Categories
Amherst Principles Undergraduate

Amherst. Economics course offerings. Crook, 1901-1902.

At the beginning of the twentieth century there was only one instructor for economics at Amherst College. He offered elective courses to seniors.  His name was James Walter Crook, Associate Professor of Political Economy, an 1895 Columbia University Ph.D, the successor to John Bates Clark who had briefly taught at Amherst from 1892 to 1895.

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James Walter Crook
Timeline

1859. Born December 21 in Bewdley, Ontario, Canada.

1883. Married Eva Maria Lewis of Manistee, Michigan. They had no children.

1891. A.B., Oberlin College.

1891-92. Instructor in history, Oberlin College.

1892-93. Graduate fellow in economics at the University of Wisconsin.

1893-94. Graduate student at the University of Berlin, Germany.

1894-95. Graduate fellow in economics at Columbia University.

1895. Lecturer on Taxation at Columbia University.

1895. Ph.D., Columbia University.

German Wage Theories: A History of Their Development. Vol. IX, No. 2 (1898) of Studies in History, Economics and Public Law. New York: Columbia University

189599. Assistant Professor of Political Economy, Amherst College.

1899-1907. Associate Professor of Political Economy, Amherst College.

1907-27. Professor of Political Economy, Amherst College.

1912. M.A., Amherst College.

1927—. Professor Emeritus, Amherst College.

1927-33. Professor of Public Speaking at Northeastern University.

1933. Died November 22 in Springfield, Massachusetts.

Sources: Annual yearbooks of Amherst College (The Olio), Crook’s Boston Globe obituary (October 23, 1933)

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Amherst College
Economics Course Offerings

1901-02
Professor Crook

The numbers 1, 2, 3, 4 denote, not the four classes, but the successive years in which courses are offered. The letters a, b, c denote the first, second, and third terms. The letters aa, bb, cc indicate courses parallel with courses a, b, c, respectively. [p. 51]

(1 a) Outlines of economics. Walker’s Political Economy; Hadley’s Economics. (Four hour course.)

(1 b) Advanced work in economic theory. Assigned readings in Smith, Ricardo, and Mill, with especial attention to Marshall’s Principles of Economics and Clark’s Distribution of Wealth. (1 a requisite.)

(1 bb) Money and banking. Dunbar’s Theory and History of Banking; White’s Money and Banking; Taussig’s Silver [Situation in the United States]. (1 a requisite.)

The practical monetary problems of the United States are considered, and the systems of banking practised in England, France, Germany, and the United States are compared.

(1 c) Public finance; taxation; public expenditures; public debts; financial administration. Adams’s Science of Finance. (1 a requisite.)

(1 cc) Practical economic problems; transportation; monopolies; trusts. Thesis required. Hadley’s Railroad Transportation; Jenks’s Trust Problem, (1 a requisite.)

Source: Amherst College Catalogue for the Year 1901-02, pp. 53-54.

Image Source: James Walter Crook in The Olio 1905, p. 23.

Categories
Exam Questions Harvard Undergraduate

Harvard. Exams for Introductory and Advanced Political Economy. Dunbar and Laughlin, 1878-1879

 

Like the previous post, this one plugs a gap (1878-79) in the time series of Harvard political economy exams from the 19th century. Charles Dunbar was still at the top of his game and the young Dr. James Laurence Laughlin enters the picture. 

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Political Economy [first course].

Course Enrollment

[Philosophy] 6. Political Economy. — J. S. Mill’s Political Economy. — Financial Legislation of the United States. Three times a week. Prof. [Charles Franklin] Dunbar and Dr. [James Laurence] Laughlin.

Total 121: 1 Graduate, 45 Seniors, 71 Juniors, 1 Sophomore, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1878-79, p. 60.

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PHILOSOPHY 6.
Mid-year Examination, 1878-79

(Do not change the order of the questions.)

  1. State the argument for raising the whole of the supplies of state by taxation within the year. Illustrate by the experience d England from 1793 to 1817, and of the United States in the recent war.
  2. Examine the assertion that, if the rich increase their unproductive expenditure, the now unemployed working classes will be benefited.
  3. If all land were of equal fertility, and all required for cultivation, would it pay Rent? Give the reasons for your answer.
  4. By what reasoning, irrespective of value or price, does Mr. Mill arrive at the law of Rent?
  5. State the general laws of value, and show what modifications are necessary for articles produced in foreign countries. Complete the whole theory by any peculiar cases of value.
  6. (1) Show that capitalists cannot secure themselves against a general increased cost of labor by raising the prices of their goods. (2) On what does Cost of Labor depend?
  7. Illustrate Gresham’s Law by the causes which led to the Suffolk Bank System, and the Coinage Act of the United States in 1834.
  8. Point out the fallacy in the theory that an increase of the currency is desirable because it quickens industry.
  9. When our imports regularly exceed our exports, what will be the rate charged in New York for sight bills on London? What is the par of exchange between Paris and London?
  10. What is to be said as to the doctrine that the advantage to a country from foreign trade is found in the surplus of exports over imports?
  11. Explain the system of the Bank of Amsterdam, and the reasons for establishing it.
  12. Arrange the following resources and liabilities of the Bank of England in the proper form, separating the Issue and the Banking Departments:
Notes Issued £41.5 Government Securities £14.2
Other Deposits 27.9 Reserve 9.4
Other Securities (Loans) 27.9 Public Deposits 5.6
Coin and Bullion 26.5 Rest 3.2
Government Debt., &c. 15.0 Seven-day Bills 0.3
Capital 14.5
  1. Having arranged the account, show what changes would be made in it, if the Bank increased its loans by 3 millions and sold 1 million of government securities, and depositors at the same time withdrew 2 millions to be sent abroad.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1879, pp. 8-9.

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PHILOSOPHY 6.
Year-End Examination, 1878-79

  1. What is the cause of the existence of profit? And what, according to Mr. Mill, are the circumstances which determine the respective shares of the laborer and the capitalist?
  2. Explain the statement that “high general profits cannot, any more than high general wages, be a cause of high values. . .. In so far as profits enter into the cost of production of all things, they cannot affect the value of any.”
  3. On what does the minimum rate of profit depend? What counterforces act against the downward tendency of profits?
  4. State the theory of the value of money (i.e. “metallic money”), and clear up any apparent inconsistencies between the following statements: (1) The value of money depends on the cost of production at the worst mines; (2) The value of money varies inversely as its quantity multiplied by its rapidity of circulation; (3) The countries whose products are most in demand abroad and contain the greatest value in the smallest bulk, which are nearest the mines and have the least demand for foreign productions, are those in which money will be of lowest value.
  5. What is the error in the common notion “that a paper currency cannot be issued in excess so long as every note represents property, or has a foundation of actual property to rest on?”
  6. What are the conditions under which one country can permanently undersell another in a foreign market?
  7. On whom does a tax on imports, if not prohibitory, fall?
  8. Discuss the following:—
    “A man with $100,000 in United States bonds comes to Boston, hires a house …; thus he lives in luxury… I am in favor of taxing idle investments such as this, and allowing manufacturing investments to go untaxed.”
  9. If depositors in the Bank of England withdraw £3,000,000 in specie and send it abroad, how does this withdrawal of gold from the vaults of the Bank affect the currency in actual circulation?
  10. Describe the plan on which a national bank of the United States is organized, the security for its notes, the provision for their redemption and the extent to which the law makes them receivable.
  11. When were the legal-tender, compound interest notes issued, and what was their peculiar characteristic as a currency? How did their action as currency differ from that of the other issue of interest-bearing legal-tender notes?
  12. Describe the Resumption Act of 1875. What circumstances have promoted its success?

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 28 to June 4, 1879, pp. 13-14.

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Advanced Political Economy.

Course Enrollment

[Philosophy] 7. Advanced Political Economy. Cairnes’s Leading Principles of Political Economy. — McKean’s Condensation of Carey’s Social Science. — Lectures. Three times a week. Prof. Dunbar.

Total 36: 2 Graduates, 31 Seniors, 3 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1878-79, p. 60.

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PHILOSOPHY 7.
Mid-year Examination, 1878-79

(Write your answers in the same order as the questions.)

  1. Give a careful and logical summary of the laws determining the values of all commodities, monopolized or free, domestic or foreign, using the corrected definition of Cost of Production. [Forty minutes]
  2. As a new country fills up, what changes may be expected in the normal prices of meat, timber, grain and wool?
  3. Why is it unlikely that any formula will be devised, embracing in one statement the law of the value of commodities and the law of the value of labor, i.e. the law of wages?
  4. Give a summary of Mr. Cairnes’s restatement of the wages-fund theory.
  5. Analyze this statement:
    “An article which a farm laborer has produced in a day does not exchange for one which a watchmaker has spent an equal time in producing, because the latter is a more skilful operative.”
  6. Explain the statement that “the high scale of industrial remuneration in America, instead of being evidence of a high cost of production in that country, is distinctly evidence of a low cost of production.”
  7. What effects upon foreign trade have general changes in the rates of wages, and what have partial changes? Give the reasons.
  8. What effect has the existence of a large debt payable to foreigners, upon the ability of a country to keep up a metallic circulation?
  9. The Governor of M. is informed,
    “That the longer continuance of the provisions of the treaty with Great Britain, permitting the free importation of fish from the Provinces, will be most disastrous to the fishing interest; and that the permanent maintenance of this policy will insure its complete destruction. This would involve the decay of our fishing ports and the loss of millions of capital, and drive from their occupation thousands of deserving citizens. … This class has been the nursery of the navy of the Union. It has manned our mercantile marine.”
    Discuss the suggestion that for these reasons the provisions of the treaty referred to should be abrogated.
  10. Give some account of the Economistes and of their doctrines.

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Mid-Year Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, February 1879, p. 10.

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PHILOSOPHY 7.
Year-end Examination, 1878-79

  1. What are Mr. Cairnes’s reasons for doubting whether any great improvement can be made in the condition of the laboring class, so long as they remain mere receivers of wages?
  2. How is the statement that “a rise or fall of wages in a country, so far forth as it is general, has no tendency to affect the course of foreign trade” to be reconciled with the fact, that in the last two or three years the United States have been able to export certain manufactured goods in increased quantities, in spite of competition?
  3. What is the explanation of the statement that “what a nation is interested in is, not in having its prices high or low, but in having its gold cheap”?
  4. How does Mr. Shadwell’s definition of value differ from that adopted by the school of Ricardo?
  5. Discuss the following extract:—
    “As a cause must precede its effect, increase of population cannot be the cause of an increase of food, nor of its increased dearness, which is consequent on the resorting to poorer soils in order to raise a larger quantity. If, then, the cost of food has any tendency to increase as society advances, it must be because farmers are prompted by some motive or other to resort to poorer soils, while richer ones are to be had. But such a supposition is contrary to the principle that every one desires to obtain wealth by the least possible labor, and is therefore inadmissible. Poor land is taken into cultivation not because the population has increased, but because some discovery has been made which renders it possible to obtain as much profit as from the worst previously cultivated, and this discovery enables the quantity of food to be increased, and an increase of population is the effect and not the cause.”
  6. Also the following :-
    “Agricultural profits cannot fall unless recourse is had to poorer land, but such land will never be cultivate, since capitalists can never be willing to submit to a fall of profit; and the very meaning of the expression that some land is not worth cultivating, is, that it will not yield the ordinary profit to the farmer who should attempt to reclaim it. It appears, then, that the rate of profit is stationary in agriculture, and, consequently, in all other trades; and that whatever rate be established in an early stage of society, it must remain the same throughout its subsequent development.”
  7. “Why then should we suppose that the supply of paper substitutes for coin (like the supply of corn) would not be best maintained by allowing bankers and their customers to bring them into circulation in whatever quantities, and at whatever times, they find to be mutually convenient?”
  8. In what forms was the French indemnity finally received by Germany (bills of exchange being a mere instrument of transfer)? How did the payment probably affect Austria and the United States?
  9. A considerable party in England now propose “Reciprocity,” — that is, the admission without duty of the goods of such countries only as in turn admit English goods without duty. What practical objections and what theoretical ones can be urged against this proposition?
  10. “No act of Parliament,” it is said, “or convention of nations can prevent (between gold and silver) changes in value resulting from variations in the conditions of production, or of the action of demand and supply.”
    To this M. Cerunschi replies, — “You confound money with merchandise. To speak of merchandise is to speak of competition, supply and demand, purchase and sale, price. To speak of money is nothing of the kind.
    “Whether he produces little or much at a profit or at a loss, no miner can ever sell his metal money either dearer or cheaper than other miners, for the simple reason that the metal money is not sold or bought; it is itself its price…
    “When the monetary law is bi-metallic, therefore, no competition [is] possible between the producer of gold and the producer of silver, no purchase and sale, no discount, no price between one metal and the other. Without their being offered, without their being demanded, the circulation absorbs them both at the legal par, and cannot refuse them. When the monetary law is everywhere bi-metallic, neither gold nor silver, coined or uncoined, is merchandise. That is the secret.”

Source: Harvard University Archives. Examination papers, 1873-1915. Box 2, Bound Volume 1878-79, Papers Set for Annual Examinations in Rhetoric, Logic, Philosophy, Political Economy, History, Music, Fine Arts in Harvard College, May 28 to June 4, 1879, pp. 14-15.

Image Source: Harvard Library, Hollis Images. Charles F. Dunbar (left) and James Laurence Laughlin (right). Colorized by Economics in the Rear-view Mirror.

Categories
Gender Undergraduate Wellesley

Wellesley. Economics education of Virginia Foster Durr, ca. 1922

Again we may thank serendipity and my propensity to plunge into the rabbit-holes of opportunity for another post. I came across a collection of oral history interviews in the University of North Carolina’s Documenting the American South while seeking information about UNC economics professor Daniel Houston Buchanan. It was in that collection of primary resources that I stumbled upon the 1975 interviews with the Civil Rights activist Virginia Foster Durr. In her description of her years at Wellesley College, I came across Durr’s positive recollection of economics professor “Muzzy”. That part of her interview was reworked and included in her autobiography seen below. I then decided to track down the professor who ignited her lifelong interest in economic inequality. It would have made my work slightly easier had she or her editor thought about checking the correct spelling of Muzzy. The professor in question turns out to be Henry Raymond Mussey (Columbia Ph.D., 1905).

What we have with this post some indication of the impact made by one economics instructor on the future political life of one of his students. She fought the good fight and Mussey was a positive influence in her personal development. 

Bonus Material: What Durr had to say about matters sexual and biblical at Wellesley in the early 1920s has been included along with the account of her economics awakening.

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Virginia Foster Durr

Born August 6, 1903, and raised in Birmingham, Alabama, Virginia Foster Durr was the youngest child of Ann (Patterson) and Sterling Johnson Foster. She attended Wellesley College from 1921 to 1923, when she was forced to withdraw due to lack of funds. In 1926 she married Clifford Judkins Durr. In 1933, when Clifford Judkins Durr was appointed to the Reconstruction Finance Corporation, the Durrs moved to Seminary Hill, Virginia; Clifford Judkins Durr later worked for the Federal Communications Commission.

During the years the Durrs lived in Virginia, Virginia Foster Durr led an active social life. Her circle included government officials she knew through Clifford Judkins Durr and through her sister, Josephine, and brother-in-law, Hugo Black, Sr., who was appointed to the United States Supreme Court in 1937. She also devoted time to liberal causes. From 1938 to 1948 Virginia Foster Durr was active in the Southern Conference in Human Welfare, primarily fighting the poll tax. She campaigned for progressive Democrats in 1942 and for the Progressive Party, supporting Henry A. Wallace’s 1948 presidential bid. She also endorsed the American Peace Crusade in 1951.

In 1951, after a brief period in Denver, the Durrs returned to Alabama, where Clifford Judkins Durr opened a private law practice in Montgomery, and Virginia Foster Durr worked as his secretary. In 1954 Virginia Foster Durr and others were accused of being Communists and were called before the Senate Internal Security Sub-Committee, chaired by Senator James Eastland of Mississippi. Although Clifford Judkins Durr did not serve as Virginia Foster Durr’s attorney, he did a great deal of work on the case, collecting information about the informants and providing legal advice to Virginia Foster Durr and her co-defendants. The accusations were ultimately proven to be false.

In 1955, when Rosa Parks was arrested for refusing to give up her seat on a bus to a white passenger, Clifford Judkins Durr was called in as her attorney and arranged for her release on bail. This incident sparked the “Montgomery Bus Boycott,” during which African Americans refused to ride on public transportation in the city for over a year. Thus began a second period of civil rights activism for Virginia Foster Durr.

Virginia Foster Durr’s political activities, and Clifford Judkins Durr’s activities with the National Lawyers’ Guild and his public attacks on loyalty oaths and the FBI, led to surveillance by the Bureau.

The Durrs had five children, four of whom survived to adulthood: Ann Durr Lyon, Lucy Durr Hackney, Virginia (“Tilla”) Foster Durr, and Lulah Durr Colan. After the death of Clifford Judkins Durr in 1975, Virginia Foster Durr lived in Wetumpka, Alabama, spending summers on Martha’s Vineyard, Massachusetts. Her autobiography, Outside the Magic Circle, was published in 1985. She continued to be politically active until a few years before her death. She died in Carlisle, Pennsylvania, in 1999, at the age of 95.

Source: Biographical note to Papers of Virginia Foster Durr, ca. 1910-2007 in the Schlessinger Library, Radcliffe Institute Collection.

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Sex, Religion, and Economics
The liberations of Virginia Foster Durr at Wellesley Colleg
e

                  …Instead of making us think how wonderful it would be to have a baby, we developed a real horror of such a disgusting performance. But that was typical of Wellesley: they would teach you one thing on a scientific basis but never tell you how the baby got into the mother’s stomach. Now, I’m sure there were girls at Wellesley who did know, but not the group I was with. We had been so inhibited by that time that we didn’t want to know. We didn’t discuss things like that. We talked about romance and beaus and lovers and sweethearts but not sex.

                  I’m sure the Southern girls believed, as I did, that sex was something connected with black people. It happened in the basement and was dirty and ugly and smelled bad, with a man leaving in the middle of the night or early in the morning and Mother getting upset and saying, “She’s had a man down there all night.” Something was ugly and disgusting about it.

                  We had some excellent teachers at Wellesley. I had a marvelous teacher in economics, Professor Muzzy (sic). He was a socialist, a Fabian. The Russian Revolution had taken place, but I never heard about it. Communism and Russia were far removed from my world. Muzzy was a follower of the Webbs. He read their great massive volumes with the details about how many outhouses there were in a certain road in London and the terrible plight of the poor. There were all kinds of tables and statistics that I had difficulty following. But I did get the impression that the great majority of people in the world had a pretty hard time. Once Muzzy gave me a paper to write. He knew that I came from Birmingham, so he said, “Mrs. Smith is the wife of a steelworker and her husband makes three dollars a day. Now tell me how Mrs. Smith with three children is going to arrange her budget so that she can live.”

                  Well, I tried to do it. I had to look up the price of food and rent and doctors. It was an active lesson in economics. I soon realized that Mrs. Smith couldn’t possibly live on that amount of money. She just couldn’t do it. When I handed in my paper, I had written at the end, “I’ve come to the conclusion that Mrs. Smith’s husband doesn’t get enough money, because they can’t possibly live on what he is paid as a steelworker in Birmingham, Alabama.” Not that I had ever been in a steel mill or knew anything about it. But Muzzy gave me an A, because he said I had finally realized that people can’t live on what they are paid.

                  I had another great experience, too. Bible was a required course at Wellesley, but it was taught as history. So I learned that my father had been right about Jonah and the whale. You can’t imagine what that meant to me. I had always felt that Daddy did a very noble act by saying he did not believe the whale swallowed Jonah. He refused to lie and be a hypocrite. But I had always been uneasy that my father had been thrown out of the church for being a heretic as a result of that. It was a great relief to learn that he had been not only noble but also right about the Bible stories as symbolism and myth.

                  These incidents at Wellesley had a delayed effect, but the main thing I learned was to use my mind and to get pleasure out of it. I also learned I could be comfortable about the Bible, and I could be comfortable that a woman could make a living and be happy even if she didn’t have a husband. And I began to realize that people had a hard time living and didn’t get paid enough. I began to get some inkling of economics. So my Wellesley education was quite liberating. On sex, there was a tremendous breakthrough, although it is hard to realize. I began to kiss Bill Winston and enjoy it thoroughly. Oh, he was so handsome and he used to wrap me in his VMI cape. My goodness, what romance! That was more dangerous than a hammock. So I was liberated to a degree. In sex, religion, and economics in those three in particular—I was liberated at Wellesley.

Source: Virginia Foster Durr and Hollinger F. Barnard. Outside the magic circle: the autobiography of Virginia Foster Durr. (New York: Simon & Schuster, 1987), pp. 62-63.

Image Source: Alabama Department of Archives & History. Alabama Photographs and Pictures Collection. Portrait of Virginia Foster Durr. Colorized by Economics in the Rear-view Mirror.

Categories
Barnard Columbia Principles Undergraduate

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

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

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ECONOMICS IN THE COLLEGE COURSE

Henry Raymond Mussey
Barnard College, Columbia University

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Categories
Business School Education Gender Race Undergraduate

Useful links. The Monographs on Education in the U.S. edited by Nicholas Murray Butler for the St. Louis World Fair. 1904

 

The institution of “World Expositions”, where newest developments in science and technology, industry and the arts are celebrated and showcased in specially built halls in fairgrounds that include activities for young and old, gardens, parks and fountains, etc., lacks salience in the public mind today. Looking at a list of world expos in Wikipedia, I confess that several decades have gone by without a single Expo having even caught my attention for a moment. In comparison the World Expositions used to be a huge deal at least up through the middle of the twentieth century.

No less a light than the President of Columbia University commissioned some twenty monographs for the national U.S. contribution to the Education department of the 1904 Louisiana Purchase Exhibition (a.k.a. the St. Louis World’s Fair).  Economics in the Rear-view Mirror posts links to these twenty monographs on aspects of education in the United States as of 1904. About half of the titles provide interesting context for the artifacts gathered here dedicated to economics education. I have added the group assignments for the monographs from the attached outline of the education exhibits featured in the Palace of Education and Social Economy at the St. Louis exposition. 

Meet me in St. Louis, Louis (1904) performed by Billy Murry.

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Monographs on Education in the United States
edited by
Nicholas Murray Butler

Department of Education, Universal Exposition
St. Louis, 1904.
  1. Educational Organization and Administration. Andrew Sloan Draper, President of the University of Illinois, Champaign, Illinois. [Group 1] https://archive.org/details/monographsoneduc01butluoft
  2. Kindergarten Education. Susan E. Blow, Cazenovia, New York. [Group 1] https://archive.org/details/monographsoneduc02butluoft
  3. Elementary Education. William T. Harris, United States Commissioner of Education, Washington, D. C. [Group 1] https://archive.org/details/monographsoneduc03butluoft
  4. Secondary Education. Elmer Ellsworth Brown, Professor of Education in the University of California, Berkeley, California. [Group 2] https://archive.org/details/monographsoneduc04butluoft
  5. The American College. Andrew Fleming West, Professor of Latin in Princeton University, Princeton, New Jersey. [Group 3] https://archive.org/details/monographsoneduc05butluoft
  6. The American University. Edward Delavan Perry, Jay Professor of Greek in Columbia University, New York. [Group 3] https://archive.org/details/monographsoneduc06butluoft
  7. Education of Women. M. Carey Thomas, President of Bryn Mawr College, Bryn Mawr, Pennsylvania. [Group 3] https://archive.org/details/monographsoneduc07butluoft
  8. Training of Teachers. B. A. Hinsdale, Professor of the Science and Art of Teaching in the University of Michigan, Ann Arbor, Michigan. [Group 1] https://archive.org/details/monographsoneduc08butluoft
  9. School Architecture and Hygiene. Gilbert B. Morrison, Principal of the Manual Training High School, Kansas City, Missouri. [Group 1] https://archive.org/details/monographsoneduc09butluoft/mode/2up
  10. Professional Education. James Russell Parsons, Director of the College and High School Departments, University of the State of New York, Albany, New York. [Group 3] https://archive.org/details/monographsoneduc10butluoft/mode/2up
  11. Scientific, Technical and Engineering Education. T. Mendenhall, President of the Technological Institute, Worcester, Massachusetts. [Group 3] https://archive.org/details/monographsoneduc11butluoft
  12. Agricultural Education. Charles W. Dabney, President of the University of Tennessee, Knoxville, Tennessee. [Group 5] https://archive.org/details/monographsoneduc12butluoft
  13. Commercial Education. Edmund J. James, Professor of Public Administration in the University of Chicago, Chicago, Illinois. [Group 6] https://archive.org/details/monographsoneduc13butluoft
  14. Art and Industrial Education. Isaac Edwards Clarke, Bureau of Education, Washington, D. C. [Group 4] https://archive.org/details/monographsoneduc14butluoft
  15. Education of Defectives. Edward Ellis Allen, Principal of the Pennsylvania Institution for the Instruction of the Blind, Overbrook, Pennsylvania. [Group 7] https://archive.org/details/monographsoneduc15butluoft/mode/2up
  16. Summer Schools and University Extension. George E. Vincent, Associate Professor of Sociology, University of Chicago; Principal of Chautauqua. [Group 8] https://archive.org/details/monographsoneduc16butluoft/mode/2up
  17. Scientific Societies and Associations. James Mckeen Cattell, Professor of Psychology in Columbia University, New York. [Group 8] https://archive.org/details/monographsoneduc17butluoft
  18. Education of the Negro. Booker T. Washington, Principal of the Tuskegee Institute, Tuskegee, Alabama. [Group 6] https://archive.org/details/monographsoneduc18butluoft
  19. Education of the Indian. William N. Hailmann, Superintendent of Schools, Dayton, Ohio. [Group 6] https://archive.org/details/monographsoneduc19butluoft
  20. Education Through the Agency of the Several Religious Organizations. Dr. W. H. Larrabee, Plainfield, N.J. [Group 8] https://archive.org/details/monographsoneduc20butluoft

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DEPARTMENT OF EDUCATION.
Classification of Exhibits.

GROUP I.
ELEMENTARY EDUCATION

Class 1. Kindergarten.

Class 2. Elementary grades.

Class 3. Training and certification of teachers.

Class 4. Continuation schools, including evening schools, vacation schools and schools for special training.

Legislation, organization, general statistics.
School supervision and school management.
Buildings: plans, models; school hygiene.
Methods of instruction; results obtained.

GROUP 2.
SECONDARY EDUCATION

Class 5. High schools and academies; manual training high schools, commercial high schools.

Class 6. Training and certification of teachers.

Legislation, organization, statistics.
Buildings: plans and models.
Supervision, management, methods of instruction; results obtained.

GROUP 3.
HIGHER EDUCATION

Class 7. Colleges and universities.

Class 8. Scientific, technical and engineering schools and institutions.

Class 9. Professional schools.

Class 10. Libraries.

Class 11. Museums.

Legislation, organization, statistics.
Buildings: plans and models.
Curriculums, regulations, methods, administration, investigations, etc.

GROUP 4.
SPECIAL EDUCATION IN FINE ARTS

(Institutions for teaching drawing,
painting and music.)

Class 12. Art schools and institutes.

Class 13. Schools and departments of music; conservatories of music.

Methods of instruction; results obtained. Legislation, organization, general statistics.

GROUP 5.
SPECIAL EDUCATION IN AGRICULTURE

Class 14. Agricultural colleges and departments; experiment stations; instruction in forestry. (See Department H, Group 83.)

Curriculums; experiments and investigations; results. Methods of transportation and shipment. Legislation, organization, general statistics. Buildings: plans and models.

GROUP 6.
SPECIAL EDUCATION IN COMMERCE AND INDUSTRY

Class 15. Industrial and trade schools; evening industrial schools.

Class 16. (a) Business and commercial schools; (b) Higher instruction in commerce.

Class 17. Education of the Indian.

Class 18. Education of the Negro.

Legislation, organization, statistics. Buildings: plans and models. Methods of instruction; results.

GROUP 7.
EDUCATION OF DEFECTIVES

Class 19. Institutions for the blind; publications for the blind.

Class 20. Institutions for the deaf and dumb.

Class 21. Institutions for the feeble minded.

Management, methods, courses of study; results. Special appliances for instruction. Legislation, organization, statistics. Buildings: plans and models.

GROUP 8.
SPECIAL FORMS OF EDUCATION
— TEXT BOOKS—
SCHOOL FURNITURE AND SCHOOL APPLIANCES

Class 22. Summer schools.
Class 23. Extension courses; popular lectures and people’s institutes; correspondence schools.
Class 24. Scientific societies and associations; scientific expeditions and investigations.
Class 25. Educational publications, text books, etc.
Class 36. School furniture, school appliances.

Source: Official catalogue of exhibitors. Universal exposition. St. Louis, U.S.A. 1904, pp. 11-12.

Image Source: Palace of Education and Social Economy from the Louisiana Purchase Exposition Snapshots. The State Historical Society of Missouri.

 

Categories
Agricultural Economics Exam Questions Fields Harvard History of Economics Industrial Organization Money and Banking Public Finance Sociology Theory Undergraduate

Harvard. Division Exams for A.B., General and Economics, 1921

The Harvard Economics department was once one of three in its Division in the Faculty of Arts and Sciences. The Departments of History and Government shared a general division exam with the Department of Economics and also contributed their own specific exams for their respective departmental fields. This post provides the questions for the common, i.e. general, divisional exam, the general economics exam, and all the specific exams at the end of the academic year 1920-21 for those fields falling within the perview of the economics department.

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Previously posted
Division A.B. Exams

Division Exams 1916
Division Exams, January 1917
Division Exams, April 1918
Division Exams, May 1919
Division Exams, April/May 1920

Division Exams 1931

Special Exam for Money and Government Finance, 1939
Special Exam Economic History Since 1750, 1939
Special Exam for Economic Theory, 1939
Special Exam for Labor and Social Reform, 1939

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DIVISION OF HISTORY, GOVERNMENT AND ECONOMICS

EXAMINATIONS FOR THE DEGREE OF A.B.
1920-21

DIVISION GENERAL EXAMINATION

PART I

The treatment of one of the following questions will be regarded as equivalent to one-half of this examination and should therefore occupy one hour. Write on one question only. Insert before your answer to this question a sketch of your plan of treatment.

  1. Discuss the relations of civilization to climate.
  2. Does history show that the periods of a nation’s political and literary greatness tend to coincide?
  3. Was America’s entrance into the World War a consequence or a violation of her policies and traditions?
  4. Discuss the following: “One of the great difficulties, as well as one of the great fascinations of history is the constantly changing point of view; but we should beware of interpreting the past in the light of the present.”
  5. What have been and what should be the limitations upon the application of the principle of self-determination in national relations?
  6. Contrast Roman provincial, and nineteenth-century colonial relations.
  7. What should be the limits of nationalization of essential industries?
  8. What have been the marked characteristics of three great states at the time of their greatest power?
  9. “Society has departed very widely from the strict rule of non-interference with industry by the State; indeed, the policy of non-interference was never carried out logically by any State.” Comment.
  10. Discuss: “The patriotism of nations ought to be selfish.”
  11. What are the standards of social justice?

PART II

The treatment of four of the following questions in Part II is required and will be regarded as equivalent to one-half of this examination, and should therefore occupy one hour. The four questions are to be taken from the Departments in which the student is NOT CONCENTRATING; two questions from each of the two Departments.

A. HISTORY

  1. Briefly characterize, with approximate dates, five of the following: Alexander, Aristotle, Augustus, Francis Bacon, Frederick Barbarossa, Bolivar, Calvin, Chatham, Franklin, Richelieu.
  2. Give a short account of the rise of the Christian Church down to the period of the Crusades.
  3. Estimate the importance of the Netherlands in the development of Europe.
  4. Discuss the relations of England and the United States during the past one hundred years.
  5. Write a brief historical account of slavery in the Western Hemisphere.

B. GOVERNMENT

  1. Discuss: “Not independence but interdependence is the hope of nations.”
  2. Explain the evolution and significance of trial by jury.
  3. What is the significance of the following headlines in March, 1921?
    1. “Austria in dangerous unrest.”
    2. “Briand voted confidence on reparations.”
    3. “Crown prince is plotting.”
    4. “Lenin knows his Italian friends.”
  4. What are the limits of uniform state legislation?
  5. What political unities can best control:
    1. police,
    2. water supply,
    3. roads?

C. ECONOMICS

  1. “The fundamental fact in history is the law of decreasing returns. It is the cause of the origin and development of civilization. . . . It is equally, and for the same reason, the source of poverty and war.”
    State, explain, and indicate the significance of the law of decreasing (diminishing) returns.
  2. What are the fundamental features of the organization of modern industrial society?
  3. Discuss one of the following statements:
    1. “Employees have the right to contract for their services in a collective capacity, but any contract that contains a stipulation that employment should be denied to men not parties to the contract is an invasion of the constitutional rights of the American workmen, is against public policy, and is in violation of the conspiracy laws.”
    2. “In the old days, America outsailed the world. . . . I want to acclaim the day when America is the most eminent of shipping nations. . . . A big navy and a big mercantile marine are necessary to the future of the country.”
  4. Why should there be a labor party in England and not in the United States?
  5. What are the economic essentials of socialism?

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GENERAL EXAMINATION
DEPARTMENT OF ECONOMICS

I

The treatment of two of the following questions will be regarded as equivalent to one-half of the examination and should therefore occupy one hour. Write on two questions only.

  1. Give the author, approximate date, and general character of five of the following works:
    1. National System of Political Economy.
    2. Essays in Political Arithmetick.
    3. England’s Treasure by Forraign Trade.
    4. Essay on the Principle of Population
    5. Principles of Political Economy.
    6. The Wealth of Nations.
    7. Das Kapital.
    8. Lombard Street.
    9. Capital and Interest.
  2. Explain four of the following terms:
    Abstinence; Manchester School; stationary state; iron law of wages; produit net; non-competing groups; Scholasticism; Utilitarianism.
  3. Locate on an outline map:
    1. The world’s principal sources of five of the following raw materials: cotton; copper; sugar; silk; wheat; tin; rice; nitrate; petroleum; gold.
    2. The more important routes of overseas transportation.
    3. The world’s chief regions of manufacture.

II

The treatment of three of the following questions will be regarded as equivalent to one-half of the examination and should therefore occupy one hour. Write on three questions only. Be concise.

  1. Define “thrift” and discuss its social significance.
  2. Analyze the determination of normal value under competitive conditions of joint cost.
  3. What is meant by “monetary inflation”? How is it to be measured and what is its importance?
  4. What has been the course of the interest rate in modern times? What probably will be the course of the rate during the next few years? Why?
  5. What are the purposes and limits of progressive taxation?
  6. Discuss the future of public utilities in the United States.
  7. To what extent and in what respects, if at all, is labor legislation of the times a corrective of the more serious defects of the existing social order?
  8. Discuss: “Perpetual prosperity would be a national calamity.”

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SPECIAL EXAMINATION
ECONOMIC THEORY

Answer six questions

A

Take from this group at least two and not more than four

  1. What is the concept of “justice” in the theory of the distribution of wealth?
  2. Comment on the validity and significance of the following contention: “Labor is the source of all wealth.”
  3. “Whether capital is productive depends simply on the question: Are tools useful? It matters not how much or how little tools add to the product — if they add something, capital is productive.” Do you agree? Explain.
  4. “The forces which make for Increasing Return are not of the same order as those that make for Diminishing Return. . . . The two ‘laws’ are in no sense coordinate. . . . The two ‘laws’ hold united, not divided, sway over industry.” Comment critically.
  5. What relations exist between the accounting and economic concepts of “cost of production”?
  6. “The differences in the productive powers of men due to their heredity or social position give to certain individuals the same kind of an advantage over others that the owner of a corner lot in the center of a city has over one in the suburbs. If the income from a corner lot is a surplus and can therefore be described as unearned, the income of a man of better heredity, education or opportunity must also be regarded as a surplus income and therefore unearned.”
    Discuss this statement with reference to your general theory of distribution.

B

Take from this group at least one and not more than wto

  1. Give a brief historical account of the theory of population.
  2. Trace the development of the theory of international trade.
  3. In what ways have the following influenced the history of economic thought: Aristotle, Thomas Aquinas, Malthus, Ricardo, J.S. Mill, Marx?
  4. Outline the evolution of the theory of economic rent.

C

Take from this group at least one and not more than two

  1. “The profits of speculation on the Stock Exchange are just as unearned as the increment in the value of urban building sites; unlike the profits of speculation in produce, they represent no service to society.” Do you agree? Why, or why not?
  2. “There is a point beyond which advertising outlay is extravagant.” Explain.
  3. “I do not see how we can retain our home markets, upon which American good fortune must be founded, and at the same time maintain American standards of production and American standards of living unless we make other peoples with lower standards pay for the privilege of trading in the American markets.” Discuss.
  4. What are the advantages and disadvantages of the closed shop?

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DIVISION SPECIAL EXAMINATION
ECONOMIC HISTORY

Answer six questions 

A

Take from this group at least one and not more than two

  1. “The opening of the Erie Canal affected both intensive and extensive agriculture in the United States.” Explain. Have there been analogous changes in later periods?
  2. Discuss the following statement: “The enactment of corporation laws by the various states is the most important step made during the past century in the development of American manufactures.”
  3. Analyze the important economic after-effects of the World War.
  4. Briefly explain the most satisfactory methods for separating the different types of variation in time series.

B

Take from this group at least two and not more than four

  1. Write a brief account of one of the early English trading companies.
  2. Sketch the rise of the modern factory system.
  3. Compare changes in farm ownership and tenancy during the nineteenth century in England and the United States.
  4. Outline the history of banking in the United States from 1830 to 1860.
  5. Write a brief narrative of the early development of the railroad.
  6. Give the history of the Sherman Silver Purchase Act.
  7. Trace the evolution of the middle class and forecast its future.

C

Take from this group at least one and not more than two

  1. Give a critical account of the policy of the Federal Government in its regulation of industrial combinations.
  2. Discuss the history and consequences of immigration into the United States since 1840.
  3. Review the development of German foreign trade before the War with special reference to the methods of trade promotion.
  4. Analyze the causes, extent, and consequences of changes in the price level in the United States since 1914.

_______________________________

DIVISION SPECIAL EXAMINATION
PUBLIC FINANCE

Answer six questions

A

Take from this group at least one and not more than two

  1. A law of 1691 authorizes the municipal corporations of New York “to impose any reasonable tax upon all houses within said city, in proportion to the benefit they shall receive thereby.” How far is this a correct principle of taxation and how far has it continued to be applied?
  2. Present a classification of Federal expenditures for a national budget system.
  3. Give a brief account of the financial statistics issued currently by the Federal Government.
  4. Discuss the proposal for the cancellation of all inter-allied debts.

B

Take from this group at least one and not more than two

  1. How has the Federal Constitution influenced national and state tax systems in the United States?
  2. Trace the history of an important fiscal monopoly.
  3. Give a brief account of the financial history of one of the American states.
  4. What connections have existed between currency systems and government finance? Illustrate fully.

C

Take from this group at least two and not more than four

  1. Compare the total expenditures in the United States in normal times for (a) national, (b) state, and (c) municipal purposes. What changes, if any, in the proportions are to be expected?
  2. To what extent is it desirable to separate state and local revenues in the United States?
  3. Indicate the nature and significance of the “grant in aid” in British public finance.
  4. What arguments have been used in European countries for and against a capital levy?
  5. Should the poll tax be abolished? Why, or why not?
  6. Discuss critically the present condition of the public debt of the United States.

_______________________________

DIVISION SPECIAL EXAMINATION
MONEY AND BANKING

Answer six questions

A

Take from this group at least one and not more than two

  1. What part, if any, do commercial banks play in (a) the process of investment; (b) the increase of capital; (c) the course of industrial development; (d) leadership in the business world? In what respects, if at all, may the influence of commercial banks be economically inexpedient?
  2. Discuss the desirability of uniform bank accounting in the United States.
  3. Describe critically the more important sources of statistics of currency and credit in the United States.
  4. Analyze the successive phases of the business cycle. What are the causes of financial panics; industrial crises?

B

Take from this group at least one and not more than two

  1. Give a brief account of the life and work of John Law.
  2. Trace the history of usury laws.
  3. Outline the political background of American monetary history from 1870 to 1900.
  4. Give a brief history of the Reichsbank.

C

Take from this group at least two and not more than four

  1. “It is quite clear that the money question no longer survives as a political issue.” Do you agree? Why, or why not?
  2. To what extent has the status of the gold standard been affected by the World War?
  3. “This little neutral country [Switzerland], surrounded by four great continental belligerents, and bordering on the two principal battle-fronts of Europe, possesses at present, curiously enough, an exceptional purchasing power. This is the consequence of the high level of Swiss currency, which is 250 per cent above the usual parity with the currency of the neighbor in the east, Austria-Hungary; 100 per cent higher than that of the neighbor in the north, Germany; 90 per cent higher than that of the neighbor in the south, Italy; and 20 per cent higher than that of the western neighbor, France. Even in overseas countries, Swiss currency has a higher buying power than the English sovereign or the American dollar.” Explain fully.
  4. What changes have been made in the original Federal Reserve System? What have been the purposes and effects of the changes? What further changes, if any, seem desirable?
  5. Compare the provisions for agricultural credit in two important countries.
  6. Comment upon the following statement: “Prosperity continued through the war, and gave the nation such a tremendous start in business activity that we would still be rejoicing in a period of great prosperity had it not been for the death-dealing blow of deflation of credit given by Mr. Wilson’s Federal Reserve Board.”

_______________________________

DIVISION SPECIAL EXAMINATION
CORPORATE ORGANIZATION, INCLUDING RAILROADS

Answer six questions

 A

Take from this group at least one and not more than two

  1. State the theory of value under conditions of monopoly. In what ways, if at all, is monopoly price affected by (a) cost of production per unit; (b) potential competition; (c) an elastic demand for the product; (d) the existence of satisfactory substitutes for the product; (e) hostile public opinion?
  2. Formulate a statistical classification of business organizations in the United States.
  3. Discuss the apportionment of railway operating expenses between freight and passenger service.
  4. Analyze the valuation of corporate assets from the standpoint of the principles of accounting.

B

Take from this group at least one and not more than two

  1. Compare the history of business corporations in England and the United States.
  2. Trace connections between railroad construction in the United States and related political and economic events.
  3. Give a brief narrative of the trust dissolutions of the Federal Government.
  4. What provisions of the Federal Constitution have been most important in determining policies of government regulation of public utilities?

C

Take from this group at least two and not more than four

  1. Discuss the following statement: “The enactment of corporation laws by the various states is the most important step made during the past century in the development of American manufactures.”
  2. What are the advantages and disadvantages of non-par stock?
  3. Discuss the probable consequences of the Supreme Court decision that stock dividends are not income under the income tax law.
  4. What is the nature and importance of good-will in corporation finance?
  5. To what extent may there be differences in the fair valuation of public utilities for the purposes of rate-making, condemnation, taxation, and capitalization?
  6. Did the Government act wisely in returning the railroads March 1, 1920 to their corporate owners for operation? Why, or why not?

_______________________________

DIVISION SPECIAL EXAMINATION
ECONOMICS OF AGRICULTURE

Answer six questions 

A

Take from this group at least one and not more than two

  1. Analyze the doctrine of economic rent from agricultural land.
  2. What are the functions of organized speculation in staple agricultural products?
  3. Describe the methods to be employed in making an annual farm inventory.
  4. What subjects are covered by the decennial Federal census of agriculture? What is the statistical value of the results of the several inquiries?

B

Take from this group at least one and not more than two

  1. Trace the history of the relations between landlords and tenants in England.
  2. What have been the most important changes in American agriculture since 1890?
  3. Give a critical account of the land policies of the Federal Government.
  4. Outline the development of the beet sugar industry in Europe.

C

Take from this group at least two and not more than four

  1. What factors determine the most efficient size of farms?
  2. What are the advantages of diversification of crops?
  3. Discuss the future of the meat supply of the United States.
  4. Describe and estimate the advantages and disadvantages of the different methods of marketing farm produce.
  5. State and defend a forest conservation policy for the United States.
  6. Compare the provisions for agricultural credit in two important countries.
  7. What are the principal problems of rural community life in the United States?

_______________________________

DIVISION SPECIAL EXAMINATION
LABOR PROBLEMS

Answer six questions

 A

Take from this group at least one and not more than two

  1. Discuss the proposal to restrict immigration into the United States by limiting the number of each nationality admitted each year to 3 per cent of the foreign-born of that nationality resident in this country in 1910.
  2. Describe the technique of statistical measurement of the high cost of living.
  3. What are the principal difficulties encountered in the collection of wage statistics?
  4. Analyze the relations between high money wages and high commodity prices.

B

Take from this group at least one and not more than two

  1. Describe the early development of the factory system.
  2. Trace the origins of trade-unionism in the United States.
  3. Write a brief narrative of the movement for a shorter working day.
  4. Review the relations between organized labor and the steel industry in the United States.

C

Take from this group at least two and not more than four

  1. What is “the labor problem”?
  2. Compare American and British labor leadership. How do you account for the differences?
  3. “Employers must be free to employ their work people at wages mutually satisfactory, without interference or dictation on the part of individuals or organizations not directly parties to such contracts.” Comment.
  4. Discuss a proposed law providing that “in the establishment of salaries for school teachers in the city of—, there shall be no discrimination based on sex or otherwise, but teachers and principals rendering the same service shall receive equal pay.”
  5. “The principle that each industry shall support its own unemployed is one that must be established if a real solution of unemployment is to be made.” Do you agree? Why, or why not?
  6. Discuss the relation of shop committees to trade-unionism.

_______________________________

DIVISION SPECIAL EXAMINATION
ECONOMICS AND SOCIOLOGY

Answer six questions

A

Take from this group at least one and not more than two

  1. Discuss the following contention: “The landlord is a parasite since he consumes without producing.”
  2. What is the meaning of “over-population”?
  3. “Hitherto it is questionable if all the mechanical inventions yet made have lightened the day’s toil of any human being.” Comment critically.
  4. What are the interactions of human instincts and modern factory labor?
  5. Discuss the nature and bases of economic prosperity.

B

Take from this group at least one and not more than two

  1. Describe the evolution of language.
  2. Trace the history of the middle class and forecast its future.
  3. Give a brief historical account of the status of women.
  4. What have been the chief cultural consequences of the machine process?

C

Take from this group at least two and not more than four

  1. What is the province of sociology?
  2. Discuss the family as a necessary social unit.
  3. Describe the leading forms of conflict and their effect upon group life. Why are some forms to be preferred to others? What are the factors which determine the forms actually prevailing at any time?
  4. Analyze the sources of prestige and influence in modern society.
  5. “From the standpoint of progress, the value of the individual depends on the excess of his production over his consumption.” Discuss.
  6. What are the criteria and causes of racial superiority?

_______________________________

Examinations not transcribed for this post

History:

General Examination
Special Examinations: Mediaeval History; English History; Modern European History to 1789; Modern History since 1789; American History

Government:

General Examination
Special Examinations: American Government; Municipal Government; Political Theory; International Law

_______________________________

Source: Harvard University Archives. Divisional and general examinations, 1915-1975 (HUC 7000.18). Box 6, Bound Volume (stamped “Private Library Arthur H. Cole”) “Divisional Examinations 1916-1927”.

Categories
Harvard Suggested Reading Syllabus Teaching Undergraduate

Harvard. Junior Year Seminar/Tutorial Reading Assignments. Caves, 1964-1965

The evolution of the Harvard tutorial system as an integral aspect of its undergraduate economics program is a subject worthy of a long essay. For now we simply add the following snapshot of the “Tutorial for Credit, Junior Year” that Richard Caves had been tasked to reform when he joined the Harvard faculty in the 1962-63 academic year. This post provides the reading lists for the third iteration of Caves’ seminar/tutorial model that replaced the earlier lecture/tutorial model.

As far as content goes, the 1964-65 version of Economics 98 can be seen to have attempted an ambitious, advanced intermediate coverage of mainstream micro- and macroeconomics.

Harvard’s Memorial Minute for Richard Earl Caves (1931-2019).

____________________________

Course Announcement

*Economics 98a. Tutorial for Credit — Junior Year

Half course (fall term). Tu., 2-4, and tutorial meetings to be arranged. Professor Caves, Assistant Professor T. A. Wilson, Dr. Brunt and other Members of the Department.

*Economics 98b. Tutorial for Credit — Junior Year

Half course (spring term). Tu., 2-4, and tutorial meetings to be arranged. Professor Caves, Assistant Professor T. A. Wilson, Dr. Brunt and other Members of the Department.

Economics 98a will deal with micro-economic and 98b with macro-economic theories and policies. These seminars will serve as preparation for more specialized training in their subject matter in Group IV graduate and undergraduate courses. Economics 98a and 98b are required of all honors candidates and are open to non-honors candidates with the permission of the instructor.

The courses will consist of both seminar and tutorial, normally with one seminar and one tutorial session a week.

Source: Harvard University, Faculty of Arts and Sciences. Courses of Instruction for Harvard and Radcliffe, 1964-1965, p. 106.

____________________________

Harvard Crimson Article on the New Junior Seminars
May 16, 1962

Ec. 98 Will Be Taught in Small Seminar Units
Lecture Format Found Unwieldy

By Richard B. Ruge

The Economics Department announced yesterday that four seminar-groups of approximately 20 students each will replace the once weekly lectures in Ec. 98, or tutorial for credit, and that an associate professor at the University of California has been appointed to head the new junior tutorial program.

John T. Dunlop, chairman of the Department, said that increased enrollment in 98 had made lecture presentation of the subject matter — the central core of economic concepts — ineffective. Since Gill Plan opened tutorial for credit all concentrators, the number of students in the course has jumped to 80.

Dunlop declared that the use of two-hour, smaller seminar discussion groups meeting once a week is “more properly the spirit of tutorial, will improve a level of instruction, and will allow the students and professors to develop their own interests more thoroughly and participate in good give-and-take discussions.”

The seminars will split into smaller groups of four of five students, meeting once a week for 90 minutes to present and discuss papers. These groups will focus on the major aspect of economic thought considered in the larger seminars.

Caves to Head Program

Heading the program will be [Richard] Caves, who will become professor of economics on July 1. An expert on industrial organization, Caves worked on a new foreign trade program as deputy special assistant to the President in 1961. He received his M.A. and Ph.D. from Harvard before joining the faculty at California.

Source: The Harvard Crimson, May 16, 1962.

____________________________

Tutorial Assignments for Ec 98a Fall 1964

Harvard University
Department of Economics

Economics 98a
List of Suggested Tutorial Assignments
August 17, 1964

This list includes items which tutors may find helpful as assignments for discussion in tutorial sections, bases for small projects or papers, and the like. Many but not all have been used successfully for these purposes in the past. A few items contain mathematical or statistical complexities that make them suitable only for students with special backgrounds. Make sure that you check any item before using it.

If time permits, a more complete list will be prepared and issued at the beginning of the semester. Suggestions for additions from the tutors would be appreciated, as would reports of adverse experiences with any of the following items.

R.E.C.

  1. Consumer behavior [sic, “1. Introduction” not included here]

Becker, Gary S., “Irrational Behavior and Economic Theory,” Journal of Political Economy, February, 1962, 1-13

Houthakker, H.S., “An International Comparison of Household Expenditure Patterns, Commemorating the Centenary of Engel’s Law,” Econometrica October, 1957, 532-551

U.S. Department of Agriculture, Technical Bulletins on Demand Analysis, No. 1253 (meat), 1168 (dairy products), 1136 (wheat)

Alchian, A., “The Meaning of Utility Measurement,” American Economic Review, March, 1953, 26-50

Ellsberg, D., “Classic and Current Notions of Messurable Utility,” Economic Journal, September, 1954, 528-556

Friedman, M., and L.J,. Savage, “The Utility Analysis of Choices Involving Risk,” Am. Econ. Assn., Readings in Price Theory, chap. 3

  1. Theory of the firm

Hirshleifer, J., “An Exposition of the Equilibrium of the Firm: Symmetry between Product and Factor Analyses,” Economica, August, 1962, 263-268

Scott, R.H., “Inferior Factors of Production,” Quarterly Journal of Economics, February, 1962, 86-97

Apel, H., “Marginal Cost Constancy and Its Implications,” American Economic Review, December, 1948, 870-886

Hitch, C.J., and R.N. McKean, The Economics of Defense in the Nuclear Age, chaps. 7, 8

Cookenboo, Leslie, Jr., Crude Oil Pipe Lines and Competition in the Oil Industry, chap. 1

F.T. Moore, “Economies of Scale: Some Statistical Evidence,” Quarterly Journal of Economics, May, 1959, 232-245; also discussion August, 1960, 493-499

Alexander, Sidney, “The Effect of Size of Manufacturing Corporation on the Distribution of the Rate of Return,” Review of Economics and Statistics, August, 1949, 229-235

Johnston, J., Statistical Cost Analysis, chap. 4 (secs, 1, 3, 4); chap. 5; chap. 6 (pp. 186-194)

Staehle, Hans, “Measurement of Statistical Cost Functions,” American Economic Review, June, 1942; Readings in Price Theory, chap. 13

Eiteman, W.J., and G.E. Guthrie, “The Shape of the Average Cost Curve,” American Economic Review, December, 1952, 832-839

Hall and Hitch, “Price Theory and Business Behavior,” in T. Wilson, ed., Oxford Studies in the Price Mechanism

Earley, J.S., “Recent Developments in Cost Accounting and the ‘Marginal Analysis’,” Journal of Political Economy, June, 1955, 227-242

Earley, J.S., “Marginal Policies of ‘Excellently Managed Companies,” American Economic Review, March, 1956, 44-70

Grayson, C.J., Decisions under Uncertainty, pp. 233-278

  1. Competitive product and factor markets

Vernon L. Smith, “An Experimental Study of Competitive Market Behavior,” Journal of Political Economy, April, 1962, 111-137

Ezekiel, M., “The Cobweb Theorem,” Am, Econ, Assn., Readings in Business Cycle Theory, chap. 21

Richardson, G.B., Information and Investment.

Friedman, M., Price Theory: A Provisional Text, chaps, 7-9

Lester, R.A., and Machlup, F., marginalist controversy, reprinted in R.V. Clemence, ed., Readings in Economic Analysis, Vol. 2, chaps, 6-9

Bachmura, F.T., “Man-Land Equalization through Migration,” American Economic Review, December, 1959, 1004-1017

  1. General equilibrium and welfare

Stone, Richard, and G. Croft-Murray, Social Accounting and Economic Models, chaps. 1-3

Lange, Oscar, On the Economic Theory of Socialism, B. Lippincott, ed.

Hirshleifer, J. et al., Water Supply: Economics, Technology, and Policy, chap. 8

Nelson, J.R., ed., Marginal Cost Pricing in Practice, chaps. 1, 2, 3, 5 (skip pp. 110-123), 6, 7

  1. Imperfect competition: product markets
    1. Monopoly

Neale, Walter C., “The Peculiar Economics of Professional Sports,” Quarterly Journal of Economics, February, 1964, 1-14

Olson, M., and D. McFarland, “The Restoration of Pure Monopoly and the Concept of the Industry,” Quarterly Journal of Economics, November, 1962, 613-631

Wallace, D.H., Market Control in the Aluminum Industry, Part II

Davidson, R.K., Price Discrimination in Selling Gas and Electricity

    1. Monopolistic competition

Stigler, G.J., Five Lectures on Economic Problems, Lecture 2

Chamberlin, E.H., Towards a More General Theory of Value, chap. 15

    1. Oligopoly

Peck, M.J., Competition in the Aluminum Industry, 1945-1948

Markham, J., Competition in the Rayon Industry

Weiss, L.W., Economics and American Industry, chaps, 7, 8

Modigilani, F., “New Developments on the Oligopoly Front,” Journal of Political Economy, June, 1958, 215-232

Shubik, M., “A Game Theorist Looks at the Antitrust Laws and the Automobile Industry,” Stanford Law Review, July, 1956

Marris, Robin, “A Model of the ‘Managerial’ Enterprise,” Quarterly Journal of Economics, May, 1963, 185-209

  1. Imperfect, competition: factor markets

Fellner, W.J., “Prices and Wages under Bilateral Monopoly,” Quarterly Journal of Economics, August, 1947, 503-532

Segal, Martin, “The Relation between Union Wage Impact and Market Structure,” Quarterly Journal of Economics, February, 1964, 115-128

*  *  *  *  *  *  *  *  *  *  *  *

Harvard University
Department of Economics

DRAFT Reading List
Economics 98a
Fall Term, 1964

Students will be requested to purchase W.J.L. Ryan, Price Theory (London: Macmillan, 1958). Seminars may vary in the extent that they depend on Ryan for the basic exposition of micro theory. The following list assumes complete dependence on Ryan. Other readings are very tentatively included, and the list probably errs on the side of containing too much.

  1. Introduction

Lange, Oscar, “The Scope and Method of Economics,” in Arleigh P. Hess et al., Outside Readings in Economics, pp. 1-20

Knight, Frank, The Economic Organization, pp. 3-66

    1. Consumer behavior

Ryan, chaps. 1, 6

Alfred Marshall, Principles of Economics, Book III (or a textbook treatment of utility theory, such as D.S. Watson, Price Theory and Its Uses, chaps 4, 5)

One of the following:

Duesenberry, James S., Income. Saving and the Theory of Consumer Behavior, pp. 6-39

Leibenstein, H., “Bandwagon, Snob, and Veblen Effects In the Theory of Consumers’ Demand,” Quarterly Journal of Economics, May, 1950, 183-207

Frisch, Ragnar, “Some Basic Principles of Cost of Living Measurements,” Econometrica, October, 1954, 407-421

Fisher, Irving, The Theory of Interest, pp. 61-124.

  1. Theory of the firm

Ryan, chaps. 2, 3

Chamberlin, E.H., The Theory of Monopolistic Competition, Appendix B

Dean, Joel, Managerial Economics, pp. 257-313

Universities—National Bureau Committee for Economic Research, Business Concentration and Price Policy, pp. 213-238

Cyert, R.M., and J.G. March, A Behavioral Theory of the Firm, pp. 4-21, 26-43

Bierman, Harold, and S. Smidt, The Capital Budgeting Decision, chaps, 1-6, 9

  1. Competitive product and factor markets

Ryan, Chap, 4

Chamberlin, chap. 2

Marshall, Book V, chaps. 1-5; Book IV, chap. 13

Working, E.J., “What Do Statistical Demand Curves Show?”, in American Economic Association, Readings in Price Theory, chap. 4

Robinson, Joan, “Rising Supply Price,” Readings in Price Theory, pp. 233-241

    1. General equilibrium and welfare

Ryan, chap. 9

Boulding, Kenneth, “Welfare Economics,” in B.F. Haley, ed, for American

Economic Association, A Survey of Contemporary Economics, pp. 1-34

Bator, Francis M., “The Simple Analytics of Welfare Maximization,” American Economic Review,March, 1957, 22-44 (omit 44-59)

Scitovsky, Tibor, “Two Concepts of External Economies,” Journal of Political Economy, April, 1954, 143-151

McKean, R.N., Efficiency In Government through Systems Analysis, chaps, 1-5 (or something else on benefit-cost analysis)

  1. Imperfect competition: Product markets

Ryan, chap. 9

    1. Monopoly

Ryan, chap. 10

Bain, Joe S., Price Theory, pp. 208-247

Weiss, L.W., Economics and American Industry, chap. 5

    1. Monopolistic competition

Chamberlin, chaps. 1, 4, 5

Triffin, Robert, Monopolistic Competition and General Equilibrium Theory, pp. 78-89

Weiss, chap. 9

    1. Oligopoly

Ryan, chap. 11

Fellner, William, Competition Among the Few, chap. 1

Sweezy, Paul, “Demand under Conditions of Oligopoly,” Readings in Price Theory, chap. 20

Bain, pp. 297-332

Duesenberry, James S., Business Cycles and Economic Growth, chap. 6

Baumol, W.J., Business Behavior, Value, and Growth, pp. 27-32, 45-46

  1. Imperfect competition: factor markers

Chamberlin, chap. 8

Dunlop, John T., “Wage Policies of Trade Unions,” American Economic Association, Readings in the Theory of Income Distribution, chap. 19

Cartter, A.M., Theory of Wages and Employment, chaps. 7, 8

Friedman, Milton, “Some Comments on the Significance of Labor Unions for Economic Policy,” The Impact of the Union, D. McC. Wright, ed., pp 204-234

____________________________

Tutorial Assignments for Ec 98b Spring 1965

HARVARD UNIVERSITY
Department of Economics

Economics 98b
Reading List
Spring Term, 1965

All selections listed below should be considered as assigned, although the leaders of Individual seminars may choose either to add or subtract items. Students may wish to purchase Gardner Ackley, Macroeconomic Theory (New York: Macmillan, 1961), which will be assigned in part, especially at the beginning of the semester, and will serve as a general reference for issues which arise during the course. R.C.O. Matthews, The Business Cycle, will also be used extensively.

  1. Introduction of macro-economics (two weeks)
    1. The national income

Gardner Ackley, Macroeconomic Theory, chaps. 1-4.

U.S. Department of Commerce, Survey of Current Business, July, 1964, pp. 7-40.

S. Rosen, National Income, pp. 172-187.

    1. Prices and employment: pre-Keynesian background

Ackley, pp. 105-167.

  1. Income and employment determination (seven weeks)
    1. Effective demand

J.M. Keynes, The General Theory of Employment, Interest and Money, chaps. 1, 2.

A.H. Hansen, A Guide to Keynes, pp. 25-35.

P. Wells, “Aggregate Demand and Supply: An Explanation of Chapter III of the General Theory,” Canadian Journal of Economics and Political Science, XXVIII (Nov., 1962), pp. 585-59.

    1. Consumption function and the multiplier

Hansen, A Guide to Keynes, pp. 67-85.

J.S. Duesenberry, Income, Saving and the Theory of Consumer Behavior, chaps. 3, 5,

J. Tobin, “Relative Income, Absolute Income, and Saving,” Money, Trade and Economic Growth: Essays in Honor of J.H. Williams, pp. 135-156.

M. Friedman, A Theory of the Consumption Function, 220-229, 233-239.

Ackley, chap. 10.

Hansen, A Guide to Keynes, pp. 86-114.

A.H. Hansen, Business Cycles and National Income, chap. 12.

W.J. Baumol and M.H. Peston, “More on the Multiplier Effects of a Balanced Budget,” American Economic Review, XLV (March, 1955), 140-148.

    1. Investment

Keynes, chap. 11.

Hansen, Business Cycles and National Income, chap. 9.

J.M. Clark, “Business Acceleration and the Law of Demand: A Technical Factor in Economic Cycles,” in American Economic Association, Readings in Business Cycle Theory, chap, 11.

R.C.O. Matthews, The Business Cycle, , chaps. 3-5.

J.S. Duesenberry, Business Cycles and Economic Growth, chaps. 4, 5.

J.R. Meyer and R. Glauber, Investment Decisions, Economic Forecasting, and Public Policy, pp. 1-22.

    1. Interest

Keynes, pp. 165-185, 195-209.

Hansen, A Guide to Keynes, chap. 6.

L.R. Klein, The Keynesian Revolution, pp. 117-123.

    1. The Keynesian system

Keynes, pp. 257-271.

H.G. Johnson, Money, Trade and Economic Growth, chap. 5.

V. L. Smith, “A Graphical Exposition of the Complete Keynesian System,” Southern Economic Journal, XXIII (October, 1956), 115-125.

Ackley, chap. 15.

D. Patinkin, “Keynesian Economics Rehabilitated: A Rejoinder,” Economic Journal, LXIV (Sept.,1959), pp. 582-587.

D. Patinkin, “Price Flexibility and Full Employment,” American Economic Association, Readings in Monetary Theory, pp. 252-283

A.P. Lerner, “Comment,” American Economic Review, LI (May, 1961), pp. 20-23.

  1. Models of growth, fluctuations, and inflation (three weeks)
    1. Economic growth and fluctuations

Duesenberry, Business Cycles and Economic Growth, chap, 2.

W.J. Baumol, Economic Dynamics, chaps. 2, 3.

Hansen, Business Cycles and National Income, chap. 11.

D.B. Suits, “Forecasting and Analysis with an Econometric Model,” American Economic Review, LII (March, 1962), 104-132 (pp. 118-31 optional).

Matthews, chaps. 2, 13.

    1. Inflation

A.C.L. Day and S.T. Beza, Money and Income, chaps. 19-21.

Keynes, pp. 292-304.

M. Friedman, “Some Comments on the Significance of Labor Unions in Economic Policy,” Impact of the Union, D. McC. Wright, ed., 204-234.

S. Slichter, “Do the Wage-Fixing Arrangements in the American Labor Market Have an Inflationary Bias?” American Economic Review, XLIV (May, 1954), pp. 322-346.

C. Schultze, Recent Inflation in the United States (Study paper No. 1, Employment, Growth and Price Levels), pp. 1-77. Joint Economic Committee

O. Eckstein and T.A. Wilson, “Determination of Money Wages in American Industry,” Quarterly Journal of Economics, LXXVI (August, 1962), 379-409.

    1. Coordinating Policy for Growth and Stability

J. Tinbergen, Economic Policy: Principles and Design, pp. 1-37.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 8, Folder “Economics 1964-1965 (1 of 2)”.

Image Source: Harvard Square, 1961. From the Cambridge Historical Commission, image in the Photo Morgue Collection. Online: Digital Commonwealth.

Categories
CUNY Curriculum Economics Programs Economist Market LipseyR Placement Undergraduate

Queens College, NYC. Memo on Responses of Graduates about Department. Lipsey, 1974

The 1974 memo by Professor Robert E. Lipsey that summarizes the responses of recent graduates of Queens College, City University of New York to a questionnaire sent out by the department is included below. It follows a brief timeline for Lipsey’s life and career and a link to a 2001 oral history interview with him about his NBER life conducted by Claudia Goldin

Bottom line of the Queens graduates: not every economics major goes to graduate school in economics so please add more business electives, especially accounting, to the curriculum.

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Robert Edward Lipsey

1926. Born August 14 in New York City.

1944. B.A. Columbia University.

1946. M.A. Columbia University

1945-53. Research Assistant, NBER

1953-60. Research Associate, NBER

1960-. Senior Research Staff, NBER

1961. Ph.D. Columbia University

1961-64. Lecturer, economics, Columbia University

1967-1995. Professor at Queens College and Graduate Center, CUNY

1975-78. Director of international studies, NBER

1978-. Director of the New York Office, NBER

1995-. Professor emeritus, Queens College and Graduate Center, CUNY

2011. Died August 11, New York City.

Source: Prabook website entry: Robert Edward Lipsey.

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Bonus Links

Claudia Goldin’s interview with Robert Lipsey
(8 August, 2001)

Obituary/Tribute to Robert Lipsey by J. Devereux and Z.M. Feliciano, (2013), Robert E. Lipsey. Review of Income and Wealth, 59: 375-380.

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QUEENS COLLEGE
DEPARTMENT OF ECONOMICS

MEMO TO: Economics Department
FROM: R. Lipsey
RE: Graduates Comments on Queens College Economics Program
DATE: October 25, 1974

There has been a great change in the last few years in the comments on the economics program made by graduates in response to our questionnaire. The graduates of the 1960’s, particularly graduate students, most frequently complained of their lack of mathematical and quantitative training, which they felt left them unprepared for graduate school. There are still some comments of this nature, made now from business students, but the bulk of complaints now, by far is from graduates who have gone to work directly from school, or tried to. They seem to feel that there were too few business-oriented courses, and even more, that they were not told of the importance of some training in accounting for those looking for jobs.

One indication of graduates’ feelings is that of about 160 respondents, among whom only a minority answered the questions about courses that had been especially helpful and courses they had not taken, but wished they had, 33 listed accounting in one category or the other. The other subjects with more than a few listings were:

Statistics 22 (mainly helpful in graduate school)
Business Law 14
Finance 12
Computer Science 8
Marketing 7

To give the flavor of graduates’ views I have put down the main comments on this issue by those who took the trouble to write at some length. My own reaction to the comments was to wonder whether we should consider offering a Business Economics specialization, geared to those planning to work immediately after graduation and, to a smaller extent, to those aiming at business school. Such a specialization would include the present requirements (Eco. 1, 2, 5, 6, 49) but require also at least 6 credits of accounting and 6 credits chosen from Business Law, Computer Science, Corporation Finance, Business Organization, Money and Banking, Business Cycles, Econometrics or Statistics.

February 1974

“For all economics majors accounting is virtually a necessity in order to obtain a career oriented position.”

“Unfortunately I did not receive enough information with regards to the importance of accounting courses.”

September 1973

“Economics graduates from Queens College get a decent background for further graduate work. However, there is no preparation or placement efforts to speak of for the Q.C. economies graduate with a B.A.

“All economics students should be required to take at least 6 credits in accounting. I have found this to be a major stumbling block on job applications.

Many business related jobs do require that you have at least 6 hours of accounting, and without it your job choice is cut considerably.”

“…School and education should work more with the outside than straight academia.”

“…the economics department is not meeting the needs of all its students. Approximately two thirds of those who attend graduate school go to business and law schools; the economics department does not meet the need of those students.

A course as basic as Econ. 43 (marketing) was not offered once at the day school during my 4 years. This course is a prerequisite for most MBA programs – not offering it during the day is a shame!

“I had to go to night school for my marketing courses. I feel that they should be offered during the day session also.”

“I feel more emphasis should be placed on areas relative to business. These courses should help to prepare one for the business world. As it is now, my degree in economics is of no use to me. Without my background in accounting I would not have been able to find a job. This I feel is a waste of an education.”

“Economics program should be refined to include courses of a more practical nature, i.e., those with a definite business application. Perhaps more diversification in programs offered would be appropriate.

“I regret not having gone into and majoring in accounting. I’d be making more money and would have had my choice of jobs.”

“Economics majors not planning on graduate school should be advised to take accounting courses and should be persuaded to stay away from courses with no value in the ‘real’ world.”

“Queens should offer more economics courses geared towards Marketing and Banking.”

June 1972

“…advanced courses in math and accounting should be required to get the degree.”

“I suggest all economics majors who plan to go to work directly from college have at least 12 credits in accounting. The number of accounting credits I have was a frequently asked question by employment agencies.”

January 1972

“The economics major should be geared to meet the demands of business. Accounting should be permitted to be incorporated in the economies major. The major should also incorporate one or more courses in computer sciences, marketing, merchandising, business administration and a mathematics background. Unless one pursued a master’s degree in economics, the major as previously structured did not help to prepare one to meet the demands of industry.”

“Queens should have more courses relating to business.”

“Some business courses should be required of economies majors.”

“Students who plan to work directly after graduation should take 9-12 credits in Accounting. Most entry level jobs that would interest an Economics major require a basic knowledge of Accounting.”

Source: Library of Congress, Manuscript Division. The Papers of Abba P. Lerner. Box 17, Folder 3 “Queens College of the City University of New York, New York, N.Y.: Correspondence 1939-1941, 1963-78”.

Categories
Columbia Economic History Economists Undergraduate

Columbia. On Rev. John McVickar’s political economy. Herbert B. Adams, 1887

The subject of political economy and its instructors received much attention in the 1887 survey of the study of history in the United States by Johns Hopkins history professor Herbert B. Adams. In this post Economics in the Rear-View Mirror shares those pages dedicated to the work of Rev. John McVickar (1787-1868) of Columbia College.

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McVickar’s political economy textbooks

Outlines of Political Economy. “A republication of the article [by J.R. McCulloch] upon that subject contained in the Edinburgh Supplement to the Encyclopedia Britannica together with notes explanatory and critical, and a summary of the science.” (New York: Wilder & Campbell, 1825).

Introductory Lecture to a Course of Political Economy (London: John Miller, 1830).

First lessons in political economy: for the use of primary and common schools. Albany: Common School Depository, 1837.
(Seventh edition. New York: Saxton and Miles, 1846)

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A Pair of McVickar Biographies

Langstaff, John Brett. The Enterprising Life, John McVickar 1787-1868. New York: St. Martin’s Press, 1961.

Dorfman, Joseph and R. G. Tugwell. “The Reverend John McVickar: Christian Teacher and Economist” in Early American Policy: Six Columbia Contributors  (New York: Columbia University Press, 1960), pp. 99-154.
Originally published in Columbia University Quarterly, Vol. 23, No. 4 (December 1931), pp. 353-401.

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Historian Herbert B. Adams on Professor John McVickar and historical political economy at Columbia College

…In the continuity of historico-political studies at Columbia College there was another important influence contemporary with Professor Anthon; namely, the Rev. John McVickar, who was appointed Professor of Philosophy, Rhetoric, and Belles Letters in the year 1817. This man, the successor of the Rev. Dr. [John] Bowden, is too little known to American students of History and Economics—in both of which studies he was a remarkable pioneer. It would be a useful, as well as pious service, if some one of the present instructors in the School of Political Science at Columbia would prepare an academic memorial of John McVickar, as he did of his worthy predecessor, Dr. Bowden (1751-1817), in an address delivered to the Alumni of Columbia College, October 4, 1837. Although the life of the Rev. John McVickar has been written, as a “clerical biography,” by his son [William A. McVickar, The Life of the Reverend John McVickar, S.T.D.] (New York: Hurd & Houghton, 1872), there is so much of academic interest in his life and writings, so much unused biographical material in the archives of Columbia College, that a special study of his professorial career would certainly repay the younger generation of teachers.

In general, the service rendered by Professor McVickar to Historical and Political Science at Columbia College resembles that rendered by Profesor Francis Bowen in Harvard College. Under the broad ægis of a philosophical professorship, both teachers protected and encouraged historico-political studies. Both inclined most strongly toward politico-economics. Both produced text-books of political economy, which, in their day and generation, proved very helpful to American students. In these days, when the study of economics is coming to the front in our colleges and universities, it will be recognized as a distinguished honor for Professor McVickar that he was one of the first men in this country to lecture upon political economy to students, and also one of the first to publish a text-book upon the subject.

John McVickar (1787-1863) was the son of a leading merchant of New York City, and was of Scotch descent. Heredity and environment gave him a natural inclination toward the study of economic questions. Born in the business center of the United States, into family acquaintance with wealthy and influential men, into association with Albert Gallatin, Isaac Bronson, and Mr. Biddle, young McVickar could not escape the great problems of currency and banking which agitated his times. Although, after his graduation from Columbia College, educated as a theologian and for a time settled as rector of a parish in Hyde Park, he readily accepted the philosophical professorship made vacant by the death of Dr. Bowden in 1817; and, within a year, petitioned to have Political Economy added to his already wide domain, without any increase of salary. The year 1818 marks the establishment of economic science in Columbia College, [see William and Mary’s claim to priority] which was one of the first to recognize this subject in the United States. For several years the need of a text-book of Political Economy was deeply felt by McVickar as an aid to his lectures. In 1821 he appears to have urged Edward Everett to prepare a suitable hand-book; but the great orator, while expressing interest in the subject, pleaded other engagements. In 1825 McVickar brought out his Outlines of Political Economy. This thin octavo volume, which an American student may well prize if he can now secure a copy, was an American adaptation of J. R. McCulloch’s article on Political Economy originally published in the Edinburgh supplement to the old Encyclopædia Britannica [1824, vol. 6, pp. 216-278]. This article, by the first Ricardo lecturer on Political Economy, well deserves comparison with that in the new edition of the Encyclopædia Britannica [by J. K. Ingram in the 9th ed., vol. 19 (1885), pp. 346-401], for the sake of the historical method which both articles represent. McCulloch, with his review of the rise of economic science, the mercantile system, the manufacturing system, the opinions of Mr. Mun, Sir Josiah Child, Dudley North, Mr. Locke, et al., may be as truly called a representative of the historical school of economics as Knies or Roscher.

It is interesting to reflect that the English historical method of J. R. McCulloch was introduced into America by John McVickar, more than twenty-five years before the rise of either of these German pioneers. By more than fifty years did the Scotch student of McCulloch and Adam Smith anticipate the American disciples of Knies and Roscher in advocating historico-political economy. McVickar appended many original notes to McCulloch; and, among other good things, he said of political economy: “To the rising government of America it teaches the wisdom of European experience.” He called economics “the redeeming science of modern times-the regenerating principle that, in connection with the spirit of Christianity, is at work in the civilized governments of the world, not to revolutionize, but to reform.” Besides his original notes, which show not only deep moral, but profound practical insight into economic questions, McVickar appended a general summary of economic science, which probably reveals something of his own method of presenting the subject to his classes. This text-book, which is said to be “the first work on the science of political economy published in America,”* (McVickar’s Life of John McVickar, 85) was welcomed by Chancellor Kent and Thomas Jefferson in the warmest terms. The sage of Monticello said of the subject which the book represented: “I rejoice to see that it is beginning to be cultivated in our schools. No country on earth requires a sound intelligence of it more than ours.” Among the early economic writings of McVickar are the following pamphlets: Interest Made Equity (1826), an English article, like his textbook, with American notes; Hints on Banking (1827), an original paper of forty or more pages, addressed to a member of the New York legislature, and said to have been the origin of the free banking law of New York (1833), and the scientific forerunner of practical reforms in the Bank of England, 1844, and also the National Bank Act of the United States in 1863 (Appendix to the Life of McVickar, 411). A more distinct foreshadowing of our present national system of banking was Professor McVickar’s article, published in 1841, entitled “A National Bank: Its Necessity and most Advisable Form.” This and other financial articles were published by McVickar in the New York Review, which closed its influential career in 1842. He wrote on “American Finance” [“American Finances and Credit,” The New York Review, Vol. VII, (July 1840).]; on “The Expediency of Abolishing Damages on Protested Bills of Exchange”; on “The Evils of Divers State Laws to regulate Damages on Foreign Bills of Exchange,” &c. A complete bibliography of the writings of John McVickar would be a helpful addition to the Dewey system of classification in the excellent library of Columbia College. In the history of economic thought in the United States John McVickar will surely take an honorable place as an academic pioneer. Practical economists, like Franklin, Robert Morris, and Alexander Hamilton, this country had, indeed, developed; but professorial economists, with original and independent views, were rare in America before the days of John McVickar. His chief rival to priority was Professor [Thomas] Cooper, of Dickinson College and of the University of Pennsylvania, the friend of Jefferson, and the predecessor of Francis Lieber, in Columbia, S.C. By a singular chance the two lines of economic teaching came together at last in Columbia College, New York, when, in 1857, Francis Lieber was called to that institution as the successor to John McVickar.

* This statement… is not strictly true, for Destutt Tracy’s Treatise on Political Economy appeared in 1817. McVickar undoubtedly deserves great credit for pioneer work, but the claim to absolute priority in this country as a lecturer upon Political Economy, asserted for him by his filial biographer, should be viewed with caution until the facts are more fully known,

The subject of History was also taught by Professor McVickar as a branch of his philosophical department. The statutes of Columbia College show that from the beginning of the present century Greek and Roman History, or Classical Antiquities, remained in the hands of the classical department. But some attention was always given to Modern History; and this appears to have been intrusted to the professor of Philosophy, Rhetoric, and Belles Lettres. It was probably a natural continuation of the original historical work of John Gross, teacher of Geography and German, who was made Professor of Philosophy, also, in 1787. The preparation which Professor McVickar enjoyed for the teaching of history was not as good as that which came to him by nature and associations for the teaching of political economy. While yet a theological student, he appears, however, to have pursued a course of historical reading, and to have invented a system of mnemonics which he applied to Bossuet’s Chronology. Entering upon his professorship, McVickar worked out his own methods of instruction by a long course of experience, the results of which may be generalized upon the basis of the following authentic testimony.

In a report of a committee of the trustees of Columbia College, a statement was made, in 1856, by Professor McVickar, with respect to the duties of his department. He said his professorship comprised a “union of historical and philosophical studies,” of which he advised the division. To the sophomores, during their first semester, he taught “Modern European History, more especially from the latter half of the fifteenth century, being the period suggested by Heeren as the true commencement of the European system. The second session was the exact and critical study of English History, as the great storehouse of our political wisdom. In addition to this, there were essays on subjects connected with the course read and criticised in the lecture-room; the whole embodied in notes, as stated in my annual reports.” In regard to his method of teaching, Professor McVickar told the committee that any good history in the hands of students was sufficient. He said, “The subject is studied, not the text-book. My practice is, at the commencement, to explain the subject of text-books, and to give the class a list of the best, any one of which would be satisfactory. I have made it a point to ascertain from the best students of other colleges the results of studying from text-books, and have felt that such instruction makes little impression on the memory.” In reply to a question from the committee as to whether he delivered his lectures from notes, Professor McVickar said: “I have written notes; and in the earlier periods I used to read lectures. Experience brought me to a freer use of notes, as guiding the analysis of the subjects, but not controlling the words.” All this has a modern tone, and indicates a man of sensible ideas. There was, however, one radical fault found with Professor McVickar, which he perhaps inherited from Dr. Bowden; he did not succeed in keeping good discipline among his students. In his eulogy of Dr. Bowden, McVickar said, with a certain reflex significance, “As a disciplinarian he held lightly the staff of authority.” McVickar’s own students appear to have recognized this amiable weakness in their master, and to have presumed upon it. Some dissatisfaction was felt by the administration with what was allowed in the recitation-room of Professor McVickar; and the inquiry into his methods of instruction reveals a certain animus, with a decided tendency toward a reconstruction of the entire department.

In 1857, by the advice and consent of Professor McVickar, the duties of his too laborious and too comprehensive professorship were divided into three independent chairs: (1) Moral and Intellectual Philosophy; (2) Ancient and Modern Literature (Belles Lettres); (3) History and Political Science. Professor McVickar was transferred to the chair of Evidences of Natural and Revealed Religion which he held until 1864, when he retired from office, his duties passing to the then president. The chair of Philosophy was given to Professor Charles Murray Nairne. The chair of Belles Lettres was offered to Samuel Eliot, of Boston; but he declined it, and the duties were then intrusted to Professor Nairne.

Source: Adams, Herbert B. The Study of History in American Colleges and Universities. Bureau of Education, Circular of Information, No. 2, 1887. (Washington: Government Printing Office, 1887), pp. 61-63.

Image Source: Frontispiece from William A. McVickar, The Life of the Reverend John McVickar, S.T.D.] (New York: Hurd & Houghton, 1872.

Categories
Economists Undergraduate William and Mary

William and Mary. Claim to being the first U.S. college to have political economy in its curriculum. Textbook Tracy, 1817

In an earlier post Economics in the Rear-view Mirror gathered links to monographs on the history of education in individual states of the U.S. under the general editorship of Johns Hopkins history professor Herbert B. Adams and published by the Bureau of Education. Another monograph was written and published by Adams on the study of history at American colleges and universities. Back in 1887 departments of history were intertwined with public law, diplomacy, political economy, and government so it should come as no surprise that the study of history monograph provides much interesting material on the place and progress of the academic discipline of political economy. 

Chunks of Adam’s monograph will be served over the coming weeks, educational institution by institution, economist by economist. Anecdotal evidence is best served like hors d’oeuvres. Readers may BYOB.

Today’s post gives us Adams’ call (put into a footnote in a section about Columbia College in the early 19th century) that the College of William and Mary, thanks to the encouragement of Thomas Jefferson, has a legitimate claim to have at least tied Columbia College in adding political economy to the curriculum. 

The department of economics at William and Mary website, relying on more recent research, awards itself priority in a webpage that sketches the history.

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William and Mary College is an historic rival of Columbia with regard to priority of recognition of economics in the curriculum. In a letter from Joseph C. Cabell to Thomas Jefferson, dated August 4, 1816, is this statement: “Dr. [John Augustine] Smith has adopted the review of Montesquieu [by Count Destutt Tracy] as the text-book on the Principles of Government for the students of William and Mary. He will adopt either Say or Tracy on Political Economy, as the one or the other may appear best, when the latter comes out.” Tracy’s Treatise on Political Economy, for the translation and publication of which Jefferson had early arranged, was issued from the press of Joseph Milligan, at Georgetown, D. C., in 1817, with a brief introductory sketch of the history of economic literature from Jefferson’s own pen. Cabell was meditating a translation of Say, but gave up the project [see, C. R. Prinsep’s translation of Say’s A Treatise on Political Economy (1821)]. Volume I ; Volume II] Tracy’s elaborate Review of Montesquieu was published at Jefferson’s instance in Philadelphia, circa 1812. This work, which was adopted at William and Mary College in 1816, contained Tracy’s economic views. Jefferson said, when recommending it through Cabell: “Dr. Smith, you say, asks what is the best elementary book on the principles of government? None in the world equal to the Review of Montesquieu, printed at Philadelphia a few years ago. It has the advantage, too, of being equally sound and corrective of the principles of political economy, and all within the compass of a thin 8vo.” Jefferson was one of the first promoters of political economy in this country. In 1816 he wrote to Cabell that he would render the country a great service by translating Say, “for there is no branch of science of which our countrymen seem so ignorant as political economy.” Jefferson came very near capturing the French economist for his own Central College, afterward the University of Virginia. Jefferson wrote to his friend Cabell January 5, 1815: “I have lately received a letter from Say. He has in contemplation to remove to this country, and to this neighborhood particularly.” Failing in that brilliant scheme, Jefferson secured, in 1817, the professorial services of Dr. Thomas Cooper, the English economist and refugee, who had settled in Pennsylvania some years before, and had there written upon economic subjects. As early as 1810 Jefferson said of Cooper: “The best pieces on political economy which have been written in this country were by Cooper.” This universal scholar, of whom so little is now known, never actually taught political economy in the University of Virginia, which chose him for its first professor, but from which he early resigned on account of sectarian opposition. He became eminent as a teacher of economics in the College of South Carolina, where he early published a text-book of political economy, which should be compared with that of McVickar.

Source: Adams, Herbert B. The Study of History in American Colleges and Universities. Bureau of Education, Circular of Information, No. 2, 1887. (Washington: Government Printing Office, 1887), pp. 61-62.

Image Source: John Augustine Smith’s portrait from the Encyclopedia Virginia website. Credit:  University Archives Photographs Collection, Special Collections Research Center, Swem Library, College of William and Mary