Category: Syllabus

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Exam Questions Harvard M.I.T. Suggested Reading Syllabus

Harvard. Basic graduate microeconomic theory. Chamberlin and Samuelson, 1956-1957

 

For some reason, Paul Samuelson was asked to help out with the teaching of Edward H. Chamberlin’s graduate theory course during the 1956-57 academic year. In Paul Samuelson’s papers at Duke I was able to find a letter from the Harvard economics chair, Seymour Harris, confirming his appointment as “Visiting Professor” for co-teaching Economics 201. The actual “allocation of subject matter” between Chamberlin and Samuelson is not clear from Samuelson’s papers, nor from the course outlines. Since the second semester reading list only has Chamberlin’s name on it, it seems likely that Samuelson’s participation was limited to the first semester of the course. Because Robert Bishop’s manuscript on Economic Theory (taught to generations of M.I.T. graduate students) was included in the first section of the fall semester reading list and we find questions for a one hour mid-term exam in Samuelson’s folder for the course, I am led to conjecture that Samuelson taught most or all of the first half of the fall semester of the course. As we can see from the internal M.I.T. department teaching records included below, Paul Samuelson continued teaching his courses at “Tech” that year.

Perhaps a future trip to Duke University’s David M. Rubenstein Rare Book Manuscript Library  to consult the Edward H. Chamberlin papers that were donated in 2019 will help to establish why Samuelson was needed at Harvard that year.

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Letter from Chairman Seymour Harris to Paul Samuelson
May 25, 1956

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Office of the Chairman

M-8 Littauer Center
Cambridge 38, Massachusetts

May 25, 1956

Professor Paul A. Samuelson
Department of Economics and Social Science
Massachusetts Institute of Technology
Cambridge 39, Massachusetts

Dear Paul:

Economics 201 meets Tuesday, Thursday, and at the pleasure of the instructor Saturday at 10. It would be hard to change that hour because of the arrangement of other courses, and also because we must have the same hour for the second semester.

I hope that you would get together with Ed and discuss the allocation of subject matter. You can have [Richard] Gill as an assistant, and he would, I am sure, be willing to meet the class once a week when you think it necessary. You will find him a most adequate assistant.

I may add that the Dean has agreed to recommend your appointment as a Visiting Professor, which is an unusual appointment, for most appointments of this kind, inclusive of Tech, are Visiting Lecturers. This suggests the high regard in which we hold you.

Sincerely yours,

[signed] Sey
Seymour E. Harris
Chairman

SEH/c
cc: Professor Chamberlin

P.S. I hope you will remember to bring my article on Saturday and any comments.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Paul Samuelson, Box 33, Folder “Ec201 Harvard Course, 1955-1956 [sic]”.

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From the M.I.T. economics department records for 1955-56

Paul Samuelson was teaching full time 1956-57. He taught Economics and Industrial Management (14.117) and Mathematical Approach to Economics (14.151) in the fall semester and Economic Analysis (14.122) and Economics Seminar (14.192) in the Spring semester.

Source:  M.I.T. Archives. M.I.T. Department of Economics Records, 1947—. Box 3, Folder “Teaching Responsibility”.

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Enrollment figures from Harvard President’s Report

[Economics] 201. Economic Theory. Professor Chamberlin and Professor Samuelson (Massachusetts Institute of Technology). Full course.

(F) Total 38: 26 Graduates, 2 Seniors, 1 Junior, 4 Radcliffe, 5 Others.
(S) Total 39: 27 Graduates, 2 Seniors, 1 Junior, 3 Radcliffe, 6 Others.

Source: Harvard University. Report of the President of Harvard College, 1956-1957, p. 70.

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Economics 201
Economic Theory
Fall 1956
READING LIST

I. Supply, Demand, Revenue and Cost

Marshall, Principles (4th edition or later), Book III, Ch. 3, 4, 6

Mill, Principles, Book III, Ch. 1-6

Chamberlin, Theory of Monopolistic Competition, Ch. 2

Schultz, H., Theory and Measurement of Demand, pp. 5-12

Bishop, Economic Theory Ms., Book II, Ch. 1, 2, 3

Viner, Cost Curves and Supply Curves (1930), AFA or Clemence Readings

Robinson, Economics of Imperfect Competition, Ch. 2

Suggested:

Ricardo, Political Economy (Gonner Edition or Sraffa Edition), Chapter I

Mills’ Autobiography or the Introduction to the Ashley edition of the Principles

Jevons, Theory of Political Economy, Chapters 3, 4

Keynes, “Alfred Marshall,” Economic Journal, September 1924 (Also in Keynes, Essays in Biography)

II. Production and Consumption Analysis

A. Production and Cost

Chamberlin, Theory of Monopolistic Competition, Ch. 8, Appendix B

Knight, Risk, Uncertainty and Profit, pp. 94-109.

Stigler, Production and Distribution Theories, Introduction

Stigler, Theory of Price, Chs. 7, 8

Suggested:

Douglas, P. Theory of Wages

Hicks, Value and Capital, Chs. 6, 7

Carlson, Sune, Theory of Production

Cassels, J. H, “On the Law of Variable Proportions,” in Explorations in Economics, essays in honor of Taussig

Schneider, E., Pricing and Equilibrium

B. Utility and Consumption Theory

Hicks, Value and Capital, Chs. 1, 2, 3

Stigler, Theory of Price, Chs. 5, 6

III. Welfare Economics

Boulding, K., “Welfare Economics,” Survey of Contemporary Economics, Vol. II

Hicks, J.R., “Foundations of Welfare Economics,” Economic Journal, 1939

Pigou, A.C., Economics of Welfare, Preface, Part I., Chs. 3, 7, 8; Part II, Introductory, Ch. 9

Lerner, A. P., Economics of Control, Chs. 3, 5, 6, 7, 9

Source: Harvard University Archives, Syllabi, course outlines and reading lists in Economics, 1895-2003”, Box 6, Folder “Economics, 1956-1957 (2 of 2)”.

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Economics 201
Hour Exam
November 3, 1956

  1. Define “external” and “internal” economies. What do we mean when we say these economies are (a) “pecuniary,” (b) technological”? (10 min.)
  2. What are the conditions of stable equilibrium of supply and demand as analyzed by (a) Walras and (b) Marshall? Explain the “apparent contradiction” between the Walrasian and Marshallian stability conditions. (20 min.)
  3. In the “Ricardian increasing cost” case, as described by Viner, what would be the effect on price, output, and rent to the fixed factor, of a tax of “x” cents per unit of output? Illustrate graphically. (20 min.)

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Paul Samuelson, Box 33, Folder “Ec201 Harvard Course, 1955-1956 [sic]”.

_________________________

1956-57
HARVARD UNIVERSITY
Economics 201
Midyear examination. January, 1957.

Answer the first two (2) questions and any three (3) of the others. Be sure to allocate your time approximately as indicated.

  1. (Forty-five minutes). Assume two individuals (who act as pure competitors) and two commodities. Given the “production-possibility” or “transformation” curve for each individual and also his indifference map, indicate graphically: a) the equilibrium price; b) the equilibrium quantities of each good produced by each individual; and c) the quantity of each good exchanged.
  2. (Forty-five minutes). Discuss the scope and limitations of “Welfare Economics.” Illustrate your discussion with reference to one or two specific theoretical problems (e.g., the box-diagram).
  3. (One-half hour). A production function relates product (Q) to two factors, labor (L) and capital (C). Distinguish the “three stages” for each factor, and give an interrelations among them in a) the case of constant returns to scale (homogeneous production function) and b) the general case.
  4. (One-half hour). Distinguish “internal” and “external” economies and analyze the possibility of equilibrium under pure competition in each case.
  5. (One-half hour). A monopolistic firm can buy labor and land at fixed prices but sells its output in an impurely-competitive market. Now let it be subject to a tax of $X per unit of its output. On the oversimplified assumption that the tax leaves its factor prices, the consumer demand for its product, and its production function unchanged, compare the new equilibrium of output, price, and factor hirings with the old.
  6. (One-half hour). Define the “income” effect and “substitution” effect of a price change. Indicate, in terms of these effects, the likelihood of a) a backward-bending supply curve, and b) a positively-sloping demand curve.

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Box 25. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science. January, 1957.

_________________________

A twitter prayer.

_________________________

Economics 201
Spring Term, 1956-57
Economic Theory—Professor Chamberlin

I. Monopoly and Monopolistic Competition

Chamberlin, Monopolistic Competition, Chapters 1, 4,5, 9.

_________, “Monopolistic Competition Revisited,” Economica, November 1951.

Robinson, J., Imperfect Competition, Foreword, Introduction, Chapter 1.

Monopolistic Competition, Chapter 3, Appendix A.

Triffin, Monopolistic Competition and General Equilibrium T-heory, pp. 78-108.

Hall and Hitch, “Price Theory and Business Behavior,” Oxford Economic Papers, No. 2 (1939). (Also in Oxford Studies in the Price Mechanism, T. Wilson, Editor).

Chamberlin, “‘Full Cost’ and Monopolistic Competition,” Economic Journal, May 1952.

_________, “The Product as an Economic Variable,” Quarterly Journal of Economics, February 1953.

Monopolistic Competition, Appendix C, Chapters 6, 7.

Chamberlin, “Product Heterogeneity and Public Policy,” American Economic Review, May 1950.

Suggested:

Robinson, J., Imperfect Competition, Chapters 3-7.

Fellner, Competition Among the Few, Chapters 1-7.

Holton, Richard H., “Marketing Structure and Economic Development,” Q.J.E., August 1953.

Alsberg, C. L., “The Economic Aspects of Adulteration and Imitation,” Q.J.E., 46:1 (1931)

Brems, “The Interdependence of Quality Variations, Selling Effort, and Price,” Q.J.E., May 1948.

II. Income Distribution—General; Wages.

Readings in the Theory of Income Distribution, 3.

Marshall, Principles, Book VI, Chapters 1-2.

Hicks, Theory of Wages, Chapters 1-4.

Readings, 12.

Monopolistic Competition, Review Chapter 8 and pp. 215-18, 249-52, (5th or later edition).

Hicks, Chapters 5, 6.

Marshall, Book VI, Chapters 3-5.

Taussig, Principles, 4th edition, Chapter 52 (or 3rd revised edition, Chapter 47).

E.H.C., “The Monopoly Power of Labor,” in The Impact of the Union.

Readings, 19.

Hicks, pp. 170-185.

Suggested:

1. Douglas, Theory of Wages, Chapter 2.

2. J.B. Clark, Distribution of Wealth, Chapters 7, 8, 12, 13.

III. Interest

Böhm-Bawerk, Positive Theory, Book I, Chapter 2; Book II; Book V.

Marshall, Principles, Book IV, Chapter 7; Book VI, Chapter 6.

Wicksell, Lectures, Vol. I, pp. 144-171, 185-195, 207-218.

Clark, J.B., Distribution of Wealth, Chapters 9, 20.

Suggested:

Fisher, I., Theory of Interest, Chapters 5, 6.

Readings, Chapters 20, 21.

IV. Rent

Ricardo, Chapter 2.

Marshall, Book V, Chapters 8-11.

Robinson, Imperfect Competition, Chapter 8.

V. Profits

Marshall, Book VI, Chapter 5, Section 7; Chapters 7,8.

Taussig, Principles  (4th edition), Vol. II, Chapter 49, Section 1 (3rd revised edition, Chapter 50, Section 1)

Veblen, Theory of Business Enterprise, Chapter 3.

Henderson, Supply and Demand Chapter 7.

Bernstein, P., “Profit Theory—Where Do We Go From Here?” Q.J.E., August 1953

Monopolistic Competition, Chapter 5, Section 6; Chapter 7, Section 6; Appendices D, E.

Schumpeter, Theory of Economic Development, Chapters 1-4.

Suggested:

1. Readings, 27, 29.

Source: Harvard University Archives, Syllabi, course outlines and reading lists in Economics, 1895-2003”, Box 6, Folder “Economics, 1956-1957 (2 of 2)”.

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HARVARD UNIVERSITY
Department of Economics
Economics 201
Final Examination
May, 1957

A. Choose two of the following questions, allowing one-half hour for each.

  1. Write a brief article on the subject of “oligopoly” designed for an encyclopedia of the social sciences, and therefore to be consulted and used mainly by non-specialists in the subject. (Consider well your objective before you begin.)
  2. Discuss excess capacity in the economy, its meaning and its compatibility with “equilibrium.” What are the chief forces tending (a) to bring about, and (b) to eliminate, excess capacity?
  3. (a) Discuss the issues involved in distinguishing between production costs and selling costs, and defend your own conclusions. (b) Are selling outlays, like production outlays, subject to the law of diminishing returns? Discuss, and illustrate your conclusion graphically.

B. Choose four of the following questions, allowing one-half hour for each.

  1. “It is inappropriate to say that the marginal productivity of a certain type of labor determines its wage; wages, like the prices of all economic goods, are determined by both supply and demand.” Discuss with particular reference to the role of supply factors in an adequate theory of wages.
  2. Develop the role which you would give to either (a) monopoly, or (b) rent, in your own theory of wages.
  3. “Waiting is certainly not an element of the economic process in a static state, because the circular flow, once established, leaves no gaps between outlay or productive effort and the satisfaction of wants. Both are, following Professor Clark’s conclusive expression, automatically synchronized.” Discuss the several aspects of this quotation.
  4. Outline your own theory of land rent, with some critical discussion of writers with whom you are familiar. (Restrict your discussion to the problem of land income, without extending the analysis to other factors.)
  5. Write on risk as an element in the theory of profits, choosing such subdivisions or aspects of the problem as seem to you most significant. In what respects, if at all, would you regard a risk theory of profits as inadequate?

Source: Harvard University Archives. Harvard University Final Examinations, 1853-2001. Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science. June, 1957. In bound volume Final Exams—Social Sciences—June 1957 (HUL 7000.28, 113 of 284).

Image Sources:

John Simon Guggenheim Memorial Foundation, Edward H. Chamberlin, Fellow 1958.

M.I.T., Paul Samuelson Memorial Information Page/Photos from Memorial Service.  Accessed via the Internet Archive Wayback Machine.

 

Categories
George Mason Methodology Suggested Reading Syllabus

George Mason. Course readings for Economic Philosophy. Buchanan and Vanberg, 1990

 

This post is an experiment in transcription. The HOPE Center at Duke University has started recently to provide pdf scans of syllabi from Ed Tower’s Eno River Press collection and I wondered how easy it would be to use the text-recognition software in Adobe Acrobat Pro to extract digital versions of the syllabi. It turns out that at least for this initial attempt, tweaking and correction of the OCR text required considerably less blood, sweat and tears than a standard typed transcription would have. 

Like other members of the greater community of historians of economics, I eagerly await further scans from the Tower volumes by the HOPE Center. From time to time, I’ll convert a scanned syllabus to add to the collection of digital material posted at Economics in the Rear-view Mirror. Links to the original scans will be provided whenever available. 

_________________________

George Mason University
SPRING 1990

Economics 827: ECONOMIC PHILOSOPHY
James M. Buchanan, Viktor J. Vanberg

Purpose and theme:

The purpose of this course is to discuss some of the issues at the foundations of economics as a social science. It will cover topics like the following (the numbers behind the titles refer to the reading list):

— Economics as moral philosophy (1, 13, 15, 20).

— Welfare economics and political economy (2, 3, 4).

— Methodological and normative individualism (14, 22).

— Subjectivism and opportunity costs (9, 12, 30).

— Utilitarianism and contractarianism (5, 16, 18, 19, 24).

— Agreement in exchange, in politics and in science (10, 29).

— Liberty, voluntariness and efficiency (7, 26).

— Justice as fairness and distributive justice (6, 11, 21, 23, 24).

— Homo economicus, rational choice and rule-following (8, 25, 27).

— Economics and morality (17, 19, 28).

Organization:

The constituting meeting for this course will be held on January 23, 7:20 p.m., in room R 2600. The core part of this course will be taught during the two-weeks period February 19 through March 2 in the library of the center for Study of Public Choice, George’s Hall, from 8:30 a.m. to 11:00 a.m. (daily Mon. through Fri.).

Grading:

Grades will be determined on daily (one page) protocols during the ‘core-period’ and a longer (15-20 pages) paper on a subject to be chosen between student and instructor.

Reading List:

(A set of xerox-copies of the following titles will be available from Kinko’s Copies, University Mall).

  1. Albert, Hans “Knowledge and Decision” chpt. 3 in H. Albert Treatise in Critical Reason Princeton University Press 1985, 71-101.
  2. Buchanan, James M. “Social Choice, Democracy, and Free Markets” in Fiscal Theory and Political Economy Chapel Hill 1960, 75-89.
  3. — , — “Positive Economics, Welfare Economics, and Political Economy” in Fiscal Theory and Political Economy Chapel Hill 1960, 105-124.
  4. — , — “The Relevance of Pareto Optimality” in The Journal of Conflict Resolution 6, 1962, 341-354.
  5. — , — “Marginal Notes on Reading Political Philosophy” in J. M. Buchanan and G. Tullock The Calculus of Consent Ann Arbor 1965, 307-322.
  6. — , -— “Notes on Justice in Contract” in Freedom in Constitutional Contract Texas A&M University Press 1977, 123-134.
  7. — , — “Criteria for a Free Society: Definition, Diagnosis, and Prescription” in Freedom in Constitutional Contract Texas A&M University Press 1977, 287-299.
  8. — , — “ls Economics the Science of Choice?” in What Should Economists Do? Liberty Press 1979, 39-63.
  9. — , — “General Implications of Subjectivism in Economics” in What Should Economists Do?” Liberty Press 1979, 81-91.
  10. — , — “The Potential for Tyranny in Politics as Science” in Liberty, Market and State New York University Press 1985, 40-54.
  11. — , — “Rules for a Fair Game: Contractarian Notes on Distributive Justice” in Liberty, Market and State New York University Press 1985, 123-139.
  12. — , — “L.S.E. Cost Theory in Retrospect” in Economics — Between Predictive Science and Moral Philosophy Texas A&M University Press 1987, 141-151.
  13. — , — “Political Economy and Social Philosophy” in P. Koslowski, ed., Economics and Philosophy, Tuebingen 1985.
  14. — , — “The Foundations for Normative Individualism” mimeographed, Center for Study of Public Choice.
  15. Buchanan, James and Gordon Tullock “The Politics of the Good Society,” Chpt. 20 in The Calculus of Consent Ann Arbor 1965, 297-306.
  16. Gauthier, David “On the Refutation of Utilitarianism” in H B. Miller and W. H. Williams (eds.) The Limits of Utilitarianism University of Minnesota Press 1982, 144-163.
  17. — , — “Maximization Constrained: The Rationality of Cooperation” in R. Campbell and L. Sowden (eds.) Paradoxes of Rationality and Cooperation Vancouver 1985, 75-93.
  18. Hahn, Frank “On Some Difficulties of the Utilitarian Economist” in A. Sen and B. Williams (eds.) Utilitarianism and Beyond Cambridge University Press 1982, 187-198.
  19. Harsanyi John C. ”Morality and Social Welfare” chpt. 4 in J. C. Harsanyi Rational Behavior and Bargaining Equilibrium in Games and Social Situations Cambridge University Press 1977, 48-64.
  20. Hayek, Friedrich A. “Kinds of Rationalism” in F. A. Hayek Studies in Philosophy, Politics and Economics The University of Chicago Press 1967, 82-95.
  21. — , — “The Atavism of Social Justice” in F. A. Hayek New Studies in Philosophy, Politics, Economics and the History of Ideas The University of Chicago Press 1978, 57-68.
  22. Lachmann, Ludwig M. “Methodological Individualism and the Market Economy” in L. M. Lachmann Capital, Expectations, and the Market Process Kansas City 1977, 149-165.
  23. Nozick, Robert “Distributive Justice” chpt. 7 in R. Nozick Anarchy, State, and Utopia New York 1974, 149-164 + 183-189.
  24. Rawls, John “Justice as Fairness” chpt. 1 in J. Rawls A Theory of Justice Harvard University Press 1971, 3-27.
  25. Sen, Amartya “Behaviour and the Concept of Preference” in J. Elster (ed.) Rational Choice Basil Blackwell 1986, 60-81.
  26. Vanberg, Viktor “Individual Choice and Institutional Constraints – TheNormative Element in Classical and Contractarian Liberalism” in Analyse & Kritik Vol. 8, 1986, 113-149.
  27. — , — “Rational Choice, Rule-Following and Institutions” mimeographed, Center for Study of Public Choice, 1989, 49pp.
  28. Vanberg, Viktor and James M. Buchanan “Rational Choice and Moral Order” in Analyse & Kritik 10, 1988, 138-160.
  29. Vanberg, Viktor and James M. Buchanan “Interests and Theories in Constitutional Choice” in Journal of Theoretical Politics 1, 1989, 49-62.
  30. Wiseman, Jack “General Equilibrium or Market Process: An Evaluation” in J. Wiseman Cost, Choice and Political Economy Edward Elgar 1989, 213-233.

Readings suggested for further study:

Buchanan, James M. Cost and Choice — An Inquiry in Economic Theory Chicago 1969.

— , — Freedom in Constitutional Contract Texas A&M University Press 1977.

— , — Economics — Between Predictive Science and Moral Philosophy Texas A&M University Press 1987.

Gauthier, David Morals By Agreement Oxford: Clarendon Press 1986.

Gray, John Liberalism Open University Press 1986.

Hayek, Friedrich A. Law, Legislation and Liberty University of Chicago Press 1974, 1976, 1979 (three volumes).

— , — The Fatal Conceit — The Errors of Socialism London: Routledge 1988 (Vol. 1 of The Collected Works of Friedrich August Hayek).

Nozick, Robert Anarchy, State, and Utopia New York: Basic Books 1974.

Rawls, John A Theory of Justice Harvard University Press 1971.

Vanberg, Viktor Morality and Economics — De Moribus Est Disputandum, New Brunswick: Transaction Books 1988 (Social Philosophy and Policy Center, Original Papers No. 7).

Source: Transcribed from the images scanned from the Eno River Press volumes of syllabuses of economics coursescompiled and published by Ed Tower that he donated to the History of Political Economy (HOPE) Center at Duke University.

Image Sources: Buchanan portrait from the Nobel prize website. Vanberg portrait from the Walter Eucken Institut website.

Categories
M.I.T. Syllabus Undergraduate

M.I.T. Course outline and readings for undergraduate applied microeconomics. McFadden, 1978

I don’t remember how this particular course outline came into my possession during my graduate student days. I presume my sticky fingers together with an early manifestation of a propensity to hoard papers resulted in these four-pages finding their way into my files of teaching material. Now decades later, this applied microeconomics outline from Daniel McFadden’s first semester on the M.I.T. faculty is digitised. Only wish I had the eight problem sets too…

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14.03
APPLIED MICROECONOMICS

Daniel McFadden
Fall 1978

MWF 11-12
16-134

General Information:

14.03 is organized around a set of applied microeconomic problems. It is not a course in economic theory, but theoretical topics will be treated as they arise in the applications. Students are expected to know basic microeconomics as taught in 14.01 or another course at the level of R. Leftwich’s The Price System and Resource Allocation. Students are also expected to be able to use calculus with ease. The textbook for 14.03 is Microeconomic Theory: Basic Principles and Extensions, 2nd ed., by Walter Nicholson (Dryden Press, 1978). Various other readings will be assigned.

Problem sets will be handed out on Wednesday and will be due the following Wednesday in class. They will be graded and returned on Friday. Generally, Monday and Wednesday will be devoted to lectures, and Friday to discussion and review, including discussion of the answers to the problems. Every student is expected to complete every problem set within the allocated time. There will be three quizzes in class. Problem sets will account for 40% of the course grade, the quizzes for 30%, and the final for 30%.

I will be available in E52-274B on Wednesday afternoons, and by appointment at other times; my phone is 253-3378. Generally, you should take questions about problem sets and grading to the teaching assistant (his name will be announced later) and questions about the lectures to me.

The problems to be covered are:

    1. the demand for energy,
    2. the demand for air conditioners,
    3. the supply of electricity,
    4. the market for natural gas,
    5. the market for automobiles,
    6. pricing of tugboat services and the anti-trust law,
    7. costs and risks of nuclear and non-nuclear energy development,
    8. public investment in transportation.

The schedule of quizzes is:

Quiz 1—October 11, covering problems 1 & 2.

Quiz 2—November 1, covering problems 3 & 4 plus preceding material.

Quiz 3—November 29, covering problems 5, 6, 7 plus preceding material.

 

READINGS AND SCHEDULE

  1. The demand for energy.

Lectures: Sept. 13, 15, 18, 20.

Discussion: Sept. 22, 29.

Problem Set 1: out Sept. 20; due Sept. 27.

Read: Nicholson 3, 4, 5 (skim 6).

L. Taylor, “The demand for electricity: A survey,” BELL JOURNAL OF ECONOMICS 6 (Spring 1975), 74-110.

D. McFadden et al., “Determinants of the long-run demand for electricity,” PROCEEDINGS OF THE AMERICAN STATISTICAL ASSOCIATION,

A TIME TO CHOOSE, Energy Policy Project of the Ford Foundation (Ballinger, 1974), Chap. 5 and Appendices A, B.

  1. The demand for air conditioners.

Lectures: Sept. 25, 27.

Discussion: Oct. 6.

Problem Set 2: out Sept. 27; due Oct. 4

Read:

J. Hausman, “Consumer choice of durables and energy demand,” MIT, mimeo., 1978.

A. Goett, “Appliance fuel choice: An application of discrete multivariate analysis,” manuscript, 1978.

  1. The supply of electricity.

Lectures: Oct. 2, 4, 13, 16.

Discussion: Oct. 20.

Problem Set 3: out Oct. 11; due Oct. 18.

Read: Nicholson 7, 8, 9.

D. Pearl and J. Enos, “Engineering production functions and technological progress,” JOURNAL OF INDUSTRIAL ECONOICS 24 (1), (Sept. 1975), 55-72.

L. Wipf and D. Bowden, “Reliability of supply equations derived from production functions,” AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS 51 (February 1969), 170-78.

M. Nerlove, “Returns to scale in electricity supply,” in MEASUREMENT IN ECONOMICS, C. Christ (ed.), (Stanford Univ. Press, 1963), pp. 167-98.

T. Cowling, “Technical change and scale economies in an engineering production function: The case of steam electric power,” JOURNAL OF INDUSTRIAL ECONOMICS 23 (1974-75), 135-52.

  1. The market for natural gas.

Lectures: Oct. 18, 23, 25.

Discussion: Oct. 27.

Problem Set 4: out Oct. 18; due Oct. 25.

Read: Nicholson, Part IV, Chap. 10, 11, 12, 13 (skim 14, 15, 16).

P. MacAvoy and R. Pindyck, “Alternative regulatory policies for dealing with the natural gas shortage,” BELL JOURNAL OF ECONOMICS 4 (Autumn 1973), 454-98.

R. Hall and R. Pindyck, “The conflicting goals of national energy policy,” PUBLIC INTEREST 47 (Spring 1977), 3-15.

  1. The market for automobiles.

Lectures: Oct. 30, Nov. 3.

Discussion: Nov. 10.

Problem Set 5: out Nov. 1; due Nov. 8.

Read: Nicholson 17.

G. Akerlof, “The market for ‘lemons’: Qualitative uncertainty and the market mechanism,” QUARTERLY JOURNAL OF ECONOMICS 84 (1970), 488-500.

Z. Griliches, PRICE INDICES AND QUALITY CHANGE (Harvard, 1971), Introduction and Chap. 3.

R. P. Smith, CONSUMER DEMAND FOR CARS IN THE USA (Cambridge, 1975), pp. 1-88.

  1. Pricing of tugboat services and the anti-trust law.

Lectures: Nov. 6, 8.

Discussion: Nov. 17.

Problem Set 6: out Nov. 8; due Nov. 15.

Read: Nicholson 18, 19, 20.

P. Areeda and D. Turner, “Predatory pricing and related practices…,” HARVARD LAW REVIEW 88 (1975), 697-733.

F. Scherer et al., “Predatory pricing and the Sherman Act, “ HARVARD LAW REVIEW 89 (1976), 868-902.

D. McFadden and R. Palmer, “The economic foundation for liability and damages from predatory pricing,” manuscript, 1978.

S. Goldman, “Industrial concentration and economic welfare: Some theoretical observations,” Working Paper IP-251 in Economic Theory and Econometrics, Berkeley, October 1977.

  1. Benefits and risks of nuclear and non-nuclear energy development.

Lectures: Nov. 15, 20, 22.

Discussion: Nov. 27.

Problem Set 7: out Nov. 15; due Nov. 22.

Read: Nicholson 6, 18, 19, 20.

S. Rosen and Thaylor, reference to be supplied.

A. Tversky, SCIENCE 185 (Sept. 27, 1974), 1124-31.

Joel Yellen, “The nuclear regulatory commission’s reactor safety study,” BELL JOURNAL OF ECONOMICS 7 (1) (Spring 1976), 317-39.

  1. Public investment in transportation.

Lectures: Dec. 1, 4, 6, 11.

Discussion: Dec. 8.

Problem Set 8: out Nov. 29; due Dec. 6.

Read: Nicholson 21, 22, 23.

D. McFadden, “Revealed preferences of a government bureaucracy: Theory,” BELL JOURNAL OF ECONOMICS 6 (Autumn 1975), 401-16.

D. McFadden, “Criteria for public investment,” JOURNAL OF POLITICAL ECONOMY 80 (1972), 1295-1305.

T. Keeler et al., THE FULL COSTS OF URBAN TRANSPORT,

M. Webber, “The BART experience—What have we learned,” PUBLIC INTEREST 45 (Fall 1976), 79-108.

Final review: December 13.

Source: Personal copy of Irwin Collier.

Image Source: Gonçalo L. Fonseca’s  “Daniel McFadden profile page” at The History of Economic Thought Website.

 

 

 

Categories
Columbia Suggested Reading Syllabus

Columbia. Reading list for Economic Analysis (less advanced level). Hart and Wonnacott, 1959

 

Judging by the following syllabus, the entry level graduate course for economic theory at Columbia sixty years ago seems to have been pitched no higher than the level of an undergraduate intermediate economic theory of today.

The syllabus transcribed for this post comes from William Vickrey’s papers in the Columbia University Archives. We can see there was a deviation from the originally announced announcement with the addition of Paul Wonnacott (a recent Princeton PhD) to co-teach with the department chairman Albert G. Hart. It is not clear what is meant below that Vickrey teaches “a reverse section” to start in January 1960, though I suspect it meant that the sequence could either be taken with Hart [first semester (101) then second semester (102)] or the sequence could be taked lagged one semester with Vickrey [second semester (101) then first semester of the following year (102)].

I will be going back into my files to see if I can find Hart’s 102 syllabus for 1960.

_________________________

From Course Announcements 1959-60

Economics 101-102. Economic Analysis

Sec 1: Professor [Albert G.] Hart. (3) ThTh 11.
Sec 2: Professor [William] Vickrey. (3) TuTh 4:10.

May be taken only for E credit [“examination credit” where course requirements include a final examination or paper with a recorded letter grade (A,B,C,D or Pass).]. Students who have not completed Economics 101 are admitted to 102 only with the instructor’s permission.

Detailed analysis of the reactions of producing units (firms) and consuming units (households); determination through the market of resource allocation, outputs, prices, and incomes; capital and interest; theories of general equilibrium (Walrasian and Kenesian); introduction to “dynamics.”

Economics 105-106. Economic Analysis

Professor [Gary] Becker. (3) Tu Thu 11.

Prerequisite: the instructor’s permission. The course may be taken only for E credit.

Topics noted under Economics 101-102, treated at a more advanced level.

Source: The Graduate Faculties 1959-1960 in the Columbia University Bulletin, Series 59, Number 19 (May 9, 1959), p. 40.

_________________________

Reading list for Hart and Wonnacott

ECONOMICS 101
AUTUMN 1959

Meetings:

Regular: M.W., 11 AM: 710 Business
Third hour (Rooms to be arranged):

(1) Th. 10 AM
(2) Th. 1 PM

Instructors:

A.G. Hart, 503 Fayerweather
P. [Paul] Wonnacott, 513 Fayerweather

For “reverse section” starting January 1960: W. Vickrey

Textbooks:

  1. Each member of the course should own one of the following texts, and arrange loans back and forth with other students:

A. W. Stonier & D.C. Hague, Textbook of Economic Theory (2d ed., London, Longmans Green, 1957)
Chapters 1-8 are first-semester material.

G.J. Stigler, Theory of Price (Revised ed., New York, Macmillan, 1952)
Chapters 1-10 and 12 are first-semester material.

K.E. Boulding, Economic Analysis (3rd ed., New York, Harper, 1955)
Chapters 26-29 and 36 are first-semester material.

  1. An optional item is the mimeographed BASIC MATHEMATICS OF ECONOMIC QUANTITIES (Economics Department office, $1.00).
  2. In addition, each student’s working library should come to include some of the following:

J.M. Henderson and R.E. Quandt, Microeconomic Theory (New York: McGraw-Hill, 1958): mathematical.

J.R. Hicks, Value and Capital (Oxford: Clarendon Press; 2nd ed. 1946)

A. Marshall, Principles of Economics (8th ed., London: Macmillan, 1920)

G.J. Stigler & K.E. Boulding, Readings in Price Theory (Chicago: Irwin, 1952)

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

AGH/PW/8/27/59
[Economics] 101
Autumn 1959

INTRODUCTION

Sept. 28, 30. LOGIC OF SUPPLY-AND-DEMAND MODELS

Stonier & Hague, ch. 1-2 (pp. 9-33).

Stigler, ch. 1-2 (pp. 1-19).

E.J. Working, “What Do Statistical ‘Demand Curves’ Show?” in Readings in Price Theory, pp. 97-115.

ad lib. Henderson & Quandt, ch. 1 (pp. 1-5).

Oct. 2. Math short course: Quantitative concepts and their dimensions.

THE FIRM AND THE MARSHALLIAN INDUSTRY

Oct. 5, 7. SHORT-RUN AND LONG-RUN COST CURVES AND THE FIRM’S SUPPLY SCHEDULE

l           Stonier & Hague, ch. 5 (pp. 87-122).

Stigler, ch. 7-8 (pp. 111-146); note that discussion is intermingled with that of the next topic.

Boulding, ch. 27 (note references to preceding chapters which have not been discussed in this course).

*  *  *  *  *  *  *  *  *  *

J. Viner, “Cost Curves and Supply Curves” in Readings in Price Theory, pp. 198-232.

H. Staehle, “Measurement of Statistical Cost Functions” in Readings in Price Theory, pp. 264-79.

Oct. 9. Math short course: Charts, tables and functions.

Oct. 12, 14. THEORY OF PRODUCTION.

l           Stonier & Hague, ch. 10 (pp. 210-31).

Stigler, ch. 6 (pp. 96-110: completes production-cost-and-supply discussion).

Boulding, ch. 28 (pp. 585-604).

*  *  *  *  *  *  *  *  *  *

Marshall, Book IV, ch. 13 (pp. 314-22).

H.S. Ellis & W. Fellner, “External Economies and Diseconomies” in Readings in Price Theory, pp. 242-63.

ad lib. Henderson & Quandt, ch. 3 (pp. 42-84).

Oct. 16. Math short course: Simple analytical networks.

Oct. 19, 21. COMPETITIVE EQUILIBRIUM.

l           Stonier & Hague, ch. 6-7 (pp. 123-61).

Stigler, ch. 9-10 (pp. 148-86).

Oct. 23. Math short course: Maxima and derivatives.

Oct. 26, 28. COMPETITIVE EQUILIBRIUM, continued.

Marshall, Book V, ch. 1-5 (pp. 323-80).

ad lib. Henderson & Quandt, ch. 4 (pp. 85-125).

Oct. 30. Math short course: Maxima and derivatives, continued.

Nov. 2,4. MONOPOLY.

l           Stonier & Hague, ch. 8 (pp. 162-81).

Stigler, ch. 12 (pp. 204-21).

Boulding, ch. 29 (pp. 605-27).

*  *  *  *  *  *  *  *  *  *

Marshall, bk. V, ch. 14 (pp. 477-95).

Chamberlin, ch. 1-2 (pp. 3-29).

Robinson, ch. 3 (pp. 47-59: note references to preceding chapter on “the geometry”).

Robinson, ch. 15-16 (pp. 179-208).

ad lib. J.R. Hicks, “Theory of Monopoly” in Readings in Price Theory, pp. 361-83.

Nov. 6. Math short course: compound analytical networks.

Nov. 9, 11. HORIZONTAL AND VERTICAL LINKAGES OF MARKETS.

Marshall, Book V, ch. 6 (pp. 381-93).

Nov. 16. “MARGINALISM” AND THE FIRM.

R.L. Halland & C.J. Hitch, “Price Theory & Business Behavior” in T. Wilson (ed.) Oxford Studies in the Price Mechanism, pp. 107-38.

F. Machlup, “Marginal Analysis and Empirical Research”, American Economic Review, Sept. 1946 (pp. 521-54).

Nov. 18. Midterm hour exam.

THE HOUSEHOLD, AND MARKETS INVOLVING CONSUMERS.

Nov. 23, 25, 30. PREFERENCE AND UTILITY.

Stonier & Hague, ch. 2-4 (pp. 34-86).

Stigler, ch. 5 (pp. 68-93).

Boulding, ch. 32 (pp. 680-701), 36 (pp. 787-809).

Hicks, Value & Capital, ch. 1-2 (pp. 11-37).

Marshall, Book 3, ch. 1-5 (pp. 83-123).

ad lib. Henderson & Quandt, ch. 2 (pp. 6-41).

ad lib. S.W. Rousseas and A.G. Hart, “Experimental Verification of a Composite Indifference Map”, Journal of Political Economy, Aug. 1951 (pp. 288-318).

Dec. 2, 7, 9. INDIVIDUAL AND MARKET DEMAND FUNCTIONS.

Stigler, ch. 4 (pp. 42-66).

Hicks, Value & Capital, ch. 3 (pp. 42-52).

J.S. Duesenberry, Income, Saving and the Theory of Consumer Behavior, ch. 5 (pp. 69-92); ad lib. ch. 2 (pp. 6-16), 6 (pp. 93-110).

Dec. 16, 18. CONSUMER SURPLUS & INDEX NUMBERS.

Marshall, Book III, ch. 6 (pp. 124-37).

Hicks, Value & Capital, pp. 38-41.

Hicks, Revision of Demand Theory, pp. 95-106.

A.P. Lerner, “Note on the Theory of Price Index Numbers” in Essays in Economic Analysis (pp. 152-63).

Source: Columbia University Rare Book & Manuscript Library. William Vickrey Papers, Box 35. Folder 630, “Columbia/Economics 101 Course 1954-1959, n.d.”

Image Source: Alma Mater, Columbia University. Columbia College Today, Winter 2017-18.

 

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. International Trade Theory and Policy. Haberler, 1952-1953

 

Gottfried Haberler was a teaching triple threat in the Harvard economics department in his heyday: he covered courses in theory, business cycles, and international trade. Here’s a list of posts at Economics in the Rear-view Mirror using the “haberler” tag.

This post provides the course outlines and final exams for Haberler’s two term graduate sequence in international trade (& finance) and policy from 1952-53.

_____________________

Course Announcement

Economics 243a. International Trade

Half-course (fall term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Haberler.

Economics 243b. International Economic Policy

Half-course (spring term). Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Haberler.

 Properly qualified undergraduates will be admitted to this course.

Source: Harvard University Archives. Courses of Instruction, Box 6,  Announcement of the Courses of Instruction offered by the Faculty of Arts and Sciences for the Academic Year 1952-53, p. 104.

_____________________

Course Enrollment

 Note: the 1952-1953 Report of the President of Harvard College does not provide course enrollment statistics.

_____________________

Syllabus, Fall 1952-53

Economics 243a
Professor Haberler, Fall Term, 1952-53
International Trade — Theory

The first semester of the course will be devoted to the Theory of International Trade. The first topic will be the balance of payments mechanism, the determinants of foreign exchange rates. Later the so-called “pure theory” of international trade will be discussed, including the welfare aspects (theory of international economic policy.)

The subject of the second term will be a brief historical sketch of the evolution of commercial policy from the late eighteenth century to the present time and selected topics in the field of international economic policy with greater emphasis than in the first term on historical, institutional, political, and administrative aspects of the various problems.

Outline for First Half-Year

  1. International Trade and National Income
    Various relations between the two
    The importance of trade for various countries and its measures
  2. International Trade in the National Accounts
    International transactions of the national economic budget
    The balance of payments, various forms of presentation and interpretation
    Balance of international indebtedness
  3. Foreign Exchanges and the Balance of Payments Mechanism
    The foreign exchange market
    Demand and supply for exports and imports and for foreign means of payments
    Changes in the exchange rate, the balance of payments and the terms of trade
    Price effects and income effects
    The foreign trade multiplier
    The transfer problem
  4. Theory of International Division of Labor
    The theory of comparative cost
    Modern developments of the theory of comparative cost
    Marshallian theory of reciprocal demand and supply curves
    Ohlin’s general equilibrium theory
  5. Welfare Implications of International Trade
    Factor prices and international trade
    Income distribution and international trade
    Theory of protection and tariffs
    Monopoly and monopolistic competition in international trade

Reading Assignments and Suggestions

  1. General

Every student should have worked through one of the existing general texts or monographs:

Brown, A. C., Industrialization and Trade, 1943.
Ellsworth, International Economics, 1938.
Ellsworth, The International Economy, 1950.
(The first book of Ellsworth is shorter and theoretical; the second much longer and historical.)
Enke and Salera, International Economics.
Haberler, Theory of International Trade.
Harrod, International Economics (3rd edition, 1939).
Meade and Hitch, Introduction to Economic Analysis and Policy, (Part V).
Marsh, World Trade and Investment.
Taussig, International Trade.
Whale, International Trade.

A short discussion of recent developments will be found in Metzler, “The Theory of International Trade,” Chapter 6 in Survey of Contemporary Economics.

There are two very useful Reading Volumes:

Readings in the Theory of International Trade (edited by H. S. Ellis and Lloyd Metzler), 1949, and
Selected Readings in International Trade and Tariff Problems (ed. Taussig), 1921.

  1. Assignments and Suggestions to Subjects Listed Above (in addition to relevant chapters in general texts).
    1. There is hardly any specific reading on this subject. But every student should have some idea of basic facts and orders of magnitude.
      The Post-War Foreign Economic Policy of the United States. 6th Report of the House Special Committee on Post-War Economic Policy and Planning. House Report No. 541. Washington, 1945. (This report was written by Lloyd Metzler.)
      The United States in the World Economy, U. S. Department of Commerce, 1943.
      Buchanan, and Lutz, Rebuilding the World Economy, 1947.
      A. J. Brown, Applied Economics, 1948; Chapter VI:
      Readings, Chapters 21 and 22, by D. H. Robertson and J. Viner.
    2. Every student should study the U.S. balance of payments and that of one or two other countries in order to get a feeling of the magnitudes involved and to familiarize himself with the methods of presentation which vary not only from country to country but often also from one year to the other for the same country.
      Balance of Payments Yearbook (I.M.F.)
      The United States in the World Economy, 1943.
      The Balance of International Payments of the U.S., 1946-48 (1950).
      Hicks, The Social Framework of the American Economy, Chapter XII, “Foreign Payments and the National Income” (a theoretical discussion).
      Marsh, World Trade and Investment, Chapters 9, 10, 11, 12.
    3. In addition to relevant chapters in general texts, see the following:
      Haberler, “The Market for Foreign Exchange and the Stability of the Balance of Payments”, Kyklos, Vol. III, 1949.
      Harris (ed.), Foreign Economic Policy for the U.S., Part V, Chs. 20, 21 22.
      Harris (ed.), The New Economics, Part V, especially essays by Bloomfield and Nurkse.
      Iversen, International Capital Movements, 1935.
      Keynes and Ohlin on German Reparations in Economic Journal, 1929; and Readings, Chapters 6 and 7.
      Machlup, International Trade and the National Income Multiplier, 1943.
      Machlup, “The Theory of Foreign Exchanges,” Economica, 1939 (two articles), Readings, Chapter 5.
      Meade, J. E., The Balance of Payments, 1951.
      Metzler, op. cit.
      Nurkse, R., International Currency Experience (League of Nations, 1944).
      Pigou, “The Foreign Exchanges,” Quarterly Journal of Economics, November, 1922, reprinted in Essays in Applied Economics (1927).
      Robinson, J., “Beggar-My-Neighbor Remedies for Unemployment”, Readings, Chapter 17.
      Robinson, J., “Foreign Exchanges,” Essays on the Theory of Employment(1st ed., 1938; 2nd ed., 1947), Part III; reprinted in Readings, Ch. 4.
      Williams, Post-War Monetary Plans and Other Essays (3rd, 1947).
    4. and 5. In addition to general texts, see:
      Edgeworth, Papers Relating to Political economy, Vol. II, p. 3-60.
      Ellsworth, “A Comparison of International Trade Theories,”American Economic Review, June, 1940.
      Haberler, “Some Problems in the Pure Theory of International Trade”, Economic Journal, June, 1950.
      Leontief, “The Use of Indifference Curves in the Analysis of Foreign Trade,” Quarterly Journal of Economics, May, 1933; Readings, Ch. 10.
      Mill, Principles (relevant chapters reprinted in Selected Readings).
      Ohlin,  cit. Parts I, II, and possibly III.
      Readings, Chs. 12, 13, 15, by J. H. Williams, E. Heckscher, and W. Stolper and P. Samuelson.
      Ricardo,  Principles, (relevant chapters reprinted in Selected Readings).
      Robinson, J., “The Pure Theory of International Trade”, Review of Economic Studies, Vol. XIV, 1946-47.
      Taussig, International Trade.
      Viner, Studies in the Theory of International Trade (last two chapters).

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 5, Folder “Economics, 1952-1953 (2 of 2)”.

_____________________

1952-1953
HARVARD UNIVERSITY
ECONOMICS 243a
[Final exam. January 1953]

Answer 5 questions. Write legibly.

  1. Suppose the international transactions of a country are as follows (in hundred million dollars):
Commodity exports 18
Commodity imports 20
Net tourist receipts 1
Other services exported 1
Gold exports 1
Debt to IMF repaid 1
New long-term securities sold abroad 1
Long-term securities redeemed ½
Short-term balances accumulated abroad 1
Marshall aid received 1

Write down the balance of payments, inserting if necessary an “errors and omissions” item.

Discuss whether the balance of payments shows a deficit or surplus, giving reasons for your answer. If you like, state alternative criteria.

  1. How does depreciation influence the balance of payments and the terms of trade? Discuss question in terms of relevant elasticities.
  2. Balance of payments adjustments in the pre-World War I era were often so rapid that they surprised the classical theorists. Show how “income effects” may help to explain these phenomena.
  3. List some arguments for protection and examine one of these in some detail. (Append a graphical analysis if possible).
  4. Compare the classical theory of comparative cost and Ohlin’s general equilibrium theory that is based on the relative scarcity of factors of production.
  5. Discuss J. H. Williams’ strictures against the classical theory and compare them with those of Ohlin.
  6. Is it possible, and if so under what conditions, that international trade changes the income distribution against a major factor of production, say, labor? Discuss policy implications.
  7. Show graphically how reciprocal demand curves can be used to analyze changes in the terms of trade that result from the imposition of tariffs on imports or exports.

Source: Harvard University Archives. Harvard University, Final examinations 1853-2001. (HUC 7000.28, vol. 96 [Social Sciences]). Papers Printed for Final Examinations [in] History, History of Religions, Government, Economics,…” January 1953.

_____________________

Syllabus, Spring Term, 1952-53

Harvard University
Department of Economics
Economics 243b
International Economic Policy

  1. Historical Introduction
    Commercial Policy of the major countries from the beginning of the 19th century until 1914.

Great Britain
France
Germany
United States
Other Countries

The Inter-war period and postwar developments.

Modern methods of trade control
Quantitative controls

Quotas
Exchange control

Other methods and controls.

  1. Free Trade and Protection: Theoretical Economics and Practical Social Policies

The case for free trade and the free trade movement

Arguments for protection

“Non-economic” arguments
Unemployment
Balance of Payments

“Dollar shortage”

Infant industry argument and development of underdeveloped countries
Terms of Trade
International trade under planning

  1. Current Issues in Trade Policy
    Liberalization of trade

Universal vs. regional approach
Most-favored-nation principle and discrimination
Currency convertibility
Customs Union

READING SUGGESTIONS

  1. General

Most treatises on International Trade discuss policy questions.

Ellsworth: The International Economy
D. March: World Trade and Investment
Haberler: Theory of International Trade
J. Viner: International Economics
J. Viner: International Trade and Economic Development
Readings in the Theory of International Trade (Blakiston)
S. E. Harris (editor): Foreign Economic Policy of the U.S. (Harvard, 1946)
N. Buchanan and F. Lutz: Rebuilding the World Economy
H. S. Ellis: The Economics of Freedom. The Progress and Future of Aid to Europe (Harper 1950)
Selected Readings in International Trade and Tariff Problems, (ed. Taussig)
J. H. Williams: Economic Stability in a Changing World. 1953.
J. H. Williams: Stamp Lecture (Harvard University Press)

  1. Special Subjects
    1. History of Commercial Policy
      Condliffe: The Commerce of Nations
      Ellsworth: The International Economy [stresses the historical approach]
      F. W. Taussig: U.S. Tariff History
      F. W. Taussig: Some Aspects of the Tariff Question
      P. Ashley: Modern Tariff History. 1904
      R. F. Mikesell: United States Economic Policy and International Relations (Economic Handbook Series, 1952)
      Dictionary of Tariff Information (U. S. Tariff Commission, 1924)
      H. Heuser: Control of International Trade. 1939
      Margaret Gordon: Barriers to World Trade. 1941
    2. Free Trade and Protection
      [See General Treatises mentioned above]
      R. Triffin: “National Central Banking and the International Economy,” Review of Economic Studies, 1946-47. Also, in same issue, three comments by Balogh, Henderson, and Harrod
      J. R. Hicks: Free Trade and Modern Economics (Manchester Statistical Society, 1951)
      Selected Readings in International Trade and Tariff Problems (ed. Taussig, 1921) (contains useful excerpts from A. Smith, J. S. Mill, F. List, etc.)
      A. Henderson, “The Restriction of Foreign Trade,” in The Manchester School January 1949
    3. Reading will be announced later.

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 5, Folder “Economics, 1952-1953 (2 of 2)”.

_____________________

1952-1953
HARVARD UNIVERSITY
ECONOMICS 243b
[Final Exam. May 1953]

Answer five questions. Write legibly!

  1. Discuss the customs union issue and evaluate the chances of this approach to furthering the international division of labor.
  2. List at least four concepts of “terms of trade” and discuss whether or not these concepts are “operational” (statistically observable). Also discuss the concept of “terms of trade” implied in the Marshallian reciprocal demand curve analysis.
  3. Cite some methods of discrimination and examine the argument that discriminatory controls are less destructive of trade and therefore more desirable than non-discriminatory controls.
  4. Is the phrase “dollar shortage” absurd? Discuss possible causes and cures of “dollar shortage” consistent with your evaluation of why a “dollar shortage “may exist.
  5. How do payments unions or clearing unions operate? What are the main problems and difficulties? State arguments for and against such arrangements.
  6. What is meant by “convertibility” and why is it often held to be of paramount importance?
  7. Tariffs, Quotas, and Exchange Control are alternative methods of controlling imports. Compare their modes of operation and discuss their comparative advantages and disadvantages.

Source: Harvard University Archives. Harvard University, Final examinations 1853-2001. (HUC 7000.28, vol. 99 [Social Sciences]). Papers Printed for Final Examinations [in] History, History of Religions, Government, Economics,…” June 1953.

Image: Radcliffe Archives. Portrait of Gottfried Haberler. (1965).

Categories
Suggested Reading Syllabus Yale

Yale. Course Outline for Industrial Organization, Behavior, and Public Policy. Nelson, 1973

 

Richard R. Nelson was an Oberlin College undergraduate (B.A. 1952) and received his Ph.D. from Yale University (1956). He was a senior staff economist at the Council of Economic Advisers in the Kennedy Administration (1961-63) and Professor of Economics at Yale from 1968-1986 before accepting a professorship at Columbia University.

On Richard Nelson’s life and career:

Entry for Richard R. Nelson written by Johann Peter Murmann for the Encyclopedia of Strategic Management.

Sidney G. Winter’s speech at the “Nelson Fest” held in New York City, October 13, 2000.

Warning: the original mimeographed course outline was plagued with misspellings that I have tried to correct. There are certainly others that have slipped through my editorial filter. For this transcription I need to be explicit: Caveat lector!

_______________________________

ECONOMICS 140A
Industrial Organization, Behavior, and Public Policy
Richard R. Nelson

Reading List
Fall Term 1973

* Assigned
** Material I assume you are familiar with, for review

Sept. 11, 18

  1. Perspectives on the Economic Organization Problem.
    1. The Problem Writ Large.
      1. R. Dahl*, A Preface to Democratic Theory, Chapt. 4.
      2. A. Sen**, Collective Choice and Social Welfare, Chap. 2, 3, 6.
      3. H. Simon*, Administrative Behavior, Chapters 1 & 3.
      4. H. A. Simon “The Changing Theory & The Changing Practice of Public Administration” in I. Pool (ed.) Contemporary Political Science.
      5. A. Etzioni, Modern Organizations, Chaps. 1 & 2.
      6. F. Knight, The Economic Organization, Chap. 1.
      7. R. Dahl and C. E. Lindblom, Politics, Economics, and Welfare, Chapt. 1.
      8. L. Hurwicz, “The Design of Mechanisms for Resource Allocation” AER May 1973.
      9. J. Marschak & R. Radner, Economic Theory of Teams.
      10. B. Ward, The Socialist Alternative.

Sept. 18

    1. Industrial Organization
      1. F. M. Scherer*, Industrial Market Structure and Economic Performance, Chapt. 1.
      2. R. Caves, Industrial Organization.
      3. R. Coase*, “Industrial Organization: A Proposal for Research” in V. Fuchs ed. Policy Issues & Research Opportunities in Industrial Organization.

Sept. 25

  1. Private Purchase and Market Supply as an Organizational Solution.
    1. The Role of Prices, For-Profit Suppliers, Competition.
      1. F. Knight*, The Economic Organization, Chapt. 2.
      2. O. Lange**, “On the Economic Theory of Socialism,” in Lange and Taylor, On the Economic Theory of Socialism, pp. 72-86.
        Also reprinted in M. Bornstein (ed.) Comparative Economic Systems.
      3. F. Bator**, “The Simple Economics of Welfare Maximization”, American Economic Review, March, 1957.
      4. T. C. Koopmans, Three Essays on the State of Economic Science, Essay I.
      5. F. Hayek*, “The Use of Knowledge in a Society,” American Economic Review, Sept. 1945.
      6. J. Schumpeter, “The Process of Creative Destruction”, Chapt. 7 in Capitalism, Socialism, and Democracy.
      7. J. K. Galbraith*, “The Economics of Technical Development”, Chapt. 7 in American Capitalism.
      8. J. M. Clark*, Competition as a Dynamic Process, Chapt. 4.
      9. F. M. Scherer*, Industrial Market Structure and Economic Performance, Chapt. 2.

Oct. 2,9

    1. Sources and Consequences of Monopoly Power.
      1. Scherer*, Industrial Market Structure and Economic Performance, Chapts. 3, 4, & 17.
      2. A. Harberger*, “Monopoly and Resource allocation,” AER, May 1954.
      3. O. Williamson*, “Economies as an Antitrust Defense,” AER, March 1968.
      4. H. Liebenstein*, “Allocative Efficiency vs. X-Efficiency,” AER, June, 1966.
      5. J. Bain, “Economies of Scale, Concentration and Conditions of Entry in Twenty Manufacturing Industries,” AER 1954.
      6. F. Modgliani, “New Developments on the Oligopoly Front,” JPE June 1958.
      7. G. Stigler*, “A Theory of Oligopoly,” JPE, Feb. 1964.
      8. J. K. Galbraith, The New Industrial State, Chapts. 1-3.
      9. Mason and Kaysen essays*, in E. Mason (ed.) The Corporation and Modern Society.
      10. J. Markham*, “An Alternative Approach to the Concept of Workable Competition,” in AEA Readings in Industrial Organization and Public Policy, (Heflebower and Stocking, eds.).
      11. Scherer*, Chapts. 18-22.

Note—a most detailed examination of Anti-trust and Regulation will be undertaken in Econ 140-b.

Oct. 9
and an
evening
discussion

    1. Externalities and Public Goods, Public Choice.
      1. F. Bator**, “The Anatomy of Market Failure,” QPE, August 1958.
      2. R. Coase*, “The Problem of Social Cost,” Jour. of Law and Economics, October, 1960.
      3. H. Demsetz*, “The Exchange and Enforcement of Property Rights” Jour. of Law and Econ., 1964.
      4. E. Mishan, “The Postwar Literature on Externalities” JEL, March 1971.
      5. C. Tiebout, “A Pure Theory of Local Public Expenditure” JPE, Oct. 1956.
      6. J. Buchanan*, “An Economic Theory of Clubs,” Economica, Feb. 1965.
      7. M. Olsen**, The Logic of Collective Action.
      8. A. Downs, An Economic Theory of Democracy, Part 1.
      9. Buchanan & Tullock*, The Calculus of Consent, Chapt. 6.
      10. Prest and Turvey*, “Cost-Benefit Analysis: A Survey,” Jour., Dec., 1955, –also in Survey of Economic Theory III.
      11. P. Steiner, “The Public Sector and The Public Interest” in Haveman & Margolis (eds.) Public Expenditures and Policy Analysis.
  1. More Complex Models of Organizational Behavior.

Oct. 16

    1. Organizational Goals.
      1. W. Baumol**, Business Behavior, Value and Growth, Ch. 1, 2, 4-8.
      2. O. Williamson*, “Managerial Discretion and Business Behavior”, AER, December, 1963.
      3. R. Marris*, “A Model of Managerial Enterprise,” QJE, May, 1963.
      4. J. Williamson, “Profits, Growth and Sales Maximization”, Economica, Feb. 1966.
      5. Kamerschen, “Ownership and Control and Profit Rates,” AER, June 1968.
      6. Marris and Wood (eds.) The Corporate Economy.

Oct. 23

    1. The Firm as an Organization: Behavioral Theory.
      1. R. Coase*, “The Nature of the Firm,” reprinted in Stigler and Boulding (eds.), Readings in Price Theory.
      2. Alchian and Demsetz, “Production, Information Costs and Economic Organization” AER, Dec. 1972.
      3. H. A. Simon, “A Comparison of Organization Theories,” in Models of Man.
      4. O. E. Williamson, “Hierarchical Control and Optimum Firm Size,” JPE, April 1967.
      5. H. A. Simon*, “Theories of Decision Making in Economics and Behavioral Science, AER June 1959.
      6. H. A. Simon, “A Behavioral Model of Rational Choice,” in Models of Man.
      7. J. March and H. Simon, Organizations.
      8. R. Cyert and J. March*, A Behavioral Theory of the Firm, Chaps. 1-8 (browse, 10.
      9. J. P. Crecine, Governmental Problem Solving (browse).
      10. F. Machlup*, “Theories of the Firm, Marginalist, Behavioral Management”, AER, March 1967.
      11. M. Schubik, “A Curmudgeon’s Guide to Microeconomics”, Journal of Economic Literature, June 1970.

Oct. 30

    1. Sector Models Compatible With Behavioral Organization Theories
      1. A. Alchian*, “Uncertainty, Evolution, and Economic Theory,” JPE, June 1950.
      2. G. Becker, “Irrational Behavior and Economic Theory,” JPE, Feb. 1962.
      3. S. Winter*, “Natural Selection and the Theory of the Firm”, Yale Economic Essays, Spring, 1964.
      4. H. Simon and C. Bonini, “The Size Distribution of Business Firm,”, AER Sept. 1958.
      5. Davis, Demster, Wildavsky*, “A Theory of the Budgetary Process,” American Political Science Review, Sept. 1967.
  1. Micro Economic Organization in a Dynamic World.

Nov. 6

    1. Schumpeterian Competition.
      1. J. Schumpeter*, The Theory of Economic Development, Chapts. 1 and 2.
      2. H. Simon*, “The Science of Design,” Chapt. 3 in The Sciences of the Artificial.
      3. H. Simon and J. March Organizations, Chapt 3.
      4. S. Winter*, “Satisficing, Selection, and the Innovating Remnant,” QJE, 1971, May.
      5. E. Mansfield, “Entry, Gibrat’s Law, Innovation, and the Growth of Firms,” AER, December, 1962.
      6. R. Nelson*, “Issues and Suggestions for the Study of Industrial Organization in a Regime of Rapid Technical Change,” in V. Fuchs (ed.) Policy Issues and Research Suggestions in Industrial Organization.
      7. A. Phillip*, Technical Change and Market Structure, Chapts. 1 and 8.
      8. W. Baumol, “Entrpreneurship and Economic Theory”, AER May 1968

Nov. 13
and an evening
session

    1. R&D and Technical Change.
      1. R. Nelson, M. J. Peck, and E. M. Kalachek*, Technology, Economic Growth and Public Policy, Chapters 2-5.
      2. F. Scherer, Chap. 15.
      3. R. Nelson (ed.)*, The Rate and Direction of Inventive Activity, Part D.
      4. Jacob Schmookler, Invention and Economic Growth, Harvard, 1966, Chapter 11.
      5. E. Mansfield, Industrial Research and Technological Innovation, Chapters 2, 5, 7, 8, 9.
      6. J. Jewkes, P. Sawers, and R. Stillerman, The Sources of Invention, St. Martin’s Press, 1958. Part I.
      7. Zvi Griliches*, “Hybrid Corn: An Exploration in the Economics of Technological Change,“ Econometrica, Oct. 1957.
      8. J. Coleman, E. Katz, and H. Menzel*, “The Diffusion of an Innovation Among Physicians,” Sociometry, December, 1959.
      9. Werner Hirsch*, “Manufacturing Progress Functions,” Review of Economics and Statistics May 1952.
      10. R. Vernon*, “International Investment and International Trade in Product Cycles”. QJE, May 1966.
      11. L. B. Mohr, “Determinants of Innovation in Organizations” American Political Science Review 1969.
  1. The Policy Issues Revisited.

Nov. 20

    1. Value Articulation, Demand Generation, Monitoring of Supply.
      1. C. E. Lindblom, The Policy Making Process (Browse).
      2. A. Wildavsky*, The Budgetary Process (Browse).
      3. T. J. Lowi, The End of Liberalism, (particularly Chap. 5).
      4. C. Schultze*, Politics and Economics of Public Spending.
      5. A. Rivlin, Systematic Thinking for Social Action.
      6. A. Wildavsky*, “The Political Economy of Efficiency”, Public Administration Review, Dec. 1966.
      7. A. Hirschman, Exit, Voice and Loyalty.

Nov. 27

    1. Command and Control of Non Market Supply.
      1. G. Allison*, “Models and the Cuba Missile Crisis,” Am. Polit. Sci. Review, Summer, 1969.
      2. A. Downs, Inside Bureaucracy.
      3. W. Niskanen*, Bureaucracy and Representative Government.
      4. H. Kaufman, The Forest Ranger, Chapts. 1, 2, 7.
      5. A. Downs*, “Competition and Community Schools,” in his Urban Problems and Prospects.
      6. J. Newhouse, “Towards a Theory of Non-Profit Institutions: An Economic Model of a Hospital,” AER, March 1970.
      7. Nelson & Krashensky*, “Some Questions Regarding Economic Organization: The Case of Day Care for Children” Mimeo.

Dec. 4
and an evening
session

    1. The Dynamics of Change.
      1. L. Davis and D. North*, Institutional Change and American Economic Growth, Part I.
      2. C. E. Lindblom, The Intelligence of Democracy. Chaps. 1, 2, 9.
      3. T. Schelling*, The Strategy of Conflict, Chap. 2 & 3.
      4. A. Kahn*, “The Tyranny of Small Decisions,” Kyklos, 1966.
      5. V. Goldberg*, “Institutional Change and the Quasi-Invisible Hand”, Mimeo.
      6. Edwards, Reich, and Weisskopf, The Capitalist System.
      7. E. Dunn, Economic and Social Development.

 

Source: From the personal papers of Irwin Collier.

Image Source: From the Nelson Fest, October 2000.

 

Categories
Harvard Statistics Suggested Reading Syllabus

Harvard. Graduate Econometrics. Chipman 1953

 

John S. Chipman was born in Montreal, Canada, in 1926. He received his Ph.D. from the Johns Hopkins University in 1951, and taught at the University of Minnesota from 1955 to his retirement as Regents’ Professor in 2007. Before going to Minnesota, Chipman was assistant professor of economics at Harvard from 1951-55.

John Chipman’s graduate course in econometrics (Note: apparently the first time “econometrics” had ever been listed as the course name at Harvard) followed his graduate course on “General Interdependence Systems”  that was taught in the spring term 1952 (a.k.a. “Mathematical Economics” according to the enrollment data for that year). 

____________

Course Enrollment

[Economics] 215 Econometrics. Assistant Professor Chipman. Half course.

(Fall) Total 6: 5 Graduates, 1 Other.

Source: Harvard University. Report of the President of Harvard College 1953-1954, p. 100.

____________

Course Syllabus
Economics 215

HARVARD UNIVERSITY
Department of Economics
Fall Term, 1953-54

Text: Klein, A Textbook of Econometrics; Supplementary text: Hood and Koopmans, Studies in Econometric Method.

(N.B. Numbers in brackets refer to References following the Outline).

OUTLINE

1. SPECIFICATION

The construction of models, choice of variables; collinearity; concepts of structure and reduced form; aims and purposes of econometrics.

Jacob Marschak, “Economic Measurements for Policy and Prediction,” [3, Ch. I].

Haavelmo [2].

Stone [8].

Tinbergen [10, 9].

Marschak, “Statistical Inference in Economics: An Introduction,“ [6, Ch. I].

Tintner [12, Ch. I].

Arthur F. Burns and Jacob Marschak, “Mitchell on What Happens During Business Cycles,” [7, pp. 3-33].

Tinbergen and Koopmans, “Reformulation of Current Business Cycle Theories as Refutable Hypotheses,” [7, pp. 131-145].

Frisch [1].

Koopmans [5].

Tinbergen [11].

Koopmans, “Measurement Without Theory,” Review of Economic Statistics, Vol. 29, 1947.

Koopmans and Vining, “Methodological Issues in Quantitative Economics”, Review of Economics and Statistics, Vol. 31, 1949.

G.H. Orcutt and Others, “Toward Partial Redirection of Econometrics,” Review of Economics and Statistics, August 1952.

G.H. Orcutt, “Actions, Consequences, and Causal Relations,” Review of Economics and Statistics, November 1952.

Klein [4, Ch. I].

 

2. IDENTIFICATION

The problem of determining parameters of a system of structural equations given the parameters of the reduced form equations.

Koopmans, “Identification Problems in Economic Model Construction” [3, Ch. II].

Klein, [4, Ch. III, Sec. 3].

Simon, “Causal Ordering and Identifiability” Klein, [3, Ch. III].

Koopmans and Reiersøl, “The Identification of Structural Characteristics,” [C.C.P. no. 39]

Koopmans, Rubin, and Leipnik, “Measuring the Equation Systems of Dynamic Economics,” [6, Ch. II, Sec. 3].

Hurwicz, “Generalization of the Concept of Identification” [6, Ch. IV].

 

3. ESTIMATION

Point estimation of reduced-form parameters and structural parameters; statistical independence of observations in time series and cross-section data; assumptions of normality in joint distribution of disturbances; principles of estimation; maximum likelihood, limited information, least squares.

Klein [4, Ch. III].

Koopmans and Hood, “The Estimation of Simultaneous Linear Economic Relationships,” [3, Ch. VI].

Koopmans, Rubin, and Leipnik, “Measuring the Equation Systems of Dynamic Economics,” [6, Ch. II, Sec. 3].

Haavelmo, “Methods of Measuring the Marginal Propensity to Consume,” [3, Ch. IV].

Girshick and Haavelmo, “Statistical Analysis of the Demand for Food,” [3, Ch. V].

Anderson and Rubin [C.C.P., No. 36].

D. Cochrane and G.H. Orcutt, “Application of Least Squares Regression to Relationships Containing Auto-Correlated Error Terms,” Journal of the American Statistical Association, March 1949.

G.H. Orcutt and D. Cochrane, “A Sampling Study of the Merits of Autoregressive and Reduced Form Transformations in Regression Analysis,” Journal of the American Statistical Association, September 1949.

Anderson and Anderson [C.C.P. No. 42].

Klein [4, Ch. V].

F.N. David and J. Neyman, “Extension of the Markoff Theorem on Least Squares,” Statistical Research Memoirs, Volume II, December 1938.

T.W. Anderson, “Estimation of the Parameters of a Single Equation by the Limited-Information Maximum-Likelihood Method” [6, Ch. IX].

Chernoff and Rubin, Asymptotic Properties of Limited-Information Estimates Under Generalized Conditions,” [3, Ch. VII].

Jean Bronfenbrenner, “Sources and Size of Least-Squares Bias in a Two-Equation Model,” [3, Ch. IX].

 

4. VERIFICATION

Interval estimation and testing of hypotheses.

Klein [4, Ch. 3, Sec. 6].

Haavelmo [2, Ch. IV].

Carl Christ, “A Test of an Econometric Model for the United States, 1921-1947,” [7, pp. 35-129].

Anderson [C.C.P. No. 50].

Tinbergen [10].

 

5. PREDICTION

Conditional and unconditional prediction; relationship between prediction and policy.

Klein [4, Ch. VI].

Haavelmo [2, Ch. VI].

Hurwicz, “Prediction and Least Squares,” [6, Ch. VI].

Tinbergen [11].

REFERENCES

1. PRINCIPLES

Books and Monographs:

[1] Frisch, Ragnar: Statistical Confluence Analysis by Means of Complete Regression Systems, Oslo, Universitets Økonomiske Institut, 1934.

[2] Haavelmo, Trygve: “The Probability Approach in Econometrics,” Econometrica, Vol. 12 (Supplement), July 1944.

*[3] Hood, Wm.C., and Koopmans, T.C., (ed.): Studies in Econometric Method, Cowles Commission Monograph No. 14, New York, Wiley, 1953.

*[4] Klein, L.R.: A Textbook of Econometrics, Evanston, Illinois, Row, Peterson and Co., 1953.

[5] Koopmans, T.C.: Linear Regression Analysis of Economic Time Series, Haarlem, De Erven F. Bohn N.V., 1937.

[6] Koopmans, T.C. (ed.): Statistical Inference in Dynamic Economic Models, Cowles Commission Monograph No. 10, New York, Wiley, 1950.

[7] National Bureau of Economic Research: Conference on Business Cycles, New York, 1951.

[8] Stone, Richard: The Role of Measurement in Economics, Cambridge University Press, 1951.

[9] Tinbergen, Jan: Econometrics, Philadelphia, Blakiston, 1951.

[10] Tinbergen, Jan: Statistical Testing of Business Cycle Theories, Geneva, League of Nations, 1939.

[11] Tinbergen, Jan: On the Theory of Economic Policy, Amsterdam, North-Holland Publishing Co., 1952.

[12] Tintner, Gerhard: Econometrics, New York, Wiley, 1952.

Cowles Commission Papers (New Series):

No. 36. T.W. Anderson and Herman Rubin, Two Papers on the Estimation of the Parameters of a Single Equation in a Complete System of Stochastic Equations, Annals of Mathematical Statistics, Volume 20, 1949 and Volume 21, 1950.

No. 39. Olav Reiersøl and Tjalling C. Koopmans, Three Papers on Identification Problems, Psychometrica, Volume 15, 1950; Annals of Mathematical Statistics, Vol. 21, 1950; and Econometrica, Vol. 18, 1950.

No. 42. R.L. Anderson and T.W. Anderson, “Distribution of the Circular Serial Correlation Coefficient for Residuals from a Fitted Fourier Series,” Annals of Mathematical Statistics, Volume 21, 1950.

No. 50. T.W. Anderson, “Estimating Linear Restrictions on Regression Coefficients for Multivariate Normal Distributions,” Annals of Mathematical Statistics, Volume 22, 1951.

 

2. APPLICATIONS

Klein, L.R.: Economic Fluctuations in the United States, 1921-1941, Cowles Commission Monograph No. 11, New York, Wiley, 1950.

Schultz, Henry: The Theory and Measurement of Demand, Chicago, University of Chicago Press, 1938.

Wold, Herman: Demand Analysis; A Study in Econometrics, New York, Wiley, 1953.

 

3. SUGGESTED STATISTICAL REFERENCES

Mood, A.M., Introduction to the Theory of Statistics, New York, McGraw Hill, 1950.

Kendall, M.G.: The Advanced Theory of Statistics, 2 vols., London, Charles Griffin and Co., 1943, 1946.

Wilks, S.S.: Mathematical Statistics, Princeton, Princeton University Press, 1947.

 

Source: Harvard University Archives, Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 6, Folder “Economics 1953-1954, (2 of 2)”.

Image Source: September 1961 entry card for John Somerset Chipman (b. 28 June 1926 in Montreal).  Rio de Janeiro, Brazil, immigration Cards, 1900-1965 at ancestry.com.

 

Categories
Economists FU-Berlin M.I.T. Popular Economics Syllabus

Paul Krugman, academic scribbles and glimpses of yore and not so yore.

 

Adam Tooze’s review of Paul Krugman’s Arguing with Zombies: Economics, Politics and the Fight for a Better Future (London Review of Books, Vol. 43, No. 8, 22 April 2021) has received much deserved social media acclaim.

Since you are here now looking at economics in my rear-view mirror, I thought it as good a time as any to assemble a few links from this blog and Freie Universität Berlin that go back a decade and more. Krugman’s adoring fans and fiercest critics are welcome.

__________________

Dr. h.c. FU-Berlin
(December 4, 1998)

Materials from the ceremony awarding Paul Krugman an honorary doctorate at Freie Universität Berlin are linked at this antique webpage archived by the Wayback Machine.

In case you missed the event…

Laudatio by Irwin Collier

Archived text: Original webpage (includes graphics) 

Audio recording

Paul Krugman’s award lecture: The Return of Demand Side Economics

Archived text: Original webpage

Audio recording

__________________

 “The Failure of Crisis Management”
(October 20, 2010)

Paul Krugman’s Ernst Fraenkel lecture for the John F. Kennedy Institute of North American Studies at Freie Universität Berlin.

Video recording

Image Source: https://www.fu-berlin.de/campusleben/campus/2010/101022_krugman/

__________________

Transcribed Artifacts from
Economics in the Rear-view Mirror:

M.I.T. Economics Department. Graduate Student Skit: “The Wizard of E52-383C” in which Paul Krugman played the role of Paul Samuelson and was co-author (1976).

M.I.T. Economics Department. Slides, Problems Sets, Exams for Principles of Macroeconomics taught by Paul Krugman (1998).

 

Categories
Chicago Economic History Suggested Reading Syllabus

Chicago. Reading list for Economic History of Modern Europe to 1800. Hamilton, 1966

 

Some graduate course reading lists are allowed to evolve into full-blown bibliographies that provide historians of economics little idea of what the actual content of the course itself happened to be. Earl J. Hamilton was an economic historian who kept his reading lists short and sweet. I wouldn’t have put it past him or any other professor to have covered other material in his lectures, but I am still willing to bet that he really expected his students to complete this reading list.

________________________

[U.C.]
Economics 346
Economic History of Modern Europe to 1800
Earl J. Hamilton
Spring Quarter, 1966

To be read before May 6, 1966

  1. Sir John Clapham, A Concise Economic History of Britain…to 1750 (Cambridge, 1949), pp. 185-305.
  2. *J. H. Parry, The Age of Reconnaissance, pp. 19-52.
  3. *Adam Smith, Wealth of Nations, Book IV, Chapter VIII.
  4. N. Clark, Science and Social Welfare in the Age of Newton (Oxford, 1937), pp. 1-59.
  5. Earl J. Hamilton, “The Decline of Spain,” Economic History Review, Vol. VIII (1938), pp. 168-179.
  6. John U. Nef, Industry and Government in France and England, 1540-1640 (1940), pp. 1-157.
  7. Edwin F. Gay, “Inclosures in England in the Sixteenth Century,” Quarterly Journal of Economics, Vol. XVII, (1902—1903), pp. 576-597.
  8. *Earl J. Hamilton, “The Role of Monopoly in the Overseas Expansion and Colonial Trade of Europe before 1800,” American Economic Review, Proceedings, Vol. XXXVIII (1948), pp. 33-53.
  9. *Max Weber, The Protestant Ethic and the Spirit of Capitalism (London, 1930), Chapters I-V.
  10. Eli F. Heckscher, Mercantilism (London, 1935), Vol. I, pp. 19-44; Vol. II pp. 13-30.
  11. *W. Cunningham, The Growth of English Industry and Commerce, Third Edition, Vol. II (1903), Modern Times, pp. 494-540 (Ch. XV. Changes in the Organisation and Distribution of Industry); 540-583 (Ch. XVI. Spirited Proprietors and Substantial Tenants); 609-620 (Bk. VII, Ch. I. The Workshop of the World).
  12. L. Jones, “Agriculture and Economic Growth in England, 1660-1750,” Journal of Economic History, Vol. XXXV, No. 1 (March, 1965), pp. 1-18.
  13. H. John, “Agricultural Productivity and Economic Growth in England, 1700-1760, Journal of Economic History, Vol. XXXV, No. 1 (March, 1965), pp. 19-34.

*Read only for clearly essential facts, interpretation and point of view.

There will be an examination on May 6th.

A term paper on some important factor in the general economic development of some important country or period, some aspect of the rise of modern capitalism, some problem concerning mercantilism and economic development, or the growth of agriculture, industry, corporate organization or commerce in some significant time and place will be due on May 13th.

There will be a final examination from 8:30 to 11:30 A.M., on June 3rd on the lectures, the assigned reading and the field in which each student’s term paper falls.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Earl J. Hamilton Papers, Box 2, Folder “Correspondence. Academic and Personal”.

Image Source:  University of Chicago Photographic Archive, apf1-02446, Special Collections Research Center, University of Chicago Library.

 

Categories
Chicago Suggested Reading Syllabus

Chicago. Reading list for Money. Meiselman, 1961

 

David Israel Meiselman (1924-2014)  was awarded a Ph.D. in economics from the University of Chicago in 1961. His thesis “The Term Structure of Interest Rates” won the Ford Foundation Doctoral Dissertation Series Award. 

“Interview of David Meiselman conducted by Robert L. Hetzel (March 28, 1995)” can be downloaded from the Robert Hetzel Oral History Collection at the FRASER website.

Following the Virginian House Resolution in his honor, the reading list for the graduate money course taught by assistant professor David Meiselman from the Autumn quarter of 1961 can be found. Milton Friedman’s reading list for the same course in 1963 has been posted earlier.

______________________

STATE OF VIRGINIA
HOUSE RESOLUTION NO. 294
Offered February 24, 2015
Celebrating the life of David I. Meiselman.
2015 SESSION

––––––––––
Patron––Rust
––––––––––

WHEREAS, David I. Meiselman of Fairfax County, a distinguished economist and retired professor in the graduate economics program at Virginia Polytechnic Institute and State University, a highly regarded teacher and researcher, a veteran of the United States military, and a devoted husband and father, died on December 3, 2014; and
WHEREAS, after serving in the United States Army during World War II, David Meiselman received a bachelor’s degree from Boston University and master’s and doctoral degrees from the University of Chicago; and
WHEREAS, David Meiselman’s doctoral thesis, “The Term Structure of Interest Rates,” won a prize from the Ford Foundation and was instrumental in the creation of futures markets and other financial concepts that today are in wide use; and
WHEREAS, David Meiselman conducted pioneering research in many different economic disciplines and on public policy issues; he taught at the University of Chicago, the Johns Hopkins University, Macalester College, and the University of Minnesota; and
WHEREAS, David Meiselman was the author of five books and more than 100 articles; he had wide-ranging interests in economic policies and issues, and his work has been cited in many academic and research publications; and
WHEREAS, in 1971, David Meiselman moved to Merrybrook in Fairfax County; he helped build Virginia Polytechnic Institute and State University’s graduate level economics program in Northern Virginia; in all, he taught in the Commonwealth for more than 25 years; and
WHEREAS, during an outstanding career, David Meiselman was a senior economist for the United States Treasury, the United States House of Representatives, and the Organization of American States and served as a visiting scholar and later senior economist in the Office of the Comptroller of the Currency; and
WHEREAS, David Meiselman worked at several research and educational institutions, including the Manhattan Institute, where he was a founder and member of the board of directors, the Heritage Foundation, the Cato Institute, and the American Enterprise Institute; and
WHEREAS, in great demand for his expertise and insight, David Meiselman was a consultant to the United States Secretary of the Treasury, the World Bank, the New York Stock Exchange, and other government agencies and private companies; and
WHEREAS, in retirement, David Meiselman and his wife, Winifred, spent much time working to preserve their antebellum home, Merrybrook, near Herndon, which is a historic Civil War site and is listed on the National Register of Historic Places; and
WHEREAS, in addition to his wife, Winifred, David Meiselman will be greatly missed and fondly remembered by his children, Shmuel “Sam,” Ellen, and Nina, and their families, and by many other family members and friends; now, therefore, be it
RESOLVED, That the House of Delegates hereby note with great sadness the loss of David I. Meiselman of Fairfax County, a distinguished economist and retired professor in the graduate economics program at Virginia Polytechnic Institute and State University, a highly regarded teacher and researcher, a veteran of the United States military, and a devoted husband and father; and, be it
RESOLVED FURTHER, That the Clerk of the House of Delegates prepare a copy of this resolution for presentation to the family of David I. Meiselman as an expression of the House of Delegates’ respect for his memory.

Source: https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HR294+pdf 

______________________

ECONOMICS 331 — MONEY
Autumn, 1961
D. Meiselman

(Note: selections are in the suggested order for reading. Readings marked with an asterisk (*) are required.)

I. The Supply of Money

The Federal Reserve System: Purposes and Functions

Robert V. Roosa, Federal Reserve Operations in the Money and Government Securities Markets

A.J. Meigs, Free Reserves and Interest Rates in a Theory of Money Supply Determination, chapters 1, 3, 4, pp. 77-82.

*G. Horwich, “Elements of Timing and Response in the Balance Sheet of Banking,” Journal of Finance (May, 1957).

P. Cagan, “The Demand for Currency Relative to the Total Money Supply,” Journal of Political Economy (August, 1958).

Albert G. Hart, “The Chicago Plan of Banking Reform,” in Readings in Monetary Theory.

*Milton Friedman, A Program for Monetary Stability, chapter 2.

Edward Simmons, “The Relative Liquidity of Money and Other Things,” in Readings in Monetary Theory.

Roland N. NcKean, “Liquidity and a National Balance Sheet,” in Readings in Monetary Theory.

II. Classical Quantity Theory and the Rate of Interest

*Irving Fisher, The Purchasing Power of Money, chapters 1, 2, 3, 4, 8.

*Alfred Marshall, Official Papers, “Evidence Before the Indian Currency Committee (1849)” questions 11758-11762; and “Evidence Before the Gold and Silver Commission (1887-88),” questions 9629-86. Testimony to Royal Commission on The Depression of Trade and Industry (1886), answers to question 8(i).

*A.C. Pigou, “The Value of Money,” in Readings in Monetary Theory.

Knut Wicksell, Interest and Prices, chapter 4.

___________, “The Influence of the Rate of Interest on Prices,” Economic Journal, V (17) June, 1907.

*J.M. Keynes, Tract on Monetary Reform, pp. 74-87, 41-73.

*Irving Fisher, The Theory of Interest, chapters 1-3.

*F.H. Knight, “Interest” in Encyclopaedia of the Social Sciences; also in Ethics of Competition.

Irving Fisher. Appreciation and Interest.

J.M. Keynes, Treatise on Money, Vol. 2, pp. 198-208.

*J.R. Hicks, “A Suggestion for Simplifying the Theory of Money,” in Readings in Monetary Theory, and Economica (1935).

III. The Keynesian Revolution

A. The Demand for Money, and the Rate of Interest

*J.M. Keynes, The General Theory of Employment, Interest, and Money, chapters 11-17.

James Tobin, “The Interest-Elasticity of Transactions Demand for Cash,” Review of Economics and Statistics (August, 1956).

__________, “Liquidity Preference as Behavior Towards Risk,” Review of Economic Studies (August, 1956), pp. 241-47.

*W.J. Baumol, “The Transactions Demand for Cash: An Inventory Theoretic Approach,” Quarterly Journal of Economics (November, 1952).

*Joan Robinson, “The Rate of Interest” Econometrica, Vol. 19; reprinted as chapter I of The Rate of Interest and Other Essays.

Abba Lerner, “On the Marginal Product of Capital and the Marginal Efficiency of Investment,” Journal of Political Economy (February, 1953), pp. 1-14.

B. The Theory of Income and Employment

*J.M. Keynes, The General Theory, chapters 1-4; chapter 6, section 2; chapters 7-10, 18-21, 24.

*Paul A. Samuelson, “The Simple Mathematics of Income Determination,” chapter 6 in Lloyd Metzler, et al, Income, Employment and Public Policy.

IV. The Wake of the Revolution

*J.R. Hicks, “Mr. Keynes and the Classics,” Econometrica (April, 1937). Reprinted in Readings in the Theory of Income Distribution.

*F. Modigliani, “Liquidity Preference and the Theory of Interest and Money,” Econometrica (January, 1944) and reprinted in Readings in Business Cycle Theory.

Jacob Marschak, Income, Employment and the Price Level, Lectures 1, 3, 12-20.

*D.H. Robertson, “Mr. Keynes and the Rate of Interest,” in Essays in Monetary Theory, and Readings in Theory of Income Distribution.

J.R. Hicks, Value and Capital, pp. 115-27, 130-62.

*H.G. Johnson, “Notes on Some Cambridge Controversies in Monetary Theory,” and D.H. Robertson, “Comments on Mr. Johnson’s Notes,” Review of Economic Studies (1951-52), pp. 90-110.

*Harold Somers, “Monetary Policy and the Theory of Interest,” in Readings in the Theory of Income Distribution.

*Don Patinkin, “Price Flexibility and Full Employment,” in Readings in Monetary Theory.

O.H. Brownlee, “The Theory of Employment and Stabilization Policy,” Journal of Political Economy (October, 1950).

Lloyd Metzler, “Wealth, Saving, and the Rate of Interest,” Journal of Political Economy (April, 1951).

*H.G. Johnson, “The General Theory After 25 Years,” copies on reserve. Also, American Economic Review (May, 1961).

*Milton Friedman, “Price, Income and Monetary Changes in Three Wartime Periods,” and Whittlesey’s discussion, pp. 614-25 and 642-43, American Economic Review Supplement 42 (May, 1952).

*Milton Friedman and David Meiselman, “The Relative Stability of Monetary Velocity and the Investment Multiplier in the U.S., 1897-1958,” sections 1, 2, 3, 5. Copies on reserve.

V. The Demand for Money and General Equilibrium Theory

*Don Patinkin, Money, Interest and Prices, Introduction and chapters 1-4, 8, and quotations on pp. 420, 435.

____________, “Liquidity Preference and Loanable Funds: Stock and Flow Analysis,” Economica, 1958.

*G.C. Archibald and R.G. Lipsey, “Monetary and Value Theory: A Critique of Lange and Patinkin,” Review of Economic Studies 26 (1), pp 1-22.

*Milton Friedman, “The Quantity Theory of Money: A Restatement,” in Studies in the Quantity Theory of Money, ed., M. Friedman.

*H. Makower and J. Marschak, “Assets, Prices, and Monetary Theory,” Readings in Price Theory and Economica (1938), pp. 261-88.

*M. Friedman, “The Demand for Money: Some Theoretical and Empirical Results,” Journal of Political Economy (August, 1959), pp. 327-51.

Philip Cagan, “The Monetary Dynamics of Hyperinflation,” esp. pp. 25-35 and 86-91 in Studies in the Quantity Theory of Money, ed., M. Friedman.

H.A. Latane, “Cash Balances and the Interest Rate—A Pragmatic Approach,” Review of Economics and Statistics (November, 1954), and supplementary article in Review of Economics and Statistics (November, 1960).

D. Meiselman, “Expectations, Errors, and the Term Structure of Interest Rates,” copies on reserve.

G.L.S. Shackle, “Recent Theories Concerning the Nature and Role of Interest,” Economic Journal (June, 1961).

John G. Gurley and Edward S. Shaw, Money in a Theory of Finance, chapters 1, 2, and summaries at the ends of succeeding chapters.

Don Patinkin, “Financial Intermediaries and Monetary Theory,” American Economic Review (March, 1961).

Alvin Marty, “Gurley and Shaw on Money in a Theory of Finance,” Journal of Political Economy(February, 1961).

*M. Friedman and D. Meiselman, op. cit., pp. 58-68.

VI. The Monetary Standard and International Monetary Adjustments

*Lloyd Mints, Monetary Policy for a Competitive Society, chapters 4,5.

*H.G. Johnson, International Trade and Economic Growth, chapters 6,7.

*J.M. Keynes, Tract on Monetary Reform, pp. 87-138.

___________, “Economic Consequences of Mr. Churchill,” in Essays in Persuasion.

*Milton Friedman, “The Case for Flexible Exchange Rates,” in Essays in Positive Economics.

Alan Holmes, The New York Foreign Exchange Market, Federal Reserve Bank of New York.

Source: Hoover Institution Archives. Milton Friedman Papers, Box 77, Folder “2. University of Chicago, Econ. 331”.

Image Source: David Meiselman 1979 portrait from Wikimedia Commons.