation:

 “I had six good years in which to plan for the future of the university . . . then things went wrong in the fall of ’64, and I haven’t had that kind of support (among the regents) since.”

[…]

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Clark Kerr’s Dismissal

Reagan Sides With Majority in 14 to 8 Decision

By Daryl E. Lembke, Times Staff Writer
The Los Angeles Times (January 21, 1967), p. 1.

BERKELEY – President Clark Kerr of the University of California was fired Friday in a surprise move by the Board of Regents. The vote was 14-8.

Gov. Reagan was present at the two-hour, closed-door discussion of Kerr’s fate and voted with the majority to dismiss the president from his $45,000-a-year post.

The dismissal was effective immediately. University Vice President Harry R. Wellman, 67, was named acting president pending selection of Kerr’s successor.

Theodore R. Meyer, chairman of the Board of Regents, said at a news conference that the subject of a successor was not discussed during the session at which Kerr was dismissed.

Reports of Dissatisfaction

Although there have been frequent reports for two years or more that the regents were about to fire Kerr, the move came as a surprise. The two-day meeting ostensibly had been called to discuss Reagan’s proposals for slashing the university budget and charging tuition for the first time.

Asked the reason for the dismissal, Meyer commented:

“We felt the state of uncertainty prevailing for many months should be resolved without further delay.”

 He added:

“President Kerr, being human, has strengths and weaknesses even as you and I. His strengths are obvious to all. His weaknesses I don’t intend to discuss for obvious reasons.”

Talked with Governor

Asked if Reagan requested the regents to fire Kerr, Meyer replied:

“The governor discussed the subject with me and others. I regard that conversation as confidential.” In response to another question, Meyer said: “Mr. Reagan didn’t fire Dr. Kerr and he won’t pick his successor.”

Voting with the governor for dismissal were these regents: Lt. Gov. Robert H. Finch, Meyer, Allan Grant, H. R. Haldeman, Edwin W. Pauley, Edward W. Carter, Mrs. Dorothy B. Chandler, Mrs. Randolph A. Hearst, John E. Canaday, Philip L. Boyd, William E. Forbes, Laurence J. Kennedy. Jr, and DeWitt A. Higgs.

Opposing the action were Assembly Speaker Jesse M. Unruh (D-Inglewood), Samuel B. Mosher, Norton Simon, William M. Roth, Mrs. Edward H. Heller, Frederick G. Dutton, William K. Coblentz and Einar Mohn.

At another news conference, Unruh describe Kerr’s dismissal as most

“unfortunate coming on the heels of an attempt (by the new Reagan administration) to depart from a 76-year tradition of no tuition for higher education in California and coming in a year of an attempted cut in the university budget.”
“Regardless of whether this was a partisan move, that will be its effect,” Unruh said. “It will be interpreted as a political move.”

Unruh Comment

Unruh maintained that although he and Kerr had their differences, Kerr was “no more culpable for the things for which the university was brought to task than the entire board of regents.”

“It is a bad precedent to fire a university president concomitant with a change of political party in the state administration.”

Kerr, 55, has been president of the university eight-and-a-half years.

[…]

Factor in Election

Reagan’s criticism of the university administration was credited as one of the principal factors in his defeat of Democrat Brown in November.

Kerr took the dismissal philosophically.

He said he was asked by chairman Meyer to leave during the regents’ discussion of a “personnel matter.” As the university president, Kerr also served as a regent.

Kerr and Dr. Max Rafferty, who as state superintendent of public instruction is also a regent, were the only members of the board absent during discussion and the vote on dismissal.

“Rumors have been around,” Kerr said at his own press conference following his removal. “I have felt like being in the ‘Perils of Pauline.’ Pauline always got saved, until to-day.”

He said it is not his nature to be “bitter or vindictive” and that he has no rancor over the regents’ action.

Reviews Policies

Kerr reviewed at his press conference policies under his administration which he said he hoped would be continued.

They include:

The “open-door” policy for qualified students who apply for admission; no tuition; dispersal of campuses rather than concentration of students in two or three mammoth institutions; decentralization of administration and striving to “make size acceptable to the individual student; achieving balance among teaching, research and service functions; stressing quality in choosing the faculty, and providing adequate facilities such as student unions and places for cultural attractions for students when they are out of classes.

Kerr also said he has fought hard for freedom on the campus.

He suggested that efforts be continued in seeking ways to give students a greater voice in governing the university or at least in advising the administration.

“Along with freedom goes respect for law,” he said. “I regret the occasions when there hasn’t been respect for law but in the totality of the university, those occasions have been minor.
A university can’t be run as a police state.”

Criticizes Regents

He criticized the regents for what he termed “yielding to the political winds in the state,” contending that the board members are appointed for 16-year terms to guard against political influence in the university administration.

“I don’t believe in the principle that because there is a new governor, there should be a new president of the university,” he said.
“Now this has happened. This is not done in the good universities of the nation and it is even out of fashion in the mediocre and poor ones.”

Kerr said he has received a number of job offers, including some made after his dismissal but has made no decision on his future.

He joined the Berkeley faculty in 1945 as director of the Institute of Industrial Relations and still retains the title of professor of industrial relations, a position to which he could return at a salary of more than $20,000 annually.

Recent Appointee

Unruh revealed that Allan Grant, recent Reagan appointee as president of the State Board of Agriculture and in that office automatically a regent, brought up the subject of dismissing Kerr at Friday’s meeting.

Unruh said that Grant, because he is new on the board, withdrew his motion to dismiss Kerr to allow Laurence Kennedy to initiate the action.

Unruh said the reasons given for the dismissal during debate on Kennedy’s motion were that Kerr “had lost the confidence of the regents and the people and that he was no longer useful.”

Executive Session

The regents met in executive session on Kerr’s status from 12:30 to 2:30 p.m.

At 3 p.m., Thomas C. Sorensen, vice president for university relations, made the announcement of the president’s removal.

Mrs. Hearst said she voted to remove Kerr “because he was inadequate as an administrator.”

William Coblentz attended Chairman Meyer’s press conference and, upon its conclusion, issued a statement charging that “the errors, mistakes and much of the blame of the majority (of the regents) have been foisted upon one man—Clark Kerr.”

Coblentz said that Kerr has been an outstanding administrator and that “the problems of unrest at Berkeley, the restlessness of students cannot be cured by the termination of employment of one man.”

The regents are expected to take up the question of a successor at their next meeting, Feb. 16 and 17 in Santa Barbara.

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Two Samples of Clark Kerr’s Wit

“The chancellor’s job had come to be defined as providing parking for the faculty, sex for the students, and athletics for the alumni.”

— 1957 remark picked up by Time & Playboy

“The university president in the United States is expected to be a friend of the students, a colleague of the faculty, a good fellow with the alumni, a sound administrator with the trustees, a good speaker with the public, an astute bargainer with the foundations and the federal agencies, a politician with the state legislature, a friend of industry, labor, and agriculture, a persuasive diplomat with the donors, a champion of education generally, a supporter of the professions (particularly law and medicine), a spokesman to the press, a scholar in his own right, a public servant at the state and national levels, a devotee of opera and football equally, a decent human being, a good husband and father, an active member of a church. Above all he must enjoy traveling in airplanes, eating his meals in public, and attending public ceremonies. No one can be all of these things. Some succeed at being none.”

The Uses of the University, 1995

Source: UC Berkeley News: Press Release (December 2, 2003).

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IN MEMORIAM

Clark Kerr
Professor of Business Administration, Emeritus, UC Berkeley
Chancellor, Emeritus, UC Berkeley
University of California President, Emeritus
1911 – 2003

Clark Kerr died on December 1, 2003, at his El Cerrito home overlooking the San Francisco Bay Area and the University of California, Berkeley campus. As Sheldon Rothblatt wrote shortly after, “He had always appeared indestructible, his intellectual powers invariably on automatic pilot. He survived nasty attacks from the political left and right, and overcame the humiliation of an abrupt dismissal from office by the Board of Regents. At his death, his renown was never greater.” (“Crosstalk” [National Center for Public Policy and Higher Education], 12(1), Winter 2004, p. 2.)

Kerr’s professional interests were mainly in three areas. His academic fields were economics and industrial relations; he had a second career as a skilled labor management negotiator and arbitrator; his worldwide reputation, however, was largely based on his work as an academic administrator whose final years were mostly devoted to research and writing on higher education in its American and worldwide contexts.

Kerr received his bachelor’s degree from Swarthmore College in 1932, where he also joined the Society of Friends, a lifelong commitment. After receiving his master’s degree at Stanford University in 1933 and his doctorate (all in economics) in 1939 from the University of California, Berkeley, he taught at the University of Washington for five years and was heavily engaged in ensuring industrial peace during World War II as vice chairman of the 12th Regional War Labor Board.

He was one of the founders of the professional association in his chosen academic field, the Industrial Relations Research Association. He was also a major contributor, perhaps the major contributor, to two major streams of industrial relations research and theory: (a) the so-called “California School” or “neo-classical revisionist” approach, which tried to bridge the two major then-current economics camps, the neoclassical and the institutional; and (b) “Industrialism and Industrial Man,” probably the first theoretically oriented study in what is now known as comparative international industrial relations. He continued to pursue this theme throughout his life (see, e.g., The Future of Industrial Societies: Convergence or Continuing Diversity? [Cambridge, Mass.: Harvard University Press, 1983]).

In 1945, he returned to Berkeley as director of its newly-founded Institute for Industrial Relations. When the infamous loyalty oath controversy arose in 1949, Kerr was a member of a relatively unimportant Academic Senate Committee on Privilege and Tenure, a committee that rapidly became central in the dispute. As a result of his efforts during that heated time, Kerr became well-known as a voice of reason, a calm negotiator and an able conciliator. When, in 1952, the Regents established the new position of chancellor at Berkeley, Kerr appeared the best choice to the Berkeley faculty, to then-President Robert Sproul, and to the Board of Regents.

During his six-year term as Berkeley’s first chancellor, Kerr set to work to repair the damage done by the oath controversy. As described in the first volume of his memoirs, Chancellor Kerr concentrated on building faculty excellence and planning for the academic and physical growth of the campus that would be needed shortly as the “tidal wave” of students—the first of the “baby boomers”—was expected to inundate higher education beginning in the early 1960s.

In 1958, Robert Gordon Sproul, UC’s president since 1930, retired and Clark Kerr was selected to replace him. As president, Kerr led the development of the California Master Plan for Higher Education (enacted in 1960) which provided for orderly growth among the state’s three public segments of higher education and also included the private sector in planning for the oncoming surge of students. He oversaw the administrative decentralization of the University of California, turning over most day-to-day decision-making to the campuses, under general university-wide policies. The staff of the Office of the President was reduced by 750 persons whose positions were returned to the campuses.

Developments during Kerr’s presidency included building, staffing, and opening three new UC university campuses, at Santa Cruz, San Diego, and Irvine. The existing units at Davis, Santa Barbara, and Riverside became “general” campuses, offering them equal opportunities with other campuses to engage in graduate work and research. Unlike many state systems, there would be no “flagship” campus within the University of California; similar faculty structures, admissions requirements, and expectations for excellence would be provided for all. In that vein, the University of California, Los Angeles, was given what Kerr referred to as “a place in the sun,” receiving equal resources with Berkeley in most areas.

Among other innovations, Kerr sponsored a university-wide library plan, increased the number of UC medical schools from two to five (and turned the University of California, San Francisco, from a local medical school into a leading medical research facility), enhanced facilities for student engagement in social and athletic life, established an Education Abroad Program, developed a Natural Reserve Program, and encouraged programs for arts and culture on the campuses.

While Kerr concentrated on improvements that would lead the American Council on Education, in its 1964 ranking of American research universities, to declare Berkeley to be both the most “distinguished” and the “best balanced” in the nation, political developments in the state and nation brought that campus the more dubious distinction of being the first to suffer major student disruptions.

Throughout his tenure as chancellor and president, Kerr had been under more or less constant attack from the political right wing in California and its legislature, led by State Senator Hugh Burns, chair of the senate’s Un-American Activities committee. Burns’s views were echoed by those of J. Edgar Hoover, longtime director of the Federal Bureau of Investigation, who once wrote at the bottom of a memo, “I know Kerr is no good….”

But in the fall of 1964 the attacks on Kerr and the university’s administration came from the political left in the guise of the so-called Free Speech Movement. Throughout the remainder of his service as UC’s president, Kerr would contend with forces from both the left and the right, many actively engaged in attempts to oust him from his position. After the election in fall 1966 which brought Ronald Reagan to California’s governorship, membership on the Board of Regents shifted to the right, and on January 20, 1967, Kerr was abruptly dismissed. Later he stated that he left the presidency of the university as he had entered it, “fired with enthusiasm.”

Kerr was not long unemployed, almost immediately becoming the chair and research director for the newly established Carnegie Commission on Higher Education. In 1973 that organization was transformed into the Carnegie Council on Policy Studies in Higher Education, again chaired by Kerr. During the 13 years of the Commission and Council, over 140 volumes of research and commentary on higher education were produced, many written or drafted by Kerr himself, comprising the most complete examination of higher education ever produced.

After the Carnegie series was completed in late 1979, Kerr continued to write both on industrial relations and higher education, including studies of university administration and governance for the Association of Governing Boards of Universities and Colleges, and culminating in his two-volume memoir of his life as a UC faculty member and administrator, completed shortly before his final illness (The Gold and the Blue: A Personal Memoir of the University of California 1949-1967. Volume I: Academic Triumphs (2001); Volume II: Political Turmoil (2003); University of California Press).

Perhaps Kerr’s best known book is The Uses of the University (Harvard University Press), based on his 1963 Godkin Lectures at Harvard and updated with additional chapters and republication every decade (1963, 1972, 1982, 1995, and 2001). In it he popularized the term “the multiversity” to characterize the modern research university. Other important publications included Industrialism and Industrial Man (1960, 1973 [Pelican revised ed.]), 1975 [Industrialism and Industrial Man Reconsidered]), written with others of the team that made up the Inter-University Study of Labor Problems in Economic Development; and Marshall, Marx, and Modern Times (1969).

Kerr served not only the university but also his country, as a member of numerous committees (among others, President Eisenhower’s Commission on National Goals, President Kennedy’s Advisory Committee on Labor Management Policy) and as chair of the National Committee for a Political Settlement in Vietnam. He was a member of the board of trustees/directors of the Rockefeller Foundation, the Carnegie Foundation for the Advancement of Teaching, Swarthmore College, the American Council on Education, and the Work in America Institute (again—among others).

In 1964 he received the Alexander Meiklejohn Award for Contributions to Academic Freedom, awarded by the American Association of University Professors, and in 1968 he was the first recipient of the Clark Kerr Award for extraordinary and distinguished contributions to the advancement of higher education, presented by the Berkeley Division of UC’s Academic Senate. He received numerous honorary degrees from universities in the United States and abroad.

Kerr was an avid gardener, taking special interest in cultivating an array of flowers for his wife to enjoy, and apple trees. He claimed that, as a boy on his family’s Pennsylvania farm, he could recognize 50 species of apple trees by sight—even in the winter, after they had lost their leaves. Pennsylvania State University named its antique apple orchard in his honor, a tribute he especially treasured. He is also memorialized by buildings on UC’s campuses named for him, but the living tribute pleased him more. Kerr was the quintessential “egg-head,” both physically and intellectually, but possessed a strong sense of humor that enlivened both his conversation and his writings. He claimed, for example, that during his university presidency, he would take out his frustrations on the weeds in his garden, naming a small weed after a student who was giving him trouble; a larger weed would be called by the name of an annoying faculty member; and as he yanked it out, he would name the largest weed for a recalcitrant regent.

He was devoted to his family, and when one of his sons moved to western Australia, he visited every year to help with constructing farm structures and bringing in the crops.

Clark Kerr is survived by his wife, the former Catherine Spaulding, whom he met at Stanford, and his three children and their spouses, as well as seven grandchildren and a great-grandchild.

Marian L. Gade
George Strauss

Source: University of California Senate website.

Image Source: University of California, Berkeley. The Bancroft Library website. Fiat Lux Redux: Ansel Adams and Clark Kerr Exhibits. Detail from a portrait of Clark Kerr ca. 1966

Categories
Economists Gender Labor UCLA

UCLA. First woman economics Ph.D. Gene Bunning Tipton, 1953

For our irregular series “Meet an economics Ph.D. alumnus/a” we introduce you now to the first woman economics Ph.D. (1953!) from the University of California, Los Angeles, Gene Bunning Tipton. I have been unable to find any bibliographic references to her research, probably because she clearly chose a path as college educator. She served as the chair of the department of economics and statistics at California State Los Angeles.
Can anyone find an example of an interview where a male economist is asked what his family’s favorite recipe is? Seventy years ago, Gene Bunning Tipton was asked for hers. Here it is:  Bonus Material. To be honest, it looks pretty good.

______________________

Gene Bunning Tipton

  1. Born September 20 in Bellflower, Los Angeles County, CA to Percy Jay Bunning (1882-1937) and Mattie May Forquer (1883, 1917).
  1. Married Albert Vern Tipton, Jr. (1912-1996) February 16 in Pasadena, Los Angeles County, CA. Three children.
  1. California Voter Registration: Registered Democrat. Occupation: Housewife.
  1. A.B. from the University of California, Los Angeles. Summa cum laude, Phi Beta Kappa. Economics major. Transfer from Pasadena J.C.
  1. M.A. from University of California, Los Angeles. Economics.
  1. Los Angeles Evening Citizen News. May 11, 1960, p. 6.

“Problems of California government and society will be studied under three research fellowship grants awarded for 1950-51 by the Haynes Foundation of Los Angeles.
Graduate students to whom fellowships have been awarded are…and Gene B. Tipton, UCLA economics student, who will study the labor movement in Los Angeles during the 1940’s.
Each of the students is a candidate for the doctoral degree at his respective institution. The fellowship carries a stipend of $2000 for the academic year.”

  1. Ph.D. in economics from UCLA, first woman.

University Bulletin: a weekly bulletin for the staff of the University of California (March 23, 1953), p. 144.

“During the 1940’s the number of union members in proportion to the labor force increased nearly 15 per cent in Los Angeles County, according to a doctoral dissertation recently completed by a student in the Department of Economics.

Mrs. Gene B. Tipton of El Monte, the first woman ever to receive a Ph.D. degree from the Department, credits this growth to the past decade’s high prosperity and a favorable governmental climate. Also important were court decisions upholding directives of the National Labor Relations Board limiting the activities of organizations which advocated laws to ban the union shop in California.”

  1. The Whittier News. September 17, 1953, p. 7

“Officials of Whittier College have announced the appointment of ten faculty members for the 1953-54 school year…

New in the department of economics and business administration will be Dr. Jesse S. Robinson and Dr. Gene B. Tipton…

Dr. Tipton received her degree from UCLA where she was the winner of a fellowship from the John Randolph and Dora Haynes Foundation.

Her teaching background includes service at UCLA and Pomona College. More recently she has been an investment specialist with the Prudential Life Insurance Co.

  1. Daily News. October 20, 1954, p. 23

Article with photo. “Woman economist puts theory into practice in her cooking” by Martha Grayson. Includes recipe: Roast Canadian Bacon. To give a free seminar “Family Finance Forum” in the Whittier Woman’s Clubhouse on October 26, 1954 sponsored by the Whittier Savings and Loan Association in commemoration of the 34th anniversary of its founding.

Full-page ad in The Whittier News, October 25, 1954, p. 9.

  1. East Review. October 26, 1958, p. 3.

“Members of Soroptimist Club of Whittier will hostess a joint dinner meeting Tuesday evening of women’s service clubs in Whittier. Included on the guest list are members of the Business and Professional Women’s Club, Quota and Altrusa Clubs. The 6:30 dinner will be held in the Campus Inn at Whittier College.

Speaker for the evening will be Gene B. Tipton, Ph.D., who will speak on the subject, ‘Inflation in Our Time.’ Dr. Tipton is assistant professor of economics at Los Angeles State College. She graduated Summa cum Laude, Phi Beta Kappa, from the University of California at Los Angeles in 1953. She is the wife of A. Vern Tipton and they have three children.”

  1. Independent Star News (Pasadena, CA), p. 4.
    Elected to the Executive board of the L.A. State chapter of the American Association of University Professors for the coming year.
  1. Promotion to associate professor of economics, Los Angeles State College.

“Notes.” The American Economic Review, vol. 51, no. 5, 1961, p. 1165. JSTOR, http://www.jstor.org/stable/1813901.

1963-64. August 1963 to April 1964.

Fulbright scholar at the Indian Institute of Economic Research. Associate Professor of Economics at Los Angeles City College.

  1. South Pasadena Review, March 24, 1965, p. 1.

Dr. Gene B. Tipton, Associate Professor of Economics, 12116 Magnolia, El Monte elected Secretary-Treasurer of the Cal State L. A. alumni chapter of Phi Beta Kappa.

  1. Star-News (Pasadena, CA). May 6, p. 7.

“Dr. Gene B. Tipton of 12116 Magnolia St., El Monte, has been promoted from assistant [sic] professor to professor of economics at Cal State Los Angeles. She earned her B.A., M.A. and Ph.D. degrees at UCLA and was on the faculty of Whittier College before joining Cal State.

  1. 26 full-time faculty members under leadership of department chairman Donald A. Moore and associate chairman Gene Tipton. Cf. In 1960 the department of economics was 11 full-time, 5 part-time members.
  1. September. Becomes chairman of the department of economics and statistics.

“Notes.” The Journal of Business, vol. 46, no. 2, 1973, pp. 331–47. JSTOR, http://www.jstor.org/stable/2351382.

  1. Star-News (Pasadena, CA). June 15, p. A-6.
    Dr. Gene B. Tipton, chairman of the department of economics and statistics at Cal. State L.A.

1984-85. Vice-President of the State Association of Emeriti Professors.

1985-86. President of the State Association of Emeriti Professors.

  1. Died in March 20 in Arcadia, Los Angeles County, CA.
Obituary

Gene B. Tipton, Emeritus Professor of Economics who was serving as the 1985/86 president of the Emeriti Association, died on March 20. Gene served on the University faculty as a teacher and administrator for 26 years (1957-83). Prior to coming to Cal State L.A., she taught at Whittier College and UC Riverside. A native of El Monte, Gene prepared for her career in economics by earning her BA, MA, and PhD degrees at UCLA, graduating summa cum laude. She was elected to Phi Beta Kappa. In addition to her academic achievement, Gene also was an outstanding tennis player, winning state titles in her collegiate days. A highlight of her tennis career was defeating Alice Marble, an international star in her day. In addition to her teaching, Gene was in demand as a consultant. She served as a special economic consultant to the Federal Reserve Board in San Francisco for 17 years. A Gene Tipton Memorial Lecture, under the joint sponsorship of the Emeriti Association and the Department of Economics in the School of Business and Economics, is being arranged for the Fall Quarter at the University. Gene is survived by her husband, Vern, three children and six grandchildren.

Source: The Emeritimes. Vol. VII, No. 3 (September 1986)

______________________

Bonus Material

From: Woman economist puts theory into practice in her cooking
By Martha Grayson (Daily News food editor)

As a noted economist and busy instructor at Whittier College and Los Angels State College in subjects ranging from consumer economics and family investments to public finance, it’s a miracle that Dr. Gene Tipton has had time to develop a favorite recipe.

But this she has done. And her Roast Canadian Bacon, hot from the oven, is a great favorite with her husband and her three teen-age children, as well as with the Tipton’s many friends who dine from time to time at their home in El Monte….

Roast Canadian Bacon

2½ Ibs. Canadian bacon
2 teaspoons dry mustard
4 tablespoons brown sugar
2 teaspoons ground cloves

Put bacon in water to cover, bring to boil and cook for 45 minutes. Remove from water and place in a greased baking dish with one-fourth water in bottom. Mix mustard, sugar and cloves thoroughly; press mixture into meat, covering it thoroughly. Bake without cover at 350 degrees for 1½ hours. (Start in cold oven.)

With this tasty roast Doctor Tipton likes to serve sweet-sour green beans cooked with a little finely chopped onion, baked potatoes, a tossed green salad, cornbread squares and apple sauce.

For dessert she serves an assortment of fresh fruits frequently. A frozen berry pie and ice cream, obtained from the freezer cabinet at her market, also are favorite desserts in the Tipton household, since admittedly there is not too much time for baking.

When the family has a special yen for cake, however, Doctor Tipton obliges with either an angel food or a devil’s food, which she makes from a prepared mix.

Source: Daily News (Los Angeles, CA), October 20, 1954, p. 23.

Image Source: Daily News (Los Angeles, CA), October 20, 1954, p. 23.

Categories
Agricultural Economics Biography Chicago Economists Illinois Wisconsin

Wisconsin. Economics PhD alumnus, John Giffin Thompson, 1907

 

While there is an understandably greater interest in the lives of the academic celebrities of yore, Economics in the Rear-view Mirror will continue from time to time to add biographical information for the less prominent economists in the history of the academic pursuit of fame and distinction. In an important sense all but a handful of our sisters and brothers will have their names and contributions remembered two generations after their deaths anyway. The lives and careers of Ph.D. economists are varied, and our series of “Meet an Economics Ph.D. Alumnus/a” is intended to provide a sample to illustrate that variation.

In this post you will meet John Giffin Thompson, a Wisconsin Ph.D. (1907).

Note: Not to be confused with John Gilbert Thompson (1895-1940) who was a normal school (i.e. two year college to train teachers) principal who went on to work as an economist in industry.

______________________________

Remembered by a friend

Rauchenstein, Emil. “John Giffin Thompson 1873-1959.” Journal of Farm Economics 41, no. 4 (1959): 871–871.
JSTOR: http://www.jstor.org/stable/1234868

______________________________

John Giffin Thompson

1873. Born on a farm July 17 near Cambridge in Guernsey County, Ohio.

1900. A.B. College of Wooster (Ohio).

1902-04. Scholarship and a fellowship for graduate work in economics and history at the University of Chicago. A.M. in 1904.

1905-07. Assistant in Political Economy at the University of Wisconsin. Officers and Graduates of the University of Wisconsin, 1849-1907, p. 49.

1907. Ph.D. from the University of Wisconsin.
Thesis. The Rise and Decline of the Wheat-Growing Industry in Wisconsin (1907). Published in the Bulletin of the University of Wisconsin, No. 292. Economics and Political Science Series, Vol. 5, No. 3, (May 1909), pp. 295-544.
In the preface he thanks Professor Henry C. Taylor (Political Economy) and Professor Frederick J. Turner (American History) “for reading the manuscript and for scholarly and pertinent criticism of the same.”

1907-1917. Instructor.  University of Illinois. Vergil V. Phelps (ed.), University of Illinois Register, Listing the 35,000 persons who have ever been connected with the Urbana-Champaign Departments including officers of instruction and administration and 1397 deceased (1916). P. 662.

1908. Aug 5. Married Dora Lena Robb (b. 1875, d. 1960). According to her obituary in The Times Recorder, Zanesville, Ohio of Aug. 3, 1960, she lived last 40 years in Washington D.C. Active member of the Capitol Hill Presbyterian Church there. John and Dora had no children.

1912. Thompson, John G. [Review of Principles of Rural Economics, by T. N. Carver], Journal of Political Economy, vol. 20, no. 3, 1912, pp. 289–94.
JSTOR, http://www.jstor.org/stable/1820280

1913. Thompson, John G. [Review of English Farming, Past and Present, by R. E. Prothero]. Journal of Political Economy, vol. 21, no. 5, 1913, pp. 469–74.
JSTOR, http://www.jstor.org/stable/1820027 .

1914. Thompson, John G. [Review of The Granger Movement: A Study of Agricultural Organization and Its Political, Economic, and Social Manifestations, 1870-1880, by S. J. Buck].  Journal of Political Economy, vol. 22, no. 5, 1914, pp. 495–98.
JSTOR, http://www.jstor.org/stable/1819167

1915. Thompson, John G. [Review of The Ownership, Tenure and Taxation of Land, by T. Whittaker]. Journal of Political Economy, vol. 23, no. 2, 1915, pp. 191–94.
JSTOR, http://www.jstor.org/stable/1819132

1916. Thompson, John G. “The Nature of Demand for Agricultural Products and Some Important Consequences.” Journal of Political Economy, vol. 24, no. 2, 1916, pp. 158–82.
JSTOR, http://www.jstor.org/stable/1822553

1918-21. Taught Sunday-school class to about 25 young adults (obit), many U. of Illinois staff.
From Rauchenstein’s obit for Thompson (1959).
JSTOR, http://www.jstor.org/stable/1234868

1918. Draft Registration card (Sept. 12th 1918) reports present occupation “Economic research”, employer “none”.

1920. U.S. Census. John G. Thompson age 46 “Investigator, Economic Research”, wife Dora R. Thompson, age 44.

1921. Thompson, John G. “Mobility of the Factors of Production as Affecting Variation in Their Proportional Relation to Each Other in Farm Organization.” Journal of Political Economy, vol. 29, no. 2, 1921, pp. 108–37. [Author identification: “John G. Thompson, Van Nuys, Cal.”]
JSTOR, http://www.jstor.org/stable/1822700

1921. “Private Research. 503 W. High, Urbana, Ill.”  The University of Wisconsin. Alumni Directory, 1849-1919. P. 338.

1921. Moved with wife to Washington to continue his research at the Library of Congress according to Rauchenstein (1959).

1922. “The Cityward Movement” Journal of Farm Economics, Vol. IV No. 2 (April, 1922), pp. 65-79. [Author identification “John G. Thompson, Washington, D.C.”, Professor Carver identified in the discussion of the paper on page 79.]
JSTOR, https://doi.org/10.2307/1229697

1925. “Urbanization and Rural Depopulation in France,” Journal of Farm Economics, Vol. 7, No. 1 (Jan., 1925, pp. 145-151.  [Comment on paper by Asher Hobson, “Some Economic and Social Phases of French Agriculture,” JFE (July 1924), 233-244.]
JSTOR, https://doi.org/10.2307/1230080

1927. Urbanization. Its Effects on Government and Society. New York: E. P. Dutton & Company.  [Note: middle name is misspelled on the title page “Giffen” instead of “Giffin”.] https://hdl.handle.net/2027/mdp.39015014331105

https://archive.org/details/urbanizationitse00thom

1930. U.S. Census. Living in Washington DC. “Research. Social Science”.

1940. U.S. Census. Living with John’s sister Bessie in Washington DC. at 1319 E. Capitol.  John “Private Research, Library”.

1950. U.S. Census. Living just with wife Dora R. at 1319 E. Capitol.

1959. Died. Obituary in Evening Star, Washington, D.C.  January 3, 1959, p. 26.

Thompson, John G. of 1319 East Capitol St., on January 1, 1959, husband of Dora Roob Thompson, brother of Ralph E. Thompson of Cambridge, Ohio, and uncle of Mrs. Hiram T. Dale, Mrs. William P. Simmonds, Robert E., Dr. James M. and the Rev. David M. Thompson. Services at Chambers’ Funeral Home 517 11th St., s.e. on Saturday, January 3, at 7 p.m. Services and interment Cambridge, Ohio on Monday, January 5, at 1:30 p.m.

Image Source:  University of Wisconsin-Madison Libraries Website. “View, UW-Madison, 1907” by Harley DeWitt Nichols.

Categories
Columbia Economists

Columbia. Excerpt from Dean’s Report dealing with faculty of political science. 1930-1931

The previous post was a backward look from October 1930 at the first fifty-years of Columbia’s Faculty of Political Science (home of its graduate economics department). The following excerpts from the annual report of the Dean of the Faculties of Political Science, Philosophy, and Pure Science give us a snapshot of the Faculty of Political Science for the year 1930-31.

__________________________

FACULTIES OF POLITICAL SCIENCE, PHILOSOPHY, AND PURE SCIENCE

REPORT OF THE DEAN
FOR THE ACADEMIC YEAR ENDING JUNE 30, 1931

To the President of the University

Sir:

As Dean of the Faculties of Political Science, Philosophy, and Pure Science, I submit the following report for the academic year ending June 30, 1931.

The year was marked by a number of events of interest and importance to the Graduate Faculties. Scarcely was it under way when the University celebrated with appropriate dignity and simplicity the Fiftieth Anniversary of the Founding of the Faculty of Political Science. The details of this celebration, having been elsewhere recorded in print, need not be repeated here. The presence on that occasion of the venerable founder of the Faculty, Emeritus Professor John William Burgess, still in vigor of mind and of personality, gave it peculiarly interesting and dramatic focus. It was a fortunate circumstance that this expression of the University’s homage and debt to him was given at that time. Only a few months thereafter, deservedly honored and mourned, he passed from the earthly scene.

As a permanently useful memento of this celebration there was published a Bibliography of the Faculty of Political Science containing the list of the several thousand books and important articles written by its members as well as the titles of the nearly seven hundred doctoral dissertations that have been prepared and published under its guidance. Important to our University life as the integrity and unity of this Faculty is both historically and presently, it is regrettable that because of this fact this Bibliography falls far short of including the total of our contributions to the field of the social sciences. A complete bibliography of our publications in this wide field would have included numerous books and articles by members of other faculties, notably the Faculties of Business and of Law.

But while the Faculty of Political Science momentarily paused on the threshold of the year to celebrate its semicentenary, to look back upon its achievements and modestly to rejoice in its traditions, its spirit was in 1930, as in 1880, the spirit of youth. Professor Burgess himself was only thirty-five when he fathered the Faculty. And of the early famous small group whom he called to aid him in his high adventure in scholarship Professors Mayo-Smith and Munroe Smith were only twenty-six, and Professors Goodnow and Seligman twenty-four. Even among later arrivals Professor John Bassett Moore was only thirty-one, Professor Dunning thirty-two, Professor Osgood thirty-five, and Professor Giddings thirty-seven, when they joined the Faculty. It was a youthful company courageously and energetically facing the future.

And so this Faculty continues. It was the Department of Economics that was especially called upon this year to take thought of tomorrow. It had suffered severe losses. Professor Henry L. Moore retired in the spring of 1930. Professor Seager died in August of the same year. Professor Seligman retired at the end of the year. Inevitably the School of Business and the Department of Economics have been developing along many related lines of teaching and research. It would have been calamitous had they developed at cross purposes or in ungenerous rivalry. Happily no such misfortune befell. From the inception of the School of Business these two units have been held to common purpose by ties of common sense and of that fine spirit of loyalty and of friendship that is so much a part of the Columbia spirit. But the breach in the ranks of the Department of Economics seemed an appropriate occasion for welding these separate units, at least in so far as graduate work is concerned, into closer organic integration. Everybody recognizes that under our more or less arbitrary, but certainly unavoidable, scheme of departmentalization there are subjects and interests appropriate to a professional school of business that might not properly be included under a graduate department of economics. Conversely, there are manifestly subjects and interests that not only may be, but also should be, included under both. We severed the knot of this difficult problem of University organization by asking five members of the Faculty of the School of Business to become members of the Department of Economics and accept seats in the Faculty of Political Science. These were Professors Bonbright, Haig, McCrea, Mills, and Willis. This is no mere paper arrangement; it means a vital amalgamation of intellectual forces working toward common ends.

In recognition of the growing rapprochement between law and the social sciences it seemed fitting also that two members of the Faculty of Law, whose fields of interest are considerably economic, should be invited into this enlarged departmental membership. Professors Llewellyn and Berle were in consequence drawn into the unit. This was in line with the historic dual relationship that has so long prevailed with profitable results to teaching and scholarship between the Department of Public Law and the School of Law.

In addition to these internal realignments several new members were added to the Department of Economics. These are: Leo Wolman, eminent economist and practitioner in the field of labor problems; Carter Goodrich, whose special field for development will be American economic history; and Harold Hotelling, a distinguished mathematician turned economist. Arthur R. Burns, Lecturer in Economics in Barnard College, will henceforth devote himself to graduate instruction and research upon problems of industrial and business organization. Michael Florinsky, working upon recent economic developments in Europe, and Joseph Dorfman upon the development of American economic thought, have been made Associates in the Department. The remolding of this important Department at a moment of unprecedentedly swift change in the economic world augurs for the years ahead rich results in scholarship and in service.

In the closely related Department of Social Science the appointment of Robert S. Lynd, distinguished sociological investigator and for some years past Secretary of the Social Science Research Council, is likewise an omen of certain promise. It can scarcely fail to quicken, expand, and deepen the activities of our sociologists in this great laboratory of society in which we live, the city of New York.

[…]

I express the deep grief of the University over the death in August, 1930, of Henry Rogers Seager, Professor of Political Economy, and in June, 1931, of Franklin Henry Giddings, Professor Emeritus in Residence of Sociology and the History of Civilization. For a quarter of a century or more here at Columbia, Professor Seager studied with and expounded to his students the problems of labor in a changing industrial society and the economic problems of corporations and trusts. Scholar, teacher, writer, humanitarian, active participant in welfare movements and organizations, he died at the age of sixty, depriving us of many years of companionship and service upon which we had never thought not to count. Beloved of both students and colleagues, his deep personal interest in and influence upon the former will not be easily supplied by another. His loss to the latter is irreparable.

Professor Giddings’ death brought to its close a long, rich life of labor, of profound reflection, and of purposeful achievement. Trail blazer in an almost unexplored and unstaked field of social inquiry he more than any other American gave meaning to the term sociology and direction to its course. His numerous writings attest the catholicity of his interests, the depth of his penetrating scholarship, and the clarity of his thinking on social problems and developments. Scholars the world over acclaimed him, while the large company of his students and the small company of his immediate colleagues held him in the affectionate regard which his rich humanity and his fineness of spirit inspired and compelled.

The end of the academic year brought with it the retirement from active service to the University of Edwin R. A. Seligman, McVickar Professor of Political Economy, and of Edward Delavan Perry, Jay Professor of Greek. Professor Seligman’s enormous and varied contributions to modern economic thought, especially in the field of public finance, as well as his numerous public and quasi-public services are so widely and so favorably known that it seems quite as useless as it is impossible summarily to estimate them here. His name is known and his views are valued wherever informed men in almost any land discuss problems of finance, and many are the important laws embodying fiscal policies of city, state, and nation that bear in their contours the impress of his studious acumen and practical genius. A scholar in affairs he was and continues to be. Happily he tarries with us in residence as active and as interested as ever. For him relief from classroom instruction can but mean an increase of productive scholarship and of public activity, if such a thing be conceivable.

[…]

Respectfully submitted,
Howard Lee McBain,
Dean

June 30, 1931

Source: Columbia University. Annual Report of the President and Treasurer to the Trusteesfor the year ending June 30, 1931. Pp. 202-204; 208-209; 214.

Image Source: Low Memorial Library, Columbia University from the Tichnor Brothers Collection, New York Postcards, at the Boston Public Library, Print Department.

Categories
Business School Columbia Economists Money and Banking Syllabus

Columbia. Course outline and readings for foreign banking systems. Beckhart, 1939-1940

This post serves double duty as(1) an addition to the series “Meet an Economics Ph.D.”, providing biographical and career information for Benjamin H. Beckhart, and (2) a transcribed syllabus for “Foreign Banking Systems” that was offered jointly by the Columbia University school of business and in the department of economics in the winter term of 1939-40. 

The circumstances surrounding the forced retirement of Beckhart from Columbia at age 65 can be found in the Columbia University archives. Perhaps he was fighting a mandatory retirement age being imposed by the university and/or business school? At least something for someone (else) to check out.

___________________________

Benjamin Haggott Beckhart
c.v.

1898. Born in Denver, CO.

1919. A.B. (Phi Beta Kappa) Princeton.

1920. M.A. Columbia.

1924. Ph.D. Columbia.

1920-21. Instructor in economics and social institutions at Princeton.

1921. Married Margaret Good Myers (b. 1899; d. 1988). Columbia economics Ph.D. (1931) and later professor of banking at Vassar (1934-64).

1921-24. Columbia University. Instructor of Banking.

1924-31. Columbia University. Assistant Professor of Banking.

1927-36. Educational supervisor of the New York chapter of the American Institute of Banking.

1931-39. Columbia University. Associate Professor of Banking.

1938-45. Secretary of the board of trustees of the Banking Research Fund of the Association of Reserve City Bankers.

1939-63. Columbia University. Professor of Banking.

1939-49. Director of research for the Chase National Bank.

1948. President of the American Finance Association.

1949-54. Economic consultant to Chase.

1953. Chairman of the Conference of Business Economics.

1954-61. Economic consultant to the Equitable Life Assurance Society.

1957. Visiting professorships at the universities of Melbourne and Sydney

1960. Visiting professorship at the Australian Administrative Staff College

1963. Forced to retire from Columbia.

1964-66. President of the Unitarian Fellowship of Poughkeepsie.

1967. Visiting professorship at Kobe University, Japan.

1968-73. President of the Dutchess Senior Citizens Housing Corp.

1975. Died in Poughkeepsie, N.Y.

Books by Benjamin Haggott Beckhart

The Discount Policy of the Federal Reserve System (1924).

Foreign Banking Systems, co-authored with H. Parker Willis (1929).

The New York Money Market, four volumes (1932‐33).

V. 1. Origins and development, by Margaret G. Myers.
V. 2. Sources and movements of funds, by B.H. Beckhart and J.G. Smith.
V. 3. Uses of funds, by B.H. Beckhart.
V. 4. External and internal relations, by B.H. Beckhart, J.G. Smith and W.A. Brown, Jr.

Banking Systems, editor (1954).

Business Loans of American Commercial Banks (1959).

The Federal Reserve System (1972).

Sources: Obituaries: Poughkeepsie Journal (22 Mar 1975), p. 7. New York Times (22 March 1975), p. 34. Information also in Beckhart’s entry at prabook.com.

___________________________

Forced Retirement in 1963

Correspondence, memoranda and reports on the controversy surrounding the forced retirement of Benjamin Beckhart. The collection consists of the files of three Columbia professors involved in the case: Harold Barger, professor of economics and Robert K. Webb, professor of history, who were chairmen of the Columbia chapter of the American Association of University Professors, 1959-1964 and 1964-1965, respectively; and Arthur Robert Burns, professor of economics, a member of the Committee on Conference of the University Council, which advised the President on matters of tenure, dismissal and retirement. Included is the correspondence of Beckhart, Barger, Burns, Webb, President Grayson Kirk, Courtney C. Brown, Dean of the School of Business, Harry M. Jones, professor of law, other Columbia faculty and officials of the national office of the AAUP. The reports and memoranda are chiefly those issued by the Committee on Conference.

Columbia University: Rare Book & Manuscript Library. Benjamin Haggott Beckhart papers, 1959-1965.

From the Class Notes of the Princeton Class of 1919…

“….Haggott Beckart, now retired, has amused himself of late by writing letters to the Wall Street Journal (with his tongue, practically dislocated, in his cheek) on the achievement of prosperity through deficit financing. He was also given a dinner on Feb. 27 in honor of his retirement from the Columbia University faculty by his friends in the academic and financial world.”

Source: Princeton Alumni Weekly (May 3, 1963), p. 24.

___________________________

Class announcement

Banking 115—Foreign banking systems. 3 points. Winter Session. Professor Beckhart.
Tu. and Th. at 9. 511 Business.

A comparative study of credit structures and of banking institutions. Emphasis is given to the differences and similarities to be found in the financial organizations of the United States and in those of the foreign countries studied. The types of commercial and investment credit instruments in use, the development of banking institutions, problems relating to branch banking and banking concentration and to governmental control and supervision are given consideration. A study is made of the factors affecting the cash ratios of commercial banks, methods of financing domestic and foreign trade, the nature of bank deposit liabilities, and the character of bank loans and investments. Review is made of the work of governmental and of urban and rural mortgage credit institutions and of the rôle of savings institutions. The changing character of bank assets and liabilities since 1929 is given particular attention.

Source: History, Economics, Public Law, and Social Science. Courses Offered by the Faculty of Political Science for the Winter and Spring Sessions, 1939-1940. Published in the Columbia University  Bulletin of Information (July 8, 1939), p. 40.

____________________________

Winter
1939-1940

Foreign Banking Systems
Banking 115

Topical Assignments

  1. The BackgroundTrends in Banking 1925-1933

Commercial Banks — 1925-1933, League of Nations, no. 8-33.

Money and Banking, 1938-1939. League of Nations, Monetary Review, Vol. I, pp. 72-99.

  1. Types of Banking Systems

Foreign Banking Systems, edited by H. Parker Willis and B. H. Beckhart, Chapter 1.

Commercial Banks, 1913-1929, League of Nations, pp. 3-14.

The International Money Markets, by John T. Madden and Marcus Nadler, Chapters 1, 2, 3, 4 and 5.

  1. Bank Incorporation and Organization.

Foreign Banking Systems, pp. 321-323; 1166-1167.

Paris as a Financial Centre, by Margaret G. Myers, op. 100-101.

  1. Bank Examination and Inspection

Foreign Banking Systems, pp. 436-445; 1038-1939.

Allen et al. Commercial Banking Legislation and Control, pp. 3-52.

  1. Bank Mergers and Banking Concentration

Foreign Banking Systems, pp. 325-34, 707-708, 1048-1053, 1162-1165, 1239-1240.

  1. Bank Portfolio Developments

Commercial Bank — 1929-1934, League of Nations, XXXV-XLII.

Money and Banking — 1937-1938, League of Nations, Vol. I, Monetary Review, pp. 37-60.

Money and Banking, 1938-39. League of Nations. Monetary Review. Vol. I, pp. 99-113.

Sayers, Modern Banking, Chapter IX.

Testimony of Mr. Frederick Hyde, Minutes of Evidence Taken Before the Committee on Finance and Industry, 1931, Vol. I, pp. 56-69.

  1. Bank Deposit Fluctuations

Commercial Banks — 1929-1934, League of Nations, pp. VII-XIX, XXX-XXXV.

Money and Banking — 1937-1938, League of Nations, Vol. I. Monetary Review, pp. 61-78.

Sayers, Modern Banking, Chapter X.

  1. Bank Reserves

Commercial Banks — 1913-1929, League of Nations, pp. 49-55.

Commercial Banks — 1929-1934, League of Nations, pp. XLII-XLVI.

  1. The Money Markets and Interest Rate Fluctuations

Commercial Banks —  1929-1934, League of Nations, pp. L-LIV.

Money and Banking — 1935-1936, League of Nations, Vol. I, Monetary Review, pp. 53-59.

Money and Banking, 1936-1937, League of Nations, Monetary Review, Vol. I. pp. 78-110.

  1. The Foreign Exchange Markets

Commercial Banks, 1929-1934, League of Nations, pp. LXI-LXX.

Money and Banking, 1936-1937, League of Nations, Monetary Review, Vol. I. pp. 9-59.

Money and Banking, 1937-1938, League of Nations, Vol. I, Monetary Review, pp. 9-37.

Money and Banking, 1938-1939, League of Nations. Vol. I, Monetary Review, pp. 9-37.

  1. Agricultural Credit Institutions

Foreign Banking Systems, pp. 63-69, 680-690; 1040-1044.

  1. Investment and Intermediate Credit Institutions

Foreign Banking Systems, pp. 1225-1235.

Paris as a Financial Centre, Chapter 6.

  1. State Intervention in Banking

Commercial Banks — 1925-1933, League of Nations, pp. 44-47; 110-121 (with reference to Germany).

Commercial Banks — 1929-1934, League of Nations, pp. 45-51; 103-104.

  1. Recent Banking Legislation

Money and Banking — 1935-1936, League of Nations, Vol. II. Commercial Banks, pp. 27-28; 118-121.

Money and Banking — 1937-1938, League of Nations, Vol. I. Monetary Review, pp. 92-105.

Money and Banking, 1937-1938, League of Nations, Vol. II. Commercial and Central Banks, pp. 30-32; 165-167.

  1. Resume of Banking Systems in Principal Countries

Committee on Finance and Industry, Report, 1931, Part I, Chapter 4.

Paris as a Financial Centre, Chapters 1, 5 and 7.

The International Money Markets, Chapters 14, 15, 16, 18.

Bibliography

Allen, A.M., Cope, S. R., Dork, L.J.H., and Witheridge, H.J, Commercial Banking Legislation and Control. London: Macmillan and Co., 1938.

Madden, John T. and Nadler, Marcus. The International Money Markets. New York: Prentice-Hall, Inc.1935.

Myers, Margaret G. Paris as a Financial Centre. London: P. S. King & Son, Ltd. 1936.

Savers, R.S. Modern Banking, London: Oxford University Press, 1938.

Willis, H. Parker and Beckhart, B.H. Foreign Banking Systems. New York: Henry Holt and. Co., 1929.

Committee on Finance and Industry. Report. London: Printed and Published by His Majesty’s Stationery Office. 1931. (The Macmillan Report)

Minutes of Evidence Taken Before the Committee on Finance and Industry. Volumes I and II. London: Printed and Published by His Majesty’s Stationery Office. 1931.

Memorandum on Commercial Banks, 1913-1929. League of Nations. Geneva.1931.

Commercial Banks, 1925-1933. League of Nations. Geneva. 1934.

Commercial Banks, 1929-1934. League of Nations, Geneva. 1935.

Money and Banking, 1935-1936. Vol, I. Monetary Review, Vol. II. Commercial Banks. Geneva, 1936

Money and Banking, 1936-1937. Vol. I. Monetary Review. Vol, II. Commercial Banks. Geneva. 1937.

Money and Banking, 1937-1938. Vol. I. Monetary Review. Vol. II. Commercial and Central Banks. Geneva, 1938.

Money and Banking, 1938-1939, Vol. I. Monetary Review, Geneva, 1939.

Source: Columbia University Archives. Department of Economics Collection, Box 6, Folder “School of Business Curriculum”.

Image Source: Vassar Chronicle, Volume XV, Number 18 (1 March 1958), p. 3.

Categories
Economists Harvard

Harvard. Application for PhD candidacy. Edward S. Mason, 1923

Below you will find a transcription of the paper trail of Edward Sagendorph Mason that documents the satisfaction of the requirements for his Ph.D. in economics (Harvard, 1925). 

Understatement is almost an art form in the hands of the chairman (Professor Frank W. Taussig) of Mason’s final doctoral examination  that followed acceptance of his dissertation: “His showing was highly creditable, even brilliant”.

_______________________

HARVARD UNIVERSITY
DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS

Application for Candidacy for the Degree of Ph.D.

[Note: Boldface used to indicate printed text of the application; italics used to indicate the handwritten entries]

I. Full Name, with date and place of birth.

Edward Sagendorph Mason, Clinton, Iowa. Feb. 22, 1899.

II. Academic Career: (Mention, with dates inclusive, colleges or other higher institutions of learning attended; and teaching positions held.)

University of Kansas 1916-’19
Harvard (graduate school) one year 1919-’20
Oxford University (Lincoln College) 1920-’23

III. Degrees already attained. (Mention institutions and dates.)

A.B. Kansas 1919
M.A. Harvard 1920
B. Litt. Oxford 1923

IV. General Preparation. (Indicate briefly the range and character of your undergraduate studies in History, Economics, Government, and in such other fields as Ancient and Modern Languages, Philosophy, etc.)

30-40 hours in Economics (Theory – Econ. Hist. – Banking – Hist. of Theory)
Political theory – American government.
English History – Modern French History.
French – 3 years.
English literature – 20-30 hours.

V. Department of Study. (Do you propose to offer yourself for the Ph.D., “History,” in “Economics,” or in “Political Science”?)

Economics

VI. Choice of Subjects for the General Examination. (State briefly the nature of your preparation in each subject, as by Harvard courses, courses taken elsewhere, private reading, teaching the subject, etc., etc.)

  1. Economic Theory. – Econ 11 at Harvard. Elementary and advanced courses at Kansas. – Reading and lectures in England and Germany.
    History of Theory (from Plato & Aristotle). Elementary course at Kansas – Reading and lectures at Oxford
  2. Statistics. – Graduate course at Harvard. Additional Reading.
  3. Public Finance. – Graduate course at Harvard.
  4. Economic History of England and the United States. – Elementary course in U.S. Econ. History at Kansas. Lectures and reading at Oxford.
  5. American Government and Constitutional Law. – Elementary course in Am. Gov. at Kansas. Graduate course in Const. Law at Harvard. Additional reading.
  6. International Trade

VII. Special Subject for the special examination.

International Trade

VIII. Thesis Subject. (State the subject and mention the instructor who knows most about your work upon it.)

Dumping – A Study of Certain International Trade Practices. England, Germany and the United States (B. Litt. Dissertation at Oxford in this subject. May submit same at Harvard.)
Professor Taussig.

IX. Examinations. (Indicate any preferences as to the time of the general and special examinations.)

General Examination. June 10th or after.
Special Examination. Next year.

X. Remarks

Attendance at Oxford makes it impossible for me to present myself before June 10th at the earliest.

Signature of a member of the Division certifying approval of the above outline of subjects.

[signed] F. W. Taussig

*   *   *   [Last page of application] *   *   *

[Not to be filled out by the applicant]

Name: Edward S. Mason

Approved: May 28, 1923

Ability to use French certified by C. J. Bullock. Oct 3, 1923.

Ability to use German certified by  C. J. Bullock. Oct. 3, 1923.

Date of general examination November 27, 1923. Passed. F.W. Taussig, ch[airman]

Thesis received 22 December 1924.

Read by Professors Taussig, Young, Williams.

Approved 14 January 1925.

Date of special examination 22 January 1925. Passed F.W.T.

Recommended for the Doctorate [left blank]

Degree conferred 24 February 1925

Remarks.  [left blank]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Record of E. S. Mason in the
Graduate School of Arts and Sciences

1919-20
Economics 11
[Economic Theory. Prof. Taussig]
A
Economics 31
[Public Finance, Prof. Bullock]
A minus
Economics 41
[Statistics: Theory and Analysis, Asst. Prof. Day]
B plus
Government 19
[American Constitutional Law,
Mr. MacLeish]
A
A.M.  1920

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Dean not amused by late application

28 April 1923

My dear Mr. Mason:

Your application requesting for arrangements for a general examination this year has just been received. I am rather surprised that you should hand it in at such a late date and expect us to meke such arrangements. The list of examinations has been scheduled and printed for some weeks, and we cannot guarantee examinations for anyone after the first of June as it is exceedingly difficult to secure the presence of all the members of the examining comittee in Cambridge on the same day after the close of the lecture period. If you will indicate definitely the date of your return, which you mention vaguely in your letter, we shall try, however to arrange a committee for you at that time. Nothing can be promised, but we shall try to do what we can. I appreciate the convenience to you of taking the general examination this year, but I beg to remind you that due notice should be given of your plan of study and of your application for a general examination.

Very truly yours,
[unsigned carbon copy]

Edward S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Mason responds to the Dean regarding an early date for his general examination

Lincoln College,
Oxford.

May 9, 1923.

Dean C. H. Haskins,
Harvard University.

My dear Sir –

If it is convenient for you and for the examiners I should like to take the Ph.D. general examination (Economics) on June 12th. I am writing to Professor Bullock, my examiner in French and German, asking to be allowed to present myself June 11th for the language examinations.

May I emphasize again that if it causes the slightest inconvenience to yourself or the examiners, I should very much like to have the examination postponed till October or November, since I intend to be at Harvard next year in any case.

Thanking you for the trouble you have taken.

I am,

Very Truly Yours,
[signed] Edward S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Division Memo Regarding Planned General Examination (undated)

HARVARD UNIVERSITY
(INTER-DEPARTMENTAL CORRESPONDENCE SHEET)

Cambridge, Massachusetts

Edward S. Mason

June 10, or after.

  1. [Taussig] Economic Theory
  2. [Bullock] History of Theory (from Plato to Aristotle)
  3. [Crum] Statistics
  4. [Burbank] Public Finance
  5. [Usher] Economic History of England and the United States
  6. [Holcombe] American Government and Constitutional Law.

Special field: International Trade

Thesis being done with Professor Taussig.
Professor Taussig has signed the application.

French and German not certified.

*  *  *  *  *  *  *  *  *  *  *  *  *  *

22 May 1923

My dear Mr. Mason;

In view of the difficulty of arranging an examination so late in the year, and also in view of the fact that you have not satisfied your French and Gorman requirement, I think it would be better if the examination went over till fall. There will be no difficulty in arranging an examination for you early in October, if you so desire.

  *  *  *  *  *  *  *  *  *  *  *  *  *

Certification of reading knowledge
of French and German

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
October 3, 1923.

Dear Haskins:

I have examined Mr. E. S. Mason, and find that he has such a knowledge of French and German as we require of candidates for the doctor’s degree.

Very truly yours,
[signed]
Charles J. Bullock

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General exam postponed

21 November 1925

My dear Mr. Mason:

I am sorry to have to tell you that I have just now received a telegram from Professor Taussig from Yonkers, New York, saying that he has been detained by the sudden death of his brother, and that your examination would have to be postponed. I will let you know as soon as I hear anything further from him,

Very truly yours,
Secretary of the Division.

Mr. E. S. Mason

[Note: Frank Taussig’s brother, mayor Walter Morris Taussig of Yonkers, New York, committed suicide on Nov. 21, 1923.]

*  *  *  *  *  *  *  *  *  *  *  *  *  *

New Date for General Examination

23 November 1923

My dear Mr. Mason:

Your general examination is to be held on Tuesday, 27 November, at 4 p.m., in Upper Massachusette Hall.

Very truly yours.
Secretary of the Division.

Mr. E. S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

General examination passed

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
November 30, 1923.

Dear Haskins:

As Chairman of the Committee appointed to conduct the general examination of Edward S. Mason, I have to report that Mr. Mason passed the examination by unanimous vote of the Committee.

Very truly yours,
[signed]
F. W. Taussig

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Thesis accepted, but…

15 January 1925

My dear Mr. Mason:

I am happy to inform you that your thesis has been accepted. Under ordinary circumstances we should be glad to arrange your special examination as soon as practicable, but I cannot guarantee presence of a committee during the midyear examination period and the time is now too short to arrange
an examination in the next few days. Moreover, I do not see how you can be admitted to the final examination until you present suitable evidence of your graduate study elsewhere and you have been accepted by the authorities of the Graduate School as a candidate for the Doctorate. I understand from Dr. Robinson that the papers which you were to submit in support of your application for the Ph.D. have not yet been filed.

Sincerely yours,
[Initialed] C. H. H.

Mr. E. S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Papers in order, so special examination
can take place

16 January 1925

My dear Mr. Mason:

Since you have now straightened out the matter concerning which Professor Haskins wrote you yesterday, we are arranging your special examination for Thursday, 22 January, at 4 p.m. The committee will consist of Professors Taussig (chairman), Young, Williams, and Persons. I trust that this will be convenient for you. I will let you know about the place later.

Very truly yours,
[unsigned carbon copy]
Secretary of the Division.

Dr. E. S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Date and committee
for special examination

19 January 1925

My dear Mr. Mason:

This is to remind you that your special examination for the Ph.D. in Economics is to be held on Thursday, 22 January, at 4 p.m., in Widener U. The committee will consist of Professors Taussig (chairman), Young, Williams, and Persons.

Very truly yours,
[unsigned carbon copy]
Secretary of the Division.

Dr. E. S. Mason

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Special examination passed

HARVARD UNIVERSITY
Department of Economics

Cambridge, Massachusetts
January 27, 1925.

Dear Haskins:

I have to report that Edward S. Mason passed his special examination for the Ph.D. degree on Thursday, January 22, by unanimous vote of the Committee. His showing was highly creditable, even brilliant.

Very truly yours,
[signed]
F. W. Taussig

Dean C. H. Haskins

*  *  *  *  *  *  *  *  *  *  *  *  *  *

Source: Harvard University Archives. Division of History, Government & Economics. PhD. Examinations, Box 6: 1924-26.

Image Source: Portrait of Edward S. Mason included in the Harvard Class Album 1932.

Categories
Chicago Economists Libertarianism LSE

NBC Meet the Press. Full transcript of inflation interview with Friedrich Hayek. June 22, 1975

Economist Joseph Herbert Furth (1899-1995) was born in Vienna. He was a student friend of Friedrich Hayek and later became the brother-in-law of Gottfried Haberler. In 1943 he was hired by the Federal Reserve Board in Washington D.C. and retired in 1966. Throughout his life he corresponded extensively with his fellow ex-pat Austrians. His papers are found at the University of Albany’s German and Jewish Intellectual Émigre Collections and the Hoover Institution archives. I found a printed copy of the complete NBC Meet the Press interview with Friedrich Hayek from June 22, 1975 in Furth’s Hoover Institution archived papers. 

When I checked to see if there was an on-line copy of this interview available, I discovered that the first portion of the interview that took place before station identification and commercial break was not included in either the audio or printed copies that I was able to find.

Economics in the Rear-view Mirror now provides for the digital record both halves of the Hayek interview.

Fun fact: the only living witness as of this posting is Washington Post columnist, George Will, who was 34 years old when the Hayek interview was broadcast.

___________________________

The existing incomplete transcript

Only the second half of the interview (after the commercial announcements) has been posted on-line up to this time.

Transcript prepared by Karen Y. Palasek in the Free Market Minute of the John Locke Foundation. Reposted at the mises.org website.

Two versions of the corresponding audio are out there to choose from:

___________________________

The National Broadcasting Company Presents

MEET THE PRESS
America’s Press Conference of the Air
Volume 19, Number 25

Sunday, June 22, 1975

Produced by Lawrence E. Spivak

  

Guest: Dr. Friedrich A. von Hayek,
Co-recipient, 1974 Nobel Prize in Economic Science

Panel:

Hobart Rowen, The Washington Post
Eileen Shanahan, The New York Times
George F. Will, The National Review
Irving R. Levine, NBC News

Moderator: Lawrence E. Spivak

Merkle Press Inc., Printers and Periodical Publishers
Subsidiary of Pubco Corporation
Box 2111, Washington, D. C. 20013
25 cents per copy

Permission is hereby granted to news media and magazines to reproduce in whole or in part. Credit to NBC’s MEET THE PRESS will be appreciated.

___________________________

SPIVAK: Our guest today on MEET THE PRESS is the winner of the 1974 Nobel Prize for Economics, Dr. Friedrich von Hayek.
Dr. von Hayek was a Professor at the London School of Economics for 20 years and at the University of Chicago for 13 years. Most recently he has been a visiting professor at the University of Salzburg. He is the author of the international best. seller, “The Road to Serfdom.”
Dr. von Hayek is a native of Austria and a citizen of Great Britain. He is completing a three months’ visit in this country.
We will have the first questions now from Irving R. Levine of NBC News.

LEVINE: Dr. von Hayek, through your long career you have consistently warned about the dangers of government policies that contribute to inflation. Last year this country had an increase in the cost of living of over 12 per cent. This year, because of the recession, so far the cost of living has gone up about half that rate, about 6 per cent. Do you think that the danger of inflation has passed in this country?

VON HAYEK: Oh, very far from it. People will be aware that as a result of stopping inflation there is unemployment, and they still believe that they can cure inflation by unemployment, which is wrong, because in the long run it only creates more unemployment.

LEVINE: How do you cure inflation?

VON HAYEK: You stop printing money.

LEVINE: Dr. von Hayek, you have pointed out that continued inflation over a period of time would lead to anarchy and to a form of dictatorship.
Is that a theoretical danger or do you see that as some kind of a real danger in this country?

VON HAYEK: Its connection is not so simple. I have been stressing that central planning has these effects, and inflation is likely to produce central planning, but inflation by itself is not likely to have any such direct consequences, because while inflation proceeds people are much too busy just coping with the changes.

LEVINE: You have cited a stop to the printing of money as the way to end inflation. That seems simple, as stated. How could the government actually accomplish that?

VON HAYEK: Well, you give orders to the printing press. Exaggerating. We can give orders to the Federal Reserve System. The only trouble is that stopping inflation has immediately some very unpleasant effects, and the question is always whether the government is willing to incur these effects, such as the unemployment, and perhaps, the necessity of reducing some expenditures.

(Announcements)

WILL: Dr. von Hayek, in the 30 years since World War II, some nations’ economies have done very much better than others. West Germany’s, for example, has done much better than Great Britain’s. Are there any generalizations you can draw from these? What is the secret to success and the secret to problems?

VON HAYEK: It is a very complicated issue, but there is one simple point. The German trade unions were extraordinarily sensible, and they were sensible because they remembered what inflation meant. I think it has certain implications. This sense may not last long, because the generation which remembers it is now going off, and I am rather apprehensive about the future.

WILL: Dr. von Hayek, we have a basically conservative administration in the United States today, but even it is facing planned deficits more or less planned deficits exceeding perhaps $100 billion in the next two years. Do you think this will cause a renewed and perhaps socially destructive inflation?

VON HAYEK: It is not unlikely, I am afraid. As long as the governing people are persuaded that inflation of this sort is even beneficial in its effect, the tendency in that direction will be very great. I think it all depends on persuading the responsible people of the danger of inflation.

ROWEN: Dr. von Hayek, you talked in response to Mr. Levine of a painful adjustment, of the unpleasant effects that we would have to endure in order to beat inflation. With all due respect, sir, aren’t your theories somewhat unrealistic in a political sense? Do you visualize governments today being able to take such steps as you recommend?

VON HAYEK: Perhaps, I’m unrealistic. As long as people do not fully realize the danger of inflation, they may well pressure for more inflation as a short term remedy for evils, so we may well be driven into more until people have learned the lesson. What it means is that inflation will still do a great deal of harm before it will be cured.

ROWEN: To be specific, what rate of unemployment do you think this country ought to be willing to tolerate in order to beat inflation? 12 percent, 15 percent?

VON HAYEK: It is not a question of what the country is willing to tolerate. The longer you have inflation, the greater unemployment becomes inevitable. You will have to choose. It is not a matter that government can avoid the unemployment that is caused by the previous misdirection of labor which the inflation has produced

ROWEN: But when you speak of unpleasant effects, just what are you talking about that the country would have to endure? It must be some level of unemployment that you are thinking of that would result if we do cure inflation.

VON HAYEK: In a period of inflation, a lasting inflation, when, if you want to achieve a tolerably stable position, you will have to go through a period of unemployment which may well last more than a year,

ROWEN: And how high could that get?

VON HAYEK: I couldn’t say. I would have to know much more about the specific conditions, but it would not exclude a temporary rise to 13, 14 percent, or something of the sort.

ROWEN: Do you think the social fabric of this country could tolerate a 14 percent rate of unemployment?

VON HAYEK: For a few months, certainly.

SHANAHAN: Professor von Hayek, your fellow Nobel laureate, Professor Leontiev [sic], is an advocate of planning, and two of our prominent Senators, Humphrey and Javits, have introduced legislation to implement his idea, which is largely a matter of study by various government agencies and recommendations, nothing compulsory.
Do you see in that kind of planning the same dangers that you see in a more mandatory form?

VON HAYEK: If it is really nothing compulsory, it will also be completely ineffective and therefore will do no harm. I think there is a very simple answer. He really imagines that somehow people are being made to do what he is planning.

SHANAHAN: The thought I believe that they have expressed is that such things as foreseeing shortages of industrial productive capacity could be highlighted and the industries encouraged to go ahead with the building of new plants, that sort of thing. Do you encompass that in your thought that it would be completely ineffective?

VON HAYEK: Why call it planning? If you can, give industry better information, by all means do.

SHANAHAN: Can we then say you support that legislation despite your fears of planning?

VON HAYEK: It has nothing to do with planning.

SPIVAK: Dr. von Hayek, did I understand you to say in answer to Mr. Levine’s question that the way to stop inflation is to stop the printing presses? Are you suggesting that that is what we are doing here, that we are just printing money and that is the way this inflation has started and that is the way this is continuing and that is the way it will continue.

VON HAYEK: In a sense, stopping the printing presses is a figurative expression, because it is being done now by creating credit by the Federal Reserve System. By this government action all inflation is ultimately a part of activities which government determines and can control, and all inflations have been stopped in the past by the government stopping creating money or preventing central banks from creating more money.
May I add just one thing. You see, all inflations have been stopped by people who believed in a very naive form of the quantitative [sic] theory and acted on that. It may be wrong, but it is the only adequate theory effectively to stop an inflation.

SPIVAK: You have been a student, I am sure, of the United States, because you taught here for many years. What do you think has started our inflation? We have had inflation for a number of years, and I don’t think that we were printing money at that time or that the Federal Reserve was necessarily dumping a great deal of money. What do you think was responsible for the beginning of our inflation?

VON HAYEK: The belief in the deliberate increase of aggregate demands as a means of creating employment. In effect, what is popularly called belief in Keynesian policies to create employment.

LEVINE: Dr. von Hayek, the general belief among administration economists is that we are near or at the bottom of the recession that we have been going through. Do I understand you to be saying we should be willing to experience a continuation of this period of low economic activity for another year or so rather than to take the kind of efforts that the government has taken of a tax cut in order to stimulate the economy?

VON HAYEK: The matter of the tax cut again aims at increasing aggregate amounts, and the present difficulty is not due to a deficiency of aggregate demand. It is due to the fact that without continued inflation you cannot maintain the people in the new employment in which they have been drawn by the inflation of the past.

LEVINE: I would like to pursue the first part of my question. Do you see a necessity, in order to avoid a resurgence of inflation, that the government undertake policies which will continue us at the present low level of economic activity for a period of a year or more?

VON HAYEK: Not necessarily at the low level, but we should not produce more than a very slow recovery. I would like to add this: The slower the recovery is, the better are the chances that it will last.

LEVINE: In a speech before a congressional group not long ago, you said that the threat to the free enterprise system of our society has never been more imminent than it is now. What did you mean by that?

VON HAYEK: Because I am afraid that government will continue to inflate to combat unemployment and try to meet the effects by imposing price controls, and if we use price controls for that purpose, we are driven into a centrally planned system.

WILL: Thirty years ago, Dr. von Hayek, you stressed and have subsequently stressed that political and economic liberties must either flourish together or perish together. Do you see signs, specifically in the United States today, or in Great Britain, with which you are familiar, that political liberty is endangered?

VON HAYEK: In Great Britain certainly. When it is quite clear that by the established democratic process you cannot conduct that kind of economic policy the present governing party wants to conduct, the danger of a reduction of political liberty in Great Britain is considerable.
In this country this is not so imminent, very largely for the reason that the efforts have not been directed so much towards a nationalization and direct government controls of industry, but the attempts have been made by a redistribution of incomes by taxation, and that is a much slower process. I think it tends in the same direction, but much more slowly than the other one.

ROWEN: Dr. von Hayek, how do you rate the impact of market power wielded by either unions or corporations as a factor in inflation? You seem to be putting all of the stress on the quantity of money and the printing press. Isn’t part of our inflation and part of the inflation in some other parts of the world due to the excessive market power of labor unions and corporations?

VON HAYEK: Never directly, when it may well be and frequently happens that because of the power of the unions, perhaps of the corporations, government feels compelled to inflate. It becomes the inducement for government action, but the immediate cause is always increase of the quantity of money by government, whatever the inducement to do so.

ROWEN: Returning to the crisis in Great Britain, the Chancellor of the Exchequer told me on Wednesday that the Cabinet will consider a return to a formal wage-price-incomes policy. What effect, if any, do you think that would have on the very high level of British inflation in wages and prices?

VON HAYEK: I don’t think it will help at all. You see, it might be necessary as a temporary measure, at the moment when you are in a position to stop the increase of the quantity of money. I do not see any prospect at all in the near future of the British government effectively stopping an increase in the quantity of money. In that situation you just disguise the effects of inflation for a time.

ROWEN: What would be your prescription for the ills that afflict Great Britain?

VON HAYEK: It is a problem of first persuading the public that in the present situation the pressure of the trade unions does not deserve public support. That you must achieve before you can do anything by legislation, reducing the powers of the trade unions. It must be a long process. I don’t see any immediate cure.

SHANAHAN: Professor von Hayek, you have always stressed government actions that inflate and government planning and controls as a great danger to our political freedom.
Many Americans see another scenario for loss of freedom in this country, which is economic policies that now have unemployment in the center cities among black youths over 40 per cent and that their anger and frustration can lead to violence which in turn will lead to repressive governmental action.
What do you say to that scenario? Can we just sit idly by and let that happen?

VON HAYEK: No, but it is with respect to the same cause. The unemployment of which you speak, which is the initial cause, is due to labor being temporarily directed into places or activities or industries where they cannot be maintained without further inflation. Therefore you can only cure that by achieving a new redistribution of labor between employments, adaptation to a condition in which aggregate demands need not progressively increase to maintain their employment.

SHANAHAN: You have said in everything you have written and said lately that this is a lengthy process, that we won’t get back to stable money quickly. Meanwhile, what do you do with these urgent problems and human hardships?

VON HAYEK: We must not assume that all problems are solvable in this short period. There are problems which we cannot solve or which trying to solve quickly may do more harm than good.

SHANAHAN: But in the meantime, what do you do with the human hardship and the mounting rage that is certainly building up?

VON HAYEK: I don’t think there is anything I can do about it. We will have to tide over the storm which may be threatening.

SPIVAK: Dr. von Hayek, may we get a bit specific on one particular thing, and that is Great Britain? You are a citizen of Great Britain. You have taught there and I think you know something about the economy there. As I understand it, their inflation rate may hit as high as 50 per cent. What is the consequence of something of that kind? What do you see is going to happen in the country of which you are a citizen?

VON HAYEK: You’ve got a very severe economic crisis with very extensive unemployment the moment inflation stops. We will probably have repetitive attempts to restart the process by returning to inflation. We will probably combat the wrong thing, the effect of inflation on prices by price controls. That will lead to centrally-directed economy, which will weaken the international economic position of Britain even worse, and that will probably result in the position that somebody may decide that the direction of economic policy has to be completely changed.
I almost hope that the severe crisis will come soon, won’t be a long, dragged out process of misery, but I don’t see any immediate chance with the present political situation in England of such a complete change in the economic policy as would be required.

SPIVAK: Are you saying that England is either going to go bankrupt or England is going to become a dictatorship? What specifically do you mean is going to happen in Great Britain?

VON HAYEK: The English people are beginning to experience, which they hardly have yet, that they have become very much poorer and are rapidly getting poorer still and that will lead to the resolution or the recognition that the policy of the past was wrong.
The amazing fact is that a great majority of the British people are not yet consciously aware that they are living in a very severe economic crisis, and for that reason they are not willing to consider themselves a complete change in policy.

SPIVAK: But what do you think is going to happen since you believe that? What is going to happen there? Are they going bust, or are they going into a dictatorship?

VON HAYEK: No country can go bust. All that can happen is that the economic conditions of daily life get much worse through scarcities. People will find their income is no longer sufficient to maintain their standard of life. They will come to distrust both the present government and the present policies and may then be willing to return to an altogether different system. But I am not a prophet. I can’t say how soon.

SPIVAK: And do you think if we follow along our present footsteps the same thing is going to happen to us?

VON HAYEK: Yes, but in 10 or 20 years’ time. It is not a problem for the immediate future.

LEVINE: Dr. von Hayek, to try to translate some of the things that you have been saying into the terms of the pocket-book of the average American, what advice would you give an American with savings of 20, 30, maybe 100,000 dollars? What should he do with that money to protect it against the problems of inflation that you have been discussing?

VON HAYEK: I still believe there is nothing better than putting it into equities, although that even doesn’t promise him today that it will actually preserve it, but it gives him a good chance of preserving a substantial portion of it.

LEVINE: Dr. von Hayek, these theories which you have gained such recognition for over a period of years have warned consistently, as has been pointed out, of the dangers and threats of inflation, and yet this country has undergone inflation for a great many years and the standard of living has consistently increased.
Does this lead you to question in any way your thesis?

VON HAYEK: Not in the least, because the dangers of inflation are very different ones. They are exactly the kind of unemployment which is now arising. I mean in the usual discussion there is quite a wrong emphasis. There are many bad effects of inflation, but the worst is that it draws labor into employments where they can be kept employed only by accelerating inflation, and the point inevitably arises when inflation cannot be accelerated sufficiently fast to keep them in that inflation. Inflation is like overeating and indigestion. Overeating is very pleasant. So is inflation. Indigestion comes only afterwards, and therefore people do not see the connection.

SPIVAK: We have less than two minutes.

WILL: Dr. von Hayek, capitalism, and particularly American capitalism would seem to have a good record at giving people a rising standard of living.
Why are so many intellectuals and particularly so many economists skeptical about and even hostile to capitalism?

VON HAYEK: I have been puzzling about it for a long time, particularly about the economists who also understand better, and it is very difficult to know why they don’t. I think it is an attraction of a system an intellectual attraction of a system which you can deliberately control, which is fascinating to the intellectual.

ROWEN: Dr. von Hayek, coming back quickly to Great Britain, isn’t it possible if we pursued your philosophy and theory that we might destroy capitalism there, rather than save it, looking at the analogy of the Italians?

VON HAYEK: No, it is not likely to become worse. The present tendency would destroy capitalism inevitably. I think the important thing is that people are given a chance to change their mind before it is irrevocably destroyed.

SPIVAK: I am sorry to interrupt, but our time is almost up, and we won’t be able to get another question and another answer.
Thank you, Dr. von Hayek, for being with us today on MEET THE PRESS.

Source: Hoover Institution Archives. Papers of J. Herbert Furth, Box 6.

Image Source: Los Angeles Daily News, E-Edition. May 10, 2024. “Friedrich Hayek tried to warn us about the ‘social justice’ left.” Photo credit: AP Photo/Charles Harrity). Note: the date of this Meet the Press photo is incorrectly given as June 23, 1975 (which was a Monday).

Categories
Economics Programs Economists M.I.T.

M.I.T. Department of Economics Annual Report by E. Cary Brown, 1975-1976

The following annual report of the M.I.T. department of economics was most likely written for the care and feeding of administrators and the members of the department’s visiting committee. This report covers what was my second year of graduate school, so for folks from that time it reads like an annual Holiday newsletter to the family.

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Department of Economics
1975 – 76

Undergraduate Program

The long-run impact of the past year’s changes in the Institute Requirement in the Humanities, Arts, and Social Sciences is not yet clear. Unquestionably they have increased the Department’s enrollment, but the precise amount is uncertain because simultaneously a major revision was made in the two introductory economics subjects. In the past year enrollments were larger than previously, but smaller than in the transition of the previous year. Nearly 200 of the Class of 1976 concentrated in economics for their Humanities, Arts, and Social Sciences Requirement. Of all students presently enrolled, 327 (primarily juniors and seniors) have elected to concentrate in economics.

Undergraduate majors remain steady in numbers. As in 1974-75, 20 degrees were awarded. In the spring term the Undergraduate Economics Association was reactivated. Its weekly meetings with faculty led to several proposals for revision of the undergraduate program, and several student-faculty socials were organized.

Graduate Program

Enrollment has been remarkably steady in the graduate program. The number of applications for admission was virtually identical to the average of the previous six years. Next year’s entering class of 32 will be slightly larger than average, and will have fewer foreign students and more women, reflecting a shift in the percentage of applications from these groups. Four students from minority groups are expected to be in this class.

Financial support for the graduate student has changed very little over the last several years. We are still fortunate in having from one-third to one-half of the entering students on National Science Foundation Fellowships. For the whole student body, there has been an increase in the support by US foundations (other than NSF) and a decrease in support provided by M.I.T.

The number receiving the Doctor of Philosophy increased somewhat in the past year to 21. For the first time, two American blacks received degrees.* The class fared well in placement, their median salary offer totaling 24 percent above that of 1971. Like the past average, 86 percent went into teaching and 14 percent into non-teaching positions.

*Samuel Myers, Jr. Ph.D. thesis: “A Portfolio Model of Illegal Transfers”, supervised by Robert Solow.
Glenn Loury. Ph.D. thesis: “Essays in the Theory of the Distribution of Income”, supervised by Robert Solow.
See: William Darity Jr. and Arden Kreeger, “The Desegregation of an Elite Economics Department’s PhD Program: Black Americans at MIT“, History of Political Economy 46 (annual suppl.)

The Graduate Economics Association awarded the outstanding teacher in the Department prize to Professor Stanley Fischer.

PUBLIC SERVICE ACTIVITIES

The faculty has always been involved in public service activities tying research to the public interest. In connection with M.I.T.’s participation in the Bicentennial Celebration, Professor Jagdish N. Bhagwati set up a recent conference on the New International Economic Order: Professor Ann F. Friedlaender is planning one for this fall on Air Pollution and Administrative Control. Through the German Marshall Fund, Professor Richard S. Eckaus is organizing a fall conference on economic problems of Portugal. Professor Franco Modigliani arranged a conference through the Bank of Finland on International Monetary Mechanisms.

Various Congressional committees and government agencies have been advised. Professor Peter A. Diamond served on the Consultant Panel on Social Security for the Congressional Research Service. Professors Rudiger Dornbusch and Fischer and Institute Professor Paul A. Samuelson prepared a report for the US Department of Commerce on international financial arrangements. Professor Robert E. Hall was a member of the Advisory Committee on Population Statistics, Bureau of the Census. Professor Jerry A. Hausman served on the Econometrics Advisory Committee to the Federal Energy Administration. Institute Professor Modigliani was a consultant and member of the Committee on Monetary Statistics, Board of Governors of the Federal Reserve System. Institute Professor Samuelson consulted with the Board of Governors of the Federal Reserve System, the US Treasury, and the Congressional Budget Office. Professor Charles A. Myers was a member of the National Manpower Policy Task Force. Institute Professor Robert M. Solow served as Deputy Chairman, Federal Reserve Bank of Boston.

Several faculty members have been involved with the National Academy of Sciences and its related organizations. Professor Eckaus prepared a report, Appropriate Technology for Developing Countries, for the Board on Science and Technology for Developing Countries of the National Academies of Science and Engineering. Professor Franklin M. Fisher served on a National Academy panel on the Effects of Deterrence and Incapacitation; Professor Friedlaender was on the Executive Committee, Assembly of Behavioral and Social Sciences, National Research Council; Institute Professor Modigliani was on the Finance Committee; Institute Professor Samuelson served on the Editorial Board of the Proceedings; and Institute Professor Solow chaired the Steering Committee on Environmental Studies.

Professor Eckaus led an OECD Mission to Portugal that included Professors Lance Taylor and Dornbusch.* Professor Paul L. Joskow was a consultant to OECD in energy. Professor Evsey D. Domar was a member of a delegation of economists sent by the American Economic Association to the Soviet Union. Institute Professor Modigliani, who gave much time to the problems of stabilization in Italy, was a member of the Board of Directors of the Italian Council for Social Sciences.

*Along with several graduate students among whom were Paul Krugman, Andrew Abel and Jeffrey Frankel. Paul Krugman has written a short note about this experience with a picture!

The Brookings Institution Panel for Economic Activity included Professors Dornbusch and Hall, with Institute Professors Modigliani, Samuelson, and Solow as senior advisors to it. Professor Friedlaender served on the examining committee, Graduate Records Examination, Educational Testing Service. Institute Professor Modigliani served on the Committee on Economic Stabilization, Social Science Research Council. Professor Fisher is a member of the Board of Governors of Tel Aviv University. Institute Professor Solow continues as Trustee for the Institute of Advanced Study.

RESEARCH

International topics seem to dominate the research interests of the faculty. Professor Bhagwati, in addition to his work in developing countries and international trade theory, has given attention to a proposal for applying taxation to the brain drain. Professor Eckaus studied the role of financial markets and their regulation and the behavior of income distribution in economic development. Professor Taylor had three major areas of research: the development of nutrition planning models in Pakistan, international food aid and reserve policies, and growth and income distribution in Brazil.

Professor Morris A. Adelman’s continuing research on the world oil market, Professor Joskow’s analysis of the international nuclear energy industry, and Professor Martin L. Weitzman’s examination of OPEC and oil pricing involve applied microeconomics with international implications.

Research in various applied microeconomics areas was responsible for the second largest fraction of faculty effort. Institute Professor Solow continued to research the economics of exhaustible resources, and Professor Weitzman completed his analysis of the optimal development of resource pools. Professor Joskow has explored the future of the electric utility industry and its financing, the future of the US atomic energy industry, and the pattern of energy consumption in the US. He is developing a simulation model of the energy industry, and is reviewing the regulatory activities of government agencies in general and the health care sector in particular. Professor Hausman examined the Project Independence Report and is analyzing the choice of new technologies in energy research.

In the transporation field, Professor Friedlaender surveyed the issues in regulatory policy for railroads and alternative scenarios in federal transporation policy. Professor Jerome Rothenberg examined such problems in urban transportation as pricing policies, demand sensitivity to price, and modeling locational effects. Professor William C. Wheaton considered an optimal pricing and investment policy in highways under a gasoline tax.

Inextricably intertwined with urban transportation are questions of urban location and housing. Professor Rothenberg carried out research in such aspects of this problem as microeconomics of internal migration, supply-demand for housing in multizoned areas, the impact of energy costs on urban location, and the development of a model of housing markets and of metropolitan development and location that can be applied to general policy questions. Professor Wheaton developed an equilibrium model of housing and locational choice based on Boston experience.

Institute Professor Modigliani also conducted research on the housing market, but his interest comes primarily from the side of stabilization policies and similar macroeconomic problems. He also participated in a review after 20 years of his life cycle hypothesis of saving, made monetary policy prescriptions for both the US and Italy, reflected on the description of financial sectors in econometric models, and explored more deeply the application of optimal control to the design of optimal stabilization policies in economic models. Institute Professor Samuelson reviewed the art and science of macromodels over the 50 years of their development. Professor Friedlaender completed a quarterly macromodel of the Massachusetts economy. Professor Hall developed a model to deal with income tax changes and consumption.

Public economics has both macro and micro aspects, both of which are represented in the Department’s research. With Visiting Professor James A. Mirrlees, Professor Diamond theorized about public shadow prices with constant returns to scale, and about the assignment of liability. He also has generalized the Ramsey tax rule and continued his research into an optimal Social Security system. Professor Hausman is reexamining the cost of a negative income tax; Professor Rothenberg analyzed the distributional impact of public service provision; and Professor Wheaton explored intertemporal effects of land taxes, fiscal federalism in practice, and the financial plight of American cities.

Besides such theoretical research, there was significant research of an entirely pure nature. Professor Robert L. Bishop reexamined the measurement of consumer surplus. Professor Fisher extended his exploration of the stability of general equilibrium and of aggregate production functions. Professor Weitzman investigated the welfare significance of national product in a dynamic economy. Professor Hal R. Varian further explored the theory of fairness, non-Walrasian equilibria, and macromodels of unemployment and disequilibrium. Professor Hausman examined the econometric implications of truncated distributions and samples, of probit models, and of simultaneous equation models. In historical research, Professor Domar was concerned with serfdom, while Professor Charles Kindleberger investigated the role of the merchant in nineteenth-century technologic transfer.

Publications

Professor Bhagwati edited Taxing the Brain Drain: A Proposal and Brain Drain and Taxation: Theory and Empirical Analysis, and coauthored Foreign Trade Regimes and Economic Development: India. Professors Dornbusch and Kindleberger published numerous papers on implications of the new international monetary exchange structure for exchange rates, price stability, international trade, and international capital movements. Professor Weitzman continued his study of the Russian economy with a paper on the new Soviet incentive model.

With Visiting Professor of Management Ezio Tarantelli*, Institute Professor Modigliani published Labor Market, Income Distribution and Private Consumption (in Italian) and various papers on stabilization policy in Italy. He also wrote papers on inflation and the housing market and edited New Mortgage Designs for Stable Housing in an Inflationary Environment. Professor Hall’s labor market research resulted in papers on persistence of unemployment, occupational mobility, and taxation of earnings under public assistance. Professor Michael Piore wrote on labor market stratification and the effect on industrial growth of immigration from Puerto Rico to Boston. Professor Fisher had several publications on indexation and adjustment of mortgages to inflationary episodes. In the realm of economic history, Professor Temin published Reckoning with Slavery and Did Monetary Force Cause the Great Depression?

*Ezio Tarantelli was the victim of a Red Brigades’ assassination in 1985.

Institute Professor Samuelson published theoretical papers on factor price equalization and trade pattern reversal. In the realm of pure research, he put out papers on nonlinear and stochastic population analysis, optimal population growth, and the optimal Social Security system implied in a lifecycle growth model. He also brought out the tenth edition of his famous text, Economics: An Introduction Analysis.

FACULTY

Visiting Professor John R. Moroney was here from Tulane University; Visiting Professor Mirrlees came in the spring term from Nuffield College, Oxford University. Regular faculty on leave were Professors Fisher and Joskow in the fall and Professor Weitzman in the spring.

It is a pleasure to report the promotion to Associate Professor of Jerry A. Hausman. A new appointee, Professor Jeffrey E. Harris, with the unusual background of an M.D. and a Ph.D. in economics, will provide long-sought coverage in health economics.

Professor Kindleberger will retire as Ford Professor and become a Senior Lecturer on a half-time basis. Since 1948, when he came as an Associate Professor, Professor Kindleberger has been an effective teacher, scholar, participant in faculty governance, and counselor to governments and the public. He has trained the leading international economists of the next generation; he has produced a dozen books and more than a hundred articles in international trade and finance and in economic history. He epitomizes the highest kind of academician.

Several honors were bestowed on members of the Department. Institute Professor Modigliani will complete his year as President of the American Economic Association. Professor Myers received a Distinguished Alumni award from Pennsylvania State University. Professor Fisher was F.W. Paish Lecturer to the Association of (English) University Teachers of Economics. Institute Professor Solow received a D. Litt. from Warwick University, and Institute Professor Samuelson, a D.Sc. from the University of Rochester.

EDGAR CARY BROWN

Source: MIT Libraries, Institute Archives and Special Collections. MIT Department of Economics Records, Box 1, Folder “Annual Report 1975-6”.

Image Source: Building E52, Alfred P. Sloan Jr. Building, later Morris and Sophie Chang Building

 

https://mitmuseum.mit.edu/collections/subject/building-e52-alfred-p.-sloan-jr.-building-later-morris-and-sophie-chang-building-52

Categories
Chicago Economists Yale

Chicago. Meet Ph.D. alumnus, Charles E. Lindblom, 1945

Charles Edward Lindblom (1917-2018!) was a Chicago economics Ph.D. (1945) who ultimately climbed as far up the Yale ranks as you could get – a Sterling Professorship of Political Science and Economics. He was working on his 1977 book Politics and Markets when I took a course with him in the Spring semester of 1973. His lectures have left no real mark on me, but I recall my impression of watching a thinker in real time who would dare to attempt to think things through while lecturing. I guess it should come as no surprise that someone who attained fame through an article with the title “The Science of ‘Muddling Through’” (1959), talked the talk the way he perceived policymakers to walk the walk (incrementally).

In a different course (Democracy and its Critics) I experienced his long-time colleague and collaborator Robert Dahl as the opposite model of an equally content-rich but silky smooth lecture style. I am glad to have sat at the feet of both when I was still of an impressionable age.

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From: The Yale Banner of 1960

Associate Professor of Economics CHARLES E. LINDBLOM came to Yale in 1946, after receiving his B.A. at Stanford and his Ph.D. at the University of Chicago. Mr Lindblom has always had an interest in the fields where economics and political science converge, and thus he is active in both areas. In 1951 he held a Guggenheim Fellowship and later he was a fellow at the Center for Advance Studies in the Behavorial Sciences. Mr. Lindblom also assisted former Connecticut Governor Bowles [Fun fact: Gov. Chester Bowles was economist Sam Bowles‘ father.] on the problems of housing and compensation legislation. At present, Professor Lindblom is on a committee on Latin American economics for the Twentieth Century Fund, a consultant for the RAND Corporation, and a consultant to a United States Senate subcommittee. On the Yale scene, he is an advisor to the Political Union and has written Politics, Economics and Welfare with Mr. [Robert] Dahl and Unions and Capitalism; he is working on several books now. What time he can salvage from this busy schedule is devoted to woodworking and sculpting. Next year he will be a Ford Faculty Fellow in economics.

Source: The Yale Banner 1960, p. 39.

Categories
Economists Yale

Yale. Meet an assistant professor of economics. Montias, 1960

One of the first professors to lead me into the field of comparative economic systems was John Michael Montias (1928-2005). He provided me an early exposure to the economic theory behind the indexes of comparative productivity computed by Abram Bergson (see Chapter 6 by Bergson and also Chapter 7 by Evsey Domar published in Alexander Eckstein (ed.), Comparison of Economic Systems: Theoretical and Methodological Approaches. U. of California Press, 1971).

The portrait shows Mike Montias in his early thirties, a beaming assistant professor at Yale. I include the short biographical clip from The Yale Banner of 1960 that accompanied the portrait. I can confirm that he was very much “a genial person” and will add a “a very learned scholar.”

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From: The Yale Banner of 1960

An authority on Soviet economics, JOHN M. MONTIAS, Assistant Professor of Economics, came to Yale in 1958 after extensive study at Columbia. As an undergraduate, Professor Montias studied both Russian and economics and decided to combine them in his later career. After serving three years as an economic analyst for the United Nations in Geneva, Beirut, and New York, Mr. Montias traveled extensively in central Europe, working as a consultant for the Ford Foundation on the Polish Fellowship Program and holding several fellowships and grants for research. In addition to co-authoring a book on the Polish economy, Professor Montias has written for numerous professional magazines. Mr. Montias likes to play chess, study languages and travel. A genial person, Mr. Montias is well liked in his undergraduate course on the Soviet economy and his graduate course on central planning.

Source: The Yale Banner 1960, p. 35.