Category: Harvard

Harvard. Economics of Transportation and Public Utilities. Exams, Readings for Public Utilities. Crum, Cunningham, C.O. Ruggles, 1940-41

Post author By Irwin Collier
Post date 2019-04-14

The following course on public utilities and transporation regulation was co-taught by William Leonard Crum, professor of statistics in the department of economics, William J. Cunningham, professor of railroad operations and transportation at the Graduate School of Business, and Clyde Orval Ruggles, professor of public utility management at the Graduate School of Business.

Cunningham was a member of the original faculty of the Harvard Business School, having gone from working in railroad management and administration to teaching railroad operations. He had an honorary A.M. degree from Harvard in 1921 but apparently never possessed another formal academic credential (other than an honorary D.Sc. awarded him upon his 1946 retirement by the Clarkson College of Technology).

The only part of the course syllabus in the Harvard Archives’ course folder was for the portion taught by Professor Ruggles, transcribed below.

Looking for other biographical information about William J. Cunningham, I just discovered that there is a folder with course material at Harvard Business School’s Baker Library: Baker Library Special Collections, Harvard Business School, Harvard University William J. Cunningham papers Series II. Teaching Records, 1920-1941 Economics 163, 1940-1941.

_____________________________

Course Announcement

Economics 163. Economics of Public Utilities (including Transportation). Mon., Wed., at 4, and a third hour at the pleasure of the instructors. Professors Crum, Cunningham, and Ruggles.

This course deals with the economic problems of the Public Utility industries including railways. Attention is given to rates and rate structures, valuation, the issue and regulation of securities, utility managements, the relation of the commissions to the courts, and public ownership of utility enterprises.

Source: Division of History, Government, and Economics containing an Announcement for 1940-41. Official Register of Harvard University, Vol. XXXVII No. 51 (August 15, 1940), p. 62.

_____________________________

Course Enrollment

[Economics] 163. Professors Crum, Cunningham and Ruggles. — Economics of Public Utilities (including Transportation).

Total 18: 9 Graduates, 7 Seniors, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1940-41, p. 60.

_____________________________

READINGS FOR ECONOMICS 163

[Note: only for the Ruggles’ portion of the course]

Unless otherwise indicated, all references marked with the asterisk are required.

March 17

Legal and Economic Criteria Regarding the Public Utility Concept.

Read three of the following marked with the asterisk:

*Clay, C. M. Regulation of Public Utilities (1932). Part I, pp. 3-130.

*Jones & Bigham. Principles of Public Utilities (1931). Chapter II, “Characteristics of Public Utilities,” pp. 62-101.

*Wilson, Herring and Eutsler. Public Utility Industries. Chapter I, “The Characteristics of Public Utilities,” pp. 1-25.

Glaeser, Outlines of Public Utility Economics (1927). Chapter I, “Nature and Scope of Public Utility Economics,” pp. 1-22.

*Thompson and Smith, Public Utility Economics (1941). Chapter IV, “What Is a Public Utility?” pp. 56-74; Chapter V, “Economic Characteristics of Public Utilities,” pp. 75-98.

March 19

Competition, Load Factor, Output, and Economic Conditions as Affecting Rate Making.

*Behling, B.N. Competition and Monopoly in Public Utility Industries (University of Illinois Press, 1938). A Ph.D. thesis, p. 175.

*Bernstein, E.M. Public Utility Rate Making and the Price Level (1937). Chapter IX, “Rate Making in Prosperity and Depression,” pp. 105-119.

*Clark, J.M. Studies in the Economics of Overhead Costs (1923). Chapter XVI, “Public Utilities,” pp. 318-334.

Eisenmenger, H.E. Central Station Rates in Theory and Practice (1921). Appendix II, Explanation of the Terms “Load Curve” and “Load Factor” (For the Non-technical Reader), pp. 260-266.

Hardy, C. O. Recent Growth of the Electric Light and Power Industry. The Brookings Institution, Pamphlet Series Vol. I, No. 1, April, 1929, p. 60.

March 24

Rate Structures; Reasonableness of Rates; Theory of Rate Making in the TVA Act.

*Nash, L.R. Rate Structures (1933). Chapter II, “Rate Classifications and Forms,” pp. 11-29; Chapter IX, “Promotional Rates,” pp. 152-197; and Chapter XIII, “Economic Factors in Rate Making,” pp. 296-330.

*Jones and Bigham. Op. Cit. Chapters VII and VIII, “Rate Structures,” pp. 288-386.

*Bauer. Effective Regulation of Public Utilities (1925). Chapter XI, “Rate Schedules,” pp. 275-301.

Barker, H. Public Utility Rates (1917). Chapter III, “Various Bases for Rates,” pp. 10-17.

Bryant and Hermann. Elements of Utility Rate Determination (1940).

Eisenmenger, H.E. Op. Cit. Section II, “The Price of Electric Service,“ pp. 62-102.

March 26

Discrimination in Rate Making; Service and Minimum Charges.

*Havilik, H.F. Service Charges in Gas and Electric Rates (1938). A Ph.D. thesis, Columbia University, p. 234.

*Kennedy, W.F. The Objective Rate Plan (1937, Columbia University Press), p. 83.

Nichols, E. Public Utility Service and Discrimination (1928). Chapter XXVII, “Discrimination in Rates Generally,” pp. 856-901; Chapter XXVIII, “Rate Discrimination in Favor of Particular Classes,” pp. 902-934; Chapter XIX, “Rate Discrimination in Favor of Public Welfare, Educational, and Social Organizations,” pp. 935-949; Chapter XXX, “Rate Discrimination in Favor of Contract Holders of Equipment,” pp. 950-966; Chapter XXXI, “Rate Discrimination in Favor of Large Consumers and Industrial and Commercial Enterprises,” pp. 967-975.

Batson. The Price Policies of German Public Utility Undertakings (1933). Chapter IX, “Electricity-Supply Charges,” pp. 143-182; Chapter XII, “Conclusion,” pp. 213-216.

April 7

The Geographical Unit for Rate Making; Municipal, Statewide, and Regional Uniformity in Rates.

*Decision of Wisconsin Supreme Court in Eau Claire v. Railroad Commission. Public Utility Reports (P.U.R.) 1922 D666.

*Georgia and Alabama Commissions Install Uniform Electric Rates. Public Utility Fortnightly, Vol. IV, pp. 773-774 (1929).

*Decision of the Pennsylvania Superior Court in Borough of Ambridge v. Pennsylvania Commission, 31 P.U.R. (N.S.) 50. (1939).

*Annual Report, Secretary of the Interior, 1938, p. 84 (Bonneville Rates).

*Commissioner Maltbie’s (New York) Criticism of Implications in Federal Power Commission’s Data on Public Utility Rates. Electrical World, January 14, 1939, p. 112.

*Statement of Chairman of Tennessee Rural Electrification Authority. Public Utility Fortnightly, Vol. XXV, p. 631 (May 9, 1940).

*Bonbright, J.C. Price Policy and Price Behavior. Papers and Proceedings of American Economic Association, Vol. XXX, No. 5, February, 1941, pp. 379-389.

April 9

The Rate Base; Theories in (a) Federal Water Power Act, 1920; (b) Transportation Act of 1920.

*Bonbright, J. C. Valuation of Property (1937). Vol. II, Chapter XXX, “Valuation for Rate Making Purposes: Economic Theory versus Legal Doctrine,” pp. 1078-1110; Chapter XXXI, “Valuation for Rate Making Purposes: Methods of Appraisal; Non-utility Price Fixing,” pp. 1111-1165.

*Bauer, John. Op. Cit. Chapter IV, “Valuation Primarily a Legislative Responsibility,” pp. 47-60; Chapter V, “Court Decisions on Valuation” pp. 61-103; Chapter IX, “Systematic Maintenance of the Rate Base,” pp. 228-252.

Hartman, H.H. Fair Value (1920). Chapter IV, “The Theory of Valuation,” pp. 77-93.

*Glaeser. Op. Cit. Chapter XIV, “The Movement for Physical Valuation,” pp. 311-338.

*Clark. Social Control of Business (2d ed., 1939). Chapter XX, “Fair Value and Fair Return — The Legal Doctrine,” pp. 303-319; Chapter XXI, “Fair Earnings and Fair Value from the Economic Standpoint — Two Phases of One Fact,” pp. 320-336.

Tendency of Supreme Court decisions to favor reproduction cost less depreciation. Indicated in Q.J.E. XVII (1912-1913), pp. 27 and 616.

Graham, W.J. Public Utility Valuation; Reproduction Cost as a Basis for Depreciation and Rate-Base Determination. Studies in Business Administration, University of Chicago (1934), Vol. IV, No. 3, p. 95.

Barnes, I.R. “Shall Going Value Be Included in the Rate Base?” Journal of Land and Public Utility Economics, November, 1940, pp. 430-437.

April 14

Rate of Return; Capital Structure; Control of Investment and Issue of Securities.

*Bernstein. Op. Cit. Chapter VIII, “The Fair Rate of Return,” pp. 91-104.

*Smith, N.L. The Fair Rate of Return in Public Utility Regulation (1932). Chapter I, “Regulation, Valuation and the Rate of Return,” pp. 1-48; Chapter II, “Elements of the Fair Return,” pp. 49-79.

*Thompson and Smith. Op. Cit. Chapter XVII, “Fair Rate of Return,” pp. 349-361.

*Waterman, M.H. Financial Policies of Public Utility Holding Companies, Michigan Business Studies, Vol. V (1932), Chapter 4, “Trading on the Equity,” pp. 78-99.

*Jones and Bigham. Op. Cit. Chapter XI, “Regulation of Securities,” pp. 495-547.

Report of the Public Utilities Division, Securities and Exchange Commission, on “The Problem of Maintaining Arm’s Length Bargaining and Competitive Conditions in the Sale and Distribution of Securities of Registered Public Utility Holding Companies and Their Subsidiaries” (December, 1940), p. 46. (Comprehensive Appendices A to F inclusive.)

April 16

Sliding Scale and other “Automatic” Devices for Controlling Rates and Rate of Return; Rate of Return and Efficiency in Management.

*Bussing, Irwin. Public Utility Regulation and the So-Called Sliding Scale. Columbia University Press, 1936, p. 174. (A Ph.D. thesis)

*Clark. Social Control of Business (2d ed., 1939). Chapter XXII, “Regulation, Service, and Efficiency,” pp. 337-349.

Morgan, C.S. Regulation and Management of Public Utilities (1923). Chapter V, “Methods at Present Used to Promote Efficiency in the Management of Public Utilities,” pp. 144-233.

April 21

The Holding Company; Corporate Simplification and Physical Integration under the Public Utility Holding Company Act.

*Bonbright and Means. The Holding Company (1932). Chapter V, “The Public Utility Holding Company — Organization of the Major Systems,” pp. 90-148; Supplement to Chapter VI, “Advantages and Disadvantages of Different Types of Utility Integration,” pp. 188-199.

*Lillienthal, D.E. “The Regulation of the Holding Company.” 29 Columbia Law Review 404-440 (April, 1929).

*Wright, Warren. “Tests of Reasonableness for Charges of Services from Holding Company to Subsidiary.” Journal of Land and Public Utility Economics, Vol. 6 (November 1930), pp. 417-423.

Waterman, M.H. Op. Cit. Chapter 3, “Parent Company versus Subsidiary Company Financing,” pp. 45-77.

National Association of Railroad and Utilities Commissioners. Proceedings of Fortieth Annual Convention, 1928. “Report of the Committee on Capitalization and Intercorporate Relations,” pp. 504-511.

April 23

Regulatory Policies and Efficiency and Inefficiency in Management.

*Morgan, C.S. Op. Cit. Chapters I-III, pp. 1-117, and Chapter VII, pp. 307-346.

*Lyon, Abramson, and Associates. Government and Economic Life (1940). Chapter XXI, Sec. I, “The Rationale of Regulation,” pp. 618-625; Sec. II, “The Structure and Process of Regulation,” pp. 626-671; Sec. III, “The Substantive Problems of Regulation,” pp. 672-728.

Bauer, John. Op. Cit. Chapter XIII, “Effect upon Service and Efficiency of Operation,” pp. 328-349.

Fainsod, Merle. “Regulation and Efficiency in Management.” Yale Law Review, May, 1940, pp. 1190-1211.

April 28

National Power Policy; Public Ownership and the Government Corporation.

Voskuil, W.H. The Economics of Water Power Development (1928). Chapters I-III, pp. 1-43.

*Bird, F.L. The Management of Small Municipal Lighting Plants (1932). Chapters II-III, pp. 9-53, and Chapters VIII-IX, pp. 106-139.

Hodge, C.L. The Tennessee Valley Authority (1938). Chapter II, pp. 29-49; Chapter VIII, 201-248.

Mason, E.S. The Street Railway in Massachusetts (1932). Chapters 8 and 9, pp. 163-192.

Dimock, M.E. British Public Utilities and National Development (1933). Chapter I, “The Setting,” pp. 19-62; Chapter VI, “National Electricity Planning,” pp. 195-227; Chapter VII, “Electrical Progress and the National Economy,” pp. 228-262.

McDiarmid, John. Government Corporations and Federal Funds (1936). Chapters I and II, pp. 1-50; Chapter IX, “Conclusions,” pp. 209-232.

*Taussig. Principles of Economics. Vol. II, Chapter 66, pp. 472-489.

*Lyon, Abramson, and Associates. Op. Cit. Vol. II, Chapter XXI, Sec. IV, “Public Ownership and Operation,” pp. 369-377.

*Clark, J.M. Social Control of Business. Chapter XXIV, “Public Control versus Public Operation,” pp. 369-377.

Abrams, E.R. Power in Transition (1940). Chapter II, “National Power Policies and Activities,” pp. 20-41; Chapter IX, “Threats of Public Power Projects and National Power Policies,” pp. 297-306.

*Bonbright, J.C. Public Utilities and the National Power Policies. (Public lectures at Columbia University, 1940), p. 82.

April 30

Legislative, Judicial, and Administrative Regulation.

*Jones and Bigham. Op. Cit. Chapter III, pp. 102-156, and Chapter IV, pp. 157-190.

*Glaeser. Op. Cit. Chapter VII, “The Common Law Basis of Public Utility Regulation,” pp. 156-180; Chapter VII, “The Constitutional Basis of Public Utility Regulation,” pp. 181-194; and Chapter XXXIII, “General Summary and Forecast of the Development of Regulation,” pp. 733-754.

*Mosher and Crawford. Public Utility Regulation (1933). Chapter IV, “Judicial Review of Commission Determination,” pp. 41-53.

*Clay. Op. Cit. Part III, “Conclusion,” pp. 273-297.

*Fainsod, Merle. “Some Reflections on the Nature of the Regulatory Process.” Chapter X, pp. 297-323, in Public Policy, a Yearbook of the Graduate School of Public Administration, Harvard University (1940), edited by Friedrich, C.J. and Mason, E.S.

Landis, James M. “Crucial Issues in Administrative Law: The Walter-Logan Bill.” Harvard Law Review, May, 1940, pp. 1077-1103.

*National Association of Railroad and Utilities Commissioners, Report of the Committee on Progress in Public Utility Regulation. Utility Regulation and National Defense, December, 1940. Section IV, “Critical Utility Regulatory Problems,” pp. 125-147.

Herring, E.P. Federal Commissioners, A Study of Their Careers and Qualifications. Harvard University Press, 1936, pp. 1-104.

Parsons, R.H. Early Days of the Power Industry (English), 1940. Chapter XI, “Legislation Affecting the Electrical Industry,” pp. 184-200.

Pegrum, D.F. “The Public Corporation as a Regulatory Device.” Journal of Land and Public Utility Economics, August, 1940, pp. 335-343.

Smith, N.L. “The Outlook in Regulation,” Journal of Land and Public Utility Economics, November, 1940, pp. 386-392, and February, 1941, pp. 48-53.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2, Folder “Economics, 1940-41”.

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HARVARD UNIVERSITY
ECONOMICS 163
FINAL EXAMINATION
June 1941.

(Answer 6 questions, selecting 3 from Part 1 and 3 from Part 2. Use a separate blue book for each part.)

PART I—TRANSPORTATION

I

In his discussion of the cost of transportation Healy draws a distinction between “joint costs” and “common costs.” Give illustrations which for each of the two groups will make the distinction clear and discuss the bearing of such costs (whether designated as joint or common) on the determination of commodity rates.

II

The commodities clause of the Interstate Commerce Act has since 1908 prohibited a railroad from transporting commodities which it produced or in which it had any direct or indirect interest. That prohibition was continued in the 1940 revision of the Act but it has not been made applicable to common or contract carriers by highway, water or pipe line.

(a) What was the purpose of the prohibition when first applied to railroads in 1908?

(b) Does public interest now require the continuation of the prohibition?

(c) If continued for railroads should it be made applicable also to other carriers, especially common carrier pipe lines?

III

The Transportation Act of 1940 provides for the establishment of a transportation board which, among other things, would investigate and report on “the relative economy and fitness” of the several carriers for transportation service “or any particular classes or descriptions thereof.” Discuss this section of the Act from the following viewpoints:

(a) The need for the creation of such a board

(b) The criteria for the determination of relative fitness

(c) The problems of greatest difficulty in reaching conclusions as to how “there may be provided a national transportation system adequate to meet the needs of the commerce of the United States, of the postal service and of the national defense.”

IV

The present rule of rate making (Section 15a of the 1940 Transportation Act) applying to common carriers by rail, highway, water and pipe line is:

“In the exercise of its power to prescribe just and reasonable rates the Commission shall give due consideration, among other factors, to the effect of rates on the movement of traffic by the carrier or carriers for which the rates are prescribed;to the need, in the public interest, of adequate and efficient railway transportation service at the lowest cost consistent with the furnishing of such service; and to the need of revenues sufficient to enable the carriers, under honest, economical, and efficient management, to provide such service.”

(a) What was the main reason for departing from the principle of the 1920 Act requiring the Commission to set rates so as to yield, for the railroads collectively, a fair return on value?

(b) Why did the railroads object to the inclusion, in first place, of the factor of “effect of rates on the movement of traffic”?

(c) The present law differs from the 1933 law only by the addition of the words “by the carrier or carriers for which the rates are prescribed” (italicized above). What is the significance of the added words?

V

From the viewpoint of a sound financial structure of a railroad discuss the significance of:

(a) The ratio of funded debt to total capitalization

(b) Provision for sinking funds on mortgage bonds

(c) Provision for a stated sum annually, or a percentage of operating revenues, for routine capital improvements, such provision to take precedence in claim on net income over interest charges on income bonds and dividends on stock.

PART 2—PUBLIC UTILITY ECONOMICS

VI

Explain the economic significance of a peak demand upon (a) an electric power utility, (b) a gas utility, (c) a local transit utility, and (d) a telephone utility.

VII

Explain the basis upon which utility service should or should not be extended that may not initially cover (a) the utility’s increment costs and (b) in addition to increment costs, some return upon an approved base.

VIII

Distinguish between (a) minimum and (b) service charges for public utility service and explain which type of rate you prefer.

IX

Discuss the economic significance of such modes of rate making as employ (a) such “escalator” devices as fuel clauses and (b) the so-called “sliding scale,” which relates rates to the utility’s rate of return.

X

What is the purpose of a depreciation charge? Of the following methods of determining annual depreciation, explain which you prefer and why: (a) a percentage of gross revenue, and (b) a percentage of depreciable property.

XI

Explain the difference in the theory of valuation of public utility property in (a) the Transportation Act of 1920 and (b) the Federal Water Power Act of 1920. Indicate which of the theories you approve and why.

Source: Harvard University Archives. Harvard University. Final examinations 1853-2001.Box 5. Faculty of Arts and Sciences. Papers Printed for Final Examinations—History, History of Religions,…, Government, Economics,…, Military Science, Naval Science. June 1941.

Image Sources: Crum from the Harvard Class Album 1941, Cunningham and Ruggles from the Harvard Business School Yearbook, 1946-47 and 1937-38, respectively.

Tags Crum, Cunningham, RugglesCO

Economists Gender Harvard Johns Hopkins Michigan

Michigan, Johns Hopkins and Harvard. Three Generations of Economics PhDs. Orcutt-Nakamura(s)

Post author By Irwin Collier
Post date 2019-04-13

In an earlier post we met the Ruggles Family Dynasty, three generations of economists with Harvard economics Ph.Ds. Silly me that I thought that this might have been a unique constellation, but in the meantime I have “discovered” a second observation. Meet the Orcutt-Nakamura dynasty of economists! Painstaking empirical analysis reveals that both dynasties display a greater frequency of women economists (including the spouses), than the frequency for the entire population of economists.

Thus, with all the power vested in me from this second observation, I hereby declare Collier’s conjecture on economist-dynasties: the economist-gene is carried on the X chromosome.

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1st Generation: Guy Henderson Orcutt
(Ph.D. from Michigan, 1944)

Guy Henderson Orcutt (b. 5 July 1917 in Wyandotte, Michigan; d. 5 March 2006 in Bowie, Prince Georges, Maryland)

B.S. with honors, Physics (1939)
M.A. Economics (1940)
Ph.D. (1944) University of Michigan

Dissertation Title: Statistical Methods and Tools for Finding Natural Laws in the Field of Economics

Taught or affiliated with MIT, Cambridge, Harvard, Wisconsin, and Yale, IMF, World Bank and The Urban Institute.

Guy Orcutt material transcribed for Economics in the Rear-view Mirror:

Economics 110. Introduction to Econometrics. Harvard, Spring Semester 1950.
A Bibliography of Books and Articles on the Scientific Method

Economics 110a. Empirical Economics. Harvard, Fall Semester 1950.
Course Readings

Autobiographical/Biographical material

Guy Orcutt, “From engineering to microsimulation: An autobiographical reflection” In Special issue “Orcutt Festschrift” Journal of Economic Behavior and Organization. Vol. 14, No. 1 (September 1990), pp. 5-27.

Harold W. Watts. An Appreciation of Guy Orcutt, Distinguished Fellow of the American Economic Association. Journal of Economic Perspectives Vol. 5, No. 1 (Winter 1991) pp. 171-179.

Guy Henderson Orcutt page at the Prabook website.

Image source: Ugo Colombino’s lecture Microsimulation and Microeonometrics: Survey, Interpretation and Perspectives. (Università degli studi di Torino, Campus Luigi Einaudi) April 1, 2015. Slide #3.

2nd Generation: Alice Orcutt Nakamura
(Ph.D. from Johns Hopkins, 1972)

Alice O. Nakamura (b. Boston, Mass., 1945)

B.S. in Economics (Political Science minor), University of Wisconsin-Madison, 1968
Ph.D. in Political Economy with a minor in Sociology, Johns Hopkins University, 1973

Dissertation Title: State and Local Police Expenditures: An Empirical Investigation.

Professor of Finance and Management Science at University of Alberta

Biographical/Professional Information

Apr. 4, 2019 archived webpage of Alice Orcutt Nakamura.

Alice O. Nakamura’s c.v. (June 2017)

Alice O. Nakamura’s Short Biography
March 31, 2019 archived

Alice Nakamura is a Professor of Finance and Management Science at the University of Alberta. She holds a Ph.D in Economics from John Hopkins University and a B.S. from the University of Wisconsin at Madison. She is a Fellow of the Canadian Economics Associations. In 1994-95, she served as President of the Canadian Economics Association. She has received numerous honors, including begin an Honorary Doctorate from the University of Western Ontario, the Kaplan Award for Excellence in Research, and the McCalla Research Professorship. She has also held numerous public policy and advisory roles, including being a member of the Axworthy Social Security Reform Task Force, the Statistics Canada Price Measurement Advisory Committee and the Co-chair of the Canadian Employment Research Forum (CERF). Her publications are in the areas of labour economics, econometrics, price and productivity measurement, social policy, and genomic statistics among other topics. She has numerous publications in the most prestigious journals in economics and statistics, including the American Economic Review, Econometrica, the Journal of Econometrics, the Journal of the American Statistical Association, the Review of Economics and Statistics and the Canadian Journal of Economics.

Image Source: Alice Nakamura’s webpage.

Alice Nakamura is married to Masao Nakamura

B.S., Keio University (Tokyo), 1967 in Administration Engineering
M.S. Keio University (Tokyo), 1969 in Administration Engineering
Johns Hopkins University Ph.D. 1972 in Operations Research/ Industrial Engineering

Title of Dissertation: Mathematical analysis and optimization of health services systems.
Dissertation Adviser: Rodger Parker

Professor of Commerce & Business Administration (Emeritus)
Strategy & Business Economics Division, Sauder School of Business
University of British Columbia

Masao Nakamura’s c.v. (April 2016)

Masao Nakamura’s Personal webpage (Nov. 30, 2018)

2nd Generation: Harriet L. Orcutt Duleep

Harriet L. Orcutt born 1953.

B.A., Oberlin Conservatory/College, 1973
B.A., in Economics, University of Michigan, 1976
Ph.D. in Economics, M.I.T., 1986

Title of Dissertation: Poverty and Inequality of Mortality.
Advisers: Jerry Hausman and Lester Thurow.

Research Professor of Public Policy, College of William and Mary since 2007.

Harriet Orcutt Duleep’s c.v.

3rd generation: Emi Nakamura
(Harvard Ph.D., 2007)

Emi Nakamura (b. 1980)

A.B. (summa cum laude) Princeton University, 2001
A.M. Economics, Harvard University, 2004.
Ph.D. Economics, Harvard University, 2007.

Dissertation Title: Price Adjustment, Pass-through and Monetary Policy
Advisers: Robert Barro and Ariel Pakes

Emi Nakamura is Chancellor’s Professor of Economics, University of California, Berkeley since 2018.

Emi Nakamura’s c.v. (January 2019)

Image source: Emi Nakamura’s home page.

From an Interview with Emi Nakamura

Can you tell us something about growing up in an academic family of economists?

My parents love their work and really wanted to give me a sense of what they did. That’s easy when your parents are firemen or policemen, but harder when your parents spend all their time sitting at a desk reading books and running regressions. How do you explain to a kid what it means to do research? So my mom brought me to a number of economics conferences when I was a child. Of course, I didn’t understand much, but I did get some sense of what it meant to be an academic economist. It also led to some funny conversations when I grew up and met colleagues like Kevin Lang, who I’d first met as a child. Because of my parents, I also got to take a bunch of economics classes at the University of British Columbia when I was in high school and over the summer when I was home from college in Vancouver, including a number of classes on economic measurement from Erwin Diewert. Measurement is a really understudied topic in economics today and you don’t learn much about it even in grad school, so that was a unique opportunity. I have since written several papers on measurement issues where this experience was very useful.

Source: CSWEP News. 2015 Issue 2. From “An Interview with Emi Nakamura” by Serena Ng.

HUGE UPDATE: John Bates Clark Medal 2019 awarded to Emi Nakamura!

Emi Nakamura is married to:

Jón Steinsson also Chancellor’s Professor of Economics at UC Berkeley.

Jan. 2019 c.v. of Jón Steinsson.

Note: Emi Nakamura and Jón Steinsson have two children…[to be continued?]

Image: Guy Orcutt, Alice Nakamura, Emi Nakamura.

Tags Diewert, LangK, NakamuraA, NakamuraE, NakamuraM, Orcutt, Steinsson

Economists Harvard Suggested Reading

Harvard. Economics Ph.D. alumnus. Edgar M. Hoover, 1932

Post author By Irwin Collier
Post date 2019-04-11

The Harvard economics Ph.D. alumnus for this post is someone who had both CEA and CIA lines on his c.v. Edgar Malone Hoover also taught at the University of Michigan and Harvard before settling at the University of Pittsburgh. A course Hoover taught during the second term of 1935-36 while an instructor at Harvard was on the location of economic activity. It attracted two graduate students. Hoover served as president of the Regional Science Association in 1962 and was an important contributor to the theory of spatial price discrimination.

Vital data for Edgar M. Hoover: born February 22, 1907 in Boise, Idaho, d. July 24, 1992 in Santa Barbara, California.

____________________

Hoover index

It is equal to the portion of the total community income that would have to be redistributed (taken from the richer half of the population and given to the poorer half) for there to be income uniformity.

See: Edgar Malone Hoover Jr. The Measurement of Industrial Localization, Review of Economics and Statistics, 18, No. 4 (November, 1936) 162–171.

Source: “Hoover index” in Wikipedia.

____________________

From the 1974 AEA Directory

Hoover, Edgar M., b. Boise, Idaho, 1907. Educ. A.B., Harvard, 1928; A.M., Harvard, 1930; Ph.D., Harvard, 1932. Doc. Dis. The Location of the Shoe Industry in the United States, 1932. Pub. Location Theory and the Shoe and Leather Industries, 1937; The Location of Econs. Activity, 1938; An Introduction to Regional Econs., 1971. Prev. Pos. Dir. Econ. Study, Pittsburgh Regional Planning Assoc., 1959-63, Vis. Prof. Econs., Harvard U., 1957-59. Cur. Pos. Emeritus Prof. Econs., U. of Pittsburgh, Address 15331 Bollman Rd., Saratoga,,CA 95070.

Source: 1974 Directory of Members. American Economic Review, Vol. 64, No. 5 (October 1974), p.182.

____________________

Resignation from the University of Michigan to work at the CEA, 1947

Dr. Edgar M. Hoover, Professor of  Economics and a faculty member since 1936, has resigned to accept an appointment as staff member on the  Council of Economic Advisers at Washington, D.C.

Winner of the Henry Russel Award  in 1940, Dr. Hoover received his A.B., A.M. and Ph.D. degrees from Harvard University, and taught there for four years before joining the faculty at Ann Arbor. He has specialized in problems of the location of industry, and in 1939 was invited to participate in a conference organized by the National Bureau of Economic Research and by the New York State Planning Commission. He spent four years on leave  from the University as a member of  the National Resources Planning Board and the fuel-rationing branch of the OPA, and later as a member of the Office of Strategic Services.

Source: The Michigan Alumnus (427) from the University of Michigan’s Faculty History Project.

____________________

PITT NAMES HOOVER UNIVERSITY PROFESSOR
Press Release: March 28, 1966

Dr. Edgar M. Hoover has been named University Professor of Economics at the University of Pittsburgh. His appointment was announced today by Dr. Charles H. Peake, vice chancellor for the academic disciplines.

Dr. Hoover, director of the Center for Regional Economic Studies, came to Pitt in 1959 as professor of economics. At the inception of the Center in 1962, he was named director, a post he will continue to hold.

“The appointment of Dr. Hoover as University Professor is in recognition of his outstanding contributions,” Dr. Peake said. “He is an authority in the field of regional economics and under his direction the Center has conducted studies of national and international concern.” Among the Center’s activities have been studies of Appalachia, flood plain usages, industrial growth and potential, and new trends in urban economics.

Dr. Hoover currently is co-administrator for a $200,000 Ford Foundation training and research program in economics and demography. Under the project, employees of planning commissions from underdeveloped countries will study demography, in particular, the relation of population to economic change. Dr. Hoover has Just returned from India, where he laid groundwork for parts of the program.

Recently, Dr. Hoover published, in four volumes, the results of an Economic Study of the Pittsburgh Region which he directed for the Pittsburgh Regional Planning Association.

Dr. Hoover came to Pitt from Harvard University where he was visiting professor. Previously, he had worked with Princeton University’s Office of Population Research on a project estimating the future population of India. From 1952 to 1954, he was a member of the Board of National Estimates of the Central Intelligence Agency and between 1947 and 1951 he served as a senior staff member of the Council of Economic Advisors. He also has taught at the University of Michigan and was an economist in the U.S. Office of Strategic Services.

Dr. Hoover received his Ph.D., A.M. and A.B. degrees from Harvard. He is a member of the Phi Beta Kappa, the American Economic Association, the Population Association of America, and the Regional Science Association. He was president of the latter group in 1962.

Source: University of Pittsburgh Press Release, March 28, 1966. Records of the University of Pittsburgh.

____________________

Harvard Ph.D. awarded in 1932 to Edgar Malone Hoover, Jr.

Hoover, Edgar Malone, Jr., A.B. 1928, A.M. 1930.

Subject, Economics. Special Field, Economic Geography. Thesis, “The Location of the Shoe Industry in the United State.” Research Assistant in Economics.

Source: Harvard University. Report of the President of Harvard College, 1931-1932, p. 120.

____________________

Class Enrollment

[Economics] 56 ²hf. Dr. Hoover.—The Location of Economic Activity

Total 2: 2 Graduates.

Source: Harvard University. Report of the President of Harvard College, 1935-1936, p. 84.

____________________

RESERVE SHELF LIST FOR ECONOMICS 56—Feb. 4, 1936.

E. M. Hoover

Friedrich, C.J., Alfred Weber’s Theory of the Location of Industries.
Sorokin, P., Contemporary Sociological Theories.
Semple, E.C., American History in its Geographic Conditions.
4. Fetter, F., ~~The Masquerade of Monopoly~~ [The Economic Law of Market Areas] in Quarterly Journal of Economics, vol. 38 [No. 3 (May, 1924), pp. 520-529.]
Keir, Malcolm, Manufacturing.
Black, J.D., Production Economics.
Weber Alfred, Ueber den Standort der Industrien (Vol. 2 only, consisting of 8 monographs by different people).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2, Folder “Economics, 1935-1936”.

Image Source: Economics instructor Edgar M. Hoover. Harvard Class Album 1932.

Tags HooverEM

Berkeley Carnegie Institute of Technology Chicago Cornell Duke Economics Programs Harvard Illinois Indiana Iowa Johns Hopkins M.I.T. Michigan Minnesota Northwestern NYU Ohio State Pennsylvania Princeton Stanford UCLA Vanderbilt Wisconsin Yale

Economics Departments and University Rankings by Chairmen. Hughes (1925) and Keniston (1957)

Post author By Irwin Collier
Post date 2019-04-09

The rankings of universities and departments of economics for 1920 and 1957 that are found below were based on the pooling of contemporary expert opinions. Because the ultimate question for both the Hughes and Keniston studies was the relative aggregate university standing with respect to graduate education, “The list did not include technical schools, like the Massachusetts Institute of Technology and the California Institute of Technology, nor state colleges, like Iowa State, Michigan State or Penn State, since the purpose was to compare institutions which offered the doctorate in a wide variety of fields.” Hence, historians of economics will be frustrated by the conspicuous absence of M.I.T. and Carnegie Tech in the 1957 column except for the understated footnote “According to some of the chairmen there are strong departments at Carnegie Tech. and M.I.T.; also at Vanderbilt”.

The average perceived rank of a particular economics department relative to that of its university might be of use in assessing the negotiating position of department chairs with their respective university administrations. The observed movement within the perception league tables over the course of roughly a human generation might suggest other questions worth pursuing.

Anyhow without further apology…

______________________

About the Image: There is no face associated with rankings so I have chosen the legendary comedians Bud Abbott and Lou Costello for their “Who’s on First?” sketch. YouTube TV version; Radio version: Who’s on First? starts at 22:15

______________________

From Keniston’s Appendix (1959)

Standing of
American Graduate Departments
in the Arts and Sciences

The present study was undertaken as part of a survey of the Graduate School of the University of Pennsylvania in an effort to discover the present reputation of the various departments which offer programs leading to the doctorate.

A letter was addressed to the chairmen of departments in each of twenty-five leading universities of the country. The list was compiled on the basis of (1) membership in the Association of American Universities, (2) number of Ph.D.’s awarded in recent years, (3) geographical distribution. The list did not include technical schools, like the Massachusetts Institute of Technology and the California Institute of Technology, nor state colleges, like Iowa State, Michigan State or Penn State, since the purpose was to compare institutions which offered the doctorate in a wide variety of fields.

Each chairman was asked to rate, on an accompanying sheet, the strongest departments in his field, arranged roughly as the first five, the second five and, if possible, the third five, on the basis of the quality of their Ph.D. work and the quality of the faculty as scholars. About 80% of the chairmen returned a rating. Since many of them reported the composite judgment of their staff, the total number of ratings is well over 500.

On each rating sheet, the individual institutions were given a score. If they were rated in order of rank, they were assigned numbers from 15 (Rank 1) to 1 (Rank 15). If they were rated in groups of five, each group alphabetically arranged, those in the top five were given a score of 13, in the second five a score of 8, and in the third five a score of 3. When all the ratings sheets were returned, the scores of each institution were tabulated and compiled and the institutions arranged in order, in accordance with the total score for each department.

To determine areas of strength or weakness, the departmental scores were combined to determine [four] divisional scores. [Divisions (Departments): Biological Sciences (2), Humanities (11), Physical Sciences (6), Social Sciences (5)]….

… Finally, the scores of each institution given in the divisional rankings were combined to provide an over-all rating of the graduate standing of the major universities.

From a similar poll of opinion, made by R. M. Hughes, A Study of the Graduate Schools of America, and published in 1925, [See the excerpt posted here at Economics in the Rear-view Mirror] it was possible to compile the scores for each of eighteen departments as they were ranked at that time and also to secure divisional and over-all rankings. These are presented here for the purpose of showing what changes have taken place in the course of a generation.

The limitations of such a study are obvious; the ranks reported do not reveal the actual merit of the individual departments. They depend on highly subjective impressions; they reflect old and new loyalties; they are subject to lag, and the halo of past prestige. But they do report the judgment of the men whose opinion is most likely to have weight. For chairmen, by virtue of their office, are the men who must know what is going on at other institutions. They are called upon to recommend schools where students in their field may profitably study; they must seek new appointments from the staff and graduates of other schools; their own graduates tum to them for advice in choosing between alternative possibilities for appointment. The sum of their opinions is, therefore, a fairly close approximation to what informed people think about the standing of the departments in each of the fields.

OVER-ALL STANDING
(Total Scores)

1925			1957
1.	Chicago	1543	1.	Harvard	5403
2.	Harvard	1535	2.	California	4750
3.	Columbia	1316	3.	Columbia	4183
4.	Wisconsin	886	4.	Yale	4094
5.	Yale	885	5.	Michigan	3603
6.	Princeton	805	5.	Chicago	3495
7.	Johns Hopkins	746	7.	Princeton	2770
8.	Michigan	720	8.	Wisconsin	2453
9.	California	712	9.	Cornell	2239
10.	Cornell	694	10.	Illinois	1934
11.	Illinois	561	11.	Pennsylvania	1784
12.	Pennsylvania	459	12.	Minnesota	1442
13.	Minnesota	430	13.	Stanford	1439
14.	Stanford	365	14.	U.C.L.A.	1366
15.	Ohio State	294	15.	Indiana	1329
16.	Iowa	215	16.	Johns Hopkins	1249
17.	Northwestern	143	17.	Northwestern	934
18.	North Carolina	57	18.	Ohio State	874
19.	Indiana	45	19.	N.Y.U.	801
			20.	Washington	759

ECONOMICS

1925			1957
1.	Harvard	92	1.	Harvard	298
2.	Columbia	75	2.	Chicago	262
3.	Chicago	65	3.	Yale	241
4.	Wisconsin	63	4.	Columbia	210
5.	Yale	42	5.	California	196
6.	Johns Hopkins	39	5.	Stanford	196
7.	Michigan	31	7.	Princeton	184
8.	Pennsylvania	29	8.	Johns Hopkins	178
9.	Illinois	27	9.	Michigan	174
10.	Cornell	25	10.	Minnesota	96
11.	Princeton	23	11.	Northwestern	70
12.	California	22	12.	Duke	69
13.	Minnesota	20	13.	Wisconsin	66
14.	Northwestern	18	14.	Pennsylvania	45
15.	Stanford	17	15.	Cornell	32
16.	Ohio State	15	16.	U.C.L.A.	31

According to some of the chairmen there are strong departments at Carnegie Tech. and M.I.T.; also at Vanderbilt.

Source: Hayward Keniston. Graduate Study and Research in the Arts and Sciences at the University of Pennsylvania (January 1959), pp. 115-119,129.

Economists Harvard

Harvard. Economics Ph.D. Alumnus. Arnold M. Soloway, 1952

Post author By Irwin Collier
Post date 2019-04-06

An earlier post provided the syllabi for the Harvard economics department public finance course (actually consolidated into a single document for the undergraduate and graduate versions of the course) taught by J. Keith Butters and Arnold M. Soloway in 1954-55.

Since both instructors received their doctorates in economics from Harvard, I have added this post that provides some biographical information about Arnold M. Soloway. The previous post did the same for J. Keith Butters.

Before getting his economics training at Harvard, Soloway was a Phi Beta Kappa, two-way tackle at Brown University. He was such a good athlete that he was included in the Sports Illustrated 25th Anniversary All-American Team (see below).

I begin with the vital dates: Arnold M. Soloway was born December 3, 1920 in New York City and he died April 13, 2016 in Westwood, Massachusetts.

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Harvard Ph.D. (1952)

Arnold Michael Soloway, A.B. (Brown Univ.) 1942, A.M. (ibid.) 1948. Special Field, Public Finance. Thesis, “The Purchase Tax and British Economic Policy, 1940-1950.”

Source: Harvard University. Report of the President of Harvard College, 1951-52, p. 178.

_______________________

Arnold M. Soloway
Obituary

Arnold M. Soloway, former Harvard economics professor, real estate developer, state chairman of Americans for Democratic Action, prominent 1960s Democratic Party leader, and well known expert on Israel and the Middle East, died at his home in Westwood, MA on Wednesday, April 13, 2016. He was 95.

Arnie graduated Phi Beta Kappa from Brown University in 1942, where he also starred on the football team. Following WWII, he returned to Brown as an economics instructor and assistant football coach, where he coached a young quarterback from Brooklyn, NY named Joe Paterno. He left Brown in 1948 and came to Harvard where he taught for more than 10 years and received his PhD in economics. During this same period, in 1948, Arnie also founded Camp Walt Whitman, a co-ed summer camp in New Hampshire, which he ran with his brother for more than twenty years and which today remains one of the nation’s highest rated summer camps. After leaving Harvard, he was an economics and business consultant for more than a decade.

He helped lead then-Boston Mayor John Collins’s “New Boston Committee” and its seminal study on Boston’s housing challenges, and later went on to serve on the consumer advisory council established by then-Attorney General Edward J. McCormack. In the years that followed he became increasingly active in Massachusetts and national democratic politics, including managing McCormack’s Senate campaign against Edward M. Kennedy in 1961 and his later gubernatorial campaign against John Volpe in 1966; chairing the Massachusetts chapter of Americans for Democratic Action; managing the Massachusetts campaign for Hubert Humphrey in his 1968 presidential campaign, and serving as a senior advisor to the late Senator Henry M. “Scoop” Jackson in 1976.

In the early 1960s, Arnie led the renovation of the old Bellevue Hotel next to the state Capitol into an apartment complex and built the landmark “Jamaicaway Towers,” across from Jamaica Pond, at the time the tallest high rise apartment complex in New England. He later founded Design Housing, Inc., through which he built a number of residential developments including the Townhouses at Lars Andersen in Brookline, Allandale Farms in Boston, and Lochstead in Falmouth.

In addition, Arnie was the first Chairman of the Facing History and Ourselves Foundation, which was created when the now-internationally acclaimed holocaust-based curriculum began to spread beyond its roots in the Brookline schools. He also chaired and was an early backer of the Committee for Accuracy in Middle East Reporting (CAMERA) and founded the Center for Near East Policy Research, through which he published numerous monographs and papers on Middle East issues.

He received the Louis Brandeis Award from the Zionist Organization of America in 1996 and was inducted into the Brown University Athletic Hall of Fame in 1993. In 1968, Sports Illustrated named him to their 25th Anniversary All American Football team.

Arnie is survived by three children: Nathaniel (Nick) of Helena, MT; Stan of Washington, DC; and Belle of Westwood, MA; a daughter-in-law Kathy, also of Washington, DC; and seven grandchildren: Aaron of San Francisco; Mollie of Orford, NH; Anna and Sonya of Washington, DC; and Daniel Robinson of San Francisco, Eugene Robinson of East Lansing, MI, and Hannah Robinson of Westwood, MA. He was pre-deceased in 2004 by his wife of 56 years, Joan Field Soloway.

Services at the Levine Chapels, 470 Harvard St., Brookline on Friday, April 15 at 1:00pm.

Burial in Sharon Memorial Park, 40 Dedham St., Sharon.

Source: Dignity Memorial webpage obituary.

_______________________

Brown University Athletics Hall of Fame
Arnold M. Soloway ‘42, Football
Hometown: Brookline, MA
Sport: Football
Year Inducted: 1993

Arnie Soloway was a very effective two-way tackle for three years – ’39, ’40 & ’41 – three very good Brown football teams. As a junior and again as a senior he was selected to the All-New England Team; the only Brown lineman to be awarded that honor in those years. As a senior Arnie was also awarded the Class of 1910 Football Trophy at the team banquet. The NFL Brooklyn Dodgers gave Arnie a contract to play following graduation, but with the onset of World War II Arnie volunteered to enter the service. In 1946 Arnie was hired by Rip Engle to join the Brown coaching staff with Ernie Savignano; and from 1946-48 they groomed Brown athletes to go on to varsity competition. While coaching afternoons Arnie earned his Masters Degree in economics in 1948. During 1949 and 1950 he continued to scout for Brown while studying and teaching at Harvard, completing his Ph.D. in economics in 1952, where he remained on the faculty until 1960. In 1967 Arnie was once again recognized for his football accomplishments at Brown when he was selected to the Sports Illustrated 25th Anniversary All-American Team. Arnie has had a varied and effective career in the public and private sectors: Chairman, Harvard Graduate Society Council, 1982-83; Massachusetts Board of Higher Education, 1980-81; Chairman, Special Commission on Boston Public Housing, 1978-79; Director, National Committee on American Foreign Policy; National Bureau of Economic Research, 1974-79; Visiting Professor, Graduate School, Boston College. Arnie and his wife, Joan Field Soloway (Pembroke, ’49) reside in Brookline and have three children: Nathaniel A. Brown ’74; Stan Z., Dennison ’75; and Belle F., Brown ’78; and, as Arnie will tell you, seven fantastic grandchildren from 7 months to 11 years old.

Source: Brown University Athletics Hall of Fame.

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Resigns chairmanship of the Graduate School of Arts and Sciences Alumni Association

Arnold M. Soloway, chairman of the Graduate School of Arts and Sciences Alumni Association quit his post in June to protest the appointment of a Palestinian scholar to a research position at the Center for Middle Eastern Studies. Soloway charged that Whalid Khalidi’s appointment in the spring of 1982 was dictated by a Saudi businessman’s $1 million gift. Harvard officials declined comment.

Source: The Harvard Crimson, September 12, 1983.

Image Source: Dignity Memorial webpage obituary.

Tags Soloway

Business School Economists Harvard

Harvard. Economics Ph.D. alumnus. John Keith Butters, 1941

Post author By Irwin Collier
Post date 2019-04-06

The previous post provided the syllabi for the Harvard economics department public finance course (actually consolidated into a single document for the undergraduate and graduate versions of the course) taught by J. Keith Butters and Arnold M. Soloway in 1954-55.

Since both instructors received their doctorates in economics from Harvard, I have included this post that provides some biographical information about J. Keith Butters. The next post will do the same for Arnold M. Soloway.

I begin with the vital dates: John Keith Butters was born August 28, 1915 in Chicago and he died December 11, 2005 in Lexington, Massachusetts.

_______________________

Harvard Economics Ph.D. (1941)

John Keith Butters, A.B. (Univ. of Chicago) 1937, A.M. (Harvard Univ.) 1939. Subject, Economics. Special Field, Public Finance. Thesis, “Federal Taxation of Corporate Profits.” Instructor in Economics and Tutor in the Department of Economics.

Source: Harvard University. Report of the President of Harvard College 1940-1941, p. 174.

_______________________

Effect of Federal Taxes on Growing Enterprises
by J. Keith Butters and John Lintner
(1945)

Principal Conclusions

In highly condensed form the principal findings of the study may be summarized as follows:

In the development-of-the-idea stage of a new enterprise taxes are seldom of dominant importance.
As a business develops beyond the “idea” stage to the point at which production appears feasible, tax considerations become progressively more important.
At this stage, and beyond, high corporate taxes are typically much more repressive in their effects than are high personal taxes at least so long as capital gains continue to receive very favorable treatment.
High corporate taxes restrict the growth of small companies:
1. By greatly reducing the attractiveness of risky expansions to the managements of small companies;
2. By curtailing the amount of capital available from retained earnings to finance such expansions; and
3. By making the acquisition of outside capital on satisfactory terms much more difficult.
In each of these respects the restrictive effect of high personal taxes appears to be much less severe:
1. The effect of personal taxes on management incentives is much less direct;
2. Except for unincorporated enterprises personal taxes do not reduce retained earnings; and
3. On balance, high personal taxes may not even divert outside capital away from highly venturesome enterprises.
Retained earnings are an especially critical source of funds for the expansion of small enterprises:
1. The owners of small companies frequently place great importance on the maintenance of a strong control position and of their personal freedom of action. To the extent that they do so, they will be reluctant to undertake expansions which must be financed by outside capital.
2. Many small companies even companies with promising growth prospects find it extremely difficult or impossible to raise outside capital on reasonably favorable terms.
3. Hence, for both of these reasons, many expansions by small companies will, in fact, be undertaken only if funds are available from retained earnings to finance them.
In almost every respect high taxes are less repressive on large, established corporations than on small, growing firms.
1. High taxes reduce the profit expectancy of new expansions by large companies much less severely than they restrict similar expansions undertaken by small, independent companies.
2. Large, established companies have substantial amounts of funds coming available from their noncash expenses in addition to whatever earnings they may be able to retain after taxes. These funds may be used to finance the introduction of new products and technical innovations.
3. Finally, large, established companies generally can acquire new capital on much more favorable terms than can small companies. In addition to their ability to float common stock with relative ease, they can usually issue preferred stocks or bonds alternatives available to small companies only on a limited scale, on more expensive terms, and usually at great risk to the common stockholders.
Thus, unless special adjustments are made to relieve the burden of a flat-rate corporate tax on small companies, such a tax would tend to promote an increased degree of industrial concentration in addition to restricting the growth of small, independent companies.
It would be possible substantially to relieve the tax burden on most small, growing companies without greatly diminishing Federal revenues. This study clearly emphasizes the need for such relief. But it makes no attempt to examine the many problems which would arise in formulating the precise character of this relief.
The financial problems confronting small firms are particularly acute in times of depression and market pessimism at such times it is practically impossible for most small companies to acquire new equity capital on acceptable terms. Indeed, perhaps the surest way to improve the position of small firms would be to follow an economic policy that would promote a high level of economic activity. The indirect effects of general prosperity would be far more powerful than any specific measures which could be taken to break down the barriers between small companies and the capital market.
As a final point, existing imperfections in the capital market and the general unwillingness of individual savers to assume the risks of ownership emphasize the possibility that venture capital may be scarce at a time when there is general oversavings in the economy. Failure to recognize that oversavings and shortages of venture capital are not mutually incompatible has led to many statements of doubtful validity by both proponents and opponents of the oversavings thesis.

Source: Study Effect of Federal Taxes on Growing Enterprises. Study published by the Division of Research at the Graduate School of Business Administration, Harvard University in 1945, pp. 2-4.

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In Memoriam

HBS professor J. Keith Butters, an authority on finance and taxation, died in Lexington, Massachusetts, in December [2005]. He was 90.

The Thomas D. Casserly Jr. Professor of Business Administration, Emeritus, Butters retired from the HBS faculty in 1986 after 43 years of service, during which he chaired the Finance Unit (from 1969 to 1973) and taught in both the MBA and the Executive Education programs. He also played an influential role as the Business School’s representative to a number of University committees that affected faculty across all of Harvard.

Source: Harvard Business School/Alumni/Stories, March 1, 2006.

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Boston Globe Obituary

J. Keith Butters

Of Lexington, died Dec. 12, 2005, at age 90. Husband of the late Helena Renaud Butters. He is survived by his brother William of Arlington Heights, IL; 3 children, Liz Butters of Denver, CO, Gerard R. Butters and his wife Ettie of Bethesda, MD, Nancy Butters and her husband Ron Pies of Lexington, MA; two grandchildren and two great grandchildren. A tenured Professor at The Harvard Business School, he received Harvard’s “Distinguished Service Award” in 1989 in recognition of his extraordinary service to the University’s educational mission.

Source: Legacy.com obituary from the Boston Globe.

Image Source: Harvard Business School, The Annual Report 1954.

Tags Butters

Fields Harvard Suggested Reading Syllabus

Harvard. Consolidated undergraduate and graduate public finance syllabus. Butters and Soloway, 1954-55

Post author By Irwin Collier
Post date 2019-04-06

Providing a ten page transcription of a course syllabus is a daunting task. It does have the useful side-effect of forcing me to read the syllabus closely and I still labor under the hope that something of potential future significance will lodge itself somewhere in my subconscious, ready to go if ever summoned. Of course having a digitized transcript allows us to easily search the growing sample of course syllabi already transcribed at Economics in the Rear-view Mirror.

Harvard economics Ph.D.’s on the economics department faculty in the mid-1950’s, J. Keith Butters and Arnold M. Soloway, are listed on the public finance syllabus below that was distributed as a consolidated reading list for the undergraduate and graduate versions of the course taught in 1954-1955. I am not sure what to make of the fact that only Butters’ name appears in the enrollment report included with the annual report of the President of Harvard College.

P.S. The mid-year (January) and end-year (May) final exams have been transcribed and posted in a later post.

_______________________

Course Enrollments

[Economics] 151. Public Finance. Associate Professor Butters. Full course.

(W) Total 30: 15 Seniors, 9 Juniors, 1 Sophomore, 4 Other Graduates, 1 Other
(S) Total 27: 14 Seniors, 11 Juniors, 1 Sophomore, 1 Other Graduate

[Economics] 251 Public Finance. Associate Professor Butters. Full course.

(F) Total 19: 7 Graduates, 8 Other Graduates, 1 Radcliffe, 3 Special
(S) Total 16: 6 Graduates, 7 Other Graduates, 1 Radcliffe, 2 Special

Source: Harvard University. Report of the President of Harvard College 1954-1955, pp. 90, 93.

_______________________

Economics 151 and 251
PUBLIC FINANCE
Fall Term, 1954-1955

Professors Butters and Soloway

NOTE: Readings under the heading “Required” are required for Economics 151. Students in Economics 251 are required to read the asterisked assignments and to be generally familiar with the substance of the material covered in the other required assignments for Economics 151.

The following general studies and texts are suggested for reference throughout the course. Specific assignments on various topics are made from some of these sources.

General Texts and Treatises on Public Finance:

Blough, Roy, The Federal Taxing Process

Brownlee, O. H. and Allen, E. D., Economics of Public Finance, (Second Edition)

Due, John F., Government Finance

Groves, H. M., Financing Government (Third Edition) [Fifth edition]

Groves, H. M., Viewpoints on Public Finance

Hicks, U. K., Public Finance

Pigou, A. C., A Study in Public Finance

Poole, K. E., (Editor), Fiscal Policies and the American Economy

Schultz, W. J. and Harriss, C. L., American Public Finance [Third edition, before Harriss]

Somers, H. M., Public Finance and National Income

Serial Publications and Periodicals:

Annual Reports of the Secretary of the Treasury

Budget Messages of the President

Economic Reports of the President and Economic Reviews of the Council of Economic Advisers

Proceedings of the National Tax Association

National Tax Journal

Taxes, The Tax Magazine (Published by Commerce Clearing House, Inc.)

The loose-leaf tax services published by Commerce Clearing House, Inc. and Prentice-Hall, available in the Law Library

September 28: Nature and Scope of Government Finance

Required

*Brownlee and Allen, Economics of Public Finance, Second Edition, pp. 3-22

*Colm, Gerhard, “Why Public Finance,” National Tax Journal, Sept. 1948, pp. 193-206

*Due, Government Finance, Ch. 1, pp. 1-16

Suggested

*Hicks, Public Finance, Ch. 1, pp. 1-16

Groves, Financing Government, Ch. 1, pp. 1-8

September 30 – October 2: Concepts of Justice

Required

*Due, Government Finance, Ch. 7, pp. 114-133

*Simons, Henry, Personal Income Taxation, Ch. 1, pp. 1-40

*Blough, The Federal Taxing Process, Ch. 15, pp. 382-408

Suggested

Pigou, A. C., “Some Aspects of Welfare Economics,” American Economic Review, June 1951, pp. 287-302

*Pigou, A Study in Public Finance, Part II, Chs. 1-7, pp. 40-93

*Robbins, L., “Interpersonal Comparisons of Utility,” Economic Journal, December 1938, pp. 635-641

*Wright, D. Mc., “Income Redistribution Reconsidered,” Income, Employment and Public Policy, edited by Metzler, L. Pp. 159-176

Blum, W. J., and Kalven, Harry, The Uneasy Case for Progressive Taxation

Shehab, F., Progressive Taxation: A Study in the Development of the Progressive Principal in the British Income Tax

October 5 – October 16: The Budget

Required

Groves, Financing Government (Third Edition), pp. 509-527

Schultz and Harriss, American Public Finance, pp. 131-151

*Smithies, Arthur, The Determination and Control of Federal Expenditures (mimeographed volume), Chs. I-VI (128 pages)

*Smith, Harold D., The Management of Your Government, Chs. 5-7, pp. 54-102

*March, Michael, “A Comment on Budgetary Improvement in the National Government,” National Tax Journal, June 1952, pp. 155-173. Also, “Reply to Mr. March” by Herman Loeffler, same issue, pp. 174-175

*The Budget of the United States Government for the Fiscal Year Ending June 30, 1955, pp. M5-M104 and A3-A16. (This assignment can be scanned rather than studied carefully as to matters of detail.)

*National Income, 1951 (A Supplement to the Survey of Current Business) pp. 10-18, 21-34, 42-43, 46-49

*Tax and Expenditure Policy for 1950, Committee for Economic Development, pp. 35-41

Suggested

Hicks, J. R., The Problem of Budget Reform

Hansen, A. H., Fiscal Policy and Business Cycles, Ch. 10, pp. 186-222

Key, V. O., “The Lack of a Budgetary Theory,” American Political Science Review, Volume 34 (December 1940), pp. 1137-1144

U.S. Commission on Organization of the Executive Branch of the Government, Budget and Accounting, Parts I and II, pp. 7-31, 77-84

U.S. Commission on Organization of the Executive Branch of the Government, Task Force Report on Fiscal, Budgeting, and Accounting Activities (Appendix F), pp. 37-38

Loeffler, Herman C., “Alice in Budget-Land,” National Tax Journal, March 1951, pp. 54-64

Fieldler, Clinton, “Reform of the Legislative Budget,” National Tax Journal, March 1951, pp. 65-76

Burkhead, Jesse, “The Outlook for Federal Budget-Making,” National Tax Journal, December 1949, pp. 289-299

*Smithies, A., The Determination and Control of Expenditures, Chs. VII-XII and Ch. XVIII (Mimeographed)

Dirks, F. C., “Recent Progress in the Federal Budget,” National Tax Journal, June 1954, pp. 141-154

October 19 – November 6: Expenditures

Required

*Due, Government Finance, Chs. 2-6, pp. 17-113

*Musgrave, R. A. and Culbertson, J. M., “The Growth of Public Expenditures in the United States, 1890-1948,” National Tax Journal, June 1953, pp. 97-115

*”State and Local Government Receipt and Expenditure Programs,” Survey of Current Business, January 1953, pp. 11-16

*Douglas, P. H., Economy in the National Government, Chs. I-VIII, pp. 3-204

*Buchanan, J. S., “The Pricing of Highway Services,” National Tax Journal, June 1952, pp. 97-106

Studenski, “Federal Grants-in-Aid,” National Tax Journal, September 1949, pp. 193-214

*Newcomer, Mabel, “State and Local Financing in Relation to Economic Fluctuations,” National Tax Journal, June 1954, pp. 97-109

*Maxwell, J. A., “The Equalizing Effects of Federal Grants,” Journal of Finance, May 1954, pp. 209-215

*Stark, John R., “Equities in the Financing of Federal Old and Survivors Insurance,” National Tax Journal, September 1953, pp. 286-292

Suggested

*Maxwell, J. A., Federal Grants and the Business Cycle, Chs. I-IV, pp. 1-99

*Clark, C., “Public Finance and Changes in the Value of Money,” Economic Journal, December 1945, pp. 371-389

*Pechman, J. A., and Mayer, Thomas, “Mr. Colin Clark on the Limits of Taxation,” Review of Economics and Statistics, August 1952, pp. 232-242; and Smith, D. T., “Note on Inflationary Consequences of High Taxation,” Ibid., Pp. 243, 247

*Goode, Richard, “And Economic Limit on Taxes: Some Recent Discussions,” National Tax Journal, September 1952, pp. 227-233

*Pigou, A. C., A Study in Public Finance, Chs. I-V, pp. 1-34

Machlup, F., “The Division of Labor between Government and Private Enterprise,” American Economic Review, 1943 Supplement, pp. 87-104

Hansen, A. H., and Perloff, H. S., State and Local Finance in the National Economy, Chs. 2 and 8

Hicks, J. R. and Hart, A. G., The Social Framework of the American Economy, Ch. XIII, pp. 174-185

Bowen, H. R., Toward Social Economy, Ch. 18

Backman, Jules and Kurnov, Ernest, “Pricing of Government Services,” National Tax Journal, June 1954, pp. 121-140

November 9 – November 30: Fiscal Policy

Required

*Smithies, Arthur, “Federal Budgeting and Physical Policy,” in A Survey of Contemporary Economics (edited by Howard S. Ellis), Ch. 5, pp. 174-209

Hansen, A. H., Business Cycles and National Income, Ch. 12, pp. 195-207

(Note: Read one or two of the following four sources)

(1) Gordon, R. A., Business Fluctuations, Ch. 18, pp. 525-544

(2) Brownlee, O. H. and Allen, E. D., Economics of Public Finance, 2nd edition, Chs. VI-VIII, pp. 94-140

(3) Musgrave, R. A., “Fiscal Policy, Stability, and Full Employment,” Public Finance and Full Employment (Postwar Economic Studies No. 3, Board of Governors of Federal Reserve System), pp. 1-21

(4) Due, Government Finance, Chs. 25-26, and 28, pp. 470-505, and 524-550

*Hart, A. G., Money, Debt and Economic Activity, Second Edition, Chs. XXVII, XXVIII, and XXIX, pp. 448-495

*Hicks, U. K., Public Finance, Ch. XVII, pp. 316-336

*Committee for Economic Development, Taxes and the Budget: A Program For Prosperity in a Free Economy (November 1947), especially pp. 9-34

*Blough, Roy, “Political and Administrative Requisites for Achieving Economic Stability,” American Economic Review, May 1950, pp. 165-177

*Lerner, A. P., The Economics of Control, Ch. 24, pp. 302-322

*Pechman, Joseph A., “Yield of the Individual Income Tax During a Recession,” National Tax Journal, March 1954, pp. 1-16

Suggested

*Wallich, H. C., “Income Generating Effects of a Balanced Budget,” Quarterly Journal of Economics, November 1944, pp. 78-91

*Musgrave, R. A., and Painter, M. S., “The Impact of Alternative Tax Structures on Personal Consumption and Saving,” Quarterly Journal of Economics, August 1948, pp. 475-499

*Margolis, Julius, “Public Works and Economic Stability,” Journal of Political Economy, August 1949, pp. 277-292

Beveridge, W. H., Full Employment in a Free Society

Hansen, A. H., Fiscal Policy and Business Cycles

Terborgh, George, The Bogie of Economic Maturity

Hansen, A. H., “Some Notes on Terborgh’s ‘The Bogie of Economic Maturity,’” Review of Economics and Statistics, February 1946, and Terborgh’s reply R. E. S., August 1946

*”The Problem of Economic Instability,” A committee report, American Economic Review, September 1950, pp. 505-538 (sections pertaining to fiscal policy)

Bach, G. L., “Monetary-Fiscal Policy, Debt Policy, and the Price Level,” American Economic Review, May 1947, pp. 228-242

Bronfenbrenner, M., “Postwar Political Economy: The President’s Reports,” Journal of Political Economy, October 1948, pp. 373-391

*Clark, J. M., “An Appraisal of the Workability of Compensatory Devices,” American Economic Review, Proceedings, March 1939, reprinted in Readings in Business Cycle Theory, pp. 291-310

“Problems of Timing and Administering Fiscal Policy in Prosperity and Depression,” papers by E. E. Hagen and A. G. Hart; discussion by J. K. Galbraith, B. H. Higgins, W. S. Soytinski, and O. H. Brownlee, American Economic Review, May 1948, pp. 417-451

*Musgrave, R. A. and Miller, M. H., “Built-in Flexibility,” American Economic Review, March 1948, pp. 122-128

Musgrave, R. A., “Alternative Budget Policies for Pole Full Employment,” American Economic Review, June 1945, pp. 387-400

Clark, J. M., Economics of Planning Public Works

Lubell, “Efforts of Redistribution of Income on Consumers’ Expenditures,” American Economic Review, March 1947, pp. 157-170; Correction, December 1947, p. 930; Comment by J. M. Clark, p. 931

Burkhead, Jesse, “The Balanced Budget,” Quarterly Journal of Economics, May 1954, Pp. 191-216

December 2 – December 18: Government Debt and Debt Management

Required

Due, Government Finance, Chs. 24 and 27, pp. 445-469 and 506-523

Schultz and Harriss, American Public Finance, Chs. XXV-XXVII, pp. 615-704

*Lerner, A. P., “The Burden of the National Debt” in Income, Employment and Public Policy (Metzler, L., et al.), Pp. 255-275

*”How to Manage the Debt,” Symposium in Review of Economics and Statistics, February 1949, pp. 15-32

*Murphy, H. C., The National Debt in War and Transition, Chs. 18-19, pp. 249-288

*Thomas, Woodlief, “Lessons of War Finance,” American Economic Review, September 1951, pp. 618-631

*Abbott, C. C., The Federal Debt (Twentieth Century Fund, 1952), Ch. 6, pp. 89-112

Suggested

Abbott, op. cit., pp. 1-196

*Roosa, R. V., “Interest Rates in the Central Bank,” in Money, Trade and Economic Growth (In Honor of John Henry Williams), pp. 270-295

*Simons, H. C., “On Debt Policy,” Journal of Political Economy, December 1944, pp. 356-361, and “Debt Policy and Banking Policy,” Review of Economics and Statistics, May 1946, pp. 85-89; both reprinted in Economic Policy for a Free Society, pp. 220-239

*Musgrave, R. A., “Credit Controls, Interest Rates and Management of Public Debt,” in Income, Employment and Public Policy (Metzler, L., At all.), Pp. 221-254

Harris, S. E., The National Debt and the New Economics

Committee on Debt Policy, Our National Debt

Seltzer, L. H., “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, December 1945, pp. 831-850

Roosa, R. V., “Integrating Debt Management and Open Market Operations,” American Economic Review, Supplement, May 1952, pp. 214-235

Wallich, H. C., “Debt Management as an Instrument of Economic Policy,” American Economic Review, June 1946, pp. 292-310

Bach, G. L., “Monetary-Fiscal Policy Reconsidered,” Journal of Political Economy, October 1949, pp. 383-394

Tobin, James, “Monetary Policy and the Management of the Public Debt: The Patman Inquiry,” Review of Economics and Statistics, May 1953, pp. 118-127

Burgess, W. Randolph, “Federal Reserve and Treasury Relations,” Journal of Finance, March 1954, pp. 1-11

* * * * * * * * * * *

Economics 151 and 251
PUBLIC FINANCE
Spring Term, 1954-1955

Professors Butters and Soloway

Note: Readings under the heading “Required” are required for Economics 151. Students in Economics 251 are required to read the asterisked assignments and to be generally familiar with the substance of the material covered in the other required assignments for Economics 151. References in Shultz and Harriss, American Public Finance, refer to the new 6^thedition.

February 3-10: General Introduction to Taxation in the United States.

Required:

Shultz, W. J., and Harriss, C. L., American Public Finance, Chapters 7, 9, 10, 11.

Groves, Harold, Viewpoints on Public Finance, Chapter 1.

Lerner, A. P., Economics of Control, Chapter 24 (review).

Suggested:

*Bullock, C. J., Readings in Public Finance, Chapters VIII-IX.

Paul, Randolph E., Taxation in the United States (1954).

Ratner, Sydney, American Taxation, Its History as a Social Force in Democracy (1942).

Dewey, Davis R., Financial History of the United States.

February 10-17: Personal Income Taxation.

Required:

Shultz, W. J., and Harriss, C. L., American Public Finance, Chapters 12, 13.

*Simons, H. C., Personal Income Taxation, Chapter I (reread), Chapters II, III (passim), IV-VI, VIII, X.

Groves, H. M., Financing Government, 3^rdedition, Chapter 9.

Your Federal Income Tax, Bureau of Internal Revenue.

Suggested:

*National Tax Journal, March 1955, articles by Professor Shoup, Brown, and Pechman.

*Vickrey, W. S., Agenda for Progressive Taxation, Chapters 1, 2, 4, 6 (passim), 12, 13, 14.

Fisher, I., and Fisher, H. W., Constructive Income Taxation, A Proposal for Reform, Chapters 1, 5, 7, 8, 9, and 21.

Holt, C. G., “Averaging of Income for Tax Purposes: Equity and Fiscal-Policy Considerations,” National Tax Journal, December 1949.

*Musgrave, R. A., and Tun, Thin, “Income Tax Progression, 1929-48”, Journal of Political Economy, December 1948, pp. 498-514.

Farioletti, Marius, “The 1948 Audit Control Program for Federal Income Tax Returns”, National Tax Journal, June 1949, pp. 142-150.

Farioletti, Marius, “Some Results from the First Year’s Audit Control Program of the Bureau of Internal Revenue”, National Tax Journal, March 1952, pp. 65-78.

Blakey, R. G., and Blakely, G. C., The Federal Income Tax.

Magill, Roswell, Taxable Income.

Prentice-Hall, Federal Tax Course – 1954, Chapters 1-3.

February 19-24: Capital Gains Taxation.

Required:

*Seltzer, L. H., The Nature and Tax Treatment of Capital Gains and Losses, Chapters 1, 2, 4, 9, 11.

Groves, H. M., Financing Government, 3rd edition, pp. 172-177.

*Simons, H. C., Personal Income Taxation, Chapter VII.

Suggested:

*Vickrey, W. S., Agenda for Progressive Taxation, Chapter 5.

Capital Gains Taxation (A Tax Institute Symposium) (passim).

Federal Income Tax Treatment of Capital Gains and Losses (A Treasury Tax Study), 1951.

Groves, H. M., Viewpoints on Public Finance, pp. 151-158.

Prentice-Hall, Federal Tax Course – 1954, Chapters 4-6.

February 26-March 5: Corporation Income Tax.

Required:

Shultz, W. J., and Harriss, C. L., American Public Finance, pp. 311-320.

*Goode, Richard, The Corporation Income Tax, Chapters 1-9, 11, 18.

*Thompson, L. E., and Butters, J. K., “Effects of Taxation on the Investment Policies and Capacities of Individuals”, Journal of Finance, May 1953, Pp. 137-151.

*Smith, D. T., “Taxation and Executives”, Proceedings of the National Tax Association, 1951, pp. 232-250.

*Brown, E. C., “Business-Income Taxation and Investment Incentives”, Income, Employment, and Public Policy (Essays in Honor of Alvin H. Hansen), pp. 300-316.

Butters, J. K., and Lintner, J., Effect of Federal Taxes on Growing Enterprises, Chapters I-VII, VII and IX passim.

Suggested:

Prentice-Hall, Federal Tax Course – 1954, Chapters 21-23.

Smith, D. T., and Butters, J. K., Taxable and Business Income, Forward, Introduction, and Chapter 1.

*Slitor, Richard E., “The Corporate Income Tax: A Re-evaluation”, National Tax Journal, December 1952, pp. 289-309.

*Domar, E. D., and Musgrave, R. A., “Proportional Income Taxation and Risk-Taking”, Quarterly Journal of Economics, May 1944, pp. 388-422.

Butters, J. K., Effects of Taxation on Inventory Accounting and Policies, Chapters I, IV, V.

Butters, J. K., Thompson, L. E., and Bollinger, L. L., Effects of Taxation on Investments by Individuals, Chapters I-VI.

Smith, D. T., Effects of Taxation on Corporate Financial Policy, Chapters I, VI-IX.

*Smith, D. T., “Corporate Taxation and Common Stock Financing”, National Tax Journal, September 1953, pp. 209-225.

Brown, E. See., Effects of Taxation on Depreciation Adjustments for Price Changes, Chapters I-IV.

*Eldridge, D. H., “Tax Incentives for Mineral Enterprise”, Journal of Political Economy, June 1950, pp. 222-240.

Economic Effects of Section 102 (Tax Institute Symposium, 1951).

March 8-10: Integration of Personal and Corporate Income Taxation.

Required:

*Goode, Richard, The Corporation Income Tax, Chapter X.

*Simons, H. C., Personal Income Taxation, Chapter IX.

Suggested:

*The Postwar Corporation Tax Structure, U.S. Treasury Study.

How Should Corporations be Taxed?, A Tax Institute Symposium.

“Final Report of the Committee on the Federal Corporation Income Tax”, Proceedings of the National Tax Association, 1950, pp. 54-76.

Lent, G. E., The Impact of the Undistributed Profits Tax, 1936-1937.

March 12-15: Excess Profits Taxation.

Required:

*Hart, A. G., and Brown, E. C., Financing Defense, Chapter 7.

*Blough, Roy, “Measurement Problems of the Excess Profits Tax”, National Tax Journal, December 1948, pp. 353-365.

*”Symposium on the Excess Profits Tax”, National Tax Journal, September 1951, pp. 219-36.

Tax Institute, Excess Profits Tax, Parts 1 and 3, and pp. 119-141.

Suggested:

Oakes, E. E., “Excess Profits Tax Amendments”, National Tax Journal, March 1952, pp. 53-64.

Hicks, J. R., Hicks, U. K., and Rostas, L., The Taxation of War Wealth, Chapters 1, 4-7.

March 14-19: Estate and Gift Taxation.

Required:

Schultz, W. J., and Harriss, C. L., American Public Finance, Chapter 20.

*Groves, H. M., Viewpoints on Public Finance, Nos. 44, 46, 47, and 48 (all in Chapter 5).

*Butters, J. K., Lintner, J., and Cary, W. L., Effects of Taxation on Corporate Mergers, Chapters I-III and V.

Bloch, Henry S., “Economic Objectives of Gratuitous Transfer Taxation”, National Tax Journal, June 1951, pp. 139-147.

Suggested:

*Surrey, Stanley S., et al., “A Critique of Federal Estate and Gift Taxation”, California Law Review, March 1950. (Introduction by Stanley Surrey, Pp. 1-27, required for graduate students; remainder optional.)

*Federal Estate and Gift Taxes– A Proposal for Integration and for Correlation with the Income Tax. (A joint study by an advisory committee to the Treasury Department and the Office of the Tax Legislative Council, 1947) (Sections I and II and remainder, passim. Required for graduate students).

Keith, E. Gordon, “How Should Wealth Transfers Be Taxed?”, American Economic Review, May 1950, pp. 379-390.

Wedgewood, Josiah, The Economics of Inheritance, especially Chapters 9-11.

March 22-31: Taxes on Consumption.

Required:

Schultz, W. J., and Harriss, C. L., American Public Finance, Chapters 8, 16.

*Groves, H. M., Viewpoints on Public Finance, Nos. 58, 59, 60, 64.

Soloway, A. M., “The Purchase Tax and Fiscal Policy”, National Tax Journal, December 1951.

Suggested:

Due, John F., “American and Canadian Experience with the Sales Tax”, The Journal of Finance, September 1952.

*Due, John F., “Toward A General Theory of Sales Tax Incidents”, The Quarterly Journal of Economics, May 1953.

Pao Lun Cheng, “A Note on the Progressive Consumption Tax”, The Journal of Finance, September 1953.

Soloway, Arnold M., “Economic Aspects of the British Purchase Tax”, Journal of Finance, May 1954.

*Hicks, U. K., Public Finance, Chapters IX and X.

Hart and Brown, Financing Defense, Chapter 4.

April 12-23: Intergovernmental Tax Problems.

Required:

Shultz, W. J., and Harriss, C. L., American Public Finance, Chapters 23, 24, 18, 19.

*Groves, H. M., Postwar Taxation and Economic Progress, Chapter 12.

*State-Local Relations, The Council of State Governments, Report of the Committee on State-Local Relations, 1946, Parts 3 and 4; Parts 1, 2, 5, and 6 passim.

*Federal State Local Tax Correlation; Symposium of the Tax Institute, 1953. Chapters I, II, III, VII, VIII, XVIII.

Suggested:

Groves, H. M., Postwar Taxation and Economic Progress, Chapter 12.

Groves, H. M., Viewpoints on Public Finance, Chapter 2.

*George, Henry, Progress and Poverty.

Hansen and Perloff, State and Local Finance in the National Economy.

*National Tax Journal, December 1951, pp. 341-371.

April 26-May 5: Burden of Taxation.

Required:

*Musgrave, R. A., et al., “Distribution of Tax Payments by Income Groups”, National Tax Journal, March 1951, pp. 1-53.

*Tucker, Rufus S., “Distribution of Tax Burdens in 1948”, National Tax Journal, September 1951, pp. 269-283.

*Allen, E. D., and Brownlee, O. H., Economics of Public Finance, Chapter X.

*Tucker, R. S., “Distribution of Government Burdens and Benefits”, American Economic Review, May 1953, pp. 519-534.

Suggested:

*”Further Consideration of the Distribution of the Tax Burden”, National Tax Journal, March 1952, pp. 1-39.

Poole, K. E., Fiscal Policies and the American Economy (Chapter VIII, “The Fiscal System, The Distribution of Income, and Public Welfare” by John H. Adler), pp. 359-409.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 6, Folder “Economics, 1954-1955”.

Image Source: J. Keith Butters from Webpage of the Harvard Business School Baker Library Historical Collection “Edwin H. Land & the Polaroid Corporation: The Formative Years”.

Tags Butters, Soloway

Exam Questions Harvard Socialism

Harvard. Labor Movement in Europe, Final Exams. Meriam, 1924 and 1925.

Post author By Irwin Collier
Post date 2019-03-30

Harvard’s semester course “The Labor Movement in Europe” was introduced by Professor William E. Rappard in 1912-13 and 1913-14 but then not offered again until 1923-24 and 1924-25 when it was taught by Richard Stockton Meriam. The course was then once again bracketed in the annual course announcements until 1930-31 when it was “reintroduced” by Dr. William Thomas Ham.

Judging from the examination questions below, Meriam appears to have dedicated about a third of his course to socialist economics and socialist labor movements.

___________________

Meriam’s Harvard Ph.D. record, 1921

Richard Stockton Meriam, A.B. 1914.

Subject, Economics. Special Field, Social Ethics. Thesis, “Trade Unions in Germany, 1865-1914.” Instructor in Economics, and Tutor in the Division of History, Government, and Economics, Harvard University.

Source: Harvard University. Report of the President of Harvard College, 1920-21.Page 62.

___________________

Course Announcement

6b²hf. The Labor Movement in Europe. Half-course (second half-year). Tu., Th., Sat., at 10. Asst. Professor Meriam.

This course will deal primarily with the development of trade unionism, of the coöperative movement, and of the political labor movement in Europe from the beginning of the nineteenth century and with the trend of opinion concerning their significance. Special attention will be given to the theories of the relations of labor to industry in the state which have gained adherents among wage earners or have influenced the labor policies of European states. The development of labor legislation and of social insurance prior to the war and the labor problems of the war and reconstruction periods will also be examined.

Candidates for distinction will be given an opportunity to write theses.

Source: Division of History, Government, and Economics 1924-25. Official Register of Harvard University. Vol. XXI, No. 22 (April 30, 1924), page 69.

___________________

Course enrollment
2nd semester 1923-24

[Economics] 6b²hf. Dr. Meriam.—The Labor Movement in Europe.

Total 30: 3 graduates, 12 seniors, 11 juniors, 1 sophomore, 3 others.

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

___________________

HARVARD UNIVERSITY
Economics 6b²Final examination 1924

I. (One hour)

Write a critical review of the Webbs’ The Consumer’s Coöperative Movement, discussing in particular
1. the Webbs’ interpretation of the movement;
2. their comparison of the coöperatives with private enterprise;
3. their comparison of the coöperatives with government enterprise.

II. (One hour)
Answer 2 and either 3 or 4.

What do you consider the most important single step to be taken in the United States either (a) to obtain for this country the benefits of the labor movement in Europe, or (b) to avoid its dangers?
Do you accept Sombart’s thesis that “there is a distinct tendency in the social movement to uniformity”?
Answer two.
1. Compare the characteristics of the German labor movement in 1875, 1890, in 1913.
2. Compare the position of trade unionism within the labor movement in France and Great Britain in the period 1905-13.
3. Account for the peculiarities of the French labor movement prior to 1900.

III. (One hour)

Explain and criticize four of the following quotations.:

“The books on socialism deal largely with controversies which do not proceed to the heart of the matter. This seems to me to hold of K. Marx, Das Kapital, the most famous and influential of socialist books.”
“Property is theft.”
“Though it (the program of the British Labor Party) lacks a single constructive feature, though it is made up exclusively of scraps of Marxian jargon, catchphrases, and shibboleths, nevertheless it is the kind of program which any class is likely to adopt in its own interest when it for the first time concludes that it can outvote other classes and controlled the state.”
“Even if the state of affairs characterized by peasant protectorship is destined by fate to disappear, socialism does not have to precipitate its disappearance. Its role is not to separate property and labor, but on the contrary to reunite in the same hands these two factors of production, whose division results in the servitude and poverty of the workers who have fallen to the state of proletarians.”
“All this (the schemes of guild socialists) is quite different from producers’ coöperation.”

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

___________________

Course enrollment
2nd semester 1924-25

[Economics] 6b²hf. Asst. Professor Meriam.—The Labor Movement in Europe.

Total 34: 10 graduates, 8 seniors, 12 juniors, 1 sophomore, 3 others.

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

___________________

HARVARD UNIVERSITY
Economics 6b²Final examination 1925

(Avoid duplication in selecting questions)

I. (One hour)

Write an essay on one of the following subjects:
1. Marxian socialism and the labor movement.
2. “Democracy has forced one concession after another from the pure theory of individualism.”
3. “Violent political passions have but little hold on those who have devoted all their faculties to the pursuit of their well-being. The ardour which they display in small matters calms their zeal for momentous undertakings.”

II. (One hour)
Answer 2 and either 3, 4, or 5

(20 minutes for a or b.) What are the obstacles to the formation in the United States of the Labour Party like either (a) the British Labor Party or (b) the German Socialist Party?
Does a comparison of the characteristics of the labor movement in various European countries in the period 1865-1875 with those in the period 1905-1914 support Sombart’s thesis on The Tendency to Uniformity?
Do you agree with the conclusion of the following quotation from an article on the “labor banks” recently established in the United States? –

“The labor movement in America is far in advance of that in any other country. This will sound strange to ears which are tuned to the current phrases regarding labor movements. They who are still thinking in terms of the primitive tactics of class war will, of course, repudiate it at once. The labor movement of this country is passing out of the primitive fighting stage in which leadership concerned itself chiefly with the immediate tactics of battle. It is passing into a stage in which it is concerning itself with the higher strategy of maneuvering for permanent advantage. The leaders of labor in no other country show any sign of being aware of the first principles of this higher strategy, nor, for that matter, do the more vociferous self-appointed champions of labor in this country. They are fighting capital either directly or politically. They are not even encouraging laborers to become their own capitalists, or to get possession of the machinery of production by the one effective method of purchase.”

Account for:
1. The comparative results of consumers’ and producers’ coöperation.
2. The comparative strength of consumers’ coöperation in the United States and Great Britain.
3. The persistence of the ideal of producers’ coöperation among the wage-earners.

III. (One hour)

Explain and criticize four of the following quotations:

“The final goal is nothing; the movement is everything.”
“Instead of the conservative motto, ‘A fair day’s wage for a fair day’s work!’ they ought to inscribe on their banner the revolutionary watchword, ‘Abolition of the wages system!’”
“Universal suffrage considered by 89 to 96 per cent of the population as a question of the belly and spread throughout the entire national body with the belly’s warmth! Have no fear, gentlemen. There is no power that could withstand it long. Universal suffrage is the standard you must raise. This is the standard which will give you victory.”
“We do not regard Co-operation particularly as a method by which poor men may make savings and advance their own position in the world.… To us the social and political significance of the Co-operative Movement lies in the fact that it provides a means by which, in substitution for the Capitalist System, the operations of industry may be….carried on under democratic control without the incentive of profit-making, or the stimulus of pecuniary gain.”
The Bolsheviki are followers of Karl Marx, in their experiment was based upon his teachings.”
“If the Co-operators would guarantee to the Trade Unionists in their employment distinctly preferential terms, and if the eight million Trade Unionists would, in return, give, not merely all their custom to the Co-operative Societies, but also absolute continuity of service, even when striking against profit-making employers, and an actual superiority in conscientiousness and skill in Co-operative employment, this ‘Direct Action’ would… transfer trade after trade to the joint control of the democracy of consumers in alliance with the democracy of producers without the necessity of paying any compensation to the capitalists.”

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

Image Source: Robert Stockton Meriam in the Harvard Class Album 1925.

Tags Ham, Meriam, Rappard

Economists Harvard Northwestern

Harvard. Economics PhD alumnus, Elmo Paul Hohman, 1925

Post author By Irwin Collier
Post date 2019-03-29

In the previous post Economics in the Rear-View Mirror salvaged part of a reading list for a course on labor problems from a new assistant professor of economics at Northwestern University who would go on to complete his economic history dissertation at Harvard on the American whaling industry (1785-1885).

Below we add to our record some biographical and career information on this economics Ph.D. alumnus of Harvard.

Elmo Hohman’s wife, Helen Fisher Hohman, was herself an economics Ph.D. alumna of the University of Chicago. Her post in our series “Get to know an economics Ph.D.” immediately follows.

____________________

Pre-Harvard history theses at the University of Illinois

Hohman wrote his B.A. thesis in history at the University of Illinois: “The Ku Klux Klan: Its Origin, Growth, and Disbandment” (1916). His M.A. thesis in history at the University of Illinois is also available: “The Attitude of the Presbyterian Church in the United States Towards American Slavery” (1917).

____________________

Traces from Harvard graduate school

“The Ricardo Prize Scholarship in Economics has been awarded to Elmo P. Hohman 1G. of Nashville, Ill” (Harvard Crimson, 4 June 1920).

“Among the men appointed tutors in History, Government, and Economics for next year is James W. Angell ’18, son of president-elect Angell of Yale. The other newly-appointed tutors are James Hart, William A. Berridge ’14, Karl W. Bigelow, Elmo P. Hohman, and Norman J. Silberling ’14.” (Harvard Crimson, 17 June 1921).

____________________

Harvard Ph.D. awarded 1925

ELMO PAUL HOHMAN, A.B. (Univ. of Illinois) 1916, A.M. (ibid.) 1917, A.M. (Harvard Univ.) 1920.

Subject, Economics. Special Field, Labor Problems. Thesis, “The American Whaleman: A Study of the Conditions of Labor in the Whaling Industry, 1785-1885.” Assistant Professor of Economics, Northwestern University.

Source: Harvard University. Report of the President of Harvard College, 1924-25. Page 100.

____________________

Career of Elmo Paul Hohman

Assistant and tutor, department economics, Harvard, 1920-1923. Instructor economics, Northwestern University, 1923-1925, assistant professor, 1925-1931, associate professor, 1931-1938, professor since 1938. Special referee, division of unemployment compensation, Illinois Department of Labor, 1939-1942.

Regional price executive, OPA, Chicago, 1942, district price executive Chicago Metropolitan office, 1942-1944. Vice chairman, shipbuilding commission National War Labor Board, 1944, war shipping panel, 1945. Chairman advising committee, Yale Fund for Seamen’s Studies since 1946.

Observer, visiting scholar, International Labor Office, 1928-1929, 1936-1937, 1946, 1958-1959. National panel arbitrators Federal Mediation and Conciliation Service. Member maritime division International Labor Organization, Geneva.

Student, 3d R.O.T.C., Camp Grant, Illinois, 1918. Commander Second lieutenant infantry, 1918. Associate field director, American Red Cross transport service, 1919.

Source: Prabook entry for Elmo Paul Hohman.

____________________

Obituary of Elmo Paul Hohman
August 2, 1894 [in Salem,Washington County, Illinois]– January 1, 1977 [Evanston, Illinois]

Services for Elmo Paul Hohman, 82, professor emeritus of economics at Northwestern University, were pending. Mr. Hohman, of 606 Trinity Ct., Evanston, died last Saturday in Evanston Hospital. He joined the faculty of Northwestern in 1923 as an instructor of economics and retired as a professor in 1962. He wrote several books on the American Merchant Marine, among them, “The American Whale Man,” Seamen Ashore,” and “The History of American Merchant Seamen.” He is survived by a daughter, Mrs. Eleanore Wadlow, and two grandchildren. His late wife, Mrs. Helen Fisher Hohman, was also a professor of economics at Northwestern.

Transcribed from Chicago Tribune January 5, 1977 by Marsha L. Ensminger

Memorial service for Elmo Paul Hohman

A memorial service for Elmo Paul Hohman, professor emeritus of economics at Northwestern University, will be at 1:30 p.m. Sunday in the Presbyterian Home Chapel, 3131 Simpson St., Evanston. Mr. Hohman died Jan. 1. He retired as a professor at Northwestern in 1962 after 39 years on the faculty. His late wife, Helen Fisher Hohman, who died in 1972, also was a professor of economics at Northwestern. He is survived by a daughter, Mrs. Eleanore Wadlow, and two grandchildren.

Transcribed from Chicago Tribune February 26, 1977 by Marsha L. Ensminger

Source: Genealogy Trails History Group for Washington County, Illinois

Image Source: Photo of Elmo Paul Hohman from his passport application dated 30 January 1919. Hohman applied for a passport to join the Transport Service of the American Red Cross in France and England.

Tags Hohman

Harvard Northwestern

Northwestern [?]. Partial reading list for labor problems. Hohman [?], 1924

Post author By Irwin Collier
Post date 2019-03-29

The following artifact was found all alone, an orphan in a folder in the Harvard University archives marked “Syllabi, course outlines and reading lists in Economics 1923-24”. The course outline is obviously incomplete since the second semester of the academic year 1923-1924 at Harvard ran from the second week of February through the end of April 1924. Also peculiar is the fact that the course number “B3” on the outline does not correspond to an economics course at Harvard. The only clue we have is the handwritten (and crossed out) name Hohman in the upper right corner of the page.

It turns out that Elmo Paul Hohman (Harvard Ph.D. 1925) was appointed at Northwestern University as an assistant professor of economics in 1923-24. I have also been able to confirm that “B3” is consistent with the course numbering system used at Northwestern at that time. Based on the handwritten additions and underlining noted in the transcription below, one can reasonably conclude that someone teaching a labor economics course at Harvard added the items on British labor experience from Hohman’s outline.

Since the reading list at Northwestern was for the second semester of 1923-24, it seems likely that the reading list was forwarded to the Harvard library reserve desk for either the second semester of 1923-24 or 1924-25. The second semester of the two Harvard labor economics courses, “The Labor Movement in Europe”, was taught by Richard Stockton Meriam (Harvard, Ph.D. 1921) who briefly overlapped with Elmo Hohman as an economics tutor. Exams from 1913-1932 for the first semester labor course (Trade-Unionism and Allied Problems) taught by W. Z. Ripley have been posted earlier. Since one finds an examination question about British trade-unions in Ripley’s course, it is also possible that some of Hohman’s readings were included for Ripley’s course.

In subsequent posts I’ll provide biographical and career information for Harvard Ph.D. alumnus Elmo Paul Hohman and for his wife, Chicago Ph.D. alumna, Helen Fisher Hohman.

______________________

Links to Items on Homan’s Labor Problems Reading List

Watkins, Gordon S. An Introduction to the Study of Labor Problems. New York: Thomas Y. Crowell Company, 1922.

Douglas, Paul H., Curtice N. Hitchcock, and Willard E. Atkins. The Worker in Modern Economic Society. Chicago: University of Chicago Press, 1923.

Hammond, J.L. and Barbara Hammond. The Town Labourer, 1760-1832. The New Civilisation. London: Longmans, Green, and Co., 1920.

Blanshard, Paul. An Outline of the British Labor Movement. New York: George H. Doran Company, 1923.

Perlman, Selig. A History of Trade Unionism in the United States. New York: Macmillan, 1922.

______________________

[handwritten] British
[handwritten] Hohman

ECONOMICS B3.—LABOR PROBLEMS.
(Second Semester, 1923-1924)
OUTLINE OF SUBJECT-MATTER OF COURSE, WITH ASSIGNED READINGS.

I.—Historical Development of the Labor Movement in England and the United States.

1.—English Background Up to and Including the Industrial Revolution.

Feb. 11 Readings:

Watkins, 9-23.
Douglas, 89-96;101-111;121-129.
Hammond, 17-36; 144-150; 156-163; 172-182.

2.—Recent British Experience. [underlined in pencil]

Feb. 18 Readings:

Douglas, 706-718.
Blanshard[underlined in pencil with added note in margin:“look up”], 22-31; 49-90; 100-107; 156-163.

3.—Early American Labor Conditions.

Feb. 25 Readings:

Watkins, 24-40.
Perlman, 3-66.

4.—Modern development of American Labor.

Mar. 3 Readings:

Perlman, 68-80; 106-128; 130-145; 163-166; 235-261; 279-284.

II.—The Various Types of Activity Which Have Played a Part, Effective and Ineffective, in the Development of the Labor Movement.

A.—Self-Help; Methods Springing from and Controlled by the Laborers Themselves.

5.—Trade Unionism.

Mar. 10 Readings:

Watkins, 298-324; 330-338; 351-387; 438-444.

6.—Mutual Insurance; Demand for a Larger Share in the Control of Industry; Political Action; Workers’ Education.

Mar. 17 Readings:

Watkins, 366-369; 449-473.
Douglas, 667-668; 719-739; 761-765.
Perlman, 285-294.
Blanshard, 137-145. [underlined in pencil]

B.—Public and Governmental Activities.

7.—Labor Legislation.

Mar. 24 Readings:

Watkins, 592-602; 609-620; 120-144; 146-186.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 1, Folder “Economics, 1923-1924”.

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

Tags Hohman, Meriam, Ripley

Course Announcement

Course Enrollment

READINGS FOR ECONOMICS 163

HARVARD UNIVERSITY ECONOMICS 163 FINAL EXAMINATION June 1941.

PART I—TRANSPORTATION

I

II

III

IV

V

PART 2—PUBLIC UTILITY ECONOMICS

VI

VII

VIII

IX

X

XI

1st Generation: Guy Henderson Orcutt (Ph.D. from Michigan, 1944)

Guy Orcutt material transcribed for Economics in the Rear-view Mirror:

Autobiographical/Biographical material

2nd Generation: Alice Orcutt Nakamura (Ph.D. from Johns Hopkins, 1972)

Biographical/Professional Information

Alice Nakamura is married to Masao Nakamura

2nd Generation: Harriet L. Orcutt Duleep

3rd generation: Emi Nakamura (Harvard Ph.D., 2007)

From an Interview with Emi Nakamura

Emi Nakamura is married to:

Hoover index

From the 1974 AEA Directory

Resignation from the University of Michigan to work at the CEA, 1947

PITT NAMES HOOVER UNIVERSITY PROFESSOR Press Release: March 28, 1966

Harvard Ph.D. awarded in 1932 to Edgar Malone Hoover, Jr.

Class Enrollment

RESERVE SHELF LIST FOR ECONOMICS 56—Feb. 4, 1936.

From Keniston’s Appendix (1959)

Standing of American Graduate Departments in the Arts and Sciences

OVER-ALL STANDING (Total Scores)

1925

1957

ECONOMICS

1925

1957

Harvard Ph.D. (1952)

Arnold M. Soloway Obituary

Brown University Athletics Hall of Fame Arnold M. Soloway ‘42, Football Hometown: Brookline, MA Sport: Football Year Inducted: 1993

Resigns chairmanship of the Graduate School of Arts and Sciences Alumni Association

Harvard Economics Ph.D. (1941)

Effect of Federal Taxes on Growing Enterprises by J. Keith Butters and John Lintner (1945)

Principal Conclusions

In Memoriam

Boston Globe Obituary

J. Keith Butters

Course Enrollments

Economics 151 and 251 PUBLIC FINANCE Fall Term, 1954-1955

Professors Butters and Soloway

General Texts and Treatises on Public Finance:

Serial Publications and Periodicals:

September 28: Nature and Scope of Government Finance

Required

Suggested

September 30 – October 2: Concepts of Justice

Required

Suggested

October 5 – October 16: The Budget

Required

Suggested

October 19 – November 6: Expenditures

Required

Suggested

November 9 – November 30: Fiscal Policy

Required

Suggested

December 2 – December 18: Government Debt and Debt Management

Required

Suggested

Economics 151 and 251 PUBLIC FINANCE Spring Term, 1954-1955

Professors Butters and Soloway

February 3-10: General Introduction to Taxation in the United States.

February 10-17: Personal Income Taxation.

Required:

HARVARD UNIVERSITY
ECONOMICS 163
FINAL EXAMINATION
June 1941.

1st Generation: Guy Henderson Orcutt
(Ph.D. from Michigan, 1944)

2nd Generation: Alice Orcutt Nakamura
(Ph.D. from Johns Hopkins, 1972)

3rd generation: Emi Nakamura
(Harvard Ph.D., 2007)

PITT NAMES HOOVER UNIVERSITY PROFESSOR
Press Release: March 28, 1966

Standing of
American Graduate Departments
in the Arts and Sciences

OVER-ALL STANDING
(Total Scores)

Arnold M. Soloway
Obituary

Brown University Athletics Hall of Fame
Arnold M. Soloway ‘42, Football
Hometown: Brookline, MA
Sport: Football
Year Inducted: 1993

Effect of Federal Taxes on Growing Enterprises
by J. Keith Butters and John Lintner
(1945)

Economics 151 and 251
PUBLIC FINANCE
Fall Term, 1954-1955

Economics 151 and 251
PUBLIC FINANCE
Spring Term, 1954-1955

Course enrollment
2nd semester 1923-24

HARVARD UNIVERSITY
Economics 6b²Final examination 1924

II. (One hour)
Answer 2 and either 3 or 4.

Course enrollment
2nd semester 1924-25

HARVARD UNIVERSITY
Economics 6b²Final examination 1925

II. (One hour)
Answer 2 and either 3, 4, or 5

Obituary of Elmo Paul Hohman
August 2, 1894 [in Salem,Washington County, Illinois]– January 1, 1977 [Evanston, Illinois]

ECONOMICS B3.—LABOR PROBLEMS.
(Second Semester, 1923-1924)
OUTLINE OF SUBJECT-MATTER OF COURSE, WITH ASSIGNED READINGS.