Category: Exam Questions

Princeton. Mathematics for Economics Grad Students Exam. 1960

Post author By Irwin Collier
Post date 2024-11-30

Before one gets too smug about the modest level of mathematical sophistication revealed in the following examination that was taken in 1960 by ten Princeton economics graduate students and only passed by half of them, it is important to keep in mind that the purpose of the examination appears only to have been to permit economics students to substitute mathematics for a foreign language as a formal requirement to be awarded a Ph.D. degree. As far as I am aware, by 1960 the exams to test a reading knowledge of a foreign language (at least those administered by an economics department itself) were rather low hurdles hardly capable of tripping any diligent student and generally a waste of time for all but the area specialists and economic historians. Still five of the ten economics grad students at Princeton failed the mathematics exam transcribed below!

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On Harold W. Kuhn

Princeton University obituary for Harold W. Kuhn (1925-2014).

Autobiographical sketch in WIKIMIZATION.

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MEMORANDUM

To: Members of the Economics Department
From: H. W. Kuhn
Re: Mathematics Examination for graduate students.

Attached is a copy of the first Mathematics Examination for graduate students in Economics which, as you know, can substitute for one language examination. This memorandum is to describe what the examination was intended to test, report on the performance of the students who took it, and invite comments from you concerning the design of future examinations. (Will Baumol is writing the next one now.)

By agreement of those charged with the conduct of the examination (Baumol, Coale, Kuhn, Okun, and Quandt), it deals only with two subjects, calculus and matrix algebra. The level of the calculus that is assumed is thoroughly elementary and could be acquired in a one-year course. However, it should be augmented by those calculus tools peculiar to economics such as Lagrange multipliers, partial derivatives, and optimization conditions. Study of R. G. D. Allen’s “Mathematical Analysis for Economists” is recommended. The level of matrix algebra is harder to specify. Almost any standard course is too much. Two indications of the level of proficiency demanded are the matrix algebra sections of “Finite Mathematics” by Kemeny, Snell, and Thompson or the Appendix to Dorfman, Samuelson, and Solow. Another book appropriate for study would be “Mathematical Economics” by R. G. D. Allen

The following is an explanation of the first test, question by question, with remarks on the performance of the ten students who took it.

Straightforward translation of economic terms from words to formulas and back. Four parts out of five was par for the course.
The definition of matrix multiplication and of a production matrix. All answers were correct.
A test of understanding of the first and second order conditions for a maximum. Very poor performance; much confusion between necessary and sufficient conditions.
A test of their acquaintance with an indispensable mathematical tool, the Lagrange multiplier. The first pages of “Value and Capital” will give an example. Good performance.
This was intended to draw out the linear case in which solvability is stated in matrix terms. Good performance.
The proper method was by means of partial differentiation. From the variety of answers (mostly weak), this should have been clued.
This model is reproduced almost verbatim from “Finite Mathematics.” The question is intended to test the ability to translate matrix relations into meaningful economic conditions. The average was about half right.

The test was graded on a strict percentage basis, with 70% a passing grade. Five passed and five failed. This may be somewhat hard on those who failed but reflects my own belief that requirements are better too hard than so easy as to be meaningless.

COMMENTS INVITED

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PRINCETON UNIVERSITY

Department of Economics
Mathematics Examination

October 26, 1960

Please spend no more than two hours on this examination. No books or papers may be consulted. Please attempt all of the questions.

Let y = f(z) be a production function, where y denotes the quantity of output for a quantity of input z. Let c = g(y) be the associated cost function. Let P = F(y) define the demand schedule.

Give the common names for

1. dy/dz
2. dc/dy
3. Py

Give formulas for the

1. marginal revenue
2. price elasticity of demand.
The number of tubes and the number of speakers used in assembling three different models (a), (b), (c) of TV sets are specified by a parts-per-set matrix.

$\begin{gathered}\\ \begin{matrix}(a)&(b)&(c)&\ \ \ \ \ \ \ \ \end{matrix}\\ \left[ \begin{matrix}13&18&20\\ 2&3&4\end{matrix} \right] \begin{matrix}\text{tubes}\\ \text{speakers}\end{matrix}\end{gathered}$

The number of orders received for the three different models in January and February are specified in a sets-per-month matrix

$\begin{gathered}\begin{matrix}\ \ \ &\text{Jan.}&\text{Feb.} \ \ \end{matrix}\\ B=\ \left[ \begin{matrix}12&6\\ 24&12\\ 12&9\end{matrix} \right] \begin{matrix}(a)\\ (b)\\ (c)\end{matrix}\end{gathered}$

Express the number of parts used per month as a matrix C in terms of A and B. How many tubes were used in February?

Let y = f (x) be a differentiable function defined for

a ≦ x ≦ b. Let a < c < b.

1. The conditions f'(c)=0 and f”(c)< are necessary and sufficient for f(c) to be a local maximum value for f. True or false? (Give explanation.)
2. Describe a method for finding the absolute maximum value of f.

Lagrange multipliers are used to solve what class of calculus problems? Give at least one example from economic theory.
Discuss the assertion: Every system of n equations in n unknowns has a unique solution. (It is clearly false; show this by example and modify the statement to be useful.)
The following formula gives the profit P in dollars as a function of the quantities x₁, and x₂ of two commodities.

P = x₁⁵⁰ x₂³⁵ + x₁⁸⁵

When x₁ = x₂ = 100, P = 2 • 10¹⁷⁰
Approximate P when x₁ = 101 and x₂ = 100

Consider the following economic model: A set of n goods are produced (jointly by m activities. The i^th activity requires a_ij units of good j and produces b_ik units of good k.
Let x = (x₁,…,x_m) represent the levels of the activities
and y^t = (y₁,…,y_n) represent the prices of the goods, while A and B denote the input and output matrices. Suppose α and β are non-negative numbers. Give common English interpretations of the following equilibrium conditions:
1. x (B – α A) ≧ 0
2. (B – β A) y ≦ 0
3. x (B – α A) y = 0
4. x (B – β A) y = 0
5. x B y > 0

What condition on A would insure that every process uses some good as input?
What condition on B would insure that every good can be produced in the economy?

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. William J. Baumol Papers, Box 10, Folder “Princeton University 1952-69”.

Image Source: Harold W. Kuhn, ca. 1961. Wikimization website.

Tags Baumol, Coale, KuhnHW, Okun, Quandt

Exam Questions Money and Banking UCLA

UCLA. Monetary Economics, PhD qualifying exam. 1971

Post author By Irwin Collier
Post date 2024-11-29

Having just spent nearly a month travelling along the East Coast of the U.S., it is great to get back to posting new content. On this trip I was able to get in three fine days of work in the Economists’ Papers Archive at Duke. While there I found much useful material for Economics in the Rear-view Mirror in the Robert W. Clower papers. A copy of his UCLA obituary can still be found at the Wayback Machine internet archive.

In 1971 Clower joined the UCLA economics department so it is unclear whether he actually contributed to the Ph.D. preliminary examination in monetary economics transcribed below

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Ph.D. Qualifying Examination
Four Hours

May, 1971

Monetary Economics

Answer five of the following seven questions.

[On the concept of money]
1. “Contemporary monetary theory analytically treats money as merely another commodity.” State if (and why) you agree or disagree with this proposition.
2. Money is sometimes distinguished from commodities by the following assertions. Briefly discuss the meaning of each assertion and whether you agree or disagree with it.
  1. Money has no “intrinsic value”; it cannot be enjoyed directly, but must first be converted into something else.
  2. Money is used but is not used up.
  3. Money buys goods and goods do not buy money.
  4. Money has superior liquidity than other goods.
  5. The value of money is fixed in terms of the unit of account.
  6. Money is traded directly for every commodity and vice versa, while commodities are not traded for one another.
3. Discuss the limitations placed on research in monetary theory if money is considered merely as a commodity.
Many writers have asserted in the press that the recent international currency “crisis” points up the unique role of the dollar in present international monetary arrangements. Discuss the international role of the dollar with reference to each of the following statements taken discussions of the crisis.
1. Over the past couple of years the U.S. has been exporting an unwanted inflation to the countries of Europe, especially Germany.
2. The immediate cause of the crisis was the presence of interest rates in the U.S. which were too low relative to those in Europe and therefore initiated massive capital flows from the U.S. to Europe.
3. The massive accumulation by foreigners of dollars underlined the fact that the dollar has become de facto inconvertible into gold and was now little more than an unbacked IOU.
4. The U.S. should be unconcerned with its balance of payments deficit. Under present arrangements any adjustments to international disequilibrium must be made by foreigners; and all the options available to foreign surplus countries, assuming moderately rational behavior on their part, should be acceptable to the U.S.
5. The recent crisis points up the inherent instability of current international monetary arrangements. The increase in foreign short-term claims upon U.S. gold reserves and the revaluation of currencies in terms of the dollar will undermine the employment of the dollar as the banking currency of the world and speed the development of a unified European currency.
6. The recent crisis has strengthened the world monetary system by bringing closer the day when the dollar-gold fixed exchange rate standard is replaced by a system of floating exchange rates.
Discuss the following three propositions. (State whether they are true or false and explain why) .
1. Legal reserve requirements are unnecessary to place a finite limit on the quantity of commercial bank deposits if the deposits are convertible into the government supplied dominant money.
2. Elimination of the convertibility requirement would lead to an unlimited expansion of deposits.
3. There is no limit on the extent to which the government can expand the supply of dominant money.
An economist recently wrote a letter to the Wall Street Journal complaining that much discussion of how to control inflation has been based on a neo-quantity theory which emphasizes “the quantity of money” while ignoring “the quality of credit”. The Federal Reserve was established, he noted, to regulate commercial bank assets while current discussion (and policy) concentrates on the liability side of the commercial bank balance sheet and entirely ignores the asset side. He maintained that if, for example, commercial banks were forced to limit their lending activity to short-term, self-liquidating business loans, inflation would quickly be controlled. Evaluate this argument.
[Monetary vs. fiscal policy.]
1. It is sometimes argued that fiscal policy should be used to maintain domestic full employment while monetary policy should be used to maintain balance of payments equilibrium. Present this argument and clearly state the assumptions upon which it is based.
2. Summarize and evaluate the existing empirical evidence on the effectiveness of monetary versus fiscal policy as a stabilization device
[Inflation]
1. Inflation is often considered to be a tax. In what sense is this correct? What is the magnitude of the tax? Who pays and who collects the tax?
2. What are the effects of inflation on real resource allocation.
  [In (a) and (b) make sure you distinguish between anticipated and unanticipated inflation.]
[The Gibson Paradox]
1. What is the Gibson Paradox?
2. Why is it considered to be a paradox?
3. What theoretical explanations have been advanced to explain the phenomenon?
4. What is the existing state of the evidence concerning these explanations?

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library, Economists’ Papers Archive. Robert W.Clower Papers, Box 4, Folder: “Monetary Economics PhD exams, Reading List, Exams. UCLA, 1971-1988”.

Image Source: Screen shot from Abba—Money, Money, Money karaoke video.

Tags Clower

Cambridge Exam Questions

Cambridge. Economics Tripos Examination Questions, 1923

Post author By Irwin Collier
Post date 2024-10-27

Eighteen exams constituted the 1923 Economics Tripos at Cambridge University. This post adds them to the collection of transcribed artifacts that constitute the content of Economics in the Rear-view Mirror.

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Links to the 1923 Exams

Part I
English Economic History
Industry and Labour
Economic Theory (Value and Distribution)
Essay on one of seven subjects
Trade and Finance
Recent Economic and General History of Europe
Recent Economic and General History of the British Empire and the United States
Part II
Economic Principles
Public Finance
Subjects for an Essay
Structure and Problems of Modern Industry
Structure and Methods of Government in the Modern World
Distribution and Labour
Political Theory
Money, Credit and Prices
International Law
Economic Conditions in England 1823-1828, and Contemporary Social Thought
The Theory of Statistics

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Earlier and later
Economics Tripos

Links to economics examinations from the Economics Tripos at Cambridge University for other years:

Economics Tripos 1921.
Economics Tripos 1922.

Economics Tripos 1931.
Economics Tripos 1932.
Economics Tripos 1933.

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PART I

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**MONDAY, May 28, 1923. 9-12.
ENGLISH ECONOMIC HISTORY.**

Summarize briefly the agricultural improvements of the 18th century and point out their influence on the enclosure movement.
“The essence of the Industrial Revolution is the substitution of competition for the mediaeval regulations which had previously controlled the production and distribution of wealth” (TOYNBEE).
Examine this statement.
“The principles of the Poor Law reform of 1834 were the principles of Elizabethan Statutes.” Discuss.
Explain the objects of the Corn Laws and the causes which led to their abolition.
Indicate broadly the influence exerted by improved means of transport on the progress of the Industrial Revolution.
Consider historically the use of the Income Tax as a means of effecting financial and social reform.
What were the causes of the great depression of 1873-96?
Show how the economic development of England since 1800 is reflected in the present distribution of her population.
What do you consider to have been the principal influences operating during the 19^th century to raise the wages of the very poor?
Contrast broadly the character of the economic policy of the State in 1820 with that in the first decade of the present century.
Contrast the situation of the agricultural labourer now with his situation one hundred years ago.

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**MONDAY, May 28, 1923. 1.30-4.30.
INDUSTRY AND LABOUR.**

If co-operative societies do not charge higher prices than private traders, where does the so-called “divi” come from?
“Trade Unionism has no definite policy in regard to the method of industrial remuneration.” Discuss this statement.
How do you account for the comparative slowness of the development of a Trust movement in British industry?
In what ways can the State most effectively take action to secure industrial peace?
Discuss the advantages and disadvantages of the joint-stock system of business organization.
Give an account of the difficulties of preparing an index number of the cost of living to the working classes.
“…Wage rates at any moment and in every part of the industrial field can be so adjusted to the demand for labour of various grades, that no unemployment whatever can exist. In other words … unemployment is wholly caused by maladjustment between wage-rates and demand.”
Comment upon this theory of unemployment.
What do you understand by “sweating”? Indicate the conditions and the types of industrial organization which are most likely to lead to sweating.
Give an account of the main features of the German Cartel system, and compare the Cartels with the American trusts.
If the private control of business is to disappear, what form of business management, do you consider, can most effectively take its place?
“The worst effects of unemployment, privation and physical deterioration, have been prevented” (The THIRD WINTER OF UNEMPLOYMENT).
“Many of the unemployed are now suffering the progressive deterioration which inevitably attaches to the condition of being maintained without work” (ANNUAL REPORT OF MINISTRY OF HEALTH).
Examine these two statements bearing upon the present unemployment situation.

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**TUESDAY, May 29, 1923. 9-12.**
ECONOMIC THEORY
(VALUE AND DISTRIBUTION).

Critically examine the argument that inasmuch as the instruments of production were made by Labour their earnings should go to Labour.
On what grounds are economists justified in making any distinction between the rent of land and (a) the return to exceptional natural ability, (b) the return to acquired skill?
Examine the view that fluctuations of credit are inevitable in an industrial system based on private enterprise.
“In business generally, good luck and bad luck about balance one another; so that the existence of business risks does not affect costs of production.” Examine this statement.
Trace the effects on the remuneration of the various agents of production engaged in any industry as the demand for the products of the industry sinks gradually to zero.
Which do you consider most threatening to the interests of unorganized labour: the monopolistic power of associations of workpeople or that of associations of employers?
What do you understand by the Supply of Labour; do you consider that economic influences play any important part in its regulation?
Examine the view that the greater the proportion of supplementary to prime costs in any industry the more fluctuating will be the value of its products.
“Economists concern themselves with imperfections in the manner in which production is adjusted to demands; they would be better employed in considering imperfections in the manner in which market demands express real needs.” Consider the importance of this criticism.
On the supposition that one motor van employing two men does the same work as two horse vans together employing four men, examine the probable effects on the general level of wages of the substitution of the one for the other.
“Every producer, whether entrepreneur, capitalist or workman, in effect sells his services to society for what they are worth; none therefore can draw from society any greater value than he contributes.” With what limitations would you accept this statement?
“Monopolistic price policy ranges between two limits. At the one extreme it yields results which are more, at the other extreme it yields results which are less, beneficial to the community than would obtain under a régime of free competition.” Elucidate this statement.

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**TUESDAY, May 29, 1923. 1.30-4.30.**

Write an essay on one of the following subjects:

The educational value of economic studies.
The coming economic age.
Finance, as an engine of social reform.
Economic competition among nations.
The decline of agriculture in Great Britain.
Principles of settlement — Vienna and Versailles.
Incentive in industry.

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**WEDNESDAY, May 30, 1923. 9-12.
TRADE AND FINANCE.**

Before the war the price of gold was fixed at £3. 17s. 10½d. per oz.; now the price varies from day to day. Explain the reasons for this.
Assume that a Capital Levy is successfully introduced reducing War Loan interest by £150 m. per annum, and that rates of Income Tax are reduced so as to diminish their total yield by a like sum. What would be the chief economic effects of these changes?
To what extent can the Bank of England now control inflation and deflation by means of its discount policy?
Consider the probable effects of a tax on sales, e. a tax on turnover, in this country.
What are the principal factors now governing the London-New York exchange?
Given that England is an exporter of machinery, consider the probable effects on this country of the development abroad of a large and efficient exporting engineering industry.
Consider the proposal to meet the cost of a municipal tramway service by a local rate instead of by the collection of fares.
Given a surplus of £50m. of State revenue over State expenditure, contrast the effects of employing this surplus (a) in reduction of debt, (b) in reduction of taxation.
Discuss the problems arising from the present great accumulation of gold in the United States.
“Whether speculation is good or bad depends partly on the speculator, partly on the conditions in which he operates.” Discuss.
Consider the difficulties of stabilizing the value of the dollar.

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**WEDNESDAY, May 30, 1923. 1.30-4.30.
RECENT ECONOMIC AND GENERAL HISTORY OF EUROPE.**

“After Trafalgar the war between England and France was to a great extent waged with economic weapons.” Explain the methods and results of this economic struggle.
What measures were taken by the Congress of Vienna to restore a balance of power in Europe?
“Until the middle of the nineteenth century the economic development of Germany was retarded by both political and economic circumstances.” Illustrate this statement.
Discuss the results of the French Revolution of 1830.
Explain the failure of the revolutionary movement of 1848-9 in Italy.
Do you consider that Austro-Prussian rivalry was the chief obstacle to German unity in the period 1815-1866?
In what sense were the years about 1860 a turning point in the agrarian history of modern France?
“The foreign policy of Napoleon III recoiled upon himself.” Is this the explanation of his downfall?
Explain the part played by the State in the industrial expansion of modern Germany.
Compare either the tariff policy or the colonial policy of Germany and France during the period 1871-1914.
“The great war followed inevitably when Germany abandoned the traditions of Bismarck’s foreign policy.” Examine this view.

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**THURSDAY, May 31, 1923. 9-12.
RECENT ECONOMIC AND GENERAL HISTORY OF THE BRITISH EMPIRE AND THE UNITED STATES.**

“In the early history of both Canada and Australia serious problems were created by the land policy of the government.” Explain and compare these problems.
Compare the position held by the East India Company in India in the years 1783 and 1856.
What were the causes of the break up of South Africa into a group of States in the years 1836 to 1854?
Illustrate the influence of the United States on the economic and political development of Canada.
Compare the difficulties that had to be faced in the federation of the Australian and South African colonies.
What are the causes of famines in India and what measures have been taken to mitigate their severity?
“The making of the constitution was both a more difficult and a more important matter for the United States than winning the war of independence.” Discuss this view.
Explain the reasons why in the United States the Northern and Southern States came to hold different views on the question of slavery.
Discuss the influence of the Civil War on the financial and commercial policy of the United States.
To what principal causes do you attribute the great industrial expansion of the United States since 1880?
In what ways has the settlement of the Pacific Coast influenced the foreign policy of the United States?

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PART II

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**MONDAY, May 28, 1923. 9-12.
ECONOMIC PRINCIPLES.**

“The whole of economic theory is built on the assumption that people always consciously seek their own greatest pleasure: and now that this assumption is discredited, economic theory is in ruins.” Comment.
Examine fully the conditions under which a nation can impose a large part of the burden of a general import tariff on foreigners, and discuss whether, these conditions have any practical importance.
Discuss the theoretical validity, and the practical consequences, of drawing a distinction between an element of cost and an element of surplus in the payments made to the factors of production other than land.
How far does the theory that each factor of production is rewarded according to its marginal productivity appear to you to be applicable to the profits of business enterprise? Would you make any distinction in this respect between the profits of ordinary trade and manufacture and those of speculation in stocks or produce?
In what sense does competitive price tend to equal “marginal” costs and in what sense does it tend to equal “average” costs of production? Explain the bearing of your answer on the problem of fixing the price of a nationalised coal supply.
Explain carefully the connection between the phenomena of increasing return, joint supply and price-discrimination.
In what circumstances, if any, is it justifiable for particular groups of producers (e.g. rubber-growing companies, building trade operatives) to take concerted measures to restrict output?
“That able but wrong-headed man, David Ricardo, shunted the car of economic science on to a wrong line, on which it was further urged towards confusion by his equally able and wrong-headed admirer John Stuart Mill.” Explain and comment on this judgment of Jevons.
Trace the probable economic effects of providing free and universal travelling facilities within Great Britain and paying for them out of general taxation.
A is the only seller and B the only buyer of a certain commodity. At what point will the price of the commodity tend to settle?

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**MONDAY, May 28, 1923. 1½-1½.
PUBLIC FINANCE.**

From what sources can government draw the real revenue required to meet an exceptional and temporary emergency such as a war?
What are the principal factors which determine over a period of years (a) the maximum revenue which a government can raise by taxation for expenditure at home, (b) the maximum amount which it can pay as a tribute to foreign governments?
What truth, if any, is there in the maxim that “an old tax is no tax”?
“An income tax differentiates against saving by striking savings both when they are made and when they yield their fruit.”
An income tax imposes the same burden on income applied to the saving-use as on income applied to the spending-use: hence those who say that it discriminates against saving really mean that it does not discriminate in favour of saving.
Which of these opinions do you accept? and why?
A government has decided to spend a large sum upon an undertaking which will be completed in three years and will therefore probably yield a net annual revenue equal to the interest (at the rate now current) upon its cost. By what economic considerations should it be guided in deciding whether to raise the sum by a loan or by taxation?
A surplus of revenue over expenditure may be used either to pay off part of the national debt or to reduce taxation. In the present circumstances of this country, which course would be more favourable to the economic welfare of the people?
Compare the following three methods of assisting an “infant industry” in respect of (a) their effectiveness, (b) the cost which they impose upon the community adopting them: (1) an embargo on competing imports, (2) a protective import duty, (3) a bounty on home production.
Discuss the probable economic consequences of exempting from local rates for a period of fifteen or twenty years all working-class houses built in this country within the next three years.
Assuming that a service performed by a local authority is to be aided by a grant from the central exchequer, how far should the amount of the grant depend on (a) the amount and quality of the service rendered, (b) the expenditure of the local authority on the service, (c) the wealth of the locality?
Compare the effects of raising revenue by inflating the currency with those of a general tax on expenditure.

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**TUESDAY, May 29, 1923. 9-12.
SUBJECTS FOR AN ESSAY.**

Broadcasting
Economic Justice.
“If indeed all the high talent of the country could be drawn into the service of the government, a proposal tending to that result might well inspire uneasiness.”
Prison and the Prisoner.
“Whither France? Whither Europe?”
International Labour Legislation.

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**TUESDAY, May 29, 1923. 1½-4½.**
STRUCTURE AND PROBLEMS
OF MODERN INDUSTRY.

To what causes do you attribute the present depressed condition of British agriculture? Can you suggest any measures which would promote a revival of this industry without inflicting an economic loss on the community as a whole?
Explain shortly the nature and objects of the system of “deferred rebates” employed by shipping rings. Consider the arguments for and against its legal prohibition.
Describe and account for the form which industrial combination has taken in modern Germany.
In what way and to what extent does an organized produce exchange (a) bear and (b) eliminate the risks of productive industry? Does the Stock Exchange do either?
Classify the principal risks against which insurance is taken out in this country, indicating in each case the type of agency through which insurance is usually effected. Are there any branches of insurance in which a greater measure of State control would promote the economic welfare of the people? Give reasons for your opinion.
Illustrate from the experience of this and other countries the difficulties encountered by self-governing associations of manual workers seeking to undertake business on their own account. In what types of undertaking are these difficulties least serious and by what means can they be reduced?
“Capital and labour have lost the power they once had to attract raw materials; these now attract labour and capital.” Examine this statement in relation to the localisation of industry in the modern world.
Distinguish the various methods by which a nationalised industry might obtain new capital and consider their comparative advantages and disadvantages.
Examine the part played by the wholesale merchant in aggravating or mitigating the cyclical fluctuation of trade.

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**TUESDAY, May 29, 1923. 1½-4½.
STRUCTURE AND METHODS OF GOVERNMENT IN THE MODERN WORLD.**

“It is the special weakness of the American Federation that in a community distinguished above all others for enormous aggregations of capital the machinery for giving effect to the ideal of social justice is less effectual than it is in any other highly-civilized State.” Explain the meaning of this judgment and discuss its truth.
Contrast and account for the part played by political parties in the British and American systems of government.
“Second chambers are the political failure of the British Empire.” Discuss this statement.
Compare and contrast the methods by which the control of the legislature over either foreign policy or public finance is secured in London, Washington and Paris.
“The parts assigned to the President and to the electorate in the new German constitution are wholly incompatible with the Cabinet system of government.” Discuss this statement.
Compare the part played by the permanent official in the English system of central and local administration with that played by him in either France or Germany.
Explain the different uses made of committees in modern legislatures and discuss their value.
What attempts have been made of recent years to improve methods of election to representative bodies, and how far have they proved successful?
“The policy of His Majesty’s Government is that of… the gradual development of self-governing institutions with a view to the progressive realization of responsible government in India as an integral part of the British Empire.” Explain briefly how far this development has proceeded.

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**WEDNESDAY, May 30, 1923. 9-12.
DISTRIBUTION AND LABOUR.**

How far would you consider the following phenomena as evidence that the distribution of income was becoming less unequal, (a) an increase in the number of moderate incomes relatively to the number of large incomes, (b) an increase in the number of estates subject to death duties relatively to the total number of the population?
“If the demand for labour in general were distinctly less elastic than is commonly supposed, a number of commonly accepted doctrines would be exploded.” Discuss this statement and give illustrations of the doctrines referred to.
Under what conditions is it economically advantageous to employers to work their machinery continuously by means of multiple shifts? Consider the effects of a more widespread adoption of this method of working and the reasons why it is not, in fact, more widely adopted.
In what respects does a Whitley Council differ from a Trade Board? Estimate the utility of these two institutions and their probable future.
“Unemployment insurance by industry is attractive in theory, but unworkable in practice.” Comment on this view.
“The payment of different district rates for the same class of work leads to an uneconomic distribution of labour and capital between different districts and is, therefore, economically unsound.” Discuss this statement.
“Men work harder after a fall in wages and less hard after a rise.” “A rise in wages is commonly followed by an increase in the efficiency of labour.” How far can these two statements be reconciled (a) with each other, (b) with the facts?
Give some account of existing arrangements for conciliation and arbitration in British trade disputes. In what respects, if any, do you think that we should copy more closely the arrangements of other countries?
Indicate the chief problems of organisation confronting the British Trade Union movement at the present time.

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**WEDNESDAY, May 30, 1923. 9-12.
POLITICAL THEORY.**

“It is a distinctive trait of medieval doctrine that within every human group it decisively recognises an aboriginal and active Right of the group taken as a whole.” Explain this statement, and show its connection with medieval theories of representation.
If Hobbes’ theory of sovereignty is to-day one of the commonplaces of jurisprudence. ethically and politically we occupy ourselves with erecting about it a system of limitations each one of which is in some sort due to Locke’s perception.”
“Rousseau’s doctrine of the General Will is merely a specious pretext for the coercion of minorities.
“Natural rights are real things, arising from real and permanent facts in our psychology.”
Within what limits do you consider that a government is justified in promoting or discouraging the creation and dissemination of opinion?
What principles should, in your opinion, direct the action of a government in the case of a trade dispute? To what extent, if at all, do these principles require modification where the State, as employer, is party to the dispute?
Examine the implications of the formula “Equality of opportunity,” and discuss its merits as a guide in legislation.
“It is neither possible nor desirable that judges, in administering the law, should be unaffected by current political and social ideas.”
“Liberty, as a principle, has no application to any state of things anterior to a time when mankind have become capable of being improved by tree and equal discussion. Until then there is nothing for them but implicit obedience to an Akbar or a Charlemagne if they are so fortunate as to find one.

______________________________

**WEDNESDAY, May 30, 1923. 1½-4½.
MONEY, CREDIT AND PRICES.**

Explain and illustrate the influence exercised on the general level of prices by changes in the velocity of circulation of bank deposits.
Give an account of the mechanism of dealing in forward exchange, and the forces determining the difference between the spot and forward prices of foreign currencies.
Compare and contrast the banking systems of Great Britain, the United States, and any one other country.
Describe any two index numbers of prices in actual use, and indicate any respects in which it seems to you that they could be improved upon.
Discuss the advisability of immediately abolishing the restrictions on the export of gold from this country in the event of the dollar exchange reaching the pre-war parity.
“The experience of Germany suggests that movements in the exchanges are usually the cause and not the result of changes in the level of prices.” Comment.
Investigate the reasons for which the general level of prices may be permanently higher in one gold standard country than in another.
Discuss the issues raised by the proposal to nationalise the banking system of Great Britain.
Give an account of the gold exchange standard, with special reference (a) to its working in India before the war, (b) to its suitability as a solution of European currency problems.

______________________________

**WEDNESDAY, May 30, 1923. 1.30-4.30.
INTERNATIONAL LAW.**

Discuss the legality of the German submarine campaign during the late war, and whether it suggests any conclusions as to the advisability of drawing up a new code of rules for the future conduct of war at sea.
Suppose Greece made an unprovoked military attack on Bulgaria to-morrow, in what way would the application of the principles of neutrality by other countries differ either from the application which they would have had in June 1914 or from the application which they were given during the Greco-Turkish conflict in 1921 and 1922? Explain the differences.
Discuss the legality of large-scale air-bombardments directed against cities such as London, Paris or Berlin.
What is the mechanism provided in the various Treaties of Protection to racial, religious and linguistic Minorities, or established by the League of Nations, for dealing with complaints that the rights of these minorities have not been observed?
Discuss its efficacy in the light of other proposals put forward and of the history of the protection of racial, religious and linguistic minorities during the 19th century and during the last three years.
“An unprovoked declaration of war is at once the most immoral and the most legal of all crimes.” Discuss this statement.
In what respects does the Permanent Court of International Justice differ from the Permanent Court of Arbitration? In what respects is it an improvement, and in what ways is it likely to improve the general system of international law?
Discuss shortly any three of the following:
1. The Venezuela Boundary dispute.
2. The Newfoundland Fisheries dispute.
3. The Anglo-French dispute concerning the Conscription Laws in Tunis.
4. The pending dispute between Germany and the Allied Powers concerning transit through the Kiel Canal.
5. The “Optional Protocol” attached to the Statute of the Permanent Court of International Justice.
Discuss the proposals which have been made to summon an international conference for the codification of international law, and the relation of these proposals to the question of the obligatory jurisdiction of the Permanent Court of International Justice.
Consider whether the application given to the principle of the Open Door in the A, B, and C Mandates respectively is in strict accordance with the principles laid down in Article 22 of the Covenant of the League of Nations.
Compare the methods adopted for drawing up and bringing into force general international conventions before and since the establishment of the League of Nations, and their results.

______________________________

**THURSDAY, May 31, 1923. 9-12.
ECONOMIC CONDITIONS IN ENGLAND 1823-1828, AND CONTEMPORARY SOCIAL THOUGHT.**

Indicate some of the pitfalls which must be avoided, if an impartial survey of economic conditions is to be derived from the Reports and Evidence of contemporary Parliamentary Papers.
What evidence, if any, is there that the distress of the Hand-loom Weavers was caused by the introduction of machinery?
Illustrate from Huskisson’s Speeches the closeness of the affinity between him and Adam Smith.
What justification is there for calling the early English Socialists “the Ricardian Socialists”?
“Co-operation seeks to put the working classes in that situation where they shall enjoy the produce of their labour, instead of that small part called wages.” (Extract from Address of Robert Owen, Chairman of the First Co-operative Congress.) Show the connection between the purpose of co-operation as thus defined and the future development of the Co-operative Movement in Great Britain.
From what angles did the Emigration Committees of 1826 and 1827 approach their problem; and how far did their recommendations meet the problem which they set out to solve?
How far was Cobbett correct in his view of the reactions of urban growth on rural industries?
Explain exactly the difference between the Combination Acts of 1824 and 1825. On what grounds did the Government defend the modifications introduced by the Act of 1825?
“The real wages of the labourer in a redundant population are no more than according to the habits of the country will enable him to subsist and propagate his race, and he must have the same real wages and will have no more, while the population is redundant, whether the taxes remain or are all repealed.” (PLACE, Diary, 12 Oct. 1826.)
How far is this a legitimate deduction from the teaching of the Classical Economists?

______________________________

**THURSDAY, May 31, 1923. 9-12.
THE THEORY OF STATISTICS.**

Explain what is meant by two attributes being “associated”; give more than one test of association, and prove the principal properties of the fourfold table (association table).
“In selecting an index-number formula the purpose to which it is put is immaterial.” Discuss this.
Explain the uses of a measure of dispersion, define the principal measures and briefly discuss their relative advantages.
Find the mean and standard-deviation of the following distribution.

Marks	Candidates
10—19	2
20—29	5
30—39	10
40—49	23
50—59	34
60—69	22
70—79	3
80—89	1
Total	100

State the product-sum formula for the correlation coefficient, deduce its principal properties and describe the form of the arithmetic when calculating the coefficient for a grouped correlation table.
The coefficient of correlation between age at death of father and age at death of son is found to be 0.14: for a character determined solely by hereditary constitution it is estimated that the correlation should be 0.5. Supposing that N deaths can be sorted into two distinct classes, in pN of which the age is determined solely by hereditary constitution, and in (1 – p)N of which the age is purely a matter of chance, find the value of p required to reduce the correlation from 0.5 to 0.14.
If w₀, w₁, w₂, are the numbers living in three successive ten-year age-groups; u₀, u₁, u₂, u₃, u₄, u₅ the numbers in the corresponding five-year age-groups, so that

w₀= u₀+ u₁, w₁= u₂+ u₃, w₂= u₄+ u₅

show, using Newton’s formula of interpolation, that we may take approximately

u₂= (1/2) w₁+ (1/16)( w₀ – w₂).

What is meant by “standardising” a birth-rate or death-rate? Discuss the possible methods of standardising birth-rates, and their difficulties.
Find the standard error of sampling of (a) the arithmetic mean, (b) the median, and show for what forms of frequency distribution the median will be relatively more stable than the mean.
Explain the problem to be solved in constructing a life-table and the meaning of the columns usually headed l_x, p_x, q_x, d_x, and m_x, giving the principal relations between these quantities.
Supposing that you already possessed tables showing, for a series of districts, the death-rates for quinquennial age-groups 0-5, 5-10, 10-15, etc., discuss how far the construction of the corresponding life-tables would tend to throw any further light on the differences between them.
Describe and discuss the methods used for investigating, with the aid of the coefficient of correlation, the relations between two quantities varying with the time.

Source: Cambridge University. Economics Tripos Papers, 1921-1926. With the papers set in the Qualifying examinations 1925 & 1926. Cambridge at the University Press 1927, pp. 40-58.

Image Source: Kings College, Cambridge England. Library of Congress Prints and Photographs Division, Washington, D.C. 20540.

Tags Tripos

Econometrics Exam Questions Harvard Suggested Reading Syllabus

Harvard. Introduction to Econometrics, Syllabus and Final Exam. Sims, 1967-68

Post author By Irwin Collier
Post date 2024-10-24

Christopher A. Sims, portrait from his senior year

Christopher Sims was awarded a Ph.D. in economics from Harvard in February 1968 and in the Spring term of 1967-68 he still taught at the rank of “Instructor in Economics” (Note: he was promoted to assistant professor of economics beginning with the Fall term of 1968-69). We see from the official course announcement for the 1967-68 academic year that the staffing of the undergraduate introduction to econometrics course had not been determined until some time after the printing of the course announcements.

An earlier post provides the course syllabus and partial reading list for Sims’ graduate course on time series econometrics.

_______________________________

Course Announcement

Economics 195. Introduction to Econometrics.

Half course (spring term). Tu., Th., S., at 11. Dr. ——

Statistics applied to testing of economic hypotheses and estimation of economic parameters. Will center on multiple regression and analysis of variance techniques and their application to tests on time series and cross-section data and to estimation of simultaneous equation models.

Prerequisite: Statistics 123 [Statistics in the Social Sciences] or equivalent.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction, Harvard and Radcliffe, 1967-1968. Pp. 127-128.

_______________________________

Course Outline and Reading List

Dr. Sims
Spring 1968

Economics 195
Reading List and Outline

Alternative texts

Carl F. Christ, Econometric Models and Methods, Wiley, 1967
or
J. Johnston, Econometric Methods, McGraw-Hill, 1963

Other references not required for purchase:

Arthur S. Goldberger, Econometric Theory, Wiley, 1964

E. Malinvaud, Statistical Methods of Econometrics, Rand-McNally, 1966

Other required purchases:

National Income and Product of the U.S., 1929-65, U.S. G.P.O.

Economic Report of the President, 1968, U.S. G.P.O. (This may not be available until a few weeks after the semester begins.)

Some source of statistical tables — the F, t, normal and chi-squared distributions — will be necessary. Christ includes such tables. If you buy Johnston instead and you own no other source of tables, adequate sources are:

Tables for Statisticians, Barnes and Noble, or

Standard Mathematical Tables, Chemical Rubber Publishing Co.

Course Outline

Unstarred readings are passages which should parallel part of what is covered in class.

(*) Readings which are required and which may not be covered in class.
(**) optional readings.

Least squares in econometrics.
1. Abstract models which justify LS.
2. How such Models arise in economics: structural models and conditional forecasts.

Johnston, p. 13-29, 106-112

Goldberger, p. 156-165, 179-80, 266-74, 278-80, 288-304.

Christ, Ch. VIII, IX.1-4, IV.4-6

Tests of linear hypotheses in regression models

Johnston, p. 112-138

Goldberger, p. 172-180

Christ, p. 495-514

Constructing models: Principles, gimmicks, and pitfalls.
1. Models in general: Data transformations; altering specifications in the light of results.
2. Time series forecasting models: Multicollinearity; distributed lags; lagged endogenous variables.

Christ, Ch. V

Johnston, p. 201-207, p. 212-221

Goldberger, p. 192-4

(*) Christ, p. 579-606

(*) Friend, Irwin and Robert C. Jones, “Short-Run Forecasting Models” in Models of Income Determination.

(*) Orcutt, G.H., and S.F. James, “Testing the Significance of Correlations between Time Series”, Biometrika 12/48

(**) National Bureau of Economic Research, The Quality and Significance of Economic Anticipations Data, 1960.

(**) National Bureau of Economic Research, Short Term Economic Forecasting (Studies in Income and Wealth, v. 27)

(**) National Bureau of Economic Research, Models of Income Determination (Studies in Income and Wealth, v. 28)

Refinements of multiple regression
1. Nonspherical disturbances and generalized least squares.

Christ, IX.5, IX.13

Goldberger, p. 201-212, 231-243

Johnston, Ch. 7

Zellner, A. “An Efficient Method for Estimating Seemingly Unrelated Regressions”, J. Amer. Stat. Assoc., 6/62

(**) Balestra, P. and M. Nerlove, “Pooling Cross-Section and Time Series Data in the Estimation of a Dynamic Model”, Econometrica, 7/66

1. Errors in variables and instrumental variable estimation.

Goldberger, p. 282-287

1. Dummy variables and analysis of variance

Goldberger, p. 218-231

Johnston, p.221-228

1. Distributed lag estimation

Johnston, Ch.8.3

Goldberger, p. 274-8

Almon, S. “The Distributed Lag between Capital Appropriations and Expenditures”, Econometrica, 1/65

(**) Mundlak, Y., “Aggregation over Time in Distributed Leg Models”, Int. Econ. Rev. 5/61

(**) Jorgenson, D., “Rational Distributed Lag Functions”, Econometrica, 1/66

Testing Revisited
1. Serial correlation; the Durbin-Watson Statistic

Johnston, Ch.7.4

Christ, Ch.X.4

Goldberger, p. 243-244

Nerlove, M., and Wallis, K., “Use of the Durbin-Watson Statistic in inappropriate situations”, Econometrica, 1/66

1. Tests of structural stability and forecast accuracy

Johnston, Ch.4.4

Christ, Ch. X.6, 7, 9

Goldberger, p. 169-70, 210-11

(**) Theil, H., Applied Economic Forecasting.

(**) Sims, C. “Evaluating Short-term Macro-economic Forecasts: The Dutch Experience”, Rev. Econ. and Stat. 5/67

Estimation and testing in simultaneous equations models
(Reading assignments for this section will be made when it is reached in class).

Possible Additional. Topics
(Readings for topics in this section will be assigned when and if they are reached in class.)
1. Bayesian regression
2. Nonlinear regression
3. Principal components and discriminant analysis
4. Spectral analysis

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 9. Folder “Economics, 1967-68”.

_______________________________

Final Examination
Economics 195

Spring 1968
Dr. C. Sims

Do all questions on the exam. Do not spend more than the suggested amount of time on any one question, unless you have time left over at the end. Most questions include at least some quite difficult parts, so you need not finish every question to get a good grade. Formulas and a table appear on the last page.

(Time: 25 minutes)

1. Define the terms “consistent estimator” and “unbiased estimator”.
2. We wish to estimate a scalar parameter β, and we have available four estimators, b_i(n), 1=1, … 4, where n is sample size.
  Suppose we know that these estimators have the forms

b₁(n) = β + (1 + ν) / n

b₂(n) = β + 2 ν /n

b₃(n) = β + ν /200

b₄(n) = β (1 + (ν / n)),

where ν ∼ N(0,1). For each of the four estimators, tell whether it is consistent or inconsistent, biased or unbiased.

1. Among the three estimators b₁(n), b₂(n) and b₃(n), which is the minimum variance unbiased estimator for a sample of size 10? Would your answer change if b₄(n) were included in the comparison?

(Time: 40 minutes)
We are interested in measuring the relationship between I.Q. and income using the relationship:

y_i(t) = α + β x_i(t) + ν_i(t)

where y_i(t) is the income and x_i(t) the I.Q. of the i’th individual at time t. The variable ν_i(t) is an unobserved random term assumed to satisfy E [ν_i(t) | x_i(t)] = 0.

1. Suppose we have observations on y_i(t₀) and x_i(t₀) for a large cross-section of individuals at a single time (t=t₀). What additional assumptions are necessary to guarantee that least squares regression of y on x in this sample will yield unbiased estimates of α and β? Comment briefly on the reasonableness of these assumptions in this context.
2. Suppose we have observations on y₀(t) and x₀(t) for a single individual (i=0) for a large number of time periods. What additional assumptions are necessary to guarantee that least squares regression of y on x in this sample will yield unbiased estimates of α and β? Comment briefly on the reasonableness of these assumptions in this context.
3. For a given sample size, which would you expect to yield more reliable estimates for this model — a cross-section as in part (a) or a time series on an individual as in part (b)? Why?
4. Give sufficient conditions for the regression in part (b) to yield consistent estimates of α and β. Comment briefly on the reasonableness of these assumptions in this context.

(Time: 35 minutes)

Economist A believes an individual’s savings in a given year depend only on his mean income over the current year and the preceding year, i.e.,

$\bar{y}_{i} =\left( 1/2 \right) \left( y_{i}+y_{i}\left( -1 \right) \right).$

Economist B believes savings depend only on the change in income between the current and the preceding year, i.e.,

$\Delta y_{i}=y_{i}-y_{i}\left( -1 \right) .$

They take a sample of 20 randomly selected individuals and regress savings (s_i) on current and lagged income
(y_iand y_i(-1)) with no constant term to obtain

1) s_i = .08 y_i – .02 y_i(-1) + residual

as an estimated equation. Their computer printout contains in addition the following information:

$\sum y_{i}^{2}=5;$ $\sum y_{i}\left( -1 \right)^{2} =5;$ $\sum y_{i}y_{i}\left( -1 \right) =4;$

$\sum s_{i}y_{i}=.32;$ $\sum s_{i}y_{i}\left( -1 \right) =.22;$ $\sum s_{i}^{2}=.0374;$

$\hat{\sigma}^{2} =\ .0009$

$(\hat{\sigma}^{2} =\ \text{equation residual variance, unbiased estimate).}$

Formulate A’s and B’s theories as hypotheses about the coefficients in (1) and compute a test of each theory at the 5% level of significance in a two-tail test. Can either hypothesis be rejected at this significance level? State the assumptions about the distribution of the residuals in the model which are necessary to justify the test you use here.

(See table on last page)

(Time: 40 minutes)
1. Two of the following cannot be covariance matrices. Which two? (Point out what’s wrong with each of the two). (7 minutes)
  1. $\left[ \begin{matrix}4&1\\ 1&2\end{matrix} \right]$
  2. $\left[ \begin{matrix}4&-1\\ -1&4\end{matrix} \right]$
  3. $\left[ \begin{matrix}4&1\\ -1&4\end{matrix} \right]$
  4. $\left[ \begin{matrix}1&-3\\ -3&3\end{matrix} \right]$
  5. $\left[ \begin{matrix}1&0\\ 0&1\end{matrix} \right]$

1. What is multicollinearity? (7 minutes)
2. What is a Koyck distributed lag relationship? (7 minutes)
3. What is an Almon polynomial distributed lag relationship? (7 minutes)
4. What are some advantages and disadvantages of the Koyck as compared to the Almon distributed lag relationship for purposes of econometric model-building? (12 minutes)

(Time: 45 minutes)

Consider the following model of income and employment determination in New England:

[demand for output] (A) Y = a₁ + b₁ Y_us + c₁W + ν₁

[demand for labor] (B) E = a₂ + b₂ Y + ν₂

[wage determination] (C) W = a₃ + b₃ (L – E) + ν₃

[labor supply] (D) L = a₄ + b₄t + c₄W + d₄ E + ν₄

where Y is aggregate income in New England

L is labor force (number at work or looking for work in New England)

E is employment (number actually at work in New England)

W is the ratio of New England wages to the national average.

Y_us is aggregate U.S. income.

t is the current year.

ν_i, i = 1, . . ., 4 are random disturbances.

1. Which variables are most reasonably treated as endogenous, which as exogenous in this model?
2. Would any of the variables you specify as exogenous possibly be better treated as endogenous in a larger model? Why?
3. Using the order criterion, which equations in the model are under-identified? over-identified?
4. Describe briefly in words the simplest way to obtain consistent estimates of equation (A) (under the usual assumptions about distribution of residuals).
5. Suppose you discovered that the residuals from equation (A) were highly correlated with federal defense expenditures. How would you modify the model? How would this modify your answer to part (c)?

Table and Formulae	t-statistic
	P[ \|t\| > x]
Degrees of Freedom	.1	.05	.01
2	2.920	4.303	6.965
8	1.860	2.306	2.896
14	1.761	2.145	2.624
15	1.753	2.131	2.602
16	1.746	2.120	2.583
17	1.740	2.110	2.567
18	1.734	2.101	2.552
19	1.729	2.093	2.539
20	1.725	2.086	2.528

Ordinary least squares

$\hat{b} =\left( X^{\prime}X \right)^{-1} X^{\prime}Y$

$V\left( \hat{b} \right) =\sigma^{2} \left( X^{\prime}X \right)^{-1}$

$\hat{\sigma}^{2} =\left( Y^{\prime}Y-\hat{b}^{\prime} X^{\prime}Y \right) /\left( n-k \right)$

t-test on $H_{0}:\ c^{\prime}b = M$

$t=\frac{c^{\prime}b-M}{\sqrt{\hat{\sigma}^{2} \left( X^{\prime}X \right)^{-1}}}$

Source: Harvard University, Faculty of Arts and Sciences. Papers Printed for Final Examinations [for] History, History of Religions, Government, Economics, … (June 1968).

Image Source: Christopher A. Sims ’63 in Harvard Class Album 1963. From the Harvard Crimson article “Harvard and the Atomic Bomb,” by Matt B. Hoisch and Luke W. Xu (March 22, 2018). Sims was a member of the Harvard/Radcliffe group “Tocsin” that advocated nuclear disarmament.

Tags SimsCA

Exam Questions Harvard History of Economics

Harvard. Exams for history of economics to 1848. Bullock, 1907-1908

Post author By Irwin Collier
Post date 2024-10-21

The semester exam questions for the fifth time Charles Jesse Bullock taught this history and literature of economics through 1848 at Harvard. He also covered the field of public finance. Guess which field is not really taught much any more…

__________________________

Earlier versions of the course
by year and instructor

1899-1900. The History and Literature of Economics to the close of the Eighteenth Century. [William James Ashley]

1901-02. History and Literature of Economics, to the opening of the Nineteenth Century. [Charles Whitney Mixter]

1903-04. History and Literature of Economics to the opening of the Nineteenth Century [Charles Jesse Bullock]

1904-05. History and Literature of Economics to the year 1848. [Charles Jesse Bullock]

1905-06. History and Literature of Economics to the year 1848. [Charles Jesse Bullock]

1906-07. History and Literature of Economics to the year 1848 [Charles Jesse Bullock]

__________________________

History and Literature of Economics to the year 1848

Course Enrollment
1907-08

Economics 15. Asst. Professor Bullock. — History and Literature of Economics to the year 1848.

Total 7: 7 Graduates.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Mid-Year Examination, 1907-08

Describe the development of theories of commerce from the time of Aristotle to that of the Schoolmen.
Compare the Republic of Plato with More’s Utopia.
Give an account of the economic opinions of Xenophon.
Describe the development of the doctrine of usury from the time of Aristotle to the year 1500.
What do you think of Ingram’s treatment of the economic thought of the Middle Ages?
How did Aristotle classify the various branches of the art of acquisition?
How far would Aristotle’s classification of the various branches of the art of acquisition harmonize with the views of the Schoolmen concerning the various branches of industry and trade?
What is your opinion of the Scholastic doctrine concerning usury?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

ECONOMICS 15
HISTORY AND LITERATURE OF ECONOMICS.
Year-end Examination, 1907-08

What connection can be traced between the economic thought of the sixteenth century and that of the thirteenth and fourteenth centuries?
What traces of Aristotle’s influence can be seen in the political and economic theories of Adam Smith?
What doctrines concerning money can be found in the writings of Aristotle, the Schoolmen, Davanzati, and Hume?
Write a brief account of economic thought in England, France, and Italy from 1540 to 1590.
Write a brief survey of the condition of economic thought in England, France, Germany, and Italy about the middle of the eighteenth century.
Compare the opinions of Thomas Mun with those of two earlier and two later English Mercantilists.
What was Turgot’s theory of distribution?
At what points did Smith’s theory of distribution differ from that of Turgot?
Describe the progress of Smith’s doctrines in France and Germany up to the year 1850.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), pp. 38-39.

Image Source: Jean-Antoine Houdon’s bust of Anne Robert Jacques Turgot (1727-1781). Boston, Massachusetts, Museum of Fine Arts.

Tags Bullock

Exam Questions Harvard History of Economics

Harvard. History of Economics through 1848. Bullock, 1905-1906

Post author By Irwin Collier
Post date 2024-10-16

For some reason this course was inadvertently skipped over when I was posting the 1905-06 Harvard exams earlier. Charles Jesse Bullock was responsible for the fields of public finance and the history of economic thought in the department during the first decades of the twentieth century. There’s more to come.

__________________________

Earlier history of economics exams
by year and instructor

1899-1900. The History and Literature of Economics to the close of the Eighteenth Century. [William James Ashley]

1901-02. History and Literature of Economics, to the opening of the Nineteenth Century. [Charles Whitney Mixter]

1903-04. History and Literature of Economics to the opening of the Nineteenth Century [Charles Jesse Bullock]

1904-05. History and Literature of Economics to the year 1848. [Charles Jesse Bullock]

__________________________

Course Enrollment
1905-06

Economics 15. Asst. Professor Bullock. — History and Literature of Economics to the year 1848.

Total 7: 7 Graduates.

Source: Harvard University. Report of the President of Harvard College, 1905-1906, p. 73.

__________________________

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Mid-Year Examination, 1905-06

What did Aristotle say concerning the following topics: commerce, money, usury, value?
What economic topics were discussed by the Roman writers?
Trace briefly the development of the political and economic theories of the Schoolmen.
Upon what grounds do modern writers defend the prohibition of usury during the Middle Ages?
What is your opinion of the theories by which the prohibition was upheld?
Give some account of the economic opinions of Carafa.
In the economic writings of the sixteenth century, so far as you are acquainted with them, what evidence do you find of continuity in the development of economic doctrine?
Give an account of the economic opinions of John Hales?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1905-06.

__________________________

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Year-end Examination, 1905-06

What traces of Aristotle’s influence have you found in the economic literature of the sixteenth, seventeenth, and eighteenth centuries?
What traces of Scholastic influence can be found in the economic literature of the sixteenth and seventeenth centuries?
Give a brief account of the writings and economic opinions of any three of the following men: Misselden, North, Locke, Vanderlint, Decker, and Hume.
Write a brief account of the progress of economic thought in Italy from 1500 to 1770.
Write a brief account of the rise and progress of Cameral Science in Germany.
To what extent were the Physiocrats indebted to previous economic thought?
What were the chief influences that contributed to the development of Adam Smith’s system of economic doctrine?
Compare the “Wealth of Nations” with the “Lectures upon Justice, Police, Revenue, and Arms.”

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 8, Bound volume: Examination Papers, 1906-07; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1906), pp. 40-41.

Tags Bullock

Exam Questions Harvard Transportation

Harvard. Railroad economics. Daggett, 1907-1908

Post author By Irwin Collier
Post date 2024-10-16

Stuart Daggett (1881-1954) wrote his Harvard economics dissertation under William Z. Ripley and went on to become Professor of Transportation on the Flood Foundation at Berkeley.

While at Harvard Daggett co-taught the survey course on the economics of corporations with Ripley a couple of times and the economics of transportation with him several times. Daggett taught the course on railroad practice by himself which was offered for the first time 1906-07.

__________________________

Ph.D. Thesis

Stuart Daggett. A.B. [Harvard] 1903, A.M. [Harvard] 1904. Instructor in Economics. Ph.D. in Economics 1906. Thesis: Railroad Reorganization.
Source: Harvard University. Report of the President of Harvard College 1905-1906, p. 147.

Railroad Reorganization by Stuart Daggett, Ph.D. Instructor in Economics in Harvard University. Boston: Houghton, Mifflin and Company, 1908.

__________________________

From the 1927 Berkeley Yearbook

A personal interest in the affairs and problems of the students enrolled in the College of Commerce has characterized the administration of Stuart Daggett, who was appointed Dean of that College in 1918.

Not only have individuals received assistance and encouragement from him, but many of the college organizations have benefited by his interest and suggestions. The Commercia, the monthly publication of the Commerce students, first moved from a needed storeroom in Budd Hall to a single desk in the Commerce office, and finally found a permanent home through the efforts of Dean Daggett. When the Physics Department was moved to its present quarters, leaving South Hall to be occupied by the Department of Economics and College of Commerce, the present Commerce Club Rooms building was being used as the physics machine shop. This Dean Daggett succeeded in procuring as an office for the Commercia, and as club rooms for the Commerce Association, the foremost social organization of the college. By some effort, the club house has been kept sacred to the students of the College of Commerce. During the campaign for Amendment 10, when the University was looking for some central location from which to conduct the drive, the Commerce Association offered the use of their rooms to President Campbell, thus furnishing a convenient location.

Dr. Daggett attended Harvard University, from which institution he received the degrees of A.B in 1903, and M.A. the next year, and a Ph.D. in 1906. He instructed in economics at the same university for two years after receiving the last degree. In 1909, he became an assistant professor on the University of California faculty; in 1913 was made associate professor; and finally, in 1917, became professor of railway economics on the Flood Foundation. The next year he succeeded Henry R. Hatfield as Dean of the College of Commerce.

Source: University of California, Berkeley. Blue and Gold 1927, p. 25.

__________________________

Railroad Practice
1907-08

Course Enrollment
1907-08

Economics 17 ²hf. Dr. [Stuart] Daggett. — Railroad Practice.

Total 34: 2 Graduates, 11 Seniors, 16 Juniors, 4 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

ECONOMICS 17
Year-end Examination, 1907-08

The following items appear on the balance sheet of a Boston & Maine agent located at one of that road’s junction points:—
1. Advanced charges on freight forwarded.
2. Prepaid charges on freight forwarded.
3. Prepaid beyond on freight forwarded.
4. Prepaid beyond on freight received.
5. Cash remitted treasurer.
6. Collect charges on freight received.
7. Drafts on treasurer for advances.

Arrange the above to show the debits and credits to the agent. How would the charges on a collect shipment sent to an interior junction point, such as Nashua, be handled in the station accounts of that junction point?

The following waybills from Providence, R.I., may have been reported to the Boston & Maine by the New Haven as representing freight turned over to the former at Boston for delivery to Boston & Maine stations:—

Destination	Articles	Weight	Rate	Freight	Advance	Prepaid
Portsmouth, N.H.	Blackboards, boxed	30,000	16	$48.00	$4.00	$52.00
Portland, Me.	Hods	20,000	19	38.00	2.00
North Adams, Mass.	Lamps	5,000	30	15.00	3.00	8.00

Assume that the New Haven is entitled to one-half the through rate on (1), to one-third of the through rate on (2), and to one-quarter of the through rate on (3), and that settlements between the two roads have been made on this basis. It subsequently is discovered that the shipments reported never reached the Boston & Maine. What money must be refunded in each case, and to which road is the refund due?

Suppose the shipments referred to in (2) had come to the Boston & Maine from the Maine Central or from the New York Central. Could the same mistake have occurred? If from the Maine Central, how would the balances between the handling roads have been ascertained and settled? Explain fully.
How would a car record have been kept if the shipment had been between two points on the Great Northern Railway? How if the shipment had been of manifest fast freight on the Illinois Central Railroad?
At what speed, according to some recent estimates, could this freight most economically have been handled? Explain the way the estimates were arrived at, and discuss the principal elements of cost due to high speed.
How might the shipment have been handled after its arrival
1. at the terminal yards at point of destination;
2. at the terminal station?

Draw a diagram of an infreight and of an outfreight house, and explain the reasons for any difference in construction.

Would the shipment between Providence and Portland have come under the jurisdiction of any railroad traffic association? Describe the organization and scope of
1. The American Railway Association;
2. The Southeastern Freight Association;
3. The Western Classification Committee?
How far do the arguments for demurrage charges justify the imposition of reciprocal demurrage charges? Describe

1. The method by which demurrage charges are kept watch of and collected.
2. The present situation in the matter of reciprocal demur-rage.

Analyze the statistics of accidents on railways in the United States. What measures have been taken to reduce accidents, and with what results?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), pp. 41-43.

Image Source: University of California, Berkeley. Blue and Gold 1927, p. 25. Colorized at Economics in the Rear-view Mirror.

Tags Daggett, Ripley

Exam Questions Harvard Public Finance

Harvard. Public finance and taxation exams. Bullock, 1907-1908

Post author By Irwin Collier
Post date 2024-10-15

Early twentieth century public finance and taxation courses at the Harvard economics department belonged to the domain of Charles Jesse Bullock (1869-1941). He regularly examined economics graduate students to certify that they demonstrated having a reading knowledge of French and German.

________________________

Bullock’s earlier public finance exams
at Harvard

1901-02. Economics 7a and 7b. Financial administration; taxation [undergraduate]

1903-04. Economics 16. Financial history of the United States

1904-05. Economics 7a. Introduction to public finance [undergraduate]

1904-05. Economics 7b. Theory and methods of taxation [undergraduate]

1904-05. Economics 16. Financial history of the United States.

1905-06 Economics 7. Public finance [undergraduate]

1905-06 Economics 16. Public finance [advanced]

1906-07 Economics 16. Public finance and taxation

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

From 1906: Selected Readings in Public Finance edited by Charles Jesse Bullock (Boston: Inn & Company).

From 1910: Short bibliography on public finance “for serious minded students” by Bullock

________________________

Course Enrollment, Public Finance
1907-08

Economics 16a ¹hf. Asst. Professor Bullock. — Introduction to Public Finance

Total 33: 6 Graduates, 12 Seniors, 7 Juniors, 7 Sophomores, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

ECONOMICS 16a
INTRODUCTION TO PUBLIC FINANCE
Mid-year Examination, 1907-08

What were the causes of the increase of public expenditures in the nineteenth century?
Compare the opinions of Adam Smith and Rau concerning public domains.
Discuss the financial results of the United States Post Office.
What have been the financial results of public ownership of railroads?
Describe the organization of the United States Treasury Department.
Describe the budgetary practice of American municipalities.
For what purposes is it proper that a municipality should borrow money?
Discuss the proposition that loans are drawn from the capital of a country and that taxes come from income.
State and criticise Dr. Price’s theory of sinking funds.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), p. 39.

________________________

Course Enrollment, Taxation
1907-08

Economics 16b ²hf. Asst. Professor Bullock. — The Theory and Methods of Taxation

Total 59: 7 Graduates, 18 Seniors, 22 Juniors, 9 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

ECONOMICS 16b
THEORY AND METHODS OF TAXATION
Year-end Examination, 1907-08

From a practical point of view what is to be said concerning progressive taxation?
What can be said concerning the incidence of the following taxes: the property tax levied by Massachusetts upon machinery, upon merchandise, and upon livestock; and the corporate franchise tax on street railways?
Discuss the experience of American states in taxing: (a) tangible personal property; (b) intangible personal property.
State and discuss three cases of double taxation which often occur in the United States.
What do you think of the proposition that a tax on the income of land is a tax on land, and therefore a direct tax under the provisions of the Constitution of the United States?
What taxes would be paid by a French manufacturer who owned all the property, real and personal, employed in his business? What would be paid by an English manufacturer similarly situated?
Compare excise taxation in Great Britain with excise taxation in France.
Enumerate and discuss four constitutional limitations upon the taxing power of the legislature of Massachusetts.
Compare national taxation in Great Britain with national taxation in the United States.
What do you think of the expediency of employing taxation as an instrument of social reform?

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), p. 40.

Image Source: Library of Congress. Puck, 23 June 1909. “The fountain of taxation”. Published by Keppler & Schwarzmann, Puck Building.

A large fountain with four basins, at top, supported by a crown and scepters, is a basin labeled “Millionaire”, next resting on a cornucopia is “Well-To-Do”, then the “Middle Class” basin supported by an octopus, and at the bottom is the largest basin labeled the “Laboring Class”. The fountain is standing on a platform labeled “Tax System”; the water, cascading from top down is labeled “Burden of Taxation”.

Tags Bullock

Exam Questions Harvard Socialism

Harvard. Exam questions for Social Reform, Socialism, Communism. Carver, 1907-1908

Post author By Irwin Collier
Post date 2024-10-13

Harvard’s Thomas Nixon Carver, individualist to a fault, played less a devil’s advocate in his courses on social economic reform than he engaged with the theories behind the social movements of his time to disabuse his students’ of the economic schemes of reformers and revolutionaries that attracted them like moths to a flame.

While Bakunin, Marx and George are seen in the Rear-view Mirror of today, they were still objects seen in the side-view mirrors of Carver’s time — objects he probably believed to be closer than they appeared. In any case, objects to avoid for safety’s sake.

__________________________

Previously posted

Pre-Carver:

Exams and enrollment figures for economics of socialism and communism taught by Edward Cummings (1893-1900).

Carver’s courses

1901-02. co-taught with Frederick Alexander Bushée. Economics 14. Socialism and Communism
1902-03. Includes exam with the linked reading list.
1904-05
1905-1906
[1906-1907, on European sabbatical]
1910.Brief bibliography for serious students on the economics of socialism
1919-20, second term. Economics 7^b. Socialism. [Final exam]

Post-Carver:

Edward S. Mason (1929)
Paul Sweezy (1940)
Wassily Leontief (1942-43)
Joseph Schumpeter (1943-44)
Overton Hume Taylor (1955)

________________________

Course Enrollment
1907-08

Economics 14b ²hf. Professor Carver. — Methods of Social Reform. Socialism, Communism, the Single Tax, etc.

Total 20: 5 Graduates, 7 Seniors, 7 Juniors, 1 Sophomore.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

________________________

ECONOMICS 14b
Mid-year Examination, 1907-08

In what particulars does the socialist movement resemble a religious rather than a rationalistic movement?
What are the leading doctrines of “Orthodox Socialism”?
In what particulars are socialism and anarchism alike, and in what particulars are they unlike?
State and comment upon Karl Marx’s theory as to the origin of capital and of interest.
Compare the single tax movement and the socialist movement.
Have you any clearly defined conclusion as to the proper, or logical, limits of state enterprise? If so, explain. If not, state the difficulty in the way of arriving at such a conclusion.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), p. 38.

Images: Mikhail Bakunin, Karl Marx, Henry George from the Manuscripts and Archives Division, The New York Public Library. New York Public Library Digital Collections.

Tags Carver

Distribution Exam Questions Harvard

Harvard. Exam for Distribution of Wealth. Carver, 1907-1908

Post author By Irwin Collier
Post date 2024-09-22

Thomas Nixon Carver was originally hired by Harvard for his work in economic theory. His course portfolio expanded to cover agricultural economics, sociology, economic reform schemes, and methodology, but his course on distribution probably is the best single reflection of his core economic understanding (beliefs?) regarding economic theory.

________________________

From earlier semesters

1904-05
1905-06

The course content is undoubtedly captured in Carver’s 1904 book The Distribution of Wealth which was reprinted several times during his lifetime.

________________________

Course Enrollment
1907-08

Economics 14a ¹hf. Professor Carver. — The Distribution of Wealth.

Total 19: 5 Graduates, 4 Seniors, 5 Juniors, 2 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

________________________

ECONOMICS 14a
Mid-year Examination, 1907-08

Assuming that the labor of a man and team, with the appropriate tools costs the farmer the equivalent of 5 bushels a day, how many days could he most profitably devote to the cultivation of each of the four fields described in the following table:—

Number of days’ labor of a man and team with the appropriate tools.	Total product, in bushels, of each of four fields under varying applications of labor.
	Field A	Field B	Field C	Field D
5	50	45	40	35
10	150	140	130	125
15	270	255	240	220
20	380	360	300	270
25	450	420	350	310
30	510	470	390	340
35	560	510	420	360
40	600	540	440	375
45	630	560	450	385
50	650	575	455	390

Assuming that the relation of the labor supply to the land supply is such that for four fields like those assumed in the table there are 130 days labor of the kind assumed, what, in bushels, would be the normal rate of wages — i.e., what is the highest rate of wages at which the farmers could find it more to their advantage to employ all the labor than to leave some of it unemployed.
Under the conditions assumed in Problem 2, how much, approximately, would the total product of the community be reduced if field A were withdrawn from cultivation.
Exactly what do you understand by capital and how does it come into existence.
How, if at all, is the supply of capital related to the rate of wages? What authors have you read upon this point and how does your opinion compare with theirs?
What do you understand by the standard of living, and how does it affect wages?
How is the productivity of an instrument of production determined? How is its value determined? How and where, in the process of valuation, does interest arise?
What is the risk theory of profits? What writers, among those whom you have read, hold to this theory, and how do their views compare?
What classes of incomes do you regard as earned, and what as unearned? Justify your position.
What are the leading theories, so far as you have studied, as to how wealth ought to be distributed? Which do you prefer? Why?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: Portrait of Thomas Nixon Carver from the Harvard Class Album 1913. Colorized and enhanced by Economics in the Rear-view Mirror.

Tags Carver

On Harold W. Kuhn

MEMORANDUM

PRINCETON UNIVERSITY

Department of Economics Mathematics Examination

October 26, 1960

Ph.D. Qualifying Examination Four Hours

Monetary Economics

Links to the 1923 Exams

Earlier and later Economics Tripos

PART I

MONDAY, May 28, 1923. 9-12. ENGLISH ECONOMIC HISTORY.

MONDAY, May 28, 1923. 1.30-4.30. INDUSTRY AND LABOUR.

TUESDAY, May 29, 1923. 9-12. ECONOMIC THEORY (VALUE AND DISTRIBUTION).

TUESDAY, May 29, 1923. 1.30-4.30.

WEDNESDAY, May 30, 1923. 9-12. TRADE AND FINANCE.

WEDNESDAY, May 30, 1923. 1.30-4.30. RECENT ECONOMIC AND GENERAL HISTORY OF EUROPE.

THURSDAY, May 31, 1923. 9-12. RECENT ECONOMIC AND GENERAL HISTORY OF THE BRITISH EMPIRE AND THE UNITED STATES.

PART II

MONDAY, May 28, 1923. 9-12. ECONOMIC PRINCIPLES.

MONDAY, May 28, 1923. 1½-1½. PUBLIC FINANCE.

TUESDAY, May 29, 1923. 9-12. SUBJECTS FOR AN ESSAY.

TUESDAY, May 29, 1923. 1½-4½. STRUCTURE AND PROBLEMS OF MODERN INDUSTRY.

TUESDAY, May 29, 1923. 1½-4½. STRUCTURE AND METHODS OF GOVERNMENT IN THE MODERN WORLD.

WEDNESDAY, May 30, 1923. 9-12. DISTRIBUTION AND LABOUR.

WEDNESDAY, May 30, 1923. 9-12. POLITICAL THEORY.

WEDNESDAY, May 30, 1923. 1½-4½. MONEY, CREDIT AND PRICES.

WEDNESDAY, May 30, 1923. 1.30-4.30. INTERNATIONAL LAW.

THURSDAY, May 31, 1923. 9-12. ECONOMIC CONDITIONS IN ENGLAND 1823-1828, AND CONTEMPORARY SOCIAL THOUGHT.

THURSDAY, May 31, 1923. 9-12. THE THEORY OF STATISTICS.

Course Announcement

Course Outline and Reading List

Economics 195 Reading List and Outline

Final Examination Economics 195

Earlier versions of the course by year and instructor

History and Literature of Economics to the year 1848

Course Enrollment 1907-08

ECONOMICS 15 HISTORY OF ECONOMIC THEORY Mid-Year Examination, 1907-08

ECONOMICS 15 HISTORY AND LITERATURE OF ECONOMICS. Year-end Examination, 1907-08

Earlier history of economics exams by year and instructor

Course Enrollment 1905-06

ECONOMICS 15 HISTORY OF ECONOMIC THEORY Mid-Year Examination, 1905-06

ECONOMICS 15 HISTORY OF ECONOMIC THEORY Year-end Examination, 1905-06

Ph.D. Thesis

From the 1927 Berkeley Yearbook

Railroad Practice 1907-08

Course Enrollment 1907-08

ECONOMICS 17 Year-end Examination, 1907-08

Bullock’s earlier public finance exams at Harvard

Course Enrollment, Public Finance 1907-08

ECONOMICS 16a INTRODUCTION TO PUBLIC FINANCE Mid-year Examination, 1907-08

Course Enrollment, Taxation 1907-08

ECONOMICS 16b THEORY AND METHODS OF TAXATION Year-end Examination, 1907-08

Previously posted

Pre-Carver:

Carver’s courses

Course Enrollment 1907-08

ECONOMICS 14b Mid-year Examination, 1907-08

From earlier semesters

Course Enrollment 1907-08

ECONOMICS 14a Mid-year Examination, 1907-08

Department of Economics
Mathematics Examination

Ph.D. Qualifying Examination
Four Hours

Earlier and later
Economics Tripos

**MONDAY, May 28, 1923. 9-12.
ENGLISH ECONOMIC HISTORY.**

**MONDAY, May 28, 1923. 1.30-4.30.
INDUSTRY AND LABOUR.**

**TUESDAY, May 29, 1923. 9-12.**
ECONOMIC THEORY
(VALUE AND DISTRIBUTION).

**TUESDAY, May 29, 1923. 1.30-4.30.**

**WEDNESDAY, May 30, 1923. 9-12.
TRADE AND FINANCE.**

**WEDNESDAY, May 30, 1923. 1.30-4.30.
RECENT ECONOMIC AND GENERAL HISTORY OF EUROPE.**

**THURSDAY, May 31, 1923. 9-12.
RECENT ECONOMIC AND GENERAL HISTORY OF THE BRITISH EMPIRE AND THE UNITED STATES.**

**MONDAY, May 28, 1923. 9-12.
ECONOMIC PRINCIPLES.**

**MONDAY, May 28, 1923. 1½-1½.
PUBLIC FINANCE.**

**TUESDAY, May 29, 1923. 9-12.
SUBJECTS FOR AN ESSAY.**

**TUESDAY, May 29, 1923. 1½-4½.**
STRUCTURE AND PROBLEMS
OF MODERN INDUSTRY.

**TUESDAY, May 29, 1923. 1½-4½.
STRUCTURE AND METHODS OF GOVERNMENT IN THE MODERN WORLD.**

**WEDNESDAY, May 30, 1923. 9-12.
DISTRIBUTION AND LABOUR.**

**WEDNESDAY, May 30, 1923. 9-12.
POLITICAL THEORY.**

**WEDNESDAY, May 30, 1923. 1½-4½.
MONEY, CREDIT AND PRICES.**

**WEDNESDAY, May 30, 1923. 1.30-4.30.
INTERNATIONAL LAW.**

**THURSDAY, May 31, 1923. 9-12.
ECONOMIC CONDITIONS IN ENGLAND 1823-1828, AND CONTEMPORARY SOCIAL THOUGHT.**

**THURSDAY, May 31, 1923. 9-12.
THE THEORY OF STATISTICS.**

Economics 195
Reading List and Outline

Final Examination
Economics 195

Earlier versions of the course
by year and instructor

Course Enrollment
1907-08

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Mid-Year Examination, 1907-08

ECONOMICS 15
HISTORY AND LITERATURE OF ECONOMICS.
Year-end Examination, 1907-08

Earlier history of economics exams
by year and instructor

Course Enrollment
1905-06

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Mid-Year Examination, 1905-06

ECONOMICS 15
HISTORY OF ECONOMIC THEORY
Year-end Examination, 1905-06

Railroad Practice
1907-08

Course Enrollment
1907-08

ECONOMICS 17
Year-end Examination, 1907-08

Bullock’s earlier public finance exams
at Harvard

Course Enrollment, Public Finance
1907-08

ECONOMICS 16a
INTRODUCTION TO PUBLIC FINANCE
Mid-year Examination, 1907-08

Course Enrollment, Taxation
1907-08

ECONOMICS 16b
THEORY AND METHODS OF TAXATION
Year-end Examination, 1907-08

Course Enrollment
1907-08

ECONOMICS 14b
Mid-year Examination, 1907-08

Course Enrollment
1907-08

ECONOMICS 14a
Mid-year Examination, 1907-08