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Barnard Columbia Principles Undergraduate

Columbia and Barnard. Essay on Economics in the College Course. Henry R. Mussey, 1910

In the next post you will be provided a proper introduction to the Columbia University economics Ph.D. alumnus (1905), Henry Raymond Mussey. In doing a proper background check on the man and his career, I found the following essay that many, or probably even most, historians of economics would not stumble upon. Mussey is thinking out loud about what should be done pedagogy-wise and his remarks seem remarkably current.

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ECONOMICS IN THE COLLEGE COURSE

Henry Raymond Mussey
Barnard College, Columbia University

                  The aim of economics teaching in college depends on the purpose of college training as a whole. Increasing wealth brings to our institutions growing numbers of students of varying earnestness and capacity. During the freshman year the college ought to weed out ruthlessly the indifferent and the incompetent. During the remaining years it ought to train for leadership a genuine intellectual and spiritual aristocracy, an aristocracy of keen mind, broad vision, and unfailing enthusiasm; an aristocracy capable of the wise, far-seeing leadership so essential in a democracy. The college gains nothing by yielding to the spurious utilitarianism that demands “practical” training, — that is, training immediately valuable in dollars and cents. I would hold fast to the cultural ideal, though I would not hold fast to the old idea of culture.

                  Four things the college ought to do for its students. It ought to interest them broadly in practically all human affairs, giving them a series of pegs, so to speak, on which to hang what they will learn in after life. It ought to bring them into contact with the world’s best minds past and present. It ought to teach them scientific habits of work and thought. It ought to develop in them a sense of proportion, sanity, balance, ability to look things full in the face, to form judgments and choose courses of action in view of all the consequences involved, both direct and indirect. Such is the culture the college ought to give its students — to the gifted few in rich measure, to ordinary students according to their capacity.

                  In such a college course, what is the aim of economics teaching? First of all, to train the student in scientific thinking and to cultivate in him the power of practical judgment. Before beginning economics, he should have had some training in mathematics and natural science, thus learning the first elements of scientific method in fields where conditions are simple and capable of experimental control. To form habits of exact and patient observation, to learn to formulate and test theories, and to make logical connections of cause and effect, — these things the student should learn from natural science. Passing then to the study of economics he meets a new and more refractory set of facts, that do not fit his formulas and that can be used by the skillful teacher to break down much of the cocksureness that often afflicts the immature student in his first enthusiasm at having really learned something in natural science. This greater complexity of facts compels him in each case not only to scrutinize carefully his premises, but to make sure that he has included all the important premises. Moreover, the facts, even when properly classified, do not “stay put.” Economic conditions are constantly changing, and even the human motives behind economic actions have nothing like the constancy and reliability of the law of gravitation, for example. The conclusions of economics, therefore, are at best only provisional; this very in exactness and partialness, in my judgment, give to the subject additional value as a means of scientific training. The student who has been led to work out the conditions and implications of the Malthusian theory of population, for example, will learn to walk warily among facts and to avoid hasty and sweeping generalizations. A science that teaches a student to pick out essential and underlying causes, and at the same time to give due weight to temporary disturbing influences, may fairly claim high rank as a means of developing scientific temper and habits of work.

                  Especially is it valuable for the development of practical judgment; for questions of social policy are rarely capable of mathematical demonstration. Statesman, legislator, administrator, reformer, — all alike must decide things on a balance of considerations. Even in everyday life there are few clear-cut questions of right and wrong, wise and unwise. A study like economics, in which some phenomena have been reduced to a considerable degree of order and coherence, while others remain intractable, is fitted in peculiar degree to further that sane, alert, cautious habit of judgment that characterizes both the true scientist and the level-headed man of affairs.

                  Further than this, economics in college ought to help students get rid of class prejudice. They come to college with all sorts of astonishing notions on economic and social affairs, unconsciously picked up from parents and friends: prejudices against trade unions and trusts, against foreigners and anarchists, against democracy and progress, against everything imaginable — but in any case prejudices and not reasoned convictions. They generally come, too, with a rich store of social good-will and desire to be really of use. Such desire, lacking wise direction, sometimes runs off into mushy sentimentalism or barren radicalism. Prejudices and enthusiasm alike need rationalizing; both alike give the teacher an opportunity of setting the student to thinking about the truth or falsity of his particular notion, of suggesting to him the tests he must apply to it. Since all social questions have an economic basis, this is peculiarly the opportunity of the economics teacher. Wherever he finds a prejudice he ought to destroy it, compelling the student either to abandon it, or to substitute for it a conviction based on reason. This is a part of that process of broadening the interest of the student which was suggested as the first duty of the college.

                  Finally, economics ought to help the student acquire a sane attitude toward social improvement. Realizing in some measure the importance of the social institutions worked out in the world’s experience, yet seeing that they are always relative to particular conditions of time and place, he can be brought to face the great problems of present-day economic reconstruction and social reform with broad sympathy, patient regard for facts, recognition of economic laws, tolerance of other opinions and points of view. His training in economics ought to give him not a set of cut and dried opinions, but a point of view and a method of work, the one sane, the other scientific. Rightly enough the country demands leaders with such equipment: college economics ought to help supply that equipment. The advancement of the science is a noble aim, but that task rests on the economist as investigator and university teacher. The college today, as ever, should be the maker of men and women. The sanction of economics teaching in college is primarily not scientific, but social. It attains its social end, however, only as it is uncompromisingly scientific.

                  This statement of aims indicates roughly when economics should be introduced into the college course, and what it should include. It is traditionally and rightly a junior subject. On the whole, it is rarely that a student will profit by formal economic study during the first half of the college course. Give him first some natural science and history. To allow freshmen to study economics is in my judgment distinctly wrong, and its election by sophomores, save in exceptional cases, is to be discouraged. It is better to take it too late rather than too early, no matter if the opportunity for advanced work is lessened thereby. Few college departments have much more to give a student after two years’ work.

                  The real problem is that of the elementary course, and it must be remembered that three students out of four will take no other. It should be a solid course of five hours a week, or its equivalent, throughout a whole year, taking a third of the student’s time. In my experience students in a five-hour course do much more than twice the same amount of work as in a three-hour one. (This change, by the way, I would extend to other subjects besides economics.) The increased frequency of impact of instructor on student, the student’s unpleasant consciousness that each day brings a new demand, the very momentum gained by daily meetings, — all combine to improve the quality of the work.

                  Yet more important, increased time makes possible an enlarged content, and this is vitally important. At the recent conference on the teaching of elementary economics [See Journal of political economy, December, 1909.] an astonishing diversity of ideas and methods was disclosed, yet it was pretty clearly shown that most teachers make theory the staple of their work, however much they sugar-coat it. They are right in so doing, for fundamentally they are trying to lead the student to explain economic phenomena. Theory can not be taught rapidly, and as most teachers feel it necessary to give a rather complete outline, a three-hour course leaves time for little else, except some “practical problems.” But pure theory is dry pabulum for the immature student; moreover, it is likely to be worthless and even dangerous to him. Consequently, while the first course should have a stiff backbone of theory, it ought to be built up of concrete description of phenomena as they exist today, with enough economic history to show the conditions out of which the present organization has arisen. It should contain enough of the history of economics to show the relativity and transitoriness of present theories, and it should show the relation of economic conditions and theory to past and present problems of social betterment. As it is today, most teachers, like most textbooks, divide their time between theory and so called “practical problems,” and leave out the other things. They can scarcely do otherwise. A thoroughly satisfactory course in elementary economics must wait till college authorities are willing to reorganize their curriculum so as to give it the added time above suggested, and till teachers are willing to do the amount of hard work involved in such a course. The gain will be well worth the cost.

                  The student should learn first how the production of wealth depends on labor, natural resources, artificial capital, and business organization, studying the actual organization of agriculture, mining, manufacture, and commerce, and familiarizing himself with important facts in their development. He should study our fundamental economic institutions, private property, competition, and freedom, observing their history, their limitations, and their actual present operation, discovering their relativity and the necessity for their readjustment to changing conditions. On the basis of these fundamentals he should build up a theory of value and distribution that takes account both of economic history — especially since the industrial revolution — and of the history of economic theory. I should insist on the history, in order to guard against too implicit faith in our own theory.

                  The latter part of the course may well be devoted especially to problems of trade unions, trusts, money, tariff, and the like, and schemes of economic reform, like cooperation, the single tax, and socialism. I would not fundamentally change the elementary economics course, but I would enrich and vivify it by giving the student a mass of concrete illustrative material, contemporary and historical, such as will make theory real to him. The work thus becomes dynamic, and always looks forward to the process of social adjustment in which we desire the student to take intelligent part. One thus trained ought not to become either an unintelligent reactionary, a visionary reformer, or a fire-eating revolutionary.

                  It is difficult to discuss separately the matter and the manner of the elementary course. I shall, therefore, turn directly to the question of how it should be presented. Most teachers use one of four methods: (1) Textbook; (2) lecture; (3) syllabus; (4) library work. Each method has its own disadvantages. Textbooks in general have a singular lack of emphasis. Most students do not distinguish the essential from the unessential, the terminology being new and the whole treatment more or less abstract. Of the ordinary evils of slavery to a text I need not speak. In a lecture course most undergraduates do no work. If a syllabus is used, most of the difficulties of the text are encountered, but with two or three books instead of one. Without unlimited library funds, library reading as a basis for class discussion is impossible. A hundred students are always wanting to get hold of half a dozen books. Most teachers, therefore, come back to a combination of textbook and lecture, with more or less effort at supplementary library work, — not a bad solution, though by no means an ideal one.

                  The root difficulty is to get into the hands of all the students concrete material that will serve as the basis for intelligent and informed discussion. Our students do not know the facts of economic life. Of late some books are beginning to appear that try to meet this need. A critic has said, with a good deal of truth, that if one knows no economics these books are useless, because they do not contain enough; and if he does know some economics they are useless, because he already knows all they contain. None the less I believe that the solution of our present difficulty is to be found in putting into the hands of students a large book, perhaps running to two or three volumes, consisting of well-selected studies of different phases of contemporary economic activity, selections from economic history, and the history of economics, and studies of pending problems in economic and social readjustment. The difficulty of keeping such a book up to date I fully recognize. Such a work could be to a considerable extent compiled from standard literature, but to meet the need it would also have to include considerable amounts of new descriptive matter. For example, in the study of value I would have a section showing the conditions of wheat production in the United States, Argentina, India, and Russia; the way in which the grain gets to market, where it is sold, and what influences determine its price; together with a sketch of the course of wheat prices during the nineteenth century. The question of value would thus immediately be tied up in the student’s mind not only with some vague formula of marginal utility, but with actual conditions of distribution of population, fertility of land, the consuming habits of the people, the use of machinery and scientific methods in agriculture, soil conservation, transportation, speculation, — the real influences that our formulas fail to suggest. By the use of a good textbook the student can at the same time learn as much of the technical jargon as is thought desirable, — but with this difference, that it will now have some meaning for him. After wheat I should treat some monopolistic commodity, such as kerosene or anthracite coal, bringing out similarities and differences as compared with wheat. The purpose of this reading or “source” book would be, not to furnish an inductive basis for elementary economics, for I doubt the possibility of teaching it inductively, but to give concrete illustrative material in which the student may examine actively at work every important principle laid down in text or lecture. He can thus be stimulated to study his own experience and employ his own observation and research in determining the truth or falsity of the hypotheses out of which economic theory is built up. According to this plan the teacher may lecture occasionally, but the student will do the work, because he will have something to work on. He will not be required to perform the impossible feat of grinding out scientific explanations in vacuo, which is about what we ask of him in his ignorance now. Description without explanation is empty; explanation without description, futile; description and explanation combined train the scientific thinker.

                  Given then a sourcebook such as has been suggested and a reasonably satisfactory text, the task of the teacher in the elementary course becomes fairly simple. It is summed up in two words — interest and drill. With proper equipment there is little excuse for failure to interest college students in economics, but interest is not enough; it needs to be combined with healthy compulsion. Considerable though their interest be, most elementary students, like other people, have no inclination to overwork. They need close supervision. To make this possible in large classes without entailing prohibitive work on the teacher, assignments of required material must be standardized, so that students can be handled in groups. The better ones can easily be grouped by themselves for special work in addition to that required of the ordinary ones. The better students are neglected by most teachers at present, their efforts being centered on the group of mediocrities who set the suggested reading book might well contain all the material the ordinary student could be expected to use. Then, instead of wasting the time of the whole class with assignments of books they will never read, the teacher could confine such recommendations to the special groups that will actually use them. Lacking such a sourcebook the standardizing of assignments and grouping of students are none the less desirable.

                  Into the technique of the introductory course I shall go no further. The constant effort must be to make the student think clearly, thoroughly, and broadly, and to express his thought simply, clearly, and directly. To this end I rely chiefly on constant classroom discussion of assigned reading. In many ways it is less valuable, however, than the written report, the topical investigation, the collection of material from newspapers, magazines, and public documents, the specific question for written answer and the written examination. All these methods unfortunately devolve a great amount of work on the teacher, and unless he can group students such methods become almost impossible as classes grow in size.

                  Advanced courses present a less difficult problem than the introductory one. The smaller number of students and their more select character, as well as the more specialized character of advanced work, which usually deals with some one part of the field, such as the labor problem, socialism, or money, make it possible to adopt university methods. The students can be thrown largely on their own resources and held responsible only for results. They can be trained to make careful and somewhat extended studies of special topics, and class work can be based to an extent on such studies, though it is fatal to take much time in having students present, often very badly, the results of immature thinking. I am of the opinion that these advanced courses, like the elementary one, would profit by being “fattened.” If it is thought impracticable for a student to give a third of his time to such a study, let him give at least a quarter. Let us have done with the leisurely two-hour undergraduate course, where the student leaves the classroom, say on Wednesday morning, with the pleasing consciousness that economics need trouble him no more till the next week. Let us cut down the number of courses and make serious business of those we do give. Too many college teachers are trying to do for their students what only the university can do.

                  In introductory and advanced work alike, one puzzling question is always presenting itself. What is to be the attitude of the college teacher of economics toward the great economic and political issues that divide classes and parties? He must discuss them, for they are the very questions that give interest to his subject, and on which its conclusions may be expected to throw light. Moreover, he must have opinions about them. A man who has no positive ideas about trusts and trade unions, a central bank, municipal ownership, conservation, and socialism, and who would therefore confine his teaching to a mere “scientific” statement of facts about them, — such a man has not red blood enough to teach economics to undergraduates. The economics teacher ought to have useful opinions if any one has. What shall he do with them?

                  Probably few men of scientific temper and honest disposition consider themselves justified in using their position as undergraduate teachers to play the propagandist for mere opinions, however firmly they may hold them. The classroom is no place for propaganda. Suppose, for example, that at the present juncture one believes in a central bank, — may he urge that view in his classroom? Certainly not, however popular it may happen to be with his trustees. As a scientist he ought to point out the scientific reasons for his opinion, and as a man of affairs he ought, if he desires, to take part in practical movements looking toward the realization of the end he believes wise — and this equally, whether the end desired is a central bank or a cooperative commonwealth. Such freedom is fundamental to having honest men in college and university. But as a teacher of immature students, the economist finds himself under obligation not to impose his views on minds more or less incapable of resistance. He will not wish to convert his students to an opinion that will be held more or less as a prejudice.

                  Two courses, then, are open to him. Either he may keep his opinions to himself, trying to present fairly the arguments on both sides and leaving the students to form their own conclusions; or, he may frankly state his own judgment, giving the reasons which lead him to his conclusion and the arguments on the other side. The first course in my judgment is unfortunate for two reasons: first, because we do not wish to create a race of civic jellyfishes. The spectacle of an economist out of whom one can not get a positive conclusion on any live subject is, to say the least, not an inspiring example for students whom we desire to have form the habit of reaching sane decisions. Secondly, any man, no matter how fair minded, will find it hard not to present more convincingly the arguments he believes than those he doubts. Hence, in taking up any disputed topic, I tell a class in advance what is my own conclusion, thus giving them, so far as possible, the opportunity to discount the element due to the personal equation. Students and teacher thus stand on a footing of mutual understanding that seems to me conducive to mutual respect and intelligent discussion. The teacher can not help imposing his ideas on his students to some extent, but he can, at any rate, avoid foisting off on them opinions that they absorb from him unconsciously, because they do not know that he holds them. But, after all, perhaps the particular method of dealing with this problem is less important than the spirit in which it is approached. To realize that college boys and girls are generally young and easily impressed, and that propaganda of disputed social policies on which scientific opinion is not united, is at the farthest remove from the teaching of science — to have this consciousness is the great requirement for dealing wisely and fairly in this matter with undergraduates.

                  A little the same thing may be said concerning the general problem of method. To see the fundamental importance of economic relations, to think clearly and systematically, to put things simply and directly, to be filled with enthusiasm for a better social order, — these are the characteristics that will enable the real teacher to touch his students with the live coal off the altar. None the less a method capable of general use needs to be developed as a pedagogical tool, serving the interests at once of sound scholarship, free science, efficient citizenship, and sane social progress.

Source: Educational Review, Vol. XL (October, 1910), pp. 239-249.

Image Source: Faculty portrait of Henry Raymond Mussey in the Barnard College Yearbook, The Mortarboard 1911.

Categories
Exam Questions Harvard Principles

Harvard. Enrollments, staffing, exams for principles of economics. Taussig, Bullock, Andrew. 1906-1907

It is now time to begin posting transcriptions of course material for the Harvard academic year 1906-07. Sometimes, even for the curator of Economics in the Rear-view Mirror, this becomes a tedious task. Still, the opportunity to assemble a long time series of economics exams into searchable text for one of the leading economics departments has the virtue of being steady work. 

In the beginning… there is the undergraduate principles of economics course and that is the subject of this post. Subsequent posts more or less follow the course numbering used at the time by Harvard.

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Taussig explains the course structure

In a letter Aug 8, 1906 to E.R.A. Seligman at Columbia describing how Economics 1 was taught we learn that Frank Taussig gave the first semester lectures and his younger colleagues, Charles J. Bullock and A. Piatt Andrew split the second semester’s lectures between themselves. The textbooks used in the course were “Mill, Walker, and Seager.” Taussig also gave himself credit for introducing the course structure of having a common set of lectures and small-section work for discussion and exercises.

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Course Enrollment
1906-07

Economics 1. Professor [Frank William] Taussig and Asst. Professors [Charles Jesse] Bullock and [Abram Piatt] Andrew, assisted by Messrs [Selden Osgood] Martin, [Frank Richardson] Mason, G. R. [George Randall] Lewis, [Charles Phillips] Huse, and [Arthur Norman] Holcombe. — Principles of Economics.

Total 392: 1 Graduate, 15 Seniors, 43 Juniors, 252 Sophomores, 50 Freshmen, 31 Others.

Source: Harvard University. Report of the President of Harvard College, 1906-1907, p. 70.

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ECONOMICS 1
Mid-year Examination, 1906-07

Arrange your answers strictly in the order of the questions.

  1. Explain briefly what is meant by, — free goods; public goods; utility; marginal utility; productive labor.
  2. Explain the relation between, — the rate of interest; the selling price of land; the capitalization of monopolies; vested rights.
  3. What is meant by urban site rent? Does such rent differ from the rent of agricultural land? If so, in what essentials? If not, why not?
  4. Are business profits a return different in kind from wages, according to Mill? Seager? the instructor in the course?
  5. Is a high birth-rate to be regarded with anxiety? a low birth-rate? a high death-rate? a low death-rate? State (in round numbers per 1000 of population) what you would regard as high and low rates.
  6. Would you expect the price of a commodity to fall if its cost of production were lowered? If so, under what conditions? If not, why not?
    Would you expect the cost of producing a commodity to be lowered if its price fell? If so, under what conditions? If not, why not?
  7. Wherein had immigration into the United States during the decade just passed differed from immigration in earlier times; and what effect has recent immigration had (a) on the general rate of wages, (b) on wages in particular occupations?
  8. Explain the connection between, — collective bargaining; the closed shop; the open union.
  9. Suppose socialism, in the form proposed by Fourier, were adopted: how would wages, rent, interest, business profits, be affected? What if socialism, as outlined by modern writers, were adopted?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1906-07.

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ECONOMICS 1
Year-end Examination, 1905-06

I.
Answer three questions.

  1. Does the value of a commodity depend on its utility? Does the price of a commodity depend on its value?
  2. Explain briefly what is meant by (a) the sweating system, (b) producers’ coöperation, (c) collective bargaining.
  3. Suppose a great increase in the supply of (a) gold, (b) silver, (c) wheat: would the values of these three articles be affected in the same way and in the same degree?
  4. What is the nature of the income received by (a) an owner of lodging house who lets rooms to students; (b) an owner of shares a “trust”; (c) an author receiving royalty on a copy-righted book; (d) a mine owner receiving a royalty (so much per ton) on minerals extracted from his mine.

II.
Answer three questions.

  1. Describe the various forms of credit which serve as means of exchange. Does their existence afford any disproof of the “quantity theory”? Explain why or why not.
  2. If there were no legal restrictions, would anything tend to prevent an over-expansion (a) of deposits, (b) of notes?
    If the present legal restrictions on note issue were abolished, what substitutes would you suggest?
  3. The imports of the United States from Brazil permanently exceed our exports to that country. What movements of specie between these countries are involved? The total exports of merchandise from the United States permanently exceed its imports. What movements of specie to or from this country are involved?
  4. Given mint par with England 4.86 2/3, France 5.18, Germany 0.952. What conditions with regard to American trade are indicated by the following quotations of exchange in New York, 4.84, 5.20, 0.945? How ought these rates to stand if the American dollar were to fall to half its present gold value?

III.
Answer three questions.

  1. According: to the principles laid down by Adam Smith and Mill, what changes should be made in the system of taxation employed by our national government?
  2. Compare the history of the income tax in the United States with the history of the tax in two European countries.
  3. What are the principal arguments for and against the proposal to levy progressive income taxes in order to prevent “undue” concentration of wealth? What are the arguments for and against using progressive inheritance taxes for the same purpose?
  4. Should a national debt be extinguished? Should municipal debts be extinguished? (In each case state fully the reasons for your answer.)

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1906-07; Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1907), pp. 24-25.

Image Source: Frank W. Taussig in the Harvard Class Album, 1906. Colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Principles

Harvard. Principles of Economics Exam. Taussig et al., 1905-1906

Over the next couple of weeks Economics in the Rear-view Mirror will be posting the printed economics course exams from Harvard for the academic year 1905-06.  Economics in the Rear-View Mirror has already transcribed and posted nearly every economics exam at Harvard University up to this year. You will find links to them in the Catalogue of Artifacts, then use page search for, e.g.,”Exam” to be awed if not shocked by the sheer quantity of material available to you.

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Course Enrollment

Economics 1. Professor [Frank William] Taussig and Asst. Professor [Abram Piatt] Andrew, assisted by Messrs. [Silas Wilder] Howland, [Chester Whitney] Wright, [Seldon Osgood] Martin, [William Hyde] Price, [Frank Richardson] Mason, and [Stuart] Daggett. — Principles of Economics.

Total 470: 1 Graduate, 9 Seniors, 87 Juniors, 266 Sophomores, 63 Freshmen, 44 Others.

Source: Harvard University. Report of the President of Harvard College, 1905-1906, p. 72.

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ECONOMICS 1
Mid-year Examination, 1905-06

Arrange your answers strictly in the order of the questions.
Answer nine questions, five from Group I, four from Group II.

Group I

  1. Which of the following would you class as capital:—
    1. stocks of goods in retailers’ hands;
    2. a theatre:
    3. the skill, acquired through training and education, of highly efficient workmen;
    4. agricultural land permanently improved by drainage, embankments and the like.
  2. Explain concisely,
    1. the law of diminishing returns;
    2. intensive and extensive margin of cultivation;
    3. marginal utility.
  3. Suppose all agricultural land to be equally fertile and equally distant from the market; suppose all to be under cultivation: would there be rent? If so, why and where? if not, why not?
  4. Explain in what way the value of monopolized commodities is influenced on the one hand by cost of production, on the other hand by marginal utility.
  5. Explain in what way the value of commodities produced at joint cost is influenced on the one hand by cost of production, on the other hand by marginal utility.
  6. State two different ways in which expense of education and training affects variations of wages in different occupations.

Group II

  1. “The extra gains which any producer or dealer obtains through superior talents for business, or superior business arrangements, are very much of a similar kind [to rent]. . . . All advantages, in fact, which one competitor has over another, whether natural or acquired, whether personal or the result of social arrangements, bring the commodity, so far, into the Third Class, and assimilate the possessor of the advantage to a receiver of rent.” —Mill.
    Explain what is the “third class” of commodities here referred to by Mill; wherein “personal” advantages differ from those which are “the result of social arrangements”; and how far the general doctrine set forth in this extract is found also in Walker and in Seager.
  2. State concisely the residual theory of distribution, as set forth by Walker.
  3. Suppose the number of laborers to increase greatly, the other factors in production (capital, land) remaining unchanged: what changes in wages would ensue, and in what manner would they be brought about, according to Mill? Walker? Seager?
  4. Explain concisely,
    1. the capitalization of rent;
    2. the capitalization of monopoly profits;
    3. the statement that the rate of interest determines the value of land and securities;
    4. innocent investors and acquired rights.
  5. A corporation organized to do a mercantile business buys an expensive city site, erects a building thereon, carries on the operations of buying and selling, and in due time distributes dividends among its stockholders. What is the nature of the return received by the stockholders?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1905-06.

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ECONOMICS 1
Year-end Examination, 1905-06

Omit one question from each group.

I.

  1. Define capital, and mention two articles of wealth which are always capital, two which never are, and two which sometimes are and sometimes are not.
  2. Under what conditions would there be no economic rent?
  3. Explain briefly the salient influences which will determine the value (1) at any given moment, (2) in the long run, of the following:
    1. an uncopyrighted book,
    2. a copyrighted book,
    3. an ounce of gold.
  4. What are the limits to the price-fixing and profit-earning powers of monopolies? Are there any other conditions which will tend to check the indefinite growth of combinations?

II.

  1. Is it true of all commodities that changes in supply affect their value proportionally? Is it true of the commodity money? If in your opinion there is any difference, explain it.
  2. Can a commodity change its value without changing its price? Can it change its price without changing its value? Suppose the commodity were gold bullion, would your answer vary?
  3. Suppose an increase in the volume of our currency, due to a new issue of silver, what would be the effect upon international trade? Would this effect be lasting? Would your answer depend at all upon the condition of our currency at the time the increase occurred?
  4. If the merchandise imports from England to the United States equalled the exports from the United States to England (a) what would be the state of exchange on London? (b) Would there be any greater advantage to either of the countries engaged in trade?

III.

  1. Would a tariff “for revenue only” differ from a protective tariff, the product of which is entirely devoted to revenue? Has either any advantage over the other?
  2. “A man is of all sorts of luggage the most difficult to be transported.” What is the bearing of this fact upon the theory of international trade?
  3. (a) How are loans affected when the reserve limit (as established either by law or custom) is reached in England, Germany, and in the United States?
    (b) Show whether a system of “combined reserves” is needed in France, England, or Germany.
  4. Arrange the following items in their proper order as they would appear in the statement of a national bank. What criticisms would a bank examiner make? Would these criticisms vary if the bank were situated in New York, Boston, or the town of Lexington?
Loans,

360 thousands of dollars

Capital,

50      “                “       “

Reserve,

50      “                “       “

Real estate,

28      “                “       “

Deposits,

300    “                “       “

Undivided profits,

3        “                “       “

Notes,

115    “                “       “

Other assets,

20      “                “       “

Bonds and stocks,

40      “                “       “

Surplus,

30      “                “       “

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 8, Bound volume: Examination Papers, 1906-07Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1906), pp. 26-27.

Image Source: Portrait of Professor Frank W. Taussig in the Harvard Class Album 1906.

Categories
Exam Questions Harvard Principles

Harvard. Enrollment and exams for Outlines of Economics. Taussig et al., 1904-1905

From the final exams for the two semester introductory economics course run by Frank Taussig and A. Piatt Andrew in 1904-05 we see (among other things) that John Stuart Mill provided the backbone of theory and that there was room for a compare and contrast question regarding a liberal market economy vs a socialist economy.

________________________

Course Enrollment

Economics 1. Professor [Frank W.] Taussig, Asst. Professor [Abram Piatt] Andrew, and Messrs. [Vanderveer] Custis, [James Alfred] Field, [Silas Wilder] Howland, [Selden Osgood] Martin, and [Chester Whitney] Wright. — Outlines of Economics.

Total 438: 10 Seniors, 84 Juniors, 232 Sophomores, 54 Freshmen, 58 Others.

Source: Harvard University. Report of the President of Harvard College, 1904-1905, p. 74.

________________________

ECONOMICS 1
Mid-year Examination, 1904-05

One question in each group may be omitted.
Arrange your answers strictly in the order of the questions
Give your reasons in all cases.

I

  1. Which among the following would you consider (1) “productive laborers,” (2) otherwise useful to society: actors, manufacturers of gambling implements, stock-brokers, landlords receiving and spending the rents of land.
  2. It has been laid down that,—
    Capital is distinguished from non-capital by its nature, — it consists of machinery, materials, and other apparatus for production;
    Capital is distinguished from non-capital by the intention of the owner in dealing with his wealth;
    Capital, though the result of saving, is yet continually consumed.
    Can you reconcile these propositions? If not, which do you consider sound?
  3. “The laws and conditions of the production of wealth partake of the character of physical truths.” Is this true of the law stating the conditions under which the accumulation of capital takes place? of that stating the conditions under which production upon land takes place?
  4. Define briefly: value in use, value in exchange, utility, marginal utility, margin of cultivation, consumer’s rent.
  5. Can a person having a monopoly of a given commodity control its price at will? If so, how? If not, why not?
  6. “An individual speculator cannot gain by a rise in price of his own creating . . . when there is neither at the time nor afterwards any cause for a rise of prices except his own proceedings.”
    On what reasoning does this statement of Mill’s rest? Does the practice of dealings for future delivery (“futures”) affect the reasoning.

II

  1. What is the difference between a wages-fund and a wages-flow? Which seems to you the better mode of describing the influences that act on the general rate of wages?
  2. “The expectations of profit, therefore, in different employments, cannot long continue very different: they tend to a common average.”
    “It is true that, to persons with the same amount of original means, there is more chance of making a large fortune in some employments than in others.”
    “Gross profit varies greatly from individual to individual, and can scarcely be in any two cases the same.”
    Can these statements of Mill’s be reconciled?
  3. Is the return from capital sunk in the soil to be regarded as rent or interest? Is the return from urban real estate to be regarded as rent or interest? Is the return on corporate securities (stocks and bonds) to be regarded as rent or interest?
  4. How will a rise in the rate of interest affect the selling value of land? that of securities yielding a fixed income?
  5. “But it is impossible for anyone to study political economy, even as at present taught, or to think at all upon the production and distribution of wealth, without seeing that property in land differs essentially from property in things of human production, and that it has no warrant in abstract justice.” Henry George.
    Do you think this statement true in view of what you have learned in this course? Consider both your reading and the lectures.
  6. What would become of interest, rent, business profits, in a socialist state? what if there were an all-embracing régime of coöperative production?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 7, Bound Volume: Examination Papers, Mid-Years 1904-05.

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ECONOMICS 1
Year-end Examination, 1904-05

Omit one question from each group.

I

  1. What is meant by the equilibrium of demand and supply? How is it secured?
  2. Suppose there were a general rise in wages: could capitalists, by charging higher prices for their goods, prevent profits from falling?
    Suppose a rise of wages in a particular trade: could the capitalists in that trade, by charging higher prices, keep their profits from falling?
  3. Under what head — wages, rent, interest, profits — would you class the remuneration of (1) an apothecary; (2) a city merchant who owns the building in which he carries on his business; (3) an author who receives copyright payments on books which he has written; (4) a stockholder in a company which owns a lucrative patent?
  4. Is land capital? Are buildings capital? Are the skill and capacity of a workman — such as a trained engineer or a great inventor — to be regarded as capital?

II

  1. What would be the effect on the price of beef if a high protective tariff were levied on the import of hides?
  2. Which of the economic advantages and disadvantages of combination, in the broad sense, result from (a) pooling, (b) merger in a single corporation, (c) monopoly?
  3. President Roosevelt in a recent message said that our tariff “duties must never be reduced below the point that will cover the difference between the labor cost here and abroad.” Discuss this statement.
  4. Suppose that a country which manufactures only enough to supply half the home market, and which has a large export trade in wheat, imposes a uniform import duty of 50% on all commodities. What will be the effect on the nominal and the real wages of agricultural laborers, absolutely, and as compared with wages in manufacturing industries?

III

  1. How do you explain the fact that there is less than 1/10 as much silver in a dime as in a silver dollar? Is there any reason why this should be so?
  2. Explain briefly:—

(a) Deposit.
(b) Suffolk Bank system.
(c) Clearing House certificate.
(d) Post-note.
(e) Discount.
(f) Reserve city.
(g) Central reserve city.
(h) Asset currency.

  1. Secretary Shaw has said “Without claiming that the national banking act is perfect or that our currency system is free from objection I think that the world joins us in the verdict that it is the best system known to man.”
    Discuss this statement, comparing the American system as regards security and elasticity with those of England and Germany.
  2. If a national bank examiner should discover the following to be the account of a bank in Boston to what would he object:
Capital 200,000 Loans 733,000
Surplus 24,000 U.S. Bonds 75,000
Undivided profits 43,000 Other assets 42,000
Notes 78,000 Deposits in U.S. Treas. 3,500
Deposits 745,000 Deposits in other banks 150,000
Clearing House certificate 14,000
Coin & legal tender notes 72,500
1,090,000 1,090,000

Would his objections differ at all if the bank were located in Cambridge?

Source: Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05;  Papers Set for Final Examinations in History, Government, Economics,…,Music in Harvard College (June, 1905), pp. 21-23.

Image Sources:  Frank W. Taussig (Original black and white image from of Frank William Taussig from a cabinet card photograph, 1895, at the Harvard University Archives HUP); Abram Piatt Andrews (Picture from ca. 1909 used in a magazine article about Andrew’s appointment to the directorship of the U. S. Mint. Hoover Institution Archives. A. Piatt Andrew Papers, Box 51). Images colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Principles Undergraduate

Harvard. Exam questions for Principles of Economics. Taussig and Andrew, 1903-1904

After the longest break from posting since I began this blog almost eight years ago, I now return to regular posting for most of the rest of this month (May 2023).

We resume our slow march through the economics exams at Harvard in the first decade of the 20th century with the semester examinations for the undergraduate introductory course in economics for the academic year 1903-04. The division of labor between A. P. Andrew and Frank Taussig appears to have been Taussig being responsible for the first semester with his junior partner Andrew taking over for the second semester. This would be consistent with the fact  that the year-end examination was not included in Taussig’s personal scrapbook of course examinations [Harvard University Archives. Prof. F. W. Taussig, Examination Papers in Economics 1882-1935  (Scrapbook)]

___________________________

Course Enrollment, 1903-04

Economics 1. Professor Taussig, Asst. Professor Andrew, and five assistants. — Outlines of Economics.

Total 529: 1 Graduate, 15 Seniors, 108 Juniors, 279 Sophomores, 72 Freshmen, 54 Others.

Source: Harvard University. Report of the President of Harvard College, 1903-1904, p. 66.

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Economics 1
Mid-Year Examination. 1903-04

Arrange your answers strictly in the order of the questions. Answer nine questions, and give your reasons for all answers.

  1. Is it advantageous to laborers, temporarily or permanently, that there should be (1) large government expenditures for military purposes; (2) large government expenditures for improvements in transportation; (3) luxurious expenditure by the rich; (4) savings by the rich? (You are free to discuss these separately, or as one general question.)
  2. Which of the following are productive laborers (1) according to Mill’s distinction, (2) in your own opinion:—

an actor;
a grain merchant;
one who engages in “commercial speculation”,
one who engages in “industrial speculation”;
one who engages in stock speculation.

  1. Will the population of a country be able to increase more rapidly when there is immigration than when there is not? Will it probably increase more rapidly?
  2. Suppose the variations in the fertility of land to be offset precisely by disadvantage in situation — the more distant land being the more fertile, the nearer land the less fertile — would there be rent? Would your answer be the same or different, according as you assume the whole of the land to be under cultivation, or some parts of it to be not yet in use?
  3. The significance of the principle of demand and supply, as regards (1) perishable commodities, (2) durable commodities, (3) monopolized commodities, — wherein different, wherein the same?
  4. How far is the proposition that the value of commodities conforms to their cost of production affected by (1) the varying rent of land; (2) the use of fixed capital (plant) on a great scale; (3) the growth of combinations?
  5. Is there a tendency to equality in the return to capital? in net profits (“business profits”)? in gross profits?
  6. What are the advantages and disadvantages of the regulation of combinations and monopolies by (1) limitations of profits, (2) fixing of prices charged to the public, (3) enforcement of farsighted management?
  7. Suppose all education and training to be gratuitous, and all obstacles to the free choice of occupations removed: would there be differences of wages? If so, of what sort? If not, why not?
  8. How do you conceive the remuneration for labor to be determined in a socialistic community? Wherein is the underlying principle different from that in existing society? What do you believe to be the essential merit or defect, or both, of the socialist principle?

Source:  Harvard University Archives. Harvard University, Mid-year examinations 1852-1943. Box 7, Bound volume: Examination Papers, Mid-Years, 1903-04.

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Economics 1
Year-End Examination. 1903-04

Write answers strictly in the order of the questions.
Omit one question from each group.

I
  1. Differences of wages are sometimes due to the presence of competition, sometimes to its absence. Give examples of each.
  2. What factors tend to prevent the rate of interest from an excessive rise? from an excessive fall?
  3. What would be the effect upon the wealth of a community
    1. if landlords gave up all claims to rent?
    2. if all production took place upon the margin of cultivation?
    3. if the price of all agricultural produce were legally fixed at the average cost of production?
  4. What influences govern the value on the New York market of
    1. coffee?
    2. structural steel?
    3. hides?
II
  1. Under normal conditions in the United States the par of exchange on London is $4.866, and the value of 23.2 grains of gold is $1.00. Suppose that the market price of gold was quoted at 5 cents per grain, and exchange on London was quoted at $5.65. What would this indicate
    1. as to the balance of trade?
    2. as to the character of the currency?
  2. President Lincoln is reported to have said: “When we buy a ton of steel rails abroad, we get the rails and the foreigner gets the money; but when we buy a ton of steel rails produced at home, we get both the rails and the money.”
    Give your opinion of this statement as an argument for protection.
  3. “The fact that the greenbacks have circulated at par for more than a quarter of a century is a strong guarantee that their retention in limited amount, always promptly redeemable, has not proved a mistake.”
    State briefly the history of the greenbacks, and give your opinion of this statement with reasons.
  4. “They also urge — and this is in some respects their strongest argument — that a slowly depreciating currency is better than a slowly appreciating one.” — Hadley.
    Explain and criticise, stating the effect of a depreciating standard upon each of the four great shares in distribution.

III

  1. Given

Capital, $100.000;
Loans, $250.000;
Deposits, $240.000.

Complete and balance the account to show the condition of a National bank in New York city with a reasonable circulation giving in detail the items concerning the issue and securing of notes. How would the items probably differ, if the bank was located it Yonkers?

  1. Does an increase in bank notes add (1) to the amount, and (2) to the elasticity of the total currency in
    1. the United States?
    2. England?
    3. France?
    4. Germany?
  2. In the present industrial combinations how far have the economies of large scale and centralized production resulted in benefit to consumers? Give reasons.
  3. What four changes in industrial conditions resultant from the introduction of the factory system have influenced the character of modern trade-unionism?

Source:  Harvard University Archives. Harvard University, Examination Papers 1873-1915. Box 7, Bound volume: Examination Papers, 1904-05; Papers Set for Final Examinations in History, Government, Economics, … in Harvard College, June 1904, pp. 25-27.

Image Sources:  Frank W. Taussig (Original black and white image from of Frank William Taussig from a cabinet card photograph, 1895, at the Harvard University Archives HUP); Abram Piatt Andrews (Picture from ca. 1909 used in a magazine article about Andrew’s appointment to the directorship of the U. S. Mint. Hoover Institution Archives. A. Piatt Andrew Papers, Box 51). Images colorized by Economics in the Rear-view Mirror.

 

 

Categories
Exam Questions Harvard Principles Undergraduate

Harvard. Principles of Economics. Description, Enrollment, Exam Questions. Andrew, Mixter, and Sprague. 1902-1903

Over 500 students enrolled in the introductory course “Outlines of Economics” offered at Harvard in 1902-03. Frank Taussig continued his sick-leave through the academic year 1902-03 which is why his name was listed in the (ex ante) course description from June 1902 but not included in the departmental staffing report to the president (ex post) for 1902-03. 

Artifacts for the same course offered during the academic year 1901-1902 have been posted earlier. It is worth noting that of the three required texts listed below, Hadley’s Economics replaced Walker’s Political Economy (Advanced Course) that had been assigned for the previous year.

Fun Fact: Gilbert Holland Montague, one of the teaching assistants, left economics to become an anti-trust lawyer who quite apparently had the means to collect over 15,000 books and 20,000 pamphlets during his lifetime. He even owned a 14th century copy of the Magna Carta.

______________________________ 

Course Description, 1902-03
Economics 1

Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. Students who plan to take it in their first year are strongly advised to consult the instructor in advance. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economies 1.

[…]

Primarily for Undergraduates

  1. Outlines of Economics. — Lectures on Social Questions and Monetary Legislation. , Th., Sat., at 11. Professor [Frank W.] Taussig, Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Gilbert Holland] Montague and [Vanderveer] Custis.

Course 1 gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes a consideration of the principles of production, distribution, exchange, money, banking, and international trade. The relations of labor and capital, the present organization of industry, and the recent currency legislation of the United States, will be treated in outline.

Course 1 will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy, of Hadley’s Economics, and of Dunbar’s Theory and History of Banking will be read; and these books must be procured by all members of the course.

Source: Harvard University. Faculty of Arts and Sciences, Division of History and Political Science [Comprising the Departments of History and Government and Economics], 1902-03. Published in The University Publications, New Series, no. 55. June 14, 1902.

______________________________ 

Course Enrollment, 1902-03
Economics 1

Primarily for Undergraduates:

Economics 1. Drs. [Abram Piatt] Andrew, [Oliver Mitchell Wentworth] Sprague, and [Charles Whitney] Mixter, and Messrs. [Charles] Beardsley [Jr.], [Vanderveer] Custis, and [Gilbert Holland] Montague. — Outlines of Economics.

Total 514: 2 Gr., 25 Se., 108 Ju., 270 So., 39 Fr., 70 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1902-03, p. 67.

______________________________ 

Mid-year Examination 1903
Economics 1

Omit one question

  1. The population of the United States has increased from 23 millions in 1850 to about 80 millions in 1902 (not including the population of the islands acquired from Spain), and yet the “standard of living” has not fallen. Can you reconcile this with the Malthusian theory?
  2. “Economic rent and net profits are like the producers’ and consumers’ surplus described at the beginning of the chapter in being differential gains. . . .”
    Explain these terms and discuss Hadley’s comparison of profits and rent.
  3. How in your opinion does the use of labor-saving machinery in agriculture affect the value of agricultural produce, and the rent of agricultural land?
  4. What would you suppose to be the effect of immigration upon the production of wealth, upon wages, and upon the value of land in the United States?
  5. A recent Secretary of the Navy, in defending large naval appropriations, wrote as follows: “It is a taking thing to say that $100,000,000 could be better spent for education or charity; and yet, on the other hand, $100,000,000 spent in the employment of labor is the very best use to which it can be put. There is no charity in the interest of the popular welfare or of education so valuable as the employment of labor.”
    Discuss the economic argument implied in this statement.
  6. Should a railroad be compelled to charge the same rate per ton-mile for all goods of equal bulk? Why? or why not?
  7. Suppose that one piano manufacturer buys out all of the other piano manufacturers in the country, can he now sell the former aggregate output of all the factories at an advanced price? Give reasons for your answer.
  8. Explain by the theory of the value of money why prices are high in times of speculation and low when a period of depression sets in.
  9. Could a paper currency depreciate in value, if a government pledged the public lands for its redemption? Give reasons.

Source: Harvard University Archives. Mid-year Examinations 1852-1943. Box 6. Papers (in the bound volume Examination Papers Mid-years 1902-1903).

______________________________ 

Year-end Examination 1903
Economics 1

Omit one question from each group.

I

  1. What is meant by

unearned increment,
marginal utility,
double standard,
rapidity of circulation?

  1. Explain the relation of the law of diminishing returns to rent.
  2. It wages are determined by the productivity of labor, how would you explain the circumstance that labor organizations which impose restrictions upon individual output, have been accompanied by a rise of wages?
  3. What considerations are likely to determine the prices of trust-made commodities?

II

  1. In what ways would the repeal of our tariff duties affect our export trade?
  2. Former Speaker Reed, in an article on Protection, said: “Any system which enables our people to do our own work is a system which can give the best results. . . . The whole nation gets the benefit of it?”
    Discuss this statement.
  3. Give the principal reasons for and against the adoption of the policy of the single tax.
  4. How is the community served by the produce exchanges? by the stock exchanges?

III

  1. (a) What kinds of money are susceptible of increase under existing legislation in the United States? In what way?
    (b) In what way do clearing house loan certificates add to the circulating medium?
    Under what circumstances may they be issued?
  2. Suppose the deposits of the national banks to increase one hundred million dollars, would the position of the banks be rendered stronger thereby?
  3. Are the national banks of the United States unfairly granted the privilege of earning a double profit in respect to their circulation?
  4. In his last annual report, the Secretary of the Treasury writes: “I think a far better course for the present at least would be to provide an elastic currency available in every banking community and sufficient for the needs of that locality. This, I think, can be accomplished . . . . by several methods.”
    Explain some of these methods.

Source: Harvard University Archives. Examination Papers 1873-1915. Box 6. Papers Set for Final Examinations in History, Government, Economics, History of Religions, Philosophy, Education, Fine Arts, Architecture, Landscape Architecture, Music in Harvard College, June 1903 (in the bound volume Examination Papers 1902-1903).

Image Sources: Abram Piatt Andrew (1920) from Wikimedia Commons. O.M.W. Sprague from Harvard Class Album 1920, p. 25.

 

Categories
Exam Questions Johns Hopkins Principles Undergraduate

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

 

This post is the first of transcribed mid-year and end-year course examinations in political economy at Johns Hopkins University for the academic year 1937-1938. Principles of economics was taught in five sections: three for the College of Arts and Sciences, one for the School of Business Economics and one for the School of Engineering.

Related earlier material from Johns Hopkins:

Exams 1921-22;  Exams 1923-24Exams 1932-33

A report of activities of the department of political economy for 1935-1936 has also been transcribed and posted earlier.

Blog News

Today’s post is the first content getting a toot at Economics in the Rear-view Mirror’s new outpost at Mastodon.

Twitter and Facebook outposts will continue announcing new content as well as occasional retweets, toots, shared-links and other such social stuff. Different strokes and all that jazz, but so far no requests for music or dance videos.

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Course Description

1 C. Elements of Economics. Three hours weekly through the year. Section 1: Dr. Bullock, Th., F., S., 8.30. Maryland Hall 110. Section 2: Associate Professor Mitchell, M., Tu., W., 8.30. Maryland Hall 110. Section 3: Associate Professor Weyforth, M. Tu., W., 11.30. Gilman Hall 314. Section 4: Dr. Cooper, M., Tu., W., 10.30. Gilman Hall 311. Section 5: Mr. Deupree, M., Tu., W., 8.30. Gilman Hall 314.

Note: Students in the School of Engineering will be assigned to Section 1; students in the School of Business Economics to Section 3; and students in the College of Arts and Sciences to Sections 2, 4, and 5.

This course teaches the elements of the science, aiming to show the principles upon which economic society is organized and operated. Particular attention is given to the theory of value and the theory of distribution together with their application to leading economic problems. Such subjects as Money and Banking, Rent, Wages, Interest, Profits, Industrial Combinations, International Trade, are treated in the course. It is part of the purpose of the course to indicate the application of scientific principles to current economic problems.

Required of all students before graduation.

Source: The Johns Hopkins University Circular (1937). Vol. LVI, No. 486 (April, p. 61).

__________________________

Elements of Economics
Mid-year and End-year Examinations
1937-1938

Elements of Economics. Section 1
Dr. Roy J. Bullock

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Bullock

Wednesday
February 2, 1938, 9 a.m.

I.

Define or identify:

1. Property
2. Utility
3. Laissez-faire
4. Intensive margin of cultivation
5. Cumulative preferred stock
6. Time preference
7. Craft gild
8. Marginal revenue
9. Vertical combination
10. Demand

II.

What would be the difference between monopoly and competitive price under the following conditions:

    1. Elastic demand and increasing costs
    2. Elastic demand and rapidly decreasing costs
    3. Inelastic demand and increasing costs
    4. Inelastic demand and decreasing costs?

Illustrate each with a diagram.

III.

President Roosevelt has proposed a revision of the Federal Anti-Trust Laws. What reasons are there for being dissatisfied with our existing anti-trust laws? Are there any reasons for changing the objectives that have guided our anti-trust policy in the past? In what respects is the trust problem a price problem? Discuss.

IV.

Assume the following data with regard to a grain farm for the years 1930 and 1936:

1930 1936
Number of bushels produced 5,000 7,000
Total expenses of production $4,500 $8,000
Price of grain per bushel $.90 $1.30
Rate of return expected on farm investments 5% 4%
    1. What was the economic rent of this farm in 1930? in 1936? As a tenant what rent could you have afforded to pay in each year?
    2. Does the rent paid by the former have any effect on the price of grain at the primary market? Explain.
    3. As a buyer of land how much would you have been willing to pay for this farm in 1930? in 1936? Why?
    4. If grain alcohol became a commercial success as a substitute for gasoline, what would be the probable effect on the economic rent of this farm?

V.

Compare the advantages and disadvantages of the individual proprietorship, the corporation and the partnership from the point of view of the organizer of a business. Why has the corporation gained in relative importance during recent years?

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Bullock

Friday, June 3, 1938 – 9 a.m.

I

Explain briefly the meaning or significance of:

1. Legal tender
2. Favorable balance of trade
3. Interstate Commerce Act of 1887
4. American Federation of Labor
5. Fiat money
6. Stoppage at the source
7. Elastic currency
8. Committee for Industrial Organization
9. Taxation according to benefit
10. Workmen’s compensation law.

II

(a) Explain clearly how commercial banks are able to make loans greatly in excess of their cash resources.

(b) Explain the difference between the equation of exchange and the quantity theory of money.

III

A popular slogan of recent years has been, “More business in government, less government in business.” Developments have been in the opposite direction to that advocated. Have these developments been the result of party politics or are they in accord with underlying economic tendencies? Evaluate the slogan in the light of current conditions.

IV

Appraise national legislation to stablish a minimum weekly wage and a maximum number of hours work per week with regard to its probable effect on laborers income and on the business cycle.

V

(a) “The restoration of the pound sterling to its pre-war value was equivalent to the imposition of a heavy tax upon the British exporting industries.” Explain. Did the increase in the value of the pound make it easier or more difficult for other countries on the gold standard to sell in the British market? Explain.

(b) Explain and illustrate the difference between a tariff schedule designed as a revenue measure and a schedule aimed primarily at protection.

*  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 2
Associate Professor Broadus Mitchell

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
Political Economy 1 C

[Monday, Jan. 31, 1938. 9 a.m. Dr. Mitchell]

  1. What is the general theory of the competitive economic system?
  2. (a) Show how prices are determined under conditions of competition.
    (b) What are some of the forces which, in fact, interfere with this perfect operation of competition?
  3. On what economic theory do inflationists rely? Explain this theory briefly.
  4. State and explain the marginal utility theory of value.
  5. Identify briefly: the Physiocrats, Colbert, Kirkcaldy, James Watt, P. S. DuPont, Salmon P. Chase, R. B. Taney, Friedrich Engels, holding company, consumer‘s surplus, elastic demand.
  6. (a) Discuss the chief means used in this country to cope with the problem of unemployment.
    (b) What is meant by “technological unemployment”?
  7. Explain the changes made in the Federal Reserve System as a result of the depression of 1929.

 

THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
IN
POLITICAL ECONOMY 1 C

Dr. Mitchell

May 30, 1938
9 a.m.

  1. (a) Give the purposes, structure, and method of operation of the Federal Reserve System.
    (b) Why, in your opinion, did it fail to prevent the depression of 1929 and the subsequent closing of the banks of the country?
  2. (a) Explain the differential or Ricardian theory of rent.
    (b) What were the influences responsible for Henry George’s book, Progress and Poverty?
    (c) What is the Socialist’s criticism of the single tax proposal?
  3. State and discuss the Wage Fund Theory and the Exploitation theory of wages.
  4. (a) How do pure profits arise?
    (b) What developments in American economic life appear to make our old reliance upon the profit motive inappropriate now?
  5. In what sense is it true that the cost known as interest would be present even in a collectivist economy?
  6. What forces are responsible for the present increased demand for industrial unionism as against craft unionism in the United States?
  7. Contrast the teachings of Robert Owen with those of Karl Marx.

*  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 3
Assoc. Professor William O. Weyforth

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Weyforth

February 3, 1938
9 a.m.

  1. What is meant by the doctrine of “laissez faire”? That were the conditions under which the doctrine was developed? Explain the arguments in favor of the doctrine, and the factors responsible for a departure from the doctrine in recent years.
  2. What are the essential features of the corporation as a form of business organization? How do you account for the rise of the corporate form of business organization in recent years? Distinguish the following: common stock, preferred stock, bonds.
  3. What are the “factors of production” and the “agents of production”? What is meant by the “best combination of the agents of production” as applied to any business enterprise. Distinguish between the average total unit cost of production and the marginal cost of production. Illustrate by diagram.
  4. Explain what is meant by an individual demand schedule for any commodity. Show the relationship between such a demand schedule and the theory of marginal utility. Upon what principles does a consumer tend to divide his expenditures among different commodities? How is the total demand schedule in any market for a certain commodity related to the individual demand schedules?
  5. Show how the market price is determined by supply and demand under conditions of competition. Show how an increase in supply, demand remaining constant, will lead to a decline in price. Would the decline in price be greater where the demand is elastic or inelastic? Explain the problem by the use of diagrams.
  6. In what way is the monopolist able to control price? What is the theory of monopoly price? Explain the statement that the monopolist will tend to fix the price at the point where the marginal revenue curve intersects the marginal cost curve.
  7. What is meant by monopolistic competition? State some of the circumstances under which it tends to appear. Explain the difference in the shape of the demand curve for the product of an individual producer under conditions of pure competition and those of monopolistic competition.
  8. Explain the distinction between industries of constant cost, increasing cost, and decreasing cost. What are the factors primarily responsible for these differences, that is, under what circumstances are we likely to have each type of industry? How can we have an industry of increasing cost and at the same time constant or falling prices for the product of that industry over a period of years.
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Weyforth

June 2, 1938
9 a.m.

  1. In the regulation of public utilities, what are the important economic problems involved in the determination of a fair price to be charged for the services rendered?
  2. Show how bank deposits subject to check serve as a medium of exchange. Explain how the volume of such deposits may be affected by the loan and investment policies of banks.
  3. What are business cycles? Explain the theory that fluctuations in general business activity are due primarily to fluctuations in the volume of investment. What are the possibilities of public spending as a means of remedying business depression?
  4. Explain the theory that under conditions of competition the rate of wages in any occupation tends to correspond to the marginal productivity of labor in that occupation. According to this theory how do you explain the relatively higher wages paid to skilled workers as compared with unskilled workers?
  5. Explain how, other things being equal, the growth of population will affect the rent of land. How is this explanation related to Henry George’s proposal. for a single tax on land?
  6. Show how interest rates are determined by the supply of and the demand for loanable funds. What are the sources of the supply of and demand for loanable funds? How may banking policy affect interest rates? What are the limits of banking policy in this respect?
  7. What are the factors that give rise to profits? What functions do profits perform in an economic system of free enterprise?
  8. What are the characteristic features of capitalism? What do you mean by socialism? by communism? What is “utopian” socialism? “scientific socialism”?
  9. Explain the law of comparative cost as applied to international trade.

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

Elements of Economics. Section 4
Dr. Howard E. Cooper

THE JOHNS HOPKINS UMIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

[Dr. Cooper]

January 31, 1938
9 a.m.

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

  1. “The Production of wealth may take the form of the creation of form utility, of place utility, or of time utility.”
    Explain and give examples of each.
  2. What would be the effect on our industrial system of too much saving, of too little saving?
  3. “The division of labor promotes production by economizing labor, increasing its efficiency, and making more effective use of capital.” This is all helpful from the point of view of capital. How about the laborer?
  4. What is the concept of marginal utility?
  5. What are some examples of elastic demand?
    What are some examples of elastic supply?
  6. Distinguish between increasing costs and decreasing costs.
  7. What is the meaning of imperfect competition?
  8. What are some of the limitations on monopoly price?
  9. Suppose the quantity of money held by everyone were to be doubled. Would we be twice as wealthy? Explain.
  10. Discuss briefly some of the factors which influence the rate of interest.
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
IN
POLITICAL ECONOMY 1 C

Dr. Cooper

Monday [May] 30, 1938
9 A.M.

Please use ink and write clearly.

  1. In what ways does the Federal Reserve System seek to control credit?
  2. (a) What is the significance of the double budget made use of by President Roosevelt?
    (b) Trace briefly the National Debt of the United States?
  3. (a) What is meant by combining business risks to prevent their harmful effects? Illustrate.
    (b) What is meant by passing risks to the shoulders of others more able or willing to bear them? Illustrate.
  4. Define the following:
    (a) a pool
    (b) a trust
    (c) a holding company
    (d) a consolidation
    (e) a merger.
  5. The newspapers frequently carry statements to the effect that local patriotism requires that you patronize local merchants and industries in order to keep money at home. Criticize.
  6. What factors lead to fluctuations in foreign exchange?
  7. Would you advocate an early return to the gold standard? Give reasons for and against.
  8. Discuss briefly the factors affecting the supply and demand for labor.
  9. Distinguish between the craft or trade union, and the industrial union. Which do you think will be the union of the future? Why?
  10. Marx held that the tendency toward concentration, and the increasing numbers and misery of the laboring class would lead us into Socialism. Taking into consideration the long time period, is it possible that he was right?

*  *  *  *  *  *  *  *  *  *  *  *

Elements of Economics. Section 5
Dr. Robert G. Deupree

THE JOHNS HOPKINS UNIVERSITY
MID-YEAR EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Deupree

February 1, 1938
1 p.m.

  1. Define: wealth, utility, income, capital, functional distribution.
  2. Contrast: the manorial system, guild system, and domestic system.
  3. Distinguish between the following forms of the business unit: Individual proprietorship, partnership, limited partnership, and corporation.
  4. Discuss the economic effects of division of labor.
  5. Explain the marginal utility concept.
    How does it relate to price?
    Explain marginal cost of production.
    How does it relate to price?
  6. Distinguish between production under conditions of increasing, decreasing, and constant costs, giving examples of each.
  7. A monopolist finds the following cost and demand schedules prevailing in the market for his commodity:
Quantity Cost per unit Selling price per unit
1,000,000 1.00 1.00
750,000 1.07 1.10
500,000 1.36 1.40
250,000 1.49 1.50

What would be the monopoly price in this market? Why? Are there any limitations upon the monopolists’ power to fix price? Explain.

  1. Show how economic rent arises on urban lands. Does the law of diminishing returns apply to urban lands? If so, in what manner? Explain what is meant by the extensive and intensive margins of cultivation in agriculture and their relation to economic rent.
  2. What is the time preference theory of interest?
    How would the rate of time preference be affected by:
  1. a steady growth of the national income?
  2. extravagance in consumption?
  3. old age pensions paid by the government?
THE JOHNS HOPKINS UNIVERSITY
FINAL EXAMINATION
POLITICAL ECONOMY 1 C

Dr. Deupree

June 1, 1938
9 a.m.

  1. Identify or define:
    1. Karl Marx
    2. Thomas Malthus
    3. Gresham’s law
    4. Knights of Labor
    5. Rochdale system
    6. Law of large numbers
    7. Hedging
    8. Processing taxes
    9. Gold export point
    10. Mint par of exchange.
  2. a. Discuss money.
    b. Define a commercial bank and discuss its functions.
    c. Define a central bank and discuss its functions.
  3. Summarize the major provisions of and evaluate any two of the following:
    a. Banking Act of 1935
    b. Social Security Act
    c. Trade Agreements Act
    d. National Labor Relations Act
    e. National Industrial Recovery Act
    f. Clayton Anti-trust Act
  4. a. Sketch the basis of the conflict between the American Federation of Labor and the Committee for Industrial Organization. Discuss the relative merits of the arguments.
    b. How would you account for the wages paid a particular group of workers — for example, carpenters in Baltimore?
  5. a. What are the basic Socialist proposals?
    b. Distinguish: Socialism, Communism, Fascism.
  6. How would you meet the unemployment problem in the United States? Give reasons for each step you propose.

Source: Johns Hopkins University, Eisenhower Library. Ferdinand Hamburger, Jr. Archives. Department of Political Economy. Curricular Materials. Series 6. Box 2. Folder “Department of Political Economy — Exams, 1936-1940”.

Categories
Chicago Economists Germany Harvard Principles

Chicago. Decennial Harvard Class Report of associate professor of political economy James A. Field, ABD, 1913.

College alumni reports often provide a glimpse into career paths of academic, business and government economists. I stumbled across the following tenth year report of the Harvard graduate James Alfred Field who ultimately achieved a professorship at the University of Chicago even though his highest academic degree was an A.B. from Harvard College in 1903. The next post will share some of his Harvard graduate record.  

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JAMES ALFRED FIELD

Born Milton, Mass., May 26, 1880.
Parents James Alfred, Caroline Leslie (Whitney) Field.
School Milton Academy, Milton, Mass.
Years in College 1899-1903.
Degrees A.B., 1903.
Unmarried  
Business University professor.
Address University of Chicago, Chicago, Ill.

       The opportunity to teach economics at Harvard came to me, quite to my surprise, near the close of our senior year. That autumn found me a graduate student, installed as proctor in Apley Court, and section hand in Economics 1. The next year I was appointed Austin Teaching Fellow in Economics, and took up, in addition to my duties in Economics 1, the work of assisting Professor Carver in his course on social problems, Economics 3. I sailed for Europe in August, 1905; studied during the winter semester at the University of Berlin, and rounded out nearly a year abroad by attending lectures in Paris and by reading in the British Museum library. From September, 1906, to June, 1908, I was instructor in economics at Harvard. In the summer of 1908 I accepted the offer of an instructorship at the University of Chicago, where I have since been teaching economics, specializing in statistics and the theory of population. I was made assistant professor of political economy in 1910, and am to advance this year (1913) to the rank of associate professor. Three years ago I revisited the British Museum and delved in manuscript records of a social reform propaganda of the early nineteenth century. I have written a little on the results of that study and on the related subject of eugenics, and have coöperated with my associates, Professor L. C. Marshall, 1901, and Professor C. W. Wright, 1901, in the preparation of two text-books embodying a method of teaching elementary economics which we have been working out together for the past five years. On the side, I am managing editor of the Journal of Political Economy; and I find myself involved in some of the minor executive duties with which a vigorous university contrives to keep folks busy. Books and articles which I have written: Outlines of Economics developed in a Series of Problems (joint author with L. C. Marshall and C. W. Wright) (third edition, 1912), The Early Propagandist Movement in English Population Theory(American Economic Review, April, 1911), The Progress of Eugenics (Quarterly Journal of Economics, November, 1911; also reprinted as a pamphlet, Harvard University, 1911) ; also other lesser articles. Member: Harvard Club of Chicago; Harvard Club of Keene, N.H., Harvard Club of New York, Quadrangle Club of Chicago, University Club of Chicago, City Club of Chicago, American Economic Association, American Statistical Association, American Sociological Society, Western Economic Society, American Association for Labor Legislation, National Child Labor Committee, Playground and Recreation Association of America, American Breeders Association, American Society for the Judicial Settlement of International Disputes, Art Institute of Chicago, University Orchestral Association of Chicago, Immigrants Protective League of Chicago, National Association for the Study and Prevention of Tuberculosis, Harvard Travellers Club.

Source: Harvard College Class of 1903. Decennial Report (1913), pp. 161-2.

Image Source: James A. Field. University of Chicago Photographic Archive, apf1-06081, Hanna Holborn Gray Special Collections Research Center, University of Chicago Library. The black and white image has been cropped and colorized by Economics in the Rear-view Mirror.

Categories
Exam Questions Harvard Principles

Harvard. Principles of Economics. Description, Enrollment, Exam Questions. Andrew, Mixter, and Sprague. 1901-1902

 

With the expansion of economics course offerings at Harvard going into the 20th century, Economics in the Rear-View Mirror will continue its collection of semester examinations but limiting each post in the series to a single course per year. This post brings together material from four different sources (announcement, enrollment, mid-year exam and final-year exam) for the first course in economics “Outlines of Economics” that was taught in sections by five instructors in 1901-1902. Frank W. Taussig was on leave in Europe that year which is the reason the course was entrusted to the experienced junior hands of Abram Piatt Andrew and Oliver Mitchell Wentworth Sprague.

The complete battery of 1900-01 course exams can be found in a previous post.

The course material for the 1902-03 academic year has been posted too.

______________________________ 

Course Announcement

…Course 1 is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It is usually taken with most profit by undergraduates in the second or third year of their college career. Students who plan to take it in their first year are strongly advised to consult the instructor in advance. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics 1…

Primarily for Undergraduates

  1. Outlines of Economics. — Lectures on Social Questions and Monetary Legislation. Mon., Wed., Fri., at 9.Drs. [Instructor in Political Economy, Abram Piatt] Andrew [Jr.] and [Instructor in Political Economy, Oliver Mitchell Wentworth] Sprague, and Messrs. [Instructor in Political Economy, Charles] Beardsley and [Austin Teaching Fellow, James Horace] Patten.

Course 1 gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes a consideration of the principles of production, distribution, exchange, money, banking, and international trade. Social questions and the relations of labor and capital, and the recent currency legislation of the United States, will be treated in outline.

Course 1 will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. Large parts of Mill’s Principles of Political Economy, of Walker’s Political Economy (advanced course), and of Dunbar’s Theory and History of Banking will be read; and these books must be procured by all members of the Course.

Source: Harvard University Archives. Annual Announcement of the Faculty of Arts and Sciences, Division of History and Political Science comprising the Departments of History and Government and Economics (June 21, 1901).  Official Register of Harvard University 1901-1902. Box 1. Bound volume: Univ. Pub. N.S. 16. History, etc. pp. 35-36.

______________________________ 

Course Enrollment

Primarily for Undergraduates:—

[Economics] 1. Drs. [Instructor in Economics, Abram Piatt] Andrew [Jr.], [Assistant in Economics, Charles Whitney] Mixter, and [Instructor in Economics, Oliver Mitchell Wentworth] Sprague, and Messrs. [Austin Teaching Fellow, James Horace] Patten and [Assistant in Economics, Gilbert Holland] Montagne. — Outlines of economics.

Total 432: 19 Seniors, 79 Juniors, 239 Sophomores, 37 Freshmen, 58 Others.

Source: Harvard University. Report of the President of Harvard College, 1901-1902, p. 77.

______________________________ 

Mid-year Examination 1902
ECONOMICS 1

Arrange your answers strictly in the order of the questions.

  1. A man increases his capital by saving which involves diminution of his consumption, but his capital can be used only by being consumed. Explain.
  2. What is over-population? What is under-population? Some years ago British India had 200 inhabitants to the square mile; Belgium 469; Rhode Island 254. Which came nearer to over-population and which to under-population?
  3. Why are the wages of servants higher in the United States than in England for the same grade of service?
  4. How does Hadley’s justification of rent resemble that of profits? Does Mill differ from Hadley in regard to the “unearned increment”?
  5. To what other conceptions than that of return from land has the notion of “rent” been applied?
    Explain the analogy between these various sorts of “rent.”
  6. Which of Mill’s laws of value is applicable to
    1. iron ore
    2. shoes
    3. typewriters
    4. street railway fares
    5. postage stamps.

State the law of value governing each case.

  1. A member of Congress maintained that there was not money enough in the country, using the following argument: “Our currency must keep pace with our growth as a nation … France has a circulation per capita of thirty dollars: England, of twenty-five: and we with our extent of territory and improvements, certainly require more than either.” State your opinion of this argument.
  2. When it is asserted that the value of gold rose 40% or 50% between 1873 and 1896, what are the various methods by which such a measurement of the amount of appreciation is affected? Point out the limitations of these methods.
  3. Consider the monetary history of the United States since 1860 with reference to the quantity theory?

Source: Harvard University Archives. Mid-year examinations, 1852-1943. Box 6. Bound volume: Examination Papers, Mid-Years 1901-02.

______________________________ 

Year-end Examination 1902
ECONOMICS 1

Arrange your answers in the order of the questions. One question in each group may be omitted.

I.
Answer two.
  1. Are the private ownership of capital, and the payment of interest on capital justified when it is said that interest is the reward of abstinence? If so, in what manner? If not, why not?
  2. Explain what Hadley means when he says that “economic rent and net profit are differential gains.”Does Mill differ from Hadley in regard to these subjects?
  3. What groups of persons are favored by rising prices? by falling prices?
II.
Answer two.
  1. Suppose that labor became twice as productive as it is in all of our industries, what would be the probable effect upon the prices and values of the articles we import? Distinguish between the immediate and the ultimate effects.
  2. It is frequently urged that the high rate of wages prevailing in the United States disables this country from competing with “the pauper labor” of Europe. Examine the grounds of this statement, and consider how far it forms a justification for protection to American industry.
  3. Suppose the discovery of important gold fields in France. What would be the effect upon her foreign trade?
III.
Answer two.
  1. What is the difference between a commercial bank and a savings bank?
  2. “As the exchange of checks through the Clearing House has had results far beyond the mere gain in convenience and safety to which the practice owes its origin, so the redemption of notes by some corresponding mode has important bearings of much greater scope than the convenience of banks in maintaining their issues, and quite independent of any question as to the security of the currency. (Dunbar, p. 74). Explain the system suggested, and the particular advantage referred to.
  3. “The notion is often entertained that the national banks have some peculiar opportunity for making a double profit, by receiving both interest earned by their bonds, and interest earned by the loan of the notes issued upon the bonds” (Dunbar, p. 180).
    Comment upon this.
IV.
Answer three.
  1. Do prices fluctuate because men speculate, or do men speculate because prices fluctuate?
  2. Would the country gain or lose from the abolition (1) of the “produce exchanges”? (2) of the “stock exchanges”? Give reasons in each case.
  3. Assuming that a combination has secured a monopoly, what influences would tend to check an indefinite increase in prices? Illustrate the varying operation of these influences in the case of diamonds, petroleum, and iron and steel.
  4. Discuss the economic effects of the immigration of unskilled labor to the United States?

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 6. Papers set for Final Examinations in History, Government, Economics… in Harvard College (June 1902) included in the bound volume: Examination Papers 1902-03.

Image Sources: Abram Piatt Andrew (1920) from Wikimedia Commons. O.M.W. Sprague from Harvard Class Album 1920, p. 25.

Categories
Exam Questions Harvard Principles Suggested Reading Syllabus Teaching Undergraduate

Harvard. Principles of Economics. Reading assignments, Exams, 1928

 

Partial course outlines from Harvard’s principles of economics course from 1927-28 and 1928-29 were found filed with the economics course outlines for 1938-39 in the Harvard Archives. The principal instructors for the courses in both years were Harold Hitchings Burbank and Edward Hastings Chamberlin, so combining the first semester outline from 1928-29 with the second semester outline from 1927-28 as transcribed below gives us a synthetic syllabus for the 1927-29 years. This post also includes enrollment figures for the two academic years as well as the corresponding semester final exams for the course. Links to the assigned textbooks have been added to complete the package.

____________________________

Course Announcement and Description

ECONOMICS
GENERAL STATEMENT

Course A is introductory to the other courses. It is intended to give a general survey of the subject for those who take but one course in Economics, and also to prepare for the further study of the subject in advanced courses. It may not be taken by Freshmen without the consent of the instructor. Students concentrating in Economics should elect Course A in their Sophomore year, except in unusual cases. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics A…

INTRODUCTORY COURSES
Primarily for Undergraduates

A. Principles of Economics

Tu., Th., Sat., at 11. Professor [Harold Hitchings] Burbank, Dr. [Edward Hastings] Chamberlin, Dr. [Charles Holt] Taylor, and Messrs. [John Bever] Crane, [Melvin Gardner] de Chazeau, [Edgar Jerome] Johnson, [Delmar] Leighton, [Talcott] Parsons, [Carl Johann] Ratzlaff, [James Harold] Shoemaker, [Samuel Sommerville] Stratton, [John Phillip] Wernette, [Harry Dexter] White and [Earle Micajah] Winslow; with lectures on selected subjects by Professor [Frank William] Taussig and other Members of the Department.

Course A gives a general introduction to economic study, and a general view of Economics for those who have not further time to give to the subject. It undertakes an analysis of the present organization of industry, the mechanism of exchange, the determination of value, and the distribution of wealth.

The course is conducted entirely by oral discussion in sections. Taussig’s Principles of Economics is used as the basis of discussion.

Course A may not be taken by Freshmen without the consent of the instructor.

SourceOfficial Register of Harvard University, Vol. XXV, No. 29 (May 26, 1928). Division of History, Government, and Economics 1928-29, pp. 63-64.

____________________________

Enrollment in Economics A, 1928-29

[Economics] A. Professor Burbank and Dr. Chamberlin, Dr. Taylor and Messrs. Leighton, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and Ratzlaff, Crane and Shoemaker. — Principles of Economics.

Total 477: 55 Seniors, 127 Juniors, 242 Sophomores, 26 Freshmen, 27 Others.

Source: Harvard University. Report of the President of Harvard College, 1928-29, p. 71.

 

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EXHIBIT D
First Half

OUTLINE OF STUDY FOR ECONOMICS A
1928-29

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, Vol. I, 3rd edition, (New York: 1921).

Sept. 27
Sept. 29
Lecture.
Lecture.
Oct. 1 – 6 Taussig, Principles 1. Wealth and Labor.
2. Labor in Production.
3. Division of Labor and Development of Modern Industry.
Oct. 8 – 13


Robertson
4. Large Scale Production.
5. Capital.
6. Corporate Organization of Industry.
1 – 3. Control of Industry.
Oct. 15 – 20 Taussig

8. Exchange, Value, Price.
9. Value and Utility.
10. Market Value. Demand and Supply.
Oct. 22 – 27

17. Coinage.
18. Quantity.
19. Secs. 2, 3, 4: History of Prices.
Oct. 29 – Nov. 3

20. Bimetallism.
22. Changes in Prices.
23. Government Paper Money
Nov. 5 – 10
24. Banking and Medium of Exchange.
25. Banking Operations.
Nov. 12 – 17

27. Banking System of United States
28. Crises.
29. Panics.
Nov. 19 – 24

Hour Exam
30. Prices.
31. Reform.
Nov. 26 – Dec. 1


Henderson
Review 8, 9, 10.
12. Constant Cost.
13. Diminishing Returns.
Demand and Supply (Nov. 26 to Dec. 15).
Dec. 3 – 8 Taussig
14. Varying Cost.
15. Monopoly.
Dec. 10 – 15
Henderson:
16. Joint Cost and Joint Demand.
Ch. 5. Demand and Supply.
Dec. 17 – 22 Taussig 32. The Foreign Exchanges
RECESS Dec. 23 to Jan. 2
Reading Period Jan. 2 to 16  [No additional reading requirements]
Jan. 2 – 7 Taussig
33. International Payments.
34. International Trade.
Jan. 9 – 14
36. Protection.
37. Free Trade.
MIDYEARS:

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

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1928-29
HARVARD UNIVERSITY
ECONOMICS A
[Mid-Year Examination, 1929]

  1. Many business men are hoping for a period of rising prices; some financial writers are prophesying that it is inevitable. Assuming no change in our existing monetary and banking laws, what causes might lead to an increase in prices? How would such rising prices tend to affect the holders of various types of securities?
  2. “Some people argue that price is determined by cost of production; and yet they admit that producers with too high costs have to drop out. Thus it is clear that in reality a producer’s cost is determined by the price he can get, consequently price cannot be determined by cost of production.” Comment on this statement.
  3. What influence has the existence of joint cost upon the development of large scale production?
  4. It has been stated that with the Federal Reserve System in operation there will never be a recurrence in the United States of such (a) crises and (b) panics as occurred in 1893 and 1907. Do you agree?
  5. What attitude toward the tariff would you expect to be taken by a banker who has made large loans abroad, by a manufacturer of woolen cloth, by a professor of economics, by a Louisiana politician?
  6. Explain briefly:
    1. The principles of subsidiary coinage.
    2. The relation between markets and the division of labor.
    3. The distinction between consumers’ goods and producers’ goods.
    4. The significance of the following: “The plentifulness of money is in itself a matter of indifference.”

Source: Harvard University Archives. Mid-Year examinations, 1852-1943. Box 11, Bound volume: Examination Papers: Mid-Years 1929, Papers Printed for Mid-Year Examinations [in] History, New Testament, Government, Economics….Military Science, Naval Science. January-February, 1929.

____________________________

Enrollment in Economics A, 1927-28

[Economics] A. Professor Burbank and Dr. Chamberlin and Messrs. K.W. Bigelow, [Theodore John] Kreps, Stratton, Winslow, O.H. Taylor, E.J. Johnson, de Chazeau, Parsons, Wernette, H.D. White, and D.V. Brown, with lectures on selected subjects by Professor Taussig and other Members of the Department. — Principles of Economics.

Total 532: 61 Seniors, 165 Juniors, 258 Sophomores, 20 Freshmen, 28 Others.

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

____________________________

OUTLINE OF ASSIGNMENTS FOR ECONOMICS A
1927-28, 2nd. Half year.

Thomas Nixon Carver. The Distribution of Wealth (New York: 1921).

Hubert D. Henderson. Supply and Demand. (New York: 1922).

D. H. Robertson. The Control of Industry (London: 1923).

Frank W. Taussig. Principles of Economics, 3rd edition, (New York: 1921). Volume I, Volume II.

Feb. 6

Feb. 11

Review
Value
Diminishing Returns
Carver:

Distribution of Wealth
Ch. I. Value
Ch. II. Diminishing Returns
Feb. 13

Feb. 18

Rent Carver:
Taussig:
V. Rent
Ch. 44. Rent (esp. Capitalization)
Ch. 43. Urban Site Rent
Feb. 20

Feb. 25

Interest Carver:
Taussig:
Ch. VI. Interest
Ch. 40. Interest
Feb. 27

Mar. 3

Wages Carver:
Taussig:
Ch. IV. Wages
Ch. 47. Social Stratification
Mar. 5

Mar. 10

Profits, Population Carver:
Taussig:
Ch. VII. Profits
Ch. 53. Population
Ch. 54. Population, continued
Mar. 12

Mar. 17

Inequality Taussig:


Ch. 7. Productiveness
Ch. 45. Monopoly
Ch. 51. Great Fortunes
Ch. 55. Inequality
Mar. 19

Mar. 24

Land, Risk, Labor, etc. Henderson:



Ch. VI. Land
Ch. VII. Risk Bearing Enterprise
Ch. VIII. Capital
Ch. IX. Labor
Ch. X. Real Costs of Production
Mar. 26

Mar. 31

Labor Taussig:

Ch. 56. Wages system
Ch. 57. Labor Unions
Ch. 58. Labor Legislation
Apr. 2

Apr. 7

Labor

Ch. 59. Industrial Peace
Ch. 60. Workmen’s Insurance
Ch. 61. Coöperation
RECESS April 8-14
Apr. 16

Apr. 21

Railways
Ch. 62. Railways
Ch. 63. Railway Problems, continued.
Apr. 23

Apr. 28

Public Ownership & Combinations
Ch. 64. Public Ownership & Control
Ch. 65 Combinations & Trusts
Apr. 30

May 5

Industry and Capitalism Robertson:


Review
Ch. V. Capitalism of Industry
Ch. VI. Finance and Industry
Ch. VII. Survey of CapitalismCh. X. Workers’ Control
May 7
READING PERIOD BEGINS
May 12
Socialism Taussig:
Ch. 66. Socialism
Ch. 67. Socialism, continued.
May 14

May 19

Social Reform Robertson:

Ch. IX. Collectivism
Ch. X. Workers Control
Ch. XI. Joint Control
May 21

May 26

Taxation

Taussig:

Ch. 68. Principles Underlying Taxation
Ch. 69 Income and Inheritance Taxes
REVIEW
EXAMINATIONS

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 2; Folder “Economics, 1938-1939 [sic].”

____________________________

1927-28
HARVARD UNIVERSITY
ECONOMICS A
[Final End-year Examination]

Allow one hour and one-half for the first question.

  1. Explain how the distribution of wealth is affected by the following:
    1. Large and rapid changes in the supply of money.
    2. Labor saving inventions.
    3. A rise in the standard of living of the wage earning classes.
    4. The opening for settlement of new areas of good agricultural land.
    5. The government regulation of public utilities.
  2. Discuss the accuracy of the following statements:
    “Three generations from shirt sleeves to shirt sleeves.”
    “The rich are becoming richer and the poor poorer.”
    “To abolish wage slavery we must abolish the wages system; only through socialism can the wages system be forced to disappear.”
    “The one way a union can help its members is by limitation of the supply of hands.”
  3. What does each of the following propose: collectivism, single tax, producers’ coöperation, syndicalism?
  4. Explain briefly the case for and against minimum wage laws, unemployment insurance, progressive taxation of incomes, the restriction of immigration.

Source: Harvard University Archives. Examination papers, Finals (HUC 7000.28). Bound Volume 70 (1928). Papers Printed for Final Examinations [in] History, Church History,…Economics,…Military Science, Naval Science, June 1928.

Image Source: Harold Hitchings Burbank from Harvard Class Album 1934.