Category: Johns Hopkins

Johns Hopkins. Department of Political Economy Exams, 1931-32

Post author By Irwin Collier
Post date 2025-12-02

The United States was descending towards the trough of the Great Depression during the last full academic year that occurred under the Hoover Administration. This post takes us to the undergraduate and business course offerings in economics at Johns Hopkins University for 1931-32. The mid-year and year-end examinations for all courses have been transcribed along with short course descriptions. Two minor gaps have been filled with examinations from an adjacent years.

A later post will provide a list of the graduate course offerings from the department of political economy for 1931-32.

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Cf. Economics Exams from 1937-38
(Previously Posted)

Johns Hopkins. Exams for the five sections of principles of economics, 1937-1938

Johns Hopkins. Semester exams for statistics. Robert G. Deupree, 1937-1938

Johns Hopkins. Final exams for undergraduate money and banking. Weyforth, 1937-1938

Johns Hopkins. Final examinations for Corporation Finance and Investments. Evans, 1937-1938

Johns Hopkins. Exam questions for undergraduate principles of accounting. Cooper, 1937-1938

Johns Hopkins. Exam questions for undergraduate economic history. Broadus Mitchell, 1937-1938

Johns Hopkins. Exam questions for mathematics of finance and applied statistics. Evans, 1937-1938

Johns Hopkins. Examination questions for undergraduate marketing. Roy J. Bullock, 1937-1938.

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1931-32

1-C. Elements of Economics.

The course is meant to be an introduction to further economic study, and so does not embrace detailed scrutiny of certain aspects of economic life which are fully presented in more advanced courses. The structure of economic society is given, especially through study of the theories of production and distribution. Attention is paid to those subjects which have importance for those intending to engage in business enterprise.

Three hours weekly, through the year. Section 1: Dr. EVANS, Thurs., Fri., Sat., 8.30, Maryland Hall 110; Section 2: Associate Professor MITCHELL, Mon., Tues., Wed., 8.30, Gilman Hall 313; Section 3: Associate Professor WEYFORTH, Mon., Tues., Wed., 11.30, Gilman Hall 314.

GEORGE HEBERTON EVANS, JR., Ph.D., Associate in Political Economy. A.B., Johns Hopkins University, 1920; Ph.D., 1925.
BROADUS MITCHELL, Ph.D., Associate Professor of Political Economy. A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.
WILLIAM OSWALD WEYFORTH, Ph.D., Associate Professor of Political Economy. A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

Dr. Mitchell

Tuesday, January 26, 1932

Explain briefly the following terms: (a) the factors of production; (b) luxury; (c) elasticity of demand; (d) wealth.
What is the function of the enterpriser? Is the enterpriser gaining or losing in importance as an economic agent?
Define capital and discuss the capitalistic method of production.
Distinguish between subjective and objective value.
Explain the law of diminishing utility. What is meant by marginal utility?
Explain how market price is determined under conditions of competition.
What indictments of the capitalist system are offered by the present business depression?
What is the cause and cure of “technological” unemployment?
What do you think of the proposal to set up a National Economic Council with purely advisory powers?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Mitchell

June 1, 1932

Explain the “quantity theory of money”.
(a) What is meant by “economic rent”? (b) Explain the proposal of the Single Tax. (c) Can a tax on land be shifted from owner to occupier; give reason for your answer.
(a) Explain the subsistence theory of wages, the socialist theory of wages, and the productivity theory of wages. (b) Should wages keep pace with the cost of living, and nothing more?
Discuss as many theories of interest as you can, indicating the one which to you seems most reasonable.
(a) How do “pure profits” arise? (b) Is the function of the enterpriser undergoing change? (c) What are some of the means of avoiding economic risk?
If you were made responsible for economic planning in the United States, what powers would you assume and what policies would you formulate?

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

Dr. Evans

Wednesday, January 27, 1932.

Discuss economic method.
Comment upon the beginnings of political economy.
Give three of the principles of production discussed in class.
Why did most of the countries of the world adopt the gold standard?
Discuss the causes which led to the abandonment of the gold standard by Great Britain in September 1931.
Give a seeming exception to the law of diminishing utility and explain carefully why your illustration is not an exception.
Illustrate the method for calculating the cost of living.
Discuss the equation of exchange.
List the advantages and disadvantages of the national banking system.
Use diagrams to show the relation between cost of production and price.
Discuss monopolies which arise because of properties inherent in the business.
Give three laws of supply and demand.
When is it economically justifiable to take wealth from some people in order to give it to others?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Evans

June 1, 1932

“The corporation affords opportunity for dividing and recombining the incidents of ownership in varying proportions.” Explain and illustrate.
“An increase in the rediscount rate of a Federal Reserve Bank is expected to cause member banks to raise their discount rates.” Upon what assumption does this expectation rest?
Discuss the expansion of public works as a method of increasing demand during the period of depression.
“Inflation of the currency by governmental action is a form of taxation.” Explain. Who pays the tax? How is it possible for individuals partly to evade the tax?
“Even if the velocity of circulation remains constant, an increase in the quantity of money need not necessarily raise prices.” Discuss.
Is it not reasonable to suppose that most wage earners would be willing, if necessary, to work for less than they are now paid? If they would be willing to work for less, why do employers continue to pay the present wage rates?
Distinguish between technological capital and loanable funds. For the use of which is interest paid? How are they related?
“More completely than any other form of income, profits defy explanation by general rules.” Do you agree? Why or why not?
“American foreign trade is the greatest unprotected industry that we have. It furnishes an output of between $4,000,000,000 and $5,000,000,000 annually — the total of our sales to foreign countries — and is thus the greatest, as well as almost the only, unprotected business in the United States.” Discuss the effect of the tariff upon our exporting industries.
Enumerate as many sound principles of political economy as possible. Do not, however, use more than one sheet of paper and devote only one line to each principle.

Political Economy 1-C (Dr. Weyforth)
Note Mid-year Exam 1931-32 missing
1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY
Mid-Year Examination Political Economy 1
(Dr. Weyforth)

Monday — February 2, 1931 — 9 a.m.

The following are mentioned by Ely as a few of the fundamental institutions of our present economic system: private enterprise, private property, contract, freedom, competition. Comment upon these institutions so as to show their significance in our present economic system.
Distinguish between wealth and welfare. Does the growth of a country in wealth necessarily mean a commensurate increase in its welfare? Explain.
That is meant by the “standard of living”? Does the normal growth of population menace the maintenance of standards of living? Why? How do you account for the fact that standards of living have risen during the past century in spite of large increases in population?
Define “diminishing utility” and “marginal utility”. What is the relationship between marginal utility and price? Explain fully.
“Market price constantly tends to approach the normal price, which is defined as the expense of producing a unit of the commodity in question.” Explain this statement. That is meant by the “marginal producers”? Define and illustrate the terms “increasing cost,” “decreasing cost,” and “constant cost” as applied to different types of industry.
If it takes two years to build a steel mill, will this have a bearing upon the value of steel mills in the event of a sudden increase in the demand for steel as in the case of the outbreak of a war? That difference would it make, if it took only two months to construct a mill? Explain.
What are the functions of money in our economic system? What is the gold standard? That are its advantages and disadvantages? what other monetary standards can you suggest?
What is the nature of a bank deposit? How do the demand deposits of commercial banks serve as a medium of exchange? What are the principal functions of commercial banks?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Dr. Weyforth

June 1, 1932

ANSWER ANY 8 QUESTIONS

Construct demand and supply schedules for some commodity and indicate how price tends to be fixed. Explain the difference between elastic and inelastic demand.
“Once goods have been produced, the only thing to do with them is to sell them for the best price which can be obtained, whether this price be above or below the cost of production. Hence it is ridiculous to assert that cost of production determines price.” Discuss this statement showing the true connection between price and cost of production.
What is meant by the business cycle? What are some of the economic causes of the business cycle? Explain.
How are changes in the general level of prices calculated? Explain the relationship between the quantity of money and the general level of prices.
Explain the marginal productivity theory of wages. Why is it that persons doing disagreeable work do not always receive higher wages than those doing pleasant work?
What are the factors affecting the supply of and the demand for loanable funds?
How do profits affect the distribution of productive activity? Discuss the importance of profits as a stimulus to managerial efficiency.
Explain the Ricardian theory of rent.
“Tariff protection is a deliberate interference with economic specialization in all of its various aspects. This is its fundamental and fatal weakness.”
Appraise this statement carefully.

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2-C. Statistics. Dr. EVANS.

[GEORGE HEBERTON EVANS, JR., PH.D., Associate in Political Economy. A.B., Johns Hopkins University, 1920; Ph.D., 1925.]

The first half of the course will be devoted to a brief history of statistics as a science, followed by an examination of the methods for collecting, presenting and analyzing statistical data. In order that the student may more clearly understand statistical method, practical exercises are assigned to supplement the class room work.

During the second half year the use of statistics in the analysis of economic and business problems is considered. Various index numbers, such as those measuring wholesale prices, retail prices, cost of living, wages and production will be studied. Special attention will be given to the business cycle and the various statistical aids that have been developed for forecasting business conditions. Students will be referred to assignments in publications so that they may become familiar with the principal sources of statistical information concerning economic and business problems.

Prerequisite: Mathematics 2-C or 3-C.

Three hours weekly through the year. Dr. EVANS. Wed., Fri., Sat., 10.30. Gilman Hall 314.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 2-C

February 2, 1932

Put the following data into a frequency table. Give evidence which tends to show that you have made a proper selection of both the size and the position of your class-interval.

10, 11, 13, 15, 17, 17, 20, 21, 22, 22, 23, 23, 23, 24, 25, 27, 30, 35, 36, 40.

Show that a railroad with three divisions might have a lower cost per ton-mile in July than in June on every division, and yet have a higher cost per ton-mile for the railroad as a whole. Discuss.
The following table shows the number of associate professors at certain American colleges and universities, whose salaries fell in the classes indicated. Note the modal salary class, and find the median salary. In your judgment, which average is most typical?

Salary Class (by mid-point)	Number	Salary Class (by mid-point)	Number
250	1	2250	168
500	3	2500	174
750	3	2750	129
1000	4	3000	153
1250	15	3250	74
1500	57	3500	91
1750	88	3750	17
2000	186	4000	15
		4500	1

Discuss the mathematical expressions which indicate dispersion. Which would you use to show the dispersion of the data given in problem 3?
If an arithmetic mean were to be calculated for the data given in problem 3, should a weighted or unweighted average be calculated? Discuss.
How may a frequency distribution be described?
Discuss very briefly: random, sampling; questionnaires; the substitutes for renumeration; the ratio chart.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 2-C

June 7, 1932

An effort was made to determine the average weekly wage of 20,000 coal miners by taking a sample consisting of 256 workers, The arithmetic mean computed from this sample was $40 with a standard deviation of $2.40. What is the reliability of this result?
What is moving correlation? When and why should it be used?
Discuss three variable correlations.
The U. S. Bureau of Labor publishes currently an index of the cost of living. The base is 1926. Using some hypothetical figures, show how the base may be shifted to another year. Can the process employed by you always be used? Why or why not?
Explain “mathematical methods of trend fitting are not fool-proof”. State the steps in the computation of a straight-line arithmetic trend by the method of least squares.
Obtain an index of seasonal variation for the following data:

Quarter	1924	1925	1926	1927	1928	1929	1930
First	1.5	2.0	2.0	2.5	2.5	3.0	2.5
Second	2.5	2.5	2.0	2.0	1.5	3.5	4.0
Third	2.0	2.5	2.0	2.5	3.0	2.5	3.0
Fourth	2.5	3.0	3.5	3.5	3.0	3.5	3.0

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3-B. Money and Banking.
Associate Professor WEYFORTH.

[WILLIAM OSWALD WEYFORTH, Ph.D., Associate Professor of Political Economy. A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.]

In this course an analysis of the functions of money, credit and banking in our modern economic life will be made. There will be a description of various types of monetary systems, of the forms of credit and of banking and financial institutions. Particular attention will be given to the relationship between money, bank credit and prices; to the effects of price fluctuations upon individuals and upon general business conditions; to the problems of stabilizing prices and controlling business fluctuations by means of a deliberately directed monetary and credit policy. The Federal Reserve System will be studied with special emphasis upon its problem of credit control. Some time will also be devoted to the relationship between the money market and the stock market, to the problem of brokers’ loans, and to the financial operations involved in our international trade.

Prerequisites: Political Economy 1-C and 2-C.

Three hours weekly through the year. Associate Professor WEYFORTH.

Mon.. Tues., Wed., 9.30. Gilman Hall 311.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 3-B

January 29, 1932

What is the gold standard? What are its advantages and disadvantages? Explain the difference between the gold standard as found in the United States and as found in England after 1925.
Explain how the recent abandonment of the gold standard by England is likely to affect her foreign trade.
Explain how prices in one gold standard country are related to prices in other gold standard countries. Explain the effects of movements of gold from one country to another upon the price levels of the respective countries. In what ways may the central banks of the respective countries offset the effects of the movement of gold? What are the limitations upon the power of the central banks in this respect?
What is bimetallism? Outline the history of bimetallism in the United States. What factors are responsible for the recent revival of interest in bimetallism?
Define and illustrate the more important types of commercial credit instruments. Explain the nature and importance of negotiability. Describe in detail how a bank acceptance may be used to finance a shipment of copper from Brazil to New York.
What are the economic effect of fluctuations in the general level of prices? How are such fluctuations measured? Explain the causes of such fluctuations.
What are the functions performed by investment bankers? What is their importance in our economic organization? Describe at least two types of underwriting operations。
What are the various types of investment trusts? Explain the differences in their methods of operation. What are the legitimate functions? What unsound practices developed during the boom preceding the crash of 1929?
Explain a margin purchase and a short sale on the New York stock exchange.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 3-B

Dr. Weyforth

June 3, 1932

What are the factors affecting the rates of exchange between two gold standard currencies? Show under what conditions gold tends to move.
What is the theory of the international distribution of gold among gold standard nations? Show how this theory may be affected by the policy of central banks.
What are the factors determining the rate of exchange between two countries, one or both of which have a paper standard? How is equilibrium in the balance of payments maintained under such conditions?
Describe the principal types of loans made by commercial banks. What are the principles that should govern commercial banks in their lending? What have been the developments in the lending policy of commercial banks since the War.
The Goldsborough Bill would make it the duty of the Federal Reserve Banks to restore commodity prices as represented by the index number of the U. S. Bureau of Labor Statistics to the average level existing between 1921 and 1929, and to maintain prices at that level. What has been the attitude of the Federal Reserve officials toward this bill? Explain fully.
What possible principles may guide a central bank in its credit policy? Explain the difficulties that have confronted the Federal Reserve officials since the War.

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4-B. Labor Problems.
Professor BARNETT.
(Course 4B will not be given in 1931-32.)

[GEORGE ERNEST BARNETT, Ph.D., Professor of Statistics. A.B., Randolph-Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.]

Three hours weekly through the year. Mon., Tues., Wed., 10.30. Gilman Hall 314.

In the first part of this course the problems growing out of modern industrial employment will be studied, e.g., child labor, industrial accidents, unemployment. It includes a critical discussion of the ameliorative measures which have been adopted in the leading industrial countries. Special attention will be given to an analysis of the principles underlying the schemes of social insurance against sickness, old age, and unemployment, so generally put into effect in recent years in European countries. In the second part of the course the history, structure and functions of American trade unionism are considered. Particular attention will be given to the working of representative systems of collective bargaining and an analysis of the conditions under which these systems have attained their greatest strength. An appraisal of rival forms of wage fixation, such as individual bargaining, governmental intervention and shop committees will conclude the course.

Prerequisites: Political Economy 1-C and 12-B.

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4-B
Mid-year Examination

January 30, 1933

On what principles, should an economic man divide his income between expenditure and saving?
On what principles, should he divide his expenditure among different objects of expenditure?
How and why should he divide his savings between investment and insurance?
Describe briefly the various causes of unemployment.
Discuss the effects of shortening the hours of labor.
Why are the risks of unemployment, old age, etc. a part of the labor problem?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 4-B

May 29, 1933

Define “trade union” and distinguish trade unions from such associations as medical societies, bar associations.
Describe the relations among the various units (local unions, national unions, etc.) making up the structure of American trade unionism.
Classify and discuss the methods of enforcement used by trade unions against employers.
Discuss “picketing”.
What is the object of trade unions to the injunction?
What is “scientific management” and how has it influenced the employer in his attitude toward labor?
Outline the chief lines of approach to the governmental adjustment of industrial disputes.
Is the labor market a good market?

__________________________

6-B. Corporation Finance and Investments.

[GEORGE ERNEST BARNETT, Ph.D., Professor of Statistics. A.B., Randolph-Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.]

In the first part of this course the theory and practice of corporation finance will be considered with particular reference to the problems presented in the United States. The more important topics taken up include: advantages and disadvantages of corporate organization; classification and examination of the characteristics of stocks and bonds; the choice of different types of securities to be issued; methods by which these securities are floated; the methods and forms of syndicate underwriting; policy with reference to dividends and surplus; refunding of debt and provisions for amortization; receivership and reorganization. The second part of the course will be devoted to the study of investments. The more important topics covered in this course include: an analysis of the essentials of a good investment; an historical study of the rate of interest and of periodic fluctuations in the rate; definition of the essential legal characteristics of the various debt instruments and especially of the mortgage; historical and analytical description of the more important forms of investment, such as Government, State and municipal bonds, securities of private corporations, and real estate mortgages; theories of valuation and amortization.

Prerequisites: Political Economy 1-C, 2-C and 11-B.

Three hours weekly through the year. Professor BARNETT. Mon., Tues., Wed., 10.30. Gilman Hall 313.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 6-B

Monday, January 25, 1932.

Discuss the relative advantages of the partnership and the corporation as legal forms of the business unit.
Why has no-par common stock largely replaced common stock with a par value?
A corporation was liquidated. After the creditors were paid there were assets to the amount of $200,000. The capital stock consisted of $200,000 common and $100,000 preferred. How much would a common stockholder receive?
When should a corporation pay a cash dividend?
What is a bond? Define the various classes of bonds.
The bonds of X. R.R. are convertible into common at 80. A buys $10,000 of the bonds at 120. At what price for the common would conversion be profitable?
A syndicate was formed to acquire and sell $10,000,000 of 6 per cent bonds. A selling commission of one per cent was allowed. The bonds were bought at 97 and sold at 100. Smith and Jones subscribed to $100,000 and sold $50,000. All the bonds were sold. Disregarding the expenses of the sale, except the commission, how much were Smith and Jones entitled to receive from the syndicate managers.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 6-B

May 31, 1932

Define “pure rate of interest” and outline the movement of this rate from 1897 to date. What is the explanation of these changes?
Define reversibility and discuss its various forms. Explain the process by which banks furnish reversibility.
Define the various forms of risk and explain the methods of avoiding them.
A man about to retire at age 65 with no dependents has $100,000 in capital. Discuss the problem of its investment.
What are the lending principles applicable to measuring the internal risk on government bonds. In the light of these principles, compare the risk on Bolivian bonds and United States bonds.
Define the factor of safety — cumulative and non-cumulative — and the factor of change. Set up an illustrative comparison between two railroad bonds, assuming the proper figures for your purpose.
List the various forms of taxation which a Maryland investor must consider, and explain how they affect different classes of investors.

__________________________

11-B. Principles of Accounting.

[HOWARD E. COOPER, M.S., Instructor in Accounting. B.S., University of Denver, 1925; M.S., Columbia University, 1927; Registrar, School of Commerce, Accounts and Finance of the University of Denver, 1922-26, 1927-28; Assistant Professor of Banking, University of Denver, 1927-28.]

A study is made of financial statements as the goals of accounting endeavor, of the analysis and recording of business facts in the accounting books and records, and of the methods of opening and closing the books for a single proprietorship, partnership and corporation as well as the use of controlling accounts, and consignment accounts. Many practical problems are assigned to give facility in the handling of accounting records and a ready appreciation of their significance.

Prerequisite: Political Economy 1-C.

Three hours weekly through the year. Mr. Cooper. Mon., Thurs, Fri., 1.30 p.m. Gilman Hall 312.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 11-B

February 1, 1932

Please write your answers to these questions legibly and in ink.

—
1. Discuss the purposes and content of a balance sheet.
2. Discuss the purposes and content of a profit and loss statement.
—
1. Why does a ledger need adjusting at the close of a fiscal period?
2. What does a trial balance prove?
—
1. What is the function of a journal; of a ledger?
2. Name five temporary proprietorship accounts and two vested proprietorship accounts.
—
1. What accounts appear in a post-closing trial balance?
2. Illustrate what you regard the best way to journalize a transaction involving the discount of the proprietor’s own note at the bank. (Use for illustration a 60 day $1500 note discounted at 6%.)
—
1. What is a controlling account?
2. Illustrate how a sales journal can be set up to provide for the proper posting to a ledger when an accounts receivable controlling account is made use of.
—
1. State the fundamental equation of accounting in two forms.
2. Explain the effect upon your equation of each of the following:
  1. Purchase of machinery on account
  2. Sale of merchandise for cash

7-10. Making use of information below, prepare:

1. Profit and Loss Statement for year 1931.
2. Balance Sheet for Dec. 31, 1931.

TRIAL BALANCE, DECEMBER 31, 1931

Cash	3,150
Initial Inventory	85,250
Accounts Receivable	76,200
Furniture and Fixtures	1,900
Reserve for Depr.-Funiture & Fixtures		380
Delivery Equipment	1,500
Notes Payable		25,000
Accounts Payable		62,500
D.M. Craven, Capital		83,205
D.M. Craven, Personal	2,400
Sales		325,000
Purchases	310,000
Purchase Returns & Allowances		1,250
Freight-In	4,250
Selling Expense	5,280
Delivery Expense	1,125
Administrative Expense	6,380
Discount on Sales	825
Discount on Purchases		1,420
Interest Received		825
Interest Paid	1,320
	499,580	499,580

ADJUSTMENTS:

Merchandise on hand 12/31/31 $92,600
Unpaid freight bills $480
Of the interest received, there is unearned $125
Delivery Expense-Supplies on hand $475
Accrued Interest on Accounts Receivable $150

Accrued Depreciation:

Furniture and Fixtures 10%
Delivery Equipment 20%

Bad Debts allowance ½ % of Sales

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 11-B

June 6, 1932

Explain the accounting for Notes Receivable Discounted.
Distinguish between a sinking fund account and a sinking fund reserve account. Where do each appear on the balance sheet?
Explain one method of accounting for consignments both from the standpoint of the consignor and consignee.
Distinguish between stock discount and bond discount and discuss their treatment on the accounting records.
Explain the imprest method of handling petty cush disbursements.
Explain in detail what is meant by reconciliation of a bank statement.
A and B are engaged in a partnership the capital of which is $20,000 divided equally between A and B. They agree to admit C to a one-third interest upon investment of $12,000. Set up the complete journal entries concerning the admission of a new partner.
X, Y and Z are engaged in a partnership. The balance sheet is as follows:

Cash	10,000	Liabilities	5,000
Other Assets	40,000	X Capital	25,000
		Y Capital	15,000
		Z Capital	5,000
	50,000		50,000

They decide to dissolve the partnership. The other assets are sold for $25,000, Z personally is insolvent. How should the affairs be wound up?

9 — 10 The Baltimore Corporation is formed with an authorized capital stock of 1000 shares of common stock and 500 shares of preferred each with a par value of $100 per share. The common stock is subscribed at 95 and paid one half down and the balance in 30 days. The preferred stock is subscribed for and sold at 110. Set up the journal entries to show the disposition of the capital stock.

__________________________

12-B. Economic History.
Associate Professor MITCHELL.

[BROADUS MITCHELL, Ph.D., Associate Professor of Political Economy. A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.]

Three hours weekly through the year. Mon., Tues., Thurs., 1.30 p.m. Gilman Hall 314.

In the first part of this course a study is made of English economic history, the purpose being to show not only the industrial development of the English people as such but the way in which the economic motive has influenced the whole of social life. Particular attention is given to the characteristic forms of economic organization — the manorial system, the guild system, the entrance of capitalism and the causes and consequences of the Industrial Revolution. Special reference is made to those features of English economic history which have influenced industrial life in the United States. The second part of the course is a survey of the economic history of our own country. Here the same effort is made, as in the case of England, to show the bearing of economic considerations on political evolution, especially in the direction of the growing importance of the Federal Government.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 12-B

Dr. Mitchell

February 1, 1932

Describe the manorial system as to its chief economic features.
The same for the Guild System.
In what ways were rural and town workers better off in the middle ages in England then at present in America?
What were the circumstances which provoked the announcements of “Gresham’s Law”?
By what stages did the independent craftsman of 1700 become the wage worker of 1850?
What were the causes and main consequences of the Industrial Revolution?
Name and discuss briefly the social movements which followed the Industrial Revolution.
Do you notice any great tendency in Economic history? If so, what?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 12-B

May 30, 1932

Discuss the place of Alexander Hamilton in American economic history.
That were the chief economic consequences of the War of 1812-14?
Give an outline of banking in the United States from 1791 to 1913.
Discuss the economic causes of the Civil War.
Describe the currency agitation following the Civil War.
Tell what you know of the panics of 1837 and 1873.
Describe the growth of “big business” and the problems which this development has brought.
That are some of the present-day evidences of departure, in American economic life, from our traditional laissez faire
What economic measures would you suggest as probably assisting the country to emerge from the present depression, and as avoiding future depressions?

__________________________

14-B. Corporation Accounting.

This course presents the accounting principles involved in the organization, operation and liquidation of corporations. Detailed consideration is given to the principles of valuation involved in each item appearing on the corporate balance sheet with special emphasis on depreciation; also to the principles involved in the accounting for: the voucher system, installment sales, factory costs, foreign and domestic branch offices, combinations and consolidations, consolidated balance sheets, interpretation of balance sheets, and estate and trust accounting.

Prerequisites: Political Economy 1-C and 11-B.

Three hours weekly through the year. Mr. COOPER. Mon., Thurs., Fri., 2.30 p.m. Gilman Hall 312.

Courses 16-B, 17-B and 18-B listed below are reading courses open respectively to students who have completed Political Economy 3-B, 6-B or 4-B and are specially recommended by the instructors in those courses. Students will be furnished with a prescribed list of readings and will meet with the instructor one hour each week for discussion. Six points credit will be allowed for the completion of each course.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 14-B

January 28, 1932.

Please write your answers to these questions legibly and in ink.

Set up in detail a schedule showing the cost to manufacture, using your own figures.
What changes would you expect to be made in the accounting system upon the introduction of a voucher system:
1. What is meant by the term “going concern valuation”?
2. What is the general principle used in the valuation of current assets; of fixed assets?
—
1. When would you consider it desirable to appreciate the value of fixed assets on your books?
2. Illustrate by means of journal entries how it could best be accomplished.
In setting up a reserve for bad debts at the close of the first year of operation of a concern, what information would you seek?
Discuss fully the retail method of inventory valuation.
—
1. Enumerate six causes of depreciation.
2. Distinguish between the problem of depreciation and replacement.
How would you handle the replacement of a part of an asset on the accounting records?
How would you account for the cost of rearrangement of machinery in a factory?
What is depletion and how is it calculated?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 14-B

June 4, 1932

Explain in detail how a trial balance in terms of foreign currency should be converted into dollars so that it will balance.
Discuss briefly the methods which might be used in the analysis of Balance Sheets.
Discuss the accounting problem involved in case in which goods are shipped from a home office to a branch at a figure other than cost.
—

(a) What is the purpose of a statement of funds and its application?

(b) What is the purpose of a statement of affairs and a deficiency account?

If you were asked how to determine the value of the good will of a corporation, what information would you require and how would you proceed?
Distinguish between (a) principal and income and (b) real and personal property in accounting for the affairs of an estate.
—

(a) Describe two methods of carrying the investment account of a subsidiary on the books of the holding company.

(b) Under what circumstances does the consolidated good will on a consolidated balance sheet change?

8 — 10

The following are the balance sheets of Company A, a holding and selling Company, and Company B, a manufacturing company. A large part of the products of Company B is sold to Company A. The inventory of Company A curries a profit of $1000 over cost to Company B. The investment of Company A in the stock of Company B was made one year ago, at which time the surplus of Company B was $2000. Company A acquired a 75% interest in Company B.

Prepare a consolidated balance sheet. Be careful to prepare accurate working papers. Submit the working papers with your solution.

Cash	5000	Accounts Payable	4000
Accounts Receivable	3000	Accounts Payable to Co. B	2000
Merchandise	6000	Capital Stock	10000
Capital Stock—Company B (carried at cost)	8000	Surplus	6000
	22000		22000

Cash	1000	Accounts Payable	3000
Accounts Receivable	3000	Capital Stock	8000
Accounts Receivable—Co. A	2000	Surplus	4000
Merchandise	4000
Equipment	5000
	15000		15000

__________________________

20-B. Marketing.

[ROY J. BULLOCK, M.B.A., Instructor in Marketing. A. ., Doane College, 1925; M.B.A., Harvard University, 1927; Associate Professor of Business Administration, University of Oregon, 1927-28.]

A comprehensive study of the machinery encountered in present-day business that is utilized in the distribution of merchandise from the producer to the consumer, together with the policies governing its use. Attention is given to such subjects as retailing, wholesale trade, advertising, buying, cooperative marketing and the various types of functional middlemen, with particular regard to the place occupied by each in the general marketing structure. Detailed examination is made of the distribution of the more important commodities. A considerable amount of time is spent in the discussion of problems taken from business practice that pertain to the topics under consideration.

Three hours weekly through the year. Mr. BULLOCK. Mon., Tues., Wed., 8.30. Gilman Hall 312.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 20-B

Tuesday, January 26, 1932.

Identify:
1. Fashion cycle
2. Wagon Jobber
3. Drop shipment
4. Emotional buying motives
5. Fabricating materials
6. Broker
7. Selling agent
8. Commission agent
9. Intensive distribution
10. Mill supply house
What advantages has the chain store over other types of retail institutions? What problems are more difficult for the chain store than for other retailers? Are your generalizations borne out by the history of the chain store movement?
Discuss the present problems of the wholesaler giving attention to the economic and social changes that have contributed to these problems and expressing your estimate as to the future in this field.
“What is needed is a greater appreciation and understanding of the underlying economic basis for the rise in the cost of distribution.” List and explain these underlying economic causes.
The Child Steel Company, which manufactured tubular steel products for automobiles, was forced into receivership in 1921. The embarrassment of the company was attributed to its dependence on a single industry for disposing of its product; when the slump occurred in the automotive trade in 1920, so many cancelations of orders were received by the company that it was left with inventories and commitments for raw materials which it could not continue to finance. In order to keep the plant running under the receivership, it was found necessary to look for orders outside the automotive industry, and a large order for tubular parts was obtained from a bedstead manufacturer which could be filled with only minor changes in the equipment of the plant. This order was handled so satisfactorily that in August, 1922, the receiver was considering the practicability of adding to the company’s line one or more new products in order to level its production curve and assure its future success. In considering this step the receiver was faced with the following question?
Would it be wise to attempt to develop the company’s market in a wider field than the automotive industry? If so, what new products should be produced? If it should be decided to continue manufacturing bedstead parts, should the company enter into competition with bedstead manufacturers by fabricating finished products, or should it continue the policy of selling parts to bedstead manufacturers?
Among the products manufactured by the Child Steel Company prior to its receivership were such tubular steel automotive parts as exhaust pipes, air pumps, manifolds, windshield tubing, and wheel rims. Distribution was secured partly through supply wholesalers but chiefly through a small force of technically trained salesmen who sold directly to manufacturers.
The advertising program of the Child Steel Company in 1921 consisted of one-page advertisements appearing once a month in both the Iron Age and a weekly automotive journal which had a circulation among retailers and manufacturers. Circular letters also were sent once a year to all automobile manufacturers who were not using Child products. An engineering department was maintained for the purpose of cooperation with the users of the firm’s products.
Before the depression of 1930, the Child Steel Company had sufficient orders for automotive products to keep its factory running at capacity. The few orders which were received in the latter part of 1921 and early in 1922 from customers outside the automotive industry were handled without additional equipment. Under the receivership the overhead of one month always was charged against the following month’s business; hence it was stated that the company was limited to selling products for which it could secure immediate payment and which would cover current overhead charges. In addition to the production of bedstead parts or finished bedsteads, it also was proposed that the company manufacture bicycle frames, wire tennis racket frames, vacuum cleaner handles, lawn-mower handles and rolls, tables for ice-cream parlors, and tubular parts for various sorts of electrical equipment.
The company could continue to manufacture tubular parts to be sold to bedstead manufacturers without installing additional equipment. The manufacture of complete bedsteads, however, would require a reorganization of the plant in order to provide at the minimum, for assembling, painting, and finishing departments. Although ordinarily the connecting bars were made of angle iron, these pieces, as well as the head and foot pieces, for bedsteads, could be made of rods and tubular steel which the company already produced, but it would be necessary either to buy the springs from other manufacturers or equip a part of the Child plant for the production of springs.
It was expected that it the company manufactured a finished product, a more stable and permanent market could be secured than if it continued the manufacture of parts which were sold to other manufacturers. It had been found that in times of depression the effect of price cutting in the steel trade was especially severe on those manufacturers who depended on other manufacturers for their market, whereas it seemed probable that by selling a finished product for retail distribution the company would be less likely to suffer from wide fluctuations in its market.
If the policy of manufacturing bedsteads were adopted, it was planned to establish the Child brand by advertising and to sell directly to retailers. It had not been decided whether the company should try to secure national distribution or confine its efforts to one or two localities.
There were numerous steel bestead manufacturers in the United States. One of the largest of these manufacturers advertised and distributed its beds nationally. It was one of the few companies that had its own tubular steel plants. Although several other firms in the bedstead trade also secured national distribution, a large part of the business was obtained by local manufacturers, each of whom concentrated his distribution in a local district und bought tubular steel and angle iron parts from iron and steel manufacturers. Many of these small firms did not advertise. Although a majority of the companies sold directly to retailers, several sold to wholesalers.

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 20-B Marketing

June 1, 1952

Identify:
1. Trade-mark
2. One price policy
3. Merchandising
4. Basis contract
5. Trading up
6. Trade mark act of 1920
7. Price maintenance
8. Consumer recognition
9. Selling agent
10. Elastic demand
Define quantity discount, protective discount, and deferred discount. Explain the usefulness of each in sales strategy.
—
1. Describe in detail the ways in which the Agricultural Marketing Act was intended to aid agriculture.
2. What are the chief obstacles that must be overcome if the cooperative marketing of agricultural products is to be successful? What is your opinion as to the future of cooperative marketing in this country?
—
1. What factors determine whether or not a manufacturer of fabricating parts or fabricating materials should advertise his product to consumers?
2. Discuss the advantages and disadvantages of a private brand from the point of view of a grocery chain.
Adam Smith in the “Wealth of Nations” makes the statement that division of labor is limited by the extent of the market. To what degree does this generalization justify modern marketing practice?

__________________________

21-B. Sales Management.

[ROY J. BULLOCK, M.B.A., Instructor in Marketing. A. ., Doane College, 1925; M.B.A., Harvard University, 1927; Associate Professor of Business Administration, University of Oregon, 1927-28.]

The first part of the course deals with management of the marketing functions of a business from the point of view of its administrative officers. Attention is given to such matters as sales organization, market analysis, prices and terms of sale, selling methods and management of sales force. The second part of the course is a study of the administration of retail accounting, store location and layout, purchasing policies, retail organization, advertising and display, and store operation. In both parts of the course the work will consist primarily of the study of problems encountered in business practice, supplemented by outside reading and research.

Three hours weekly through the year. Mr. BULLOCK. Mon., Tues., Thurs., 9.30. Gilman Hall 310.

EXAMINATION
POLITICAL ECONOMY 21-B

Friday, January 29, 1932 – 9 a.m.

What general rules can you give for districting sales territories?
What is the relation between sales potentials and sales quotas?

II.

“Industry in general is just now beginning to recognize that merchandising is a specialized function.” Define merchandising. What types of problems would a merchandise manager deal with? In what respect is “trading down” a merchandising problem?

III.

(a) What general sources of information are available for sales research and market analysis?

(b) Draw up a set of general rules for procedure in making a market analysis.

(d) Compare the mail questionnaire with the personally presented questionnaire for use in market survey work.

IV. and V.

Tosdal, Problems in Sales Management, page 255, Problem 37. Grade Manufacturing Company. Discuss each of the six possible methods of distributing the product mentioned on page 259 and recommend the one you think is best.

EXAMINATION
Political Economy 21-B
(Sales Management)

Friday, June 3, 1932 — 9 a.m.

Identify:

Drawing account
Functional Foremanship
Bonus
Budget
Decentralized control
Sales foremanship
Dealer helps
Departmentization on basis of outlet
Line and staff organization
Rex Cole

II.

1. Should a separate department be established to do sales planning and research? Where should it be placed in the sales organization? Why?
2. What should be the relation of the sales department to the credit department?

III.

1. Discuss the personal interview as a means of selecting salesmen. Outline methods for improving its effectiveness.
2. Should a company make written contracts with the salesmen it employs?

IV.

1. Discuss the value of test campaigns to the manufacturer.
2. What are the advantages and disadvantages of flat expense allowances for salesmen?

“Sales departments vary widely in the functions which they perform and in the work for which they are responsible.” — Tosdal, Problems in Sales Management, p. 536. Illustrate the meaning of this statement. How do you account for such variation?

__________________________

22-B. Commercial Law.

[ROGER HOWELL, Ph.D., of the University of Maryland, Lecturer in Commercial Law.]

The course will offer a study of certain branches of law which are of especial importance in the business world, from a practical point of view with the purpose of giving the student a general working knowledge of the problems met and of the general principles applicable thereto. Special attention will be devoted to the law of Contracts, Agency, Bailments, Sales, Negotiable Instruments, Partnership, Corporations, Bankruptcy, and the Administration of Estates of Insolvents and Decedents.

Two hours weekly through the year. Dr. HOWELL, Thurs, Fri., 8.30. Gilman Hall 314.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
Political Economy 22 (Commercial Law)

January 27, 1932.

A, who was engaged in the wholesale furniture business, sent a circular letter to all retail furniture dealers in Baltimore, saying: “I enclose a complete list of all furniture in my show rooms and warehouse; you can inspect the same on January 11, 12 & 13, 1932. I invite you to send in a sealed bid for the entire stock. Bids will be opened at noon on January 15th, and if you are the highest bidder, I will advise you.” B submits the highest bid and demands delivery of the stock. A refuses, and B sues A Judgment for whom?
A, in Galveston, sold to B of Liverpool 1000 bales of cotton under a written contract which provided that the cotton was “to be shipped on the Steamship Eastern Star”. A shipped 900 bales by the Eastern Star and 1000 bales by the Steamship Western Star. At Liverpool he tenders B first the 900 bales shipped by the Eastern Star, which B refuses. He then tenders the 1000 bales shipped by the Western Star, which B also refuses. All the cotton was of the same grade. The price of cotton has fallen sharply, this being the chief reason for B’s refusal to take it. Is B within his rights in refusing to accept each of A’s tenders?
X, Y & Z are engaged in business under the firm name of the Prime Hat Company. In their business they use order blanks on which the firm name is printed at the top. A gives a verbal order for $500. worth of goods to X, who enters the order in duplicate on the firm order blanks, keeps one copy and gives the other to A, but does not sign either. Subsequently the firm refuses to fill the order and A sues. Judgment for whom?
A sells his grocery business to B, B agreeing orally to pay therefor a lump sum in cash and to pay all outstanding obligations incurred by A for goods and merchandise for the store. B paid the cash and took possession. C has a claim against A for some canned goods sold to A on credit white A was running the store. This claim has not been paid. Can C hold B for it?
On Monday morning at 9 o’clock A in Baltimore sends the following telegram to B in Chicago:— “Will sell 100 shares Steel common at 45. (Signed) A”. This telegram reaches B at noon, Monday. On Tuesday morning B writes and mails a letter to A accepting the offer. This letter reaches A Wednesday afternoon at 4 o’clock. Meanwhile the market had rallied and at the close of the Stock Exchange at 2 p.m. Wednesday Steel common was selling at 50. A refuses to deliver the stock and B now sues him for damages. Is A libel?
A, a contractor, contracts with B, a property-owner to do the excavation work for the foundation of a building for $4000. The contract provided that the foundations were to go down to a depth of 30 feet. At 15 feet solid rock is unexpectedly encountered, making the work much more expensive than A had expected: he tells B he is going to quit. B offers him $2000. additional to complete the work. A accepts, and completes the work. B refuses to pay more than $4000. Is A entitled to the additional $2000.?

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 22
(Commercial Law)

June 2, 1932

A is agent for P to sell books. He sells a set to T, allowing easier terms than he was given authority to allow. P on learning of the transaction sends the books to T, but notifies him that he must pay for them on the terms which A was authorized to allow. T keeps the books, but refuses to pay except on the terms allowed him by A. Which prevails, T or P?
—

(a) A, an investment broker, is given specific instructions by P to buy certain securities. A has information which causes him to think these securities are a bad investment, and buys others instead. The investment results in a loss to P. What are P’s rights against A?

(b) A is P’s agent in a foreign country for the sale of P’s goods. A war is declared which seems likely to interfere with his chance of selling the goods in accordance with his instructions. He proceeds to sell them at once for the best price obtainable. The sale results in a loss to P. What are P’s rights against A?

P employs A to rebuild his house under a contract by which A agrees to furnish competent workmen at a certain daily rate and to charge for material at cost, plus 10 per cent. The work is to be done under the supervision of P’s architect. Needing an engine on the work, A hires from T an engine for $150 a week, to be operated under the direction of T’s engineer. The engineer negligently allows the pressure in the boiler to become too great and it explodes, injuring X. X sues P, A, T, and the engineer. What are his rights against each?
—

(a) B writes to S, a manufacturer of tables, saying: “Please ship me one #x27 Sturdimake table this being the description of one of S’s makes of tables in his catalogue). I want a table that will hold a weight of at least 1000 pounds.” S ships such a table and it breaks under a strain of 900 pounds. There is no representation in the catalogue as to the weight which any of S’s tables will hold; S’s #29 table, however, would have held the weight desired. Is there any breach of warranty by S?

(b) Would it make any difference in the above case if the table sent had been defective and had broken under a strain of 200 pounds?

(a) S sells to B all the bricks in a certain yard for an agreed price, it being understood that B may remove the bricks any time within 3 months, but must pay the price before removal. In whom is the title after the agreement but before removal or payment? Suppose B neither removes the bricks nor pays?

(b) Suppose that in the above case, the price was fixed at $15, per thousand for bricks of first quality and $10 for those of second quality, it being understood that S should have his experts examine them and determine the relative quantities of each and that B would accept this determination. In whom is title after the agreement but before the examination by S’s men?

(c) Suppose the sale was of 10,000 first quality bricks only, there being a much larger quantity in the yard, at an agreed price, it being understood that B’s experts should select the bricks. In whom is title after the agreement but before the selection?

(d) Would it make any difference in either of the last two cases if the contract expressly declared an intention that title should pass to B at once?

S contracts with B to manufacture, sell and deliver to B and put in running order a certain machine. He does so. B finds it unsatisfactory and notifies S that he rejects it. He continues to use it, however, for 3 months, continually complaining of its defective condition. He then takes it down and notifies S to come and get it. S comes back with a demand for the purchase price. What are the rights of S and B?

Sources:

The course announcements:

The Johns Hopkins University Circular. New Series, 1931, No. 3 (Whole Number 423). The College of Arts and Sciences of The Johns Hopkins University 1931-1932, pp. 36-37.

The Johns Hopkins University Circular. New Series, 1931, No. 5 (Whole Number 426). School of Business Economics, 1931-32.

The examination questions:

The Johns Hopkins University. The Eisenhower Library. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy Series 6. Box 2 “Curricular Materials”; Folder “Exams 1930-1935”.

Image Source: Johns Hopkins University yearbook, Hullabaloo 1932.

Tags Barnett, BullockRJ, CooperHE, EvansGH, HowellR, MitchellB, Weyforth

Exam Questions Johns Hopkins Macroeconomics Undergraduate

Johns Hopkins. Undergraduate exams for national income and employment. Domar, 1955-1956

Post author By Irwin Collier
Post date 2025-05-14

Machlup presenting, Domar, in profile, 3rd person to Machlup's right.

The undergraduate course Political Economy 3 (National Income and Employment) at Johns Hopkins was followed by Political Economy 4 (Economic Fluctuations and Fiscal Policy). Both terms of introductory macroeconomics were taught by Evsey Domar in 1955-56. Class outline, readings, and exams for Political Economy 4 were posted earlier.

__________________________

Course Announcement
1955-56

National Income and Employment. 3. Professor Domar. Three hours weekly, first term.

National income and its composition. The determination of income, employment, and the general price level. A brief treatment of the problem of economic stability and development.

Prerequisite: Political Economy 1.

Source: Johns Hopkins University. Undergraduate Programs, Announcements of Courses 1955-1956 in Circular 1955-1956 Vol. 74, New Series 1955, Number 8, p. 102 [In annual volume of Circulars, p. 746].

__________________________

E. D. Domar
November 2, 1955

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

[FIRST] HOUR EXAMINATION
Fall Term, 1955-56

Answer all questions in any order you like. Indicate carefully each step in your reasoning and computations.

[40%] On the basis of the data given below. compute the following estimates (not necessarily in this order):
1. 1. Gross national product from the expenditure point of view.
  2. Gross national product from the income point of view.
  3. National income.
  4. Disposable personal income.
  5. Saving and Investment account.

Set up only such auxiliary accounts as you need to prepare these estimates. Be careful to make your results mutually consistent.

Capital consumption allowances (depreciation)	14
Compensation of employees (wages & salaries)	90
Corporate income taxes	10
Dividends (received by consumers)	8
Employer (business) contribution to social insurance	3
Government purchases of goods and services	38
Government transfer payments	6
Gross private domestic investment (capital formation)	25
Indirect business taxes	14
Income of unincorporated enterprises	20
Interest received by consumers from business	3
Interest received by consumers from government (on the public debt)	3
Net foreign investment (our investment in foreign countries)	-1
Personal consumption expenditures	110
Personal contribution to social insurance (employee payroll taxes)	2
Personal income taxes	16
Rental income of persons	5
Undistributed corporate profits	5

[20%] Explain why government receipts and expenditures create special problems for national income (or gross product) estimators. How are these problems resolved?
[40%] For each of the following items explain the following:
1. Its nature;
2. Its treatment in the computation of GROSS NATIONAL PRODUCT and of DISPOSABLE PERSONAL (CONSUMER) INCOME by the U. S. Department of Commerce;
3. Grounds for such treatment;
4. Your evaluation of the grounds and your own recommendations. Justify each position you take.
  1. Capital gains and losses
  2. Imputed rent
  3. Interest on the Federal debt
  4. Payments made to veterans for education
  5. Food produced in the farm and consumed by the farmer and his family.
  6. Undistributed profits
  7. Intermediate products
  8. Profits made by a monopolist
  9. Profits made by an American corporation abroad but not remitted to the U. S.
  10. Employer contribution to social insurance.

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

E. D. Domar
December 7, 1955

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

[SECOND] HOUR EXAMINATION
Fall Term, 1955-56

Answer all questions in any order you like. Indicate each step in your reasoning. No credit will be given for vague generalities.

[20%] Discuss the performance of the American economy during the period 1866-1918. Try to explain the causes of the most important developments.
[5%] The numbers below refer to the United States in 1954. Indicate in your blue book the one number which in each case comes closest to being true. If you fail to indicate a number you will receive zero; if you indicate an incorrect one you will receive a negative score.

(a)	Gross National Product (in current prices)	360	375	390	(billions)
(b)	Gross Private Domestic Investment	30	45	60	(billions)
(c)	Disposable personal income	250	275	300	(billions)
(d)	Personal savings as a fraction of disposable personal income	3	5	7	(per cent)
(e)	Compensation of employees as a fraction of National Income	50	70	90	(per cent)

[20%] “Gross National Product is an excellent index of the welfare of the people.” Comment.
[25%] State and explain the main factors affecting Personal Consumption Expenditures out of a given Gross National Product.
Explain which of them and in what manner can be affected by government policies.
[20%] Whether gross national product is approached from the production, income or expenditure point of view, the totals are supposed to be identical (subject to a small statistical error). Yet in current economic discussions one often hears expressions such as “shortage of purchasing power,” “excess of purchasing power,” “insufficient investment,” “excessive government expenditures,” and so on.
How do you reconcile this contradiction?
[10%] “What is good for an individual or a firm is good for the country.” Comment.

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

E. D. Domar
January 27, 1956

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

FINAL EXAMINATION — THREE HOURS
Fall Term
1955-56

Answer all questions in any order you like. Indicate carefully each step in your reasoning.

[24%] Explain CAREFULLY how each of the transactions listed below affects (if it does)
1. GROSS NATIONAL PRODUCT,
  and one or more of its subdivisions:
2. PERSONAL CONSUMPTION EXPENDITURES,
3. GROSS PRIVATE DOMESTIC INVESTMENT,
4. NET FOREIGN INVESTMENT
5. GOVERNMENT PURCHASES OF GOODS AND SERVICES.
  1. Interest on the Federal debt received by individuals from the government.
  2. An allowance received by a college student from his parents.
  3. A fee to a music teacher paid by the student mentioned in (b).
  4. Purchases of groceries made by the wife of the music teacher mentioned in (c).
  5. Land purchased by the City of Baltimore to build a music center.
  6. Exports of used buses to South America.
  7. Personal income tax paid by the individual to the Federal government.
  8. Capital gains made by a college professor on the stock market.
  9. Tourist expenditures made abroad by the professor mentioned in (h) out of his capital gains.
  10. A loan which a Baltimore business man obtained from the local bank.
  11. A Federal bond which a student cashed at the local bank.
  12. A house which Mr. X. has just constructed for himself and his family.

In each case, follow the criteria used by the U. S. Department of Commerce, but feel perfectly free and welcome to state and justify other criteria that you would prefer to use.

DO NOT GO BEYOND THE EVENTS DESCRIBED IN EACH TRANSACTION. DO NOT TAKE INTO ACCOUNT ANY SECONDARY EFFECTS.

[20%] Discuss the performance of the American economy during the period 1919-39. Present an analysis of the most important developments. Be specific.
[10%] (a) Explain thoroughly and (b) evaluate critically the concept of the MULTIPLIER by indicating how it is supposed to work, on what assumptions it is based, and its usefulness (if any) in the explanation of economic fluctuations and for the formulation of economic policy.
[15%] In 1946, soon after the end of World War II, Congress was considering a large loan to Britain. A question naturally arose as to why the loan should be given to Britain rather than to some other country. A front page article in the New York Times defended the loan to Britain on the ground that the British would undoubtedly spend the proceeds of the loan in the United States, while some other country might not be so accommodating.
Comment fully on the argument advanced by the New York Times.
[16%] Define briefly the following terms and explain critically their use in economic analysis. Illustrate your explanation with examples
1. Marginal efficiency of capital (or of investment).
2. Index numbers.
3. Acceleration principle.
4. Saving and Investment account.
5. Intermediate products.
6. Kondratieff Cycle.
7. Secular stagnation.
8. Imputed rent.
[15%] Some time ago John M. Keynes, the famous English economist, suggested that the Government should:

“Fill old bottles with (newly printed) banknotes, bury them at suitable depth in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise to dig the notes up again…”

Retaining your sense of humor and remembering that Keynes was endowed with one too, discuss thoroughly the following questions regarding this statement:

1. What economic conditions did Keynes try to remedy by this strange method?
2. Suppose his suggestion were accepted. Trace as completely as you can its effects on national income (or gross national product), the level of employment and the price level.
3. Compare the effects of Keynes’ suggestion with those resulting from a discovery and mining of gold deposits (a) in the U. S. (b) in a small country like Holland.

Source: Duke University. Economists’ Papers Archives, David M. Rubenstein Rare Book & Manuscript Library. Evsey D. Domar Papers, Box 16, Folder “Misc. Examinations”.

Image Source: 1956 Johns Hopkins University yearbook Hullabaloo (p. 15).

Tags Domar

AEA Economists History of Economics Johns Hopkins

Johns Hopkins. Essay on Political Economy in America. Ely, 1887

Post author By Irwin Collier
Post date 2024-10-14

NORTH AMERICAN REVIEW.
FEBRUARY, 1887.

POLITICAL ECONOMY IN AMERICA.
by RICHARD T. ELY

At a meeting of political economists held at Saratoga in the month of September, 1885, in order to form an economic society — finally called the American Economic Association — Professor Alexander Johnston, of Princeton College, defined the purposes of the contemplated organization, as understood by him, in these words:

“This is an effort to stop the formation of any ‘crust’ on the development of economics, to assert the economic right of attempts to develop in every direction, unhampered by any accusation of heterodoxy, with the assurance that unlimited freedom of individual attempt to develop will bring about the truest, most natural, and healthiest development.”

Other ideas were brought out in the interesting discussion about the aims which should animate a body of American economists at the present time, and valuable suggestions were derived from men like Hon. Andrew D. White; Rev. Dr. Washington Gladden; Professor Henry C. Adams, of Michigan University; Professor E. J. James, of the University of Pennsylvania; Dr. Herbert B. Adams, of the Johns Hopkins University; Dr. Edwin R. A. Seligman, of Columbia College; Professor Andrews, of Brown University; and President Charles Kendall Adams, of Cornell University.

There can be no doubt, however, that all present agreed with Professor Johnston, and it is equally certain that he struck the key-note of future progress in economics.

But what did the undertaking signify? What did it mean to remove the “crust” already formed on the development of economics and to prevent its formation in the future? It is necessary for us to get a clear idea of this, if we would understand the past history and present condition of economic science in America.

The word “heterodoxy” uttered by Professor Johnston is one which throws a whole flood of light on the situation. The utterly unscientific conceptions, orthodoxy and heterodoxy, had crept into political economy; and men had with their aid attempted to check every advance in the science with a strong hand. What was orthodox? What was heterodox? Certain Englishmen, Ricardo, Malthus, Mill, Senior, successors of Adam Smith, had developed an à priori political economy which was well-pleasing to influential social elements. This was still further purified by later successors until the strong and mighty could find in it nothing to terrify “or make afraid,” nothing to disturb their calm repose. This at last became the political economy of the most conservative portion of the press, and as such gave us, to use the words of Professor Gustav Cohn, not a description of actual life, but at best a picture of the life of men in society such as one might expect to find in the “Dream of the Millionaire.” It was a Utopia as dangerous as it was pleasing. Imported to this country, it acquired a strength in certain educated circles — particularly in the North and East — to which it could scarcely aspire, even in England. It was always ready with its little tests of orthodoxy to mete out praise or condemnation, to accord honor or shame. Acceptance of its creed was often a condition of academic preferment. A small clique of men, not without newspaper influence, constituted themselves its special guardians and, still maintaining that position, even now attempt to exercise a sort of terrorism over the intellect of the country. Any deviation from the straight and narrow path laid down by them was deeply damned. Was there not, indeed, that never-failing refuge of incompetence and malignity, the epithet “socialism,” ready to hurl at all offenders?

Manifestly, the first need of the hour was to break this “crust,” and this was a worthy object for the American Economic Association. “Orthodox” and “heterodox” must be as completely driven out of economic discussion as out of biology and mineralogy. Those who use these phrases must necessarily look back to the past to discover the belief of others, whereas science should ever keep its glance directed to the future and press on to the discovery of new truth.

This determination “to assert the right of attempts to develop in every direction, unhampered by any accusation of heterodoxy,” is of particular importance in political economy, because, in the nature of things, economists worthy of the name always have been, and always will be, in opposition to current opinion. What is an economist? An economist is a man who studies the economic life of men as members of society. Now, if the science of economics is not a humbug, he must know more about industrial society than others, and that is simply saying, in other words, that he holds opinions not generally received. The true economist is a guide who always keeps in advance, who marks out new paths of social progress. This explains why the “heterodox” economist of one age becomes the “orthodox” economist of a succeeding one. Social development has gone on in the direction in which he foresaw it must move. An American writer [Daniel Raymond, Thoughts on Political Economy] in 1820, for example, speaks of the “gross heresies” of Adam Smith’s “Wealth of Nations,” and even this great “Father” of English political economy did not escape the reproach of socialism. Could that progressive, far-seeing man know that his name was now used to retard the advance of his favorite study, he surely could not rest easy in his grave!

All articles on political economy in America written before 1880 are chiefly concerned with the question: Why have Americans done comparatively nothing to advance the science of industrial society? This is the nature of Professor Dunbar’s article on “Political Economy in the United States from 1776 to 1876,” which appeared in the NORTH AMERICAN REVIEW in the latter year; it is also the nature of T. E. Cliffe Leslie’s article on “Political Economy in the United States,” which appeared in the Fortnightly Review, in 1880. The main thought brought out is the preponderating importance attached to the pursuit of wealth rather than to an inquiry as to its philosophy in this new country. The absence of obviously pressing economic questions is also dwelt upon by both writers. All this is true. The two chief causes of research in economics are large financial questions, and wide-spread dissatisfaction among the masses with existing social arrangements, coupled with a determination to change these radically. Our late civil war brought us one of these two chief causes of economic study; events of the past ten years have brought us the other. Thus has a mighty impulse been given to the development of political economy. But there is another aspect of the situation — not unrelated to what has already been said about economic orthodoxy — which deserves mention. The chairs of political economy in the United States have in the past been filled, to large extent, by men who were not appointed, like professors of chemistry, as searchers after truth, but as advocates — chiefly of free trade or protection as the case might be. This has been sufficiently understood, and it has acted injuriously in several ways. It has kept the best men out of the academic career, and it has repressed aspirations looking in the direction of new scientific explorations. Finally, it has reduced the influence of political economists to a minimum. Business men have despised them, while their power to guide and direct the thought of the laboring classes has been less than nothing. It has been so generally felt that professors of political economy in America were mere advocates of existing institutions, that the masses have turned away from them in angry impatience, and have been prejudiced even against the important and unassailable doctrines which they did teach. Thus has the task been rendered more difficult for those truly scientific men who with the impartiality of all science, tell the plain truth to all classes and would thus benefit all alike — for a lie is of no permanent benefit to any one! And what about the politicians? Well, every one knows they have given themselves little concern about political economy, and the political economists often censure them severely on this account. While the politicians doubtless deserve it, there is another side to the case, brought out by my good friend Professor Jesse Macy in those felicitous words: “A political science which does not at least honestly seek to give direction to actual politics is an unmitigated nuisance. Colleges and universities have in the past been treated with contempt by practical politicians simply because their work has been contemptible. Politicians are the last men in the world to treat with contempt a respectable and efficient political power and influence.”

The present time is one in which the evolution of society is proceeding with more than its usual rapidity, and it is evident that we need a positive constructive political economy, and this requirement the old political economy cannot meet. Let the reader consider for a moment the age in which its great masters, Quesnay, Turgot, and Adam Smith, lived. It was the latter half of the eighteenth century, when the progress of industry was retarded by a multitude of old institutions, good in their day, doubtless, but then antiquated. The cry of men who understood their time was, “Remove the barriers! clear the way for new social forms!” The work which the great economists advocated during that period was very properly negative and destructive. It ought not then to surprise us that when we go to our old text books of political economy to seek advice in reference to practical measures, the one chief lesson which we learn is “DON’T.” Manifestly, the call of our age is DO.

A new movement in economics was then inevitable, and it has already come. Its precise beginning cannot, perhaps, be ascertained, but the writings of the distinguished head of the Massachusetts Institute of Technology, General Francis A. Walker, first made it a clearly recognized accomplished fact in America. Probably, his works have inspired more of the American economists under thirty-five-possibly under forty-than those of any other man. He sowed seed which is now springing up and bearing fruit in all parts of our land. The movement was furthered by the establishment of new chairs of political economy in American colleges and universities, which was due to the wonderful impulse given to the study by the undeniable existence of those two classes of economic phenomena to which reference has already been made; namely, large financial problems and pressing social questions. Before 1876 one might have counted on one’s fingers the institutions where any serious instruction in political economy was given, whereas provision is now made for its study in every one of the more prominent colleges of the country; and although it is still inadequate in most cases, this is a remarkable advance. There are now a few colleges with two or three instructors, even, and it is not foolish to hope that in a not remote future we shall have as completely developed departments of political economy as we now have of physics and chemistry in our best universities.

Another good sign is the growing faith, both within and without our institutions of learning, in truth. People value the searcher for truth more than formerly, the mere advocate less. It is a significant fact that the youngest of the great American universities, the Johns Hopkins, founded in 1876, took for its motto, “Veritas vos liberabit.” [“Truth will set you free”] Another equally significant fact is this: The Johns Hopkins University assumed a non-partisan attitude in natural science. Its biological laboratory was instituted solely for the search of truth, regardless of consequences. Darwinian and anti-Darwinian doctrines, as such, could not be considered. Some good people were prejudiced against the University at the start on this account, and looked with much trepidation upon its teachings; but in ten years this has for a large part disappeared, and no college has warmer, more devoted friends among the clergy. This means faith in truth and a conscious recognition of the fact that one truth can not clash with another. One other illustration of this all-important point must follow, if the reader will pardon a personal allusion. When the writer’s name was brought forward for the position of teacher of political economy in the Johns Hopkins University five years ago, the authorities of the institution, true to their motto, asked no questions about his opinions in regard to free trade and protection or anything else, although these were then as unknown as he himself. There was simply an endeavor to ascertain his qualifications for the position. This is an experience which is probably almost unique.

People are learning, both in political economy and natural science, that truth alone can make them free; that truth alone has in it the power of life; that truth — not error — is able to conserve the good, and that to fear it is unworthy of an enlightened people.

There has been the same remarkable progress in the development of an economic literature in America, which has been noted elsewhere. To confine ourselves to the past few months, such works may be mentioned as James on “The Relation of the Modern Municipality to the Gas Supply;” Shaw on “Co-operation in a Western City” — two remarkable publications of the American Economic Association — Hudson on “Railways and the Republic;” Hadley on “Railroad Transportation,” and Laughlin on “Bi-metallism in the United States.” These are all based on investigations in the rich field of American economic life. We have also bold endeavors to reconstruct fundamental principles in economics, like Patten’s “Premises of Political Economy,” and J. B. Clark’s “Philosophy of Wealth.” All these are works of international importance.

One year ago there was no economic periodical in the United States. To-day there are three, and all evidently rest on a permanent basis. They are the bi-monthly monographs of the American Economic Association, published in Baltimore; the Political Science Quarterly of Columbia College, and the Quarterly Journal of Economics, published under the auspices of Harvard University.

A change in the conception of political economy must not fail to be noticed in this place. Its scope has become enlarged, and it is not quite the same thing which it was once. It has become a distinctively ethical science, and necessarily includes purpose within its province. It is clearly recognized that the will of man is a chief factor in economic life, and that, within certain limits, we can have just such a social system as we choose — always, be it observed, however, within certain limits. Accordingly, ideals for the individual, for the State, for society, for the church, are placed before men, and they are urged to strive for them in every practicable way. It is on this account, also, that the new political economy lays so much stress on ethical education, for it is seen that errors as often proceed from the heart as from the head.

It must not be supposed that the new political economy has gained exclusive sway even in the colleges and universities of the United States — much less outside of them. Still it is making its way rapidly; it is accepted by the teachers in most of our colleges, and it is beginning to permeate the thought of our time, as may be seen in the utterances of press and pulpit.

The economists of the older school cannot, either, be denied their use. They are not mere drags on the car of progress, but with their criticism, sharp and ungracious though it sometimes be, they render the advance surer.

In conclusion, however, it is undeniable that the prime need of the hour is increased light in economics, a further development of the new political economy, and the qualities indispensable in the men who would carry on the work already so auspiciously begun are these: a good heart, a strong intellect, and dauntless courage.

Source: North American Review, Vol. 144, No. 363 (February, 1887), pp. 113-119.

Image Source: Universities and their sons; history, influence and characteristics of American universities, with biographical sketches and of alumni and recipients of honorary degrees, Vol. IV (1900), p. 505. Image was smoothed and colorised at Economics in the Rear-view Mirror.

Exam Questions Johns Hopkins Macroeconomics Money and Banking

Johns Hopkins. Final exam for monetary economics. Poole, 1968

Post author By Irwin Collier
Post date 2024-09-12

The artifact chosen for this post is the final examination for William Poole’s monetary economics course at Johns Hopkins University in 1968. Not all artifacts at Economics in the Rear-view Mirror are long.

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William Poole’s Career

William Poole became the eleventh president of the Federal Reserve Bank of St. Louis on March 23, 1998, and retired March 31, 2008.

Poole was born in Wilmington, Delaware. He received a bachelor’s degree from Swarthmore College in 1959 and a master’s degree and a doctorate in economics from the University of Chicago in 1963 and 1966, respectively. Before joining the St. Louis Fed, Poole was Herbert H. Goldberger Professor of Economics at Brown University. He served on the Brown faculty from 1974 to 1998 and the faculty of Johns Hopkins University from 1963 to 1969. Between these two university positions, he was senior economist at the Board of Governors of the Federal Reserve System. He was also a member of the Council of Economic Advisers in the first Reagan administration from 1982 to 1985.

Poole has published numerous papers in professional journals and engaged in a wide range of professional activities. He has published two books: Money and the Economy: A Monetarist View in 1978 and Principles of Economics in 1991 (coauthored with J. Vernon Henderson). During his ten years at the St. Louis Fed, he delivered over 150 speeches on a wide variety of economic and finance topics.

In 1980 and 1981, Poole was a visiting economist at the Reserve Bank of Australia; in 1991, he was the Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. He has served on various advisory boards of the Federal Reserve Banks of Boston and New York and the Congressional Budget Office. He is a senior fellow at the Cato Institute, distinguished scholar in residence at the University of Delaware, senior economic adviser to Merk Investments, and a special adviser to Market News International.

Swarthmore honored Poole with a doctor of laws degree in 1989. He was inducted into the Johns Hopkins Society of Scholars in 2005 and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.

Source: https://web.archive.org/web/20240607041405/https://www.federalreservehistory.org/people/william-poole

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The Johns Hopkins University
Political Economy 662
— Monetary Theory

W. Poole

Final Exam — 2 hours
May 27, 1968

Answer three of the four questions below.

In principle It would be possible to “automate” monetary policy by deriving an optimal decision rule. Explain how such a rule might actually be determined, and what the difficulties of such an approach to monetary policy might be.
Discuss the theory and the cyclical behavior of the term structure of interest rates. Is an understanding of this behavior likely to be of any value to the policy-maker?
“It has been argued that lags in the demand for money function may off-set lags in the expenditure sector, thus leading to a rapid response of income to monetary policy actions. But this result depends on large interest rate fluctuations and such fluctuations are inconsistent with both the notion of a speculative demand for money and with the Meiselman learning model of the term structure of interest rates.” Discuss.
“In a one-sector neoclassical growth model, money will affect the growth path provided that the money is outside money and that zero interest is paid on money balances. Therefore, a sensible growth policy is to prohibit payment of interest on demand deposits and to increase the rate of growth of the money stock.” Discuss.

Source: Johns Hopkins University. The Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Box 3. Folder: “Graduate Exams, 1933-1965”.

Image Source: William Poole at the Federal Reserve Centennial, 2014.

Tags Poole

Berkeley Brown Carnegie Institute of Technology Carnegie Mellon Chicago Columbia Cornell Duke Economics Programs Harvard Illinois Indiana Iowa Johns Hopkins Kansas M.I.T. Michigan Michigan State Minnesota North Carolina Northwestern NYU Ohio State Pennsylvania Princeton Purdue Rochester Stanford Texas UCLA UWash Vanderbilt Virginia Virginia Tech Washington University Wisconsin Yale

U.S. Economics Graduate Programs Ranked, 1957, 1964 and 1969

Post author By Irwin Collier
Post date 2024-07-29

Recalling my active days in the rat race of academia, a cold shiver runs down my spine at the thought of departmental rankings in the hands of a Dean contemplating budgeting and merit raise pools or second-guessing departmental hiring decisions.

But let a half-century go by and now, reborn as a historian of economics, I appreciate having the aggregated opinions of yore to constrain our interpretive structures of what mattered when to whomever.

Research tip: sign up for a free account at archive.org to be able to borrow items still subject to copyright protection for an hour at a time. Sort of like being in the old reserve book room of your brick-and-mortar college library. This is needed if you wish to use the links for the Keniston, Carter, and Roose/Andersen publications linked in this post.

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1925 Rankings

R. M. Hughes. A Study of the Graduate Schools of America (Presented before the Association of American Colleges, January, 1925). Published by Miami University at Oxford, Ohio. (See earlier post that provides the economics ranking from the Hughes’ study)

1957 Rankings

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

Tables from Keniston transcribed here at Economics in the Rear-view Mirror:
https://www.irwincollier.com/economics-departments-and-university-rankings-by-chairmen-hughes-1925-and-keniston-1957/

1964 Rankings

Allan M. Cartter, An Assessment of Quality in Graduate Education Washington, D.C.: American Council on Education, 1966.

1969 Rankings

Kenneth D. Roose and Charles J. Andersen, A Rating of Graduate Programs. Washington, D.C.: American Council on Education, 1970.

Tables transcribed below.

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Graduate Programs in Economics
(1957, 1964, 1969)

				Percentage of Raters Who Indicate:
Rankings				“Quality of Graduate Faculty” Is:
1957	1964	1969	Institution	Distiguish- ed and strong	Good and adequate	All other	Insufficient Information
Nineteen institutions with scores in the 3.0 to 5.0 range, in rank order
1	1*	1*	Harvard	97	–	–	3
not ranked	1*	1*	M.I.T.	91	–	–	9
2	3*	3	Chicago	95	–	–	5
3	3*	4	Yale	90	3	–	7
5*	5	5	Berkeley	86	9	–	5
7	7	6	Princeton	82	9	–	10
9	8*	7*	Michigan	66	22	–	11
10	11	7*	Minnesota	65	19	–	15
14	14*	7*	Pennsylvania	62	22	–	15
5*	6	7*	Stanford	64	25	–	11
13	8*	11	Wisconsin	63	26	–	11
4	8*	12*	Columbia	50	37	–	13
11	12*	12*	Northwestern	52	32	–	16
16	16	14*	UCLA	41	38	–	21
not ranked	12*	14*	Carnegie-Mellon Carnegie-Tech (1964)	39	35	–	26
not ranked	not ranked	16	Rochester**	31	39	1	29
8	14*	17	Johns Hopkins	31	56	–	13
not ranked	not ranked	18*	Brown**	20	52	1	27
15	17	18*	Cornell**	21	56	2	21
		*Score and rank are shared with another institution.
		**Institution’s 1969 score is in a higher range than ist 1964 score.

Ten institutions with scores in the 2.5 to 2.9 range, in alphabetical order (1969)
	Duke
	Illinois
	Iowa State (Ames)
	Michigan State
	North Carolina
	Purdue
	Vanderbilt
	Virginia
	Washington (St. Louis)
	Washington (Seattle)

Sixteen institutions with scores in the 2.0 to 2.4 range, in alphabetical order (1969)
	Buffalo*
	Claremont
	Indiana
	Iowa (Iowa City)
	Kansas
	Maryland
	N.Y.U.
	North Carolina State*
	Ohio State
	Oregon
	Penn State
	Pittsburgh
	Rice*
	Texas
	Texas A&M
	Virginia Polytech.*
* Not included in the 1964 survey of economics

Biography Chicago Economists Johns Hopkins

Johns Hopkins. Economics Ph.D. Alumnus, later University of Chicago professor. Marc Nerlove, 1933-2024

Post author By Irwin Collier
Post date 2024-07-16
2 Comments on Johns Hopkins. Economics Ph.D. Alumnus, later University of Chicago professor. Marc Nerlove, 1933-2024

Caricature by Roger Vaughan in The Journal of Progressive Hedonists Against Radical Thought [P.H.A.R.T.], Special All-Picture Issue (1973). Harvard University Archives. Papers of Zvi Griliches. Box 129, Folder “Posters, ca. 1960s-1970s.”

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The life and career of Marc Nerlove
b. 12 Oct 1933, d. 10 Jul 2024

Marc Leon Nerlove (born 1933) is a white American agricultural economist and econometrician who was born on 12 October 1933 in Chicago, Illinois to Dr. S. H. (Samuel Henry; 1902-1972) and Evelyn (1907-1987) Nerlove. S. H. Nerlove was born in Vitebsk, Russia (now Belarus) and brought to the US by his parents in 1904, and he became a professor of business economics at the University of Chicago (circa 1922-1965) then the University of California, Los Angeles (1962-1969). Evelyn Nerlove was born in Cambridge, Massachusetts and worked at the University of Chicago hospital and taught in the School of Social Service Administration until a university nepotism policy forced her to resign after their marriage in 1932 (although she “returned to her profession” in the 1950s). S. H. and Evelyn had two other children: Harriet Nerlove (circa 1937-2019), who became a clinical psychologist at Stanford University then in New York City, and Sara “Sally” Nerlove (born circa 1942), who became an anthropologist before spending most of her working life as a program officer at the National Science Foundation.

Marc Nerlove attended the University of Chicago Laboratory Schools from 1939-1949, earned a BA with honors in mathematics and general honors in 1952, and was a Research Assistant at the Cowles Commission for Research in Economics in 1953. He then earned a MA in 1955 and a PhD in economics with distinction in 1956 from the Johns Hopkins University (JHU), where Carl Christ supervised his dissertation. Nerlove’s other teachers included Milton Friedman, Theodore Schultz, Ta-Chung Liu, Fritz Machlup, and Jacob Marschak.

Nerlove’s teaching career began in 1958 as a visiting lecturer then lecturer at JHU before he was appointed to his first professorship in 1959 at the University of Minnesota. From there, he made stops at Stanford (1960-1965), Yale University (1965-1969), Chicago (1969-1975), Northwestern University (1974-1982), and the University of Pennsylvania (1982-1993) before retiring from the University of Maryland (1993-2016). He also held many visiting appointments, including at Harvard University (1967-1968), four universities and research centers in Germany, the University of British Columbia (1971), Fundação Getulio Vargas in Brazil (1974-1978), and Australian National University (1982).

Nerlove’s employment history also includes federal service. He was an analytical statistician in the Agricultural Marketing Service at the US Department of Agriculture from 1956-1957, then a lieutenant in the US Army from 1957-1959. He was drafted in 1957, then on loan from the Chemical Corps to the (US) Senate Subcommittee on Antitrust and Monopoly as an economist at the request of Chairman Estes Kefauver in 1958. In addition, Nerlove consulted for the RAND Corporation (1959-1989), Southern Pacific Company (1961), (US) President’s Committee to Appraise Employment and Unemployment Statistics (1962), World Bank (1979-1985), and International Food Policy Research Institute (1981-1986).

Nerlove’s history of professional service includes the Econometric Society (President, 1981), American Economic Association (Executive Committee, 1977-1979), American Statistical Association (advisory committees to the Bureau of the Census, 1964-1969, and Civil Aeronautics Board, 1966-1968), International Economic Association (Chair, Econometrics Section, 1989), National Academy of Sciences (National Research Council Committee on Social Sciences in the NSF, 1975-1976), NSF (proposal reviewer, 1960-1974), and Social Sciences Research Council (Director, Mathematical Social Science Board Summer Workshop on Lags in Economic Behavior, 1970).

Nerlove’s awards include the 1969 John Bates Clark Medal, a Fulbright Research Grant (1962-1963), and two Guggenheim Fellowships (1962-1963; 1978-1979), and he is a Distinguished Fellow of the American Agricultural Economics Association (1993) and American Economic Association (2012).

Nerlove married Mary Ellen Lieberman (died 2011) in the 1950s and they had two daughters, Susan Nerlove (born circa 1958) and Miriam Nerlove (born circa 1960). Miriam Nerlove become an author and illustrator of children’s books, including Who Is David with Evelyn Nerlove in 1985. Marc and Mary Ellen Nerlove divorced in the 1970s, then he married Dr. Anke Meyer (born 1955), a German environmental economist who spent 23 years at the World Bank (1991-2014) and collaborated with him on some of his writings during this time.

Source: From the Marc L. Nerlove papers, 1930-2014 webpage, David M.Rubenstein Rare Book & Manuscript Library, Duke University.

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Backstory for The Journal of Progressive Hedonists Against Radical Thought at the University of Chicago:

Chicago. The Journal of Progressive Hedonists Against Radical Thought (P.H.A.R.T.), Rodney Smith & Roger Vaughan, 1971

________________________

For Roger Vaughan’s Meisterstück The School of Chicago, see:

Chicago. The School of Chicago 1972 by Roger Vaughan (Ph.D. 1977). IDs by Gordon, McCloskey & Grossbard

Tags Griliches, NerloveM, Vaughan

Econometrics Exam Questions Johns Hopkins

Johns Hopkins. Final Exams for “Econometrics”. Christ and Harberger, 1951-1952

Post author By Irwin Collier
Post date 2024-07-12

If you have ever wondered why the journal Econometrica has always published much content with next to no “econometrics” (in the sense of mathematical statistics with special application to economics), the final exams for the Johns Hopkins graduate course “Econometrics” taught by Carl Christ and Arnold Harberger in 1951-52 provide us with a ready explanation. We can see that their course offered a combination of mathematical modeling and econometrics, narrowly defined. At mid-20th century economists regarded “econometrics” as the union of mathematical economics and mathematical statistics rather than as the intersection of the two fields.

Fun fact: Marc Nerlove, who entered the Johns Hopkins graduate program in economics in 1952, was in Carl Christ’s econometrics course. This fact and the photo of Christ and Harberger come from Nerlove’s note included on the In Memoriam page for Carl Christ (1923-2017).

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EXAMINATION
ECONOMETRICS

Friday, January 25, 1952 — 2-5 p.m.

Dr. Christ
Dr. Harberger

A monopolist produces Z goods, X₁ and X₂, under constant unit costs C₁ and C₂ respectively. The demands for his products are

x₁ = x₁₀ – a₁₁ (P₁ – C₁) – a₁₂ (P₂ – C₂)
x₂ = x₂₀ – a₂₁ (P₁ – C₁) – a₂₂ (P₂ – C₂)

Find the Outputs of X₁ and X₂ which the monopolist will produce in order to maximize profits. What condition on the a’s must be satisfied if your solution is to reflect a true maximum?

Prove Euler’s theorem for homogeneous functions of the first degree.
Consider the utility functions

(1) U₁ = ху
(2) U₂ = log_ex + log_ey

For each function state:

1. 1. whether the marginal utility of each good is increasing, decreasing, or constant.
  2. whether the marginal utility of one good is independent of the amount of the other good consumed.
  3. the demand functions of a person having a fixed income.

What conclusions do your results suggest?

Two countries. A and B, produce export commodities X_A and X_B at constant cost in local currency. Income in each country is stabilized by government policy, and the demand for imports depends solely on the local-currency price of imports. The exchange rate is normally fixed, but is subject to change by policy action. Assume Country A, in an initial equilibrium of the system, does not receive as much foreign currency as it has to pay for the imports its citizens demand. What are the conditions under which the gap between its receipts and expenditures of foreign currency can be decreased by devaluation? Do these same conditions apply to the gap between receipts and expenditures expressed in its own currency?
Factor A is the only factor used by a monopolist, who produces good X. The suppliers of factor A always demand a constant percentage of the product price p as their unit price. At, this price they are willing to supply unlimited amounts of A.
1. 1. Assume returns to scale are constant. What output will the monopolist produce? Is thin output any different from that he would produce if A were free good.
  2. Assume returns to scale are decreasing. What output will the monopolist produce? Compare your present result with your answer to (a).

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

ECONOMETRICS 633-34
Final Examination

Thursday, May 22, 1952

Define
1. 1. exogenous variable
  2. overidentified equation
  3. consistency
  4. likelihood function
  5. condensed likelihood function
Suppose the actual supply and demand equations for 2 goods X₁ and X₂ are as follows (where p₁ and p₂are their respective prices, and income Y and wage rate w are exogenous):

S₁: X₁ = 3p₁ – 6w + 1

D₁: X₁ = 2p₁ – 5p₂ + Y + 2

S₂: X₂ = 7p₂ – 8w +3

D₂: X₂ = 4p₁ – 4p₂ + 2Y +4

State whether each equation is identified.

Given that y = ax + b + u, where a is an independent variable, u is a random normal disturbance with mean 0 and constant variance σ², and a and b are parameters. Derive the maximum likelihood estimates of a, b, and σ² based on N observations on the pair of variables x and y.
What assumptions must you make and what data do you need in order to obtain limited-information maximum-likelihood estimates of the following equation:

C= α Y + β C_-1 + γ

where C and Y are real consumption and disposable income, respectively.

The output of each of n industries (excluding households) is produced by a given process requiring fixed proportions of inputs of the other n-1 commodities. If these proportions are known and if a final-demand bill of goods is specified, how are the total outputs of the n industries determined?
It has been asserted that the materials restrictions imposed on durable goods manufactures after Korea, while limiting the output of durable goods well below the level of 1950, did not reduce the quantities sold to a point below what they would have been in the absence of the restrictions. This assertion is supported by empirical evidence is the form of the observed accumulation of manufacturers’ and dealers’ inventories and of some price-cutting in 1951-52. Can you think of any way whereby back in 1950 you could have anticipated these developments? To answer this question, what empirical data would you seek and how would you use it, with respect to consumer durables generally or to any particular durable good?

Source: Johns Hopkins University. Eisenhower Library, Ferdinand hamburger, Jr. Archives. Department of Political Economy, Series 6, Series 7, Subseries 1, Box 3/1, Folder “Department of Political Economy, Graduate Exams 1933-1965.”

Image Source: Department of Economics, Johns Hopkins University. Webpage “In Memoriam – Carl Christ (1923-2017).” Carl Christ and Arnold Harberger at the Johns Hopkins conference in honor of Marc Nerlove, 2014.

Tags Christ, Harberger

Exam Questions Johns Hopkins Macroeconomics

John Hopkins. Final exam for graduate macroeconomic theory. Aschheim, Christ, Mills. 1962

Post author By Irwin Collier
Post date 2024-02-27

The only remarkable thing to note about the following macroeconomics examination from Johns Hopkins is its somewhat confusing scheme for allowing students to select from the questions. No heroic leaps of imagination were demanded of the examinees, which is humane I guess. But an artifact is an artifact, so duly transcribed, posted, and added to the collection.

______________________________

MACROECONOMIC THEORY 18.604
Final Examination, May 21, 1962

Messrs. [Joseph] Aschheim,
[Carl] Christ, and [Edwin] Mills

Answer all questions except:

either (a) three of the 12-point questions in Part II.
or (b) one of the 36-point questions in Part I.

Time: 3 hours (i.e., 180 minutes); total credit 180 points.

PART I. 36 points each.

Compare the roles assigned to technological progress in major writings of Schumpeter and Solow.
Write a short critical essay comparing either
1. The growth models of Harrod and Domar, or
2. The models of growth and fluctuations presented by Tobin (JPE 1955) and Duesenberry (Business Cycles and Economic Growth)
Analyze the essential differences between the modern conventional theory of public debt and the recent reformulation of this theory.
The stability of equilibrium in the Wicksellian monetary system has been subjected to opposing interpretations by Myrdal and Patinkin. Review these opposing interpretations in light of Wicksell’s own formulation.

PART II. 12 points each.

Saving equals investment.
The demand for money (as a stock) depends on bondholdings as well as on income and interest rates.
Disarmament would create a major depression in the United States.
The effect of an increase in government expenditure does not depend on how the extra expenditure is financed, as long as it does not come from increased taxes.
If national income is $500 billion and consumption is $400 billion, then for each increase of $1 in government expenditure the equilibrium level of national income will increase by $5.
The multiplier analysis is useful for studying economic growth, abstracting from cyclical fluctuations.

Source: Johns Hopkins University, Sheridan Libraries, Ferdinand Hamburger University Archives. Department of Political Economy, Box 3/1 Series 6 , Folder “Graduate Exams 1933-1965” (sic).

Source: Professor Carl Christ in the Johns Hopkins University yearbook, Hullabaloo 1964, p. 42.

Tags Aschheim

Economics Programs Johns Hopkins

Johns Hopkins. Ten-Year Projects and Outlook for Department. 1968-1978

Post author By Irwin Collier
Post date 2024-01-28

The following ten-year plan (1968-1978) proposal for the department of political economy of Johns Hopkins was most likely drafted by senior members of the department, though the precise author(s) is not clear from the document itself. The bottom line of this plan is a request to be allowed to expand the deparment’s faculty and graduate student body by by half and by two-thirds, respectively. Otherwise the department feared the loss of its national reputation due to having a reduced scope and scale.

The plan is at least as interesting for its obiter dicta regarding e.g., air-conditioning, computer terminals, secretarial staff, etc.

_______________________

TEN-YEAR PROJECTS AND OUTLOOK FOR
DEPARTMENT OF POLITICAL ECONOMY
[Draft, 1967]

I. Introduction and Summary

The Department of Political Economy, like the rest of the University, has concentrated on small numbers and high quality in its research and instructional programs. It is our intention to continue that tradition.
During the early postwar period, this Department produced as large a group of outstanding young economists as almost any university in the country. Its small faculty included several of the country’s most eminent economists. Between 1958 and 1961 the Department was plagued with resignations of senior faculty. At the same time resources available at other universities were growing rapidly. As a result the Department lost its former status as a major producer of research and scholars. Since 1961, the Department has steadily been rebuilt and is again able to attract its share of outstanding faculty and graduate students. But the Department still suffers to some extent from the factors responsible for its earlier troubles: its small size and limited resource base.
The Department now consists of 11 faculty and 45 resident Ph.D. candidates.
The program outlined in subsequent sections is designed to strengthen the Department by increasing Its size and financial base, while still permitting it to reap the advantages of its relatively small size.
During the next decade, the Department should grow to about 18 faculty members, or about 50%. Its Ph.D. candidates should grow to about 75, or by about two-thirds. Such growth is essential to add stability to the research and instructional programs, and to permit us to cover the growing number of specialties in the subject.
Growth will be expensive. Faculty salaries and graduate fellowships will continue to rise. And no university can retain excellence, let alone improve its position, without substantial budgetary increases. Within a decade, the Department’s budget for salaries and fellowships should almost triple.

II. Immediate Needs and Plans

A. In 1967-68, the Department has ten full-time faculty members, one joint appointment with Operations Research, and one faculty member whose major appointment is in the School of Public Health. (A second joint appointment with Public Health was made in Spring 1967, but the appointee will be in Pakistan for two years.) We have two vacancies. One is a professorship, and results from the Department’s having been permitted to replace Professor Evans prior to his retirement. We have appointed a visiting Professor to this post for 1968-69. The other vacant post is an Assistant Professorship, created in the spring of 1967.
The Department’s full-time faculty ought to expand to about 18 during the next decade. Three purposes would be served by such an expansion. First, it would provide the Department with more depth in the central specialties of economic theory and quantitative methods, so that a resignation or leave of absence would not disrupt the instructional program. Second, it would permit us to make appointments in important specialties not adequately covered by existing faculty. The inevitable increase in specialization through time makes gradual expansion necessary. Third, it would enable us to discharge our obligations to the instructional programs in international relations more adequately.
The Department is now actively seeking funds for the establishment of a Center for International Economic Studies within the Department. This Center would provide a focus for graduate instruction and research in the areas of international trade and economic development. The Center would provide a major substantive focus for the Department in addition to its present focus on economic theory and quantitative methods. In addition, it would help to fill a pressing social need, since the development of poor countries is perhaps the most pressing social problem of our time. Finally, it would permit us to exploit the unique advantages of the University’s proximity to Washington.
Although we are now strong in international economics, we are weak in economic development. Hence, a specialist in economic development is our most pressing need in terms of our proposed Center, our own graduate program, and our participation in the international relations programs. Our next highest priority is in the area of industrial organization, in which we now offer only one course in alternate years. Other fields in which we need additional strength are economic growth, public finance, private finance, econometrics, managerial economics, and Soviet-type economics.
Our needs are not equally urgent in all these areas. And not every specialty requires a separate appointment. Individual scholars often have interests in two or more specialties. Finally, the importance of particular specialties, and the interests of individual faculty members change gradually through time.

B. The most important research facilities for the Economics Department are the library and computational facilities. In both cases, the special needs of the Department will make it increasingly important in the coming decade to supplement the facilities available to the University as a whole.
For many years the Department has felt the need for a workroom where copies of major journals and reference books could be kept. In an important sense, the technical journals and data sources play the role in economics that the laboratory plays in an experimental. science. The movement of the library from Gilman Hall has imposed a major burden on faculty in the Department. In addition, faculty and graduate students in economics are now sufficiently numerous that duplicate copies of major journals are essential. We have made a small beginning toward meeting our library needs by establishing a workroom in our new quarters. A very limited number of journals is being purchased from research funds. In the coming years it will be important to expand the number of journals in our workroom, and to add major reference and data volumes. If a new social science building is constructed, or if the Department is able to expand its quarters as a result of the construction of a humanities building, a departmental library should be a major planning item.
The Department now has 6 desk calculators for use by faculty and students. Most are old and should be replaced with more modern machines within a few years. In the next decade we should at least double the number of calculators available. Some of our faculty now make frequent use of one or more of the real time-saving consoles located around the University. Within a short time, it will be important for the Department to have one or more such consoles in or near the Department area.
The Department now has two full-time and one half-time secretary. The half-time secretary is financed from research funds. Within a year or two she will need to be full time. Within a decade we will probably need five full-time secretaries. We need one additional electric typewriter this fall, and at least three modern tape recorders. During the coming years wo will need several additional typewriters and recorders, and other minor items of office equipment.

C. In the spring of 1967, we substantially revised both our undergraduate and graduate curricula. At the undergraduate level, the major change was to permit most courses to be taken after only two semesters economic theory rather than three as was previously required. This opened up, several courses in the Department to international relations majors and others outside the economics major. At the graduate level, the major change was to provide a more concentrated and integrated program in economic theory for first-year Ph.D. candidates.
During the last few years, the number of undergraduate registrations in economics courses has grown much more rapidly than the undergraduate student body. This is shown in the following table of selected registrations.

	1963-64	1964-65	1965-66	1966-67
18.1	241	339	351	358
18.2	50	85	121	107
18.3	50	79	94	108
18.301-302	51	56	52	74
Total	392	559	618	647

This has necessitated our giving some courses each semester which were previously given in alternate semesters. Presumably, future growth in undergraduate registrations will more nearly approximate the growth in the student body. During the next few years our major need at the undergraduate level is to add a few specialized courses that will be available to students with a limited background in economics. Planned economics and urban economics are examples of such courses.
Our Ph.D. program is now too small. We do not have enough students to justify graduate courses in specialties which should be covered in a high quality graduate program, and we do not have enough faculty to offer the courses. We thus need to expand the graduate enrollment and the faculty simultaneously in order to be able to fill gaps in our graduate program in areas such as economic development, fiscal policy and industrial organization.

D. This Department is far smaller than any other major graduate department in economics. The next smallest, Princeton, is approximately the size that our projections indicate we will be in 10 years. Others are much larger.
We do not aspire to match the size and growth of most of the departments with which we compete for faculty and graduate students. We are firmly convinced of the advantages of smallness. But until very recently our size was almost below that required for viability. And we see clear advantages in some further growth, which would still retain the benefits of our relatively small size.

III. In this section I will discuss the undergraduate and graduate instructional programs, and faculty research activities in that order.

Undergraduates can either concentrate or major in economics. Although there is some tendency for better students to major rather than concentrate, some very able students choose the less intensive program. A stronger tendency is for those whose goal is a Ph.D. program in economics to major, and for others to concentrate.
An average senior class contains about 15 concentrators in economics. Some of these graduates take jobs, but many go to graduate school in business, law and economics.
An average senior class contains about 10 majors in economics. Although a few majors take jobs upon graduation, most attend graduate school in economics or business. And the program is designed with this group in mind. In recent years, our majors have undertaken successful graduate study at Chicago, Stanford, M.I.T., Johns Hopkins and other leading institutions. The Department’s requirements of a major include four semesters of economic theory, economic history, a year of statistics, a year of mathematics, a senior essay, and work on one or more advanced fields. We feel that our majors are as well prepared for graduate study as those at any university in the country.
For many years, the goal of our Ph.D. program has been to provide thorough training in economic theory, quantitative methods, and a small number of substantive fields to a small group of high quality students, most of whom intend to enter teaching and research posts. In the years 1950-1966, 63 people received the Ph.D. for work in this Department. This comes to 3.7 per year, but there is a slight upward trend, and we have given about five per year in recent years. Among them are some of the leading academic economists of the postwar generation. Our graduates hold posts at Yale, Chicago, Minnesota, Northwestern, Purdue, Wisconsin and other leading United States universities. They also hold major academic posts in the U.K., Israel, Japan and Australia.
In the early postwar period, Johns Hopkins had among its Ph.D. candidates more than its share of the best students who studied economics. This resulted from the high quality of the faculty, the small and personal nature of the Ph.D. program, and the ability of the Department to offer fellowships that were larger than those offered by competing institutions. In the late 1950’s, this situation changed, partly because of the loss of most of the Department’s senior faculty. Since 1981, the Department has been substantially rebuilt; and is again among the leading economics departments in this country. We have greatly improved the quality of the student body, and are now getting about our share of the best graduate students, but we have not regained our former edge. To do so is the goal of the plans outlined in other sections of this report.
In the Political Economy Department, as elsewhere in the University, most faculty research is basic rather than applied. Within that framework, however, a wide spectrum of subjects and techniques is encompassed. Some of the research is purely theoretical, employing mathematical and logical tools to improve our understanding of economic phenomenon. Most of the research, however, is quantitative, employing not only economic theory but also statistical methods and data.

IV. Relationship to the Hopkins community

A. At the undergraduate level, the enrollment in economics courses has grown rapidly in recent years. Nearly every undergraduate now takes at least one economics course. And for several years we have had more than a hundred students per year in each of our second and third courses in economic theory. About 50 students per year enroll in our course in current economic problems. In 1967-68, the Department will offer 11 semester courses at the 0-99 level, and 13 semester courses at the 300-level, all of them open to undergraduates who are not economics majors.
At the graduate level our Ph.D. candidates frequently take courses in the Departments of Mathematics, Statistics, and Operations Research. Less frequently they take courses in the Departments of Political Science, History, Geography, and Social Relations. Frequently, 300- and 600-level courses in economics are taken by Ph.D. candidates in Operations Research, Environmental Sciences, Statistics, and Geography. Less frequently, they are taken by students in History, Social Relations and Political Science. Sometimes, students from SAIS take our courses in international economics and economic development.
In recent years, there has been a considerable increase in the exchange of graduate students between this Department and others for course work. We expect this trend to continue and feel that it should be encouraged.

B. The Center for International Studies will be established within the Department of Political Economy. However, many problems within the Center’s purview require interdisciplinary study, and we hope to use the Center as a vehicle for joint teaching and research programs. SAIS is the most natural partner for such ventures, but we hope to explore possibilities with Homewood departments also.

C. The Department takes an active part in the A.B.-M.A. and Ph.D. programs in international relations. We give year courses in international economics and economic development mainly for students in these programs. In our curriculum revision last spring, we reduced the prerequisites for these courses to make them more accessible to international relations specialists. We are generally pleased with our success in staffing the economics part of the international relations program. However, we feel a need for a major appointment in economic development before we can be fully satisfied with our contribution.
The Political Economy Department has one joint appointment with the Operations Research Department. In addition, wo have two faculty members in the Department whose major appointments are in the School of Public Health. The Department has no fixed policy regarding joint appointments. Those that wo have are successful because of special circumstances in which such an arrangement is in the interests of all parties. We expect that such circumstances will arise again. But we think it unwise to plan for certain numbers or kinds of joint appointments.

V. Instructional Program

A. The following table summarizes the Department’s instructional program in 1967-68:

Course Number	No. of Courses	Hours Per Week	Credit Hours	No. of Courses	Hours Per Week	Credit Hours	No. of Courses	Hours Per Week	Credit Hours
0 – 99	5	14	14	6	17	17	11	31	31
300-399	7	15	22 ½	6	13	19 ½	13	23	42
600-699	11	23	—	12	24	—	23	47	—
Total	23	52	—	24	54	—	47	106	—

Each full-time faculty member except the chairman teaches two courses per semester. The chairman teaches three courses per year. All faculty attend the weekly Department seminar. Most faculty members will attend our dissertation seminar several times a year.
All courses numbered 0-99 are open to all qualified undergraduates, whether they are economics majors or not. All 300-399 numbered courses are open to qualified undergraduates and to graduate students from other departments. A few are not normally taken by Ph.D. candidates in economics. 600-699 numbered courses are open to graduate students in this and other departments.
It is difficult to predict future growth of undergraduate enrollment since, as stated above, we expect it to grow about as fast as the undergraduate student body, which we do not control. However, even in the absence of substantial growth in enrollments, there are several courses that should be added either at the 0-99 or the 300-399 level. These include comparative economic systems, corporation finance, public finance, and economic growth. Some other courses, now given only in alternate years, should be given every year. These include industrial organization, economics of education, and urban economics. Substantial growth in enrollments would require that we offer additional sections of some courses and that we offer some courses every semester rather than once a year.
At the graduate level, our intake of students has been between 10 and 15 for several years, resulting in a body of about 35 students in residence. We have now embarked on a conscious program of increasing the size of our graduate program; in 1967-68, 18 students entered and our student body is 45. Our intake should increase gradually over the coming decade to about 25, with a resulting student body of about 75. Seventy-five is the present graduate enrollment of the next smallest of major graduate programs in economics in other universities. Others are considerably larger. We feel that this growth is necessary to enable us to offer the range of courses now required for proper coverage of our subject matter.
Unless a major expansion of the international relations program is undertaken, we should not have to devote more faculty resources to it, once we have made the appointment we are now seeking in economic development.
Expansion of the faculty from 11 to 18 would permit the addition of 28 semester courses in the Department. The exact nature and level of the courses to added will depend on the interests of faculty members recruited, the interests of undergraduate and graduate students, and developments in the subject matter. However, we expect to continue the policy of devoting roughly half the Department’s teaching resources to courses numbered 0-99 and 300-399, and the other half to 600-level courses.

B. The Department completely reorganized both its undergraduate and graduate curricula in the spring of 1967. This reorganization permitted us to identify clearly the gaps in our program referred to in Section II. We feel that our only pressing curriculum need is now to fill these gaps. Major curriculum reform becomes necessary periodically in a developing discipline, but we have no plans for further reform.

VI. Resources Outside the University

The Department has no formal relationship with organizations outside the University. The Department does, however, benefit from proximity to Washington in several ways. First, proximity to Washington is an attraction to some actual and prospective faculty members. They may obtain data, attend meetings and seminars, and occasionally undertake paid consulting at U.S. Government agencies, international organizations, or private research Institutions. Second, Washington is an attractive source of summer jobs for our graduate students, and a few of our graduates take permanent posts there.

VII. Space requirements

In the spring of 1967 the Department moved into new quarters on the fourth floor of Gilman Hall. These quarters are an important improvement over those previously available to the Department. The new quarters consist of 12 faculty offices, a departmental office, a calculator room, 11 small cubicles for graduate students, a seminar room, and a workroom where recent technical journals are kept.
In terms of space needs, however, the now quarters are already inadequate. We now have 13 faculty posts in the Department, but only 12 offices. In fall 1968 we expect to have all 13 posts filled, and we will have the Hinkley Professor in the Department. We will thus be two offices short. In addition, we recently hired a part-time secretary. The Department office is adequate for only the two secretaries now occupying it and we have to house the new secretary in the calculator room. Within the next year the part-time post will have to be made full time, and the housing problem will be acute.
The ten-year projection for the Department will require major additions to the Department’s space facilities. Faculty offices will have to expand from 12 to 18. The secretarial force will have to expand to at least five, and that will require at least two rooms entirely devoted to secretarial use. The Department now has one seminar room. Virtually all our 300- and 600-level courses are held there and it is in use more than 35 hours per week within a short time it will be necessary to have an additional seminar room. Within ten years it will be important to have a third room that can be used for seminars, conferences and other meetings. Within the next few years we will need a larger calculator room. We already need additional calculators, and this need will grow as the faculty and graduate student body grows. In addition, we will shortly need one or more real time sharing consoles in the Department area.
It is clear that a building to house either the social or behavioral sciences is already overdue at Johns Hopkins. Despite all the building on the campus in the last decade, the social sciences and humanities – as well as statistics and various ancillary facilities are still all housed In Gilman Hall. It is virtually the only building on the campus that is not fully air conditioned. And the removal of the main library has worsened the situation.
The nature of this Department’s space needs would make it difficult, but not impossible, to satisfy them by regrouping the Gilman facilities if some other departments were to be housed in other buildings. A social or behavioral science building – which would include economics ought to be a major part of the 10-year fund raising program.

VIII. Tables and Graphs

A. The following table shows the undergraduate concentrators and majors in Political Economy for 1967-68:

	Concentrators	Majors
Juniors	5	10
Seniors	16	9

This table does not include the BIM students.
In 1967-68 the Department has 18 entering and 27 returning graduate students. We have no post-doctoral students.

B. Faculty

Edwin S. Mills – Professor and Chairman

Age: 39
econometrics, statistics, microeconomics
Research projects: [blank]

Bela Balassa – Professor

Age: 39
International trade, economic theory, comparative systems, economic development
Research projects: [blank]

Carl F. Christ – Professor

Age: 44
econometrics, macroeconomics, money
Research projects: [blank]

G. Heberton Evans, Jr. – Professor

Age: 67
economic history, history of economic thought, private finance
Research projects: [blank]

Herbert E. Klarman – Professor

Age: 51
economics of health, public finance
Research projects: [blank]

Peter Newman – Professor

Age: 39
economic theory, mathematical economics, economic development
Research projects: [blank]

Jürg Niehans – Professor

Age: 48
economic theory, money
Research Projects: [blank]

Frederick T. Sparrow – Associate Professor

Age: [blank]
operations research, microeconomic theory, managerial economics
Research projects: [blank]

William Oakland – Assistant Professor

Age: 28
public finance, money, economic theory
Research projects: [blank]

John Owen – Assistant Professor

Age: 35
labor, economic theory, education
Research Projects: [blank]

William Poole – Assistant Professor

Age: 30
money, macroeconomics, international trade
Research projects: [blank]

H. Louis Stettler, III – Assistant Professor

Age: 29
economic history, economic theory, statistics
Research projects: [blank]

C. As was stated above, the Department should grow from its present size of 12 faculty members to 18 during the next decade. We feel that the current division by rank — about half the faculty are professors — is about right. The following table shows a feasible growth pattern to meet the projected goal:

	1967-68	1968-69	1969-70	1970-71	1971-72	1972-73	1973-74	1974-75	1975-76	1976-77	1977-78
Prof.	6	7	7	7	7	7	8	8	8	8	9
Assoc. Prof.	1	1	2	2	2	2	2	2	2	2	2
Asst. Prof.	4	5	5	5	6	6	6	6	7	7	7
Total	11	13	14	14	15	15	16	16	17	17	18

Our priorities among specialties were indicated in Section II. Beyond that, it is not possible to indicate which appointments should be made in which years and at which levels. Much depends on the availability of particular faculty in whom we are interested and on combinations of zfields in which prospective faculty are interested.

D. The Department is not persuaded that there is an important place for postdoctoral studies in economics during the next decade. Promising graduate students now obtain well-paid posts at universities with graduate programs and with relatively light teaching loads. Our impression is that it would be difficult to entice them to post-doctoral fellowships, and that there is little merit in doing so. Nor are we persuaded that there is a substantial group of young economists at small colleges who could produce significant books and papers if given a year off from heavy teaching duties. The only promising possibility seems to be to find a small number of young foreign scholars who have the Ph.D. or its equivalent, and who could spend a year here with mutual benefit to themselves and to us. The Department is not prepared to urge such a program at this time.

E. The accompanying table shows a projected ton-year budget for the Department of Political Economy. The personnel item includes base salaries and fringe benefits of faculty, secretaries and junior instructors. It assumes that faculty salaries will rise by 7% per year over the next decade. It also takes account of the faculty expansion projected in Section E.
The fellowship budget includes graduate fellowships, tuition and stipends, from whatever source. At present, some is University money, some is U.S. Government money funneled through the University (NDEA, NSF), some is fellowship money obtained by students with Department recommendations, and some is money obtained by students (mostly foreigners) entirely on their own (from foreign sources, U.S. State Department, foundations). This budget assumes that fellowships per student will rise by about 5% per year during the next decade. The table also assumes that the number of entering students will rise from 18 to 25, and the total graduate student body from 45 to 75, over the next decade.
The third line projects a growth of the Department’s incidental and telephone accounts by about 5% per year over the decade.
Excluded from the table are research funds for supplemental faculty salary, research assistants, or computing. No attempt has been made to project funds available from sponsored research or from University sources such as the faculty research grants fund.

	1967-68	1968-69	1969-70	1970-71	1971-72	1972-73
Personnel	233,640	250,000	306,400	340,700	356,500	395,500
Fellowships	159,500	186,000	207,100	229,700	254,100	280,400
Telephones, Supplies	4,000	4,200	4,400	4,600	4,900	5,100
	397,140	440,200	517,900	575,000	615,500	681,000

	1973-74	1974-75	1975-76	1976-77	1977-78
Personnel	453,200	484,900	535,800	573,800	653,400
Fellowships	308,600	339,000	371,600	401,200	432,800
Telephones, Supplies	5,400	5,600	5,900	6,200	6,500
	767,200	829,500	913,300	981,200	1,092,700

Source: Johns Hopkins University. The Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy [Records], Box 5, Folder “Planning Documents: 1938, 1965, 1967”.

Tags Balassa, Christ, EvansGH, KlarmanHE, MillsES, Newman, Niehans, OaklandW, OwenJ, Poole, Sparrow, Stettler

Exam Questions Johns Hopkins Money and Banking

Johns Hopkins. Semester Exams for Monetary Economics. Musgrave, 1959-1960

Post author By Irwin Collier
Post date 2023-12-05

From 1958 through 1962 Richard Musgrave was Professor of Economics at Johns Hopkins. One thinks of him today as a giant in the history of public finance but the examination below reminds us that he was also an economist who still taught graduate courses in monetary economics/policy at least into the early 1960s.

______________________

More about Richard Musgrave

All posts with the tag “Musgrave” here at Economics in the Rear-view Mirror.

In particular one post with biographical and career information.

______________________

Richard Musgrave
Faculty of Arts and Sciences — Memorial Minute

At a Meeting of the Faculty of Arts and Sciences April 8, 2008, the following Minute was placed upon the records.

Richard Musgrave, the Harold Hitchings Burbank Professor of Political Economy, Emeritus, was the leading public finance economist of his generation. He died on January 15, 2007, at the age of 96.

Richard Abel-Musgrave was born in Königstein, Germany, and educated in Munich and Heidelberg. He was of half Jewish ancestry, his paternal grandfather and maternal grandmother both being Jews who had converted to the Christian faith.

He came to the United States in 1933 as an exchange student at Rochester University but soon transferred to Harvard where he received his PhD in 1937. He decided not to return to Germany and applied for U.S. citizenship in that same year. At that time he dropped the hyphen in his family name, becoming Richard Abel Musgrave. He was known thereafter as Richard Musgrave.

After completing his PhD, Musgrave worked at the Board of Governors of the Federal Reserve until 1948. He then taught at Johns Hopkins, the University of Michigan and Princeton before joining the faculty at Harvard in 1965. He held simultaneous appointments in the economics department and in the Harvard Law School, the first person to hold a joint appointment in both the Faculty of Arts and Sciences and the Law School. Professor Musgrave took emeritus status in 1981 and moved to California where he was an adjunct professor at the University of California at Santa Cruz.

Although the 19th-century giants of political economy, David Ricardo and John Stuart Mill, wrote extensively about the theory of taxation, by the middle of the 20th century the teaching and writing on public finance in the United States was largely descriptive and institutional. Richard Musgrave changed all of that with his major volume, The Theory of Public Finance, published in 1959.

The Theory of Public Finance was both a theoretical research monograph and a text book. It applied the analytic tools of price theory and of Keynesian macroeconomics to the issues of tax incidence (i.e., who bears the burden of taxes), of efficiency (i.e., measuring the losses caused by the distorting effects of taxes), and of achieving full employment. All of this was done in a very readable and accessible way that made the book very widely studied. The book proved to be a particularly significant resource for tax law professors in their teaching and writing about federal tax policy.

A key feature of Musgrave’s Theory of Public Finance was the division of the problem of public finance into what Musgrave called three “branches.” One “branch” was devoted to the problem of achieving full employment. Here Musgrave applied the ideas of Keynesian fiscal policy to using tax reductions and government spending to increasing aggregate demand. A second “branch” focused on economic efficiency, i.e., on the design of taxes that would raise revenue with the least distortion to incentives and therefore the least loss of real incomes. The third “branch” then dealt with issues of redistribution to achieve a politically acceptable distribution of income. These branches were of course just pedagogical devices and not a way of organizing the actual making of policy.

Richard Musgrave was an inspiring teacher. It was clear to his students that he cared about both the analytic science in public finance and the practical implications of that analysis for improving our tax system. He taught students to think about the impact of taxes on economic efficiency while not losing sight of their distributional consequences. Or, as he might have said, to think about the distribution of the tax burden and the use of taxes and transfers to redistribute income while not losing sight of the consequences of the progressive tax and transfer structure on economic efficiency.

In the weekly graduate seminar in public finance, graduate students and visiting faculty would present their latest research. The seminar brought together not only graduate students and faculty from the department of economics, but also tax specialist members of the Harvard Law School faculty. Their presence added a greater degree of practical focus to the seminar’s discussion of tax reform. Musgrave’s questions and insights kept the seminar focused on the substantive importance of the problems rather than on the more abstract methodological issues. Many of the students taught by Richard Musgrave went on to do important work in public finance.

Although Musgrave felt strongly about tax policy and about transfer programs like Social Security and unemployment insurance, he was not an activist who tried to influence outcomes in Washington. He appeared to believe that he was most effective in developing the analysis and teaching students who would carry this material into practice.

An important exception to this was a major report on fiscal reform in Columbia that Musgrave prepared jointly with Malcolm Gillis in 1971. This report, prepared under the auspices of the Harvard International Tax Program of the Harvard Law School, was based on extensive and detailed work in Columbia.

Richard Musgrave was elected a Distinguished Fellow of the American Economic Association in 1978. Musgrave was one of the organizers of the International Seminar in Public Economics which brought together American and European faculty members who specialized in public finance. He also served as an honorary president of the International Institute of Public Finance.

Professor Musgrave collaborated with his wife, Peggy Musgrave, in writing a popular undergraduate text book, Public Finance in Theory and Practice, which was published in 1973. The Musgraves also found time to reach out to young colleagues and their wives at their homes in Belmont and in Vermont.

Respectfully submitted,

Lawrence Summers
Bernard Wolfman
Martin Feldstein, Chair

Source: The Harvard Gazette. June 12, 2008.

______________________

THE JOHNS HOPKINS UNIVERSITY

Economics 611
Final Examination
Prof. R. A. Musgrave
January 22, 1960

I

Write for forty-five minutes.

There is by now pretty general agreement, among monetary theorists, regarding the various relationships by which the supply of money may affect the level of output and prices. Nevertheless, there remains a division between those who prefer to study the role of money in the framework of an income-expenditure approach, and those who prefer the quantity theory of equation of exchange tradition. What, if any, substantive justification is there for retention of this dichotomy? If there is none, which approach is to be retained? If there is, what distinct purposes are served by the two approaches?

II

Write on two out of the following three questions, thirty minutes each,

Various writers, including Wicksell, Fisher and Keynes, have treated the problem of monetary disequilibrium and the nature of the equilibrating process, in terms of the differential between two rates of interest. Discuss these approaches and compare the concepts of interest used therein.
Where do you stand on the loanable funds—liquidity preference controversy? In particular, are you satisfied that the distinction between the stock and the flow approach to monetary theory is purely terminological?
“It was a great misfortune for the development of monetary theory, that Marshall and Pigou did not stick with their initial intent to relate k to wealth, but proceeded to relate it to income. Thereby was postponed the recognition — so essential for a fruitful approach to monetary theory — that the demand for money must be dealt with in the context of a general portfolio theory.” Discuss.

III

Write on the following three statements, for fifteen minutes each. Indicate whether the statement is right or wrong and why.

“The real balance effect implies that the demand schedule for money has unit elasticity, from which it follows that the price level changes proportionately with the money supply.”
“The liquidity trap is a necessary but not a sufficient condition for under-employment equilibrium.”
“Classical theory was mistaken in assuming that the rate of interest is determined by income independent of money supply. As Keynes has shown, interest is determined by money supply and then determines income.”

______________________

Dr. R. A. Musgrave
Friday, May 20, 1960

ECONOMICS 611

The following changes occur: Bill holdings at the Federal Reserve rise by 100 million, while bond holdings fall by 80 million. Also, bank holdings of bills fall by 70 million, non-bank holdings of bills fall by 30 million, and non-bank holdings of bonds rise by 80 million. What is the resulting change in excess reserves, assuming a reserve ratio of 20%, and why? (Assume that the system retains such changes in excess reserves as result, without reacting with corresponding changes in loans.)
Assume that the system is always loaned up. What will be the effects on member bank reserves and demand deposits of (a) an increase in vault cash by 100; (b) a decrease in currency in circulation by 200; (c) a gold outflow of 300; (d) a decrease in treasury deposits at commercial banks by 500. The reserve ratio is again 20%.

Source: Johns Hopkins University. The Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy [Records], Series 6/7, Box 3, Folder “Department of Political Economy, Graduate Exams 1933-1965”.

Image Source: Richard A. Musgrave page at the University of Michigan’s Faculty History Project.

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Cf. Economics Exams from 1937-38 (Previously Posted)

1931-32

1-C. Elements of Economics.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

Political Economy 1-C (Dr. Weyforth) Note Mid-year Exam 1931-32 missing 1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY Mid-Year Examination Political Economy 1 (Dr. Weyforth)

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 1-C

2-C. Statistics. Dr. EVANS.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 2-C

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 2-C

3-B. Money and Banking. Associate Professor WEYFORTH.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 3-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 3-B

4-B. Labor Problems. Professor BARNETT. (Course 4B will not be given in 1931-32.)

THE JOHNS HOPKINS UNIVERSITY Political Economy 4-B Mid-year Examination

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 4-B

6-B. Corporation Finance and Investments.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 6-B

11-B. Principles of Accounting.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 12-B

14-B. Corporation Accounting.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 14-B

20-B. Marketing.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination POLITICAL ECONOMY 20-B

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 20-B Marketing

21-B. Sales Management.

EXAMINATION POLITICAL ECONOMY 21-B

EXAMINATION Political Economy 21-B (Sales Management)

22-B. Commercial Law.

THE JOHNS HOPKINS UNIVERSITY Mid Year Examination Political Economy 22 (Commercial Law)

THE JOHNS HOPKINS UNIVERSITY Final Examination POLITICAL ECONOMY 22 (Commercial Law)

Course Announcement 1955-56

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT (Political Economy 3)

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT (Political Economy 3)

THE JOHNS HOPKINS UNIVERSITY

NATIONAL INCOME AND EMPLOYMENT (Political Economy 3)

NORTH AMERICAN REVIEW. FEBRUARY, 1887.

POLITICAL ECONOMY IN AMERICA. by RICHARD T. ELY

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1957 Rankings

1964 Rankings

1969 Rankings

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EXAMINATION ECONOMETRICS

Friday, January 25, 1952 — 2-5 p.m.

ECONOMETRICS 633-34 Final Examination

Thursday, May 22, 1952

MACROECONOMIC THEORY 18.604 Final Examination, May 21, 1962

Messrs. [Joseph] Aschheim, [Carl] Christ, and [Edwin] Mills

PART I. 36 points each.

PART II. 12 points each.

TEN-YEAR PROJECTS AND OUTLOOK FOR DEPARTMENT OF POLITICAL ECONOMY [Draft, 1967]

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THE JOHNS HOPKINS UNIVERSITY

Economics 611 Final Examination Prof. R. A. Musgrave January 22, 1960

I

II

III

Dr. R. A. Musgrave Friday, May 20, 1960

ECONOMICS 611

Cf. Economics Exams from 1937-38
(Previously Posted)

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

Political Economy 1-C (Dr. Weyforth)
Note Mid-year Exam 1931-32 missing
1930-31 exam substituted here

THE JOHNS HOPKINS UNIVERSITY
Mid-Year Examination Political Economy 1
(Dr. Weyforth)

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 1-C

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 2-C

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 2-C

3-B. Money and Banking.
Associate Professor WEYFORTH.

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 3-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 3-B

4-B. Labor Problems.
Professor BARNETT.
(Course 4B will not be given in 1931-32.)

THE JOHNS HOPKINS UNIVERSITY
Political Economy 4-B
Mid-year Examination

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 4-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 6-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 11-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 12-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 14-B

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
POLITICAL ECONOMY 20-B

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 20-B Marketing

EXAMINATION
POLITICAL ECONOMY 21-B

EXAMINATION
Political Economy 21-B
(Sales Management)

THE JOHNS HOPKINS UNIVERSITY
Mid Year Examination
Political Economy 22 (Commercial Law)

THE JOHNS HOPKINS UNIVERSITY
Final Examination
POLITICAL ECONOMY 22
(Commercial Law)

Course Announcement
1955-56

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

NATIONAL INCOME AND EMPLOYMENT
(Political Economy 3)

NORTH AMERICAN REVIEW.
FEBRUARY, 1887.

POLITICAL ECONOMY IN AMERICA.
by RICHARD T. ELY

The Johns Hopkins University
Political Economy 662
— Monetary Theory

Graduate Programs in Economics
(1957, 1964, 1969)

The life and career of Marc Nerlove
b. 12 Oct 1933, d. 10 Jul 2024

EXAMINATION
ECONOMETRICS

ECONOMETRICS 633-34
Final Examination

MACROECONOMIC THEORY 18.604
Final Examination, May 21, 1962

Messrs. [Joseph] Aschheim,
[Carl] Christ, and [Edwin] Mills

TEN-YEAR PROJECTS AND OUTLOOK FOR
DEPARTMENT OF POLITICAL ECONOMY
[Draft, 1967]

Richard Musgrave
Faculty of Arts and Sciences — Memorial Minute

Economics 611
Final Examination
Prof. R. A. Musgrave
January 22, 1960

Dr. R. A. Musgrave
Friday, May 20, 1960