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Courses Harvard Syllabus

Harvard. Sociology Syllabus. Carver, 1917-18


Economics 8, Principles of Sociology, was taught by Professor Thomas Nixon Carver in 1917-18. The course could be taken by both undergraduates and graduate students. 17 students were registered (7 Seniors, 8 Juniors, 2 other classifications). Links to all readings are provided!

Added later to Economics in the Rear-View Mirror: mid-year exam questions (from February 1923 for a later version of the course) and the final examination questions from June 1918.

 

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ECONOMICS 8
I
Introduction

1.  Various definitions of Sociology.

Spencer, Principles of Sociology. Part I, chaps. 1.
Carver, Sociology and Social Progress. Pages 1-14 and 65-70

2.  Sociology considered.

1) As the study of the development and progress of social groups, particularly the sovereign group called the state or the nation.
2) As a study of human adaptation as it is affected and modified by the social group.

Carver, Sociology and Social Progress. Pages 88-120.
Spencer, Principles of Sociology. Part II, chaps. 1-6.

3.  Adaptation.

(a) Passive.
(b) Active.

    The Environment.

(a) Physical.
(b) Social.

Bristol, Social Adaptation, Preface and Introduction.
Carver, Sociology and Social Progress. Pages 174-270.

4.  The method of trial and error, or of variation and selection in adaptation.

Carver, Sociology and Social Progress. Pages 276-391.

 

II
Physical Adaptation

5.  The Problem of race improvement.

Carver, Sociology and Social Progress. Pages 392-418, 631-715.

6.  Heredity and Environment as factors in the determination of individual character.

Bristol, Social Adaptation. Chaps. 4, 5, and 6.

7.  Tests of fitness for survival.—The validity of the economic and commercial as compared with the political tests.

Carver, Sociology and Social Progress. Pages 121-126, 419-471, and 522-576.
Carver, Essays in Social Justice. Chap. 7.

8.  The selective agencies at work in modern society.

Carver, Sociology and Social Progress. Pages 676-715.
Carver, Essays in Social Justice. Chap. 5.

 

III
Moral Adaptation

9.  The breeding up of a tame, domesticated, or socialized variety of the human species as opposed to a wild, unsocial or criminal variety.

Carver, Sociology and Social Progress. Pages 577-592.
Spencer, Principles of Sociology. Part III, chaps. 1-3, and 9-12.

10. Morality considered as the economizing and utilizing of human energy, and immorality as the wasting or dissipating of that energy.

Spencer, Principles of Sociology. Part IV, chaps. 1, 11, and 12.
Carver, Essays in Social Justice. 1 and 2.
Carver, Sociology and Social Progress. Pages 577-592.

11. The variation and selection of moral codes.

Sumner, Folkways. Sections 1-40; 159-165; 712-728.

12. Forms of conflict.

(a) Destructive.
(b) Deceptive.
(c) Persuasive.
(d) Productive

Carver, Essays in Social Justice. Chaps. 3, 4, and 5.
Carver, Sociology and Social Progress. Pages 133-173.

13. The earmarks of a good religion.

Carver, The Religion Worth Having.

14. Sympathy; Imitation; Consciousness of Kind.

Carver, Sociology and Social Progress. Pages 472-521.

15. Earmarks of a good man.

A. Knowledge of environment.

(a) physical.
(b) social.

B. Forethought.

(a) industry.
(b) thrift.

C. Dependability.

(a) honesty.
(b) sobriety.
(c) courage.
(d) fidelity.

Ross, Social Control. Pages 1-88; 432-442.
Bristol, Social Adaptation. Pages 301-304.

 

IV
Control of the Physical Environment

16. Scarcity; Economy; Wellbeing.

Spencer, Principles of Sociology. Part VI, chaps. 1, 2, 3, 21, 22, 23.

17.  Desire and repugnance; attainment of good and avoidance of harm.
Production and destruction.

Spencer [sic, “Carver” is correct], Sociology and Social Progress. Pages 127-132.
Spencer, Principles of Sociology. Part VI, chaps. 1, 15, 16

18. Proportionality.

(a) of consumers’ goods.
(b) of producers’ goods.

19.  Valuation.

Carver, Essays in Social Justice. Pages 85-202.

Cost.
Coördination of labor performed:

(a) at different places.
(b) at different times.

Carver, Essays in Social Justice. Pages 203-263.

20. The storing of social energy.
The standard of living.

Veblen, The Theory of Business Enterprise. Pages 1-82, 133-150.

21. The battle of the standards.
Economic competition.

Taussig, Principles of Economics. Vol. II, pages 443-478.

22. Poverty and the uneconomic distribution of human talent.
Summary—The earmarks of a good industrial system.

A. An ample product.
B. Distributed in proportion to merit.
(see Earmarks of a good man)
C.  Consumed rationally.

Carver, Essays in Social Justice. Pages 264-375.

 

V
Control of the Social Environment

23. Purpose of social control.

(a) release,
(b) direction,
(c) storing of social energy.

Right of the state to be.
Limits of state interference.

Carver, Essays in Social Justice. Pages 376-429.
Carver, Sociology and Social Progress. Pages 788-808.

24. Source of social control.

Is monarchy a more highly evolved form of government than democracy?
Republican and democratic theories.
Psychology of self-government.

Spencer, Principles of Sociology. Part V, chaps. 1, 2, 17, 18.

25. Voting a means of increasing governmental sensitiveness.
Can democracy select good men?

Spencer, Principles of Sociology. Part V, chap. 19.
Carver, Sociology and Social Progress. Pages 716-788.

26. Can democracy discipline itself?
The earmarks of a good government.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 1, Folder “1917-1918”.

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Columbia Economics’ Market Share in 1900

The School of Political Science at Columbia University was divided into three groups of subjects: History and Political Philosophy, Public Law and Comparative Jurisprudence, and Economics and Social Science.

Economics and Social Science comprised the two subject groups: Political Economy and Finance; Sociology and Statistics. 

Seligman figured that of the approximately 135 graduate students specializing in economics in 1899-1900 in the seven eastern departments (Columbia, Cornell, Harvard, Johns Hopkins, Pennsylvania, Princeton, and Yale), about 75 were at Columbia.

___________________

SCHOOL OF POLITICAL SCIENCE

Department of Economics.—Since the recent reorganization of the work in economics, there has been a marked increase in the number, as well as in the quality of the students. Numbers, indeed, constitute no adequate test of the real work done by the various departments within a university; for the subject which attracts the fewest students may possess the highest scientific value and may be presided over by the ablest professors. But, when an institution is compared with others of about the same grade and size, the relative number of students in any one department affords a fair indication of the importance to be assigned to it. Hence, the following table is of much interest:

 

1900_ColumbiaEconomics

*By graduate student is meant a student holding a first degree.
1 Attending for three terms.
2 Including Economics and Public Law.
3 Including Economics, Politics and History.

The number of graduate students in economics and social science at Columbia is much greater than the number in any other American institution. If we compare Columbia with six Eastern universities,—Johns Hopkins, Harvard, Yale, Cornell, Pennsylvania and Princeton,—we find that Columbia has almost as many such students as all six, that is, 75 as against 89. And if it were possible to separate the students working primarily in economics at Johns Hopkins, Yale, and Cornell (where the figures include other students in political science as well), it is practically certain that Columbia would be found to possess more graduate students working primarily in economics and social science than the other six institutions together. Assuming that half of the students returned in Johns Hopkins, Yale and Cornell are working primarily in economics,—a very liberal assumption, —we should have a total of 60 in the six Eastern universities, as against 75 in Columbia. This is a remarkable showing.

In order that it may not be supposed that the basis of classification varies, it may be added that each of the students at Columbia is enrolled primarily under the Faculty of Political Science and is a candidate for the master’s or doctor’s degree, with the major subject in economics and social science. Every such student is required to attend a seminar. In addition to the seminar, 35 of the 75 students are taking 3 or more courses in economics or social science and 20 are taking 2 such courses. The remainder, who are taking one course in addition to the seminar, are chiefly students who have taken most of their lecture work in previous years.

The following figures, as to enrollment in economics and social science, will prove instructive:

Graduate students, primarily enrolled in political science, taking graduate courses (whether as a major or minor) 95
Graduate students (male) in the whole university taking graduate courses 123
Non-graduates (male), primarily registered in political science, doing chief work in economics 22
Students, graduates and non-graduates (male, but exclusive of seniors and other college students) in the whole university, taking graduate courses 149
Enrollment of students, as above (not deducting duplicates), in graduate courses in economics and social science 559
Enrollment of under-graduates in Columbia College 179
Enrollment of students of all kinds (male) pursuing these studies 738
Enrollment of Barnard students 140
Total enrollment in the University 878

The relative importance of the university work may also be seen by this comparison with Harvard:

Harvard Columbia
Total students primarily registered in non-professional (graduate) schools 341 331
Total graduates in non-professional (graduate) schools 323 292
Total graduates in political science 52 or 16% 114 or 39%
Total graduates primarily in economics and social science 8 or 2½% 17 or 26%

This showing is doubtless due in part to the system on which the work in economics and social science at Columbia is organized. The department has four full professors, one instructor and two lecturers. The work has been so apportioned that each professor devotes himself primarily to his own specialty—Professor Mayo-Smith to statistics and practical economics, Professor Clark to economic theory, Professor Giddings to social science, and Professor Seligman to economic history and finance. Another explanation of the large numbers is the facility afforded to students to combine with their studies in economics the courses in history, public law and general political science.

Among the recent graduates in economics of the School of Political Science, no less than 25 are now giving instruction in economics at other institutions, including Yale, Cornell, Amherst, Bryn Mawr, Smith, Syracuse, the Universities of Illinois, Indiana, and Colorado, and the Massachusetts Institute of Technology. A number of graduates have become editors of important daily or weekly papers, in New York, Buffalo, Omaha and other cities, and a large number occupy administrative positions in the service of the national and state governments. Among the latter may be mentioned one of the chief statistician in the census office, a number of expert agents and chief clerks in the departments of the treasury and of agriculture in Washington; and the deputy commissioner of labor statistics and the sociology librarian in the State Library at Albany.

E. R. A. S. [Edwin R. A. Seligman]

___________________

Source: Columbia University Quarterly, Vol. 2, June, 1900, pp. 284-287.

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Courses Curriculum Exam Questions Harvard

Harvard Courses in Political Economy, 1874-75

Excerpts from the Harvard Catalogue for 1874-75 with principal texts and examination questions for political economy together with some information about the A.B. distinction between “prescribed” and “elective” studies.

Incidentally, one finds that annual fees for a full course load at Harvard ran $120/year and a copy of John Stuart Mill’s Principles cost $2.50. Cf. today’s Amazon.com price for N. Gregory Mankiw’s Economics which is $284.16. If tuition relative to the price of textbooks had remained unchanged (and the quality change of the Mankiw textbook relative to Mill’s textbook(!) were equal to the quality change of the Harvard undergraduate education today compared to that of 1874-75(!!)), Harvard tuition would only be about $13,600/year today instead of $45,278. Just saying.

_________________________________

HARVARD COURSES OF INSTRUCTION 1874-75

COURSE OF STUDY
FOR THE DEGREE OF A.B.

The course of study to be pursued by a candidate for the Bachelor’s degree is made up in part of studies which are prescribed, and pursued by all students alike, and in part of studies selected by the student himself out of the various courses of instruction which are given in the College.

PRESCRIBED STUDIES.

The prescribed studies occupy the whole of the Freshman year and about one-third of the Sophomore and Junior years. In the Senior year only certain written exercises are prescribed.

Anticipation of Prescribed Studies.

The prescribed studies of the Sophomore and Junior years being of an elementary character, students who wish to be relieved from attendance at College exercises in one or more of them will be excused from such attendance, if they pass a satisfactory examination in such study or studies at the beginning of the year in which they would regularly pursue the study or studies in College, or at the time of their examination for admission to College. Studies which are pursued only in the second half-year may also be anticipated in the same way in the middle of the year. No such examination will be deemed satisfactory unless the student shall succeed in obtaining at least one-half of the maximum mark. The mark obtained when the examination is successful will be credited to the student as his mark on the Annual Scale of the study which forms the subject of the examination. Preparation for these examinations can often be made while the student is preparing for College or in the long vacation, and time may be thus gained for higher courses of study. Students who intend to present themselves for such examination in any required study for 1875-76 must give notice to the Dean in writing before September 1, 1875.

Information concerning the requirements for passing the examination in any study can be obtained from the instructor in that study.

ELECTIVE STUDIES.

In addition to the prescribed studies, each Sophomore is required to pursue courses, chosen by himself from the elective studies, [ftnt: The prescribed Philosophy of the Junior year may be taken as an elective by Sophomores.] amounting to eight exercises a week for the year; each Junior, courses amounting to eleven exercises a week; and each Senior, courses amounting to twelve exercises a week. Students are at liberty to attend the instruction in as many other subjects as they may have time and taste for pursuing. In choosing his electives, the student must satisfy his instructors that he is qualified by his previous training to pursue those which he selects. With this limitation, all the courses given in the College are open to him in making his choice; but he is strongly recommended to make his choice with great care, under the best advice, and in such a manner that his elective courses from first to last may form a rationally connected whole.

Undergraduates who intend to study Engineering are recommended by the Scientific Faculty to take, as extras, the courses of Drawing and Surveying in the Scientific School; and those who intend to study Medicine are advised by the Medical Faculty to pay special attention to the study of Natural History, Chemistry, Physics, and the French and German languages, while in College.

It will be seen that students who prefer a course like the usual prescribed course of American colleges can perfectly secure it, under this system, by a corresponding choice of studies; while others, who have decided tastes, or think it wiser to concentrate their study on a few subjects, obtain every facility for doing so, and still secure in the briefer prescribed course an acquaintance with the elements of the leading branches of knowledge.

 

Source: Harvard University Catalogue, 1874-75, pp. 46-47

_________________________________

IV. PHILOSOPHY

PRESCRIBED STUDIES

[…]

Prescribed Political Economy.—Prof. [ Charles Franklin] Dunbar

Sophomore Year.

Fawcett’s Political Economy for Beginners.—Constitution of the United States (Alden’s Science of Government, omitting the first four and the last three chapters).

Two hours a week. Second half-year.

 

Source: Harvard University Catalogue, 1874-75, p. 54.

_________________________________

III. PHILOSOPHY

ELECTIVES
Senior Studies

[…]

Philosophy 7. — Prof. [ Charles Franklin] Dunbar.

Political Economy. — Fawcett’s Manual of Political Economy. — Blanqui’s Histoire de l’Économie Politique en Europe. — Bagehot’s Lombard Street.

Three hours a week. 19 Seniors, 14 Juniors.

 

Philosophy 8. — Prof. [ Charles Franklin] Dunbar.

Political Economy. — J. S. Mill’s Political Economy. — Bagehot’s Lombard Street. — Subjects in Currency and Taxation.

Three hours a week. 65 Seniors, 33 Juniors.

 

Courses 7 and 8 are parallel Courses, Course 7 being preferable for students of History.

Source: Harvard University Catalogue, 1874-75, p. 56.

_________________________________

III. PHILOSOPHY

PRESCRIBED STUDIES

[…]

Prescribed Political Economy.—Prof. [ Charles Franklin] Dunbar and Mr. Howland.

Elements of Political Economy.—Constitution of the United States.

Two hours a week. Second half-year. Sophomores and Juniors.*

*In 1873 the prescribed Study of Political Economy was transferred from the Junior to the Sophomore Year, and was pursued during the year 1873-74 by both classes.

Source: Harvard University Catalogue, 1874-75, p. 215.

_________________________________

PRESCRIBED POLITICAL ECONOMY.

Political Economy.

Those who are also to pass in the Constitution may omit questions marked *.

  1. Define (a)wealth; (b) value; (c)price; (d) capital; (e) money.
  2. What are the qualities which make gold and silver suitable materials for a currency? What are the objections to a double standard of value?
  3. Explain the action of demand and supply upon the prices (a) of raw materials; (b) of manufactured articles.
  4. Show how rents would be affected by suddenly doubling the productiveness of all lands under cultivation. Prove that rent does not enter into the price of agricultural produce.
  5. State and illustrate the causes which produce a difference in the rate of wages in different employments.
  6. Suppose the amount of the (gold) currency of a country to he suddenly doubled, what would be the effect upon (a) values; (b) prices; (c) exports and imports?
  7. Define direct and indirect taxation. What are the objections to an import duty on raw materials? What is the incidence of a tax levied on the rent of land and paid by the tenant?
  8. [*] Define productive and unproductive consumption. If the latter were to cease altogether, what would be the ultimate effect upon production?
  9. [*] Show how the cost of labor is affected, (a) if the efficiency of labor is increased; (b) if the margin of cultivation sinks.
  10. [*] What are the elements of which profits are composed? Why does the rate of profits vary (a) in different employments; (b) in different countries?
  11. [*] Explain the several ways in which credit promotes production. What are the disadvantages of an irredeemable paper currency?
  12. [*] Explain the use of bills of exchange. What is meant by an unfavorable balance of exchange?
  13. [*] Discuss the question, whether temporary and permanent incomes should be taxed alike.

 

Constitution of the United States.

Those who are also to pass in Political Economy may omit questions marked *.

  1. [*] When and by whom was the Constitution framed, and what were the principal steps leading to its formation and adoption?
  2. Define citizenship.
  3. What changes have the abolition of slavery and the consequent amendments of the Constitution made in the system of representation?
  4. State the method of electing the President, and the difference between the present method and that at first adopted.
  5. [*] By whom are questions settled which affect the validity of elections (a) of representatives, (b) of senators, (c) of President?
  6. [*] What provision does the Constitution make for the removal, death, resignation, or inability to serve of the President or Vice-President, or for a failure to elect either officer or both?
  7. [*] What powers over the militia are given to Congress or to the President?
  8. What are the provisions of the Constitution affecting the subject of currency
  9. What are the provisions relating to taxation, and what are direct taxes under the Constitution?
  10. [*] What are the provisions relating to impeachment?
  11. Under what provision did Congress claim and exercise the power of prohibiting slavery in the territories
  12. What is the extent of the judicial power of the United States, and where is it vested? What is the provision for amending the Constitution?

Source: Harvard University Catalogue, 1874-75, p. 218-9.

_________________________________

ELECTIVES.

[…]

  1. Political Economy.—Prof. Dunbar.

J. S. Mill’s Political Economy.—Bagehot’s Lombard Street.—Sumner’s History of American Currency.

Three hours a week. 70 Seniors, 1 Junior.

 

Source: Harvard University Catalogue, 1874-75, p. 220.

 

_________________________________

 

FEES AND BONDS.

The fees to be paid by Bachelors of Arts or Science who receive instruction as candidates for the Degree of Master of Arts, Doctor of Philosophy, or Doctor of Science, or who attend lectures or recitations without being members of either professional school, are as follows : —

For not more than three hours of instruction a week $50.00 a year.
For more than three, but not more than six hours of instruction a week $90.00 a year.

 

For more than six hours of instruction a week $120.00 a year.
For a year’s instruction in any of the laboratories or in

the Museum of Comparative Zoology

$150.00
The fees to be paid for examination are as follows :—
For the examination for the Degree of Master of Arts $30.00
For the examination for the Degree of Doctor of Philosophy $60.00
For the examination for the Degree of Doctor of Science $60.00

 

There is no additional charge for the right to use the Library. The fees for instruction, but not those for examination, will be remitted to meritorious students who need such help.

Source: Harvard University Catalogue, 1874-75, p. 137.

_________________________________

[Advertisement of Macmillan & Company’s Books]

Logic. Professor Stanley Jevons’s Elementary Lessons in Logic, Deductive and Inductive. 18mo, cloth $1.25.

Political Economy for Beginners. By Millicent Garrett Fawcett. 18mo. $1.00.

 

Source: Harvard University Catalogue, 1874-75, p. 317.

_________________________________

[Advertisement of Lee and Shepard Books]

POLITICAL ECONOMY. Principles of Political Economy. By John Stuart Mill. New and revised edition. Lee and Shepard, Publishers. Boston. Complete in 1 vol. Crown 8vo.   $2.50

Source: Harvard University Catalogue, 1874-75, p. 336.

 

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Top Eleven Economics PhD Programs in US, 1934

A listing of 22 U.S. graduate programs in economics judged by majority vote of a jury of 54 individuals (identified by name) to be adequately staffed and equipped for work leading to the doctorate in Economics. Eleven of those programs were designated to be “distinguished”.

Copy of the Report at the University of Illinois.

________________________________

Excerpt from:

American Council on Education.
Report of Committee on Graduate Instruction.
Washington, D. C., April 1934.

…In preparing a list of graduate schools the following procedure was followed:

  1. A list of 50 fields of knowledge in which it seemed possible to study the graduate work was prepared. The study as concluded covered only 35 fields.
  2. A list of the 50 fields was sent to the Dean of the graduate school of every institution known to be offering work for the doctorate. The Dean was requested to check the fields in which graduate work for the doctorate was offered, to indicate the number of doctorates conferred in the last 5 years, and to submit a list of the graduate faculty in each field. The responses of the deans varied in accuracy and comprehensiveness.
  3. From the reports of the deans, supplemented by study of catalogs, lists of institutions offering graduate work for the doctorate in each field, were prepared, complete so far as our information went.
  4. The secretary of the national learned society in each field was requested to provide a list of 100 well-known scholars distributed, as far as possible, among the various special branches of the field.
  5. To each of these scholars was sent a list of all the institutions offering work for the doctorate in the field with their respective graduate staffs in the field. Each scholar was requested to check those institutions which in his judgment had an adequate staff and equipment to prepare candidates for the doctorate; and to star the departments of the highest rank, roughly the highest 20 per cent.
  6. The returns from these scholars were summarized, and those institutions accorded a star by the majority voting were placed in the starred group; those checked by a majority, but failing of a majority of stars, were placed in the group of those adequately staffed and equipped….

…Many votes on departments came in too late for inclusion in tabulations.

[…]

ECONOMICS
100 ballots sent out.
61 returns; majority, 31 votes.
535 doctorates were conferred in the period 1928-1932: 53 institutions offered work for doctorate.

Composite ratings were made from reports of the following persons: James W. Angell, George E. Barnett, J. W. Bell, A. B. Berglund, Roy G. Blakey, E. L. Bogart, O. F. Boucke, F. A. Bradford, T. N. Carver, J. M. Clark, Clive Day, F. S. Deibler, Paul Douglas, F. A. Fetter, Irving Fisher, F. B. Garver, Carter Goodrich, C. E. Griffin, M. B. Hammond, Alvin Hansen, C. O. Hardy, B. H. Hibbard, H. E. Hoagland, Grover G. Huebner, John Ise, Jens Jensen, Eliot Jones, Edwin Kemmerer, James E. LeRossignol, H. L. Lutz, David McCabe, H. A. Millis, Broadus Mitchell, Wesley C. Mitchell, H. G. Moulton, C. T. Murchison, E. G. Nourse, E. M. Patterson, Carl Plehn, C. O. Ruggles, W. A. Scott, Horace Secrist, S. H. Slichter, T. R. Snavely, W. E. Spahr, R. A. Stevenson, G. W. Stocking, Frank T. Stockton, H. C. Taylor, Jesse Tullock, Francis Tyson, Jacob Viner, G. S. Watkins, A. B. Wolfe.

The jury named above has by a majority vote approved the following institutions as adequately staffed and equipped for work leading to the doctorate in Economics, starring which it considers most distinguished:

Brown University

*

University of Chicago

*

Columbia University University of Illinois

*

Cornell University University of Iowa

*

Harvard University—Radcliffe College

*

University of Michigan
Johns Hopkins University

*

University of Minnesota
New York University University of Missouri
Northwestern University

*

University of Pennsylvania
Ohio State University University of Texas

*

Princeton University University of Virginia
Stanford University

*

University of Wisconsin

*

University of California

*

Yale University

[…]

 

Categories
Harvard

Harvard. Readings Ph.D. Preparation. Banking, ca 1913

From the fact that E. E. Day last taught courses in money and banking in 1913 and based on the last dates of items of the reading list we can date this list to 1912 or 1913. Dates of publication have been added by me, as have links to the individual readings.

____________________________

(COPY)

E. E. DAY.

SUGGESTED READING IN PREPARATION OF PH.D. EXAMINATION.
SUBJECT: BANKING.

(Familiarity with the better texts—e.g., Dunbar [1901, revised], White [1908, 3rd edition]—is assumed.)

A. K. Fiske, The Modern Bank [1904, revised ed. 1919]

Holdsworth & Dewey, The First and Second Banks of the United States. (National Monetary Commission Publications)

D. R. Dewey, State Banking before the Civil War. (N. M. C. Pubs.) [1910]

O. M. W. Sprague, History of Crises under the National Banking System (N. M. C. Pubs.) [1910]

Report of the Indianapolis Monetary Commission [1897]

C. F. Dunbar, Economic Essays (those upon banking)[1904]

Noyes, Forty Years of American Finance [1909]

D. Kinley, The Independent Treasury of the United States (N. M. C. Pubs.)

J. G. Cannon, Clearing Houses (N. M. C. pubs.)[1910]

G. E. Barnett, State Banks and Trust Companies (N. M. C. Pubs.) [1911]

W. Bagehot, Lombard Street

H. Withers, The Meaning of Money [1909, revised 1916]

A. Liesse, Evolution of Credit and Banks in France (N. M. C. Pubs.) [1910]

Miscellaneous Articles on German Banking (N. M. C. Pubs.)

R. M. Breckenridge, History of Banking in Canada, (N. M. C. Pubs.) [1910]

J. F. Johnson, The Canadian Banking System (N. M. C. Pubs.) [1910]

(Candidate should have some acquaintance also with the other publications of the National Monetary Commission.)

____________________________

Source: Harvard University Archives. Department of Economics Records. UAV 349.10, Box 25, Folder “Suggested Readings”.

 

 

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Harvard

Harvard. General Exam: Railroads. Readings, 1933-34

1933-34

Additional Readings for General Examination
Railroads

Interstate Commerce Commission: Reports

W. Z. Ripley: Report on Consolidation, 1921

Splawn: Report on Railroads, 1930

Grodinsky: Railroad Consolidation

W. Z. Ripley: Railroads, Rates, and Regulation

Railroads, Finance, and Organization

Railway Problems

Bonbright and Means: The Holding Company

Dewing: Corporation Finance OR

Lyons: Corporation Finance OR

Meade: Corporation Finance

Daggett: Railroad Reorganization

Bauer: Effective Regulation of Public Utilities

Sharfman: Interstate Commerce Commission

Keezer and May: Public Control of Business

Frankfurter: Cases under the Interstate Commerce Commission

Cherington: British Railways

Locklin: Railroad Regulation since 1920

Buck: The Grange Movement

Eliot Jones: Principles of Railway Transportation

Vanderblue and Burgess: Railroads: Rates, Service, Management

Daggett: Principles of Inland Transportation

Sharfman: American Railroad Problems

Cunningham: American Railroads

 

Recent Valuation Cases

 

Additional Readings on Public Utilities:

Colson: Railway Rates and Traffic

New York State Report on Revision of Public Utility Laws

Jones and Bigham: Principles of Public Utilities

Mason: The Street Railway in Massachusetts

Nash:    Public Utility Regulation

Public Utility Rate Structures

Mosher and Crawford: Public Utility Regulation of Competitive Practices

____________________________

Source: Harvard University Archives. Department of Economics Records. UAV 349.10, Box 25, Folder “Suggested Readings”.

Categories
Harvard

Harvard. General/Special Exams: Public Finance. Readings, ca 1933

[probably 1933]

Readings in Public Finance for General and Special Examinations

Students preparing for the special examination in public finance should read all the references listed under I. In II the student should read a substantial portion of six or eight books, selecting topics which he considers of most interest and value to him. In III the student should read a substantial portion of three or four of the books listed, again following his own requirements or interests.

 

I. Required Reading

A. Smith Wealth of Nations, Book 5
J. S. Mill Principles of Political Economy, Book 5, ch. 1-8
C. F. Bastable Public Finance (3rd edition). Read pages: 1-149; 153-257; 261-421; 425-442; 443-464; 465-468; 469-494; 504-573; 611-711.
H. L. Lutz Public Finance
C. J. Bullock Selected Readings in Public Finance (3rd edition). Read pages: 1-51; 76-147; 156-268; 278-379; 445-490; 533-607; 755-902; 921-982
A. Wagner Finanzwissenschaft, Vol. II. Read all the coarse print; use judgment on the fine print.
P. Leroy-Beaulieu Traité des Finances, Vol. I (8th edition, 1912). Read pages: 1-10; 28-92; 92-133; 134-143; 172-249; 367-387; 394-437; 439-482; 483-517; 539-626; 626-703
D. R. Dewey Financial History of the United States
The Colwyn Report Great Britain: Report of the Committee on National Debt and Taxation, 1927. Read pages: 73-244. (Cmd. 2800; Econ. 5389.27)

 

II. Reading Recommended

Mills and Starr Readings in Public Finance and Taxation. Read Pages: 41-150; 168-195; 205-264; 369-453; 482-607; 763-808
A. C. Pigou A Study in Public Finance
B. Moll Lehrbuch der Finanzwissenschaft (1930)
E. Allix Traité élementaire de Science des Finances (6th edition, 1931). Read pages: 1-81; 151-204; 216-256; 285-312; 341-382; 437-573; 870-902; 910-958; 1011-1050;1091-1134.
L. Suret Théorie de l’Impôt progressif
J. Stamp Fundamental Principles of Taxation
T. G. Shearman Natural Taxation
H. L. Lutz State Tax Commissions
S. Leland The Classified Property Tax
A. L. Harding Double Taxation of Property and Income
E. Cannan History of Local Rates
A. F. Macdonald Federal Aid
J. W. Grice National and Local Finance
A. E. Buck Municipal Finance
The May Report Great Britain: Report of the Committee on National Expenditure, 1931 (Cmd. 3290; Econ. 5389.31)
National Tax Association Proceedings, 1933, Report of Committee on Model System of State and Local Taxation

III. Other Reading

G. F. Shirras Science of Public Finance
E. R. A. Seligman Progressive Taxation
——————— Essays in Taxation
——————— Income Tax (chapters on Great Britain, Germany, France, U.S.A.)
——————— Shifting and Incidence of Taxation
H. A. Silverman Taxation, Its Incidence and Effects
A. Comstock Taxation in the Modern State
J. P. Jensen Property Taxation in the United States
W. G. Schultz Taxation of Inheritances
R. G. Blakey Taxation in Minnesota
R. M. Haig The Taxation of Excess Profits in Great Britain
National Industrial Conference Board General Sales or Turnover Taxation
National Industrial Conference Board Sales Tax
A. G. Buehler General Sales Taxes
R. Magill, editor Lectures on Taxation
R. Stourm The Budget
W. F. Willoughby The National Budget System
H. S.[sic, should be “H. C.”] Adams Public Debts
M. L. Walker Municipal Expenditure
Britain’s Industrial Future, pp. 426-447. H.U. Library, Econ 6069.28.5
Joseph Sykes British Public Expenditures, 1921-1931
Report of New York Commission for Revision of the Tax Laws, 1932, Part III.

____________________________

 Source: Harvard University Archive. Department of Economics Records. UAV 349.10, Box 25, Folder “Suggested Readings”.

Categories
Harvard

Harvard. General Exam: Corporations. Readings, 1933-34

1933-34

Additional Readings for General Examination
Corporations

Federal Trade Commission: Reports

Berle and Means: The Modern Corporation and Private Property

Bonbright and Means: The Holding Company

Henderson: The Federal Trade Commission

MacGregor: International Kartells

Weber: Location of Industries

National Industrial Conference Board:

Public Control [sic, “Regulation” is correct] of Competitive Practices
Trade Associations
Rationalization in German Industry or
Standardization

J.S. Davis: Early History of American Corporations

H. Levy: Monopoly, Kartells, and Trusts

Stevens: Unfair Competition

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

Marshall: Industry and Trade

Berle: Studies in the Law of Corporation Finance

Pigou: Economics of Welfare—Chapters on Monopoly

Balfour Committee: Final Report

Factors in Industrial Efficiency

Beard: America Looks Ahead

Jenks and Clark: The Trust Problem

Jones: The Trust Problem

Seager and Gulick: Trust and Corporation Problems

J. M. Clark: Economics of Overhead Costs

Social Control of Business

Watkins: Industrial Combination and Public Policy

Dewing: Corporation Finance or
Lyons: Corporation Finance or
Meade: Corporation Finance

Chamberlin: Theory of Monopolistic Competition

Study in particular one or two industries:

Epstein: Development of the Automobile Industry
Ise: United States Oil Policy
Berglund: U. S. Steel Corporation
Hamilton and May: Coal Industry

____________________________

Source: Harvard University Archives. Department of Economics Records. UAV 349.10, Box 25, Folder “Suggested Readings”.

 

 

 

Categories
Chicago Columbia Cornell Curriculum Harvard Johns Hopkins Michigan Pennsylvania Yale

Cornell. Laughlin’s Scheme to Expand Economics,1891

J. Laurence Laughlin was hired away from Cornell to build the Department of Political Economy at the University of Chicago that began operation in the academic year 1892-93. This proposal to expand Cornell’s own instructional and research work in political economy and finance is interesting as Laughlin’s vision of what it would take to go from second-rate to the leading department. It is also interesting for its table comparing Laughlin’s dream department with the state of affairs at six rival universities: Harvard, Yale, Columbia, Johns Hopkins, Michigan and Pennsylvania in 1890-91.

_______________

SCHEME FOR THE DEPARTMENT OF POLITICAL ECONOMY AND FINANCE IN CORNELL UNIVERSITY, PRESENTED TO THE BOARD OF TRUSTEES

I.

In view of the arrangement of courses for the coming year, (1891—2,) careful consideration should be given to the opportunities afforded by this department. The subjects heated are essential parts of the civic education of every member of society. Apart from their disciplinary value, their practical character would alone make it natural that the curricula of such schools as those of Agriculture, and of Mechanic Arts, should be enriched by including in them economic courses. This policy has already been announced by the statement in the University Register that Political Economy shall be hereafter made a part of the course of Civil Engineering. When regard is had to the prevailing ignorance of economics and its effect on national legislation, the wisdom of this policy is undoubted. The question might even be raised whether it were not advisable to require Political Economy of all students in the various courses, quite as much as History, or Chemistry. I cannot think, however, it is of advantage to the influence of a study to make its pursuit obligatory; but there cannot, I suppose, be any difference of opinion as to the wisdom of providing the proper amount of instruction, when the study of it is voluntary, and when the numbers of students are too great, (as is now the case,) to be properly cared for by the single professor

II.

In extending the reputation and prestige of Cornell University, no possible investment of its funds would, in my judgment, produce larger or earlier fruit than those spent in enlarging the work of this department. Such a policy would, at once, lend aid in educating the country where it most needs education, and bring here greater numbers of bright students who want economic training. The real University is to be found in the men it trains, and in the influence they exert on the community.

The deplorable ignorance and prejudice regarding questions of great practical importance, (such as banking and currency topics.) in the very regions from which we now draw our students, and must hereafter draw them in increasing numbers, makes the duty, as well as the opportunity, of our University, one of transcendent importance. Can it rise to the occasion? It is entirely within the truth to say that no such opportunity is open to us in any other branch of study. Furthermore, no other institution in our country is, at present, so well situated as Cornell University for doing a great and striking work in economics. If we accomplish this work, we can secure a strong hold on the people, and an enviable repute for enthusiastic, enterprising scholarship on subjects touching the immediate welfare of every individual citizen.

The mere fact of having had this exceptional opportunity for twenty years, and not having used it, (excepting one year,)—although there may be good reasons for it—has created a widespread belief elsewhere in our lack of interest and purpose in aiding economic study. To take only a second-rate position, therefore, or to do only moderately well, will not be enough to place us in a proper attitude before the public. Nor will it do to act so slowly that the growth of the department, however real, may be imperceptible to the outside world. In short, to produce the desired effect we should, if possible, draw the attention of the country to us by a striking and important movement; and it will be easy to make it striking and effective, because it is started in a subject which is occupying general attention. To indicate what form this movement should take is, in my opinion, the proper purpose of this communication. It has consequently seemed best to present a scheme of work for the department in as nearly complete a form as possible; a scheme, which shall be more thorough, more comprehensive, more scholarly than that presented by any other university. If adopted, it may then be said that greater advantages for economic study are offered at Cornell University than at any other American university. That a distinct opportunity exists for us, any member of an economic department in other institutions would be the first to admit. Our apathy in this matter has, in the past, excited some comment and surprise.

The discussion regarding the neglect by this University of liberal studies in favor of the professional and technical schools, might suggest the present as a favorable opportunity to disabuse the public of that mistaken idea, by adopting this scheme for enlarging the department of economics; for, while appealing to those who believe in an intensely practical education, economics in truth belongs, because of its disciplinary power, to the culture studies. Should the Fayerweather bequest be received, may it not be the means, by concentrating its use on one field, of making a striking movement which would command public attention?

III

I present herewith a list of courses which, if provided, would place this department ahead of any other in America. This is then followed by a comparison of the proposed scheme with the courses offered at Harvard, Yale, Columbia, Johns Hopkins, Pennsylvania, and Michigan. The courses run throughout the year, at the given number of hours per week :—

  1. Introductory course. Principles of Modern Economics. Elementary Banking. Descriptive economics: Money, coöperation, bimetallism, railway transportation, etc.
    3 hours a week. [At present, two sections, requiring of the instructor six hours a week.]
  1. Advanced course. History of Economic Theory. Examination of writers and systems. Critical Studies. Open only to those who have passed in course 1.
    3 hours a week.
  1. Investigation of Practical Economic Questions of the day: shipping, money, profit-sharing, social questions. Theses and Criticisms. Training for Seminary. Open only to those who have passed in course 1.
    2 hours a week.
  1. The Industrial and Economic History of Europe and the United States in the last 100 years. Lectures and selected reading. No previous economic study required.
    3 hours a week.
  1. Taxation. Public Finance. Banking. Comparative study of the Financial Methods of the United States, Great Britain, France, Germany, Italy, etc. Open only to those who have passed in course 1.
    3 hours a week.
  1. History of Financial Legislation in the United States since 1789. Lectures and reports. Open to all students.
    1 hour a week.
  1. History of Tariff Legislation in the United States since 1789; Tariff Legislation of France, Germany and Great Britain. Open to all students.
    2 hours a week.
  1. Railway Transportation and Legislation in the United States and Europe. Open to all students.
    2 hours a week.
  1. Statistics. Methods. Practical Training for Statistical Work. Presentation of Results. Open only to those who have passed in course 1.
    3 hours a week.
  1. Land Tenures. Land Systems of England, Ireland, France Belgium. Germany, and the United States. Open to all students. 1 hour a week.
  1. Socialistic Theories. Marx, Lasalle, Proudhon; and modern popular theories. Open only to those who have passed in course 1.
    1 hour a week.
  1. Seminary. Special Investigations. Open only to competent students.
    2 hours a week.

 

COMPARISON OF THE PROPOSED COURSES WITH THOSE NOW GIVEN AT VARIOUS UNIVERSITIES.

Courses. Proposed for Cornell. Now Given at
Cor-
nell.
Har-
vard.
Yale. Colum-
bia.
Johns Hopkins. Penna. Michi-
gan.
1 3 3 3 7 ½ 1 5 4 ½ 2
2 3 }3 3 3 1 ½ 5 (?) 6 1
3 2 1 ½ 1 2 2 ½
4 3 3 2 1 2 1[*]
5 3 3 2 3 1 1 ½
6 1 1 ½ }2 2 2
7 2 1 1 ½ 1 1
8 2 1 ½ 1 1 ½
9 3 2 1 ½
10 1
11 1 1 2
12 2 2 2(?) 2 ½ 2 2 2 2
Total. 26 9 20 22 19 12 18 ½ 11 ½
Number of In-
structors.
5 1 4 4 4 1 5 2

[* The actual entry in this cell appear to be:
LaughlinGraphic

This Table makes obvious, at a glance, how far Cornell is behind other universities in this department. When it is considered that man’s character is moulded by his material surroundings; that questions of livelihood and economic concern occupy his thoughts more hours in the day, possibly, than any other subject; that the great forming agencies of the world are religious and economic,—this shortcoming in our courses of instruction becomes painfully evident. Not only are we behind other institutions, but this department, with all its importance, is far behind almost every other of our departments, especially in comparison with the Historical group.

The present number of students in the department (about 160) is, moreover, too large to be properly cared for by one instructor. Nor should the present professor be expected to keep in view the larger questions of the scope and influence of the department, or the work of investigation, and yet continue the reading of routine, but necessary, exercises.

To give the courses in the proposed list above, in addition to the present professor, there would be needed at least one associate professor, at a probable salary of $2,000 (to whom it would be necessary, in order to obtain the right man, to offer some definite expectation of further promotion in the future); one assistant-professor, at the usual salary, and two capable instructors, paid probably $1,000 each. These estimates are, of course, provisional.

IV

Of equal, or even greater importance than the increased hours of instruction, for the purpose of touching the work of students at its most vital point, is the grant of a suitable Publication Fund. The professor in charge believes this to be essential to the success of the department; that this part of the scheme is of primary importance. It is proposed to publish investigations of students and instructors in a series of bound volumes, with a distinctive cover, marking them as productions of Cornell University, and entitled “Cornell University Studies in Economics.” For this purpose at least $1,000 per annum should be granted. It would be appropriate to name this the “Fayerweather Publication Fund,” and every volume issued would bear the name of this benefactor. With the material already in sight that sum would not be sufficient; but it would, so far as it goes, send the name of the University into every centre of scholarly work in this country and in Europe. Still better, it would do more than any other one thing to stimulate the work of our students, and to produce finished and accurate scholarship; while the practical bearing of these studies would bring the University to the notice of men in business and financial circles.

The subject has been carefully examined and studied in view of past experience in other institutions. The establishment of the Quarterly Journal of Economics by Harvard University was due to the creation of a Publication Fund, and it has won the respect and attracted the attention of scholars, as well as the public, the world over. Columbia College has wielded a large influence by the Political Science Quarterly, and stimulated its work in these lines: while, in addition, the publication of a series of monographs is now announced. The University of Pennsylvania has lately taken energetic steps to increase its publications, by which the work of the Wharton School has been suddenly brought to the attention of students everywhere. Not only a journal, The Annals of the American Academy of Political and Social Science, but a series of monographs, and translations of important German works, are published by this school. The Johns Hopkins University Studies in Historical and Political Science have been published for years, and, although not even in quality, have done more than anything else to attract attention to their facilities for investigation and study. Finally, the scheme of the new University of Chicago, following the trend of these successful movements, makes the “University Publication Work” one of the three general divisions of its work, and emphasizes the desire to publish papers, journals, and books by instructors, thereby hoping to furnish greater stimulus and incentive than now exist toward original investigation.

V

The fixing of a high standard of work by students; in the department; the encouragement of capable young men to carry on their studies beyond mere superficial work; a relief to poor, but able, men from subsidiary employments to earn a living while engaged in investigations; a means of drawing here from other institutions the brightest men who have distinguished themselves in economics; and, to provide for investigators, who will present their results to the public and enlarge the repute of the University for scholarly work both at home and abroad,—all these things can be effected only by the creation of fellowships and scholarships in this department. Five (5) fellowships, permitting the holders to reside either at the University, or abroad, with an annual income of $500 each; and four (4) scholarships, with an annual income of $250 each, are urgently needed.

VI

The library is deficient in important collections and series, which are absolutely essential to economic research; and which are possessed by other institutions. In other places these deficiencies are supplemented by access to neighboring libraries (e.g., at Columbia College, by the Lenox and Astor Libraries; at Harvard University, by the Boston Public Library and the Atheneum. Our absolute isolation requires that we should own these important collections outright. We have, for example, none of the British Government Publications (the “Blue-Books”), a complete set of which is very expensive; nor those of France, or Germany, whose statistical work is exceedingly valuable. Of the various European economic journals, by which we may keep abreast of current thinking, we have almost none. It is a hindrance: which would be regarded as intolerable in Physics, Chemistry, or Philology. In short, the department needs a special annual grant of $2,000 for at least five (5) years beyond the present and expected allowance of next year for this department) to bring it to a respectable basis, as compared with other departments. Detailed accounts of these wants can be given, if needed.

VII

SUMMARY.

The Board of Trustees is respectfully asked to grant an annual appropriation to this department of the following sums :—

Additional instruction,
One Associate Professor,

$ 2,000

One Assistant Professor,

   1,600

Two Instructors at $1000 each,

   2,000

$ 5,600

Five Fellowships at $500 each,

   2,500

Four Scholarships at $250 each,

   1,000

Publication fund,

   1,000

Books (for five years),

   2,000

Total,

$12,100

With this grant, it is quite certain we can produce results which are not now possible in any university in this country Our department of economics will then be the first in the United States.—one of which every friend of Cornell can speak with pride. Especially will it mark an epoch in the history of economic training in this country, and bring Cornell to the front in an important subject of universal, and yet practical, concern. The University is not rich enough to permit any other institution to seize the opportunity for which she herself has so evident an advantage, and for which she so evidently occupies a strategic position.

Very respectfully presented by

J. LAURENCE LAUGHLIN.

Professor of Political Economy and Finance.

March 2, 1891

_______________

 Source: Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Image Source: Clipped from printed speech given at the 78th meeting of The Sunset Club at the Grand Pacific Hotel, Chicago, December 6, 1894 found in Laughlin, James Laurence. Papers, [Box 1, Folder 17], Special Collections Research Center, University of Chicago Library.

Categories
Courses Exam Questions Harvard Research Tip

Harvard. Course. Money, Banking, Commercial Crises, Williams and Gilbert 1937-38

 

The Harvard course, Economics 41 “Money, Banking, and Commercial Crises,” was a full-year course that James Tobin took as an undergraduate in 1937-38. Professor John H. Williams lectured during the first term and the vast bulk of lectures for the second term were held by Dr. Richard Vincent Gilbert (A.B., Harvard, 1923; Ph.D., Harvard, 1930. Dissertation: The theory of international payments). Associate Professor Seymour Harris does not appear anywhere in Tobin’s notes, so we can presume for now that Harris was substituted for by Williams and Gilbert and that the official enrollment report (see below) was the victim of a copy-paste error.

It appears from Tobin’s notes that Gilbert had been the section leader during the first term and was succeeded in the second term by the economics graduate student Kenyon Edward Poole (A.B., Harvard, 1929; A.M., Fletcher School of Law and Diplomacy 1934) whose doctoral dissertation “German recovery policies, 1932-1937” was accepted in 1938., A.B., Harvard 1929. Tobin wrote in a marginal note to his own student notes (dated 1992) that the section that met February 16, 1938 “was Gilbert’s last section.” Thus presumably, the earlier sections must have been Gilbert’s doing.

Course enrollment, 1937-38
Course readings, first term
January Reading Period list
Mid-year examination
Course readings, second term
May Reading Period list
Final exam
Research tip

___________________________ 

Official Course Announcement
for Economics 41, 1937-38

For Undergraduates and Graduates.

Economics 41 (formerly 3). Money, Banking, and Commercial Crises
Mon., Wed., and (at the pleasure of the instructor) Fri., at 2. Professor Williams and Associate Professor Harris.

 

Source: Official Register of Harvard University, Vol. XXXIV, No. 44. Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences during 1937-38. Second edition. October 1, 1937.

Copy in Harvard University Archives. HUC 8500.16. Box 5 “Courses of Instruction”, Folder “1937-38”, p. 149.

 

___________________________

Enrollment in Economics 41,
1937-38 by class

[Economics] 41.        (formerly 3). Professor Williams and Associate Professor Harris.—Money, Banking, and Commercial Crises.

Registered total: 205, of which 3 Graduates, 49 Seniors, 121 Juniors, 30 Sophomores, 2 “Candidates for the Bachelor’s Degree out-of-course”.

 

Source: Report of the President of Harvard College and reports of departments for 1937-38, p. 85.

 

___________________________

Economics 41, 1937-38:
First Term Reading List

Economics 41
Readings: First Term [Handwritten note: “Excluding Reading Period”]

  1. The nature and function of banking
    Dunbar: Theory and History of Banking, Chs. 1,2,3,4. [pp. 1-60]
    White, Money and Banking, Ch. 16 [pp. 349-372]
  2. Creation of Deposits
    Phillips, Bank Credit, Ch. 3. [pp. 32-77]
    Currie, Supply and Control of Money, Chs. 5-7. [pp. pp. 46-83]
  3. Note Issue
    Dunbar, Ch. 5. [pp. 50-81]
    Currie, Ch. 10 [pp. 110-115]
  4. Commercial Loan Theory
    Robertson, Money, Ch. 5 [pp. 92-117|; Currie, Ch. 4. [pp. 34-46]
  5. U.S. Banking history
    White, Chs. 18-23 [pp. 387-529]
  6. The Federal Reserve System
    Dunbar, Ch. 6 [pp. 81-110]
    Burgess, Federal Reserve Banks and the Money Market [pp. 1-327],
    entire Federal Reserve Bulletin, July 1935, Supply and Use of Member Bank Reserve Funds. [pp. 419-428]
    Currie, Chs. 8,9. [pp. 83-110]
    Hardy, Credit Policies of the Federal Reserve System, Chs. 3-11. [pp. 34-243]
  7. Recent Banking Changes
    White, Chs. 29, 30. [pp. 670-738]
  8. Foreign Banking Systems
    Dunbar, Chs. 8-10 [pp. 139-235]

Source: Harvard University Archives. HUC 8522.2.1. Box 10, Folder “Syllabi, course outlines and reading lists in Economics, 1937-1938”.

 

Note: The page numbers were added to the 1937-38 readings in pencil for many items. In 1938-39, the identical titles plus pages were given for the same list of readings. The same information was copied by James Tobin into his course notes for 1937-38 (apparently correcting the page numbers listed for White under VII. to 679-738.)

 

___________________________

Economics 41, 1937-38:
Reading Period, January 1938

 

Economics 41: Read one of the following:

Hardy, Federal Reserve Policy.
Hawtrey, Art of Central Banking, pp. 116-303.
Keynes, Treatise on Money, Vol. II, Book VII.

 

Note: The Midyear Reading Period list for January 1938 was not found in the Course material folder archives, however for January 1936 and January 1939 the same three books were listed which we can presume constituted the choice of readings for January 1938. From Tobin’s notes for the course, he apparently chose the Hawtrey book.

 

___________________________

1937-38
HARVARD UNIVERSITY

ECONOMICS 41
MONEY AND BANKING
Mid-year Examination 1938.

Answer questions 1, 2 and three others.

  1. (One hour.) Supply and Use of Member Bank Reserve Funds.

(in millions of dollars.)

From
Dec. 1923 to July 1924

From
July 1924 to July 1925

Bills discounted

-430

+224

Bills bought

-332

+184

U.S. government securities

+389

-194

Other Reserve Bank credit

+9

+4

Monetary gold stock

+267

-144

Treasury and national bank currency

+9

-28

Money in circulation

-288

+36

Treasury cash and deposits with Federal Reserve banks

+18

-43

Non-member bank deposits

+9

-8

Other Federal Reserve accounts

-20

+7

Member bank reserve balances

+193

+54

    1. What is the meaning of each of the above items?
    2. Account for the changes in member bank reserve balances (or in bills discounted) in the two periods.
    3. What conclusions do you draw regarding the nature and instruments of Federal Reserve policy?
  1. Outline:
    1. Keynes’ views on the effectiveness of central banking control in England and the United States.
      (or)
    2. Hawtrey’s treatment of the development of central banking in England.
  2. “From the first, the banking system in this country has given expression to the American ideal of individuality and freedom.” Discuss
  3. Discuss the conflicting views of the role of banks in the creation of credit.
  4. Do banks create capital?
  5. Discuss the nature, purpose and wisdom of the provisions of the Federal Reserve Act concerning the issue of notes by the Federal Reserve banks.
  6. Discuss the merits of requiring the holding of reserves equal to a fixed percentage of deposits in the case of (a) central banks and (b) other banks.
  7. Discuss the relative effectiveness of open market operations and the rediscount rate as central bank instruments of control.
  8. What should be the central bank’s attitude towards the stock market?

Source: Harvard University Archives. Mid-year examinations, 1852-1943 (HUC 7000.55). Box 13: Mid-year Examinations, 1938. Papers printed for Mid-year Examinations [in] History, History of Religions,…,Economics,…,Military Science, Naval Science, January-February, 1938.

 

___________________________

Economics 41, 1937-38:
Second Term Reading List

[The following list of readings has been put together from Tobin’s class and reading notes for the course.]

Arthur D. Gayer—Monetary Policy and Economic Stabilization: A Study of the Gold Standard. 1935.
Fisher. Purchasing Power of Money, pp. 1-74 and 149-181.
Hawtrey. Currency and Credit, new ed. Chs 3-4.
Keynes. Treatise. Vol I, chs. 4,5,6 (Section 1), 7.
Hawtrey. Trade Depression and the Way Out
Foster and Catchings. Profits, Part 5
Haberler. Prosperity and Depression. Review of Theories.
Optional Keynes, ch 14 and ch on theory of inex numbers.
Taussig: International Trade: ch. 21. Adjustment on inconvertible paper.

 

Source: Yale University Library. Manuscripts Collections. James Tobin Papers. Group No. 1746, Box No. 6. Notes for Economics 41, 1937-38.

 

___________________________

Economics 41, 1937-38:
Reading Period, May 1938

Economics 41: Read one of the following:

  1. Royal Institute of International Affairs, The Future of Monetary Policy.
  2. International Chamber of Commerce, International Economic Reconstruction. Either Volume I or Volume II.
  3. Robbins, The Great Depression.
  4. Ohlin, Course and Phases of the World Depression, (League of Nations Study)
  5. Hansen, Economic Stabilization in an Unbalanced World.

 

Note: Tobin presumably chose this last item by Hansen since it is the last set of reading notes he included for the course.

Source: Harvard University Archives. HUC 8522.2.1. Box 10, Folder “Syllabi, course outlines and reading lists in Economics, 1937-1938”.

 

___________________________

Economics 41, 1937-38:
Final Exam, June 1938

1937-38
HARVARD UNIVERSITY

ECONOMICS 41

  1. Discuss either (a) or (b).
    1. “Freedom of the exchange rates insulates the national economy against cyclical disturbances or monetary instability of foreign origin.”
    2. “A country which becomes a member of an international currency system, such as the gold standard provides, surrenders a part of its freedom of action, and assumes, along with the right to such benefits as it affords, certain very stern responsibilities.”
  2. Answer either (a) or (b).
    1. “Before 1914, changes in the value of gold were largely governed by the accident of gold discoveries or inventions bearing on methods of gold production.” Does the evidence support this view?
    2. Outline and criticize Fisher’s analysis of the factors determining the value of money.
  3. Discuss either (a) or (b).
    1. The underconsumption theories of the business cycle
    2. The investment theories of the business cycle.
  4. “One’s evaluation of a policy of flexible public works as an agency of economic stabilization depends upon the theory one holds of the fundamental nature of the business cycle.” Do you favor a policy of flexible public works? If so, on what grounds? If not, why not?
  5. Answer one of the following questions.
    1. Robbins’ views on the causes of the great depression.
    2. The Royal Institute of International Affairs’ analysis of the powers and limitations of the monetary authority.
    3. Hansen’s analysis of the breakdown of the international system in 1930-35.
    4. Gregory’s views on the major influences antagonistic to currency stabilization.
    5. Ohlin’s analysis of the causes of the great depression.
    6. Write a review of the book you read during the reading period.

Final. 1938.

 

Source: Yale University Library. Manuscripts Collections. James Tobin Papers. Group No. 1746, Box No. 6. Notes for Economics 41, 1937-38.

 

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Research Tip:

While at the Harvard Archives I came across Suggested Topics for Theses in Economics 41, 1938-39, HUC 8938.121.2. In it are listed 137 topics, each topic having between one to more than a dozen suggested references, running to 31 pages that includes twelve additional thesis subjects. The entire list of suggested topics with suggested references has been transcribed and posted!

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Image: My photo taken of a box of James Tobin’s notes as a student at Harvard. Not only are they bound, they have been cleanly copied in pen and are legible at the 99.9% confidence level.