Category: Minnesota

Categories
Berkeley Carnegie Institute of Technology Chicago Colorado Columbia Cornell Duke Economist Market Harvard Illinois Indiana Iowa Johns Hopkins M.I.T. Michigan Michigan State Minnesota North Carolina Northwestern NYU Ohio State Pennsylvania Princeton Purdue Rochester Salaries Stanford Texas Vanderbilt Virginia Wisconsin Yale

Associate Professors’ Salaries in U.S. Economics Departments (2), 1964/5-1965/66

 

This is the second table from the so-called “Cartel” summary report from December 1965 of 9-10 month salaries paid in U.S. economics departments. Tables 2c give figures for the distribution of associate professor salaries across the departments reporting. Last posting gave the distribution for full-professors. Future postings include the actual salary distributions for assistant professors and freshly completed PhD’s 1964/65 and 1965/66. Refer to the first posting in this series of tables for information about the compiler Professor Francis Boddy of the University of Minnesota and a list of the 30 departments belonging to the Chairmen’s Group.

Also there is a table of the anticipated (as of December 1965) range of salaries to hire freshly completed PhD’s for the coming academic year, 1966-67.

Using the BLS web CPI Inflation calculator, one can inflate nominal levels (say for December 1965, the date of the report) to April 2017 using a factor of 7.69.

____________________

TABLE 2c
ASSOCIATE PROFESSORS 1965-66, 1964-65

(1)
Median Salaries
All Associate Professors

MID-POINT
OF RANGE		 1965-66 1964-65
Over 13,749 3 0
13,500 2 0
13,000 2 1
12,500 6 3
12,000 5 2
11,500 4 3
11,000 3 11
10,500 2 4
10,000 0 0
9,750 0 1
9,500 0 2
N= 27 27
Median $12,000 $11,000
Mean $12,173 $11,093

 

 

TABLE 2c
ASSOCIATE PROFESSORS 1965-66, 1964-65

(2)
Average Salaries
“Superior Associate Professors”
(Top 1/3)

MID-POINT
OF RANGE		 1965-66 1964-65
Over 16,249 0 1
16,000 1 0
15,500 1 0
15,000 2 0
14,500 2 0
14,000 5 2
13,500 6 4
13,000 4 6
12,500 3 3
12,000 0 4
11,500 1 3
 [sic, cell empty] 1 2
 [sic, cell empty] 0 1
N= 26 26
Median $13,000 $12,186
Mean $13,082 $12,159

 

 

TABLE 2c
ASSOCIATE PROFESSORS 1965-66, 1964-65

(3)
Average Salaries
“Average Assoc Professors”
(Lower 2/3)

MID-POINT
OF RANGE		 1965-66 1964-65
14,500 0 0
14,000 1 0
13,500 0 0
13,000 4 1
12,500 4 1
12,000 2 2
11,500 3 2
11,000 7 8
10,500 3 4
10,000 2 4
9,750 0 1
9,500 0 2
9,250 0 0
9,000 0 0
8,750 0 1
8,500 0 0
N= 26 26
Median $11,265 $10,775
Mean $11,640 $10,760

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

Image Source: “The monopolists’ may-pole” by F. Opper.  Centerfold of Puck, vol. 17, no. 425 (April 29, 1885). Library of Congress Prints and Photographs Division Washington, D.C. 20540 USA.

Categories
Berkeley Carnegie Institute of Technology Chicago Colorado Columbia Cornell Duke Economist Market Economists Harvard Illinois Indiana Iowa Johns Hopkins M.I.T. Michigan Michigan State Minnesota North Carolina Northwestern NYU Ohio State Pennsylvania Princeton Purdue Rochester Salaries Stanford Texas Vanderbilt Virginia Wisconsin Yale

Professors’ salaries in U.S. economics departments (1), 1964/5-1965/66

 

 

From my March 2017 expedition to the Johns Hopkins University archives’ collection of material from the Department of Political Economy, I came across one of those documents that help to provide an empirical baseline for the history of the market for economics professors. It is worth savouring the sets of tables one by one. In all, this so-called “cartel” summary with information collected from 29 departments in October 1965 consists of eight sets of tables.

On the last page of this summary for full-professor salaries can be found the name of the presumable compiler of the tables: Francis M. Boddy, Graduate School, University of Minnesota. It is dated December 21, 1965.

Two documents later in the same folder I found the list of 30 members of the Chairmen’s Group, dated December 13, 1965. With 29 responses to the salary questionnaire from which the “cartel” data have been assembled, it leaves only to guess which department did not report back to the “cartel”. I do believe that the ironic self-designation of cartel is not entirely contrary to functional fact here.

The salary distributions across the participating departments for associate professors, assistant professors, and for the starting salaries for newly minted Ph.D. hires have been posted in the meantime. Also there is a table of the anticipated (as of December 1965) range of salaries to hire freshly completed PhD’s for the coming academic year, 1966-67.

Using the BLS web CPI Inflation calculator, one can inflate nominal levels (say for December 1965, the date of the report) to April 2017 using a factor of 7.69.

___________________________________

About Francis M. Boddy

Boddy, Francis M, 1115 Bus. Admin., West Bank, Dept. of Econs., U. of Minn., Minneapolis, MN 55455. Phone: Office (612)373-3583;Home (612)926-1063. Fields: 020, 610. Birth Yr: 1906. Degrees: B.B.A., U. of Minn., 1930; M.A., U. of Minn., 1936; Ph.D., U. of Minn., 1939. Prin. Cur. Position: Prof. Emer. Of Econs., U. of Minn. At Twin Cities. 1975-. Concurrent/Past Positions: Acting Exec. Secy., Bd. Of Investment, State of Minn., 1978-79; Assoc. Dean of Grad. Sch. U. of Minn., 1961-73.

Source: “Biographical Listing of Members.” The American Economic Review 71, no. 6 (1981): p. 67.

___________________________________

Research Hint:
Boddy’s data go back to 1957/58

“I have, over the past six years, conducted an informal survey of some 30 of the leading departments of economics in the country, defined largely as being those departments which have been major producers of Ph.D.’s in economics.”

Source:  Boddy, Francis M. “The Demand for Economists.” The American Economic Review 52, no. 2 (1962): 503-08.

 

Also of interest from about the same time is the AER Supplement:

Tolles, N. Arnold, and Emanuel Melichar. “Studies of the Structure of Economists’ Salaries and Income” The American Economic Review 58, no. 5 (1968):

___________________________________

MEMBERS OF THE CHAIRMEN’S GROUP, 1965-66
December 13, 1965

  1. Professor Gerard Debreu
    University of California
    Berkeley, California 94720
  2. Dean R. M. Cyert
    Carnegie Institute of Technology
    Pittsburgh 13, Pennsylvania
  3. Professor Arnold C. Harberger
    University of Chicago
    1126 East 59th Street
    Chicago 37, Illinois
  4. Professor Carl McGuire
    University of Colorado
    Boulder, Colorado
  5. Professor William Vickrey
    Columbia University
    New York 27, New York
  6. Professor Douglas F. Dowd
    Acting Chairman
    Cornell University
    Ithaca, New York
    (Professor Frank H. Golay, the Chairman, is on leave in 1965-66.)
  7. Professor Robert S. Smith
    Duke University
    Durham, North Carolina
  8. Professor John Dunlop
    Harvard University
    Cambridge, Massachusetts 02138
  9. Professor John F. Due
    University of Illinois
    Urbana, Illinois 61803
  10. Professor George Wilson
    Indiana University
    Bloomington, Indiana 47405
  11. Professor Karl A. Fox
    Iowa State University
    Ames, Iowa 50010
  12. Professor Carl F. Christ
    Johns Hopkins University
    Baltimore, Maryland
  13. Professor Robert F. Lanzilotti
    Michigan State University
    East Lansing, Michigan
  14. Professor Warren L. Smith
    University of Michigan
    Ann Arbor, Michigan
  15. Professor E. Cary Brown
    Massachusetts Institute of Technology
    Cambridge 39, Massachusetts
  16. Professor Emanuel Stein
    New York University
    New York 3, New York
  17. Professor John Turnbull
    University of Minnesota
    Minneapolis, Minnesota
  18. Professor Ralph W. Pfouts
    university of North Carolina
    Chapel Hill, North Carolina
  19. Professor Robert Eisner
    Northwestern University
    Evanston, Illinois
  20. Professor Paul G. Craig
    Ohio State University
    Columbus, Ohio
  21. Professor Irving B. Kravis
    University of Pennsylvania
    Philadelphia 4, Pennsylvania
  22. Professor Richard A. Lester
    Princeton University
    Princeton, New Jersey
  23. Dean Emanuel T. Weiler
    Purdue University
    Lafayette, Indiana
  24. Professor Lionel McKenzie
    University of Rochester
    Rochester 20, New York
  25. Professor Edward S. Shaw
    Stanford University
    Stanford, California
  26. Professor Carey Thompson
    University of Texas
    Austin, Texas
  27. Professor James W. McKie
    Vanderbilt University
    Nashville, Tennessee
  28. Professor Alexandre Kafka
    Acting Chairman
    University of Virginia
    Charlottesville, Virginia
    (Professor Warren Nutter, the Chairman, is on leave in 1965-66.)
  29. Professor David B. Johnson
    University of Wisconsin
    Madison, Wisconsin
  30. Professor Raymond Powell
    Yale University
    New Haven, Connecticut

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

 

___________________________________

 

CARTEL
SUMMARY of the October-1965 Questionnaire to Departments of Economics in the United States

SUMMARY of the salary (1965-66 and 1964-65 academic years, 9-10 month basis) and other data of 29 (out of 29) Departments of Economics. N = Number of Departments reporting.

 

TABLE 1c
PROFESSORS 1965-66, 1964-65

(1)
Median Salaries
All Professors

MID-POINT
OF RANGE

 1965-66

1964-65

Over 20,249

 2 1
20,000 4

0

19,500

 0 1
19,000 3

1

18,500

 2 3
18,000 2

1

17,500

 3 1
17,000 2

4

16,500

 2 4
16,000 1

4

15,500

 2 0
15,000 2

1

14,500

 0 2
14,000 3

1

13,500

 0 1
13,000 1

4

N=

 29 29
Median $17,500

$16,500

Mean

 $17,377

$16,319

 

 

TABLE 1c
PROFESSORS 1965-66, 1964-65

(2)

Average Salaries
“Superior Professors”
(Top 1/3)

MID-POINT
OF RANGE

 1965-66

1964-65

Over 23,749

 3 1
23,500 2

0

23,000

 0 0
22,500 3

0

22,000

 1 2
21,500 4

3

21,000

 1 2
20,500 4

2

20,000

 0 3
19,500 2

2

19,000

 2 4
18,500 1

0

18,000

 3 1
17,500 1

2

17,000

 0 0
16,500 2

1

16,000

 0 4
15,500 0

1

15,000

 0 0
14,500 0

1

14,000

 0 0
N= 29

29

Median

 $20,600 $19,500
Mean $20,677

$19,093

 

 

TABLE 1c
PROFESSORS 1965-66, 1964-65

(3)

Average Salaries
“Average Professors”
(Lower 2/3)

MID-POINT
OF RANGE

 1965-66

1964-65

Over 18,749

 4 2
18,500 0

1

18,000

 3 1
17,500 1

1

17,000

 3 1
16,500 3

2

16,000

 5 8
15,500 1

4

15,000

 2 1
14,500 1

1

14,000

 2 0
13,500

2

2

13,000

 1 4
12,500 1

0

12,000

 0 1
11,500 0

0

N=

 29 29
Median $16,100

$15,390

Mean

 $16,192

$15,119

 

Source: Johns Hopkins University. The Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5, Box 6, Folder 2 “Statistical Information”.

Image: From left to right: Monopolies, Uncle Sam, Trusts.

Taylor, Charles Jay, Artist. In the hands of his philanthropic friends / C.J. Taylor. , 1897. N.Y.: Published in Puck, March 10, 1897. . Retrieved from the Library of Congress, . (Accessed May 12, 2017). https://www.loc.gov/item/2012647652/

Categories
Courses Minnesota Syllabus

Minnesota. Fiscal Policy Reading List. Walter Heller, 1950

This course reading list from the Spring quarter of 1950 at the University of Minnesota was enclosed with a thank-you letter dated April 27, 1950 from Walter W. Heller to Milton Friedman thanking him for having sent three reprints of “A Monetary and Fiscal Framework for Economic Stability” (AER, 1948) that Heller had included in the required readings for his Minnesota course.

A brief biography of Walter Heller is provided in the Finding Aid for his papers at the University of Minnesota Archives and here a memoir of a former student.

________________________________

University of Minnesota
School of Business Administration

Economics 195 — Fiscal Policy
(Spring, 1950)

Abbreviations Textbooks
KKK K.K. Kurihara, Monetary Theory and Public Policy, New York, W. W. Norton, 1940.
IEPP Metzler, et al, Income, Employment, and Public Policy, New York, W. W. Norton, 1948.
Douglas Report Subcommittee on Monetary, Credit and Fiscal Policies of the Joint Congressional Committee on the Economic Report, Monetary, Credit, and Fiscal Policies (Sen. Doc. No. 129, 81st Cong., 2nd Session)
PFFE Musgrave et al, Public Finance and Full Employment, Fed. Res. Bd. Postwar Economic Studies, No. 3, December 1945.
 

Additional References
BCT American Economic Association, Readings in Business Cycle Theory.
SCE American Economic Association, A Survey of Contemporary Economics.
B&B Bowman and Bach, Economic Analysis and Public Policy.
H-1 Hansen, Fiscal Policy and Business Cycles.
H-2 Hansen, Monetary Theory and Fiscal Policy
NE Harris et al, The New Economics.
Hart Hart, Money, Debt, and Economic Activity.
“Green Book” Joint Committee on Economic Report, Monetary, Credit and Fiscal Policies. [Possibly this set of hearings is intended]
EC Lerner, Economics of Control.
Murphy Murphy, The National Debt in War and Transition.
S-1 Simons, Federal Tax Reform.
S-2 Simons, Economic Policy for a Free Society.
FAP Twentieth Century Fund, Financing American Prosperity.
AER American Economic Review
CED Committee for Economic Development.

Assignments (Do not expect the assignments to fit perfectly into the course outline; you will find that many fit only partially or obliquely and that there is much overlap)
Asterisk (*) means assigned; others are suggested.

 

I. BACKGROUND AND REVIEW

A. Monetary Policy and Concepts

1.* B&B, Ch. 11 (Ch. 40 also suggested)

2.* KKK, pp. 3-39

B. Public Finance

1.* B&B, Book VI (for quick review)

2. H-1, Part Two

C. Theory of Employment, Income, and Interest

1.* KKK, Part II (But beware of the dogma!)

D. Business Cycles

1.* B&B, Ch. 14 (for review, as needed)

2. Hart, Part III

II. NATURE AND OBJECTIVES OF FISCAL POLICY

1*. Gerhard Colm, “Fiscal Policy” (NE, Ch. 34)

2.* Alvin Hansen, “Keynes on Economic Policy” (NE, Ch. 16)

3.* Hart, Ch. 19

4.* Everett Hagen, “Direct v. Fiscal-Monetary Controls: A Critique” (Mimeograph- to be published in A. E.A. Proceedings, May, 1950)

5.* Smithies, “Federal Budgeting and Fiscal Policy”, (SCE, pp. 174-192)

6.* Wright, “Income Redistribution Reconsidered”, IEPP

7. Vickrey, “Limitations to Keynesian Economics”, Social Research, December, 1948

8. United Nations, National and International Measures for Full Employment, 1949

9. Meade, Planning and the Price Mechanism, The MacMillan Co., 1948

10. “The Problem of Full Employment”, by Hart, Sweezy, et al, AER, Proceedings issue, May, 1946, pp. 280-335.

III. ECONOMIC REQUISITES FOR FULL–EMPLOYMENT EQUILIBRIUM

A. Introduction

1. G. L. Bach, “Economic Requisites for Economic Stability” (to be published in AEA Proceedings, May, 1950)

B. The Income Claims Requirement (and cost-price problems)

1. Walter Morton, “Trade Unionism, Full Employment, and Inflation”, A.E.R., March, 1950

2.* FAP: Ellis, pp. 176-198; Hansen, pp. 256-260; Machlup, pp. 426-440; 460-466 (Suggested also: Clark, pp. 97-125; Williams, pp. 367-373)

C. The Adequate Money Demand Requirement

1. The general problem

a. Samuelson, “The Simple Mathematics of Income Determination”, IEPP

b. Smithies, “Effective Demand and Employment”, NE

c.* Review Kurihara assignment

2. The consumption function

a.* Duesenberry, “Income-Consumption Relations”, IEPP

b. Lubell, “Effects of Redistribution of Income on Consumers’ Expenditures”, AER, December, 1947

3. Investment

a.* Domar, “Investment, Losses, and Monopolies”, IEPP

b.* Higgins, “Concepts and Criteria of Secular Stagnation”, IEPP

c.* Sweezy, “Declining Investment Opportunity”, Ch. 32, NE

d. Higgins, “The Concept of Secular Stagnation”, AER, March, 1950

e. Hansen, H-1, Chs. 16 and 17

f. Wright, “The Great Guessing Game”, Review Econ. Statistics, February, 1946

IV. LONG–RUN FISCAL POLICY

A. General

1. Bishop, “Alternative Expansionist Fiscal Policies: A Diagrammatic Analysis”, IEPP

2.* Smithies, SCE, pp. 192-195

3.* Hansen, H-2, Ch. 13

4.* Williams, “Deficit Spending”, BCT, Ch. 13

5.* Musgrave, “Fiscal Policy, Stability and Full Employment”, PFFE

B. Taxation

1.* Smithies, SCE, pp. 195-200

2.* Musgrave, “Federal Tax Reform”, PFFE

3.* Simons, S-1, Ch. 2

4. Hansen, H-1, Ch. 19

C. Expenditure Policy

1. Higgins, Ch. 35, NE

2.* Smithies, SCE, pp. 200-204

V. DEBT MANAGEMENT

1.* Domar, “Public Debt and National Income”, PFFE

2.* Wallich, “Public Debt and Income Flow”, PFFE

3. Lerner, “The Burden of the National Debt”, IEPP

4.* Simons, “On Debt Policy”, S-2

VI. ANTI–CYCLICAL FISCAL POLICY

A. Political and Administrative Requisites for (and Barriers to) Effective Fiscal Policy

1. Roy Blough, “Political and Administrative Requisites for Achieving Economic Stability”, to be published in Proceedings issue of AER, May, 1950

2.* Alexander, “Opposition to Deficit Spending”, IEPP

B. General

1. Fellner, “Employment Theory and Business Cycles”, SCE

2.* Smithies, SCE, pp. 204-209

3.* Lerner, EC, Ch. 24

C. Automatic Devices

1.* Hart, Chs. 21 and 22

2.* Friedman, “A Monetary and Fiscal Framework for Greater Economic Stability,” AER, Je., 1948

2a. “Comment” on above, and “Rejoinder”, AER, Sept., 1949

3. CED Taxes and the Budget (Policy Statement), 1947, pp. 10-34

D. Discretionary Policy

1.* Hart, Chs. 23 and 24

2.* Hansen, H-2, Ch. 12

3.* Margolis, “Public Works and Economic Instability”, JPE, August, 1949

E. State and Local Finance

1. Mitchell, Litterer, and Domar, “State and Local Finance”, PFFE

VII. SPECIFIC APPLICATIONS OF FISCAL POLICY

A. The Wartime Case

1.* Murphy, Chs. 5, 6, 7, 18, 19

2. Keynes, How to Pay for the War, Macmillan, London, 1940

B. A War–Devastated Economy

1.* Heller, “The Role of Fiscal-Monetary Policy in German Economic Recovery”, AER, Proceedings issue, May, 1950 (also mimeographs on reserve)

C. The U.S. Economy in Peacetime (?)

1.* Douglas Report, pp. 1-32

2.* The Green Book, pp. 395-424 (skim and scan)

3. CED. Monetary and Fiscal Policy for Greater Economic Stability, (Policy Statement), 1948

 

Source: Hoover Institution Archives, Milton Friedman Papers, Box 28, Folder 5 (Correspondence: Heller, Walter W.).