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Exam Questions Harvard

Harvard. International Trade and Finance. Final Exam. Leontief, 1933

 

 

Wassily Leontief’s first appointment at Harvard was at the rank of instructor for the academic year 1932-33The first course he taught was Economics 18 (Price Analysis) that was taken by two graduate students for credit during the fall semester. Leontief then taught Economics 39 (International Trade and Finance) in the second semester. I have yet to locate a syllabus or reading list for that course, but at least Economics in the Rear-view Mirror is able to provide visitors with the transcript below of what would appear to be Leontief’s earliest recorded examination at Harvard.

_________________

Course Description

[Economics] 39 2hf. International Trade and Finance

Half-course (second half-year). Mon., Wed., Fri. at 3. Dr. Leontief.

Starting with the classical theory of foreign trade, this course will lead to an analysis of modern problems in international economic relations. The movement of capital and labor across national boundaries will be discussed and the general trend in international economic relations and policies will be analyzed in connection with the changing structure of world economies.

Source:  Division of History, Government and Economics, 1932-33. Official Register of Harvard University, Vol. 29, No. 32 (June 27, 1932), pp. 81-82.

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Course Enrollment

[Economics 39 2hf. Dr. Leontief.—International Trade and Finance.

Total 11: 9 Graduates, 2 Radcliffe.

Source:  Harvard University. Report of the President of Harvard College for 1932-1933, p. 66.

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Final Examination

1932-33
HARVARD UNIVERSITY
ECONOMICS 392

(Three hours)

  1. Analyze the theory of costs in its application to the theory of international trade.
  2. “England was losing after the war its exports to other countries because its costs of production were too high.” Is this statement compatible with the theory of comparative costs? Analyze the case.
  3. Can a tariff protect the wage-level of a country?
  4. Under what conditions can a country gain from a protective tariff?
  5. What is dumping? Under what conditions is it most likely to occur?
  6. Analyze the principal items of a typical balance of payments.

Final. 1933.

Source: Harvard University Archives. Harvard University Examination Papers. Finals. (HUC 7000.28 vol. 75). Papers Printed for Final Examinations: History, History of Religions,…, Economics,…, Military Science, Naval Science January-June, 1933.

Image Source: Wassily Leontief in Harvard Class Album, 1934.

 

 

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Exam Questions Harvard Suggested Reading Syllabus

Harvard. Principles of Economics, Summer School. Syllabus and Exams, 1942.

 

 

Harvard University was able to switch into a three semester per year mode in the very first summer after the U.S. entered World War II. There were two versions of the standard Principles of Economics course offered, one which extended over the twelve week summer term and one very intensive version that covered the material of a normal year-long course in just six weeks by having the students in class for two hours per days for five days per week. There was also a Principles “Lite” version that ran for only six weeks and covered just half the material apparently.

The syllabus for the full twelve week version of Economics A lists 2,600 pages of assigned reading for the  course. Nominally there would be five one-hour sessions per week, so on average for the sixty sessions students were expected to read 40-45 pages per day. Call me cynical, but I would be surprised if the average of the distribution were even half that pensum.

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Summer enrollment in Principles of Economics, 1942

“The large number of course enrolments meant that individual classes were very much larger than in preceding years. The largest classes were Mathematics SAa, with 436 students, English SAa, with 347, English SAb, with 329, Mathematics SAb, with 299, and Economics SAa, with 222 students. Enrolment in 22 courses was 100 or more.”

Source:  Harvard University. Report of the President of Harvard College for 1941-1942, p. 356.

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Course Announcements for Summer School 1942 

Economics SAa 1hf. Principles of Economics.
Half-course (first session). Mon. through Fri., at 11. Professor Burbank, and other members of the Department.

Economics SAa may be taken by properly qualified Freshmen with the consent of the instructor.
SAa and SAb provide an introductory study of the present organization of industry, money and the mechanism of exchange, the theory of value, foreign trade and tariff policy, the distribution of wealth; i.e., the forces governing the incomes of the laboring, land-owning, capitalist and business classes, and the relation of government to industry. The course is conducted entirely by oral discussion.

 

Economics SAb 2hf.Principles of Economics
Half-course (second session). Mon. through Fri., at 11. Professor Chamberlin, and other members of the Department.

Economics SAb may be taken by properly qualified Freshmen with the consent of the instructor.
Economics SAa is a prerequisite for the course.
For description see SAa.

 

Economics SA1(to count as a whole course in the first session). Principles of Economics
Whole course (first session). Mon. through Fri., 9 to 11.  Professor Burbank, and other members of the Department.

Economics SAis identical with SAa and Sab, the two, however, combined and completed in one session. Freshmen will not be admitted to this course. For description see SAa.

 

Economics SB 1hf. Principles of Economics
Half-course (first session). Mon. through Fri., at 11. Dr. Monroe.

If a Harvard student counts Economics SB for a degree, Economics may be counted as a half-course only. Ordinarily students concentrating in History, Government, and Economics must take Economics A, SA, or SAa and SAb.
Course SB gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject.

 

Source:   Final Announcement of the Courses of Instruction offered in the Summer Term 1942 published in Official Register of Harvard University, Vol. 39, No. 16 (April 20, 1942), pp. 21-22.

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ECONOMICS A
Summer Term, 1942

Sources: Arnold, Thurman The Bottlenecks of Business (1940)

*

Benham and Lutz Economics, American Edition (1941)
Bidwell, P. Economic Defense of Latin America (1941)

**

Federal Reserve System Federal Reserve Charts on Bank Credit, Money Rates and Business (1941)
Garver and Hansen Principles of Economics, Revised Edition (1937)
Golden and Ruttenberg The Dynamics of Industrial Democracy (1942)
Johnson, E.A.J. Some Origins of the Modern Economic World (1936)

**

Luthringer, Chandler and Cline Money, Credit and Finance (1938)
Meyers, A.L. Elements of Modern Economics (1937)

**

Neal, A.C., Editor Introduction to War Economics (1942)
Slichter, S.E. Modern Economic Society (1928)

-ditto-

The Economics of Collective Bargaining (reprint)

-ditto-

The Period 1919-1936 in the United States, Its Significance for Business Cycle Theory, in Review of Economic Statistics, Vol. XIX, Feb. 1937, No. 1, Part I

**

Staff members Syllabus: Economics A
Taussig, F.W. Principles of Economics, Vol. I Third Edition Revised (1921)

**

Taylor, H. Main Currents in Modern Economic Life (1941)
T.N.E.C. Price Behavior and Business Policy, Monograph No. 1 (1941)
T.N.E.C. Competition and Monopoly in American Industry, Monograph No. 21 (1940)

** To be purchased by students
* Suggested for purchase

Note:  Essay due at end of eight week.

 

ECONOMICS A
Outline and Reading Assignments
Summer Term, 1942

 

Weeks Pages
1st Part I. EMERGENCE OF MODERN ECONOMIC INSTITUTIONS
The economic problem; historical development of social and legal institutions; their effect on the economic problem.
Johnson,  Ch. 1, Economic Activity and Economic Development 7
_______, Ch. 2, The Late-Medieval Background 21
_______, Ch. 3, The Emergence of Capitalism 34
_______, Ch. 4, The Beginnings of Scientific Technology 32
_______, Ch. 5, The Formulation of Capitalist Theory 23
_______, Ch. 6, Protection and the Transplantation of Industrialism 24
_______, Ch. 7, The Export of Capital and the Genesis of Economic Imperialism 15
156
Part II. MODERN ECONOMIC INSTITUTIONS
A—The economic problem again; how it is solved today; the concept of useful production.
Benham, Ch. 1, General Survey 17
Taussig, Ch. 2, Of Labor in Production 13
30
B—Description of money flows and goods flows in a capitalist society; the relation of the division of labor to these flows; the forms of business organization and their relation to the division of labor.
Taylor, Ch. 6, Vol. I, The National Income and its Distribution 18
2nd _______, Ch. 12, Vol. I, Industrial Techniques 16
Taussig, Ch. 3, Division of Labor 18
_______, Ch. 4, Large Scale Production 15
Slichter, Ch. 8, (M.E.S.) Modern Business Organization 26
93
Part III. THE DIVISION OF LABOR AND MONEY
Division of Labor necessitates exchange; exchange is facilitated by the use of money; digression to explain the working of the monetary system in the United States.
Luthringer, Ch. 1, Functions and Significance of Money 24
_______, Ch. 2, Kinds of Money 23
_______, Ch. 3, Credit and Credit Instruments 15
_______, Ch. 4, Investment Institutions and Commercial Banking 23
Pamphlet, Credit Expansion, in Economics A Syllabus 14
Luthringer, Ch. 5, Central Banking and the Federal Reserve System 20
_______, Ch. 6, The Quantitative Control of Bank Credit 18
3rd _______, Ch. 7, Meaning of the Value of Money 14
_______, Ch. 8, Equation of Exchange and the Quantity of Money 16
_______, Ch. 9, Velocity of Money and the Volume of Trade 17
184
Part IV. THE SOLUTION TO THE ECONOMIC PROBLEM
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A—The Markets for Commodities
Analysis in this section refers only to the determination of prices and quantities of commodities produced by a business firm. No answers are given to the questions: Why are wages, rents, interest high or low?
A.1 The Business Firm vis-à-vis Consumers in an unregulated market
A.1.a Consumer Demand
Why consumers spend their incomes as they do, the process whereby consumer demand is transmitted to the market.
Benham, Ch. 2, Markets 25
_______, Ch. 3, Demand 16
_______, Ch. 4, Prices with a Fixed Demand 10
_______, Ch. 5, Changes in Demand 10
61
A.1.b The Business Firm
The final relationship of cost to price depends on the competitive conditions in each commodity market; the profit motive the main determinant of the firm’s decisions.
Benham, Ch. 12, The Controlling Power of Demand 8
_______, Ch. 13, The Problems of the Firm (omit Sec. 11) 37
_______, Ch. 14, Monopoly 18
Monograph 21, Ch. 1, the Nature and Significance of Competition 18
Monograph 1, Part 1, Ch. 2, Nonprice Competition 53
4th _______, 1, Part 2, Ch. 1, Types of Geographical Price Structures 14
148
A.2 Effect of Government Regulation on the unregulated market
A.2.a Introduction
General analysis of regulation and impediments to free markets. Sections b, c, and d elaborate more completely some issues presented here.
Arnold, Ch. 1, The Basic Problem of Distribution 19
_______, Ch. 2, How Restraints of Trade Affect your Standard of Living 25
_______, Ch. 3, How Restraints of Trade Unbalance the National Budget 13
_______, Ch. 4, A Free market in time of National Emergency or War 30
_______, Ch. 5, An Elastic Procedure…to Prevent…Seizure of…Power… 24
_______, Appendix I and II 20
_______, Ch. 6, The Test is Efficiency and Service—not size 15
_______, Ch. 7, Procedure Under the Sherman Act… 31
5th _______, Ch. 8, The Clarification of Law through public enforcement 26
_______, Ch. 9, Antitrust Enforcement for the Betterment of the Consumer 21
_______, Ch. 10, Bottlenecks between the Farm and the Table 26
_______, Ch. 11, Labor—Restraints of Trade among the Underdogs 19
_______, Ch. 12, The Rise of a Consumer Movement 37
306
A.2.b Regulation and the Consumer
Taylor, Vol. II, Ch. 37, Consumption Standards 15
____________, Ch. 38, Consumers and the Business System 19
____________, Ch. 39, Consumer Cooperation 20
54
6th A.2.c Regulation and the Business Firm
(1) Monopoly
Taylor, Vol. I, Ch. 15, The Growth of Big Business 18
___________, Ch. 16, The Trend Toward Monopoly 17
___________, Ch. 17, Monopolies and Public Policy 16
51
(2) Public Utilities
Techniques of regulation different for firms classified as public utilities; the TVA—an example of a new regulatory device.
Taylor, Vol. II, Sec. 13, pp. 363-364 Introduction 2
____________, Ch. 48, The Nature and Scope of Public Regulation 15
___________, Ch. 49, The Price of Utility Services 16
___________, Ch. 50, Recent Expansion of Federal Control 19
___________, Ch. 51, The State as Operator 17
69
A.2.d Agriculture—a special problem
Taylor, Vol. II, Sec. 8, Agriculture and the Market 3
____________, Ch. 30, The American Farmers 18
____________, Ch. 31, Farmers in the Market System 19
____________, Ch. 32, Agriculture and Public Policy 24
64
7th B. The Markets for Productive Agents (Factors of Production)
The Analysis in this section refers to the determination of the prices of the factors of production, land, labor, capital and entrepreneurship in the markets where they are bought and sold. The entrepreneur’s reward, profit, is decided for him by the success or failure of his production plan. This market is, of course, not independent of the commodity markets. The unclassified reading discusses the productive agents of the United States:
Taylor, Vol. I, Ch. 8, How Productive Resources are Used 17
___________, Ch. 9, Population 19
___________, Ch. 10, Land 15
___________, Ch. 11 Localized Natural Resources 21
___________, Ch. 13 Capital 19
91
B.1 The Factors vis-à-vis Firms in an Unregulated Market
B.1.a. The Pricing Process in General
Benham, Ch. 9, Combination of Factors (omit sec’s 5,6) 18
Meyers, Ch. 11, The Distribution of Income 11
29
B.1.b. The Prices of Each Factor of Production
Benham, Ch. 15, The Mobility of Factors of Production 10
_______, Ch. 16, Wages, pp. 258-269 20
_______, Ch. 18, Rent 13
Garver and Hansen, Ch. 26, Interest 23
_______________, Ch. 27, Profits 12
78
8th B.2 Effects of Government Regulation and other Institutional Aspects of Distribution on the Markets for Factors.
B.2.a The Labor Market
Taylor, Vol. II, Ch. 33, The American Labor Market, pp. 75-89 14
___________, Ch. 35, The Labor Movement 24
Slichter (pamphlet). The Economics of Collective Bargaining 23
Taylor, Vol. II, Ch. 36, Public Policy Regarding Labor 22
Benham, Ch. 16, Wages, pp. 269-275 (section 9) 6
Golden, entire book. Write an essay of not more than 1200 words evaluating the ideas in the book. 347
436
9th B.2.b The Market for Savings
It is to be noted that firms and others may secure funds from credit created by commercial banks.
Taylor, Vol. I, Ch. 23, pp. 431-434 only (self financing by corporations) 4
__________, Ch. 24, Investment Credit Institutions 19
__________, Ch. 25, The Security Markets 17
__________, Ch. 26, Regulation of Securities and Exchanges 18
58
C. Public Finance and the Economic Problem
The State not only regulates markets as described above but also influences the prices of factors and commodities in the process of financing the production of public goods (roads, protection, etc.). The effects of government finance on the level of national income to be postponed to Part VI.
Luthringer,  Ch. 12, The Public Economy 13
_________, Ch. 13, The Revenue System 20
_________, Ch. 14, Tax Incidence 26
_________, Ch. 15, The Income Tax 20
_________, Ch. 16, Property and Other Taxes 18
_________, Ch. 17, Public Credit 14
_________, Ch. 18, Principles of Public Credit 16
127
Part V. INTERNATIONAL ASPECTS OF MARKETS AND FINANCE
Analysis of international trade and finance; the free market and the regulated market. Previous analysis emphasized only domestic markets although the principle of international trade is applicable to regions within a country to some extent; Latin America and the War.
10th Benham,  Ch. 25, The Theory of International Trade 22
_______, Ch. 26, Balances of Payments 10
_______, Ch. 27, Free Exchange Rates 10
_______, Ch. 28, The Gold Standard 22
_______, Ch. 29, Exchange Control 8
_______, Ch. 30, Import Duties and Quotas 9
Bidwell, Ch. 1, War and the Monroe Doctrine 16
______, Ch. 2, Propaganda and Politics 13
______, Ch. 3, German Economic Penetration 12
______, Ch. 4, The Weapons of Economic Defense 33
______, Ch. 5, The Fallacy of Hemisphere Self-Sufficiency 14
169
Part VI. PROSPERITY AND DEPRESSION
Analysis of the reasons why all prices move together; why all factors tend to become unemployed—hence the emphasis on the movements of national income. Previously, the analysis of prices was chiefly concerned (with the exception of the value of money) with relative prices. Existence of international markets tends to spread the cyclical pattern.
A. Explanation and Verification of Business Cycle Theories
Benham, Ch. 7, The Volume of Production, pp. 113-125 13
Garver and Hansen, Ch. 21, Business Cycles 18
11th Benham, Ch. 20, Economic Progress and the Trade Cycle, pp. 347-356 9
Slichter, R.E.S., The Period 1919-1936 in the U.S. Its Significance for Business Cycle Theory 19
59
B. Governmental Policy and Business Cycles
Taylor, Vol. II,  Ch. 44, Deficit Spending 16
____________, Ch. 12, The State as Provider (Introduction) 2
____________, Ch. 45, Providing Minimum Needs 17
____________, Ch. 46, Social Security 19
____________, Ch. 47, Public Housing 17

71

Part VII. TOTALITARIAN ALTERNATIVES TO CAPITALISM
Analysis of the solution to the economic problem in totalitarian economic systems.
Taylor, Vol. II, Sec. 14, Totalitarian Alternatives to Free Markets (Introduction) 2
____________, Ch. 52, Economic Basis of Totalitarianism 16
____________, Ch. 53, The Soviet Economy 23
____________, Ch. 54, The Fascist Economy in Italy 19
____________, Ch. 55, The National Socialist Economy in Germany 20
80
12th Part VIII. THE ECONOMICS OF WAR
Neal,  Ch. 1, Basic Economic Problems of War 15
____, Ch. 2, Economic War Potential 23
____, Ch. 3, Problems of War Production 21
____, Ch. 4, War Labor Problems 25
____, Ch. 5, Financing the War Effort 19
____, Ch. 6, Financing the War Effort, Business Finance 27
____, Ch. 7, Wartime Management of the Monetary and Banking System 28
____, Ch. 8, The Control of Individual Prices 31
____, Ch. 9, Economic Warfare 20
____, Ch.10, Post-War International Economics 19
228

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Randall Hinshaw Papers, Box 1, Folder “Schoolwork, 1940s”.

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Final examination first half of course

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SAa

Part I

(One hour)

Write on BOTH of the following in this section:

  1. Analyze carefully the effects of the following on average cost, marginal cost, marginal revenue and price for the individual firm in the short run:
    1. A tax of ten cents per unit of output on a monopolist.
    2. A subsidy of ten cents per unit of output to firms in a purely competitive industry.
  2. Trace the repercussions on member bank reserve balances, Treasury deposits with the Federal Reserve System and reserves of the Federal Reserve System caused by:
    1. The purchase and sterilization of gold by the Treasury.
    2. The purchase of U.S. government bonds by the Federal Reserve System.
    3. A transference of Treasury deposits from the Federal Reserve System to member banks.

Part II

(Two hours)

Write on any FOUR of the following in this section:

  1. “Regulation of public utility rates may be effected by limiting charges to yield a fair return on a fair value of the property. This will result in prices comparable to competitive conditions. An alternative type of rate regulation may be accomplished by using as a ‘yardstick’ the rates which a government-owned plant could economically charge.”
    1. Does the use of the fair return formula approximate the price which would evolve in a competitive market for the same commodity?
    2. May the rates fixed by the Tennessee Valley Authority be used as a “yardstick” for privately-owned power companies?
  2. “There seems to be a common belief that banks, by some process of sleight of hand, contrive to create a multiple of the amount of money they receive. The truth is that they can lend not more, but less than the amount of money that comes into their hands.”
    Do you agree? Explain fully.
  3. “It is not size in itself that we want to destroy….What ought to be emphasized is…the evil of industries which are not efficient or do not pass (the gains from) efficiency on to consumers.” Arnold.
    Examine the consistency of this statement.
  4. Contrast carefully the industrial economic world of nineteenth century England with the industrial economic world of fourteenth century England.
  5. Write a letter to your congressman briefly explaining what you believe to be the basic American farm problems and critically evaluating the New Deal attempts to alleviate them.

Source:  Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

____________________

Final examination second half of course

HARVARD UNIVERSITY
[Second Session. Summer, 1942]
ECONOMICS SAb

Part I

(One hour)

Write on BOTH of the questions in this section:

  1. “The main fiscal problem of the war is the diversion of a large share of the national income from the private economy to the public fisc for war purposes.” Outline and defend a plan of taxation and borrowing which in your opinion effectively will solve this problem.
  2. Analyze the effects of an increase in the supply of labor on (a) the remuneration of the various productive factors and (b) the changes in output of those industries whose costs are mainly labor and those whose costs are mainly capital.

Part II

(Two hours)

Write on any FOUR of the questions in this section:

  1. Write an essay on the topic of cyclical unemployment emphasizing (a) the processes by which full employment is supposed to be effected in a free enterprise economy and (b) the reasons why these processes have failed to operate.
  2. What controls are necessary for the orderly and equitable distribution of goods during war time in the markets for factors of production and the markets for consumers’ commodities? Indicate the results likely to follow from partial rather than complete controls in these two major groups of markets.
  3. “Labor unions cannot raise the wages of labor within an occupation without reducing the number employed in that occupation since the entrepreneur cannot afford to pay labor more than the value of its marginal product.” Do you agree? Explain fully.
  4. Discuss carefully three methods of correcting an adverse balance of payments. Indicate the effects of each method on the level of domestic money incomes, the foreign exchange rate, merchandise exports and imports and short-term capital movements.
  5. Explain the chief methods of regulating securities markets in the United States. State concisely the functions of securities markets and evaluate the success of regulation in aiding the orderly functioning of these markets.

Source:  Harvard University Archives. Department of Economics, Course reading lists, syllabi, and exams 1913-1992 (UA V 349.295.6), Box 1, Folder “Economics 1, Exams 1939-1962”.

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Final Exam Intensive Course, First Session 1942

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SA1

I

(One hour)

  1. Reply fully to the following questions:
    1. Which are the main problems confronting the economy of this country during the present war?
    2. What measures of economic policy would you propose to cope with them?

II

(About one half hour each)

  1. What are the effects of the practice of self-financing by corporations upon
    1. the rate of interest;
    2. the allocation of the nation’s resources;
    3. the prevalence of competition, or of monopoly, in the economy as a whole?
  2. Let a tax be imposed upon a monopolist and the amount due be determined by either of the following methods:
    1. a fixed percentage of his profits;
    2. a fixed money amount per unit of output;
    3. a fixed percentage of the total money value of his sales;
    4. a global fixed sum, independent of either output or sales.

In which of these cases will he be able to shift the tax forward? Prove your conclusions by a graphical analysis.

  1. Criticize the following statement carefully:
    “The average citizen is inclined to think that there is nothing at all which he himself can do to check inflation. He considers the anti-inflationary fight a task for Uncle Sam only and therefore urges control of prices and labor and the draining off of excessive purchasing power. Actually, the citizen himself can do a great deal, and the efforts of the government will be far less effective unless he does.
    “He can co-operate with the government by putting money in the bank and making it work for him, instead of drawing it out, letting it lie idle and exposing it to the danger of theft, fire and forgetfulness, He can pay his debts. He can discharge his mortgage more rapidly. He can make larger down payments on installment purchases than he has to. He can be more generous to poor relatives. He can see his oculist, dentist or family doctor more often, and pay cash. He can contribute more liberally to local and national charities. He can refuse to hoard goods. He can refrain from rushing to buy the very articles of which there is a shortage….” (The Boston Herald, July 28, 1942, p. 14)
  2. Trace the main effects that the abolition of the tariff on beef (one of the major export articles of Argentina) would, in peacetime, have upon the economies of the United States and of Argentina. Distinguish the short-run and the long-run consequences.

Source:  Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

____________________

Final Examination for Principles of Economics “Lite”

SUMMER SCHOOL OF HARVARD UNIVERSITY
[First Session. Summer, 1942]
ECONOMICS SB

I

(About one hour)

  1. Write an essay on one of the following topics:
    1. Long-run value under competition,
    2. The rate of wages,
    3. Investment and interest,
    4. Profits

II

(Answer TWO questions from this group.)

  1. How should you expect the following to affect the selling price of a farm: an increase in population; a fall in the rate of interest; the opening of a new market for its products; a bad crop failure?
  2. Explain the meaning of the following terms and show how one of them enters into the explanation of economic phenomena: comparative advantage; bank reserves; the gold points; marginal revenue.
  3. What are the principal factors responsible for cyclical fluctuations in business activity?

III

(Answer TWO questions from this group.)

  1. Explain the nature and operation of the forces which cause variations in the purchasing power of the dollar.
  2. Outline the principal forms of unemployment and discuss one of them in some detail.
  3. Compare the advantages and disadvantages of the different methods available for financing a war.

Source:  Harvard University Archives. Harvard University. Final examinations, 1853-2001. (HUC 7000.28) Box 6, Papers Printed for Summer Examinations First Session, August, 1942.

Image Source: Harvard’s Commencement in 1943. From The Harvard Gazette, November 10, 2011.

Categories
Exam Questions Toronto

Toronto. Political economy examinations on Smith, Whately, Senior and Mill. 1858

 

 

Today’s post provides the earliest set of university examination questions thus far at Economics in the Rear-view Mirror. The examiners for political economy at the University of Toronto in 1858 were the Reverends James Beaven and George Paxton Young. Two of the exams focus exclusively on political economy as found in texts by Richard Whately and Adam Smith. The other two exams are split equally between political economy  (Nassau Senior and John Stuart Mill) and political philosophy (Jean-Jacques Burlamaqui and Francis Lieber)

Interesting to note are the misspellings of the names of both Richard Whately and John Stuart Mill as well as getting the title incorrect for Nassau Senior’s book.

 

_________________

[Richard Whately, Introductory Lectures on Political Economy, 2nded. London: B. Fellowes, 1832.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
THIRD YEAR.

WHATELEY’S [sic] POLITICAL ECONOMY.

Examiners:  Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

  1. (a) What is the subject matter of the science of political economy?
    (b) What three other names does Whateley mention as having been applied to
    the science?
    (c) State and illustrate the objections to two of them, and the recommendations
    of the third.
  2. (a) Shew that, even on the supposition that wealth is an evil, it is right to study
    the subject of wealth.
    (b) Show that what may appear an increase of luxury is not necessarily pernicious.
  3. Discuss the question, whether the savage state is the original condition of mankind.
  4. Illustrate the beneficent wisdom of Providence, in directing towards the public
    good the conduct of those who act from selfish motives.
  5. (a) Show that it is most probable a priorithat advancement in national prosperity should be favourable to moral improvement.
    (b) Show that we have no sufficient ground for thinking poverty by itself favourable to moral improvement.
  6. (a) Show the evils of an ill-conducted diffusing of knowledge.
    (b) Explain how they are to be avoided.
  7. (a) Give examples of the need of definition in political economy.

[SECOND PAGE OF EXAM APPARENTLY MISSING]

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=269

_________________

[Jean-Jacques Burlamaqui, The Principles of Natural and Politic Law, 1747]
[Nassau W. Senior. An Outline of the Science of Political Economy, 1836.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Third Year.

CIVIL POLITY.

BURMALAQUI’S NATURAL LAW, AND SENIOR’S OUTLINES [sic] OF POLITICAL ECONOMY
Honors and Scholarships

Examiners:  Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

  1. (a) What are the different primitive and original states of man, as set forth by Burmalaqui?
    (b) Why, and under what restrictions, may the adventitious states produced by human consent be considered, for the purposes of argument, as so many natural states?
  2. (a) Explain Burmalaqui’s view of what is implied in the term Obligation.
    (b) How does he discuss the opinion, That the principle of obligation is the will of a superior?
    (c) May obligation be more or less rigorous?
  3. State the principal theories of the origin and foundation of sovereignty. What is Burmalaqui’s view?
  4. (a) What are the conditions, internal and external, requisite to constitute a law?
    (b) Define natural law, and natural jurisprudence.
    (c) Give the leading steps in the argument by which the existence of natural laws is established.
    (d) Enunciate the two propositions laid down by Burmalaqui, as the general foundation of the whole system of natural law.
  5. (a) What is meant by Sociability?
    (b) Mention some of the natural laws which flow from it.
    (c) What place is assigned to this principle in the system of Puffendorf? How far does Burmalaqui agree with, or differ from, Puffendorf? And on what grounds?
  6. (a) Define Imputation
    (b) Distinguish simple from efficacious imputation.
    (c) Notice a difference between the imputation of good and bad actions.
    (d) Can forced actions be imputed? Give Puffendorf’s view.
    (e) What principles does Burmalaqui lay down for determining whether the action of one person be imputable to another?
  7. How can the authority of natural laws be evinced?
  8. What probable arguments does Burmalaqui advance in favour of the doctrine of the immortality of the soul? And in what connexion is the discussion of this doctrine introduced?

*  *  *

  1. (a) What is Value?
    (b) Point out, and illustrate, the intrinsic and extrinsic causes of the value of a commodity.
    (c) Explain what is meant by steadiness of value; shewing how far it depends on intrinsic, and how far on extrinsic, causes.
  2. (a) Define Production.
    (b) What are the instruments of production?
    (c) Classify and describe the parties among whom the results of the different instruments of production are divided.
    (d) How does Senior remark on the doctrine of over-production or universal glut?
  3. (a) What does Senior understand by cost of production?
    (b) Explain his views on the question, whether profit forms a part of the cost of production?
    (c) Show how it happens that the influence of cost of production in regulating price, under free competition, is subject to much occasional interruption.
  4. What are the obstacles which limit the supply of all that is produced? And what is the mode in which these obstacles affect the reciprocal values of all the subjects of exchange?
  5. (a) Trace the progress of a colony, so as to illustrate the view, that, in the absence of counteracting causes, an increase of population would tend to make the obtaining of raw produce a matter of greater difficulty.
    (b) Point out the principal causes which, as the population of a new colony increases, are likely for a period to fully counteract the tendency referred to.
  6. (a) Illustrate the proposition, That additional labour, when employed in manufactures is more, and when employed in agriculture is less, efficient in proportion.
    (b) Point out some of the principal consequences of this proposition.
  7. (a) What does Senior lay down as the proximate cause of the rate of wages?
    (b) Show that his view is inconsistent with the opinion that the general rate of wages can (except in two cases) be diminished by the introduction of machinery?
  8. (a) Mention the causes on which the extent of the fund for the maintenance of labour depends.
    (b) Two parishes contain each twenty-four labouring families. In the one, eighteen families are employed in producing commodities for the whole twenty-four: in the other only twelve are so employed. What, on Senior’s principle, would be the comparative rate of wages in these parishes, first, on the supposition that labour in the two parishes is equally productive; and, next, on the supposition that in the latter parish labour is more productive by one-half than in the former? Point out the reason of the answer.

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=308

_________________

Adam Smith. Wealth of Nations (1776), Cannan Edition.

University of Toronto
ANNUAL EXAMINATIONS: 1858.
FOURTH YEAR.

SMITH’S WEALTH OF NATIONS.

Examiners:  Rev. James Beaven, D.D. and Rev. George Paxton Young, M.A.

  1. Give the general plan of the work.
  2. State and illustrate the causes of the superior productiveness of the division of labour.
  3. (a) Shew that labour is the real measure of the exchangeable value of commodities.
    (b) Shew by what steps money comes to represent such value.
    (c) Illustrate the variableness of the valueof money itself.
  4. (a) What general circumstances regulate the rent of land?
    (b) Shew that it bears very little relation to any outlay of the landlord upon it.
    (c) Of the materials of clothing and the materials of lodging, which commonly first pays rent to the owner of the land on which they are produced? and why?
    (d) Illustrate the variations in the quantity of rent which they yield.
  5. (a) What is the relation of the accumulation of stock to the division of labour? Explain.
    (b) What is capital and its relation to stock?
    (c) Into what two parts is the capital of a community divided? And what does each part consist of?
  6. (a) Give an account of the causes which have retarded the improvement of agriculture in Europe since the fall of the Roman Empire.
    (b) What state of things in this country resembles the Metayersystem?
  7. (a) What, according to Smith, are the two objects of political economy?
    (b) What relation do the system of commerce and the system of agriculture bear to one of those objects?
    (c) What is the principle of the agricultural system?
    (d) What nations have adopted such a system?
  8. (a) State the principle of bounties?
    (b) To what branch of trade is it proposed to apply them in this country? And on what grounds?
    (c) What is Smith’s opinion of this class of bounties? Explain.
  9. (a) Under what branchof political economy is the subject of the public revenue treated?
    (b) What are the three duties of a sovereign which require that a public revenue should be raised?
  10. (a) Under what four general heads does Smith rank the taxes of a country?
    (b) Under which of these heads does a tax upon consumable commodities come?
    (c) What circumstances render a tax on the interest of money less expedient than a tax upon land?
    (d) In what respect does a tax upon necessaries produce the same effect as a tax upon wages?
  11. (a) Trace the origin and growth of public debts.
    (b) What is Smith’s opinion of the operation?

 

Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=292

_________________

[Francis Lieber. Manual of Political Ethics Volume I, Volume II]
[John Stuart Mill. Principles of Political Economy (7th ed.), Ashley edition.]

University of Toronto
ANNUAL EXAMINATIONS: 1858.
Candidates for B.A.

CIVIL POLITY.

LIEBER’S POLITICAL ETHICS.—MILLS’ [sic] POLITICAL ECONOMY
Honors and Scholarships

Examiners:  Rev. James Beaven, D.D. and Rev. G.P. Young, M.A.

  1. (a) What place in the chain of sciences do Political Ethics occupy? And what forms the subject matter of this division of Ethics?
    (b) What historical instances of the pressing necessity of justifying public acts, are brought forward by Lieber, for the purpose of proving that: politics may be treated in an ethic point of view?
    (c) Shew that Ethics cannot be applied to politics precisely as to private relations.
  2. (a) Supposing a society to be defined by the nature of the relation existing between its members, what is the peculiar relation on which the State is founded?
    (b) Distinguish the fundamental idea of the State from that of the family; and illustrate, by reference to a difference between the ancient Areopagites and an English jury, the circumstance that the line of demarcation between the State and the family is less strongly drawn in the early history of nations than at a more advanced period.
    (c) What particulars are included in the protection which the State is bound to afford to each individual?
    (d) “The State has been compared to an insurance company in which property forms the share each citizen holds.” “All the State has to do is to look outthat my neighbourdoes not pick my pocket or boxmy ears.”How doesLieber remark on the views of the State and of its office presented in these quotations?
    (e) Develop [sic] the maxims; “The State exists of necessity.” “The State does not absorb individuality.” “La justice constituée, c’est l’état.”
  3. (a) What is government? Point out a serious misconception which has arisen from confounding Government and State.
    (b) Does Lieber hold that Government has sovereign (as distinguished from supreme) power? What is the distinction referred to? Illustrate by an example from Roman history? Mention an important instrument in British history to which Lieber refers in this connexion; and give the substance of his remarks on the words for everin the instrument in question.
    (c) In what different ways may governments be established?Give an historical example of each kind.
  4. “Hamarchy signifies something entirely different from the ancient synarchy, which merely denoted a government in which the people had a share together with the rulers proper.”
    (a) Describe what Lieber terms hamarchy, pointing out the difference between it and the ancient synarchy.
    (b) What proof does he adduce of the hamacratic character of the English polity? And what historical circumstances contributed to give this character to the English polity?
  5. (a) Mention some of those habits in which it is most important, as respects political ends for the young to be educated.
    (b) How does Lieber shew the importance of the classical department in superior education by a reference to the elements or factors out of which our peculiar civilization arises. Specify the ffactors referred to. What remark does he make in this connexion on Chinese education?
  6. (a) What are the characteristics of a sound political party?
    (b) To what dangers are party organizations exposed?
    (c) When a party is in opposition, what are the rules it ought to follow, in order not to be liable to the charge of factiousness?
  7. Explain and illustrate the following propositions:
    (a) Industry is limited by capital.
    (b) Capital is the result of saving
    (c) Capital, though saved, and the result of saving, is nevertheless consumed.
  8. If one of two things commands on the average a greater value that the other, to what causes must this be attributable? And which of the causes is the most important?
  9. Notice and examine any popular remedies for low wages.
  10. State the true theory of rent by whom was it first propounded, and when? By whom was it rediscovered, after having been for some time neglected?
  11. (a) Explain and prove the following proposition:“The quantity [of money]wanted [in a country] will depend partly on the cost of producing gold, and partly on the rapidity of its circulation.”
    (b) What difference can be pointed out betwixt money and other things in respect of the law, that value conforms to the cost of production?
  12. How does Mill discuss the doctrine of Protection to Native Industry?

 

 Source: University of Toronto. Examination papers, 1858. Arts.

https://hdl.handle.net/2027/mdp.39015086615500?urlappend=%3Bseq=312

 

Image Source: Quadrangle of University College under construction – This view of the south side of the quadrangle, taken in the summer of 1858, show the rafters to the museum partially in place. Construction has begun on the section east of the central tower, the upper floor of which would house the University library. Website: University of Toronto, Heritage. Webpage “Building a College”.  [A1977-0049/001(13)] – Digital I.D.: 2012-02-3MS.jpg]

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Principles of Money and Banking. Reading lists and semester exams. Williams and Hansen, 1949-50

 

Money and Banking was a graduate field that John H. Williams and Alvin Hansen dominated for over a decade at mid-20th century Harvard. Reading lists and exams for other years (e.g. 1946-47) have been posted, allowing us gradually to get a real time sense of the evolution of that field. This post was updated March 27, 2020 to include the final exam from the second semester.

Most recently course materials for 1941-42 have been posted as well.

_____________________

Course Enrollment

[Economics] 241 (formerly Economics 141a and 141b). Principles of Money and Banking.

(F) Professor J. H. Williams; (Sp) Professor Hansen.

(F) Total 61:  33 Graduates, 1 Senior, 21 Public Administration, 5 Radcliffe, 1 Other.
(S) Total 54: 31 Graduates, 18 Public Administration, 2 Radcliffe, 3 Others.

 

Source:  Report of the President of Harvard College, 1949-50, p. 75.

 

_____________________

PRINCIPLES OF MONEY AND BANKING
Economics 241
Fall Term—1949-1950

I. International Monetary Theory and Policy

Books

  1. American Economic Association (H. S. Ellis and L. A. Metzler, eds.): Readings in the Theory of International Trade.Philadelphia, Blakiston, 1948.
  2. Graham, Frank D.: The Theory of International Values. Princeton, Princeton University Press, 1948.
  3. Harris, S. E. (ed.): Foreign Economic Policy for the United States. Cambridge, Harvard University Press, 1948.
  4. Harris, S. E. (ed.): The New Economics. New York, Knopf, 1947.
    1. Bloomfield, A. I., “Foreign Exchange Rate Theory and Policy,” Chapter XXII; and
    2. Nurkse, Ragnar, “Domestic and International Equilibrium,” Chapter XXI.
  5. Harrod, Roy F.: Are These Hardships Necessary?London, Rupert Hart-Davis, 2nd, 1947.
  6. Keynes, J. M.: A Treatise on Money. New York, Harcourt, Brace, 1930, Vol. I, Chapter 21; Vol. II, Chapters 34-38.
  7. Nurkse, Ragnar: International Currency Experience. Geneva, League of Nations, 1944.
  8. Organisation for European Economic Co-operation:Interim Report on the European Recovery Programme.Paris, December 1948.
  9. United Nations, Economic Commission for Europe:
    1. Survey of Economic Situation and Prospects in Europe. Geneva, March 1948.
    2. Economic Survey of Europe in 1948. Geneva, 1949.
  10. Williams, John H.: Post-War Monetary Plans and Other Essays.English edition. Oxford, Basil Blackwell, 4th, 1949 (American edition. New York, Knopf, 3rded., 1947).

Articles

  1. Balogh, T.: “The Concept of a Dollar Shortage,” The Manchester School, XVII, May 1949, pp. 186-201.
  2. _______________ “Britain’s Economic Problem,” Quarterly Journal of Economics, LXIII, Feb. 1949, pp. 32-67.
  3. _______________ “Britain, O.E.E.C., and the Restoration of a World Economy,” Bulletinof the Oxford Institute of Statistics, XI, Feb.-March 1949.
  4. _______________ “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, XXX, Nov. 1948, pp. 276-285.
  5. _______________ “The United States and the World Economy,” Bulletinof the Oxford Institute of Statistics, VIII, Oct. 1946.
  6. Ellis, H. S.: “The Dollar Shortage in Theory and Fact,” Canadian Journal of Economics and Political Science, XIV, Aug. 1948, pp. 358-372.
  7. Graham, F. D.: “The Cause and Cure of ‘Dollar Shortages’,” (Essays in International Finance, No. 10). Princeton, Princeton University Press, Jan. 1949.
  8. Haberler, G.: “Some Economic Problems of the European Recovery Program,” American Economic Review, XXXVIII, Sept. 1948, pp. 495-525.
  9. Hawtrey, R. G.: “The Function of Exchange Rates,” Oxford Economic Papers, I, June 1949, pp. 145-56, and “A Comment” by Sir H. D. Henderson, Ibid., pp. 157-158.
  10. Henderson, Sir Hubert D.: “The International Problem,” (Stamp Memorial Lecture). London, Oxford University Press, 1946.
  11. _______________ “The Function of Exchange Rates,” Oxford Economic Papers, I, January 1949.
  12. _______________ “A Criticism of the Havana Charter,” American Economic Review, XXXIX, June 1949, pp. 605-17.
  13. Keynes, J. M.:“The Balance of Payments of the United States,” Economic Journal, LVI, June 1946, pp. 172-87.
  14. _______________ “National Self-sufficiency,” The Yale Review, XXII, Summer 1933.
  15. MacDougall, D. A.: “Further Notes on Britain’s Bargaining Power,” Oxford Economic Papers, I, Jan. 1949.
  16. _______________ “Britain’s Foreign Trade Problem,” Economic Journal, LVII, March 1947, pp. 69-113; and “A Reply (to T. Balogh), Ibid., LVIII, March 1948, pp. 96-98.
  17. _______________“Britain’s Bargaining Power,” Economic Journal, LVI, March 1946.
  18. _______________ “Notes on Non-discrimination,” Bulletinof the Oxford Institute of Statistics, IX, Nov. 1947.
  19. Meade, J. E.: “National Income, National Expenditure and the Balance of Payments,” Parts I-II, Economic Journal, LVII, Dec. 1948, and LVIII, March 1949.
  20. Metzler, L. A.:“The Theory of International Trade,” Chap. 6 in A Survey of Contemporary Economics(ed. by H. S. Ellis) Philadelphia, Blakiston, 1948.
  21. Mikesell, R. F.: “International Disequilibrium,” ,” American Economic Review, XXXIX, June 1949, ppp. 618-45
  22. Nurkse, Ragnar: “International Monetary Policy and the Search for economic Stability,” American Economic Review, XXXVII, May 1947, pp. 560-80.
  23. Polak, J. J.: “Exchange Depreciation and International Monetary Stability,” Review of Economics and Statistics, XXIX, Aug. 1947, pp. 173-83.
  24. Robertson, D. H.: “Britain and European Recovery,” Lloyds Bank Review, July 1949, pp. 1-13.
  25. Triffin, Robert: “National Central Banking and the International Economy,”; see also comments by G. Haberler and L. A. Metzler, Postwar Economic Studies, No. 7. Washington, D. C. 1947; and further comments by H. D. Henderson, T. Balogh, R. Harrod, and Joan Robinson, Review of Economic Studies, XIV, 1946-47, pp. 53-97.
  26. Williams, J. H.: “The Task of Economic Recovery,” Foreign Affairs, July 1948.
  27. _______________ “Europe After 1952: The Long-term Problem,” Foreign Affairs, April 1949.
  28. _______________ “The British Crisis. A Problem in Economic Statesmanship,” Foreign Affairs, October 1949.

 

II. Monetary and Fiscal Theory and Policy

Books

  1. American Economic Association (H. S. Ellis, ed.): A Survey of Contemporary Economics. Philadelphia, Blakiston, 1948.
  2. _______________ (W. Fellner and B. F. Haley, eds.): Readings in the Theory of Income Distribution.Philadelphia, Blakiston, 1946.
  3. _______________ (G. Haberler, ed.): Readings in Business Cycle Theory. Philadelphia, Blakiston, 1944.
  4. Fellner, William: Monetary Policies and Full Employment. Berkeley, University of California Press, 2nd, 1947.
  5. Haberler, G.: Prosperity and Depression. Geneva, United Nations, rev. ed., 1946.
  6. Hansen, A. H.: Fiscal Policy and Business Cycles. New York, Norton, 1941.
  7. _______________ Monetary Theory and Fiscal Policy, New York, McGraw Hill, 1949.
  8. Harris, S. E. (ed.): The New Economics, New York, Knopf, 1947.
  9. Harrod, R. F.: Towards a Dynamic Econmics, London, Macmillan, 1948.
  10. Hawtrey, R. O.: Currency and Credit, London, Longmans, 3rd, 1928.
  11. _______________ Capital and Employment, London, Longmans, 2nd
  12. _______________ The Art of Central Banking, London, Longmans, 1932.
  13. Hayek, F. A. von: Prices and Production. London, Routledge, 1935.
  14. Keynes, J. M.: A Tract on Monetary Reform, New York, Harcourt, Brace, 1924.
  15. _______________ A Treatise on Money(2 vols.). New York, Harcourt, Brace, 1930.
  16. _______________ The General Theory of Employment, Interest, and Money.New York, Harcourt, Brace, 1936.
  17. Klein, L. R.: The Keynesian Revolution. New York, Macmillan, 1946.
  18. Robertson, D. H.: Essays in Monetary Theroy.London, King, 1940.
  19. _______________ Money. London, Nisbet, rev. ed., 1948.
  20. Simons, H. C.: Economic Policy for a Free Society, Chicago, University of Chicago Press, 1948.
  21. Terborgh, George: The Bogey of Economic Maturity. Chicago, Machinery and Allied Products Institute, 1945.
  22. Wicksell, Knut: Interest and Prices. London, Macmillan, 1936.
  23. Wright, D. M. The Economics of Disturbance. New York, Macmillan, 1946.

Articles

  1. Burns, Arthur F.: “Economic Research and the Keynesian Thinking of Our Times,” (26thAnnual Report). New York, National Bureau of Economic Research, 1947.
  2. _______________ “Keynesian Economics Once Again,” Review of Economics and Statistics, XXIX, Nov. 1947, pp. 252-265.
  3. Clark, Colin: “Public Finance and Changes in the Value of Money,” Economic Journal, LV, Dec. 1945, pp. 371-89.
  4. Hayek, F. A. von: “The ‘Paradox’ of Saving,” Economica, XI, March 1931, pp. 125-69. (Reprinted as an Appendix in Profits, Interest and Investment, London, Routledge, 1939).
  5. Hicks, J. R.: “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, V, 1937 (Reprinted in Readings in the Theory of Income Distribution. Philadelphia, Blakiston, 1946).
  6. Kuznets, Simon: Book Review: “Fiscal Policy and Business Cycles” by A. H. Hansen, Review of Economics and Statistics, Feb. 1942, pp. 31-36.
  7. _______________ “Capital Formation, 1879-1938,” in Studies in Economics and Industrial Relations. Philadelphia, University of Pennsylvania Press, 1941.
  8. Mints, L. W. and others: “A Symposium on Fiscal and Monetary Policy,” Review of Economics and Statistics, XXVIII, May 1946, pp. 60-84.
  9. Modigliani, F.: “Liquidity Preference and the Theory of Interest,” Econometrica, XII, Jan. 1944, pp. 45-88.
  10. _______________ “Fluctuations in the Saving-income Ratio: A Problem in Economic Forecasting,” Studies in Income and Wealth, XI. New York, National Bureau of Economic Research, 1949.
  11. Tobin, James: “Liquidity Preference and Monetary Policy,” Review of Economics and Statistics, XXIX, May 1947, pp. 124-31.
  12. Wallich, H. C.: “Public Debt and Income Flow,” in Postwar Economic Studies, No. 3. Washington, D.C., Board of Governors of the Federal Reserve System, Dec. 1945, pp. 84-100.
  13. _______________ “The Changing Significance of the Interest Rate,” American Economic Review, XXXVI, Dec. 1946, pp. 761-87.
  14. Williams, John H.: “An Appraisal of Keynesian Economics,” American Economic Review, Supplement, XXXVIII, May 1948.
  15. Wright, D. M.: “The Future of Keynesian Economics,” American Economic Review, XXXV, June 1945, pp. 284-307.

 

III. Current Problems and Policies—Federal Reserve Policy and Debt Management

Book

  1. Homan, P. T. and F. Machlup (eds.): Financing American Prosperity. New York, Twentieth Century Fund, 1945.

Articles

  1. Carr, Hobart C.: “The Problem of Bank-held Government Debt,” American Economic Review, XXXVI, Dec. 1946, pp. 833-42.
  2. Chandler, L. V.: “Federal Reserve Policy and the Federal Debt,” American Economic Review, XXXIX, March 1949.
  3. Federal Reserve Board:
    1. Annual Reports for the years 1945-48.
    2. Postwar Economic Studies, No. 8, Nov. 1947.
  4. Ratchford, B. U. “The Economic and Monetary Effects of Public Debts,” Public Finance, [sic, “The Monetary Effects of Public Debts,” Openbare Financiën] No. 4, 1948 and No. 1, 1949.
  5. Seltzer, L. H.: “The Changed Environment of Monetary-banking Policy,” American Economic Review, XXXVI, May 1946.
  6. _______________ “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, XXXV, Dec. 1945, pp. 831-50.
  7. Sproul, Allan: “Monetary Management and Credit Control,” American Economic Review, XXXVII, June 1947, pp. 339-50.
  8. Symposium: “How to Manage the National Debt,” Review of Economics and Statistics, XXXI, Feb. 1949.
  9. Whittlesey, C. R.: “Federal Reserve Policy in Transition,” Quarterly Journal of Economics, LX, May 1946, pp. 340-50.

 

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003, Box 5, Folder “Economics, 1949-50 (3 of 3)”.

_____________________

1949-50
HARVARD UNIVERSITY
ECONOMICS 241
PRINCIPLES OF MONEY AND BANKING

Mid-Year Examination. January, 1950.

(Three Hours)

Discuss ONE question in EACH group.

I

(1) “Hawtrey was never a Keynesian, but Keynes was formerly a Hawtreyan.”
(2) The relation of Keynes’ income theory to the quantity theory of money.
(3) The propensity to consume.

 

II

(1) Fixed versus flexible exchange rates.
(2) Classical international trade theory and the problems of the postwar world.

 

III

(1) The sterling problem since the war.
(2) “Chronic dollar shortage.”
(3) Western European “integration.”
(4) Devaluation and European recovery.
(5) The Intra-European Payments Plan.
(6) Europe after 1952: the long-term recovery problem.

 

Source:  Harvard University Archives. Final Exams—Social Sciences, etc. Feb. 1950. (HUC 7000.38, 81 of 284).

_____________________

[PRINCIPLES OF MONEY AND BANKING]
Reading List
[Economics 241, Spring 1949-50]
[Professor Hansen]

  1. The Role of Money in Current World Developments
    1. Books
      1. Balogh, T., Dollar Crisis: Causes and Cure, (Blackwell), 1949.
      2. Busschau, W. J., The Measure of Gold, (Central New Agency, Ltd.) South Africa, 1949.
      3. Goldenweiser, E. A., Monetary Management, (McGraw-Hill), N.Y., 1949. Chapters IV and VIII.
      4. Harris, S. E., The New Economics, (Knopf), N.Y. 1947. Chapters 20-29.
      5. Harris, S. E., Foreign Economics Policy of the United States, (Harvard University Press), 1948, Chapters 18-25.
      6. Williams, John H., Postwar Monetary Plans, (Knopf), 1947 or English edition (Blackwell), 1949.
    2. Pamphlets
      1. Inflationary and Deflationary Tendencies, 1946-48(United Nations), Department of Economic Affairs, 1949.
      2. International Capital Movements during the Inter-war Period, (United Nations), Department of Economic Affairs, 1949.
    3. Articles
      1. Burns, A. R., Lutz, F. A., and Clough, S. B., “The European Program in Operation,” Proceedings of the Academy of Political Science, January 1950.
      2. Robbins, Lionel, “The Sterling Problem,” Lloyds Bank Review, October, 1949.
      3. Robertson, D. H., “Britain and European Recovery,” Lloydds Bank Review, July, 1949.
      4. Sayers, R. S. “Central Banking in the Light of Recent British and American Experience,”Quarterly Journal of Economics, May, 1949.
  2. Theory of Money, Liquidity Preference, Interest, Wages and Prices
    1. Books
      1. Clark, Kaldor, Smithies, et al., National and International Measures for Full Employment, (United Nations), Department of Economic Affairs, December 1949.
      2. Ellis, H. S., (ed.), Survey of Contemporary Economics, (Blakiston), Philadelphia, 1948, Chapter 2 “Employment Theory”, by Fellner.
      3. Fellner, William, Monetary Policies and Full Employment, Berkeley, 1946. Chapter 6, (pp. 174-209).
      4. Hansen, Alvin H.
        1. Economic Policy and Full Employment, (McGraw-Hill), 1947. Chapters 18, 19, and 22, (pp. 202-232, 261-287).
        2. Fiscal Policy and Business Cycles, (Norton), 1941. Chapters 1-5; 11-15; (pp. 13-105; 225-338).
        3. Monetary Theory and Fiscal Policy, (McGraw-Hill), 1949.
      5. Harris, S. E., (ed.), The New Economics, (Knopf), 1947. Part III (The General Theory: Five Views; Chapters XI-XV).
      6. Keynes, J. M., Monetary Reform, (Harcourt), 1924, pp. 81-95; pp. 152-191.
      7. Keynes, J. M., A Treatise on Money, (Harcourt), 1930, Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
      8. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt), 1936, pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
      9. Klein, Lawrence, The Keynesian Revolution, Chapters 1-3, (pp. 1-90) Macmillan, 1947.
      10. Marshall, Alfred, Money, Credit and Commerce, (Macmillan), 1923. Book I, Chapter IX, pp. 38-50.
      11. Robertson, D. H. Essays in Monetary Theory(King), 1940. Chapters 1, 6, 11; (pp. 1-38; 92-97; 113-153).
      12. Wicksell, K., Interest and Prices(Macmillan), 1936; Introduction by Bertil Ohlin; also Author’s Preface; Chapters 5, 7-8, 11; (pp. 38-50; 81-121; 165-177).
      13. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan), 1935, Chapter IV (pp. 127-222).
      14. Income, Employment and Public Policy, (Norton), 1948, Chapter VI, “The Simple Mathematics of Income Determination,” by Paul Samuelson.
      15. Macmillan Report, Royal Commission on Finance and Industry, Cmd., 3897 (1931), Part I, Chapter 11, (pp. 92-105).
      16. The Economic Report of the President, January 1950.
    2. Articles
      1. Hansen, A. H., and Burns, Arthur F., “Keynesian Economics Once Again,” Review of Economics Statistics, Nov. 1947.
      2. Hansen, A. H., “The Robertsonian and Swedish Systems of Period Analysis,” Review of Economics and Statistics, Feb. 1950.
      3. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, April 1937.
      4. Lerner, A. P., “Interest and Theory: Supply and Demand for Loans or Supply and Demand for Cash,” Review of Economics and Statistics, May 1944.
      5. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money,” Econometrica, January 1944.
      6. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, May 1946.
      7. Scott, Ira O. Jr., “Professor Leontief on Lord Keynes,” and “Comments” by Professors Leontief and Haberler, Quarterly Journal of Economics, November, 1949.
      8. Simons, H. C., “Debt Policy and Banking Policy,” Review of Economic Statistics, May 1946.
      9. Tobin, James, “Liquidity Preference and Monetary Policy,” The Review of Economic Statistics, May 1947.
      10. Williams, John H., “An Appraisal of Keynesian Economics,” American Economic Review, Papers and Proceedings, May 1948, pp. 273-290.

 

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003, Box 5, Folder “Economics, 1949-50 (3 of 3)”.

_____________________

1949-50
HARVARD UNIVERSITY
ECONOMICS 241

Principles of Money and Banking
Final Examination (June, 1950)

(Three Hours)

Answer any FOUR questions.

I.

Discuss:

(a) the causes of the increase in the quantity of money (currency and deposits) in:

(1) the Thirties,
(2) the Second World War; and

(b) appraise the role of this increase:

(1) in the rise in income from 1933 to 1937; and
(2) in war-time financing.

II.

Compare the monetary theories of Wicksell and Marshall (or more broadly the Cambridge cash-balance approach).

III.

“An increase in the quantity of money is a necessary but not sufficient condition for the expansion of income and employment.” Show carefully why you agree, partially agree, or disagree in whole or in part with this statement. Give a technical discussion in terms of modern monetary theory.

IV.

Discuss and evaluate Treasury and Federal Reserve policies after 1945 with respect to

(a) inflation,
(b) interest rates,
(c) debt management,
(d) full employment.

V.

Discuss the changing role of Central Banking:

(a) in the 19th century,
(b) in the nineteen-twenties, and
(c) following the Second World War.

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001, Bound Volume Final Exams—Social Sciences June 1940 (HUC 7000.28, 84 of 284), Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …,Military Science, Naval Science. June, 1950.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

Categories
Exam Questions M.I.T.

MIT. Final exam for second term core economic theory, Samuelson 1956

 

 

This post offers two items of interest. The main item is the final examination for Paul Samuelson’s half of the core economic theory course taught at M.I.T. during the 1955-56 academic year.

Years ago I downloaded the slideshow prepared for the April 10, 2010 memorial service held at M.I.T. for Paul Samuelson from which the photo above has been cropped. Below I provide a working link via the Internet Archive Wayback Machine to the original photo page from the memorial service so that others can enhance their presentations with a variety of classic photos of Paul Samuelson.

__________________

Enrollments for Economic Analysis

Twenty-two students were enrolled in 14.121 [Fall term, Robert L. Bishop]. Twenty students were enrolled in 14.122 [Spring term, Paul A. Samuelson]

Source:   MIT Archives. Department of Economics Records, Box 3, Folder “Teaching Responsibility”.

__________________

Course Announcement 

14.121 [Bishop], 14.122 [Samuelson]. ECONOMIC ANALYSIS (A). Interdependent growth of theory and fact, general theory of equilibrium under competition and monopoly. Findings revalued under conditions which more closely approach reality.

Source:  Massachusetts Institute of Technology Bulletin, Catalogue for 1955-56 Session (June 1955), p. 150, 189.

__________________

 

Tuesday, May 29, 1956
Time 1:30 – 4:30 P.M.

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

Scheduled Examination in
ECONOMIC ANALYSIS 14.122

NOTE: Students are not permitted to use any books, notebooks, or papers in this examination. If brought into the room, they must not be left on the desks.

Answer any Four

  1. Write a 45 minute essay describing what Hicks does in Books I and II of Value and Capital, relating the parts to each other.
  2. One million exactly identical men start out with identical technological conditions or endowments. How will the resulting competitive equilibrium be defined? Describe some of its properties.
  3. In 45 minutes, state the fundamental problems of bilateral monopoly, duopoly and/or game theory. What solutions have been advanced? Appraise them.
  4. Given a world of 2 men and 2 goods with all production fixed. What can the welfare economist say about the various points of the resulting box diagram? (Distinguish between “Act III” interpersonal aspects and those of “Act II.”)
  5. Two industries produce x and y with constant-returns-to-scale production functions in terms of labor (L) and land (T) alone. Describe the competitive equilibrium that would result when 1 million identical laborers face 1 thousand identical landowners.
  6. In 45 minutes, discuss the principal theories relative to capital and interest. Appraise.

 

Source:   Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archives. Paul Samuelson Papers, Box 33, Folder “Teaching Exams 1952, 1956”.

Image Source:  Samuelson Memorial Information Page/Photos from Memorial Service.  Accessed via the Internet Archive Wayback Machine.

 

 

Categories
Exam Questions Harvard Suggested Reading

Harvard. Business cycle theory. Reading list and exam. Hansen and Haberler, 1938

 

This is one of those instances where I really would like to try to dig deeper to see what the actual course content was. From the 1940-41 Division announcements we have the following description of the Business Cycle course at Harvard:

The broad facts about the business cycle will be discussed first. The distinction between trend movements, seasonal fluctuations, long waves and the business cycle in various time series will be analyzed. Then various theories of the cycle will be reviewed and the principles of cycle policy and possibilities of mitigating or avoiding depressions considered.

For now we at least have a bibliographic list for the subject and the exam questions from the first time that Alvin Hansen and Gottfried Haberler co-taught the course together.

________________

Course Enrollment

[Economics] 452hf. Professor Hansen and Associate professor Haberler.— Business Cycles.

Total 37: 2 Graduates, 25 Seniors, 7 Juniors, 2 Sophomores, 1 Other.

 

Source:  Harvard University. Report of the President of Harvard College, 1937-1938, p. 85.

________________

[Penciled Note: 1937-38]

[Penciled Note: Ec. 45a]

BUSINESS CYCLE THEORY

I.

Haberler, Gottfried: Prosperity and Depression, League of Nations, Geneva, 1937
Hansen, Alvin H.: Business Cycle Theory, Ginn and Co., 1927
Röpke, Wilhelm: Crises and Cycles, William Hodge and Co., London, 1936.

 

II.

Selected List of Books, Articles and Forecasting Services

A. Books

Adams, A. B. 1. Economics of Business Cycles

2. Profits, Progress and Prosperity

Ayres, L. P. Economics of Recovery
Bellerly Control of Credit
Brookings Institution The Recovery Problem in the United States
Cassel, G. The Theory of Social Economy, Book IV.
Clark, J. M. 1. Strategic Factors in Business Cycles

2. Economics of Planning Public Works, (Government Printing Office, Washington, D.C.)

Copeland, Douglas Australia in the World Crises
Dickinson, F. G. Public Construction and Cyclical Unemployment
Douglas, Paul H. Controlling Depressions
Durbin, E. M. F. 1. Purchasing Power and Trade Depressions

2. The Problem of Credit Policy

Economic Reconstruction (Report of Columbia University Commission)
Economic Essays in Honour of Gustav Cassel
Fisher, Irving 1. Booms and Depressions

2. 100% Money

Foster and Catchings 1. Profits, Part V.

2. Business Without a Buyer

3. Road to Plenty

Gayer, Arthur D. 1. Monetary Policy and Economic Stabilization

2. Public Works in Prosperity and Depression

Haney, L. H. Business Forecasting
Hansen, A. H. 1. Economic Stabilization in an Unbalanced World

2. The Problem of Unemployment Insurance and Relief in the U.S., Part IV.

Hardy, C. O. and Cox, G. V. Forecasting Business Conditions
Harrod The Trade Cycle
Hawtrey 1. Good and Bad Taste [sic, “Trade”]

2. Trade Depression and the Way Out

3. Capital and Employment

Hayek, F. A. Prices and Production
Hobson, J. A. Economics of Unemployment
Hull Industrial Depressions
Keynes, J. M. 1. A Treatise on Money

2. The Means to Prosperity

3. General Theory of Employment, Interest and Money

4. Unemployment as a World Problem, pp. 1-42

Kuznets, S. S. Cyclical Fluctuations
Lavington Trade Cycle
Lundberg Economic Expansion
McCracken, H. L. Value Theory and Business Cycles
Meade  Economic Analysis and Policy
Mitchell, Wesley Business Cycles, the Problem and its Setting
Moore, Henry L. 1. Economic Cycles

2. Generating Economic Cycles

Moulton, H. G. 1. The Formation of Capital

2. Income and Economic Progress

Newman, William H. The Building Industry and Business Cycles
Ohlin, Bertil Course and Phases of the Depression (League of Nations)
Persons, Warren Forecasting Business Cycles
Persons, Foster and Hettinger The Problem of Business Forecasting
Pigou, A. C. Industrial Fluctuations
Robbins, Lionel The Great Depression
Robertson, D. H. 1. Money

2. Industrial Fluctuations

3. Banking Policy and the Price Level

Schmidt, C. T. German Business Cycles, 1924-1933
Schumpeter, Joseph A. The Theory of Economic Development
Slichter, S. H. Towards Stability
Smith, W. B. and  Cole, A.H. Fluctuations in American Business, 1790-1860
Snyder, Carl Business Cycles and Business Measurements
Timoshenko, V. 1. World Agriculture and the Depression

2. The Role of Agriculture Fluctuations

Tintner, Gerhard Prices in the Trade Cycle
Warren and Pearson Gold and Prices
World Prices and the Building Industry
Veblen, T. [1.] Theory of Business Enterprise

[2.] The Engineers and the Price System

Wagemann Economic Rhythm
Wicksell Interest and Prices

 

B. Articles

Aftalion, Albert in Review of Economic Statistics, October 1927

Haberler, Gottfried, “Some Reflections on the Present Situation of Business Cycle Theory,” Review of Economic Statistics, February, 1936

Hansen, Boddy and Langum, “Recent Trends in Business Cycle Literature,” Review of Economic Studies, May, 1936

Hansen and Tout, “Investment and Saving in the Business Cycle,” Econometrica, April 1933

Hansen, A. H., “Mr. Keynes in Under-employment Equilibrium,” Journal of Political Economy, October, 1936

Hansen, A. H., Harrod on the Trade Cycle,” Quarterly Journal of Economics, May, 1937

Hansen, A. H., “The Consequences of Reducing Expenditures,” Proceedings, Academy of Political Science, January, 1938

Kondratieff, M. D., “The Long Waves in Economic Life,” Review of Economic Statistics, November, 1935

Robertson, D. H., “The Trade Cycle—An Academic View,” Lloyds Bank Review, September, 1937

Schumpeter, Joseph, “An Analysis of Economic Change,” Review of Economic Statistics, May, 1935

 

C. Forecasting Services

  1. Annalist (Weekly)
  2. Brookmire Economic Service (Weekly and Special)
    Councillor; Annalist; Investor; Technician; Forecaster; Purchaser (outlook for commodity prices); Executive; Income Map; Special Reports on Industries.
  3. London and Cambridge Economic Service (Quarterly)
  4. Moody’s Investors Service (Weekly and Bi-weekly)
  5. Review of Economic Statistics; Harvard (Quarterly)
  6. Standard Statistics (Weekly, Bi-weekly, Monthly and Special)
    Business Prospects; Outlook for Security Market; Industry Reports A, B, C, etc.; Basic Statistics.
  7. United Business Service (Weekly)

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1). Box 2, Folder “Economics, 1937-38”.

________________

1937-38
HARVARD UNIVERSITY

ECONOMICS 45a2
BUSINESS CYCLES

[Final Exam]

(Write on THREE questions)

  1. Write briefly on each of the following:
    1. Summarize and evaluate the analyses of “the long waves” made by (1) Schumpeter, and (2) Kondratieff.
    2. Compare Robertson and Aftalion with respect to the role of fixed capital in the business cycle.
  2. Show the significance and implications of (a) the “principle of accelerations” and (b) the “multiplier” with respect to the “pump-priming” theory.
  3. “The turning point from prosperity to depression is caused not by a shortage of capital but by inadequate consumption expenditures.”
    (In answering this question discuss, among other items, the following: (1) Is saving deflationary? (2) What is the effect of an increase in savings (a) upon the value of real investment? (b) upon consumption? (3) Is over-investment a cause of recession?
  4. Discuss the part played by monetary factors in the trade cycle, drawing particularly upon the analyses of Hawtrey and Hayek.

 

Source:  Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 4. Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science. June, 1938.

Image Source: Alvin Hansen (left) and Gottfried Haberler (right) from Harvard Class Album 1942.

Categories
Exam Questions Harvard Statistics

Harvard. Final Examination for topics in statistical theory. E.B. Wilson, 1938

 

Most course final examination questions at Harvard were officially printed, but for a variety of reasons some course final examinations questions were only duplicated using carbon paper or perhaps they were written on the black-board at the time of the examination. The Harvard archives collection of final examinations has boxes of the bound printed copies of final examinations and folders with the carbon or mimeographed copies of examinations for (some) of the other courses. We see from the enrollment data that there were only four graduate students enrolled in E. B. Wilson’s course on “Topics in Statistical Theory” so logistically it would have been no big deal for a secretary to type enough copies using carbon paper.  It appears to be the original copy of his examination questions for 1937-38 that I have transcribed for this post.

________________

Course Announcement

Economics 122b 2hf. (formerly 32b). Topics in Statistical Theory.
Half-course (second half-year). Tu., Th., 3 to 4.30. Professor E. B. Wilson.

 

Source:  Announcement of the Courses of Instruction Offered by the Faculty of Arts and Sciences during 1937-38 (First Edition). Official Register of Harvard University, Vol. 34, No. 5 (March 1, 1937), p. 149.

________________

Course Enrollment

[Economics] 1222hf. (formerly 32b). Professor E. B. Wilson.—Topics in Statistical Theory.

Total 4: 4 Graduates.

 

Source:  Harvard University. Report of the President of Harvard College for 1937-38, p. 86.

________________

Final Examination in Economics  122b2.
Wednesday June 8, 1938 at 2 P.M. in Amerson A

Students may individually use slide rules, logarithmic tables, books, notes, and their solutions of problems at their discretion.

  1. Why did Macaulay feel that he must include a twelve-months moving average as one process in his summation formula for smoothing monthly interest rates? Why did this make it advisable that he include another summation over an even number of elements?
  2. Prove that a running mean of a specified number of elements eliminates more of the random fluctuation from a time series than any other mean of the same number of elements.
  3. What does a 13-term running mean do to a sine curve with period of 40 (using the interval between terms as a unit)?
  4. Define a random series. Derive the relations which exist between the standard deviation of the random elements and the standard deviations of the 1st, 2nd, and 3rddifferences of those elements?
  5. What is the actuarial criterion of smoothness? What is the difficulty of using maximum smoothness as a criterion for smoothing a series?
  6. Assuming the expansion of \frac{x}{{{e}^{x}}-1} in a series with Bernoulli numbers as coefficients, derive formally the (asymptotic) expansion for \log n! or for \log \Gamma \left( n \right).
  7. What is the criterion of fidelity which is ordinarily imposed in graduating time series? Why is Spencer’s 21-term formula, which satisfies this criterion, used in place of that best 21-term eliminator or of that 21-term best smoother which satisfy this same criterion?
  8. Prove the ordinary formula for the standard deviation of a median.
  9. State R.A.Fisher’s method of finding the values of the constants (or parameters) of a frequency function of assumed type from the elements of a given sample. State also his rule for the standard deviations of the constants.
  10. Given any analytical frequency function with close contact at the ends, derive therefrom the expansion of another frequency function of the same mean and standard deviation good to fourth moments inclusive.
  11. Give a brief sketch of the symbolic method of treating advancing and retreating and central differences.
  12. Give an illustration of (a) a universe with median but no mean (b) another universe in which the median is a better criterion of center than the mean, (c) a universe in which the mean is a better criterion of center than the median, (d) a universe in which the average of the least and greatest elements of a sample is a better criterion of center than either the mean or the median. What do you mean by “a better criterion of center”?

 

Source:  Harvard University Archives. Final Examinations 1853-2001 (HUC 7000.28). Box 3, Folder “Final examinations, 1937-1938”.

Image Source:  Faculty portrait of of E. B. Wilson in Harvard Album 1939.

Categories
Curriculum Economists Exam Questions Suggested Reading Toronto

Toronto. Five Annual Examinations in Economics. Ashley and McEvoy, 1891

 

Today’s post was just intended to be a quickie set of five economics exams I found for the University of Toronto from 1891. There turned out to be much more interesting information at the hathitrust.org digital library that I simply had to include: from the University of Toronto Calendar, I was able to obtain course announcements that provide course descriptions as well as list a few key readings. And as though this were not enough, it turns out that it was the practice, at least in Toronto at the end of the 19th century, when applying for a professorship to submit a printed application “cover letter” followed by short “testimonials”. As it so happens, the University of Alberta has copies of Professor William J. Ashley’s application for the vacant Drummond professorship in political economy at Oxford (1890) and of Mr. John Millar McEvoy’s application for Ashley’s vacant chair at Toronto, following Ashley’s move to Harvard in 1892. 

Following the “cover letters” with these two abbreviated c.v.’s are the course descriptions for all four economics courses offered at the University of Toronto in 1890-91 and five sets of examination questions.

__________________

To the Electors to the Drummond Professorship.
[From William J. Ashley, November 20, 1890]

My Lord and Gentlemen:

I beg to offer myself as a candidate for the Professorship of Political Economy in the University of Oxford.

I entered Balliol College with a History Scholarship in 1878, took a First-Class in the Honour School of Modern Histor. in 1881, and received the Lothian Prize in 1882. In February, 1885, I was elected to a tutorial Fellowship at Lincoln College, and soon afterwards was also appointed Lecturer in History in Corpus Christi College. Resigning this position in order to be able to devote my time more exclusively to economic studies, I was appointed Professor of Political Economy and Constitutional History in the University of Toronto in 1888; and by the subsequent appointment of an assistant I have recently been enabled to give my whole attention to Economics.

I began the study of Political Economy under the late Arnold Toynbee, whose Lectures on the Industrial Revolution the 18th CenturyI afterwards assisted in preparing for publication. I began to lecture on Political Economy in 1884; and after my appointment at Lincoln I lectured upon it each year; in one course stating and criticizing Modern Economic Theory, and in another following Economic History and Theory in their relation to one another from mediaeval to modern times. I may add that from 1886 to 1888 I acted as Secretary to the Oxford Economic Society; and that in 1887 and 1888 I examined in the Pass School of Political Economy.

Since my arrival at Toronto I have had the task of organizing the new Department of Political Science, a Department which has grown rapidly, and now numbers more than 100 students; and I have lectured on (i) Elementary Political Economy, (2) The History of Economic Theory; (3) The History of Economic Development; (4) Modern Finance. In dealing with the last mentioned subject I have had an opportunity to acquaint myself with the main features of Canadian and American Taxation, Tariffs, Currency, Banking, and similar subjects.

I have also undertaken the editorship of the Toronto University Studies in Political Science, of which the first, on The Ontario Township, has already appeared. For a further account of my work here I beg to refer you to the subjoined letters from the Chancellor and President of the University, the Minister of Education, the Manager of the Bank of Commerce, and from one of my pupils.

My own researches have hitherto been mainly in the field of Economic History. In 1887 the American Economic Association published my Early History of the English Woollen Industry. In 1888 appeared the first volume of my Introduction to Economic Historyand Theory, which I now beg to lay before you, together with the letters concerning it from English and foreign authorities printed below.

There are two directions in which, as it appears to me, it is most desirable to promote economic study in Oxford. Of these one is Public Finance; it might not be impossible

to secure for men who are about to enter into public life, the civil service, or the higher branches of business, a training similar to that provided by some foreign Universities. The other is the history of Economic Phenomena, and of the parallel growth of Economic Theory. While recognizing the value of recent work in the further analysis of theory, there is, I think, reason to believe that the most fruitful field for economic work at the present time in Oxford is the historical. An effort in this direction would be in sympathy with one of the strongest intellectual forces in the University, and it might reasonably be expected to enlist the interest of students in the School of Modern History.

I have the honour to be,

My Lord and Gentlemen,

Your obedient servant,

W. J. ASHLEY.

The University of Toronto,
November 20, 1890.

[…]

Source: Testimonials in Favour of W.J. Ashley M.A., Professor of Political Economy in the University of Toronto: Late Fellow of Lincoln College, Oxford. A Candidate for the Drummond Professorship of Political Economy in the University of Oxford, pp. 1-2.

__________________

TO THE HONORABLE GEORGE WILLIAM ROSS, LL.D.
MINISTER OF EDUCATION FOR ONTARIO.

[Application of ] JOHN MILLAR McEVOY.
Toronto, July 30th, A.D. 1892.

Sir, — I beg leave to make application for the chair of Political Economy and Constitutional History, in the University of Toronto, lately rendered vacant by the resignation of Professor W. J. Ashley, M.A.

I am a graduate of the University of Toronto in the Honor Department of Political Science. Throughout my course in that department I was first in first-class honors in all economic subjects. Since being graduated in Arts I have taken the University Law Examinations, and have been awarded the LL.B. degree. I have attended two years’ lectures in Osgoode Hall Law School, and have taken the examination required at the end of each year.

I may be permitted to mention the following scientific and literary work : —

  1. My “Essay on Canadian Currency and Banking,” which was awarded the Ramsay Scholarship. This essay, upon examination by some of the leading bankers of Canada, was thought to be so valuable that the various banking institutions of the Dominion in order to have it printed, have offered to take such a number of copies of it, at $1.50 per copy, as will provide for its publication and leave me a handsome margin.
  2. My essay on “Karl Marx’s Theory of Value,” which was read before the Political Science Association of the University of Toronto. This essay was publicly declared by Professor W. J. Ashley, M.A., to be “the ablest exposition of the kernel of the abstract theory of value that it had been his good fortune to have heard or read on any occasion.”
  3. At the invitation of the American Academy of Political and Social Science, which is controlled by the most distinguished Economists on the continent, I contributed a series of articles to their publication, the Annals, upon subjects of economic and historical importance to Canada. These may be seen in the November number of that journal for 1891.
  4. My essay on “The Ontario Township,” which was printed by the Minister of Education, as the first in the series of University of Toronto studies in Political Science, It has received favorable notice from American, English and German Economic Reviews and Journals. It has also been very favorably received by men engaged in the practical working of our municipal institutions. Several American publishing houses have asked me to publish a second edition; and there is a growing demand for it in our own Province.

As Fellow I have had two years’ experience in the practical work of the Department of Political Science in the University of Toronto. In consequence of sickness in Professor Ashley’s family, I had for a time during last year, full charge of the department. During this time I did acceptably Professor Ashley’s work as well as my own. Throughout last year the Constitutional History, both English and Canadian, has been entirely under my charge.

I have had two years’ experience as Examiner in Political Science in the University, and I have been for one year Examiner in Political Economy in the Ontario Agricultural College. My work throughout has been completely satisfactory, which fact may be easily verified by inquiry. What my success as a practical teacher of the science has been, I will leave you to infer from my testimonials.

It is my desire, if appointed, to spend the long vacations of each of the first three or four years at some foreign university, in which a regular course of lectures in Political Science is delivered during the summer months; and in that event I shall be glad to have your government indicate the institution most suitable for the further prosecution of my studies.

[…]

Source: Application and Testimonials of J. M. McEvoy, B.A., LL.B., for the Chair of Political Economy and Constitutional History in the University of Toronto. 1892.

__________________

FACULTY OF LAW

§1.
POLITICAL ECONOMY.

Professor: W. J. ASHLEY, M.A.

FIRST YEAR. (SECOND YEAR IN FACULTY OF ARTS.)

The elements of Political Economy. Value, Price, Wages, Interest, Profits, Rent.

For Reference:

F.A. Walker, Political Economy.
Mill, Political Economy, ed. Laughlin.

 

SECOND YEAR. (THIRD YEAR IN FACULTY OF ARTS.)

The history and criticism of economic theories.

The Economic ideas of Plato and Aristotle; the influence of Roman law; the teaching of the mediaeval church; Aquinas; the genesis of modern conceptions; the mercantile system; the Physiocrats; Adam Smith, Malthus, and Ricardo; the historical school.

Students are requested to especially examine (i.) Adam Smith, Wealth of Nations, Bk. I, chap. 10, part 2; Bk. IV, chaps. 1, 2, 3, part 2; chap. 7. (ii.) Malthus, Essay on Population, Bk. I, chaps. 1, 2. (iii.) List, National System of Political Economy(trans. Sampson Lloyd), chaps. 10, 11, 12. (iv.) Ricardo, Principles of Political Economy, chaps. 1-6.

For Reference:

Ingram, History of Political Economy.

 

THIRD YEAR. (FOURTH YEAR IN FACULTY OF ARTS.)

(1) The History of Economic Development, including such topics as the following: the Manor; Guilds; Domestic Industry; Trading Companies; Enclosures; Agricultural changes; the Mercantile System and Protection; the measures of Colbert; the beginnings of modern finance; the Factory System.

For Reference:

Rogers, Six Centuries of Work and Wages.
Ashley, Economic History, vol. I.
Cunningham, Growth of English Industry and Commerce, Bks. IV and V.
Toynbee, Lectures on the Industrial Revolution of the 18th Century in England.

 

(2) Modern Economic Questions, including such topics as the following: Socialism; taxation; public debt; currency (including banking); municipal finance; public domain; Government works.

Students are advised to consult such books as the following: Jevons, The State in Relation to Labour and Money; Giffen, Essays in Finance, vol. I, Essays ix, x, xiii, xiv; vol. II, Essay vi; Rae, ContemporarySocialism; Ely, The Labour Movement, and Taxation in American Cities and States; Adams,Public Debts; Seligman, Railway Tariffs, in Political Science Quarterly, vol. II; Adams, Relation of the State to IndustrialAction; and James, Modern Municipality and Gas Supply, in Publications of American Economic Association; Taussig, Tariff History of theU.S.; Felkin, The National Insurance Laws of Germany, in Contemporary Reviewfor August, 1888; Taussig, Workmen’s Insurance, in Quarterly Journal of Economics, vol. II.

 

Source:  University of Toronto Calendar, 1890-91, pp. 43-44.

__________________

University of Toronto.
Annual Examinations: 1891.
Candidates for B.A.

POLITICAL ECONOMY.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

  1. What is Political Economy ?
  2. Illustrate the use of inductionand deductionin Political Economy.
  3. State and criticize the ‘Wage Fund Theory.’
  4. “Landlords were able to pocket the whole advantage of the Corn Laws, and the people suffered that rents might be kept up.” Explain and criticize.
  5. What are the functions of money ?
  6. State arguments for and against the adoption of bimetalism.
  7. Is a government justified in taxing the rich for the benefit of the poor? If so, to what degree?
  8. Distinguish the various meanings attached to the term “socialism.”

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Candidates for B.A.

POLITICAL SCIENCE.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Sketch the history of the Teutonic Hanse in England.
  2. Describe the position of the mediaeval villein.
  3. Explain the causes for the decay of the Craft Guilds.
  4. Trace the development of the Poor Laws during Elizabeth’s reign.
  5. Show the importance in English Economic History of the woollen industry.
  6. Distinguish the various stages in the growth of English foreign trade.
  7. Describe the origin of the Bank of England, and explain its connection with the financial measures of the government of William III.
  8. Trace the progress of the East India Company, down to the beginning of the eighteenth century.
  9. What were the social effect of the “Enclosures” of the eighteenth century?
  10. Compare the Merchant Guild with the modern Joint Stock Company.
  11. Illustrate historically the relative advantages and disadvantages of the Factory system of Industry.
  12. Sketch the history of factory legislation in England.

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Second Year.

POLITICAL SCIENCE.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Examine the assumption made by some Economists, that all persons will act in such a manner as will secure their own best interests.
  2. What are the relative advantages and disadvantages of the division of labor?
  3. Co-operation in production has not been so successful as co-operation in distribution. How would you account for this?
  4. Define value. How is the value of commodities determined?
  5. “The fundamental cause of rent is difference in fertility.” — Symes. Criticize.
  6. What do you understand by “average rate of profit?”
  7. State the theoretic arguments, if any, in favour of protection and the practical disadvantages, if any, in its application.
  8. What are the objects of trades unions? How far are they suited to the attainment of these objects?
  9. State the various circumstances which explain and justify the payment of interest.
  10. What would be the result if the government were to issue bills to every farmer to the extent of $500 on the security of his real estate?
    Illustrate the correct and incorrect use of the phrase “a violation of the laws of Political Economy.”

*  *  *  *

University of Toronto.
Annual Examinations: 1891.
Third Year.

POLITICAL SCIENCE.
ECONOMIC THEORY.
HONORS.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

N.B.—Candidates are requested not to attempt more than eight questions.

  1. Show how the mediaeval doctrine of Usury was undermined by the doctrine of Interest.
  2. Describe the “Balance of Bargain” system.
  3. Compare the attitude of Child and Hume towards the Balance of Trade theory.
  4. Comment on the Maxims of Quesnay.
  5. Distinguish the essentials and non-essentials in the teaching of Malthus.
  6. In what case did Adam Smith consider “Protection” desirable.
  7. “What Smith sought to establish was the free competition of equal industrial units; what in fact he was helping to establish was the free competition of unequal industrial units.” Explain and comment upon.
  8. “Back to Adam Smith.” In what sense is this desirable.
  9. State and criticize the “Iron Law of Wages.”
  10. Examine the doctrine laid down by Ricardo that the relative values of commodities are governed by the relative quantities of labor bestowed on their production.
  11. Wherein does List find the teaching of Smith and his school defective.

*  *  *  *

University of Toronto.
Supplemental Examinations: 1891.
Fourth Year.

ARTS.
POLITICAL ECONOMY.

Examiners: J.M. McEvoy, B.A. and A.T. Thompson, B.A.

  1. Does density of population tend to increase or to diminish the per capitaproductiveness of a nation? Apply your conclusions to determine the importance of the Malthusian doctrine of population.
  2. If it were deemed desirable to encourage the manufacturing of steel in Canada would you do so by levying a duty on imported steel, or by giving a bonus per ton for all steel produced in Canada?
  3. Examine the soundness of the two fundamental assumptions upon which the laissez fairedoctrine of the functions of Government proceeds.
  4. “Value depends on supply and demand.”
    What limitations and explanations does this statement require ?
  5. “Rents tend to rise with industrial propers .” [sic, “when industry prosper”]
    Examine this statement.
  6. On what principles would you proceed to determine what was “fair wages” between master and workman in any given industry?
  7. Describe some of the more important plans recently advanced for the uniting of labour and capital, and examine the expediency of each from an economic standpoint.

Source:  University of Toronto. Examination Papers for 1891.

Image Source: William J. Ashley in University and their Sons. History, Influence and Characteristics of American Universities with Biographical Sketches and Portraits of Alumni and Recipients of Honorary Degrees. Editor-in-chief, General Joshua L. Chamberlain, LL.D. Vol II (1899), p. 595.

Categories
Exam Questions Fields M.I.T.

M.I.T. General exam questions, fiscal economics, 1963

 

The following general exam in fiscal economics was found in Evsey Domar’s papers at Duke University’s Economists’ Papers Archive. Two students apparently took this examination and were graded by Domar:  Michael Repplier Dohan (MIT Ph.D., 1969) and Silva (unable to determine first name).

_________________

September 23, 1963

GENERAL EXAMINATION IN FISCAL ECONOMICS
THREE HOURS

Please answer THREE QUESTIONS, ONE from each part. Use a separate examination book for each question.

Part I.

  1. Write an essay on the subject of “The Effect of Built-In Stabilizers on the Growth and Fluctuations of the American Economy.”
    Explain what they are and how they work.
  2. State the economic objectives which the American Federal Government, in your opinion, should pursue at the present time and explain how well (or badly) the details of the proposed tax reduction; indicate, however, what kind of reductions you have in mind).

 

Part II.

  1. Explain as fully as you can the economic effects of a, say, 50 per cent income tax imposed on (a) corporations, and (b) all businesses. Indicate the positions taken by the authorities in the field, your own position, and methods of testing them.
  2. Abba Lerner has suggested that the best tax would be a kind of a poll tax imposed on each individual not in relation to his actual income but to his potential income (what he could earn) as estimated by the tax authorities.
    Leaving the practical aspects of this proposal aside, explain the following:

    1. What objectives was Lerner trying to accomplish by means of this unusual tax?
    2. What does this proposal tell you about Lerner’s general economic philosophy?
    3. What defects in our existing (federal) tax structure was Lerner trying to eliminate by this proposal?
    4. How would you deal with the defects indicated in (c)? Be specific.

 

Part III.

  1. Explain as fully as you can the objectives to be pursued and the problems likely to be encountered by recurrent deficit financing (an excess of expenditures over receipts) if practiced by the following organizations:
    1. The American Federal Government
    2. The national government of India or of some other underdeveloped country
    3. An American state (or local) government
    4. American business as a whole
    5. An American business corporation.
  2. Amoz Morag, an Israeli economist, once said that our whole theory of public finance, having been developed mostly in England and in the United States, is based on certain economic philosophy natural to these countries but not to the underdeveloped ones. For the latter, a very different approach to public finance is required, frequently leading to conclusions and methods diametrically opposed to the usually accepted ones.
    Comment fully.

 

 

Source:  Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archives. Evsey Domar Papers, Box 16, Folder “Ph.D. examinations, Fiscal Economics”.

Image Source:  Evsey Domar from the MIT Museum website.

Categories
Exam Questions Harvard

Harvard. Trade-unionism and allied problems. Exams, 1913-32

 

The course for undergraduates and graduates “Trade Unionism and Allied Problems” (Economics 6a) was a staple in the Harvard economics department offerings for the two decades that include the first world war, the roaring ‘twenties and the early years of the Great Depression. This post follows up on the previous post that provided lists of readings used in the courses on “trade unions” and “labor problems” from the second half of the 1920s.

I have provided early and late course descriptions to indicate the continuity of course content. These are followed by the annual enrollment data when available along with transcriptions of the final exams for all but three years not found in the collections of printed examinations in the Harvard archives or in the hathitrust.org digital archive. Biographical information about Professor William Z. Ripley who regularly taught Economics 6a was included in an earlier post for this course in 1914-15.

The Fall term 1947 Harvard course outline and reading list for John Dunlop’s course “Trade Unionism and Collective Bargaining” has been transcribed and posted earlier. 

________________________________

Early Course Description (1913-14)

[Economics] 6a 1hf. Trade Unionism and Allied Problems. Half-course (first half-year). Tu., Th., Sat., at 10. Professor RIPLEY, assisted by —.

This course will deal mainly with the economic and social relations of employer and employed. Among the topics included will be: the history of unionism; the policies of trade unions respecting wages, machinery, output, etc.; collective bargaining; strikes; employers’ liability and workmen’s compensation; efficiency management; unemployment, etc., in the relation to unionism, will be considered.

Each student will make at least one report upon a labor union or an important strike, from the original documents. Two lectures a week, with one recitation, will be the usual practice.

Source: Harvard University. Division of History, Government, and Economics, 1913-14. Official Register of Harvard University, Vol. X, No. 1, Part X (May 19, 1913), p. 63.

 

Late Course Description (1932-33)

[Economics] 6a 1hf. Labor Problems.
Half-course (first half-year). Tu., Th., Sat., at 10. Dr. Brown

This course will deal mainly with the economic and social relations of employer and employed. Among the topics included will be: the history of unionism; the policies of trade unions respecting wages, machinery, output, collective bargaining,  strikes, the legal status of unionism, closed shop, efficiency management, unemployment, and labor legislation.

Source: Harvard University. Division of History, Government, and Economics, 1913-14. Official Register of Harvard University, Vol. XXIX, No. 32 (June 27, 1932), p. 73.

________________________________

1912-13

Enrollment, 1912-13

6a 1hf. (formerly 9a 1hf) Professor Ripley, assisted by Mr. [Lloyd Morgan] Crosgrave. — Trade-Unionism and Allied Problems.

Total 72: 3 Graduates, 44 Seniors, 19 Juniors, 4 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1912-13, p. 57.

 

ECONOMICS 6a
Final examination, 1912-13

Answer the first five briefly

  1. What is sabotage?
  2. What is the “extended” closed shop?
  3. What is the principal practical difficulty in the “general strike”?
  4. Is it met by the adoption of any positive policy in France by the “syndicates “?
  5. In the syndicalist programme what is to be the unit in the reorganized state?
  6. Contrast collective bargaining under sanction of the law with its adoption by private arrangement; (a) from the point of view of advantage to the employer; (b) from that of the workman.
  7. What are the four main features of the New Zealand legislation. (Each in a sentence.)
  8. What is the principal demonstrated weakness in the above legislation?
  9. What are three disabilities of the individual workmen in negotiating a wage contract?
  10. Wages for women in domestic service and in manufactures seem out of line with one another. What main difference helps to explain this?
  11. What is the present condition of affairs respecting the closed shop in the United States? Outline the course of events for two decades.
  12. How does the law of conspiracy enter into the decision by courts in labor disputes? How has Great Britain settled it?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1913), p. 45.

________________________________

1913-14

Enrollment, 1913-14

6a 1hf. Professor Ripley, assisted by Mr. [Louis August] Rufener. — Trade-Unionism and Allied Problems.

Total 71: 4 Graduates, 31 Seniors, 25 Juniors, 6 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College 1913-14, p. 55

 

ECONOMICS 6a
Final examination, 1913-14

  1. Outline the principal phases of development of organized labor in the United States, with especial reference to conditions at the present time. In conclusion name five or six of the most significant events which define the present situation.
  2. What are the three most essential features of a collective bargain between workmen and employers?
  3. What is the feature in common of all minimum wage laws, as in Victoria and of compulsory arbitration statutes like those of New Zealand? Wherein does the policy differ most profoundly from ours?
  4. Name in a sentence in each of as many of the following cases as possible, the essential point at issue.

(a) The Danbury hatters.
(b) Allen v. Flood.
(c) New York Bakeshop law.
(d) Bucks Stove Co. case.
(e) Taff Vale Railway.
(f) Holden v. Hardy. (Utah.)

  1. How, other than by incorporation, is a greater measure of legal responsibility of trade unions to be attained?
  2. Discuss scientific management from the viewpoint of organized labor.
  3. What is the significant feature of the new type of state labor bureau, like the Wisconsin Industrial Commission?
  4. Compare the present legal status of the non-union man in England and the United States.

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1914), p. 44.

________________________________

1914-15 

Enrollment, 1914-15

6a 1hf. Professor Ripley, assisted by Mr. [Louis August] Rufener. — Trade-Unionism and Allied Problems.

Total 76: 45 Seniors, 21 Juniors, 4 Sophomores, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1914-15, pp. 59-60.

 

ECONOMICS 6a1
Final examination, 1914-15

Answer in order; but cover only as many as the time limit permits.

  1. Speaking of English conditions, the Webbs on p. 707 say:
    “Hence old-fashioned family concerns with sleepy management and obsolete plant, find the Trade Union regulations a positive protection against competition.” What do they mean? Show how it works out.
  2. Describe and discuss the recent decision of the U. S. Supreme Court in the Danbury Hatters case, especially in its bearing upon incorporation.
  3. Under any of the plans for eliminating labor contests which expressly prohibit striking, what offset is given to the employees for this limitation upon their freedom of action?
  4. The Philadelphia Rapid Transit Co. assures its operatives a fixed percentage of gross receipts as a wage fund. What is the object? Criticize the plan.
  5. What advantages may be expected to flow to a union from the adoption of a positive system of high dues and liberal benefits?
  6. The Eastern Engineer’s Arbitration Award of 1912 says:
    “Therefore, considering the uncertainty of many of the factors involved, the arbitrators feel that they should not deny an increase of compensation to the engineers merely on the ground that the roads are unable to pay. They feel that the engineers should be granted a fair compensation. … In making their award they therefore eliminate the claim of the railroads that they are unable to pay an increased compensation.” Discuss the principle advanced.
  7. Is the closed-shop policy essential to successful trade unionism? Illustrate your argument.
  8. Theoretically, the Standard Wage is merely the minimum wage for the trade. How does it work out in practise?
  9. How do the efficiency engineers deal with restriction of output? Give imaginary examples, if you can?
  10. Where has insurance against unemployment been tried; and with what success?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1915), pp. 49-50.

________________________________

1915-16

Enrollment, 1915-16

6a 1hf. Professor Ripley, assisted by Mr. Weisman. — Trade-Unionism and Allied Problems.

Total 61: 24 Seniors, 29 Juniors, 1 Sophomore, 7 Others.

Source: Harvard University. Report of the President of Harvard College 1915-16, pp. 60-61.

 

ECONOMICS 6a1
Final examination, 1915-16

  1. Illustrate by a sketch the interrelation between the constituent parts of the American Federation of Labor.
  2. Criticise the following premium wage plans for mounting “gem” electric lamp bulbs.
Wage per thousand
Output under 900 daily $1.03
Output 900-1000 daily $1.07
Output 1000-1100 daily $1.12
Output over 1100 daily $1.17
  1. Have you any impression whether Webb favors craft or industrial unionism? What instances does he cite?
  2. Define (a) Federal union; (b) Device of the Common Rule? (c) Jurisdiction dispute.
  3. Is there any real difference between an “irritation strike” of the I.W.W. and the British “strike in detail”?
  4. Contrast the British and American policies of trade union finance, showing causes and results.
  5. Describe the Hart, Schaffner and Marx plan of dealing with its employees.
  6. Is the Standard Wage merely the minimum for a given trade or not? Discuss the contention that it penalizes enterprise or ability.
  7. Is there any relation logically between the attitude of labor toward piece work and the relative utilization of machinery?
    What is the nature of the business transacted at the annual convention of the American Federation of Labor?

 

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1916), pp. 54-55.

________________________________

1916-17

Enrollment, 1916-17

6a 1hf. Professor Ripley, assisted by Mr. Lewis. — Trade-Unionism and Allied Problems.

Total 49: 3 Graduates, 20 Seniors, 22 Juniors, 4 Others.

Source: Harvard University. Report of the President of Harvard College 1916-17, pp. 56-57.

 

ECONOMICS 6a1
Final examination, 1916-17

  1. Discuss, with illustrations, the proposition to avoid judicial interference with labor legislation, by means of constitutional amendment.
  2. In how far do the Industrial Commissions of several states exemplify the ideals and necessities in the field of labor legislation?
  3. “The minimum scale does not reduce all workmen to a ‘deal level’ as it is so often asserted. It is true that it protects the average man when he is employed. But in dull seasons it will invariably be found that the less efficient men are out of work. A lower wage scale for the less efficient would not create more work and furnish them employment. It would, however, pull down the wages of the more efficient, who would still continue to do the work, but at a lower rate of pay.
    “If the unions did not set a minimum scale of wages, the minimum would be set by the necessity of the idle men in the street and standards of living would be lower.” Did the author apparently have piece or time wages in mind in the above quotation, or would the reasoning be applicable equally to either sort?
  4. How does the New Zealand program differ from our American practices as respects,
    1. Status of the non-union man?
    2. The standard wage?
    3. Strikes?
  5. With what feature of the labor problem does scientific management seek primarily to cope? What obstacles confront its introduction?
  6. Give as many reasons as you can for the apparently deep-seated distrust of the courts among the working classes in the United States?
  7. Discuss the proposition that equal wages should be paid for the same work regardless of sex.
  8. Two slogans are common among the working classes in America; “An injury to one is an injury to all” and “A fair day’s pay for a fair day’s work.” With what important organizations, respectively, would you naturally associate them and why?
  9. What are the three crucial features of a collective agreement as to wages and working conditions?
  10. As between England and the United States which, on the whole, is the more advanced in the matter of trade union policy and labor legislation? Cite examples.

 

Source: Harvard University Examinations. Examination Papers 1917 (HUC 7000.28, 59 of 284) Papers Set for Final Examinations in History, History of Religions, …, Economics, …, Fine Arts, Music in Harvard College (June, 1917), pp. 56-57.

________________________________

1917-18

Enrollment, 1917-18

6a 1hf. Professor Ripley. — Trade-Unionism and Allied Problems.

Total 19: 1 Graduate, 10 Seniors, 8 Juniors.

Source: Harvard University. Report of the President of Harvard College 1917-18, p. 54.

ECONOMICS 6a1
Final examination, 1917-18

[not included in published volume of exams]

________________________________

1918-19

Enrollment, 1918-19

[Course not included in the annual report of President of Harvard College]

________________________________

1919-20

Enrollment, 1919-20

6a 1hf. Professor Ripley, assisted by Mr. [Richard Stockton] Meriam. — Trade Unionism and Allied Problems.

Total 97: 30 Seniors, 37 Juniors, 5 Sophomores, 25 Others.

Source: Harvard University. Report of the President of Harvard College 1919-20, p. 90.

 

ECONOMICS 6a1
Final examination, 1919-20

  1. Outline the recent coal strike, noting explicitly the novel points involved in the settlement.
  2. The National War Labor Board declared specifically that in the determination of wages for street railway employees it would not admit evidence concerning the financial necessities of the companies.. Was this presumably because they were public utilities or is the principle applicable to all classes of employers?
  3. What are the disabilities of the individual laborer in bargaining for wages, according to Webb?
  4. How is the closed shop issue treated in the Australian colonies?
  5. Discuss labor “as a commodity,” indicating how and why the question was raised?
  6. In the discussion of incorporation of trade unions in Commons, two entirely distinct lines of objection are brought out. Outline them.
  7. Where have the W.W. been most in evidence? Suggest reasons.
  8. Give as many reasons as you can for the wide difference in labor legislation between the several American commonwealths. Number each one and be brief.
  9. Discuss the proposition that the standardization of wages is beneficial to the community as well as to the individual worker.
  10. Draw up a brief industrial code to govern the relation between employers and workmen as to collective bargaining. State what principles you personally approve.

 

Source: Harvard University Examinations. Examination Papers 1920 (HUC 7000.28, 62 of 284) Papers Set for Final Examinations in History, History of Religions, …, Economics, …, Fine Arts, Music in Harvard College (June, 1920), p. 51.

________________________________

1920-21

Enrollment, 1920-21

6a 1hf. Professor Ripley, assisted by Mr. [Richard Stockton] Meriam. — Trade Unionism and Allied Problems.

Total 94: 2 Graduates, 41 Seniors, 34 Juniors, 1 Sophomore, 16 Others.

Source: Harvard University. Report of the President of Harvard College 1920-21, p. 96.

 

ECONOMICS 6a1
Final examination, 1920-21

Answer the questions in order. Begin each question on a new page. Answer all questions.

  1. a. What are the elements of a collective bargain?
    b. Does collective bargaining adequately describe the aim of trade unionism? Why, or why not?
  2. “A living wage is a first charge on industry.” If you were an arbitrator, would you accept this as a basic principle and rule out other considerations as irrelevant? If not, what other facts would you demand, and what use would you make of them?
  3. “If the fundamental object of trade unionism…has any justification at all, the principle of the Standard Rate must be conceded, and if a Standard Rate is admitted, the subsidiary regulations which we have described follow as a matter of course.”—(Webb, p. 320.)
    Explain and discuss.
  4. Outline the history of British experience respecting rights of trade unionists in the conduct of strikes.
  5. Write briefly on five of the following topics:
    1. “Lowering the dyke.”
    2. Priestly v. Fowler.
    3. The Osborne Case.
    4. The Strike in Detail.
    5. The preamble of the I.W.W.
    6. Jurisdictional disputes.
  6. What is the legal status of the secondary boycott in the United States? Why is the matter taken so seriously by both parties?
  7. What principles as to wages and working conditions have been applied in the New Zealand Compulsory Arbitration Law?
  8. Cite instances by name of the two leading types of employers’ organizations, and outline their respective tactics.
  9. Describe some of the factors or industrial circumstances which favor or discourage union organization in industry. Illustrate by concrete examples.
  10. Why was 1903, or thereabouts, a critical period in the American labor movement?

 

Source: Harvard University Examinations. Examination Papers 1921 (HUC 7000.28, 63 of 284) Papers Set for Final Examinations in History, Church History, …, Economics, …, Fine Arts, Music in Harvard College (June, 1921), pp. 60-61.

________________________________

1921-22

Enrollment, 1921-22

[Enrollments not in the annual report of President of Harvard College]

Note: according to Announcement of the Courses of Instruction for 1921-22 (3rd edition) course was listed to be taught by W. Z. Ripley.

ECONOMICS 6a1
Final examination, 1921-22

  1. Show by a sketch the structure of the American Federation of Labor.
  2. If the A. F. of L. is a creation of its constituent members, what are the sources of its power over them?
  3. The so-called Cleveland plan of collective bargaining in the women’s clothing industry deals with restriction of output by two novel proposals. Describe one or both.
  4. Discuss the proposed bills to empower trade unions to sue and to be sued; setting forth their advantages and defects in principle.
  5. What is the greatest disadvantage of a minimum wage law under the particular industrial conditions now prevalent? What line of action is proposed for meeting it?
  6. What are the two main arguments for a national system of employment agencies in place of the existing practice?
  7. Lenin in his Address to the Proletariat (in Commons) announces certain new policies respecting production under the Soviet government. What are they?
  8. What is the usual method nowadays of dealing with strikes in the United States? Describe briefly and name alternative plans proposed or adopted.
  9. Rowntree’s so-called “price of peace” contains the following five items of an industrial program:
    1. A fair wage.
    2. Reasonable working hours.
    3. Protection against unemployment.
    4. The status of the worker must yield to leadership. We must cultivate in the factory worker the greatest possible maximum of cooperation, self-reliance self-government and enthusiasm, and the lowest practical minimum of discipline and overhead supervision. The democracy and freedom prevailing outside of the factory must not stand out in too great contrast with dictation within the factory. To this end machinery must be adopted for common counsel and mutual understanding relative to conditions under which the worker is employed.
    5. Profit-sharing.
      Criticise this program (a) from the standpoint of production; and (b) as affording satisfaction to the aspirations of the workers.

Final. 1922

 

Source: Harvard University Examinations. Examination Papers 1922 (HUC 7000.28, 64 of 284) Papers Set for Final Examinations in History, Church History, …, Economics, …, Social Ethics, Education in Harvard College (June, 1922).

________________________________

1922-23

Enrollment, 1922-23

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 89: 3 Graduates, 44 Seniors, 27 Juniors, 6 Sophomores, 2 Freshmen, 7 Others.

Source: Harvard University. Report of the President of Harvard College 1922-23, p. 92.

 

ECONOMICS 6a1
Final examination, 1922-23

  1. What are principal functions of the:
    (a) National Founders’ Association; (b) the National Manufacturers’ Association; (c) National Bottle Manufacturers’ Association; (d) San Francisco Building Trades Council?
  2. Who have been the leading proponents of incorporation of trades unions? What are the main objections of the opponents?
  3. What did the Clayton Act in its labor clauses seek to do, and with what success? Explain fully.
  4. What were the differences between the Coronado Coal Co. case, and that of the Danbury Hatters?
  5. What is the gist of the Canadian Industrial Disputes Act of 1907? How does it differ from the British Trades Disputes Act of 1906?
  6. What have been some of the results of the plan for settling disputes in the anthracite coal industry?
  7. Compare the various types of unemployment insurance.
  8. Concerning Workmen’s Compensation in the United States:
    1. What is the best proof of its success?
    2. What has been the attitude, respectively, of employers and workers?
    3. Who pays for it?
    4. What has been its principal indirect, as distinct from its direct effect?
    5. What are some outstanding defects?
  9. What renders the Hart, Schaffner and Marx labor policy so distinctive? What great industry stands most flatly opposed to its prime features?
  10. What has been the most significant survival in the field of labor relationships of the war period? Show wherein it differs from conditions prevalent commonly in the building trades.

Final. 1923.

 

Source: Harvard University Archives. Examination Papers 1923 (HUC 7000.28, 65 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Anthropology, June, 1923.

________________________________

1923-24

Enrollment, 1923-24

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 63: 6 Graduates, 25 Seniors, 22 Juniors, 6 Sophomores, 1 Freshman, 3 Others.

Source: Harvard University. Report of the President of Harvard College 1923-24, pp. 106-07.

 

ECONOMICS 6a1
Final examination, 1923-24

Develop each question fully, regardless of whether you complete the paper or not.

  1. Define, each in a sentence, the following:
    1. preferential shop:
    2. time study;
    3. sabotage;
    4. “ca’canny”;
    5. the truck system;
    6. one big union;
    7. “open shop”;
    8. workmen’s compensation.
  2. What has been our experience with Federal child labor regulation?
  3. Describe in outline the structure of the American Federation of Labor, indicating, each in a sentence, the prime function of the several units. Show their relation one to another.
  4. Criticize the policy proposed by Bullard in the second assigned Atlantic Monthly article dealing with solutions for labor unrest.
  5. Trace in outline the development of British legislation dealing with trade unionism. Indicate wherein we have anything resembling it in the United States.
  6. How are strikes dealt with in Canada? What success has attended the experiment?
  7. Merely name the issue involved in the following Supreme Court decisions:
    1. Coronado Coal Co.
    2. Hitchman Coal Co.
    3. Duplex Printing Press Co.
  8. Name as many important events, as you can recall, since the Armistice, which have any bearing upon the matter of industrial relations, again showing in a word what was the significance of each.
  9. What do you, personally, think of minimum wage legislation? Not the opinion, whatever it be, but the reasons adduced therfor, are of importance.

Final. 1924.

 

Source: Harvard University Archives. Examination Papers, Finals 1924 (HUC 7000.28, 66 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Psychology, Social Ethics, June, 1924.

________________________________

1924-25

Enrollment, 1924-25

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 66: 4 Graduates, 37 Seniors, 18 Juniors, 1 Sophomore, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1924-25, pp. 75-76.

 

ECONOMICS 6a1
Final examination, 1924-25

  1. Outline concisely the history of trade unionism in the United States, indicating the predominant type of each period and the factors responsible for its development.
  2. Hoxie devotes a good deal of attention to the “fixed group demand” or “lump of labor” doctrine as explaining certain phases of trade union policy. Describe it, and show how it manifests itself in practice; indicating also whether it deserves condemnation, wholly or only in part.
  3. In May 1910, Waddell made 31 trips over his division and hauled 38,000 tons. His compensation was $180. In May 1912, he made 26 trips and hauled 46,000 tons, and his pay was $181.
    State the pros and cons of the argument that because the instruments utilized were more productive, assuming that the actual individual effort remained the same, he was entitled to a substantial increase in wages.
  4. Is there any difference in principle between profit sharing and the bonus or premium system of wages employed in scientific management?
  5. What conditions, other things being equal, favor the use of piece wages; and under what conditions would day or time wages yield better results? [Note. This is purely a “Reasoning” question, not based upon any particular reading.]
  6. “The position given in England to trade unions and employers’ associations violates that concept, fundamental in law, that he who is responsible for a wrong must answer therefor.”
    Do you think the above statement is an accurate description of the situation in England at the present time? Could the same remark be applied to conditions as they now exist in the United States? In both cases, state your reasons as fully as possible.
  7. Attack or defend, as you please, one or more of the following propositions, stating the case as fully and concisely as possible, and anticipating, where it seems advisable, the arguments which might be urged in opposition to your stand:
    1. A system of compulsory investigation such as the one now in force in Canada should be adopted in the United States.
    2. Trade unions in the United States should be made legally responsible through some form of incorporations.
    3. The closed non-union shop is in the best interests of the consuming public.
    4. Compulsory arbitration, contrary to the workers’ belief, would be to their interests both as union members and as wage-earners.
    5. Restriction of immigration tends to improve the economic position of the American wage-earner.

Final. 1925.

 

Source: Harvard University Archives. Examination Papers, Finals 1925 (HUC 7000.28, 67 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Anthropology, Military Science, June, 1925.

________________________________

1925-26

Enrollment, 1925-26

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 53: 1 Graduate, 22 Seniors, 21 Juniors, 4 Sophomores, 5 Others.

Source: Harvard University. Report of the President of Harvard College 1925-26, pp. 77-78.

 

ECONOMICS 6a1
Final examination, 1925-26

  1. “The labor of a human being is not a commodity or an article of commerce.” In what law was this phrase employed? Why? Did it probably serve its purpose, as intended?
  2. President Wilson in his war message to Congress, April, 1917 said: “We shall fight…for democracy, for the right of those who submit to authority to have a voice in their own governments.” In your opinion is the principle as applicable to industrial as to political affairs? What constitutes the difference, if any?
  3. Criticize the theory of the factory owner’s right to a “free flow of labor.” How is it applied under the Constitution?
  4. The United States Railroad Labor Board in the Shopmen’s case in 1920 said: “The Board has endeavored to fix such wages as will provide a decent living and will procure for the children of the wage-earners opportunity for education; and yet to remember,…” How do you think they went on with the decision? Complete one as you work it out in your mind.
  5. Hart, Schaffner & Marx once proposed to change the system of delivery of paper patterns to cutters, using boys instead of cutters to hunt them up in the files. So the firm petitions the neutral board for a compensatory increase in the number of cuts in a standard day’s performance, because of the relief afforded by employing pattern boys. The cutters object as pattern delivery is cutters’ work. To employ boys will decrease the jobs for the cutters. Company contended it was wasteful to have high-priced men doing boys’ work. As arbitrator how would you reason it out and render decision? Any validity in cutters’ contention?
  6. Relate briefly the history of the Clayton law, the “Magna Carta” of labor, exclusive of the point covered in question one.
  7. Why have the so-called “Co-union” types of employers’ associations flourished in particular trades in the United States? Analyze the situation in such trades.
  8. Sketch under distinct headings, some of the reasons for the antagonism of organized labor to stimulation, as applied in scientific management.
  9. What are some of the causes of the distrust and suspicion of organized labor towards the courts in America?

Final. 1926.

Source: Harvard University Archives. Examination Papers, Finals 1926 (HUC 7000.28, 68 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Military Science, June, 1926.

________________________________

1926-27

Enrollment, 1926-27

6a 1hf. Professor Ripley. — Trade Unionism and Allied Problems.

Total 63: 1 Graduate, 23 Seniors, 30 Juniors, 3 Sophomores, 6 Others.

Source: Harvard University. Report of the President of Harvard College 1926-27, p. 75.

 

ECONOMICS 6a1
Final examination, 1926-27

  1. Name some positive factors in industrial situations which have directly contributed to the development of unionism in particular trades, explaining why some are well organized and others not so at all.
  2. “The American labor movement is strongly in favor of the five day work week wherever it is possible…this policy has a sound economic basis. As their leisure time increases, men and women develop more numerous and more discriminating wants. They buy more of the world’s goods and therefore, purchasing demand is increased.”
    The above argument for the five day week was recently advanced by the President of the A. F. of L. Do you agree that the proposal in question is economically sound, especially with reference to all branches of industry?
  3. What is a major factor, purely political, which affects the course of labor legislation in some of the states. Cite a concrete case.
  4. Define sabotage. What are some of the other tactics used by the organization which is identified with it?
  5. Outline the course of developments affecting growth of the American Federation of Labor in the decade to 1910.
  6. Why have co-union agreements with employers’ organizations been so persistent in a certain industry in the United States? Explain fully how things are expected to work out.
  7. How would you decide the Statler Hotel case; and why?
  8. “Scientific management attempts to substitute in the relations between employers and workers the government of fact and law for the rule of force and opinion. It substitutes exact knowledge for guess work and seeks to establish a code of natural law equally binding upon employers and workmen.”
    From what you know of scientific management in practice, which of the above claims of Mr. Taylor would you call in question and why?
  9. Name, if possible, three distinct devices which have been adopted since the World War which have militated against unionism in the United States.

Final. 1927.

 

Source: Harvard University Archives. Examination Papers, Finals 1927 (HUC 7000.28, 69 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Social Ethics, Military Science, June, 1927.

________________________________

1927-28

 Enrollment, 1927-28

6a 2hf. Professor Charles E. Persons (Boston University), assisted by Mr. Joslyn. — Trade Unionism and Allied Problems.

Total 31: 15 Seniors, 14 Juniors, 1 Sophomore, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1927-28, pp. 74-75.

 

ECONOMICS 6a2
Final examination, 1927-28

GROUP I

Answer one. Forty minutes to one hour

  1. When and under what circumstances were the first unions formed? Sketch the development of labor organizations before 1850. What special conditions did they meet in the United States?
  2. What, according to the Webbs, are the methods used by trade unions in actual operation? Discuss the Standard Rate and more briefly other trade union policies, stating your own conclusions.
  3. What are the special methods of scientific management in dealing with labor? How are wages determined? Are Trade Unionism and Scientific Management necessarily incompatible?
    State the general features of Profit-sharing plans as applied in the United States. Contrast this plan with that applied in Scientific Management plants.
  4. Contrast the methods of strike control applied by the United States Railroad Labor Board and The Canadian Industrial Disputes Investigation Act. Were these plans successful in operation? What features of either act do you think worthy of adoption in the United States?

GROUP II

Answer ALL questions; follow the order given

  1. Describe the organization of the present union groups in the United States.
  2. A western state enacts a law providing:
    1. Children under 18 years of age shall not work more than seven hours a day, nor forty hours a week. These hours must be included between 7 a.m. and 5 p.m.
    2. Females over 18 years of age shall not be employed more than eight hours a day and forty hours a week. These hours must be included between 7 a.m. and 5 p.m.
    3. Males over 18 years of age shall not be employed over eight hours a day nor forty-four hours a week.
      The act is attacked as unconstitutional. State the probable line of attack and defense. What do you think the present supreme court would decide on each of the three articles?
  3. To what extent can unemployment be prevented? Which of the methods proposed for the prevention of unemployment seem to you most practical and effective? Outline and justify a program for dealing with such unemployment as is not preventable.
  4. In 1923 the receiver of a certain railroad petitioned the Railroad Labor Board for authority to reduce wages below those paid by the railroads generally under rulings by the Board. It was shown that the railroad was not earning enough to cover operating expenses, that the stock and bond holders had received no return for several years, “That the necessity of a discontinuance of operations had been greatly threatened for some time,” and that “such shutdown of the carrier would be disastrous for the 31 counties of Kansas, Oklahoma and Texas through which its lines ran.” The workers decline to accept any reduction in pay and show that their incomes do not suffice to cover the cost of a living wage on a health and comfort standard. As a member of the railroad labor board render decision on this issue.
  5. (a) Suppose all workers were persuaded to join unions giving us a complete system of closed shops. What would be the effect on wages, and social conditions generally?
    (b) Suppose the Open Shop drive should be completely successful and trade unionism reduced to local and partial organization. What results would follow?
  6. In what respects does a shop committee afford less adequate protection to the workers than does a trade union? What, if any, useful functions may a shop committee perform which are not now performed by trade unions?

Final. 1928.

 

Source: Harvard University Archives. Examination Papers, Finals 1928 (HUC 7000.28, 70 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, June, 1928.

________________________________

1928-29

Enrollment, 1928-29

6a 1hf. Dr. C. E. Persons. — Trade Unionism and Allied Problems.

Total 50: 1 Graduate, 22 Seniors, 21 Juniors, 3 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College 1928-29, p. 72.

ECONOMICS 6a1
Final examination, 1928-29

Group I
Answer one. Forty minutes to one hour.

  1. Write brief essays on two of the following subjects:
    1. The origin of trade unionism in Great Britain.
    2. Trade Unionism under the Combination Laws.
    3. The “New Model” and its importance in trade union history.
  2. Write a summary history of the development of national trade unions in the United States. This should include the formation and development of the American Federation of Labor.
  3. Discuss the method of Collective Bargaining as practiced by the trade unions of Great Britain. Follow the exposition of the Webbs but do not fail to state your own conclusions.
    On what grounds have trade unions based their claims of a “right to a trade”? Discuss the attempts of the unions to settle demarcation disputes and the solution offered by the Webbs for dealing with this problem.
  4. (a) State definitely how scientific management proposes to handle questions which concern wage earners. Are these proposals necessarily incompatible with trade unions? What is to be said by way of critical comment of the following quotation: “(Scientific management) substitutes exact knowledge for guess work and seeks to establish a code of natural laws equally binding upon employer and workman.”
    (b) What are the essential features of profit sharing plans? What is, and what should be, the attitude of trade unions toward such proposals? How large is the promise of such plans regarded as aids in solving the labor problem?
  5. State, with some precision, the provisions of the Canadian Industrial Disputes Investigation Act. In what respect has the administration of the act departed from the intent of the authors? What is to be said of its success or failure? Its constitutionality? And its standing in the opinions of the wage earners, employers and the general public?
  6. State the important features of the law establishing the Railroad Labor Board, and of the act of 1926 which superseded it.
    Briefly summarize the work of the Railroad Labor Board, pointing out its successes and failure. What conclusions do you draw from this experience with governmental control of labor conditions.

Group II
Answer all questions: follow the order given

  1. Contrast the Knights of Labor and the American Federation of Labor. Include in your answer a clear statement of: plans of organization; program for the attainment of results; governing philosophy; and effectiveness as agencies to advance the interest of wage earners.
  2. A strike was declared against the Mills restaurants in Arizona by the Amalgamated Cooks and Waiters Unions. The strikers maintained pickets who appealed to cooks and waiters not to accept employment or to leave it if employed, and to customers not to patronize the restaurants. The pickets allege that the proprietors are “unfair to organized labor,” that hours are excessive and wages below the living standard. They picket in groups of six and employ vigorous, but generally peaceful, persuasion. There are minor cases of coercion and intimidation. The state has enacted laws declaring picketing legitimate and denying to the state courts the power to issue writs of injunction in labor disputes. The employers enter suits for damages against the union and attack the constitutionality of the law in both state and federal courts.
    Discuss these issues from the standpoint of legality, governmental policy and the legitimate exercise of trade union functions.
  3. Discuss the use of writs of injunction in labor disputes. Why has the employment of such writs become increasingly common and why have the trade unions vigorously opposed their use? What issues were involved in the Buck’s Stove case? The Bedford Stone decision?
  4. Does the introduction of machinery, e.g., the linotype machine or the automatic glass bottle machine benefit or injure: the wage earner, the capitalist and the consuming public? Answer both as to the immediate and the “long run” effect, and analyze the long run process of adjustment.
  5. A certain national building trade’s union established the following rules:
    1. Apprenticeship shall not begin before the age of 16 years and shall be four years long. The ratio of apprentices shall be: “one to each shop irrespective of the number of journeymen employed, and one to every five members thereafter.”
    2. A generally understood standard for a day’s work is in effect, which union members are expected not to exceed. This is based upon the average output of the union members when working without restriction.
    3. The introduction of new machines and processes is not opposed. However, the union insists that its members be given preference on the new machines, and that full union wages be paid. The industry pays to journeymen a straight time wage of 85 cents per hour; runs open shop though the great majority of the workers are union men and has been largely reorganized because of the invention and introduction of labor saving machinery.
      * *  *  *  *  *  *  *  *  *  *  * * *  *  *  *  *  *  *  *  *  *  *
      Discuss these union practices from the standpoint of industrial efficiency and social welfare. If in your opinion some of them are unsound or unreasonable, what steps would you recommend with a view of having them modified?
  6. Discuss the general subject of compulsory arbitration. Has it been successful in operation? Does it eliminate strikes? Strengthen or weaken trade unionism? Mean an increase or decrease in governmental control of industry? To what extent would you think it desirable that such a policy be adopted by our federal and state governments?
  7. What conclusion do you draw from your study of trade unionism? Is the movement worthy of support on its past record? Would you suggest modification of its plans or purposes? Do alternative plans such as company unionism seem to you of greater promise?

Source: Harvard University Archives. Mid-year Examinations, 1852-1943 (HUC 7000.55). Box 11: Examination Papers Mid-Years 1929. Papers Printed for Mid-Year Examinations [in] History, New Testament, … , Economics, … , Military Science, Naval Science, January-February, 1929.

________________________________

1929-30

Enrollment, 1929-30

6a 2hf. Mr. Douglas Brown. — Trade Unionism and Allied Problems.

Total 25: 13 Seniors, 11 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1929-30, pp. 77-78.

 

ECONOMICS 6a2
Final examination, 1929-30

Answer the first question and any three of the others.

  1. (About one hour.) Write upon one of the following topics:
    1. Unemployment as a problem of industry;
    2. Causes of unemployment:
    3. Remedies for unemployment.
  2. “Viewing the situation from the point of view of the practical results, the conclusion is reached that the law to-day seriously restricts labor in its collective action, while it does not interfere with the parallel weapons of the employers.” Discuss.
  3. “An unmodified closed shop, with the conditions of membership in the control of the union, creates a distinct monopoly of labor, leaving the employer helpless in any wage dispute and enabling the union to enforce its every demand regardless of the competitive conditions of the labor-market for that class of services.” Discuss.
  4. “Arbitration in industrial disputes, whether by governments or by private agencies, is ineffectual in the absence of strong organizations on both sides; where such organizations exist, arbitration becomes either a hindrance or a dead letter.”
  5. Discuss briefly any two of the following:
    1. Parasitic trades;
    2. Minimum wage legislation;
    3. Knights of Labor;
    4. Jurisdictional disputes.

Final. 1930.

Source: Harvard University Archives. Examination Papers, Finals 1930 (HUC 7000.28, 72 of 284). Papers Printed for Final Examinations. History, New Testament,…, Economics,…, Military Science, Naval Science, June, 1930.

________________________________

1930-31

Enrollment, 1930-31

6a 1hf. Mr. D. V. Brown. — Trade Unionism and Allied Problems.

Total 41: 18 Seniors, 17 Juniors, 4 Sophomores, 2 Other.

Source: Harvard University. Report of the President of Harvard College 1930-31, pp. 76-7.

 

 

ECONOMICS 6a1
Final examination, 1930-31

  1. (Reading Period question. Allow about 45 minutes.)
    Discuss one of the following:”

    1. Influences affecting the development of the American Federation of Labor;
    2. Wage rates and unemployment;
    3. Insurance as a preventive of unemployment.
  2. “In so far as the machine displaces skill and reduces the craftsman to the level of the semi-skilled or unskilled, thereby lowering his bargaining power, the effect on wages is bound to be adverse.” Discuss.
  3. “Strikes do not benefit the laboring class.” Discuss.
  4. “The trade union is an outgrown form of labor organization. With the development of employee-representation plans and profit-sharing, labor finds that it can secure more through cooperation with the employer than through mere aggression.”
  5. To what extent would legislation with regard to hours of labor be held constitutional?

Final. 1931.

 

Source: Harvard University Archives. Examination Papers, Finals 1931 (HUC 7000.28, 73 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, January-June, 1931.

________________________________

1931-32

Enrollment, 1931-32

6a 1hf. Mr. D. V. Brown. — Trade Unionism and Allied Problems.

Total 61: 34 Seniors, 22 Juniors, 3 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College 1931-32, pp. 71-72.

 

ECONOMICS 6a1
Final examination, 1931-32

Answer the first question and four of the others

  1. (Reading period question. Allow about one hour.)
    Discuss one of the following:

    1. The application of the anti-trust laws to labor, and the validity of this application.
    2. “Technological change” and unemployment.
    3. Difficulties of unemployment insurance, with particular reference to British experience.
    4. The economic significance of “fatigue and unrest.”
  2. “Several solutions for jurisdictional disputes among trade unions have been attempted.” Discuss.
  3. “That the establishment of a minimum wage can increase the rate of pay per unit of work done is clear.” Discuss.
  4. “When we consider the American labor movement, we naturally think of craft unionism as dominant. We are too apt to neglect other programs of working-class advance which have been prominent in the past and still offer a challenge.” Discuss these “other programs.”
  5. “Employers sometimes detach workers from their unions by organizing their own company unions, which are strictly amenable to their wishes and constitute a supposed substitute for independent labor organizations.” Discuss.
  6. Discuss either (a) or (b).
    1. The measurement of unemployment.
    2. The advantages of workmen’s compensation.

Final. 1932.

 

Source: Harvard University Archives. Examination Papers, Finals 1932 (HUC 7000.28, 74 of 284). Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science, January-June, 1932.

Image Source: Cigar box label from the collections of the Museum of the City of New York.