Category: Undergraduate

Harvard. Application for Admission to Economics Ph.D. Program. Edward H. Chamberlin, 1922

Post author By Irwin Collier
Post date 2021-11-12

The archived student records of the Graduate School of Arts and Science at Harvard University provide us material needed to write a prequel to a Ph.D. economist’s professional biography. To illustrate the the richness of such material, I have transcribed Professor Edward Hasting Chamberlin’s application materials that he submitted to Harvard. Judging from a couple of issues of Iowa’s “The Hawkeye Yearbook”, it does appear that Edward Chamberlin was quite a Busy Man on Campus during his undergraduate years.

Pro-tip. More information about the faculties and courses of instruction during Chamberlin’s pre-Harvard university days can be culled from the respective university catalogues archived at hathitrust.org:

Catalogues of the State University of Iowa.
Catalogues of the University of Michiga n.

Fun-fact: Edward H. Chamberlin played the role of Geoffrey Rawson in the production of Mrs. Bumpstead-Leigh performed May 12, 1920 at the Englert Theatre (joint production of the Erodelphian Literary Society and Irving Institute). The Hawkeye Yearbook, 1921.

_____________________________________

POLITICAL ECONOMY, SOCIOLOGY,
BUSINESS ADMINISTRATION

532 Thompson St.
Ann Arbor, Mich.
April 11, 1922.

Mr. George W. Robinson, Secretary
The Graduate School of Arts and Sciences,
Harvard University,
Cambridge, Mass.

Dear Sir:

Enclosed with this letter are transcripts of my work at the State University of Iowa and at the University of Michigan and my application for admission to candidacy for the degree of Doctor of Philosophy in Economics at Harvard University. Under separate cover I am making marked copies of the University of Michigan and the State University of Iowa. In some cases the catalogues do not indicate the work taken on account of changes. In these instances I have tried to duplicate the needed information in the margins.

I am making my application early so that I may know in advance as much as possible about the work I must take for my degree I presume that individual courses are not settled upon until after a conference. I shall be glad if I may know this spring how much credit will be allowed me for previous work, how much additional coursework will be required, and in what general branches.

Very truly yours,
[signed]
Edward H. Chamberlin

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

THE GRADUATE SCHOOL OF
ARTS AND SCIENCES

APPLICATION FOR ADMISSION TO CANDIDACY FOR A DEGREE IN ARTS OR PHILOSOPHY

NAME: E. H. Chamberlin

DATE April 1922

DEGREE APPLIED FOR Ph.D.

SUBJECT Economics

COLLEGE State U. of Iowa and U. of Mich.

REMARKS

B, except for French

25 Apr. 1923: French O.K.

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

HARVARD UNIVERSITY
THE GRADUATE SCHOOL OF ARTS AND SCIENCES

Application for Admission to Candidacy for a Degree in Arts or Philosophy

[Note: Chamberlin’s responses in his application have been highlighted using boldface.]

Return this application, with certificates of other evidences of scholarship and character, to the Secretary of the Graduate School of Arts and Sciences, No. 24 University Hall, Cambridge, Mass.

Applications for the degree of Master of Arts or Doctor of Philosophy will be received as late as the fifteenth day of January of the academic year in which the degree is to be taken; but candidates are urged to file their applications at the beginning of the year or ealirer, so that they may receive timely advice with reference to the work that will be expected of them for the degree.

The application should be accompanied by a Recorder’s or Registrar’s certificate of the applicant’s college or university work, and also, if possible, by a college catalogue or catalogues in which the studies he has taken are clearly marked. Final admission to candidacy for a degree is always conditional upon satisfactory official certification of the facts stated in the application.

Applications for the degree of Doctor of Philosophy should be filed, if possible, at the beginning of a student’s Graduate work for the degree.

An applicant for the degree of Master of Arts, who wishes to take later the degree of Doctor of Philosophy, should state the fact in his application for the Master’s degree, which will then be considered with reference to both degrees.

Full name. Edward Hastings Chamberlin
Post-office address. (Give prompt notice to the Secretary of the Graduate School of Arts and Sciences of any change.). 532 Thompson St., Ann Arbor, Mich.
Date and place of birth. La Conner, Wash. May 18, 1899.
High schools or other preparatory schools attended, and periods of attendance. Iowa City (Iowa) High School. 4 years
Colleges and universities attended and periods of attendance. What course did you take (classical, literary, scientific, etc.)? Univ. of Iowa. 1916-1920. Commerce; Univ. of Michigan. graduate. 1920-1922.
If you are an undergraduate, state: (a) What degree you expect, and when. [left deliberately blank]. (b) Rank or average standing in class [left deliberately blank]
If you have received a degree, state what degree, from what college, and when. B.S. in Commerce, Univ. of Iowa, June, 1920; M.A. University of Michigan, June, 1922.
If you have been a Graduate student at any college or university, state where, when, and in what subjects. State University of Iowa, summer sessions 1920 and 1921. Income Tax. Pol. Science; Univ. of Michigan 1920-1921, 1921-1922, Economics, Philosophy. and name your principal teachers in those subjects. Iowa. Prof. R. A. Stevenson [Associate Professor of Accounting, Russell Alger Stevenson, B.A. Michigan, 1913; M.A. Iowa, 1915; Ph.D. Michigan, 1918], Prof. Jacob Van der Zee [Assistant Professor of Political Science Jacob Van der Zee, B.A. Iowa, 1905; B.A. Oxford, 1908; M.A. 1913; LL.B. Iowa, 1913]; Michigan, Prof. F. M. Taylor [Professor of Political Economy and Finance Fred Manville Taylor, Ph.D.], Prof. I. L. Sharfman [Professor of Economics Isaiah Leo Sharfman, A.B., LL.B.], Dean Alfred H. Lloyd [Professor of Philosophy and Dean of the Graduate School Alfred Henry Lloyd, Ph.D.].
Honors or other evidences of high scholarship awarded to you. Phi Beta Kappa. Beta Gamma Sigma.
For what degree (or degrees) do you wish to be a candidate, and when? Doctor of Philosophy in Economics, September 1922.
Of the following branches, underscore once those which you have studied in college, and [mark with an asterisk (*)] those in which you have done advanced work. This information should be supplemented by a carefully marked and annotated catalogue or calendar.

Hebrew	Government	Physics
Sanskrit	*Economics	Chemistry
Greek	Sociology	Botany
Latin	*Philosophy	Zoölogy
English Composition	Education	Geology
English Literature	Fine Arts	Physiography
German	Architecture	Mineralogy
French	Music	Mining
Italian	Mathematics	Anthropology
Spanish	Astronomy	Subjects not classified above.
History	Engineering	Psychology
		Journalism

(a) State which of the languages named below you have studied, and how long in each case. German 1 1/2 yrs. high school; 2 yrs. Univ. French [deliberately blank], Greek [deliberately blank], Latin 2 years high school. Any modern foreign language other than German and French. Spanish. (b) Do you know German and French well enough to be able to consult works on your subject in these languages? German-yes; French-no.
In what subject do you wish to be considered as a candidate for a degree? State in detail your previous work in this subject.

Economics
Industrial History 4 sem. hrs.	Intro. to Econ. Theory 6 sem. hrs.	Research in Accounting 2 sem. hrs.
Commercial Geography 4 sem. hrs.	Cost Accounting 4 sem. hrs.	Railroads 3 sem. hrs.
Prin. of Economics 6 sem. hrs.	Public Utility Accounting 2 sem. hrs.	Essentials of Ec. Theory (continued) 2 sem. hrs.
Prin. of Accounting 6 sem. hrs.	Income Tax 2 sem. hrs.	*The course in Ec. statistics had nothing to do with statistics but dealt with the nature of income and sundry other subjects.
Business Efficiency 4 sem. hrs.	Essentials of Econ. Theory 2 sem. hrs.
Corporation Finance 4 sem. hrs.	Commercial Law 4 sem. hrs.
Banking 2.6 sem. hrs.	Economic Statistics 4 sem. hrs.*
Problems of Peace and Reconstruction 1.3 sem. hrs.	Studies in Econ. Theory (History of Econ. Thought) 2 sem. hrs.
Industrial History 4 sem. hrs.	Intro. to Econ. Theory 6 sem. hrs.

Present occupation. (State definitely.) Instructor in Economics, University of Michigan.
If you are, or have been a teacher, what positions have you held? at what institutions? in what subjects? and during what periods of time? Instructor, University of Michigan (1920.-1921; 1921-1922) and University of Iowa (Summer Session 1921); Economics and Accounting—Sept. 1920 to June 1922.
From whom can information as to your previous work be obtained? Prof. F. M. Taylor [Professor of Political Economy and Finance Fred Manville Taylor, Ph.D.], and Prof. I. L. Sharfman [Professor of Economics Isaiah Leo Sharfman, A.B., LL.B.], Ann Arbor, Mich.; Prof. F. H. Knight [Associate Professor of Economics Frank Hyneman Knight, B.S. Tennessee, 1913; A.M. 1913; Ph.D. Cornell, 1916], University of Iowa, Iowa City, Iowa.
List of printed and written documents submitted with this application. Catalogue, University of Michigan—separate cover; Catalogue, University of Iowa—separate cover; Certified record of courses pursued from Iowa and Michigan

Signature. [signed] Edward H. Chamberlin
Place of writing this application. Ann Arbor, Michigan.
Date. April 11, 1922

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

THE STATE UNIVERSITY OF IOWA
IOWA CITY

TRANSCRIPT OF RECORD

of Edw. Hastings Chamberlin
College Liberal Arts

Secondary Credits Accepted from Iowa City, Iowa

	Units
Latin	2
French
German	1½
English	4
History—Gv.—Econ.	2
Algebra	1½
P. & S. [Plane & Solid] Geometry	1½
Science	2
Draw.	2
	16	Entrance conditions: none

Degree B.S.C. Conferred [date] 6-15-20

This is a true statement of the credit earned by Edw. Hastings Chamberlin in the college of Liberal Arts of the State University of Iowa.

[signed] [?Signature illegible], Asst Registrar
Date 7/31/20

1916-17

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Drill		excused	½	B
	Phy Training		excused	½	Cr
	Fresh. Sect.	1	C
1, 2	Eng. (Rhet.)	2	A	2	B
13, 14	German (Interm.)	5	C	5	C
5	Math. (Trig. Alg.)	5	A
3	Econ (Ind.Hist.)	4	B
4	Econ. (Com. Geog.)			4	B
6	Math. (An. Geom.)			5	A

1917-18

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Drill	.5	Cr	.5	Cr
1	Econ (Prin.) 1(2)	3	B	3	C
7	Econ. (Elem.Acc.) 7(8)	3	A	3	A
21	Eng. (Lit.) 21(22)	3	B	3	B
51	Spanish (Elem.) 51(52)	5	A	5	A
179	Eng. (Editing) 179	2	C
	Phy. Tr.			.5	C

1918-19

Cat No	Subjects	1^st Sem		2^nd Sem
Cat No	Subjects	Hrs	Gr	Hrs	Gr
	Psych. (Elem.) 1,2	2	B	2	B
	Span. (2d yr.) 54,55	2	A	2	A
	Econ. (Efficiency) 167,168	2	B	2	A
	Econ. (Corp. Finance) 143,144	2	B	2	B
	Econ. (Banking) 165,166	1.3	B	1.3	A
	Econ. (Prob. Peace & Recon.) 50	1.3	C

	Officers’ Training Course, Fort Sheridan, Ill.			6 s.h.
	Service in the U.S. Army 7-18-18 to 1-15-19			10 s.h.
	1238 1254			10-11-19

1919-20

Cat No	Subjects	Fall		Winter		Spring
Cat No	Subjects	Hrs	Gr	Gr	Gr	Hrs	Gr
	Com. (Intro. Econ. Theory) 135	2	A	2	A	2	A
	Com. (Cost Account) 131	2	B	2	A
	Com. (Com. Law) 189	1.3	B	1.3	B	1.3	A
	Math. (2d yr. L.A. Math) 3	2.7	A	2.7	A	2.7	A
	Com. (Pub. Ut. Acc’t) 132					2	A

Summer Session 1920

Cat No	Subjects	July
		Hrs	Gr
	Econ VI	2	A

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

Summer Session 1921

Cat No	Subjects	August
Cat No	Subjects	Hrs	Gr
	Pol Sci 11S	1.6	P
	Pol Sci 117S	.4	P

[Summer Session 1921 from a card from the State University of Iowa, Iowa City. Registrar: H. C. Dorcass [University Examiner and Registrar Herbert Clifford Dorcas, B. Ph. Iowa, 1895; M.A. Columbia, 1903] 9/19/21]

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

UNIVERSITY OF MICHIGAN
ANN ARBOR

GRADUATE SCHOOL
OFFICE OF THE DEAN
[Transcript of courses taken
by Edward H. Chamberlin]

April 7, 1922.

TO WHOM IT MAY CONCERN:

This is to certify that Mr. Edward H. Chamberlin, B.S. in Commerce, University of Iowa, was admitted to this Graduate School in the fall of 1920 as a candidate for the Master’s degree. During his residence in the School, Mr. Chamberlin has pursued the following courses:

First Semester, 1920-21
Course	No.	Credit	Grade
Economics	8	2 hrs.	B
Economics	13d	2 hrs.	A
Economics	17	1 hr.	A
Second Semester, 1920-21
Economics	7	2 hrs.	A
Economics	8a	2 hrs.	B
Economics	18	1 hr.	A
First Semester, 1921-21
Philosophy	9a	3 hrs.	A
Economics	6	3 hrs.	A
German	*9c	——	B
Second Semester, 1921-22
Economics	8	2 hrs.	Now taking.
Philosophy	9b	3 hrs.	Now taking.
German	*10c	——	Now taking.
A=Excellent, B=Good, C=No graduate credit, *Undergraduate course

Mr. Chamberlin was granted credit towards the Master’s degree at this University for graduate work done at the State University of Iowa. Upon the satisfactory completion of the work now being pursued, the degree of Master of Arts will be conferred upon Mr. Chamberlin in June, 1922.

[signed] Alfred H. Lloyd
Dean, Graduate School.

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

Carbon Copy of Reply to Chamberlin’s Application of 11 April 1922

13 April 1922

My dear Sir:

Your application for admission to the Graduate School of Arts and Sciences as a candidate for a higher degree has been received and examined. The obvious difficulty in your case is your deficiency in French. I accordingly advise you to devote as much time as possible to work in this language between now and next fall. In the meantime you will do well to look over the scheme of subjects from which selections are made, in preparation for the general or preliminary examination for the doctorate, and at the beginning of the year you should consult Professor Charles H. Haskins, Dean of the Graduate School of Arts and Sciences, as to the arrangement of your work. i see no specific deficiency in your preparation other than the French, and I see no reason to doubt that you can arrange a satisfactory plan of work for the doctorate in consultation with Dean Haskins and with the Department of Economics. It is impossible at present to make any very definite estimate of the length of time that your work would require. I should suppose that you ought to plan for two solid years at least, with the idea that if your work is not completed by the end of that time you may perhaps be able to finish up your thesis in absentia, and then to come back for your final examination. If a part of your time during either of the two years is devoted to work as assistant or instructor, at least a third year in residence would presumably be necessary.

Very truly yours,
[Carbon copy unsigned]

Edward H. Chamberlin

Source: Harvard University Archives. GSAS student folders (UAV161.201.10), Box 117, Folder: E. H. Chamberlin.

Image: Edward Chamberlin. University of Iowa. The Hawkeye 1920, p. 37.

Tags Chamberlin, Knight, Sharfman, TaylorFM

Courses Harvard Undergraduate Yale

Yale. Sheffield Scientific School, Ethics of Business Lectures for Seniors, endowed by Edward D. Page, 1908-1915

Post author By Irwin Collier
Post date 2021-09-14

In the previous post we met the 1896 Columbia University economics Ph.D., Henry C. Emery, who went on to become a professor at Yale. In preparing that post, I came across the Page Lecture Series for the senior class of the Sheffield Scientific School at Yale University and wondered who was the Sheffield alumnus who sponsored that series and so this post was born.

It appears that the series only ran from 1908-1916 with only the first eight rounds resulting in published volumes.

The sponsor of the lecture series, Edward Day Page (1856-1918) was an 1875 graduate of the Sheffield Scientific School of Yale and a successful business man who closed down his dry goods commission partnership and retired from active business in 1911. Included below is an excerpt from an 1886 letter by Page to The Nation that provides a comparison between political economy taught at Yale and Harvard claiming the superiority of Harvard’s broader use of elective courses. This is followed by obituaries for his firm and him, respectively. Finally, we discover that his New Jersey estate was one of the list of places that have a legitimate claim to George Washington having had slept there.

Edward Day Page was a rare sort of business man (now an endangered species) who appears to have thought deeply about what constitutes ethical behavior in the conduct of business.

__________________________

Page Lecture Series.
Addresses delivered before the Senior Class of the Sheffield Scientific School, Yale University.

“For some time prior to [1908] the authorities of the Sheffield Scientific School had been considering the possibility of a course of five lectures dealing with the question of right conduct in business matters, to be given to the members of the Senior Class toward the end of their college year. While these addresses were to be in a sense a prescribed study for members of the Senior Class, it was intended that the course should not be restricted to them but should be open to all members of the University who might desire to attend. Through the generosity of Mr. Edward D. Page, of New York City, a graduate of the Sheffield Scientific School in the Class of 1875, this course, now named for the founder, was established in the summer of 1907; and in the spring of 1908 the first lectures in the series were delivered…”

Source: Morals in Modern Business, addresses delivered in the Page lecture series, 1908, before the senior class of the Sheffield scientific school, Yale university. New Haven: Yale University Press, 1909. Publisher’s note, p. 5

Morals in Modern Business (1908 address, published 1909)

The Morals of Trade in the Making. Edward D. Page
Production. George W. Alger
Competition. Henry Holt
Credit and Banking. A. Barton Hepburn
Public Service. Edward W. Bemis
Corporate and Other Trusts. James McKeen

Every-day Ethics (1909 Lectures, published in 1910)

Journalism. Norman Hapgood
Accountancy. Joseph E. Sterrett
Lawyer and Client. John Brooks Leavitt
Transportation. Charles A. Prouty
Speculation. Henry C. Emery

Industry and Progress by Norman Hapgood (1910 Lectures, published in 1911).

Trade Morals: Their Origin, Growth and Province by Edward D. Page (1911 Lectures, published in 1914).

“This book is the outgrowth of a course of lectures delivered to the graduating class at the Sheffield Scientific School of Yale University in the spring of 1911. Their object was to show in some consecutive form the growth of trade morals from the social and mental conditions which form the environment of business men, and to illustrate their meaning and purpose in such a way as to clarify if not to solve some difficulties by which the men of our time are perplexed. The lecturer took for granted a basis of knowledge such as is possessed by undergraduate students of the natural and social sciences, and the effort was made to carry minds so prepared one step further along toward the interpretation of some of the problems with which they would soon be compelled to cope. Nearly all of them were shortly to come into contact with business — to engage in it, in fact — and he felt that it was important that they should make this start with some definite notion of the values and problems involved in the business side of their vocational career.

Politician, Party and People by Henry Crosby Emery (1912 Lectures, published in 1913)

Questions of Public Policy. (1913 Lectures, published in 1913)

The Character and Influence of Recent Immigration. Jeremiah W. Jenks
The Essential and the Unessential in Currency Legislation. A. Piatt Andrew
The Value of the Panama Canal to this Country. Emory R. Johnson
The Benefits and Evils of the Stock Exchange. Willard V. King.

Ethics in Service by William Howard Taft. (1914 Lectures, published in 1915).

Industrial Leadership by H. L. Gantt. (1915 Lectures, published 1916).

Character and Conduct in Business Life by Edward D. Page. (1916 Lectures)

__________________________

Harvard-Yale Comparison (1886)
by Edward D. Page

The second cause which has determined the progress of Harvard is the great extension of optional studies which has taken place under the administration of President Eliot. It is not my purpose to enter into any argument of the merits of the optional system. It has existed at Harvard for forty-five years, during the last fifteen of which it has had broad extensions and thorough trial. Facts speak for it. It is undeniably popular among both students and instructors. It has been denounced by Yale’s venerable triumvirate and their backers as wasteful and demoralizing. Yet they yielded so far to popular clamor, some five years since, as to formulate the system of limited election which now prevails in the two upper classes. If elective studies are good, why were they not adopted years ago? If, on the contrary, they are bad, why adopted at all?

The following table shows, for the college year 1885-86, the number of hours weekly which the student can devote to the studies of his own choice:

HOURS OF ELECTIVE STUDIES (PER WEEK).
	Yale.	Harvard.
Freshman Class	None	9
Sophomore Class	None	All
Junior Class	9	All
Senior Class	13	All

In this respect, then, Yale stood till five or six years ago just where she stood in the eighteenth century, and stands to-day almost exactly where Harvard stood in 1841. Of course the opportunities of choice are far greater at Yale to-day than they could be at any American college forty-five years ago: but they are still far inferior to the advantages which Cambridge now affords.

Subjoined is a table showing the courses given in the Academical Department of each university, and the number of hours of instruction offered weekly in each course:

	Yale.	Harvard.
Semitic Languages	1	17
Indo-Iranian Languages	4	12
Greek	13 ½	39 ½
Latin	17 ½	37 ½
Greek and Latin Philology, etc.	…	6
English and Rhetoric	10	24
German	15	20
French	18	26
Italian	6	10 ½
Spanish	6	10 ½
Philosophy and Ethics	11	25
Political Economy	4 ½	14
History	11 ½	24
Roman Law	1 ½	4 ½
Fine Arts	…	10 ½
Music	…	14
Mathematics	30 ½	42 ½
Physics	4	23 ½
Chemistry	2	24
Natural History	11	49 ½
International Law, etc.	1 ½	…
Linguistics	½	…
Hygiene	1	…
	170	434 ½

In other words, the Harvard undergraduate has the allurement and opportunity of over two and a half times the amount of instruction that is offered by Yale. In this respect the latter is somewhat behind where Harvard was in 1871, when 168 hours were offered in the elective courses alone.

Thoroughness of instruction is a more difficult factor to estimate, and one which I approach with great diffidence. I shall be contented with a table of comparison showing the courses given in political economy, which, in importance to the citizen, yields to no other science. At Harvard the instruction is given by a professor, an assistant professor, and an instructor. At Yale one man performs all these functions and is Professor of Social Science as well. The time occupied by each course is reduced to the number of hours per week annually offered:

YALE.		HARVARD.
Elementary course.	1 ½ hrs.	Elementary course.	3 hrs.
Longer elementary course	2 hrs.
		History of economic theory	3 hrs.
		Economical history of America and Europe	3 hrs.
		Tariff legislation	1 hr.
		Financial legislation	1 hr.
Discussion and investigation	1 hr.	Discussion and investigation	3 hrs.
		Independent research say	3 hrs.
For Seniors	4 ½ hrs.	For Sophomores, Juniors, and Seniors.	17 hrs.

From this it is apparent that something more is offered at Harvard than a merely superficial knowledge of a subject which few men have the time to pursue in after life. Yale now devotes scarcely more time to the subject than Harvard did in 1872.

It may be well to note in passing that while psychology is a required study for four terms at Yale, political economy is an optional study, which can be pursued at utmost for but two. It is difficult to discern the principle on which this discrimination is based, unless, indeed, that otherwise a smaller attendance would flatter the one course given by the President of the University!

Source: From Edward D. Page, “A Comparison” the Nation, 25 February 1886. A follow-up to his article “Two Decades of Yale and Harvard” 18 February, 1886.

__________________________

Edward Day Page’s Business Career

Old Dry Goods Firm to Quit
Faulkner, Page & Co., in Business 78 Years, to End with the Year.
The New York Times. 9 October 1911

Conformable to the wishes of the two senior partners, who are eager to retire, the dry goods commission firm of Faulkner, Page & Co., of 78 Worth Street and 80 Fifth Avenue, will go out of business at the end of the current year, after seventy-eight years of activity.

The business was founded in Boston in 1834, by Charles Faulkner, who had been a salesman for Thomas Tarbell, a dry goods jobber of Boston. Faulkner’s family operated several woolen mills, and he united the agency for these mills with the business of Mr. Tarbell, under the namerof Thomas Tarbell & Co.

In 1850 the name of the firm was changed to Faulkner, Kimball & Co., Thomas Tarbell retiring, and M. Day Kimball and Robert C. Billings being admitted. The importing end of the business was dropped at the outbreak of the civil war, and the house went more largely into the sale of goods, both woolen and cotton, manufactured by New England mills. On Jan. 1, 1859, Henry A. Page, a nephew of Mr. Kimball, who had been brought up in the retail dry goods business in Haverhill, Mass., was admitted to partnership. Mr. Page came to New York and opened a branch office, the business of which grew rapidly, and within three years its sales had passed those of its Boston parent. On the death of Mr. Kimball in 1871 the name of the firm was changed to Faulkner, Page & Co. In 1870 Joseph S. Kendall, formerly senior partner of Kendall, Cleveland & Opdyke, had been admitted, and in 1878 Alfred W. Bates, formerly of Leland, Allen & Bates, and George M. Preston, a nephew of Mr. Faulkner, became members of the firm.

Edward D. Page, now the senior partner, entered its employ as an office boy in 1875, upon his graduation from Yale. He was admitted to the firm in 1884. Charles Faulkner died later in the same year.

Shortly after the death of Henry A. Page in 1898, and of Robert C. Billings in 1899, the firm was reorganized. George W. Bramhall, formerly of Bramhall Brothers & Co., joined on Jan. 1, 1900, and on Jan. 1, 1903, Nathaniel B. Day, formerly of H.T. Simon & Gregory of St. Louis, but at that time selling agent for the Mississippi Mills, was admitted to partnership. Alfred W. Bates died in 1892; Joseph S. Kendall died in 1903.

Satisfactory arrangements haven made for transferring the mill accounts of the retiring firm to other well established houses.

__________________________

Obituary for Edward Day Page
The Morning Call (Patterson, New Jersey). 26 December 1918. Pages 1, 9.

STRICKEN FATALLY AT DINNER TABLE
Edward Day Page, Scientist and Art Patron, Dies While Entertaining Friends.

ESTATE AT OAKLAND.
Was Known in This City for His wonderful collection of Paintings and His Library.

Edward Day Page, known in the mercantile and scientific circles of this country and Europe, died of heart failure yesterday afternoon while eating a Christmas dinner with his family and guests at his residence in Oakland. Mr. Page, a graduate of the Sheffield scientific school of Yale university, class of 1875, was a member of forty-two scientific societies and other organizations In the United States and European countries. The library attached to his late home contains 40,000 volumes.

For the past three weeks Mr. Page had been suffering from influenza and pleurisy. His physician reported that he was on the road to recovery, therefor his sudden death yesterday came as a great shock to the family. News that Mr. Page had passed away brought forth many expressions of deep regret in Oakland, where the deceased man was the leading and wealthiest citizen.

The deceased man was born in Haverhill, Mass., in 1856. He was a resident of Oakland for several years and was known in Paterson. At the outbreak of the war between this country and Germany. Mr. Page was appointed as chairman of the civilians’ advisory committee to the quartermaster’s department and acted also as the expert on textiles for the department. He continued in this service until the quartermaster’s department was reorganized. In New York Mr. Page was a member of the Century club, Merchants’ club, and up to the time of his death took an active interest in the affairs of the Merchants’ association of New York. Mr. Page published several books on political and economical subjects which were well received throughout the country. At the time of his death he was editor-in-chief of the Sussex Register, part of the estate of his late son, Harry S. Page, who passed away about a year ago. Until several years ago, Mr. Page was a member of the late firm of Falkner, Page & Co., commission merchants, of New York.

The Page property, consisting of 700 acres of ground and the most up-to-date equipment and buildings, was looked upon by residents and farmers throughout the northern part of the state as an ideal farm. It has been said that the Page home has no equal In beautiful surroundings. The residence holds an exceedingly valuable collection of paintings, Mr. Page having been a connoisseur of the art, and a magnificent organ. Mr. Page’s library of 40,000 books is believed to have no equal as a private collection in the country.

In naming his property Mr. Page selected “Die Tweeligen,” which, in the German language, means “The Twins.” This name was chosen because of two great boulders found on the property. Mr. Page named his farm “The Vygeberg.”

Mr. Page was a resident of Oakland since 1896. His son, Lee Page, is a professor of civics in Yale college. The first wife of the deceased man, who was Miss Nina Lee, of Orange, died in 1915. He married again less than a year ago, to the present Mrs. Page, who formerly was Miss Mary Hall, of Newton, by whom he is survived. A daughter, Mrs. Nelson Deitch, of Oakland, and son, Lee Page, also survive him. Funeral arrangements have not been completed.

__________________________

Fun Fact:
Washington Slept There

“It was a mere 235 years ago that General George Washington temporarily used the then-home of Hendrick Van Allen as his headquarters on July 14 and 15, 1777. The home’s history begins in 1748, when Hendrick Van Allen, his wife Elizabeth, and their ten children moved to what is today Oakland. Hendrick was a deacon at the Ponds Church, which was located approximately one mile west of his home. The stone masonry home that Hendrick built consisted of four rooms. Its architecture reflects the Dutch design of the period…

Hendrick Van Allen lived in the home with his wife and children until his death in July 1783, at the age of 76. Van Allen’s property was divided amongst his children. Records indicating the ownership of the property between 1788 and 1864 are illegible. Between 1864 and 1900, three other families owned the property.

In 1900 the property was transferred to Edward Page, a successful merchant and businessman. Edward Day Page was born in Haverhill, Massachusetts in 1856, but by 1860 was living in South Orange, New Jersey with his family. Because of his father’s business connections, Page became a partner at the wholesale dry goods firm Faulkner, Page & Co., located in New York. Page began his employment as an office boy and became a full member of the firm in 1884, eventually working his way to senior partner. The business continued until December 1911.

Edward Page’s purchase of the property in 1900 corresponds with a period in the region’s history when many wealthy New York merchants and industrialists moved from the urban centers to the rural countryside and modern suburbs of northeastern New Jersey. The 700 acres of land that Page purchased became the Vygeberg Estate, which he built for himself and his family. The estate was a working farm that encompassed almost all of the Mountain Lakes section of Oakland. Seeing the need for fresh dairy products in Oakland, the farm was primarily a dairy farm with several cow barns. As part of the estate, Page constructed a family mansion, known as De Tweelingen, barns and other necessary outbuildings, including the Vygeberg Office (Stream House), which was built in 1902 on the Van Allen House property….

Page belonged to a number of organizations and served several elected positions in Oakland including councilman from 1902 to 1908, mayor from 1910 – 1911, recorder in 1912 and as vice president of the Board of Education in 1913. Page passed away at his home in Oakland on December 25, 1918 at the age of 62.”

Source: “From Dutch Homestead to Dairy Farm Estate: The Van Allen / Vygeberg Property” in The Oakland Journal, 16 January 2014.

Image Source: Find A Grave Website, Edward Day Page.

Tags AndrewAP, Bemis, Emery, Jenks, KingWV, PageED

Economics Programs Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Exams for Undergraduate Political Economy Courses, 1923-1924

Post author By Irwin Collier
Post date 2021-07-26

Several undergraduate course exams for the 1922-23 academic year at Johns Hopkins University in Political Economy have been posted earlier. The exams for 1919-20 have also been transcribed. A more complete (though still incomplete) sample is available the the university archives for the following year and which have been transcribed for this post.

_______________________________

Johns Hopkins Faculty
for the Undergraduate Courses in Political Economy
1923-1924

Barnett, George Ernest, Ph.D., Professor of Statistics.

A.B., Randolph-Macon College, 1891; Fellow, John Hopkins University, 1899-1900, and Ph.D., 1901.

Weyforth, William Oswald, Ph.D., Associate Professor of Political Economy.

A.B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17.

Mitchell, Broadus, Ph.D., Associate in Political Economy.

A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph.D., 1918.

Jacobs, Theo, A.B., Associate in Social Economics.

A.B., Goucher College, 1901; Federated Charities of Baltimore (District Assistant, 1905-07, District Secretary, 1907-10, Assistant General Secretary, 1910-17, Acting General Secretary, 1917-19).

Newlove, George Hills, Ph.D., Associate in Accounting, School of Business Economics.

Ph.B., Hamline University, 1914; A.M., University of Minnesota, 1915; Ph.D., University of Illinois, 1918; C.P.A. (Ill.), 1918; C.P.A. (S.C.), 1919.

Gillies, Robert Carlyle, A.B., Instructor in Political Economy.

A.B., Princeton University, 1920.

Source: The Johns Hopkins University Circular, University Register 1922-1923, No. 342, January 1923. Announcements for 1923-1924.

Biographical information for George Hills Newlove found in John J. Kahle American Accountants and their Contributions to Accounting Thought, 1900-1930. Routledge Library Editions: Accounting, 2014.

_______________________________

UNDERGRADUATE COURSES
1923-24

Elements of Economics.
Particular attention is given to the theory of distribution and its application to leading economic problems

Three hours weekly through the year. Associate Professor WEYFORTH, Dr. MITCHELL and Mr. GILLIES.

Statistical Methods.

After a preliminary study of the value and place of statistics as an instrument of investigation, attention is directed to the chief methods used in statistical inquiry.

Three hours weekly, first half-year. Mr. GILLIES.

Money and Banking.

The principles of monetary science are taught with reference to practical conditions in modern systems of currency, banking, and credit.

Three hours weekly, second half-year. Associate Professor WEYFORTH.

American Trade Unionism.

The history, structure and functions of American trade unionism are studied.

Three hours weekly, first half-year. Professor BARNETT.

Labor Problems.

The problems growing out of modern industrial employment will be studied.

Three hours weekly, first half-year. Professor BARNETT.

(Course 5 will not be given in 1923-24.)

Corporation Finance.

The theory and practice of corporation finance are considered , with particular reference to the problems presented in the United States.

Three hours weekly, second half-year. Professor BARNETT.

Investments.

Includes historical and analytical description of the more important forms of investments and theories of valuation and amortization.

Three hours weekly, second half-year. Professor BARNETT.

(Course 7 will not be given in 1923-24.)

Applied Statistics.

The applications of statistics to business and economic problems, such as price levels, cost of living, wage adjustments, business cycles, and business forecasting, are considered.

Three hours weekly, first half-year. Associate Professor WEYFORTH.

Foreign Trade and Exchange.

The economic principles of international commerce, the methods of conducting foreign trade, and the theory and practice of foreign exchange will be studied.

Three hours weekly, first half-year. Associate Professor WEYFORTH.

(Course 9 will not be given in 1923-24.)

Business Organization.

This course is designed not only to show the structure of typical business entities, but their methods of formation and expansion. The common forms of securities are examined. Operation and administration of business units and the processes of marketing are studied in detail.

Three hours weekly, second half-year. Mr. GILLIES.

Accounting.

This course deals with the fundamental principles underlying the recording of business transactions in the accounting books and records, and the preparation of balance sheets and statement of profit and loss for single entrepreneurs, partnerships, and corporations.

Four hours weekly, through the year. Dr. NEWLOVE.

Economic History.

This course is designed to furnish a background for the study of economic principles and special phases of economic activity. It is a particular purpose of the course to show the relationship between economic fact and economic and political theory and practice.

Three hours weekly, through the year. Dr. MITCHELL.

Social Economics.

The history and development of charitable and social agencies are traced. Causes and treatment of cases of dependency and delinquency are discussed.

Two hours weekly, through the year. Miss JACOBS.

Source: The Johns Hopkins University Circular, University Register 1922-1923, No. 342, January 1923. Announcements for 1923-1924, pp. 255-256.

_______________________________

Examinations for
Undergraduate Political Economy Courses
Johns Hopkins University
1923-1924

POLITICAL ECONOMY I “A”

February 5th, 1924—9-12 A.M.

Compare the manorial system with farming at the present time. Compare the system of industry in towns during the middle ages with the modern industrial system.
What is meant by the “industrial revolution”? What theories in regard to the proper relationship of the state to industry, developed at this time? Explain. Compare these new ideas with the theory and practice preceding. What is the tendency of present theory and practice as regards state interference with industry?
(a) “Labor alone is the producer of wealth; take away labor and not all the capital in the world could produce anything.” Allowing the second clause to be true as a statement of fact, does it prove the proposition contained in the first? Explain.
(b) “Discovery and invention have doubtless played a very large part in securing our present high industrial efficiency. But they are not the whole thing. The increase of capital has been equally necessary; for, without capital, invention could have accomplished little or nothing.” Defend and illustrate the last sentence.
Explain how market price is the result of the forces of supply and demand. Illustrate by tables and diagrams showing supply and demand. At what point does price tend to be fixed? Why?
Define the following: (a) utility; (b) diminishing utility, (c) marginal utility. Why can we say that the market price of a good corresponds to the marginal utility of that good to the marginal consumer?
In general, what is the relationship between cost of production and market price? What is the relationship between the cost of production of two goods produced under conditions of joint cost and the selling prices of those goods? If the price of cotton seed oil should rise, what would tend to be the effect upon the price of cotton fibre? Why?
What are the functions of money? What is meant when it is said that we have a “gold standard” in the United States? What are the actual kinds of money in use in the United States?
What is credit? What service does it perform in the modern economic system? What is the difference between a promissory note and a bill of exchange? What use does the business man make of a commercial bank?

POLITICAL ECONOMY I “A”
[Dr. Weyforth]

Thursday; May 29, 1924—9 a.m.

Explain the economic factors that must be taken into consideration in determining Germany’s capacity to pay reparations. How will Germany obtain funds abroad with which to make such payments?
What policy should be pursued by the business man during a period of cumulating prosperity? What would be the policy of banks during such a period?
Explain the principles determining the rent of land. If the price of wheat is $1.50 per bushel, what rent could be paid for the use of an acre of land that yielded 30 bushels at an average cost in labor and capital of $1.25 per bushel? Would the tendency be for any of these bushels to cost the producer $1.50? Explain.
How do you account for the great differences in the wages of railroad presidents and of unskilled laborers? Suggest a general program for our society that would tend to bring about a much greater degree of equality in the returns for labor service than now prevails.
Explain why interest can be paid and why it must be paid. What is the effect upon the rate of interest of (a) increased saving, (b) inventions making possible the use of more elaborate machinery, (c) war? Explain.
What is the nature of the railroad problem in the United States? Describe briefly the history of our governmental policy toward railroads. What possible methods of handling the problem are open to us at the present time?
Distinguish socialism from anarchism and syndicalism. What would you say is the fundamental idea in socialism? What criticisms do the socialists make of our present economic system? Give a critical estimate of socialism.
What would you expect to be the relation between the goods exports and the goods imports of a country during the following periods:
1. When it is first open to settlement or to industrial enterprise;
2. When it has become quite well supplied with imported capital goods;
3. When its citizens begin to make investments in other countries;
4. When a relatively large amount of such foreign investments have been made.

Explain the reasons for your answer. In which of the above stages is the United States? England? Mexico?

POLITICAL ECONOMY I “B” [Mitchell.]

Tuesday, February 5th, 1924—9-12 A.M.

What are the distinctions between the physical sciences and the social sciences?
Why is our interest turning at this time to production?
Define briefly: consumer’s surplus, capital, wealth, “unearned increment”, diminishing returns.
What is the chief criticism to be made of cost theories of value?
(a) Why is it sometimes to the advantage of an individual landowner to withhold his land from use?
(b) How does the withholding of land from use affect the incomes of landlords as a class?
(c) Can a tax on land be shifted from owner to occupier?
What do you understand by Ricardo’s “iron law of wages”?
(a) Why is interest paid? (b) Why did the schoolmen of the Middle Ages object to interest?
What is the justification of a progressive income tax?
State all you know about the personnel of the new labor government in Great Britain.

POLITICAL ECONOMY I “B”
Elements of Economics

Thursday, May 29, 1924

Discuss the several sorts of monopoly.
What are the advantages of the corporate form of business enterprise?
(a) What is the justification for a progressive income tax?
(b) Compare the advantages of financing a war by taxation and by borrowing.
Describe briefly the Federal Reserve System.
What are the economic and social effects of inflation?
Discuss the main doctrines of Karl Marx.
What are the chief benefits and drawbacks of a cooperative system as opposed to a competitive system?
(a) Discuss the origin of trade unionism.
(b) Distinguish between the purposes and methods of the I.W.W. and the unions affiliated with the A.F. of L.

POLITICAL ECONOMY I “C”

February 5th, 1924—9-12 A.M.

What are the strengths and weaknesses of the present economic system? What are its present tendencies? Under what conditions should the state interfere in our economic processes, and how?
Summarize the case for competition as opposed to (a) private monopoly; (b) state ownership. In what type of cases would private monopoly under state regulation offer the best solution?
How is the price of labor affected by changes in the volume of immigration? By shifting of the negro population? What classes of labor would be affected? Relate your answer to the fact that wages rose constantly in the United States from 1897-1921.
(a) Given the following data:

	Price (Dollars)
	3.00	4.00	5.00
Demand (units)	52	46	30
Supply (units)	24	35	56

Calculate the elasticity of demand at $4.00.
(b) What are the conditions that make for a slow rate of diminishing utility?

Is there any necessary connection between monopoly and “big business”? What is the difference between a partnership and a corporation in (a) legal requirements and liability, (b) structural organization, (c) comparative advantages?
Define non-cumulative-participating-preferred stock; holding company; general-mortgage bond. Give the principal features of the Sherman Act. Name some methods of unfair competition.
Would wheat be a satisfactory money commodity? Would diamonds? Give reasons for your answers. What is meant by the “gold standard”? What has been our experience with bimetallism? Can it work?
What is meant by “fiat” money? Were the greenbacks fiat money? Were the Federal Reserve notes issued during the World War fiat money? Why did prices go up during both wars? Is this necessary? Why?
Describe the Federal Reserve System, its chief functions, changes it produced in our money and banking system, etc. How are checks cleared under the system?
What is the quantity theory of money? What would be the effect upon prices of (a) adopting bimetallism, (b) increased bank reserve requirements, (c) a national fad for gold ornaments, (d) a higher rediscount rate, (e) enforcing seigniorage?
If the quantity of metallic money has not changed, nor the level of prices, how do you reconcile this fact with a change in the volume of business over the same period?

POLITICAL ECONOMY I “C”
[Mr. Gillies]

May 29, 1924—9 A.M.

Whom do you consider the most important factor in modern business, the landlord, the laborer, the capitalist, or the entrepreneur? Give reasons for answer.
What other elements must be separated from price movements before the business cycle can be recorded? How can you tell when business is near a crisis?
What is the purpose of the finance bill, and how does it operate? Discuss the merits and limitations of the doctrine of purchasing power parity, and tell what effect the maintenance of a high tariff by the United States against England has in the working of the doctrine as between these two countries.
Validate the statement that the only way Germany can pay her indemnity is by an excess of exports over imports.
Show how the mechanism of foreign exchange and international trade tends to produce like price movements all over the world.
Outline the argument for the utility theory of value as opposed to the cost of production theory of value and show the application of these arguments to the determination of the share of industrial earnings going per unit to land and to capital.
How is rent determined when the same land may be used for a number of different purposes? What has the varying intensivity [sic] of cultivation to do with rent?
What is the economic justification of labor unions?
Distinguish the attitude of British law and the Clayton Act in regard to labor disputes. What place does the concept of conspiracy play in the treatment by the courts of labor troubles in this country? Do you consider it just for the employer to bear the whole cost of industrial accidents? Is this the effect of our compensation laws?
How large a return must be imputed to capital goods in order that they may truly pay for themselves? Does the fact that the price of consumption goods, when traced back, ultimately resolves into rent, wages and interest mean that there is no such thing in the long run as profits? (Reasons)
Show roughly how income is distributed among our population. What can be done to improve this distribution.
Is an increasing percentage of the national income spent for governmental activity a sign of increasing extravagance? (Reasons) To what extent should a government borrow and to what extent should it support itself by taxation? What constitutes justice in taxation?
Distinguish direct and indirect taxes. Name some taxes of each kind. What taxes can be shifted? What determines the amount of shifting? What are the objections to a general property tax?

Examination in Statistics
(Pol. Econ. II)

January 31, 1924

What are some of the common sources of secondary data? Given the relative advantages and disadvantages of collecting data by (a) personal investigation, (b) questionnaires, (c) enumerators. Give examples where possible in all cases.
20 minutes.
Give the number and total capacity of box cars, coal cars, and other cars in the Eastern, Southern, and Western Districts of the United States, tabulate so as to show average capacity of these three types and of all cars in each district and in all districts; use letters with subscripts to represent data, e.g. capacity coal cars in the Southern District = C_cs.
30 minutes.
Sow the various ways in which the above data could be presented diagrammatically, pictorially, or graphically.
20 minutes.
Given the following data:

Article of Food	Consumption, 1901, per family	Average Retail Price per Unit
Article of Food	Consumption, 1901, per family	1913	1917	1920
Sirloin steak	70 lbs.	$0.25	$0.32	$0.35
Eggs	80 doz.	0.35	0.48	0.70
Milk	350 qts.	0.09	0.11	0.17
Potatoes	15 bu.	1.00	2.60	3.80

Show (do not compute) how an index number for these four commodities would be made up on

1. 1. Bradstreet’s method,
  2. Dun’s method.
  3. Compute the index number for 1917 and 1920 according to the method of the Bureau of Labor Statistics (base = 1913).
  4. What is the chief objection to an “average of relatives” index number?
    25 minutes.

5. (A or B).

1. How is an ogive constructed? Illustrate by sketch and show how the mode and the eighth decile may be determined from it. How is a percentage histogram constructed? What is its purpose?
2. Prove the general validity of the short-cut method of computing the standard deviation.
  15 minutes.

Given the following data:

Operating Revenues of Class I Carries Eastern District—1920 In Millions of Dollars
1	2	3	4	7	15	24	74	492
1	2	3	4	8	15	26	75	—
1	2	3	5	10	15	30	76	—
1	2	3	5	10	16	35	81	—
1	2	4	5	11	17	39	94	—
1	2	4	5	11	19	45	94	—
2	2	4	6	12	19	51	107	—
2	2	4	6	12	22	65 [?]	200	—
2	3	4	7	14	23	70	314	—
Arithmetic Average $32,268.

Calculate, showing operations, the quartile coefficient of dispersion and skewness (series is theoretically continuous).
Compute, in tabular form, the coefficient of dispersion based on the median (to nearest whole number of millions).
How many places are justified in the above arithmetic average, on basis of data shown? Calculate the coefficient of skewness based on the mode.
30 minutes.

Inflation of money is accompanied, or followed, by higher prices. Price fluctuations are measured roughly by index numbers. To the extent that inflation in one country exceeds that in another, its exchange in terms of the currency of the other country will depreciate. The following exercise is designed to test the tenth [sic, “truth”] of this doctrine.
Given the following data:

1920	Index Numbers		Sterling Cables New York Value £ in Dollars
1920	B.L.S.* (United States)	Statist⁺ (England)	Sterling Cables New York Value £ in Dollars
January	248	288	$3.68
February	249	306	3.39
March	253	307	3.72
April	265	313	3.93
May	272	305	3.85
June	269	300	3.95
July	262	299	3.86
August	250	298	3.63
September	242	292	3.52
October	225	282	3.47
November	207	263	3.43
December	189	243	3.63
* Bureau of Labor Statistics, Wholesale Prices. + The Statist, English journal of finance, Wholesale Prices.

Reduce the B.L.S. indices to relatives of the corresponding statist indices, and correlate these relatives with the price of sterling by Pearson’s method. Does result confirm the above theory? How would you modify the method to correlate the short time changes in the two variables? Compute the standard deviation for one variable in your table.
Explain log. How would you plot a logarithmic historigram of the B.L.S. index numbers?
40 minutes.

POLITICAL ECONOMY III

Monday, May 26, 1924—9 a.m.

What is standard money? State the requisites of (a) a gold standard; (b) a bimetallic standard; (c) a paper standard. State the advantages and disadvantages of each.
Explain the functions of a commercial bank, showing what economic services it performs. Distinguish the functions of a commercial bank from those of (a) a savings bank; (b) an investment banker.
Define, illustrate and explain the use of the following types of credit instruments: (a) promissory note; (b) bill of exchange; (c) trade acceptance; (d) bank acceptance.
Explain the connection between the loans and deposits of commercial banks. To what extent ordinarily can an individual bank increase its loans as the result of a cash deposit of $100,000? To what extent can the loans of the banking system as a whole be increased as the result of such an addition to the cash deposits of the system? Explain.
How does the Federal Reserve System provide for elasticity in currency and in credit? What is the need for such elasticity?
What is the need for the control of bank credit? How may this control be effected under the Federal Reserve System?
The Federal Reserve Bank of New York receives $8,000,000 of gold deposits.
1. If member banks take all their rediscounts in federal reserve notes, how much additional paper can the reserve bank rediscount for its members, assuming that it does not borrow at other reserve banks? Make no allowance for discount charges.
2. Answer the same question, assuming that member banks leave all their rediscounts on deposit.
3. Answer the same question, assuming that member banks take 1/5 of their rediscounts in federal reserve notes and leave the remainder on deposit.
4. Explain the quantity theory of money, showing the effect upon prices, of changes in the quantity of money, and of bank credit.

POLITICAL ECONOMY IV

January 31, 1924—9-12 A.M.

Define a trade union and indicate the distinctions between trade unions and other analogous associations such as cooperative societies, societies of physicians, etc.
Classify trade unions according to the character of the employer.
Sketch the historical development, by periods, of American trade unionism.
Describe the present structure of American trade unionism, indicating the relation of the national union to the other forms of organization.
Classify American national trade unions from the point of view of function.
Classify and discuss the methods of enforcement used by trade unions.
What is meant by collective bargaining? What is the economic justification for collective individual bargaining?
Describe the system known as scientific management and indicate why it has been opposed by trade unions.

POLITICAL ECONOMY VI
Corporation Finance

Monday, May 26, 1924

Define a “bond”. Describe the following classes of bonds: divisional bonds, guaranteed bonds, income bonds, convertible bonds.
Distinguish the capitalization, the capital, and the capital stock of a corporation.
Distinguish equipment bonds and equipment trust certificates.
Distinguish repairs, depreciation, and obsolescence.
Discuss the relative advantages of serial bonds and sinking fund bonds.
State and illustrate the law of balanced returns.
Describe the various financial devices which have been used in the expansion of American railways.
What is usually the nature of the agreement among the members under which an underwriting syndicate is formed?
A corporation with common stock of $1,000,000 wishes to secure additional capital. The stock has a par value of $100 and is selling at $150. The corporation offers additional stock at par to the amount of $200,000, or one share of the new for each five shares held. What will be the value of the rights? What will be the value of the stock after the issue is consummated? Explain your answer.
Define a “reorganization”, a “receivership”.

POLITICAL ECONOMY X
Business Organization

Monday, May 26, 1924—9 A.M.

Lectures

Discuss the relation between the problem of distribution and the density of population, proportion of inhabitants living in cities, etc. What part does credit play in this problem? Is it a cause or an effect?
What gains could be made in efficiency of our distribution system by the general state ownership and control of industry? Do you consider these possible gains sufficient grounds for the adoption of such a plan? (Reasons)
What is meant by scientific management? Why is the present a logical time for its introduction into business? What is the purpose of motion study, and what does it consist of?
Discuss the elements to be considered in locating an establishment. What is the proper balance between fixed and circulating capital (including investment in labor)? Why is (or is not) the cost-plus method of letting building contracts to be preferred to the lump sum method?
Discuss the advantages and disadvantages of profit-sharing as a method of stimulating employee efficiency.

Text: Stockder

What are securities? When is an industry said to be in the securities-capital stage? What are factors’ agreements? Why is it proper for railways to issue long term mortgage bonds, without sinking fund or serial retirement provisions, even to an amount exceeding the par value of stocks, and not for an ordinary industry to do so?
Describe the joint-stock company operating structure. Why is the business trust said to be superior to all other forms of business organizations? Are these two forms of organization common law or statute law?
Tell what you would do to organize a holding company which also to operate as an industrial company; including principal terms of agreements, regulations, etc.
Describe the formation of the Standard Oil trust of 1882, using sketch. Is Federal Incorporation an effective or desirable remedy for commercial abuses? (Reasons)
Have you completed the auxiliary reading, including supplementary forms in Stockder and pamphlets from U.S. Chamber of Commerce? If not, to what extent have you completed this reading?

POLITICAL ECONOMY XI
Accounting 1

January 30, 1924—9-12 A.M.

[Given the following items:]

Cash	$2,320
Inventory	$12,000
Accounts Receivable	$21,000
Reserve for Bad Debts		$1,500
Store	$20,000
Reserve for Depreciation		$7,000
Accounts Payable		$2,500
Capital Stock		$20,000
Surplus		$23,940
Insurance	$120
Wages		$500
	$55,440	$55,400

Purchased on credit $20,000; paid creditors $21,500. Credit sales were $30,000; collected from customers $45,000. Estimated amount of uncollectable accounts receivable on books $1,750. Depreciation for period was $2,000. Other cash disbursements: Wates $6,000, Dividends $10,000. At the end of the year the unexpired insurance was $60, inventory $11,000, accrued wages $400.
From the above starting point—closing trial balance and the interim adjustments given, prepare a closed ledger, a final balance sheet, and a profit and loss statement.

Describe two different ways of recording cash discounts on sales in the cash books. Do not mention any accounting books except the cash books.
Define the different kinds of indorsements used with negotiable instruments.
A note for $1,000, dated June 10, for 4 months, with interest at 7 per cent, was discounted July 30, at 8 per cent. Find the net proceeds under the rules of bank discount.

POLITICAL ECONOMY XI
Accounting 1
[Dr. Newlove]

May 28, 1924—9-12 a.m.

A and B start in partnership investing $10,000 and $8,000, respectively, on January 1. A withdrew $2,000 on May 1 and invested $2,000 on November 1. B invested $3,000 on March 1 and withdrew $3,000 on July 1. Give the entries for the above transactions together with the allocation of a net profit of $5,000 on the average investment basis.
X and Y, partners, sell their business to a new corporation, whose authorized stock of $50,000 is all paid to the partners. The balance sheet of X and Y is:

Cash	$5,000	Accounts Payable	$15,000
Merchandise	30,000	X, Capital	15,000
Accounts Receivable	25,000	Y, Capital	30,000
	$60,000		$60,000

Give the detailed closing entries of the partnership.

Give the detailed opening entries for the corporation in Problem 2.
(a)

Accounts Receivable	Reserve for Bad Debts
$75,000		$5,000

Make entry for a customer owing $500 who becomes bankrupt and pays 10 cents on the dollar.
(b)

Machinery	Reserve for Depreciation
$50,000		$4,000

A machine, which cost $1,000 five years ago, is sold for $400. The recorded depreciation on the machine is $500. Give the entry for sale.

C and D entered on January 1 a joint venture each contributing merchandise costing $5,000. C paid expenses of $1,000 on the same date. On July 1 C received a draft from the consignee for $15,000. Interest was allowed at the rate of 6 per cent per annum. Show the accounts on C’s books affected by the venture, if C settled with D on July 1.

POLITICAL ECONOMY XII
ECONOMIC HISTORY

January 29, 1924—9-12 A.M.

How does economic history differ from political history?
What did the Romans accomplish economically for Britain?
(a) What were the rights and obligations of the various classes under the manorial system
(b) Did William the Norman change the manorial plan fundamentally?
How were goods exchanged in England of the Middle Ages?
What were the facts which rendered the guilds suitable to the economic needs of the country at the time they flourished?
(a) What were the consequences of the “Black Death”?
(b) Of the “Peasants’ Revolt”?
What were the main facts of the Industrial Revolution, and what was the economic theory upon which it rested?
Tell something of (a) chartism; (b) the Factory Acts; (c) the rise of trade unions.
What is the present status of child labor legislation in the United States?
What have been the forces that have brought the Labor Party into power in England?

POLITICAL ECONOMY XII
ECONOMIC HISTORY

Saturday, May 24, 1924

What were the colonial policies of Great Britain?
(a) Give the chief economic doctrines of Alexander Hamilton.
(b) What was the connection between economic interests and the formation of the Constitution?
What were the chief economic causes and effects of the Civil War?
Discuss the economic and political consequences of the opening of the West.
What were the main routes covered by canals and railroads, and why were these selected?
Discuss the growth of trusts.
Why is the Federal Government gaining in power while the individual State Governments are losing power?
A factory needing 500 operatives is located in a farming community. What will be the likely economic results?
Discuss the tariff vs. free trade.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

February 4^th, 1924—9-12 A.M.

Why are delinquency and dependency community problems?
Give the laws regulating school attendance in Maryland. Are they adequate?
Give the Child Labor Laws of Maryland.
Give the significance of the White House Conference of 1909. State the recommendations made. Give what you think the most important outcome of this conference.
Give the names of the social agencies in the Alliance of Charitable and Social Agencies. Describe the work of the Family Welfare Association and one other social organization in the federation.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

Friday, May 30, 1924—9 a.m.

What are the functions of a Charities Endorsement Committee?
On what principles is social case work based? What is the difference in the meaning of social case work and social work?
Of what value is knowledge of social economics to the professional and business man?
Give the social functions of recreation.

Source: Johns Hopkins University. Milton S. Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 5/6, Box 6/1, Folder “Exams, 1907-1924”.

Image Source: Gilman Hall, Johns Hopkins University. Hullabaloo 1924.

Tags Barnett, Gillies, JacobsT, Mitchell, Newlove, Weyforth

M.I.T. Syllabus Undergraduate

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

Post author By Irwin Collier
Post date 2021-07-21

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

_________________________

14.03
APPLIED MICROECONOMICS

Daniel McFadden
Fall 1978

MWF 11-12
16-134

General Information:

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

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

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

The problems to be covered are:

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

The schedule of quizzes is:

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

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

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

READINGS AND SCHEDULE

The demand for energy.

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

Discussion: Sept. 22, 29.

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

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

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

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

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

The demand for air conditioners.

Lectures: Sept. 25, 27.

Discussion: Oct. 6.

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

Read:

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

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

The supply of electricity.

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

Discussion: Oct. 20.

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

Read: Nicholson 7, 8, 9.

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

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

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

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

The market for natural gas.

Lectures: Oct. 18, 23, 25.

Discussion: Oct. 27.

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

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

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

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

The market for automobiles.

Lectures: Oct. 30, Nov. 3.

Discussion: Nov. 10.

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

Read: Nicholson 17.

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

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

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

Pricing of tugboat services and the anti-trust law.

Lectures: Nov. 6, 8.

Discussion: Nov. 17.

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

Read: Nicholson 18, 19, 20.

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

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

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

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

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

Lectures: Nov. 15, 20, 22.

Discussion: Nov. 27.

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

Read: Nicholson 6, 18, 19, 20.

S. Rosen and Thaylor, reference to be supplied.

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

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

Public investment in transportation.

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

Discussion: Dec. 8.

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

Read: Nicholson 21, 22, 23.

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

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

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

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

Final review: December 13.

Source: Personal copy of Irwin Collier.

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

Tags McFadden

Brown Columbia Curriculum Harvard Pedagogy Teaching Undergraduate

Harvard. Argument for more political economy in a liberal education. President Eliot, 1884

Post author By Irwin Collier
Post date 2021-06-01

Harvard course offerings in political economy were increased significantly in the 1883-84 academic year. This expansion was consistent with President Charles W. Eliot’s vision of a Harvard education fit for the twentieth century as seen in the following paragraphs from his 1884 commencement speech at Johns Hopkins University.

The state of instruction in political economy at Harvard ca. 1870 was mentioned in his book Harvard Memories, pp. 70-71.

_________________________

Excerpt from “What is a Liberal Education?”

Commencement speech at Johns Hopkins University
22. February 1884 by Charles W. Eliot

[…] Closely allied to the study of history is the study of the new science called political economy, or public economics. I say the new science, because Smith’s “Wealth of Nations” was not published until 1776; Malthus’s “Essay on the Principle of Population” appeared only in 1798; and Ricardo’s “Political Economy and Taxation,” in 1817. The subject is related to history, inasmuch as it gleans its most important facts by the study of the institutions and industrial and social conditions of the past; it is the science of wealth in so far as it deals with the methods by which private or national wealth is accumulated, protected, enjoyed, and distributed; and it is connected with ethics in that it deals with social theories and the moral effects of economic conditions. In some of its aspects it were better called the science of the health of nations; for its results show how nations might happily grow and live in conformity with physical and moral laws. It is by far the most complex and difficult of the sciences of which modern education has to take account, and therefore should not be introduced too early into the course of study for the degree of Bachelor of Arts; but when it is introduced, enough of it should be offered to the student to enable him to get more than a smattering.

When we consider how formidable are the industrial, social, and political problems with which the next generations must grapple, — when we observe how inequalities of condition increase, notwithstanding the general acceptance of theories of equality; how population irresistibly tends to huge agglomerations, in spite of demonstrations that such agglomerations are physically and morally unhealthy; how the universal thirst for the enjoyments of life grows hotter and hotter, and is not assuaged; how the relations of government to society become constantly more and more complicated, while the governing capacity of men does not seem to increase proportionally; and how free institutions commit to masses of men the determination of public policy in regard to economic problems of immense difficulty, such as the problems concerning tariffs, banking, currency, the domestic carrying trade, foreign commerce, and the incidence of taxes, — we can hardly fail to appreciate the importance of offering to large numbers of American students ample facilities for learning all that is known of economic science.

How does the ordinary provision made in our colleges for the study of political economy meet this need of students and of the community? That I may not understate this provision, I will describe the provisions made at Columbia College, an institution which is said to be the richest of our colleges, and at Brown University, one of the most substantial of the New England colleges. At Columbia, Juniors must attend two exercises a week in political economy for half the year, and Seniors may elect that subject for two hours a week throughout the year. At Brown, Juniors may elect political economy two hours a week for half the year, and Seniors have a like privilege. The provision of instruction in Greek at Brown is five and a half times as much as the provision in political economy, and seven elevenths of the Greek is required of all students, besides the Greek which was required at school; but none of the political economy is required. Columbia College makes a further provision of instruction in history, law, and political science for students who are able to devote either one or two years to these subjects after taking the degree of Bachelor of Arts, or who are willing to procure one year’s instruction in these subjects by accepting the degree of Bachelor of Philosophy instead of the degree of Bachelor of Arts — a very high price to pay for this one year’s privilege. If this is the state of things in two leading Eastern colleges with regard to instruction in political economy, what should we find to be the average provision in American colleges? We should find it poor in quality and insignificant in amount. In view of this comparative neglect of a subject all-important to our own generation and to those which are to follow, one is tempted to join in the impatient cry, Are our young men being educated for the work of the twentieth century or of the seventeenth? There can be no pretense that political economy is an easy subject, or that it affords no mental discipline. Indeed, it requires such exactness of statement, such accurate weighing of premises, and such closeness of reasoning, that many young men of twenty, who have been disciplined by the study of Greek, Latin, and mathematics for six or eight years, find that it tasks their utmost powers. Neither can it be justly called a material or utilitarian subject; for it is full of grave moral problems, and deals with many questions of public honor and duty.

Source: Charles W. Eliot, “What is a Liberal Education”, Commencement address read 22 February 1884 at Johns Hopkins University, reprinted in his Educational Reform, Essays and Addresses. New York: Century (1901), pp. 106-109.

Image Source: Harvard University Archives. Hollis Image Collection. President Charles W. Eliot.

Tags EliotCW

Economists Harvard Teaching Undergraduate

Harvard. Political Economy à la Francis Bowen, 1870

Post author By Irwin Collier
Post date 2021-05-31

From time to time one digs up a nugget in the secondary literature that deserves its own post. Harvard President Charles W. Eliot (from 1869 to 1909), an advocate of putting more political economy into the curriculum, trash talks the quality of economics instruction when he took office.

Here two textbooks that had been inflicted upon Harvard College students in the pre-Dunbar days.

Francis Bowen (1856). The Principles of Political Economy Applied to the Condition, the Resources, and the Institutions of the American People. Boston: Little, Brown, and Company, 1856.

Francis Bowen (1870). American Political Economy, including Strictures on the Management of the Currency and the Finances since 1861. New York: Charles Scribner’s Sons.

________________________

Harvard’s retired president,
Charles W. Eliot, looking back at economics instruction à la Bowen

In respect to the teaching of political economy, or economics, I can perhaps give you some notion of the great change which has taken place since 1869 by describing the work done by Professor Francis Bowen, the only Harvard professor who then dealt at all with the subject of political economy. He gave only about a quarter of his time to that subject, because he had so many other subjects to deal with. His idea of teaching political economy was to write an elementary book on the subject, and to require the senior class — it was a required subject of the senior year — to read that book. He gave no lectures; he sometimes commented upon those pages of the book which had been assigned as the lesson of the day, to be repeated in the recitation room by those students who had studied the lesson. It is a long way from that condition of things to the present organization of the Department of Economics.

Source: Charles William Eliot (1923), Harvard Memories. Cambridge, Mass.: Harvard University Press, pp. 70-71.

Image Source: Harvard University. Hollis Images. Portrait (1891) of Francis Bowen by Edwin Tryon Billings.

Tags BowenF

Exam Questions Harvard Undergraduate

Harvard. Final Exam for Theories and Problems of Economic Development. Baldwin, 1956.

Post author By Irwin Collier
Post date 2020-11-11

In an earlier post I provided the syllabus for the undergraduate Harvard course “Theories and Problems of Economic Development” taught by Robert Baldwin in the second term of 1955-56. Career and other biographical information for this 1950 economics Ph.D. alumnus from Harvard are presented there.

This post adds the final examination for that course copied during a later visit to the Harvard Archives.

____________________

HARVARD UNIVERSITY
Department of Economics

Economics 108

Answer two (2) questions from Part I and two (2) questions from Part II.

PART I.

Post-Keynesian growth theorists conclude that in order to maintain a continuous state of full employment in the economy, investment must grow at a constant annual percentage rate.
1. How do they reach this conclusion?
2. Explain why this condition is not required in the neo-classical model of economic growth.
“In the Ricardian system the rate of profit declines due to the absence of sufficiently rapid technological progress; in the Marxian model the rate of profit declines because of rapid technological progress.” Discuss.
Explain and criticize Schumpeter’s analysis of the process of economic development. (Do not discuss in any detail his general sociological analysis of capitalist development).

PART II.

What factors should be considered in determining investment criteria for poor countries?
Discuss and appraise the arguments for tariff and exchange control policies in the poor countries.
Explain the following concepts:
1. the vicious circle of poverty
2. disguised unemployment
3. balanced growth
4. underdevelopment and backwardness

Source: Harvard University Archives. Final examinations, 1853-2001. Box 24, Volume: Papers Printed for Final Examinations [in] History, History of Religions, …, Economics, …, Naval Science, Air Science, June 1956.

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

Tags Baldwin

Gender M.I.T. Modigliani Race Suggested Reading Syllabus Undergraduate

M.I.T. Undergraduate Finance Reading List. Kuh, 1962

Post author By Irwin Collier
Post date 2020-10-06

Edwin Kuh (1925-86) was hired by the Sloan School at M.I.T. in 1954, completing his Harvard Ph.D. in 1955. He was promoted to full professor of economics and finance in 1962 and was a joint appointment of the Sloan School and the department of economics. Mostly known as a pioneer in the application of econometric methods to forecasting, his New York Times obituary notes that in 1971 he worked together with Lester Thurow and John Kenneth Galbraith to devise proposals to promote affirmative action.

The undergraduate course reading list for finance transcribed for this post was fished out of Franco Modigliani’s papers at the Economists’ Papers Archive at Duke University.

_______________________

15.46 FINANCE
E. Kuh
Fall Semester, 1962

I. CAPITAL MARKETS (2 weeks)

W.L. Smith, “Monetary Policy and Debt Management”, Chapter 9, Staff Report on Employment, Growth and Price Levels, Joint Economic Committee, 1959, pp. 315-407.

R. L. Rierson, The Investment Outlook, Bankers Trust Co., 1962.

II. CAPITAL BUDGETING (8 weeks)

A. Decision Criteria—New Asset Demand

P. Massé, Optimal Investment Decisions, Ch. 1.

V. L. Smith, Investment and Production, Ch. 1, Ch. 3, pp. 62-72, Ch. 9.

E. Solomon, editor, The Management of Corporate Capital, Essays II—3, 5, 6, 7, 8.

D. Bowdenhorn, “Problems in the Theory of Capital Budgeting”, Journal of Finance, December 1959, pp. 473-92.

B. Decision Criteria—Replacement Demand

V. L. Smith, Investment and Production, Ch. 5.

P. Massé, Optimal Investment Decisions, Ch. 2.

C. Cost of Capital—Risk and Uncertainty

H. Markowitz, Portfolio Selection, 1959, pp. 1-34, 180-201, 287-97.

J. Hirschleifer, “Risk, the Discount Rate and investment Decisions”, Proceedings of the American Economic Association, May, 1961, pp. 112-120.

F. Modigliani and M. H. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, June, 1958, pp. 473-492.

L. Fisher, “Determinants of Risk Premiums on Corporation Bonds”, Journal of Political Economy, June, 1959, pp. 217-37.

E. Kuh, “Capital Theory and Capital Budgeting”, Metroeconomics, (August-December, 1960), pp. 64-80.

D. Cost of Capital—Rationing

V. L. Smith, Investment and Production, Ch. 7.

E. Kuh, Capital Stock Growth, excerpts from Ch. 2 (mimeo).

E. Solomon, ed., The Management of Corporate Capital, Essay II-4.

III. DIVIDEND POLICY (2 weeks)

J. Lintner, “Distribution of Incomes of Corporations Among Dividends, Retaining Earnings, and Taxes,” American Economic Review, Supplement, May, 1956.

S. Dobrovolsky, Corporate Income Retention, 1915-1943.

IV. CURRENT POSITION (1 week)

D. Greenlaw, “Liquidity Variations Among Selected Manufacturing Companies,” M.I.T. Masters Thesis, 1957.

C. H. Silberman, “The Big Corporation Lenders,” in Readings in Finance from Fortune, Holt, 1958.

V. DEPRECIATION (2 weeks)

R. Eisner, “Depreciation Allowances, Replacement Requirements and Growth,” American Economic Review, December, 1952.

E. C. Brown, “The New Depreciation Policy Under the Income Tax: An Economic Appraisal,” National Tax Journal, March, 1955.

Article on Depreciation Practices in Europe, National City Bank Newsletter, September, 1960.

E. C. Brown, “Tax Incentives for Investment”, Proceedings, American Economic Review, May, 1962, pp. 335-45.

William H. White, “Illusions in the Marginal Investment Subsidy”, National Tax Journal, March 1962.

E. C. Brown, “Comments on Tax Credits as Investment Incentives”, National Tax Journal, June 1962, pp. 198-204.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library, Economists’ Papers Archive. Franco Modigliani Papers, Box T1, Folder: “Capital Markets, 15.432. Spring 1963”.

Image Source: MIT Museum website. People: Kuh, Edwin.

Tags Galbraith, Kuh, Modigliani, Thurow

M.I.T. Regulations Teaching Undergraduate

M.I.T. Dean’s request for writing requirements for elective subjects in economics department, 1953

Post author By Irwin Collier
Post date 2020-09-21

The following exchange between the M.I.T. Dean of Humanities and Social Studies (John E. Burchard) and the representative of the chairperson of the Economics Department (Charles A. Myers covering for Ralph E. Freeman) gives us a short list of undergraduate courses that would have regularly had non-economics B.S. students attending to satisfy their distributional requirements in 1953. Dean Burchard’s informational request seems to be a fishing expedition with the hope of landing any evidence that some instructor in some course was helping to improve M.I.T. undergraduate writing skills. It is also interesting to see that sociology, psychology, and political science were all subjects administered by the economics department.

____________________________

Dean Reminding Economics Department about Information Request

May 6, 1953

Memorandum to Professor [Charles Andrew] Myers:

I asked Ralph [Evans Freeman] a while ago to get me some information but have not heard from him and imagine it got left and wonder if you could undertake this survey for me in the near future and give me an answer.

The problem is that those of us who were worried about the English style of our students at M.I.T. are pretty certain that we will never get a good overall performance on the mere basis of instruction in the first two years where writing is required and read and criticized. The burden of continuously upholding the standard obviously is going to rest with the professional departments and I have no doubt there are great inconsistencies in this throughout the Institute, and I also have no doubt most of them are pretty remiss in this obligation.

Before starting any campaign on this question, however, it is obvious that I need to know whether the house of my own School is in point of fact in order, or if not how far it is out of order.

I accordingly asked Professor [Howard Russell] Bartlett and Professor [Ralph] Freeman to get me an indication of the amount of writing required in the various subjects which might be elected by students in the School. In the History Department this was obviously limited to non-professional subjects and for the moment I am more interested in the general electives in the Department of Economics than I am in what policing you do of your own majors. It would be more helpful to know about both.

What Professor Bartlett did was write me a general answer which told me how many papers were required each semester, the approximate length, and how many written examinations. I wonder if it would be possible for you to dig out the same information for the various appropriate subjects in the Department of Economics and report to me fairly soon. I would like to be thinking about this problem during the summer.

Sincerely yours,
[unsigned]
John E. Burchard
Dean of Humanities and Social Studies

Jeb/h

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

Economics Department’s First Response to Dean’s Request for Information

Massachusetts Institute of Technology
Industrial Relations Section
Department of Economics and Social Science
Cambridge, Massachusetts

May 11, 1953

Memorandum to Dean John E. Burchard

Dear John:

This is in answer to your memorandum of May 6^th. I guess this is something Ralph was unable to compete before he left and I thought I should get done promptly since I will be leaving tomorrow for the annual research meeting of the Committee on Labor Market Research of the Social Science Research Council in Minneapolis. George Shultz is one of the invited guests.

Perhaps the best way to answer your question is to list what the various people in charge of the various undergraduate subjects reported:

14.01	[Economic Principles I]	([Robert Lyle] Bishop) — 3 or 4 written hour examinations, mostly of the essay type
14.02	[Economic Principles II]	([Edgar Carey] Brown) — 4 written hour examinations, no term papers
14.03	[Prices and Production]	([Robert Lyle] Bishop) — 2 to 3 hour examinations; no term papers
14.09	[Economic Problems Seminar]	([Paul Anthony] Samuelson) — no written exams, but 2 written papers, one long and one short, plus oral presentation of the content of the paper prior to the submission of the written paper
14.51	[International Relations]	([Norman Judson] Padelford) — 8 written quizzes of 35 to 40 minutes in length; no term paper, except that sometimes there are written projects.
14.61	[Industrial Relations]	(Doug [Douglass Vincent] Brown and [John Royston] Coleman) — 3 hour examinations and 3 written case reports
14.63	[Labor Relations]	([George Pratt] Shultz) — 3 written hour examinations and one term paper
14.64	[Labor Economics and Public Policy]	([George Benedict] Baldwin) — 3 hour examinations and one written term paper
14.70	[Introductory Psychology]	([George Armitage] Miller) — 2 or 3 written hour examinations, partly objective in character; no term paper
14.72	[Union-Management Relations]	([Joseph Norbert] Scanlon) — 2 hour examinations and a special paper on a particular case
14.73	[Organization and Communications in Groups]	([Alex] Bavelas and [Herbert Allen] Shepard) — 2 objective-type examinations and one written essay-type examination
14.75	[Experimental Psychology]	([Joseph Carl Robnett] Licklider) — no examinations, but a written paper on the experiment, suitable for publication — this latter test is never quite met but students are expected to write with that end in view
14.77	[Psychology of Communication]	([George Armitage] Miller) — 3 objective-type examinations
14.91 and 14.92	[The American Political System; Comparative Political and Economic Systems]	([Jesse Harris] Proctor and [Roy] Olton) — 3 written hour exams, no term paper in the first term — 3 written hour exams plus a written term paper in the second term
15.30	[Personnel Administration]	([Paul] Pigors) — 4 written cases, one term paper and one hour examination

I think this pretty well covers the principal courses which are taken by undergraduate students in other departments. I think my own experience in teaching such undergraduate courses as 14.61 and 14.63 is similar to that of most of the staff, in that I have called attention to students of misspelled words, poor grammar, and generally poor organization and expression of written answers and papers. I really doubt if we can do much more or should do much more. It would be quite a task to go over each written examination with each student in detail, or even to do this after they have submitted a term paper. From time to time I have done this with some theses but not as a general rule, since the student is warned in advance that his grade will depend not only on content, but on expression.

I hope this gives you the information you need.

Sincerely
[signed] Charlie
Charles A. Myers

m:g

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

Follow-up Request by Dean

May 12, 1953

Memorandum to Professor Myers

Dear Charlie:

Your memorandum of yesterday answers my question about the writing in part.

I guess I agree, though I wish I didn’t have to, that people in the department cannot be expected to act as writing critics for students who are still defective in their English. Though I wish more people required papers and fewer examinations, this is obviously a matter of individual teachers’ methods.

The remaining question which I think is not answered is I believe a critical one, namely, does poor writing really result in a lower grade, and if it does is that single comment written on to the paper when it is returned with the grade to the student?

I hate to trouble you further but wonder if you would be able to explore this with the same group of people.

Sincerely yours,
[unsigned]
John E. Burchard
Dean of Humanities and Social Studies

Jeb/h

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

Economics Department’s Response to Follow-up Request by the Dean

Massachusetts Institute of Technology
Industrial Relations Section
Department of Economics and Social Science
Cambridge, Massachusetts

June 1, 1953

Memorandum to Dean John E. Burchard

Dear John:

These are some further thoughts on your memo of May 12^th, asking me to check again on whether poor writing really results in a lower grade in our courses and whether comments are written on the papers when they are returned with grades to the students.

Nearly everyone with whom I have talked here agrees that poor writing does result in a lower grade, if by “poor writing” is meant poor organization, hasty sentence construction, and confusing or fuzzy thinking as expressed in written words. Poor spelling apparently does not count so much, although Bob Bishop and I specifically do encircle misspelled words on written exams and papers. Comments on poor organization, etc., are specifically written on papers and exams when returned to students, and I know that many of us have stressed to students before writing exams and papers that their grades will depend in part on the way in which their material is organized and presented.

One further experience might be of interest in connection with your comment that you wish more people would require papers and fewer examinations. During the past term Jim Baldwin gave term papers in 14.64 and found that the pressure of senior theses on the students was so great that they did a very poor job on the papers. His grades reflect this, but he is bothered about the apparent conflict between the senior thesis and the term paper requirement in senior Humanities and Social Studies courses. Maybe we ought to place more emphasis on good writing in the senior thesis in the Department and in other Departments.

Sincerely,
[signed] Charlie
Charles A. Myers

CAM:dg

Source: M.I.T., Institute Archives and Special Collections, School of Humanities and Social Sciences. Office of the Dean, Records, 1934-1964. Box 3, Folder “103, Economics Department, General, March 1951-1956”.
For [first and middle names of instructors] and [course titles]: Course Catalogue of the Massachusetts Institute of Technology, 1952-53.

Image Source: (Left) John Burchard ; (Right) Charles A. Myers. MIT Museum Legacy Website (People Collection).

Tags Adolph Miller, BaldwinGB, Bishop, BrownDV, BrownEC, ColemanJR, Myers, Pigors, Samuelson, Scanlon, ShultzG

Economics Programs Race Sociology Undergraduate

Fisk University. Economics, Sociology & Social Work Courses. Haynes, 1911-13

Post author By Irwin Collier
Post date 2020-08-05

In the previous post we met the first African American awarded a Columbia University Ph.D. (Dissertation: “The Negro at Work in New York City”, 1912), George Edmund Haynes (1880-1960). His first academic appointment was at Fisk University in Nashville, Tennessee where he was Professor of Social Science, a department of one. This post provides an excerpt from the catalogue to this private historically black university that gives us courses with descriptions and text-books (linked here!) for economics, sociology and social work à la Haynes.

________________________

SOCIAL SCIENCE AND SOCIAL WORK
[Fisk University, 1911-13]

In the study of Sociology and Economics and the scientific approach to social problems Fisk is making every effort to keep abreast of the leading developments. Especially is there need for thorough training in scientific methods for study of social problems and the development of the spirit of social service among Negro college youth.

The growing urban concentration of Negroes demands special study and the development of methods of social betterment to meet the problems attendant upon the increasing complexity of their life and conditions in cities, North and South. This urban situation can best be met by college Negroes who have had training in the social sciences and in practical methods of social work. The greatest need of the urban situation is a number of well-trained social and religious workers. It is the chief aim of this department to develop courses, theoretical and practical, in Economics, Sociology and Social Problems that will give a thorough foundation as a preparatory training for social and religious workers.

Also, the increasing concentration of Negroes in urban centers demands that teachers, ministers, doctors, and those entering other professions, should have a thorough equipment to enable them to understand and to meet successfully the problems with which they will have to deal.

The students who desire to make their life calling that of social workers and who show promise of efficiency and success in such work will be given, through fellowships after graduation, opportunities for practical experience and further study in social betterment efforts in New York and other cities under the auspices of the National League on Urban Conditions Among Negroes, which has been organized by a number of public-spirited citizens with the purpose of studying conditions among Negroes in cities, of developing agencies to meet social needs and for the purpose of securing and training Negro social workers. The University is affiliated with the League in developing this work.

Besides, the time has come for the Negro college to become closely articulated with the community in which it is located. The further aim is to bring the University into closer relation with the conditions among colored people in Nashville and to seek the cooperation of the other Negro colleges in developing this much needed phase of education. The following courses are now given:

ELEMENTARY ECONOMICS: INDUSTRIAL HISTORY AND ORGANIZATION. Junior Year. First and second semesters, 3 hours per week. The aim of this course is to acquaint the student, through a study of concrete facts, with the underlying principles of the economic organization and activity of society, with special reference to American conditions, and with the fundamental economic doctrines as an introductory knowledge of the principles of production, consumption and distribution. The course is conducted by means of readings, class discussions and lectures. Text-books: Coman, “Industrial History of the United States;” collateral reading, and Ely, “Outlines of Economics”.

ADVANCED ECONOMICS; ECONOMICS AND LABOR PROBLEMS. Senior Year. First and second semesters. 2 hours per week. The work of this course is based upon Course 1. It is conducted partly in the form of a seminar.

In the second half of the course such questions as taxation, labor legislation, child labor, strikes and lockouts, etc., are studied by means of discussions, lectures, readings and assigned investigations. The aim is to develop the student in independent thinking about current economic and labor problems. Text-books: Seager, “Introduction to Economics”[replaced by Nearing and Watson, “Economics” in 1912-13]; Adams and Sumner, “Labor Problems”; collateral reading.

SOCIOLOGY AND SOCIAL PROBLEMS. Senior Year. First and second semesters, 3 hours per week in class-room work. During 12 weeks of the second semester ten hours per week additional field work is required. The first half of this course gives the student an acquaintance with some of the fundamental sociological principles and laws, with some of the chief authorities in sociology, and leads him to a point of view for his thinking about modern social problems. The class-room work is conducted by means of lectures, assigned readings and discussions.

The second half of the course begins with a study of elementary statistics and methods of social investigation. Each student is required to take part in an investigation of some problem like the housing problem, occupations, etc., as they are found among Negroes in Nashville. In addition, he is required to acquaint himself with the literature bearing on the topics of the investigation. In the last part of the course a series of lectures on problems and methods of bettering conditions among Negroes in cities is given by social experts from various cities. The past year the following lectures were given:

Two lectures on “Conservation of Childhood”;
Six lectures on the “Religious Problem among Negroes in Cities”;
Ten lectures on “Principles of Relief and Charity Organization”;
Three lectures on “Special Problems among Negro Women in Cities”;
Five lectures on “Delinquency and Probation”.

[Topics added 1912-13: “Health Problems Among Negroes”; “Educational Problems Among Negroes”; “The State and City in Relation to Social Conditions”; “Rural Conditions Among Negroes”.]

Text-books: Blackmar, “Elements of Sociology” [replaced by Metcalf, “Organic Evolution” in 1912-13]; Carver, “Sociology and Social Progress”; Ward, “Applied Sociology”; collateral reading.

HISTORY OF THE NEGRO IN AMERICA. Junior Year. First and second semesters. 1 hour per week. A rapid survey is made of the early period of the importation of slaves and of the social and economic conditions which gave rise to slavery, as well as the suppression of the slave trade. A more intensive study is made of the two periods, 1820-1860, and 1860 to the present day. The study thus gives historical perspective for the understanding of present conditions, an appreciation of the honored names of the Negroes of the past, and an estimate of the genuine contributions the Negro people has made in the way of labor force, military strength, musical culture, etc., to American civilization.

There is no suitable text-book to be used for such a historical course, so that in addition to lectures assigned readings are selected from standard histories [added in 1912-13: Brawley, “Short History of the American Negro”], from Du Bois’ “Suppression of the Slave Trade”, Williams’ “History of the Negro in America”[Williams not listed as text-book in 1912-13], Washington’s “Story of the Negro” [Volume I; Volume II], and Hart’s “Slavery and Abolition”. In addition, each student is required to use original sources and report upon some assigned topic, such as biographies of slaves, sale of slaves, underground railroad, etc.

THE NEGRO PROBLEM. Senior Year. First and second semesters, 1 hour per week. It is the aim of this course to use all available data to acquaint the student with the part the Negro has in the developing life of America and with the economic, political, intellectual, religious and social forces that enter into the condition and relations of the Negro in America. Particular attention is given to urban conditions. Reviews of current books and articles on the Negro Problem are made. The student is thus developed in the power of independent thinking upon the subject. Text-books: Weatherford, “Negro Life in the South”; Du Bois, “Philadelphia Negro”; Haynes, “The Negro at Work in New York City”; collateral reading.

Source: Catalogue Number 1911-1912 (2^nd ed.), Fisk University News, Vol. III, No. 3 (May, 1912), pp. 47-50.

Image Source: Tennessee Vacation Website. Road trip to Nashville.

Tags Haynes

POLITICAL ECONOMY, SOCIOLOGY, BUSINESS ADMINISTRATION

THE GRADUATE SCHOOL OF ARTS AND SCIENCES

APPLICATION FOR ADMISSION TO CANDIDACY FOR A DEGREE IN ARTS OR PHILOSOPHY

HARVARD UNIVERSITY THE GRADUATE SCHOOL OF ARTS AND SCIENCES

Application for Admission to Candidacy for a Degree in Arts or Philosophy

THE STATE UNIVERSITY OF IOWA IOWA CITY

TRANSCRIPT OF RECORD

of Edw. Hastings Chamberlin College Liberal Arts

Secondary Credits Accepted from Iowa City, Iowa

1916-17

1917-18

1918-19

1919-20

Summer Session 1920

Summer Session 1921

UNIVERSITY OF MICHIGAN ANN ARBOR

GRADUATE SCHOOL OFFICE OF THE DEAN [Transcript of courses taken by Edward H. Chamberlin]

First Semester, 1920-21

Second Semester, 1920-21

First Semester, 1921-21

Second Semester, 1921-22

Carbon Copy of Reply to Chamberlin’s Application of 11 April 1922

Page Lecture Series. Addresses delivered before the Senior Class of the Sheffield Scientific School, Yale University.

Morals in Modern Business (1908 address, published 1909)

Every-day Ethics (1909 Lectures, published in 1910)

Industry and Progress by Norman Hapgood (1910 Lectures, published in 1911).

Trade Morals: Their Origin, Growth and Province by Edward D. Page (1911 Lectures, published in 1914).

Politician, Party and People by Henry Crosby Emery (1912 Lectures, published in 1913)

Questions of Public Policy. (1913 Lectures, published in 1913)

Ethics in Service by William Howard Taft. (1914 Lectures, published in 1915).

Industrial Leadership by H. L. Gantt. (1915 Lectures, published 1916).

Character and Conduct in Business Life by Edward D. Page. (1916 Lectures)

Harvard-Yale Comparison (1886) by Edward D. Page

Edward Day Page’s Business Career

Old Dry Goods Firm to Quit Faulkner, Page & Co., in Business 78 Years, to End with the Year. The New York Times. 9 October 1911

Obituary for Edward Day Page The Morning Call (Patterson, New Jersey). 26 December 1918. Pages 1, 9.

STRICKEN FATALLY AT DINNER TABLE Edward Day Page, Scientist and Art Patron, Dies While Entertaining Friends.

ESTATE AT OAKLAND. Was Known in This City for His wonderful collection of Paintings and His Library.

Fun Fact: Washington Slept There

Johns Hopkins Faculty for the Undergraduate Courses in Political Economy 1923-1924

UNDERGRADUATE COURSES 1923-24

Examinations for Undergraduate Political Economy Courses Johns Hopkins University 1923-1924

POLITICAL ECONOMY I “A”

February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “A” [Dr. Weyforth]

Thursday; May 29, 1924—9 a.m.

POLITICAL ECONOMY I “B” [Mitchell.]

Tuesday, February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “B” Elements of Economics

Thursday, May 29, 1924

POLITICAL ECONOMY I “C”

February 5th, 1924—9-12 A.M.

POLITICAL ECONOMY I “C” [Mr. Gillies]

May 29, 1924—9 A.M.

Examination in Statistics (Pol. Econ. II)

January 31, 1924

POLITICAL ECONOMY III

Monday, May 26, 1924—9 a.m.

POLITICAL ECONOMY IV

January 31, 1924—9-12 A.M.

POLITICAL ECONOMY VI Corporation Finance

Monday, May 26, 1924

POLITICAL ECONOMY X Business Organization

Monday, May 26, 1924—9 A.M.

Lectures

Text: Stockder

POLITICAL ECONOMY XI Accounting 1

January 30, 1924—9-12 A.M.

POLITICAL ECONOMY XI Accounting 1 [Dr. Newlove]

May 28, 1924—9-12 a.m.

POLITICAL ECONOMY XII ECONOMIC HISTORY

January 29, 1924—9-12 A.M.

POLITICAL ECONOMY XII ECONOMIC HISTORY

Saturday, May 24, 1924

POLITICAL ECONOMY XIII SOCIAL ECONOMICS

February 4th, 1924—9-12 A.M.

POLITICAL ECONOMY XIII SOCIAL ECONOMICS

Friday, May 30, 1924—9 a.m.

14.03 APPLIED MICROECONOMICS

Daniel McFadden Fall 1978

POLITICAL ECONOMY, SOCIOLOGY,
BUSINESS ADMINISTRATION

THE GRADUATE SCHOOL OF
ARTS AND SCIENCES

HARVARD UNIVERSITY
THE GRADUATE SCHOOL OF ARTS AND SCIENCES

THE STATE UNIVERSITY OF IOWA
IOWA CITY

of Edw. Hastings Chamberlin
College Liberal Arts

UNIVERSITY OF MICHIGAN
ANN ARBOR

GRADUATE SCHOOL
OFFICE OF THE DEAN
[Transcript of courses taken
by Edward H. Chamberlin]

Page Lecture Series.
Addresses delivered before the Senior Class of the Sheffield Scientific School, Yale University.

Harvard-Yale Comparison (1886)
by Edward D. Page

Old Dry Goods Firm to Quit
Faulkner, Page & Co., in Business 78 Years, to End with the Year.
The New York Times. 9 October 1911

Obituary for Edward Day Page
The Morning Call (Patterson, New Jersey). 26 December 1918. Pages 1, 9.

STRICKEN FATALLY AT DINNER TABLE
Edward Day Page, Scientist and Art Patron, Dies While Entertaining Friends.

ESTATE AT OAKLAND.
Was Known in This City for His wonderful collection of Paintings and His Library.

Fun Fact:
Washington Slept There

Johns Hopkins Faculty
for the Undergraduate Courses in Political Economy
1923-1924

UNDERGRADUATE COURSES
1923-24

Examinations for
Undergraduate Political Economy Courses
Johns Hopkins University
1923-1924

POLITICAL ECONOMY I “A”
[Dr. Weyforth]

POLITICAL ECONOMY I “B”
Elements of Economics

POLITICAL ECONOMY I “C”
[Mr. Gillies]

Examination in Statistics
(Pol. Econ. II)

POLITICAL ECONOMY VI
Corporation Finance

POLITICAL ECONOMY X
Business Organization

POLITICAL ECONOMY XI
Accounting 1

POLITICAL ECONOMY XI
Accounting 1
[Dr. Newlove]

POLITICAL ECONOMY XII
ECONOMIC HISTORY

POLITICAL ECONOMY XII
ECONOMIC HISTORY

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

February 4^th, 1924—9-12 A.M.

POLITICAL ECONOMY XIII
SOCIAL ECONOMICS

14.03
APPLIED MICROECONOMICS

Daniel McFadden
Fall 1978

Commencement speech at Johns Hopkins University
22. February 1884 by Charles W. Eliot

Harvard’s retired president,
Charles W. Eliot, looking back at economics instruction à la Bowen

HARVARD UNIVERSITY
Department of Economics

15.46 FINANCE
E. Kuh
Fall Semester, 1962

SOCIAL SCIENCE AND SOCIAL WORK
[Fisk University, 1911-13]