Category: Suggested Reading

Princeton. Reading List for Money. Wallich, 1950

Post author By Irwin Collier
Post date 2019-01-18

I first encountered the name of Henry C. Wallich as the Holy Spirit of the Newsweek trinity of economists (In the Name of Samuelson, Friedman, and Wallich, Amen) back in high-school when my economics teacher (for the record, football coach and business teacher, Mr. Steve Palenchar) assigned us the weekly Newsweek column for reading and discussion. I never had a course with Henry Wallich at Yale so I have no personal impression to share.

In the meantime I have had the good fortune of meeting and working with his daughter, economist Christine Wallich (a Yale economics Ph.D. and former economist with the World Bank), at the American Academy in Berlin where she sits on the board of trustees.

The following eleven page reading list on money from Wallich’s Princeton days was found in Martin Shubik‘s papers. For exactly mid-20th-century, this list serves as a most comprehensive and convenient benchmark for the state of monetary macroeconomics.

_________________

READING LIST FOR COURSE IN MONEY

Henry C. Wallich
Spring Term—1950

Current Monetary Issues
1. Minimum Reading
  - Bach, George L.: “Monetary, Fiscal Policy, Debt Policy, and the Price Level,” American Economic Review (Papers and Proceedings of American Economic Association), May 1947, pp. 228-42.
  - Board of Governors of the Federal Reserve System: Postwar Economic Studies, No. 8, Nov. 1947, article by Thomas and Young.
  - Mints, L. W. and others: “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, XXVIII, May 1946, pp. 60-84.
  - Wallich, H. C. “Debt Management as an Instrument of Economic Policy,” American Economic Review, June 1946, pp. 292-310.
2. Recommended Reading
  - Abbott, Charles C. “The Commercial Banks and the Public Debt,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 265-76.
  - Burkhead, Jesse V. “Full Employment and Interest-Free Borrowing,” Southern Economic Journal, Vol. XIV, July 1947, pp. 1-13.
  - Carr, Hobart C. “The Problem of the Bank-held Government Debt,” American Economic Review, December 1946, pp. 833-42.
  - Committee on National Debt Policy. Our National Debt and the Banks, National Debt Series 2, New York: 26 Liberty Street, 1947, 18 p.
  - Leland, Simeon E. “Management of the Public Debt After the War,” American Economic Review, June 1944 supplement, pp. 89-134.
  - Seltzer, L.H. “The Changed Environment of Monetary-banking Policy,” American Economic Review, XXVI, May 1946.
  - Sproul, Allan. “Monetary Management and Credit Control,” American Economic Review, XXXVII, June 1947, pp. 339-50.
  - Symposium: “How to Manage the National Debt,” Review of Economics and Statistics, XXXI, Feb. 1949.
  - Thomas, Woodlief. “The Heritage of War Finance,”American Economic Review, (Papers and Proceeding of American Economic Association) May 1947.
  - Wallich, H.C. “The Changing Significance of the Interest Rate,” American Economic Review, Dec. 1946, pp. 761-787.
  - U. S. Congress—Joint Committee on the Economic Report. “Monetary, Credit, and Fiscal Policies” (A Collection of Statements Submitted to the Subcommittee on Monetary, Credit, and Fiscal Policies by Government Officials, Bankers, Economists, and Others), Washington, 1949 (especially Chs. 2 and 3).
  - U. S. President. The Economic Report of the President, 1948, 1949, and 1950 (together with the Annual Economic Review of the Council of Economic Affairs), Washington, (sections on monetary and fiscal policies).
  - Willis, J. Brooke. “The Case Against the Maintenance of the Wartime Pattern of Yields on Government Securities,” American Economic Review, May 1947 (Papers and Proceedings of the American Economic Association), pp. 216-27.
  - Woodward, Donald B. “Public Debt and Institutions,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 157-83.
3. Other Reading
  - Abbott, Charles C. Management of the Public Debt, New York: McGraw-Hill Book Co., Inc., 1946, 194 p.
  - Board of Governors of the Federal Reserve System. Annual Reports for the years 1945-48.
  - Board of Governors of the Federal Reserve System. “Debt Retirement and Bank Credit,” Federal Reserve Bulletin, July 1947, pp. 775-87.
  - Board of Governors of the Federal Reserve System. Public Finance and Full Employment, Postwar Economic Studies No. 3, Washington, December 1945, 157 p.
  - Burgess, W. Randolph. “Free Enterprise and the Management of the Public Debt,” Proceedings of the Academy of Political Science, New York: Columbia University, 116^th& Broadway, Vol. XXII, May 1947, pp. 256-67.
  - Chandler, L. V. “Federal Reserve Policy and the Federal Debt,” American Economic Review, XXXIX, March 1949.
  - Domar, Evsey D. “The Distribution of Interest on the Public Debt,” Current Comments, June 5, 1946.
  - Federal Reserve Bank of New York: “Federal Reserve Credit and Credit Policy,” Annual Report, 1947, pp. 24-32.
  - Homan, P. T. and F. Machlup (eds.). Financing American Prosperity, New York: Twentieth Century Fund, 1945.
  - Institute of International Finance. Credit Policies of the United States, Bulletin No. 152, New York: New York University, 90 Trinity Pace, September 1947, 16 p.
  - Institute of International Finance: Management of the Public Debt, Bulletin No. 142, New York: New York University, 90 Trinity Place, February 1946, 18 p.
  - Institute of International Finance. The Means of Payment and Debt Management, Bulletin No. 148, New York: New York University, 90 Trinity Place, February 1947, 15 p.
  - Institute of International Finance. The Public Debt and the Banks. Bulletin No. 137, New York: New York University, 90 Trinity Place, May 1945, 18 p.
  - Lanston, A. G. “Federal Fiscal Policy and Debt Management,” Commercial and Financial Chronicle, June 12, 1947, 165:3112.
  - Ratchford, B. U. “The Economic and Monetary Effects of Public Debts,” Public Finance, No. 4, 1948 and No. 1, 1949.
  - Seltzer, L. H. “Is a Rise in Interest Rates Desirable or Inevitable?” American Economic Review, XXXV, Dec. 1945, pp. 831-50.
  - Whittlesey, C.R. “Federal Reserve Policy in Transition,” Quarterly Journal of Economics, LX, May 1946, pp. 340-50.
Monetary and Banking Organization
1. Minimum Reading
  - Board of Governors of the Federal Reserve System. Banking Studies. Baltimore: Waverly Press, 1941 (first choice).
    or
    James, F. C. Economics of Money, Credit and Banking. New York: Ronald Press, 1941, 3^rd (Chs. 1-26).
    or
    Thomas, Rollin G. Our Modern Banking and Monetary System, New York: Prentice-Hall, 1945, 812 p. (Chs. 1-30).
2. Recommended Reading
  - Currie, Lauchlin. The Supply and Control of Money in the United States. Cambridge: Harvard University Press, 1934, 199 p. (Harvard Economic Studies, v. 47), (Part I, and Chs. 13 and 14).
  - Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 4 and 5)
  - Jacoby, N. H. and Saulnier, R. J. Business Finance and Banking. National Bureau of Economic Research, 1947.
  - Keynes, John M. A Treatise on Money. New York: Harcourt, Brace and Co., 1930 (Vol. I, Ch. 1).
  - Ratchford, Benjamin U. “History of the Federal Debt in the United States,” American Economic Review, May 1947 (Papers and Proceedings of American Economic Association), pp. 130-41.
3. Other Reading
  - Burgess, Randolph W. The Reserve Banks and the Money Market. New York and London: Harper and Brothers, 1927.
  - Clapham, Sir John. The Bank of England. Cambridge Univ. Press, 1944.
  - Conant, C.A. History of Modern Banks of Issue. New York, 6^th, 1937.
  - De Vegh, Imrie. The Pound Sterling. New York: Scudder, Stevens and Clark, 1939, 130 p.
  - Dulles, E. L. The French Franc, 1914-1928. New York: MacMillan Co., 1929, 570 p.
  - Feaveryear, A. S. The Pound Sterling. Oxford: Clarendon Press, 1931, 367 p.
  - Institute of International Finance. How to Read the New York Money Market, Pamphlet No. 145. New York: New York University, 90 Trinity Place, September 1946.
  - Institute of Bankers. Current Financial Problems and the City of London. Europa Publ. Ltd., 1949, art. By W.T.C. King “The London Discount Market.”
  - Madden, J. T., and Nadler, M. The International Money Markets. New York: Prentice-Hall, Inc., 1935, 548 p.
  - Mints, L. W. A History of Banking Theory. Chicago: University of Chicago Press, 1945, 319 p.
  - Morgan, E. Victor. The Theory and Practice of Central Banking, 1797-1913. Cambridge University Press, 1943, 252 p.
  - Nadler, Marcus. Money Market Primer. New York: Ronald Press, 1948, 212 p.
  - Plumptre, A. F. W. Central Banking in the British Dominions. Toronto: Toronto University Press, 1940, 462 p.
  - Willis, H. P., and Beckhart, B. H., (eds.) Foreign Banking Systems. New York: H. Holt & Co., 1929, 1305 p.
  - Willis, H. P. Theory and Practice of Central Banking. 1939.
Money in Relation to Income and Prices
1. Minimum Reading
  - American Economic Association (H. S. Ellis, ed.). A Survey of Contemporary Economics. Philadelphia: Blakiston, 1948 (Ch. By Villard).
  - Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946 (Ch. 8).
  - Hansen, A. H. Monetary Theory and Fiscal Policy. New York: McGraw-Hill, 1949.
  - Harris, S. E. (ed.). The New Economics. New York: Knopf, 1947, (Ch. By Lintner).
  - Keynes, John M. The General Theory of Employment, Interest, and Money. New York: Harcourt, Brace, 1936, (esp. Books 3, 4, 5).
  - Mints, Hansen, Ellis, Lerner, Kalecki. “A Symposium on Fiscal and Monetary Policy,” Review of Economic Statistics, May 1946.
  - Saulnier, R. J. Contemporary Monetary Theory, 1938. (all parts not covered by direct readings of the originals).
  - Wilson, T. Fluctuations in Income and Employment. London: Pitman, 1942 (Part I, Chs. 1-6).
2. Recommended Reading
  - Angell, James W. The Behavior of Money. New York: McGraw-Hill, 1936, 207 p. (Conclusions to Chs. 1-5, and Ch. 6)
  - Economists’ National Committee on Monetary Policy. Two Programs for Monetary Reform. New York: February 1947.
  - Wallich, H. “The Current of Liquidity Preference,” Quarterly Journal of EconomicsAugust 1946, pp. 490-512.
  - Fellner, William. Monetary Policies and Full Employment. Berkeley: University of California Press, 2nd ed., 1947 (especially Part III).
  - Gayer, Arthur, D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Ch. 2 and 12).
  - Hansen, A. H. Fiscal Policy and Business Cycles. New York: Norton, 1941.
  - Harrod, Hansen, Haberler and Schumpeter. “Five Views on the Consumption Function,”Review of Economic Statistics, Nov. 1946.
  - Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948 (Lectures 2 and 5).
  - Hawtrey, R. G. Capital and Employment. London: Longmans Green and Co., 1937, 348 p. (Chs. 7-11).
  - Henderson, H. D. “The Significance of the Rate of Interest,” Oxford Economic Papers, October, 1938.
  - Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Ch. 2, 5-7).
  - Kalecki, M. Essays in Economic Fluctuations. New York: Farrar & Rinehart, 1939.
  - Keynes, John M. A Treatise on Money. New York: Harcourt, Brace, 1930 (Vol. 1, Part II).
  - Klein, L. R. The Keynesian Revolution. New York: MacMillan Co., 1946 (Especially Chs. 3, 4, and 6).
  - Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 1, 1938, 624 p. (Chs. 1, 11-16).
  - Robertson, D. H. Essays in Monetary Theory. London: King, 1940 (Especially Chs. 1-13).
  - Ruggles, Richard. An Introduction to National Income and Income Analysis. New York: McGraw-Hill Co., Inc., 1949 (Chs. 9-12).
  - Simons, H. C. Economic Policy for a Free Society. Chicago: University of Chicago Press, 1948 (Especially Chs. 2, 7, 13).
  - Spahr, W. E. “The Management of Our Monetary System,” Commercial and Financial Chronicle, March 20, 1947.
  - Terborgh, George. The Bogey of Economic Maturity. Chicago: Machinery and Allied Products Institute, 1945.
  - Tobin, James. “Liquidity Preference and Monetary Policy,” Review of Economic Statistics, XXIX, May 1947, pp. 124-31.
  - Viner, J. Studies in the Theory of International trade. New York: Harper, 1939 (Chs. 3-7).
  - Williams, John H. “An Appraisal of Keynesian Economics,” American Economic Review, Supplement, XXXVIII, May 1948.
3. Other Reading
  - Arndt, H. W. The Economic Lessons of the Nineteen-Thirties. London: Oxford University Press, 1944 (especially Dissenting Note).
  - Beveridge, W. H. Full Employment in a Free Society. London: Allen and Unwin, 1944 (Part I, Part IV).
  - Burns, Arthur F. “Economic Research and the Keynesian Thinking of Our Times,” (26^thAnnual Report). New York: National Bureau of Economic Research, 1947.
  - Clark, Colin. “Public Finance and Changes in the Value of Money,” Economic Journal, LV, Dec. 1945, pp. 371-89.
  - Crawford, Arthur W. Monetary Management under the New Deal. Washington: American Council on Public Affairs, 1940.
  - Fellner, W. “Monetary Policy and the Elasticity of Liquidity Functions,” Review of Economic Statistics, February 1948, pp. 42-44.
  - Goldenweiser, E. A. Monetary Management (Committee for Economic Development Research Study). New York: McGraw-Hill, 1949.
  - Haberler, G. Prosperity and Depression. Geneva: United Nations, rev. ed., 1946.
  - Hardy, C. O. “Fiscal Operations as Instruments of Economic Stabilization,” American Economic Review, May 1948, pp. 395-416.
  - Harris, Seymour E. (ed.) Economic Reconstruction. New York: McGraw Hill, 1945, article by H. S. Ellis, “Central and Commercial Banking in Postwar Finance”, pp. 237-52.
  - Harrod, R. F. Towards a Dynamic Economics. London: MacMillan, 1948.
  - Hawtrey, R. G. The Art of Central Banking. London: Longmans, 1932.
  - Hawtrey, R. G. Capital and Employment, London: Longmans, 2^nd
  - Hawtrey, R. G. Currency and Credit. London: Longmans, 3^rd, 1928.
  - Hawtrey, R. G. The Gold Standard in Theory and Practice. London: Longmans, Green & Co., 1947, 280 p.
  - Hayek, F. A. von. Monetary Theory and the Trade Cycle. New York: Harcourt, Brace and Co., 1933, 244 p.
  - Hayek, F. A. von. Prices and Production. London: Routledge, 1935.
  - Hicks, J. R. “Mr. Keynes and the Classics: A Suggested Interpretation,” Econometrica, V, 1937 (Reprinted in Readings in the Theory of Income Distribution, Philadelphia Blakiston, 1946).
  - Hick, J. R. Value and Capital. Oxford: Clarendon Press, 1939.
  - Keynes, J. M. A Tract on Monetary Reform. New York: Harcourt, Brace, 1924.
  - Kuznets, Simon. “Capital Formation, 1879-1938,” in Studies in Economics and Industrial Relations. Philadelphia: University of Pennsylvania Press, 1941.
  - Lerner, Abba P. The Economics of Control. New York: MacMillan, 1944 (especially Chs. 21-25).
  - Lindahl, Erik. Studies in the Theory of Money and Capital. New York: Farrar and Rinehart, 1939 (especially Part II).
  - Marget, Arthur W. The Theory of Prices. New York: Prentice-Hall, Vol. 2, 1942, 802 p. (especially Chs. 1-3, 8,9).
  - Mellon, Helen J. Credit Control: A Study of the Genesis of the Qualitative Approach to Credit Problems. Washington: American Council on Public Affairs, Studies in Economics, 1941, 134 p.
  - Modigliani, F. “Fluctuations in the Saving-income Ratio: A Problem in Economic Forecasting,” Studies in Income and Wealth, XI. New York: National Bureau of Economic Research, 1949.
  - Modigliani, F. “Liquidity Preference and the Theory of Interest,” Econometrica, XII, Jan. 1944, pp. 45-88.
  - Moulton, Harold G. The New Philosophy of Public Debt. Washington: Brookings Institution, 1943, 93 p.
  - Myers, M. G. Monetary Proposals for Social reform. New York: Columbia University Press, 1940, 191 p.
  - Myrdal, Gunnar. Monetary Equilibrium. London W. Hodge, 1939, 214 p.
  - Niebyl, Karl H. Studies in the Classical Theories of Money. New York: Columbia University Press, 1946, 190p.
  - Pigou, A. C. Employment and Equilibrium. London: MacMillan Co., 1941, 283 p.
  - Pigou, A. C. Lapses from Full Employment. London: MacMillan, 1945.
  - Reeve, J. E. Monetary Reform Movements. Washington: American Council on Public Affairs, 1943, 404 p.
  - Rist, Charles. History of Monetary and Credit Theory from John Law to Present Day. London: George Allen, 1940, 442 p. (especially Chs. 3-7).
  - Rueff, J. “The Fallacies of Lord Keynes’ General Theory,” Quarterly Journal of Economics, May, 1947.
  - Samuelson, P. A. “The Effect of Interest Rate Increases on the Banking System,” American Economic Review, March 1945, p. 16ff.
  - Simmons, E. C. “The Role of Selective Credit Control in Monetary Management,” American Economic Review, Sept. 1947, pp. 633-41.
  - Warburton, Clark. “The Monetary Theory of Deficit Financing,” Review of Economic Statistics, May 1945, pp. 74-84.
  - Wicksell, Knut. Interest and Prices. London: MacMillan, 1936.
  - Wright, D. M. The Economics of Disturbance. New York: MacMillan, 1947 (Ch. 2).
  - Wright, D. M. “The Future of Keynesian Economics,” American Economic Review, XXXV, June 1945, pp. 284-307.
  - Wood, E. English Theories of Central Banking Control, 1819-1858, 1938.
International Aspects
1. [No minimum reading listed]
2. Recommended Reading
  - Balogh, T. “The Concept of a Dollar Shortage,” The Manchester School, XVII, May 1949, pp. 186-201.
  - Ellis, H. S. “The Dollar Shortage in Theory and Fact,” Canadian Journal of Economics and Political Science, XIV, Aug. 1948, pp. 358-372.
  - Gayer, Arthur D. Monetary Policy and Economic Stabilization. New York: MacMillan Co., 1935, 288 p. (Chs. 1-3).
  - Goldenweiser, E. A. and Bourneuf, A. “Bretton Woods Agreements,” Federal Reserve Bulletin, September, 1944.
  - Graham, Frank D. “The Cause and Cure of ‘Dollar Shortages’,” (Essays in International Finance, No. 10), Princeton: Princeton University Press, Jan. 1949.
  - Haberler, G. “Some Economic Problems of the European Recovery Program,” American Economic Review, XXXVIII, Sept. 1948, pp. 495-525.
  - Johnson, G. Griffith, Jr. The Treasury and Monetary Policy 1933-38. Cambridge: Harvard University Press, 1939, 224 p. (Chs. 2-5).
  - Lary, H. B.: The United States in the World Economy, Washington: Department of Commerce, 1943.
  - League of Nations. International Currency Experience, 1944.
  - Machlup, F. International Trade and the National Income Multiplier, Philadelphia: Blakiston, 1943 (especially Chs. 1-4).
  - Mikesell, R. F. “International Disequilibrium,” American Economics Review, XXXIX, June 1949, pp. 618-45.
  - Nurkse, R. “Conditions of International Monetary Equilibrium,” (Essays in International Finance, Spring 1945. Princeton: Princeton University.
  - Triffin, Robert. “National Central Banking and the International Economy,” Postwar Economic Studies, No. 7, September 1947 of the Board of Governors of the Federal Reserve System.
  - Williams, John H. “Europe after 1952: The Long-term Problem,” Foreign Affairs, April 1949.
  - Williams, John H. Postwar Monetary Plans and Other Essays. New York: Knopf, 1947, 312 p. (Part I).
3. Other Reading
  - Angell, James W. Theory of International Prices. Cambridge: Harvard University Press, 1926 (Harvard Economic Studies, vol. 28).
  - Balogh, T. “Britain’s Economic Problem,” Quarterly Journal of Economics, LXIII, Feb. 1949, pp. 32-67.
  - Balogh, T. “Britain, O.E.E.C., and the Restoration of a World Economy,” Bulletin of the Oxford Institute of Statistics, XI, Feb.-March 1949.
  - Balogh, T. “Exchange Depreciation and Economic Readjustment,” Review of Economics and Statistics, XXX, Nov. 1948, pp. 276-285.
  - Balogh, T. “The United States and the World Economy,” Bulletin of the Oxford Institute of Statistics, VIII, Oct. 1946.
  - Brown, Wm. Adams. The International Gold Standard Reinterpreted, 1914-34. New York: NBER, 1940, Publ. No. 37, Vols. 1 and 2.
  - Buchanan, N. S. International Investment and Domestic Welfare. New York: H. Holt & Co., 1945.
  - Friedrich, C. J. and Mason, E. S. (eds.) Public Policy. Harvard Univ. Grad. School of Pub. Adm., 1941, article by Salant on “Foreign Trade Policy in the Business Cycle.”
  - Gilbert, Milton. Currency Depreciation and Monetary Policy. Philadelphia: University of Pennsylvania Press, 1939, 167 p.
  - Graham, F. D. Exchanges, Prices and Production in Hyper-Inflation: Germany, 1920-1923. Princeton: Princeton University Press, 1930.
  - Graham, F. D. and Whittlesey. Golden Avalanche. Princeton: Princeton University Press, 1939.
  - Graham, F. D. The Theory of International Values. Princeton: Princeton University Press, 1948.
  - Harris, Seymour E. Exchange Depreciation. Cambridge: Harvard University Press, 1936 (Harvard Economic Studies, vol. 53), especially Chs. 1-2.
  - Hawtrey, R. G. “The Function of Exchange Rates,”Oxford Economic Papers, I, June 1949, pp. 145-56.
  - Henderson, Sir Hubert D. “The Function of Exchange Rates,” Oxford Economic Papers, I, January 1949.
  - Henderson, Sir Hubert D. “The International Problem” (Stamp Memorial Lecture). London: Oxford University Press, 1946.
  - Keynes, John M. “The Balance of Payments of the United States,” Economic Journal, LVI, June 1946, pp. 172-87.
  - Nurkse, Ragnar. “International Monetary Policy and the Search for Economic Stability,” American Economic Review, Supplement, XXXVII, May 1947, pp. 569-80.
  - Polak, J. J. “Exchange Depreciation and International Monetary Stability,” Review of Economics and Statistics, XXIX, Aug. 1947, pp. 173-83.
  - Williams, John H. “The Task of Economic Recovers,” Foreign Affairs, Jul 1948.

Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Martin Shubick Papers. Box 2, Folder “Notes, Money, Prof. Henry Wallich Spring 1950”.

Image Source: Henry C. Wallich, 1962 John Simon Guggenheim Memorial Foundation Fellow .

Tags Wallich

Brown. Syllabus for History and Philosophical Context of Economic Thought. Putterman, 1995

Post author By Irwin Collier
Post date 2019-01-16

The Brown economics department has its Louis Putterman (Yale Ph.D., 1980) much as the Harvard economics department had its Overton Hume Taylor (Harvard Ph.D., 1928). Both of these economists have been interested in the philosophical underpinnings of economics as well as the intersection of politics and economics in the history of economic ideas.

I presume many visitors to Economics in the Rear-view Mirror are kindred spirits to Taylor and Putterman. This reading list is for you and your students!

Overton Hume Taylor’s 1948 course (Economics and Political Ideas) reading list was transcribed for an earlier post. Here is a link to Taylor’s A History of Economic Thought (1960).

___________________

The History and Philosophical Context of Economic Thought
[Fall, 1995]

Louis Putterman
Department of Economics

Requirements: You may choose one of the following options. (a) A paper of 8 to 10 double-spaced pages on an assigned theme or themes after each three units of the course, totalling four papers, each worth 20% of term grade; (b) a midterm exam worth 30% and a final exam worth 50% of term grade; (c) a paper on a topic approved by the instructor, worth 20% of term grade, plus midterm and final exams, worth 20% and 40%, respectively. Under (c), your paper is due at the final exam, and will be 10-15 pages in length. Under each option, the remaining 20% of the term grade will be determined by class participation.

Part I: A Short History of Political Economy

Classical Economics: Smith, Malthus, and Ricardo.

Readings:

1. Adam Smith, The Wealth of Nations [1776], Book 1, Ch. 1, 2, 3, 7, and 10 (Part I); Book II, Ch. 2 (pp. 420-423).

2. Thomas Malthus, Essay on Profits [1798], Chapters 2 and 5.

3. David Ricardo, Essay on Profits [1815], pp. 10-31.

4. William Barber, History of Economic Thought (1967), Chapters on Smith, Malthus, and Ricardo (pp. 23-93).

5. (Optional) Encyclopedia of Social Sciences: (a) “Economic Thought”: subsections on Ancient and Medieval Thought, Mercantilist Thought, and Physiocratic Thought; (b) “Adam Smith”; “Thomas Malthus”; “David Ricardo”. NOR.

Marx’s Economics

Readings:

1. Karl Marx, Capital, Volume I: [1867], Ch. 1, Sec. 1 (pp. 35-41); Chs. IV, V, VI, and VII (pp. 146-7, 167-73, 175-6, and 190-5; Ch. XIV, Sec. 4, 5 (pp. 350-363); Ch. XXXII (pp. 761-764). Volume III: [1894], Ch. X (pp. 173-199) but especially pp. 188-191; Chs. XXI-XXIV (pp. 338-399), skim except for pp. 338-9, 391-3.

2. Maurice Dobb, Theories of Value and Distribution Since Adam Smith (1973), Ch. 6: “Karl Marx.”

3. Robert Heilbroner, Marxism for and Against (1980), Ch. “The Socioanalysis of Capitalism.”

4. (Optional) Frederick Engels, Prefaces to Volumes II and III of Capital (pp. 5-19 and 8-21, only), and Appendix to Vol. III, “Law of Value and Rate of Profit” (891-907).

5. (Optional) Mark Blaug, Economic Theory in Retrospect (1968), Chapter 7, “Marxian Economics.”

6. (Optional) Paul Sweezy, The Theory of Capitalist Development, especially first chapters.

7. (Optional) Joseph Schumpeter, Ten Great Economists, Chapter 1, “Karl Marx.”

The Marginalists

Readings:

1. Alfred Marshall, Principles of Economics [1890], Preface to 1st Edition (pp. v-xi); Book 1, Chapter I, Section 4 (pp. 5-10); Book III, Chapters 3, 4, and 6 (pp. 92-116, 124-137); Book V, Chapters 2 and 3 (pp. 331-350); Book VI, Chapter 13, Sections 11-15 (pp. 712-722); (Optional: Appendix B. The Growth of Economic Science, pp. 754-769.

2. Barber, Chapter 6, “Alfred Marshall and the Framework of Neo-Classical Economics.”

3. William Jaffe, “Menger, Jevons and Walras Dehomogenized,” Economic Inquiry, 1976.

4. Mark Blaug, “Was There a Marginal Revolution?” and G.L.S. Shackle, “Marginalism: The Harvest,” in Black, Coats, and Goodwin, eds., The Marginal Revolution in Economics (1973).

5. (Optional) Emil Kauder, A History of Marginal Utility Theory (1965).

6. (Optional) Encyclopedia of the Social Sciences, “Economic Thought”: subsections on the Historical School, The Austrian School, and the Institutional School. NOR.

Part II: Disciplinary Shifts and Disciplinary Boundaries

Political-Economy versus Economics

Readings:

1. Phyllis Deane, The Evolution of Economic Ideas (1978), Chapters 6, 7, and 9 (“Scope and Methodology of Classical Political Economy,” “The Marginal Revolution and the Neoclassical Triumph,” and “The Marxian Alternative”).

2. Philip Mirowski, “Physics and the Marginalist Revolution.”

3. Dobb, Ch. 7, “The Jevonian Revolution,” Section I (pp. 166-183), in Theories of Value…

4. Paul Sweezy, “Editor’s Introduction,” Karl Marx and the Close of His System (1949).

5. Rudolf Hilferding [1904], “Bohm-Bawerk’s Criticism of Marx,” in Sweezy, ed., ibid.: pp. 130-134, 137-140, and 184-189.

6. Assar Lindbeck, The Political Economy of the New Left: An Outsider’s View (1977), Part One, and “Comment” by Stephen Hymer and Frank Roosevelt.

7. (Optional) Frank Hahn, “General Equilibrium Theory,” pp. 123-138 in Daniel Bell and Irving Kristol, eds., The Crisis in Economic Theory, 1981.

8. Ronald Meek, “Marginalism and Marxism,” in The Marginal Revolution in Economics (cited above).

9. (Optional) Thorstein Veblen, “Professor Clark’s Economics,” Quarterly Journal of Economics, 1908 (reprinted in The Place of Science in Modern Civilization).

General Equilibrium Theory

Readings:

1. F.M. Scherer, “General Equilibrium and Economic Efficiency,” The American Economist, 1966.

2. F.M. Bator, “The Simple Analytics of Welfare Maximization,” originally in American Economic Review, March 1957.

The Shift to Ordinal Utility

Readings:

1. Vincent Tarascio, “Paretian Welfare Theory: Some Neglected Aspects,” Journal of Political Economy, 1969.

2. Robert Cooter and Peter Rappaport, “Were the Ordinalists Wrong About Welfare Economics?” Journal of Economic Literature, 1984.

3. Amartya Sen, “Personal Utilities and Public Judgments: or What’s Wrong with Welfare Economics?” Economic Journal, 1979.

Part III: Epistemology and the Methods of Economic Analysis

Background on Method and Epistemology

Readings:

1. Blaug, The Methodology of Economics. Part I: “What you always wanted to know about the philosophy of science but were afraid to ask,” and Part II: “The history of economic methodology,” except Chapter 5 (all listed as “From Received View to View of Popper”).

2. (Optional) Karl Popper, “Three Views Concerning Human Knowledge,” pp. 97-119 in Conjectures and Refutations, 1963.

3. (Optional) Bruce Caldwell, “Clarifying Popper,” Journal of Economic Literature, Vol. 29, No. 1, March 1991.

Contending Views on Methodology; The Making of an Economist

Readings:

1. (Optional) John Neville Keynes, The Scope and Method of Political Economy (1980), pp. 9-30.

2. Daniel Hausman, “Economic Methodology in a Nutshell,” Journal of Economic Perspectives, 2(3) 1989.

3. Ludwig von Mises, “Epistemological Problems of Economics,” pp. 17-22, and “The Scope and Meaning of the System of a Priori Theorems,” pp. 23-30, in Epistemological Problems of Economics [1933].

4. Milton Friedman, “Methodology of Positive Economics,” pp. 3-43 in Essays in Positive Economics, 1953.

5. (Optional) Amartya Sen, “Description as Choice,” Oxford Economic Papers, 1980.

6. (Optional) Axel Leijonhufvud, “Life Among the Econ.,” Western Economic Journal, 1973.

7. Benjamin Ward, “Economics as a Science,” in What’s Wrong with Economics?” (1972), pp. 5-13.

8. David Colander and Arjo Klamer, “The Making of an Economist,” Journal of Economic Perspectives, 1987.

Some additional, strictly optional, material of interest for this topic and topic 10 is:

E.K. Hunt and Howard J. Sherman, excerpts from Economics: An Introduction to Traditional and Radical Views, 1972.

Oscar Lange, “The Scope and Method of Economics,” 1945.

Karl Polanyi, “The Economy as Instituted Process,” (ca.) 1957.

Alfred Marshall, “The Scope and Method of Economics,” 1890.

Ronald Meek, “Economics and Ideology.”

Lionel Robbins, “The Subject Matter of Economics,” in The Nature and Significance of Economic Science, 1932.

Hugh Stretton, “Paul Streeten: An Appreciation,” in Theory and Reality in Development, 1986, especially pp. 4-13 and 26-27.

Examples of Economic Controversy

We will study either the controversy over the effect of “separating” ownership and control in the corporation, or that over the effect of team- versus family-based farming in China, using both theoretical and empirical readings. Readings will be announced after the topic is selected.

Part IV: Economics and Social Philosophy

Political Philosophy and Economics

Readings:

1. John Locke, Treatise of Civil Government [1688], Chapter V, “Of Property.”

2. Selections from Thomas Hobbes, Leviathan [1651], Chapters 13 and 17.

3. S.H. Peterson, ed., Readings in the History of Economic Thought: Bernard de Mandeville, “Fable of the Bees,” [1714], pp. 2-18; Jeremy Bentham, “An Introduction to the Principles of Morals and Legislation,” [1789], pp. 178-182; John Stuart Mill, “On Liberty” [1859] and “Utilitarianism,” [1863], pp. 270-290 (all listed under Mandeville).

4. Gunnar Myrdal, The Political Element in the Development of Economic Thought, 1953 [1929] Chapters 1, 2, 3, and 4 (further reading guidelines to be announced).

Economics and Values

Readings:

1. Frank Knight, “The Ethics of Competition,” (1935).

2. Herbert Gintis, “A Radical Analysis of Welfare Economics and Individual Development,” Quarterly Journal of Economics, 1978.

3. Dan Usher, “The Value of Life for Decision Making in the Public Sector,” in E.F. Paul et al., eds., Ethics and Economics, 1985.

4. Richard Thaler and Sherwin Rosen, “The Value of Saving a Life: Evidence from the Labor Market,” in Terleckyj, ed., Household Production and Consumption,, National Bureau of Economic Research, 1976 (read for general idea).

5. (Optional) J.A. Mirrlees, “The Economic Uses of Utilitarianism,” and Frank Hahn, “On Some Difficulties of the Utilitarian Economist,” in Amartya Sen and Bernard Williams, eds., Utilitarianism and Beyond (1982).

Utilitarianism and Other Views of Justice

Readings:

1. R. M. Hare, “Ethical Theory and Utilitarianism,” and John C. Harsanyi, “Morality and the Theory of Rational Behavior,” in Sen and Williams, Utilitarianism and Beyond.

2. John Rawls, “Justice as Fairness” [1958] in Laslett and Runciman, Philosophy, Politics and Society.

3. John Roemer, “An Historical Materialist Alternative to Welfarism,” 1981 reprinted with revisions in Jon Elster, ed., Foundations of Social Choice Theory.

4. James Buchanan, “A Hobbesian Interpretation of the Rawlsian Difference Principle,” (1979) in Karl Brunner, ed., Economics and Social Institutions.

Optional Readings on The Best of All Possible Worlds

5. Murray Rothbard, “Property and Exchange,” from For a New Liberty (1973) (optional).

6. Shlomo Avineri, “The Stages of Socialism,” from The Social and Political Thought of Karl Marx (1968) (optional).

Source: Internet Archive “Wayback Machine” webpage capture from November 20, 1996.

Image Source: Louis Putterman home page at Brown University. (Screen capture from April 8, 2018)

Tags Putterman

Chicago Fields Suggested Reading Syllabus

Chicago. Industrial Organization Reading List. Stigler, 1973

Post author By Irwin Collier
Post date 2018-12-27

While the asterisks in the following reading list probably indicate the subset of required course readings, the list in its entirety may be considered George Stigler’s universe of readings relevant for a graduate student intending to take a comprehensive examination in the field of industrial organization at Chicago. An autobiographical note by George Stigler from 1982 is included at the Nobel Prize website.

_________________

READING LIST
INDUSTRIAL ORGANIZATION
George J. Stigler

Spring, 1973
Business 305
Economics 380

The Definition and Empirical Determination of Competition and Monopoly
1. Analytical literature

A. P. Lerner, “The Concept of Monopoly”, Review of Economic Studies, Vol. 1

F. H. Knight, Risk, Uncertainty and Profit, p. 76 ff.

G. J. Stigler, “Perfect Competition, Historically Contemplated”, Journal of Political Economy, 1957 (reprinted in Essays in the History of Economics).

*G. J. Stigler, The Organization of Industry, Ch. 2, 3, 4.

*G. Rosenbluth, “Measure of Concentration”, in Business Concentration and Price Policy.

E. F. Fama and A. B. Laffer, “The Number of Firms and Competition”, AER, Sept. 1972.

T. Scitovsky, “Economic Theory and Measurement of Concentration”, in Business Concentration and Price Policy.

M. O. Finkelstein and Richard Friedberg, “The Application of an Entropy Theory of Concentration”, Yale Law Review, March 1967.

H. Demsetz, “Why Regulate Utilities?”, Journal of Law and Economics, April 1968.

1. Statistical studies

*A. C. Harberger, “Monopoly and Resource Allocation”, American Economic Review, May 1954.

G. Rosenbluth, Concentration in Canadian Manufacturing Industries.

R. Evely and I. M. D. Little, Concentration in British Industry, Ch. 1, pp. 104 ff., 160 ff.

P. Pashigian, “Market Concentration in the United States and Great Britain”, Journal of Law and Economics, October 1968.

Ralph C. Nelson, Concentration in the Manufacturing Industries of the United States, Ch. I-IV.

Carl Eis, “The 1919-1930 Merger Movement in American Industry”, Journal of Law and Economics, October 1969.

F. L. Pryor, “An International Comparison of Concentration Ratios,” Review of Economics and Statistics, May 1972.

M. Gort, “Analysis of Stability and Change in Market Shares”, Journal of Political Economy, 1963.

R. W. Kilpatrick, “A Choice Among Alternative Measures of Industrial Concentration”, Review of Economics and Statistics, May 1967.

*Irvin Grossack, “the Concept and Measurement of Permanent Industrial Concentration, Journal of Political Economy, July/Aug 1972.

Determinants of the Firm-Size Structure
1. The Economies of Scale

J. McConnell, “Corporate Earnings by Size of Firm”. Survey of Current Business, May 1945.

J. Johnston, Statistical Cost Functions, esp. pp. 110 ff., Ch. 6.

J. Haldi and D. Whitcomb, “Economies of Scale in Industrial Plants”, Journal of Political Economy, 1967.

J. S. Bain, Barriers to New Competition.

*J. S. Bain, “Economies of Scale…” in Readings in Industrial Organization and Public Policy.

*G. J. Stigler, The Economies of Scale, The Organization of Industry, Ch. 7.

P. E. Hart, “The Size and Growth of Firms”,Economica, February 1962.

*F. Modigliani, “New Developments on the Oligopoly Front”, Journal of Political Economy, June 1958.

D. Osborne, “The Role of Entry in Oligopoly Theory”, Journal of Political Economy, 1964.

L. Weiss, “The Survivor Technique and the Extent of Suboptimal Capacity”, Journal of Political Economy, June 1964.

T. Saving, “Estimation of Optimum Size of Plant by the Survivor Method”, Quarterly Journal of Economics, Nov. 1961.

L. Telser, Competition, Collusion and Game Theory, Ch. 8.

1. Mergers

A. S. Dewing, “A Statistical Test of the Success of Consolidations”, Quarterly Journal of Economics, 1921.

G. J. Stigler, “Monopoly and Oligopoly by Merger”, The Organization of Industry, Ch. 8.

F. T. C., Report on Corporate Mergers and Acquisitions.

*J. Markham, “Survey of the Evidence and Findings on Mergers”, in Business Concentration.

J. F. Weston, The Role of Mergers in the Growth of Large Firms.

G. J. Stigler, “The Statistics of Monopoly and Merger”, Journal of Political Economy, 1956.

*Ralph Nelson, Merger Movements in American Industry.

H. G. Manne, “Mergers and the Market for Corporate Control”, Journal of Political Economy, April 1965.

The Effects of Concentration
1. Collusion

*D. H. MacGregor, Industrial Combination, Part II, Ch. 1.

W. Fellner, Competition Among the Few.

W. Nicholls, Imperfect Competition Within Agricultural Industries, pp. 120-130.

F. Machlup, Economics of Sellers’ Competition, Ch. 13.

*G. J. Stigler, The Organization of Industry, Ch. 5.

W. Nutter, “Duopoly, Oligopoly, and Emerging Competition”, Southern Economic Journal, 1964.

Lester Telser, Competition, Collusion and Game Theory, Ch. 5.

1. Price Discrimination

N. I. C. B., Public Regulation of Competitive Practices, pp. 63-85.

J. P. Miller, Unfair Competition, Ch. 7-9.

J. Robinson, Economics of Imperfect Competition, Bk. V.

F. Machlup, The Basing Point System.

G. J. Stigler, A Theory of Uniform Delivered Prices, The Organization of Industry, Ch. 14.

1. Price Rigidity

*G. Means, Industrial Prices and Their Relative Inflexibility.

Sweezy and Stigler, articles on the kinked oligopoly demand curve in American Economic Association, Readings in Price Theory.

A. C. Neal, Industrial Concentration and Price Inflexibility.

*Stigler, Administered Prices and Oligopolistic Inflation, The Organization of Industry, Ch. 19.

*Stigler & Kindahl, The Behavior of Industrial Prices, Ch. 1, 4, 5.

Government Price Statistics (Joint Economic Committee, 1961, also, National Bureau of Economic Research), Staff Papers No. 8 and 9.

R. Selden and C. dePodwin, “Business Pricing Policies and Inflation”, Journal of Political Economy, 1963.

L. Weiss, “Business Pricing Policies and Inflation Reconsidered,” Journal of Political Economy, 1966.

1. Profits

*J. S. Bain, “Relation of Profit Rate to Industry Concentration”, Quarterly Journal of Economics, August 1951.

N. R. Collins and Lee E. Preston, Concentration and Price-Cost Margins in Manufacturing Industries.

G. J. Stigler, Capital and Rates of Return in Manufacturing Industries, Ch. 3.

Y. Brozen, “The Antitrust Task Force Deconcentration Recommendation”, Journal of Law and Economics, October, 1970.

S. I. Ornstein, “Concentration and Profits”, Journal of Business, Oct. 1972.

Topics in Industry Behavior
1. Advertising

E. Chamberlin, Theory of Monopolistic Competition, Ch. 6-7.

L. Telser, “Advertising and Cigarettes”, Journal of Political Economy, October 1962.

*N. Kaldor, “Economic Aspects of Advertising”, Review of Economic Studies, 1950.

*L. Telser, “Advertising and Competition”, Journal of Political Economy, December 1964.

*G. J. Stigler, “The Economics of Information,” The Organization of Industry, Ch. 16.

J. Peterman, “The Clorox Case and the Television Rate Structure”, Journal of Law and Economics, Oct. 1968.

W. S. Comanor and T. A. Wilson, “Advertising Market Structure and Performance”, Review of Economics and Statistics, 1967.

Phillip Nelson, “Information and Consumer Behavior,” Journal of Political Economy, April 1970.

1. The Nature of the Firm and Vertical Integration

*R. Coase, “The Nature of the Firm”, Readings in Price Theory.

H. Demsetz, “The Exchange and Enforcement of Property Rights”, Journal of Law and Economics, October 1964.

A. Smith, Wealth of Nations, Bk. I, Ch. 3.

Marshall, Principles of Economics, Bk. IV, Ch. 10-13.

A. Young, “Increasing Returns and Economic Progress”, Economic Journal, 1928 (and in Clemence’s Readings in Economic Analysis, 2 vols.)

G. J. Stigler, “Division of Labor is Limited by the Extent of the Market,” The Organization of industry, Ch. 12.

*M. Adelman, “Concept and Measurement of Vertical Integration”, in Business Concentration and Price Policy.

M. Gort, Diversification and Integration in American Industry.

1. Conglomerate Mergers

C. Edwards, “Conglomerate Progress as a Source of Power”, in Business Concentration and Price Policy.

J. Lorie and P. Halpern, “Conglomerates: The Rhetoric and the Evidence”, Journal of law and Economics, April 1970.

FTC, Economic Report on Corporate Mergers (1969).

1. Schumpeter’s Theory

*Schumpeter, Capitalism, Socialism and Democracy, Ch. 7-8.

E. Mansfield, “Size of Firm, Market Structure, and innovation”, Journal of Political Economy, 1963.

A. Plant, “Economic Theory Concerning Patents for Invention”, Economica, 1934.

*John McGee, “Patent Exploitation”, Journal of Law and Economics, Oct. 1966.

P. Swan, “Market Structure and Technological Progress”, Quarterly Journal of Economics, 1970.

Large Number Industries
1. Cartels

G. J. Stigler, The Theory of Price, (1966), Ch. 13.

Clair Wilcox, Public Policies Toward Business(3^rd) Ch. 30.

C. Edwards, Economic and Political Aspects of International Cartels.

1. Trade Associations

*Mancur Olson, The Logic of Collective Action, esp. pp. 125-167.

T. N. E. C. Monograph No. 18, Trade Association Survey.

1. Retailing: Resale Price Maintenance

W. Bowman, “Prerequisites and Effects of Resale Price Maintenance”, University of Chicago Law Journal, 1955.

F. T. C., Resale Price Maintenance.

*L. Telser, “Resale Price Maintenance”, Journal of Law and Economics, October 1960.

B. Yamey, The Economics of Resale Price Maintenance.

Anti-trust Policy
1. History

J. D. Clark, Federal Trust Policy.

W. H. Taft, The Anti-trust Act and the Supreme Court.

H. B. Thorelli, The Federal Antitrust Policy.

Robert Bork, “Legislative Intent and the Policy of the Sherman Act”, Journal of Law and Economics, October 1966.

R. Posner, “A Statistical Study of Antitrust Enforcement”, Journal of Law and Economics, 1970.

G. Stigler, “The Economic Effects of the Antitrust Laws,” Journal of Law and Economics, Oct. 1966.

1. Major dissolutions

E. Jones, Trust Problem in the United States, Ch. 18.

Hale, “Trust Dissolution”, Columbia Law Review, 1940.

W. S. Stevens, Industrial Combinations and Trusts, Ch. 14-15.

S. Whitney, Antitrust Policies, 2 vols.

1. Law of Conspiracy

U. S. v. Trenton Potteries, 273 U.S. 392 (1927).

F. T. C. v. Cement Institute, 68 Sup. Ct. 793 (1948).

Report of Attorney-General’s National Committee on the Anti-trust Laws.

Source: University of Chicago Archives. George Stigler Papers, Box 2, Folder “1970’s: course notes + related: Industrial org. + microeconomics”.

Image Source: George Stigler (November 1977). University of Chicago Photographic Archive, apf3-00844, Special Collections Research Center, University of Chicago Library.

Tags Stigler

M.I.T. Suggested Reading Syllabus

M.I.T. Theories of State and Economy. Piore and Berger, 1977

Post author By Irwin Collier
Post date 2018-12-20

Michael Piore, a labor economist, and Suzanne Berger, a political scientist (European and global political economy), team-taught the following graduate course in political economy at M.I.T. during the second term of 1976-77, its first-run. The course requirement was a short-fuse take-home examination. It was a fun reading list for a third-year graduate student of economics. It also just so happens that I have taught about a quarter of these readings in my undergraduate team-taught course on origins of political economy at Bard College Berlin this semester!

One salient memory from the course was Berger’s enthusiasm for the work of the (then) young scholar Roberto Unger. Another was the look on Piore’s face when he realized that in his haste he had labeled his upward sloping line in p-q space a “demand curve”. Quelle horreur!

One can find the Spring 2016 version of the course at the MIT Open Courseware site, along with archived versions for 2002, 2005, and 2010). Here that 2016 reading list. This is a course that is apparently still running, which is over a decade longer than Broadway’s Phantom of the Opera (thus far, that show is still running too).

_________________

Economics 14.781J, Michael Piore
Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY
[1976]

February 8: Introduction

February 15: Neo-classical theories of the economy

Readings:
Milton Friedman, Capitalism and Freedom
Robert Solow, “The New Industrial State, or Son of Affluence”, and Galbraith reply, in The Public Interest, no. 9, fall 1967.
Robin Marris “Galbraith, Solow and the Truth about Corporations” in The Public Interest, no. 11 spring 1968, pp. 37-46
Robert Solow “The Truth Further Redefined: A Comment on Marris” in Ibid. pp. 47-52.
Robert Solow “Blood and Thunder” in Yale Law Review, pp. 1696-1711.
[K.J. Arrow “Gifts and Exchanges”, Philosophy & Public Affairs, Summer 1972 No. 4]

February 22: Theories of the liberal state:

Readings:
Roberto Unger, Knowledge and Politics, chapters 1-3.

March 1: Theories of the liberal state:

Readings:
John Locke, Second Treatise on Government, chapters 1-5, 7-9.
Mancur Olson, The Logic of Collective Action, chapters 1,2,3,4.

March 8: Marxist theories of the economy

Readings:
Marx, “The Communist Manifesto” in Tucker, ed. Marx-Engels Reader, Part II.

March 15: Neo-marxist theories of the economy

Reading:
G.C. Harcourt, “Some Cambridge Controversies in the Theory of Capital,” The Journal of Economic Literature, vol. VII, 1969, pp. 369-405.

March 22: Marxist theories of the state:

Readings:
Marx, “Preface to A Contribution to the Critique of Political Economy” in Tucker, ed. Marx-Engels Reader
Marx, “The Eighteenth Brumaire of Louis Bonaparte,” in Tucker ed.

March 29: Vacation

April 5: Neo-marxist theories of the state:

Readings:
L. Althusser, “Ideology and Ideological State Apparatuses,” in Lenin and Philosophy
Thompson, Whigs and Hunters, “Introduction” (pp. 21-24) and “Consequences and Conclusions (219-269)

April 12: Neo-marxist theories of the state:

Readings:
Antonio Gramsci, “The Modern Prince”

Reading list for cases to be discussed April 19-May 10 will be distributed later.

Reading List
Part II

April 19: [Patriots Day – No Class] Crises and Growth:

Reading:
Joseph Schumpeter, Capitalism, Socialism, and Democracy, Part II
W. W. Rostow, The Stage of Economic Growth, Chapters 1-5, 10

April 26: Crises and Growth:

Reading:
Paul Sweezy, The Theory of Capitalist Development, Part III
Recommended: Jurgen Habermas, Legitimation Crisis

May 3: Ethnicity and Regionalism:

Readings.
Michael Hechter, Internal Colonialism, Chapters 1, 2, 9, 10.
D. Moynihan and N. Glazer, Beyond the Melting Pot, [pp. 1-23, 292-310, and any two interior chapters.)

May 10: Welfare

Readings:
E. Ginzberg and R. Solow The Great Society, Introduction, Chapter 3, Conclusion (Chapter 11).
F. Piven and R. Cloward, Regulating the Poor

May 17: Exam due

Source: Irwin Collier, personal copy from course.

Image Sources: Suzanne Berger in MIT News, Feb. 8, 2006. Michael Piore from screen capture of his webpage at M.I.T. (Mar 13, 2012 Wayback Machine)

Tags BergerS, Piore

Yale. Soviet Economic Development. Powell, 1974

Post author By Irwin Collier
Post date 2018-12-18

Raymond Park Powell (b. 20 January 1922 in Spokane WA, d. 28 May 1980 in New Haven CT) was a professor of mine who played a significant role along with his Yale colleague John Michael Montias in my decision to specialize in the field of comparative economics systems. His monumental volume co-authored with Richard Moorsteen on the Soviet capital stock helped to inspire my career-long interest in the application of economic theory to the calculation of aggregate measures of input, output, and welfare. The Yale economics department awards teaching prizes in his honor to this day.

A transcribed syllabus from Powell’s graduate course on the Soviet economy follows his obituary in The Yale Daily News.

______________

Economics’ Powell dies

Raymond Powell, Henry S. McNeil Professor of Economics at Yale and chairman of the Russian and East European Studies Department died of cancer on May 28 at Yale New Haven Hospital. He was 58 years old.

Mr. Powell joined the Yale faculty in 1952, after teaching in Princeton’s Economics Department and studying at Harvard’s Russian Research Center.

Last winter, Mr. Powell received a Devane medal for “his exceptional contribution to undergraduate life” from students belonging to the Yale Phi Beta Kappa chapter.

He wrote two books on the Soviet economy, one published in 1959 and one in 1966.

In 1967, Mr. Powell became the first professor ever to be named Henry S. McNeil Professor of Economics at Yale.

Mr. Powell continued to teach until a few weeks before his death, insisting, despite his poor health, on completing his spring term classes, according to Economics Department chairman Merton J. Peck.

Mr. Powell was the motivating force behind Economics 112, a course which constantly packed Davies auditorium in the past several years. The 1979 Course Critique described the class as “an excellent introduction to microeconomics,” and Mr. Powell’s lectures as varying tone from “humor to solemnity.”

The Course Critique also praised Mr. Powell as “very accessible and very willing to help.”

Students and faculty members laude Mr. Powell at a memorial service in Connecticut Hall June 4.

Source: Yale Daily News, September 5, 1980.

______________

Economics 197b: Economic Development in the Soviet Union

Spring 1974
Mr. Powell

Assigned materials are to be found in the Cross Campus Library and, with some exceptions, in the Social Science Library.

Students unfamiliar with the general course of Soviet development may find it helpful to read through Alec Nove’s An Economic History of the U.S.S.R.

Part I: Pre-revolutionary Origins

For lack of time, neither of the first two topics will be covered in the course. The citations following are for reference purposes.

Doctrinal Origins
H. Schwartz, Russia’s Soviet Economy, 2^nded., ch. III
K. Marx, Capital, The Communist Manifesto, and Other Writings, edited by M. Eastman, pp. 1-7
“Teaching of Economics in the Soviet Union”, American Economic Review, September 1944
J. Stalin, Economic Problems of Socialism in the U.S.S.R.
P.J.D. Wiles, The Political Economy of Communism, ch. 3
Historical Origins
P.I. Lyashchenko, History of the National Economy of Russia to the 1917 Revolution
J.T. Fuhrman, The Origins of Capitalism in Russia: Industry and Progress in the Sixteenth and Seventeenth Centuries
W.L. Blackwell, The Beginnings of Russian Industrialization, 1800-1860
T.H. Von Laue, Sergei Witte and the Industrialization of Russia
A.Gerschenkron, “The Rate of Industrial Growth in Russia Since 1885”, Journal of Economic History, Supplement VII, 1947

Part II: The Development Process

1917 to 1928.
A. Nove, An Economic History of the U.S.S.R., chs. 1, 3, and 4
A. Erlich, “Stalin’s Views on Economic Development”, in F.D. Holzman, ed., Readings on the Soviet Economy
O. Hoeffding, “State Planning and Forced Industrialization”, in Holzman
Reliability of the Data and Inference from Them (Post-1928)
A. Bergson, “Reliability and Usability of Soviet Statistics: A Summary Appraisal”, in Holzman
H. Hunter, “Soviet Economic Statistics: An Introduction”, in V. Treml and J. Hardt, eds., Soviet Economic Statistics
M. Kaser, “The Publication of Soviet Statistics”, in Treml and Hardt
R. Powell, “The Rate and Process of Soviet Growth” (processed), pp. 1-8
R. Moorsteen and R. Powell, The Soviet Capital Stock, 1928-1962, pp. 2-7, 13-16, 274-83

Measures of Growth
(Scan through the following to get a sense of the methods used.)
Bergson, “National Income”, in Bergson and Kuznets, eds., Economic Trends in the Soviet Union
D. Johnson, “Agricultural Production”, in Bergson and Kuznets
N. Kaplan and R. Moorsteen, “An Index of Soviet Industrial Output”, in Holzman
M. Bornstein, “A Comparison of Soviet and United States National Product”, in Holzman

Sources of Growth: Inputs
W.W. Eason, “Labor Force”, in Bergson and Kuznets
F.A. Leedy, “Demographic Trends in the USSR”, in U.S. Congress, Joint Economic Committee, Soviet Economic Prospects for the Seventies (in Documents Room, 93-1. Y4. Ec7: So 8/10) (read pp. 460-65, on “Population Policy”; scan remainder)
J.G. Chapman, “Consumption”, in Bergson and Kuznets (to up-date Chapman, see Bronson and Severin in J.E.C., Soviet Economic Prospects)
Moorsteen and Powell, chs. 6, 8, and 9 (for a somewhat different view of investment policy, see Bergson, The Economics of Soviet Planning, ch. 13)

Sources of Growth: Productivity
1. Aggregate statistics
  Moorsteen and Powell, ch. 10 (from p. 283)
  A. Becker, Moorsteen, Powell, “The Soviet Capital Stock: Revisions and Extensions, 1961-1967”, pp. 2-10
  M.L. Weitzman, “Soviet Postwar Economic Growth and Capital-Labor Substitution”, American Economic Review, Sept. 1970
  B.H. Mikhalevsky and Iu.P. Solov’ev, “Proizvodstvennaia funktsiia narodnogo khoziaistva SSSR v 1951-1963 gg.”, Ekonomika i matematicheskie metody, 1966, no. 6
  Bergson, “Comparative Productivity and Efficiency in the Soviet Union and the United States”, in A. Eckstein, Comparison of Economic Systems
2. Other evidence
  D. Dalrymple, “American Technology and Soviet Agricultural Development, 1924-1933” Agricultural History, July 1966
  R. Campbell, Soviet Economic Power, 2^ndedition, pp. 59-62
  G. Maddala and P. Knight, “International Diffusion of Technical Change—A Case Study of the Oxygen Steel Making Process”, Economic Journal, Sept. 1967
  Astrachan, review of L.R. Graham, Science and Philosophy in the Soviet Union, in The New Yorker, Sept. 24, 1973, pp. 117 ff.
  [Scanlan, James P. “Review of Science and Philosophy in the Soviet Union by Loren R. Graham in Slavic Review, December 1973.
  Joravsky, David. “The Lysenko Affair” in Scientific American, November 1962]
  V. Dudinstev, Not by Bread Alone, pp. 165-68

Part III: Growth and the Choice of Institutions

The Institutional Structure
Bergson, The Economics of Soviet Planning, chs. 2 and 3
Central Planning
H. Köhler, Welfare and Planning, ch. 7, pp. 82-95 and 99-102
H. Levine, “The Centralized Planning of Supply in Soviet Industry”, in Holzman
J.M. Montias, “Planning with Material Balances”, American Economic Review, Dec. 1959
R. Judy, “Information, Control and Soviet Economic Management”, in J. P. Hardt and others, Mathematics and Computers in Soviet Planning
Treml, “Input-Output Analysis and Soviet Planning”, in Hardt
G. Schroeder, “Recent Developments in Soviet Planning and Incentives” (skip pp. 30-35), in J.E.C., Soviet Economic Prospects
Investment Choices
Grossman, “Scarce Capital and Soviet Doctrine”, in Holzman
Bergson, The Economics of Soviet Planning, ch. 11
“Standard Methodology for Determining the Effectiveness of Capital Investment”, The ASSTE Bulletin[?], Fall 1971
Agriculture
L. Volin, “Agricultural Policy of the Soviet Union”, in Holzman
A. Nove and R.D. Laird, “A Note on Labour Utilization in the Kolkhoz”, in Holzman
A. Nove, “Soviet Agriculture Under Brezhnev”, with comments by Jackson and Karcz and reply, Slavic Studies, Sept. 1970.
Industry: Pre-Reform
J. Berliner, “Managerial Incentives and Decisionmaking: A Comparison of the United States and Soviet Union”, in Holzman or in Bornstein and Fusfeld
Berliner, “The Informal Organization of the Soviet Firm”, in Holzman
Powell, “Plan Execution and the Workability of Soviet Planning” (processed)
The Economic Reform
Y. Liberman, “The Plan, Profits and Bonuses”, in Bornstein and Fusfeld
A. Kosygin, “On Improving Management of Industry”, in U.S. Congress, Joint Economic Committee, New Directions in the Soviet Economy, Part IV (abbreviated version also in Bornstein and Fusfeld)
R. Campbell, “The Dynamics of Socialism, Problems and Reforms” (processed)
G. Schroeder, “The ‘Reform’ of the Supply System in Soviet Industry”, Soviet Studies, July 1972.
Households
E.C. Brown, “The Soviet Labor Market”, in Holzman or Bornstein and Fusfeld
Nove, “Social Welfare in the USSR”, in Holzman
Volin, “The Peasant Household under Mir and Kolkhoz in Modern Russian History”, in Holzman
A. Solzhenitsyn, One Day in the Life of Ivan Denisovich, approx.. pp. 82-108

Part IV: Subsidiary Policy Problems

Price Formation
G. Grossman, “Industrial Prices in the USSR”, in Holzman
Bornstein, “Soviet Price Theory and Policy”, in Bornstein and Fusfeld
Monetary and Fiscal Policy
Grossman, “Introduction”, in Grossman, ed., Money and Plan
J. M. Montias, “Bank Lending and Fiscal Policy in Eastern Europe”, in Grossman,Money and Plan
Powell, “The Financing of Soviet Capital Formation: Past Experience and Current Reform”, in A. Sametz, ed., Financial Development and Economic Growth
Powell, “A Simplified Model of Soviet Monetary Relations” (processed)
Foreign Trade and Economic Policy
Holzman, “Foreign Trade” in Bergson and Kuznets
Holzman, “Foreign Trade Behavior of Centrally Planned Economies”, in Rosovsky, Industrialization in Two Systems
Grossman, “U.S.-Soviet Trade and Economic Relations: Problems and Prospects”, ACES Bulletin, Spring 1973
Tansky, “Soviet Foreign Aid: Scope, Direction, and Trends”, in J.E.C., Soviet Economic Prospects
Ecological Policy
M. I. Goldman, “Externalities and the Race for Economic Growth in the USSR: Will the Environment Ever Win?” Journal of Political Economy, March/April 1972

Source: Personal copy of Irwin Collier from the course.

Image Source: From Raymond Powell’s obituary in Yale Daily News, September 5, 1980 .

Tags Powell

Harvard Principles Problem Sets Suggested Reading Syllabus Undergraduate

Harvard. Principles of Economics, Ec 10. Feldstein and Li, 2000

Post author By Irwin Collier
Post date 2018-12-17

Harvard’s Principles of Economics Course (Ec 10) has been historically taught as weekly lectures by some big faculty gun with parlour tricks pedagogy conducted in smaller sections run by graduate students or even junior faculty, especially in earlier years. The lecture part of the course has evolved to include more guest lecturers for specific fields but the grand-lecture/small recitation section format has been robust and apparently quite popular.

I thought it would only involve a few short dives into the internet archive, The Wayback Machine, to reconstruct the course around the year 2000. This turned out to be an over-optimistic plan. Still, I did not re-surface empty-handed and I provide links below to the materials I was able to salvage from that time. Perhaps some still young economist from the period, can provide us copies of problem sets and teaching-handouts to complete our collection. But hey, econometricians have to worry about measurement error, so historians of economics are really not allowed to complain about missing observations. Just as long as we are doing the best we can with what we’ve got. And what you see is what I got.

________________

Registrar Identifies Biggest Classes
By Catherine E. Shoichet
Harvard Crimson. October 2, 2000

When it comes to picking Core classes, Harvard students tend to be risk averse.

Preliminary figures show that last fall’s two most popular courses, Social Analysis 10, “Principles of Economics” and Moral Reasoning 22, “Justice,” have taken the top slots again this year.

Social Analysis 10, usually called Ec 10, has 805 students this year, according to preliminary course enrollment numbers released by the Office of the Registrar last week. Justice is a close second with 754.

Judith A. Li, an assistant professor of economics who teaches Ec 10 along with Baker Professor of Economics Martin S. Feldstein ’61, says that despite the class’s large lecture size, most of the basic skills introduced in Ec 10 are taught in smaller sections of about 20 students.

“Our goal for the course is to provide students with a solid and comprehensive foundation in economics,” Li wrote in an e-mail message. “By taking a course like Ec 10, they will be better able to evaluate government policies and political proposals on their own.”

The course is particularly popular among first-year students, many of whom are considering economics as a potential concentration.

“I really enjoy the lectures,” Leah E. Wahba ’04 said. “It’s an honor to be in Marty Feldstein’s class because he has so much extensive experience in the field of economics.” […]

________________

From the Ec 10 home page (2000-2001)

Social Analysis 10

Faculty
Martin Feldstein
Judith Li

Ec 10 is the introductory course for both economics concentrators and those who plan no further work in the field. This course provides an introduction to economic issues and basic economic principles and methods. Fall term focuses on “microeconomics”: supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on “macroeconomics”: the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. We study the role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and China. By the end of the year, you should be able to use the analysis practiced in the course to form your own judgments about the major economic problems faced by the United States and other countries.

Note: Must be taken as a full course, although in special situations students are permitted to take the second term in a later year. Taught in a mixture of lectures and sections. No calculus is used, and there is no mathematics background requirement. Designed for both potential economics concentrators, and those who plan no further work in the field. The Department of Economics strongly encourages students considering concentration to take this course in their freshman year.

Source: Webpage capture from the Wayback Machine.

________________

Course Syllabi (.pdf files)

Spring 2000, Fall 2000/01

Syllabus Spring 1999-2000 (Macroeconomics)

Syllabus Fall 2000-2001 (Microeconomics)

Course Syllabi (.html files)

Syllabus Spring 1996-1997 (Macroeconomics)

________________

Miscellaneous Course Materials

Unit 1, Economic Growth: Test 1A solutions

Unit 2, Financial Markets: Test 2A questions

Unit 2, Financial Markets: Test 2A solutions

Unit 2, Financial Markets: Test 2B questions

Unit 2, Financial Markets: Test 2B solutions

Unit 3, Aggregate Supply and Aggregate Demand: Test A questions

Unit 4, Monetary Policy: Test 1A questions

Unit 4, Monetary Policy: Test 1A solutions

Unit 4, Monetary Policy: Test 1B solutions

Unit 5, Fiscal Policy: Test 1A questions

Unit 5, Fiscal Policy: Test 1A solutions

Unit 5, Fiscal Policy: Test 1B solutions

Fall Semester 2002 (Microeconomics)

From the Fall 2002/03 home page

Social Analysis 10
Principles of Economics
Martin Feldstein

Introduction to economic issues and basic economic principles and methods. Fall term focuses on supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. Studies role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and Asia. Covers international trade and financial markets.
Source: Webpage capture from the Wayback Machine.

Syllabus Fall 2002-2003 (Microeconomics)

Lecture on Unions by Richard B. Freeman (October 28, 2002)

Lecture on the Economics of Health Care by Martin Feldstein (Nov. 20, 2002)

Ec 10 Hourly Exam Questions (December 11, 2002)

Spring Semester 2003 (Macroeconomics)

Introductory Lecture by Martin Feldstein (January 29, 2003)

What Should the Fed do Now? lecture by Martin Feldstein (April 18, 2003)

The Dollar and the Trade Deficit lecture by Martin Feldstein (April 21, 2003)

Image Source: “Das Feldstein-Horioka-Paradoxon” in Finanz und Wirtschaft (November 18, 2014).

Tags Feldstein, FreemanRB, Li_Judith

Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Reading list and final exam for core graduate growth and capital theory. Solow, 1973

Post author By Irwin Collier
Post date 2018-12-09

Core macroeconomic theory was taught in a sequence of four half-semester courses at M.I.T. In this post we have material from the final course of the sequence (typically taken in the fall term of the second year of residency) that was dedicated to growth and capital theory and taught by Robert Solow in 1973.

The course syllabus and final examination for the third course in the sequence on Macroeconometric Models taught by Franco Modigliani were transcribed for the previous post.

Economics in the Rear-view Mirror thanks Juan C. A. Acosta who copied the course syllabus and final examination that are found in the Franco Modigliani Papers (Box T7) at the Duke University Economists’ Papers Project and has graciously shared them for transcription here.

___________

14.454
MACRO THEORY IV
Fall 1973 2nd half

Growth Theory

background, if necessary: Solow, GROWTH THEORY, Ch. 1,2
Burmeister and Dobell: MATHEMATICAL THEORIES OF ECONOMIC GROWTH, Ch. 1-4
and/or
Wan: ECONOMIC GROWTH, Ch. 1, 2, 4 (sec. 3)
Kahn: “Exercise in the Analysis of Growth,” OXFORD ECONOMIC PAPERS, New Series, Vol. 11, 1959, pp. 143-156 (reprinted in GROWTH ECONOMICS, ed. A. K. Sen, Penguin)
Wan: Ch. 4, sec. 4

Optimal Growth

background, if necessary: Solow, GROWTH THEORY, Ch. 5
Burmeister and Dobell: Ch. 11
and/or
Wan: Ch. 9, 10
Koopmans: “Objectives, Constraints and Outcomes in Optimal Growth Models” ECONOMETRICA, Vol. 35, 1967, pp. 1-15 (reprinted in Koopmans, SCIENTIFIC PAPERS, pp. 548-560)

Capital Theory

Malinvaud: LECTURES ON MICROECONOMIC THEORY, Ch. 10
Hirschleifer: INVESTMENT, INTEREST AND CAPITAL, Ch. 2, 3, 4, 6
Dougherty: “On the Rate of Return and the Rate of Profit” ECONOMIC JOURNAL, December 1972, pp. 1324-1349
Burmeister and Dobell: Ch. 8, 9
Weizsäcker: STEADY-STATE CAPITAL THEORY, pp. 1-22, 32-47, and passim

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Robert M. Solow, Box 68. Also in Franco Modigliani Papers, Box T7.

14.454 FINAL EXAM
19 Dec 1973
R. M. Solow

ANSWER TWO QUESTIONS, total time 1 ½ hours

Suppose an economy with effectively unlimited supply of labor in the sense that any amount of labor is available (from an agricultural pools, say) at an institutionally determined real wage . In other respects the economy is like the standard one-sector model.
1. Analyze the growth of such an economy if saving and investment are proportional to output. What might correspond to the “full employment, full utilization” assumption?
2. What if saving and investment are proportional to profits?
3. How does a once-for-all change in $\bar{w}$ affect the growth path, and the share of wages in total output?
Sketch an analysis of an optimal-capital-accumulation problem in which the criterion function values the capital stock (per worker) as well as consumption, for prestige or power reasons, say, so that instantaneous utility is written u(c,k). In particular, is it true, as we would expect, that such a society should save more than it would if it valued consumption only?
Criticize the “neoclassical” theory of growth and capital; but do not be vague – where you have a complaint you should be prepared to suggest a better way.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Franco Modigliani Papers, Box T7.

Image Source: Robert Solow pictures at the MIT Museum Website.

Tags Solow

Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Macroeconometric models. Reading list and final exam. Modigliani, 1973

Post author By Irwin Collier
Post date 2018-12-08
1 Comment on M.I.T. Macroeconometric models. Reading list and final exam. Modigliani, 1973

Core macroeconomic theory was taught in a sequence of four half-semester courses at M.I.T. In this post we encounter the third course of the sequence (typically taken in the fall term of the second year of residency) that was dedicated to Keynesian macroeconometric models and taught by Franco Modigliani in 1973.

In the same folder is a qualifying exam for 14.454, Macro IV which would be a waiver examination given before the term begins. There is no year indicated on this exam, but the content of the questions clearly matches that of the empirical macro course 14.453 offered in 1973. In the fall term of 1973, the quantitative macro and the dynamic macro switched their order which is probably the reason for the confusion about the course number at the start of the term.

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14.453 MACRO THEORY III
Fall 1973, 2nd Half

I – ECONOMETRIC MODELS

Tinbergen, J. Statistical Testing of Business Cycles, Theory II. Business Cycles in the U.S.A.
Klein, L. R. & A. S. Goldberger. An Econometric Model of the United States, 1955; Impact Multipliers & Dynamic Properties of the K-G Model, 1959.
Suits, D. B. “Forecasting and Analysis with an Econometric Model”, AER, March, 1962. Reprinted in Readings in Business Cycles.
Hymans, S. H. & H. T. Shapiro. The Michigan Quarterly Econometric Model of the U.S. Economy, 1973.
_____________, Revision as of June, 1973 – Mimeo
Green, G. R., M. Liebenberg, A. A. Hirsh. “Short and Long Term Simulations with the OBE Econometric Model” in Econometric Models of Cyclical Behavior, Studies in Income and Wealth, Vol. 36.
Fair, R. C. A Short Run Forecasting Model of the United States Economy, 1971.
Adams, G. F. & David M. Rowe, “Forecasts and Simulations from the Wharton Econometric Model”, Multilith.

ECONOMETRIC FORECASTING SYSTEM

1 – DR1 Quarterly Model
2 – Operations Overview

Fromm, G. & L. R. Klein. “A Comparison of Eleven Econometric Models of the United States”, AER, Papers and Proceedings, May, 1973, pp. 385-393.
Fair, R. C. “Forecasts from the Fair Model and Comparison of the Recent Forecasting Record of Seven Forecasters – July, 1973”. Princeton University – Multilith.
Tsurumi, H. “A Comparison of Econometric Macro Models in Three Countries”, AER, May 1973.
Moriguchi, C. “Forecasting and Simulation Analysis of the World Economy”, AER, May, 1973.

THE MPS MODEL

Equations in the MIT-Penn-SSRC Model of the United States, January, 1973.
Data Directory, January, 1973.
Ando & Modigliani, “Econometric Analysis of Stabilization Policy,” AER, May, 1969.
Ando, A. K. “Basic Structure of the MPS Model” –Multilith.
Modigliani, F. “The Channels of Monetary Policy in the FMP Econometric Model of the U. S.” – Multilith.

II – THE CONSUMPTION FUNCTION

Keynes, J. M. The General Theory of Employment, Interest & Money, Ch. 8 & 9.
Modigliani, F. Lecture Notes on Monetary Theory, Part IV, Section A&B, (especially A.4 to B.2)
Brady, D.S. & Friedman, R. D. “Savings and the Income Distribution”, Studies in Income and Wealth, Vol. X, pp. 247-265.
Duesenberry, J. S. Income, Saving and the Theory of Consumer Behavior.
Modigliani, F. “Fluctuations in the Saving Income Ratio: A Problem in Economic Forecasting”, in Studies in Income and Wealth, Vol. XI, National Bureau of Economic Research, 1949.
_____________, “The Life Cycle Hypothesis of Saving Twenty Years Later”, Multilith.
_____________ and Brumberg, F. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data”, in K. Kurihara, (ed.) Post-Keynesian Economics, New Brunswick, 1954.
_____________ and _____________, “Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration”, unpublished.
Merton, R. C. “Optimum Consumption and Portfolio Rules in a Continuous-Time Model”, Journal of Economic Theory, December, 1971.
Dreze and Modigliani, “Consumption Decisions under Uncertainty”, Journal of Economic Theory 5, 1972.
Modigliani, F. “The Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital” Social Research, Summer 1966.
_____________, “The Life Cycle Hypothesis of Saving and Inter-country Differences in the Saving Ratio”, in Induction, Growth and Trade, Essays in Honor of Sir Roy Harrod, 1970.
Ando, A. and Modigliani, F. “The Life Cycle Hypothesis of Saving: Aggregate Implications and Tests,” American Economic Review, March, 1963.
Modigliani, F. “Monetary Policy and Consumption: Linkages via Interest Rate and Wealth Effects in the FMP Model”, in Consumer Spending and Monetary Policy: the Linkages, The Federal Reserve Bank of Boston, 1971; and Appendix by Ando and Modigliani, “Consumption and Consumer Expenditure”.
Kaldor, N. Essays in Value and Distribution, London, 1960.
Tobin, J. “Life Cycle Saving and Balanced Growth”, in Ten Economic Essays in the Tradition of Irving Fisher, 1967.
_____________ and Dolde, W. C. “Wealth, Liquidity and Consumption”, in Consumer Spending and Monetary Policy: the Linkages, The Federal Reserve Bank of Boston, 1971.
Mayer, T. Permanent Income, Wealth, and Consumption, 1972.

III – THE INVESTMENT FUNCTION

Keynes, J. M., General Theory, Chapters 11 and 12.
Jorgenson, D. W. “Econometric Studies of Investment Behavior”, Journal of Economic Literature, Dec. 1971.
_____________ and R. E. Hall, “Application of the Theory of Optimum Capital Allocation” in Tax Incentives and Capital Spending, (edited by Fromm).
Bischoff, C. W. “The Effects of Alternative Lag Distributions”, in Tax Incentives and Capital Spending, G. Fromm, ed., Brookings Institution, 1971.
Ando, Modigliani, Rasche & Turnovsky, “On the Role of Expectations of Price and Technological Change in an Investment Function”. Multilith.
Eisner, E., and M. I. Nadiri, “Investment Behavior and Neoclassical Theory.” Review of Economics and Statistics. Vol. 50, August 1968.
_____________, “Neoclassical Theory of Investment Behavior: A Comment.” Review of Economics and Statistics, Vol. 52, May 1970.
Bischoff, C. W., “Hypothesis Testing and the Demand for Capital Goods,” The Review of Economics and Statistics, August 1969.
_____________, “Business Investment in the 1970’s: A Comparison of Models”, Brookings Papers on Economic Activity, 1, 1971.
Nadiri, I. M. “An Alternative Model of Business Investment Spending”, Brookings Papers on Economic Activity, 3, 1972.
Kalchbrenner, J. H. “A Model of the Housing Sector”, Chapter 6, in Savings, Deposits, Mortgages and Housing, Studies for the Federal Reserve-MIT-Penn Economic Model, (eds. Gramlich and Jaffee), 1972.
Ando and Modigliani, “Consumption and Consumer Expenditure”, pages 9-17, (APPENDIX A), Multilith.

IV – FINANCIAL MARKETS

Tobin, J. “A General Equilibrium Approach to Monetary Theory”, JMCB, February, 1969.
Brainard, W. and J. Tobin. “Pitfalls in Financial Model Building”, AER, May, 1968.
Ando and Modigliani. “Some Reflections on Describing Structures of Financial Sectors”. Multilith.
Ando, A. K. “Some Comments on Brainard-Tobin Framework for Financial Analysis”. Multilith.
Modigliani, F., Rasche, R. and J. P. Cooper, “Central Bank Policy, the Money Supply, and the Short-Term Rate of Interest,” Journal of Money, Credit and Banking, 2, 1970.
Modigliani, F. and R. Shiller, “Inflation, Rational Expectations, and the Term Structure of Interest Rates,” Economica, February, 1973.
Jaffee, D. M., and F. Modigliani, “A Theory and Test of Credit Rationing”, American Economic Review, December, 1969.
_____________, Credit Rationing and the Commercial Loan Market, John Wiley and Sons, 1971.
Gramlich, & Jaffee, editors, Saving Deposits, Mortgages and Housing, Chapters 1 to 5, and 7.
Modigliani, F. “The Valuation of Corporate Stock”. Multilith.

V – WAGES, PRICES, EXPECTATIONS

Phillips, A. W. “The Relation between Unemployment and the Rate of Change of Money Wages in the U. K.” Economica, November 1958.
Lipsey, R. G. “The Relation between Unemployment and the Rate of Change of Money Wage Rate in the U. K.: A Further Analysis”, Economica, 1961.
Phelps et al. Macro Economic Foundations of Employment and Inflation Theory, See especially the two contributions of Holt.
The Econometrics of Price Determination Conference, Board of Governors of the Federal Reserve System and SSRCs.

De Menil and Enzler, “Prices and Wages in the FR-MIT-Penn Econometric Model”.
Tobin, “The Wage-Price Mechanism: Overview of the Conference”.
Hyman, “Prices and Price Behavior in Three U.S. Econometric Models”.
Nordhaus, “Recent Developments in Price Dynamics”.
Lucas, “Econometric Testing of Natural Rate Hypothesis”.

Modigliani and Tarantelli, “A Generalization of the Phillips Curve for a Developing Country”, Review of Economic Studies, April, 1973.
Eckstein and Brinner, “The Inflation Process in the United States”, Joint Economic Committee, Congress of the U.S., 92 Congress, 2^ndSession.
Modigliani, “New Developments on the Oligopoly Front”, Journal of Political Economy, Vol. 66, June 1958.
Lucas, R. “Some International Evidence on Output-Inflation Tradeoffs”, AER, June, 1973.
Sargent, T. J. “Rational Expectations, The Real Interest Rate and the ‘Natural’ Rate of Unemployment.” Multilith—forthcoming in Brookings Papers on Economic Activity, 2, 1973.
Gordon, R. J. “The Welfare Cost of Higher Unemployment”, Brookings Papers on Economic Activity, 1, 1973.
Turnovsky, S. J. “Empirical Evidence on the Formation of Price Expectations”, J.A.S.A., December 1970.
de Menil and Bhalla, “Direct Measurement of Popular Price Expectations”—Princeton University Econometric Research Program, Memorandum No. 149.
de Menil, G. “Rationality in Popular Price Expectations”. Multilith.

______________________

QUALIFYING EXAM FOR 14.454 (sic)
MACRO IV (sic)

Time Period: Less than two hours
Answer at least 2 questions

Tests carried out for a number of countries of the major alternative models purporting to explain aggregate consumption (Duesenberry-Modigliani, permanent income, life cycle, Kaldorian model) are typically found to fit the data quite well, and the difference in fit is generally not large.
1. give a brief description of each of the above models
2. what explanation, if any, can be advanced for the empirical finding that there are no substantial differences in the closeness of fit in the various models
3. does the fact that the alternative models fit roughly as well imply that it makes little difference which of these equations is incorporated in an econometric model
  1. rom the point of view of forecasting
  2. from the point of view of predicting the effect of alternative monetary and fiscal policies
Consider the coefficient estimates of the St. Louis “reduced form model”.
1. what are possible and likely sources of biases in these coefficients? (Be sure to explain what you mean by bias in this context.)
2. are these estimates consistent with the monetarist view of the working of the economy?
3. with the view embodied in the standard econometric models of the U.S.?
4. with the view embodied in the MPS model? (optional)
The “multiplier” played an important role in early Keynesian thinking.
1. review how this notion has developed since that time.
2. in the light of (i), describe the kind of simulations you would perform in order to evaluate the “multiplier effect of an increase in government expenditure” implied by one of the major contemporary econometric models of the U.S.
3. can an estimate of the above multiplier be inferred from the coefficients of the St. Louis “reduced form model”?

______________________

14.453 MACRO THEORY
FINAL EXAMINATION

Franco Modigliani
Wednesday, 12/19/73

1 ½ hours

Answer Question I and at least one other question

Enclosed is a forecast for the U.S. economy generated by the MPS Model in October 1973, before the so-called oil crisis. Assume an exogenous reduction in oil imports of 3 million barrels per day (representing somewhat over 15% of the consumption of oil implicit in the above forecast) beginning in the fourth quarter of ’73, and becoming fully effective from the first quarter of ’74.
1. analyze the likely effects of this event on the above projections of real and money GNP and its components, assuming no change in monetary and fiscal policy.
2. what changes in economic policy, if any, would you recommend, and why?
3. can the MPS model (or analogous macro-econometric models) be used without major modification, to simulate the effects of the reduction in oil supply? Explain.

(Note: the monetary policy assumed in the projection is a growth of the money supply at 6% in ’73.4, at 6.5% in the first half of ‘74, and 7% thereafter.)

The “multiplier” played an important role in early Keynesian thinking.
1. 1. review how this notion has developed since that time.
  2. in the light of (i.), describe the kind of simulations you would perform in order to evaluate the “multiplier effect of an increase in government expenditure” implied by one of the major contemporary econometric models of the U.S.
  3. can an estimate of the above multiplier be inferred from the coefficients of the St. Louis “reduced form model”?
Formulate your model of the short and long run determinants of the price level. Use your theory to evaluate the often expressed view that fiscal policy should be used to control real output and monetary policy to control prices.
Discuss the role of price expectations in macro-economic analysis, and review the present state of knowledge with respect to the modeling of price expectational variables in macro-econometric models.

1973_14453_exam_MPSoutputReduced

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Franco Modigliani Papers, Box T7.

Image Source: Franco Modigliani picture from the MIT Museum Website.

Tags Modigliani

Exam Questions Harvard Suggested Reading

Harvard. Exams and Reading Lists for Latin American Economies. Bradley, 1944/1948/1949

Post author By Irwin Collier
Post date 2018-12-05

An earlier post provided the reading list for a course taught at Harvard by Philip Durgan Bradley, Jr., Economics 38b “Economic Problems of Latin America” in the Spring Term of 1944. In the meantime, I have found a copy of the exam that I have transcribed for this post.

A few years and a course number change later, Bradley taught a course with the title “The Economy of Latin America” (Econ 14b). The reading list provided for the course in the spring semesters of 1948 and 1949 were identical except for a single item and is provided below as are the final examination questions from 1948 and 1949.

____________________

Final Exam, June 1944

1943-44
HARVARD UNIVERSITY
ECONOMICS 38b

One hour

“Variations in the international balance of payments are the principal factors determining the level of economic activity is the Latin American area.” What were the principal variations in the Latin American balance of payments during the period 1923-43? In what specific respects and by what means did these variations in the balance of payments affect the internal level of economic activity in the Latin American countries during this period? (Treat the area as a whole.) Do you agree that the above quotation is substantially correct?

Choose ONE question. 50 minutes

The returns earned on United States Direct Investments guarantee two things for the future: (1) a substantial share of total private United States capital sent abroad in any year will go to Latin America and (2) every country and every major type of industry in Latin America will be assured of an adequate future flow of United States private capital. Discuss.
“One essential difference between petroleum and mineral products on the one hand and the products of agriculture and industry on the other consists of the fact that the former products represent the exploitation of non-replaceable, wasting-assets while the latter do not. The domestic requirements for petroleum and mineral products in industrially backward countries are small, and these products are produced primarily for export purposes. The continued or increased exploitation of these wasting-assets for export purposes constitutes a drain upon the national wealth which must necessarily prevent the realization of higher levels of national income in such countries.” Discuss, including a statement of your agreement or disagreement with the foregoing conclusion.

Choose TWO. 35 minutes each

“The high cost of living in Venezuela is a direct consequence of that nation’s petroleum policy.” Discuss.
What were the principal objectives of the Brazilian coffee control programs? Of the Inter-American Coffee Agreement? Do you believe that an international approach to coffee control promises more hope of success than the methods used in the past? Explain your answer to this last question.
Discuss what you consider to be the more important economic consequences of the land tenure system in Latin America.
Write an essay on the principal topics discussed in your reading period selection.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 9, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. June, 1944.

____________________

Enrollment 1948

[Economics] 14b. Assistant Professor Bradley.—The Economy of Latin America (Sp.)

Total 49: 1 Graduate, 24 Seniors, 16 Juniors, 6 Sophomores, 1 Business School, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1947-48, p. 89.

Enrollment 1949

[Economics] 114 (formerly Economics 14b). Assistant Professor Bradley.—The Economy of Latin America (Sp.)

Total 58: 1 Graduate, 26 Seniors, 23 Juniors, 4 Sophomores, 1 Public Administration, 1 Business School, 2 Radcliffe.

Source:Harvard University. Report of the President of Harvard College, 1948-49, p. 76.

____________________

“Short” Reading List

Economics 14b
Spring Term, 1949
[mimeographed copy]

Readings related to Latin American economic problems⁺

Royal Institute for International Affairs, Republic of South America, Chs. 1 and 2.
George Soule, Efron and Ness, Latin America in the Future World, Chs. 1-6.
L. Schurz, Latin America, pp. 155-178.
H. Barber, “Land Problems in Mexico,” Foreign Agriculture, Vol. III, pp. 99-120.
M. McBride, Chile: Land and Society, Ch. 5.
George Wythe*, Industry in Latin America, Part I, Part II—Choose one: Argentina, Brazil or Mexico, Part III.
M. Phelps, Migration of Industry to South America, Chs. 2, 4, 7.
T. Ellsworth*, Chile: An Economy in Transition.
Triffin, R., “Central Banking,” Ch. 4 in Economic Problems of Latin America, ed. By S. E. Harris.
Robert Triffin, Money and Banking in Colombia, pp. 1-33.
C. Wallich, “Cuba: Sugar and Currency,” Ch. 14 in Economic Problems of Latin America.
Central Bank of Argentina, Annual Reports(from 1935).
Spiegel, H. W., The Brazilian Economy.

* To be purchased

+ Other readings of a more general nature may be assigned later.

[Note: the “short” reading list for 1948 was identical except for the last item by H. W. Spiegel that was not included.]

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics, 1948-1949 (1 of 2).

____________________

“Long” reading list

Economics 14b
Spring Term, 1948
[carbon copy]

Royal Institute for International Affairs, Republic of South America. [Chs. 1 and 2]
M. McBride, Chile: Land and Society.
L. Schurz, Latin America.
George Soule, Efron and Ness, Latin America in the Future World. [Chs. 1-6]
Foreign Agriculture, Vols. II, III.
D. Wickizer, The World Coffee Economy.
George Wythe, Industry in Latin America.
Lloyd D. Hughlett, Industrialization of Latin America.
W. Cooke, Brazil on the March.
M. Phelps, Migration of Industry to South America.
T. Ellsworth, Chile: An Economy in Transition.
Economic Problems of Latin America, edited by S. E. Harris.
N. Simpson, The Ejido.
J. Brown, Industrialization and Trade.
Olson and Hickman, Pan American Economics.
Robert Triffin, Money and Banking in Colombia.
Central Bank of Argentina, Annual Reports(from 1935).
S. Tariff Commission, Foreign Trade of Latin America.
American Advisory Economic Mission to Venezuela, Report to the Minister of Finance.
G. Hanson, Utopia in Uruguay.
Ernesto Galarza, Labor Trends and Social Welfare in Latin America.
Virgil Salera, Exchange Control and the Argentine Market.
S. Buchanan and Fred A. Lutz, Rebuilding the World Economy.
L. Phelps, International Economic Position of Latin America.
H. Williams, Argentine International Trade under Inconvertible Paper.
Feuerlein and E. Hannan, Dollars in Latin America.
M. Phelps, Economic Relations with Latin America.
Cleona Lewis, America’s Stake in International Investment.
F. Bain and T. T. Read, Ores and Industry in South America.
Edgar Turlington, Mexico and Her Foreign Creditors.
F. Rippy, Latin America and the Industrial Age.
Fortune, March, 1933; December, 1935; January, 1942.
Enke and V. Salera, International Economics.
Triffin, Monetary and Banking Reform in Paraguay.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics, 1947-1948 (1 of 2).

____________________

Final exam, May 1948

1947-48
HARVARD UNIVERSITY
ECONOMICS 14b

Part I

Answer BOTH questions. One hour each.

Develop the evolution of Argentine monetary policy in response to the course of the trade cycle in the period from 1936 to 1945. Evaluate the success or failure achieved through the execution of monetary policy and provide an explanation for the results attained.
Write an essay on “the determinants of economic progress in Venezuela.” Extract from your discussion and state in summary fashion those economic principles which you believe constitute conditions of economic progress in all nations.

Part II

Choose TWO. 30 minutes each.

Would you as the manager of a firm incorporated in the United States build a branch plant in Argentina, Brazil, or Chile? Base your answer upon an analysis of our experience with branch plants in that area. (Do notselect this question if you are a citizen of a Latin American country.)
Would you as a citizen of Argentina, Brazil, or Chile favor or oppose the construction of additional branch plants owned by firms incorporated in the United States of America? Base your answer upon an analysis of the experience of those countries with branch plants. (Do notanswer this question unlessyou are a citizen of a Latin American nation.)
Describe the problems encountered and the policies pursued in the Argentine securities market in the period 1936-1944.
Analyze, as an economist, the objectives of Chilean Development (Fomentao) Corporation and the powers granted to the Corporation for the realization of those objectives.
Explain in the most fundamental terms possible the economic significance of imports to any Latin American country now endeavoring to promote economic development.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 15, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. May, 1948.

____________________

Final Exam, June 1949

1948-49
HARVARD UNIVERSITY
ECONOMICS 114b

(Three hours)

I.

Write on BOTH the following questions. One hour each.

Compare the economic experiences and policies of two of the following countries in the period 1929-1934: Argentina, Brazil, Chile, and Colombia. Was recovery in any one of these nations to be imputed to the economic policies adopted? Include in your discussion a description of the forces which generated economic events during this period.
Explain as fully as you can the causes of the difference between the rates of economic development in the United States and in any one major Latin American nation.

II.

Write on TWO of the following topics. Thirty minutes each.

The justification for policies of monetary autonomy in Latin America. Choose one country for illustrative purposes.
The present economic situation in Argentina is to be explained in terms of international factors.
Government deficit finance as a method for increasing living standards in Latin America.
The considerations that would guide you as a United States business man in deciding whether or not to do business in Latin America. Which country is the most attractive from this standpoint?

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 16, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. June, 1949.

Tags Bradley

Economists Harvard Suggested Reading Swarthmore UCLA Wisconsin

Harvard. Syllabus for Economic Development taught by Robert Baldwin (Econ PhD 1950), 1956

Post author By Irwin Collier
Post date 2018-12-02

The sequence I followed for preparing this post was that I first decided to transcribe the outline and readings for a course dealing with economic development (Economics 108) taught at Harvard in the spring term, 1956. To figure out who the instructor was, I then turned to the annual report of the president of Harvard College that provides enrollment figures as well as names of course instructors. Once I found the last name of the instructor “Baldwin”, I looked to see if perhaps there was a recent Harvard economics Ph.D. with that name since the course had been taught by an assistant professor. Bingo, Robert Edward Baldwin, a rising star in international economics at the time appeared indeed to be our man. I confirmed that he was on the faculty of Harvard at the time from his ca. 1997 c.v. at the NBER. Finally my search of the internet pulled up the Robert E. Baldwin’s obituary that I have copied and pasted as the last item below.

The post would not be complete without links to his offspring who have gone off on their own economics careers (Jean Grossman in Princeton and Richard Baldwin in Geneva).

______________

Course Enrollment

[Economics] 108. Theories and Problems of Economic Development. Assistant Professor Baldwin. Half course. [Spring]

Total 42: 13 Graduates, 13 Seniors, 6 Juniors, 2 Sophomores, 4 Radcliffe, 1 Special

Source: Harvard University. Report of the President of Harvard College 1955-1956, p. 76.

______________

Course Outline and Readings

HARVARD UNIVERSITY
Department of Economics
Spring Term, 1955-1956

Economics 108

Theories of Economic Development
1. Smith and Ricardo

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chs. 1-9; Book II, ch. 3.
David Ricardo, Principles of Political Economy and Taxation, chs. 2-6, 21.

1. Marx

Karl Marx, A Contribution to the Critique of Political Economy, Preface.
M. M. Bober, Karl Marx’s Interpretation of History, chs. 1-3
OR
H. B. MAYO, Democracy and Marxism, chs. 2,3.
M. M. Bober, op. cit., chs. 9-13
OR
Joan Robinson, An Essay on Marxian Economics.

1. The Neo-Classical System

Alfred Marshall, Principles of Economics, chs. 11-13.
Knut Wicksell, Lectures on Political Economy, Vol. 1, Part III.
Gustav Cassel, The Theory of Social Economy, ch. 1, Sections 4-6.

1. Schumpeter

J. A. Schumpeter, Business Cycles, Vol. 1, chs. 3, 4.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part II, chs. 11-14.

1. The Stagnationists and the Post-Keynesian Growth Theorists

Alvin Hansen, “Economic Progress and Declining Population Growth,” American Economic Review, March 1939.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, ch. 10.
Evsey Domar, “Expansion and Employment,” American Economic Review, March 1947.
W. J. Baumol, Economic Dynamics, ch. 4.

1. A Survey of other Socio-Economic Theories

J. J. Spengler, “Theories of Socio-Economic Growth,” Problems in the Study of Economic Growth, National Bureau of Economic Research.

1. A Comparison of Development Theories

Accelerating Development in Poor Countries
1. Basic Characteristics of Poor Countries
2. Obstacles to Development
3. General Requirements of Development
4. Domestic and International Policy Issues

Required Reading

Buchanan and Ellis, Approaches to Economic Development, Part I and Part III.
W. Arthur Lewis, The Theory of Economic Growth, chs. 3-7

Mid-year and Course Final examinations

Posted here.

______________

Harvard Economics Ph.D. 1950

Robert Edward Baldwin, A.B. (Univ. of Buffalo) 1945, A.M. (Harvard Univ.) 1949.

Subject, Economics. Special Field, International Trade.
Thesis, “The Economics of Internal Migration in the United States, 1870-1940.”

Source:Harvard University. Report of the President of Harvard College, 1949-50, p. 195.

______________

Robert E. Baldwin
Education and Positions

1945: A.B., University of Buffalo
1945-46: Instructor, University of Buffalo
1950: Ph.D., Harvard University
1950-52: Instructor, Harvard University
1952-57: Assistant Professor, Harvard University
1957-62: Associate Professor, University of California, Los Angeles
1962-64: Professor, University of California, Los Angeles
1964-present: Professor, University of Wisconsin-Madison
1975-78: Chairman, Department of Economics, University of Wisconsin
1974-: F.W. Taussig Research Professor, University of Wisconsin
1960-61: Ford Foundation Foreign Area Training Fellowship, Federation of Rhodesia and Nyasaland
1963-64: Chief Economist, Office of Special Trade Representative, Executive Office of the President, Washington, D.C.
1967-68: Research Professor, The Brookings Institution, Washington, D.C.
1969-70: Ford Faculty Research Fellowship
1974-75: U.S. Department of Labor, Bureau of International Labor, Washington, D.C., Research Contract
1975 (Summer): United Nations Conference on Trade and Development (UNCTAD), Geneva, Switzerland, Consultant
1978-79: Consultant, World Bank, Washington, D.C.
1982-: Hilldale Professorship, University of Wisconsin-Madison
1982-: Research Associate, National Bureau of Economic Research
1986-1989: Chair, Social Systems Research Institute, University of Wisconsin-Madison
1988 (Summer): Shelby Cullom and Katheryn Davis Visiting Professor, The Graduate Institute of International Studies, Geneva
1994-: Research Associate, Centre for Economic Policy Research
1995-: Fellow, American Academy of Arts and Science

Source: Robert Baldwin’s NBER c.v. that also included a list of publications to date (ca. 1997).

______________

Robert Edward Baldwin (1924-2011)
Obituary

Robert Edward Baldwin, born in Buffalo New York on July 17, 1924, died in Madison on April 7, 2011. He was Hilldale Professor of Economics, Emeritus, at the University of Wisconsin-Madison. A lifelong academic, Baldwin was one of the world’s most influential thinkers on international trade, an adviser to governments and international organizations, and an inspiring teacher much beloved by generations of students who carry forward his light as renowned scholars in their own right.

Graduating from the University of Buffalo, he enrolled in the Harvard and received his doctorate in 1950. In Cambridge, he married his lifelong soul mate, Janice Murphy, mother of his four children, two of whom were born while he was an Assistant Professor at Harvard. During this time, he published his best-known theoretical contribution – the “Baldwin Envelope” [“Equilibrium in International Trade: A Diagrammatic Analysis,” Quarterly Journal of Economics 62(5), (November, 1948), pp. 748-762.] – which has been taught widely for six decades and remains part of trade economists’ training even today. After Harvard, he moved to UCLA as an Associate Professor where his third and fourth children were born.

In 1960, he took the whole family for a year to Salisbury Rhodesia (now Harare Zimbabwe) while he worked on his theory of trade and development (published as the book “Economic Development and Export Growth: A Study of Northern Rhodesia, 1920-1960”). Soon after returning to UCLA, President Kennedy appointed him as Chief Economist of the newly formed Office of the Special Trade Representative. The family moved to Washington while he worked in the White House helping the US prepare for the GATT trade negotiations known as the Kennedy Round.

After his White House stint, he was appointed professor at the University of Wisconsin-Madison, a position that he held till his death (Emeritus since 1997). He was appointed Fellow of the American Academy of Arts and Sciences in 1995, the same year he was elected President of the Midwest Economics Association.

Baldwin was author or editor of 22 books (last one in December 2008) and over a hundred academic articles (the last one in December 2010). [list through ca 1997] His early contributions were mostly to mathematical trade theory, but he also made important contributions to the profession’s empirical understanding of global trade patterns. After his time in the Kennedy White House, he wrote several books and many articles on trade policy and trade politics. Throughout his professional life, his interest in trade was interwoven with an interest in and research on developing nations, with a special emphasis on the development-inhibiting effects of tropical diseases.

In addition to his academic positions, Baldwin engaged actively in the policy world. He was on the External Advisory Panel to the General-Secretary of the WTO (2001-03), and in that capacity attended the Ministerial Meeting in Doha Qatar that launched the WTO’s ongoing trade negotiations. He often testified before US Senate and House Committees on trade matters, and spent time at the US Department of Labour, the United Nations Conference on Trade and Development (Geneva), and the World Bank (Washington). In an effort to improve US trade statistics, he chaired the National Academy of Science’s Panel on Foreign Trade Statistics (1991-92). In his role as policy advisor, he was a member of the Council of Foreign Relations (1968-2011), the US Chamber of Commerce’s Committee for Economic Development and the Atlantic Council (1960s and 1970s), and more recently, the International Advisory Board for Ukraine’s Economics Education and Research Consortium (1999-2009).

He is survived by his wife Janice, his daughters Jean and Nancy, and his son Richard as well as grandchildren Shari, Dina, Leila, Elise, Robert, Ellen, Julia, and Nicky. He was predeceased by his oldest son, Robert, in 2007.

Baldwin was also an “academic father” to scores of students, inspiring them with his quiet but deeply held passion for combining academic rigor with real-world applicability. Many of his students have become professors in Universities across the world. His vocation is also carried on by his son Richard, and son-in-law Gene Grossman, both of whom are professors of economics specialising in international trade.

Source: Obituary for Robert E. Baldwin posted by the Cress Funeral Home, Madison, Wisconsin.

Image Source: Selection from photograph (ca. 1975) of Robert E. Baldwin from the University of Wisconsin Archives/The University of Wisconsin Collection/The UW-Madison Collection/UW-Madison Archives Images.

Tags Baldwin, BaldwinRichard, GrossmanG, GrossmanJ

READING LIST FOR COURSE IN MONEY

Henry C. Wallich Spring Term—1950

The History and Philosophical Context of Economic Thought [Fall, 1995]

Louis Putterman Department of Economics

Part I: A Short History of Political Economy

Part II: Disciplinary Shifts and Disciplinary Boundaries

Part III: Epistemology and the Methods of Economic Analysis

Part IV: Economics and Social Philosophy

READING LIST INDUSTRIAL ORGANIZATION George J. Stigler

Spring, 1973 Business 305 Economics 380

Economics 14.781J, Michael Piore Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY [1976]

Reading List Part II

Economics’ Powell dies

Economics 197b: Economic Development in the Soviet Union

Spring 1974 Mr. Powell

Part I: Pre-revolutionary Origins

Part II: The Development Process

Part III: Growth and the Choice of Institutions

Part IV: Subsidiary Policy Problems

Registrar Identifies Biggest Classes By Catherine E. Shoichet Harvard Crimson. October 2, 2000

From the Ec 10 home page (2000-2001)

Social Analysis 10

Course Syllabi (.pdf files)

Spring 2000, Fall 2000/01

Course Syllabi (.html files)

Miscellaneous Course Materials

Spring 1997 (Macroeconomics)

Spring 2000 (Macroeconomics)

Spring 2001 (Macroeconomics)

Fall Semester 2002 (Microeconomics)

From the Fall 2002/03 home page

Spring Semester 2003 (Macroeconomics)

___________

14.454 MACRO THEORY IV Fall 1973 2nd half

14.454 FINAL EXAM 19 Dec 1973 R. M. Solow

___________

14.453 MACRO THEORY IIIFall 1973, 2nd Half

I – ECONOMETRIC MODELS

ECONOMETRIC FORECASTING SYSTEM

THE MPS MODEL

II – THE CONSUMPTION FUNCTION

III – THE INVESTMENT FUNCTION

IV – FINANCIAL MARKETS

V – WAGES, PRICES, EXPECTATIONS

QUALIFYING EXAM FOR 14.454 (sic)MACRO IV (sic)

Time Period: Less than two hoursAnswer at least 2 questions

14.453 MACRO THEORYFINAL EXAMINATION

Franco ModiglianiWednesday, 12/19/73

Final Exam, June 1944

1943-44 HARVARD UNIVERSITY ECONOMICS 38b

One hour

Choose ONE question. 50 minutes

Choose TWO. 35 minutes each

Enrollment 1948

Enrollment 1949

“Short” Reading List

Economics 14b Spring Term, 1949 [mimeographed copy]

“Long” reading list

Economics 14b Spring Term, 1948 [carbon copy]

Final exam, May 1948

1947-48 HARVARD UNIVERSITY ECONOMICS 14b

Part I

Answer BOTH questions. One hour each.

Part II

Choose TWO. 30 minutes each.

Final Exam, June 1949

1948-49 HARVARD UNIVERSITY ECONOMICS 114b

(Three hours)

I.

II.

Course Enrollment

Course Outline and Readings

HARVARD UNIVERSITY Department of Economics Spring Term, 1955-1956

Economics 108

Mid-year and Course Final examinations

Harvard Economics Ph.D. 1950

Robert E. Baldwin Education and Positions

Robert Edward Baldwin (1924-2011) Obituary

Henry C. Wallich
Spring Term—1950

The History and Philosophical Context of Economic Thought
[Fall, 1995]

Louis Putterman
Department of Economics

READING LIST
INDUSTRIAL ORGANIZATION
George J. Stigler

Spring, 1973
Business 305
Economics 380

Economics 14.781J, Michael Piore
Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY
[1976]

Reading List
Part II

Spring 1974
Mr. Powell

Registrar Identifies Biggest Classes
By Catherine E. Shoichet
Harvard Crimson. October 2, 2000

14.454
MACRO THEORY IV
Fall 1973 2nd half

14.454 FINAL EXAM
19 Dec 1973
R. M. Solow

14.453 MACRO THEORY III
Fall 1973, 2nd Half

QUALIFYING EXAM FOR 14.454 (sic)
MACRO IV (sic)

Time Period: Less than two hours
Answer at least 2 questions

14.453 MACRO THEORY
FINAL EXAMINATION

Franco Modigliani
Wednesday, 12/19/73

1943-44
HARVARD UNIVERSITY
ECONOMICS 38b

Economics 14b
Spring Term, 1949
[mimeographed copy]

Economics 14b
Spring Term, 1948
[carbon copy]

1947-48
HARVARD UNIVERSITY
ECONOMICS 14b

1948-49
HARVARD UNIVERSITY
ECONOMICS 114b

HARVARD UNIVERSITY
Department of Economics
Spring Term, 1955-1956

Robert E. Baldwin
Education and Positions

Robert Edward Baldwin (1924-2011)
Obituary