Category: Undergraduate

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Exam Questions Harvard Principles Suggested Reading Syllabus Teaching Undergraduate

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

 

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

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Course Announcement and Description

ECONOMICS
GENERAL STATEMENT

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

INTRODUCTORY COURSES
Primarily for Undergraduates

A. Principles of Economics

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

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

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

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

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

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Enrollment in Economics A, 1928-29

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

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

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

 

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EXHIBIT D
First Half

OUTLINE OF STUDY FOR ECONOMICS A
1928-29

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

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

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

Sept. 27
Sept. 29		 Lecture.
Lecture.
Oct. 1 – 6 Taussig, Principles 1. Wealth and Labor.
2. Labor in Production.
3. Division of Labor and Development of Modern Industry.
Oct. 8 – 13 ”
”
”
Robertson		 4. Large Scale Production.
5. Capital.
6. Corporate Organization of Industry.
1 – 3. Control of Industry.
Oct. 15 – 20 Taussig
”
“		 8. Exchange, Value, Price.
9. Value and Utility.
10. Market Value. Demand and Supply.
Oct. 22 – 27 ”
”
“		 17. Coinage.
18. Quantity.
19. Secs. 2, 3, 4: History of Prices.
Oct. 29 – Nov. 3 ”
”
“		 20. Bimetallism.
22. Changes in Prices.
23. Government Paper Money
Nov. 5 – 10 ”
“		 24. Banking and Medium of Exchange.
25. Banking Operations.
Nov. 12 – 17 ”
”
“		 27. Banking System of United States
28. Crises.
29. Panics.
Nov. 19 – 24 ”
”
Hour Exam		 30. Prices.
31. Reform.
Nov. 26 – Dec. 1 ”
”
”
Henderson		 Review 8, 9, 10.
12. Constant Cost.
13. Diminishing Returns.
Demand and Supply (Nov. 26 to Dec. 15).
Dec. 3 – 8 Taussig
“		 14. Varying Cost.
15. Monopoly.
Dec. 10 – 15 ”
Henderson:		 16. Joint Cost and Joint Demand.
Ch. 5. Demand and Supply.
Dec. 17 – 22 Taussig 32. The Foreign Exchanges
RECESS Dec. 23 to Jan. 2
Reading Period Jan. 2 to 16  [No additional reading requirements]
Jan. 2 – 7 Taussig
“		 33. International Payments.
34. International Trade.
Jan. 9 – 14 ”
“		 36. Protection.
37. Free Trade.
MIDYEARS:

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

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

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

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

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Enrollment in Economics A, 1927-28

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

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

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

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

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

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

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

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

Feb. 6

Feb. 11

 Review
Value
Diminishing Returns		 Carver:
”
“		 Distribution of Wealth
Ch. I. Value
Ch. II. Diminishing Returns
Feb. 13

Feb. 18

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

Feb. 25

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

Mar. 3

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

Mar. 10

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

Mar. 17

 Inequality Taussig:
”
”
“		 Ch. 7. Productiveness
Ch. 45. Monopoly
Ch. 51. Great Fortunes
Ch. 55. Inequality
Mar. 19

Mar. 24

 Land, Risk, Labor, etc. Henderson:
”
”
”
“		 Ch. VI. Land
Ch. VII. Risk Bearing Enterprise
Ch. VIII. Capital
Ch. IX. Labor
Ch. X. Real Costs of Production
Mar. 26

Mar. 31

 Labor Taussig:
”
“		 Ch. 56. Wages system
Ch. 57. Labor Unions
Ch. 58. Labor Legislation
Apr. 2

Apr. 7

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

Apr. 21

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

Apr. 28

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

May 5

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

May 19

 Social Reform Robertson:
”
“		 Ch. IX. Collectivism
Ch. X. Workers Control
Ch. XI. Joint Control
May 21

May 26

 Taxation

Taussig:

“

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

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

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

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

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

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

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

Categories
Exam Questions Harvard Suggested Reading Syllabus Undergraduate

Harvard. Syllabus and exams for Government Policy Toward Business. Kaysen, 1961

 

Carl Kaysen
from the 1958 Harvard yearbook

Carl Kaysen, who just this year [1958] was promoted to the position of Professor of Economics, has risen quickly up the educational ladder and has a distinguished record of non-academic accomplishments as well. At the age of 20, he served on the National Bureau of Economic Research, two years later he joined the Office of Strategic Services, and he served in the Air Force from 1943 to 1945. At thirty, he became an Assistant Professor of Economics at Harvard, and was promoted to Associate Professor two years ago. He is a member of Phi Beta Kappa, and a Guggenheim Fellow.

Professor Kaysen is primarily interested in industrial organizations and monopoly practices. He is a co-author of The American Business Creed and is currently engaged in a study of the complexity of modern business firms.

Source: Harvard Class Album 1958.

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Course Description

Economics 144. Government Policy Toward Business
Half course (spring term). M., W., F., at 10. Professor Kaysen.

This course surveys the major areas of government regulation of the functioning of markets in the United States. Anti-trust policy, agricultural policy, public utility regulation, and the regulation of transportation are examined with an eye to both their underlying economic rationale and their outcome in practice.

Source: Courses of Instruction: Faculty of Arts and Sciences, Official Register of Harvard University, Vol. LVII, No. 21 (August 29, 1960), p. 96.

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Course Enrollment

[Economics] 144. Government Policy Toward Business. Professor Kaysen. Half course.

(Spring) Total 88: 2 Graduates, 29 Seniors, 32 Juniors, 19 Sophomores, 5 Radcliffe, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1960-61, p. 76.

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Economics 144
Government Policy Toward Business

Professor Kaysen        Littauer 212    MW 11-12
Dr. Fromm                  Littauer 214    MW 11-12
Mr. Wilson                  Littauer 214 Tues 4-6

  1. Policy Goals, Economic Systems, and Policy Instruments (Feb. 6-17)

Watson, Donald S., Economic Policy: Business and Government, Part I, pp. 3-196.

  1. Competition: Enough and Just Enough (Feb. 20 – March 20)

Wilcox, Clair, Public Policies Toward Business, Revised Edition, Chapters 3-5, pp. 49-123.

Bain, Joe S., Industrial Organization, Chapter 13, pp. 477-539.

United States, Department of Justice, Report of the Attorney General’s National Committee to Study the Antitrust Laws, Chapters 1 and 3, pp. 1-64 and 115-128.

Stelzer, Irwin M., Selected Antitrust Cases: Landmark Decisions in Federal Antitrust, Chapter 1 (except Yellow Cab Company, et al.) pp. 3-40, 44-59, Chapter 3, pp. 79-94, Chapter 4, pp. 95-105.

Oppenheim, S. Chesterfield, Recent Cases on Federal Anti-Trust Laws, 1951 Supplement to Cases on Federal Anti-Trust Laws;

United States v. American Can Co., pp. 434-451
Tag Mfrs. Institute, et al. v. Federal Trade Commission, pp. 304-318
United States v. Aluminum Company of America, pp. 209-289

Federal Supplement, United States v. Bethlehem Steel Corporation and Youngstown Sheet and Tube Co., 168 F. Supp. 576.

Levitan, Sar A., Federal Assistance to Labor Surplus Areas, A Report to the Committee on Banking and Currency, United States House of Representatives, 85th Congress, 1st Session, April 15, 1957, pp. 5-35.

Watson, Donald S., Economic Policy: Business and Government, Chapter 25, pp. 658-691.

Joint Economic Committee, Congress of the United States, Staff Report on Employment, Growth, and Price Levels, December 24, 1959, Chapter 7, pp. 189-204.

  1. Monopolies, Near Monopolies (March 22 — April 17)

Wilcox, Clair, Public Policies Toward Business, Revised Edition, Chapters 19-22, pp. 539-642.

Watson, Donald S., Economic Policy: Business and Government, Chapter 16, pp. 391-421.

Meyer, J.R., Peck, M.J., Stenason, J., and Zwick, C., The Economics of Competition in the Transportation Industries, Chapters 6-9, pp. 145-273.

  1. External Effects and Ignorance (April 19-28)

Rostow, Eugene V., A National Policy for the Oil Industry, Chapters 3-6, pp. 16-53.

Bain, Joe S., The Economics of the Pacific Coast Petroleum Industry, Volume III, Chapter III, pp. 23-67.

Owen, Wilfred, Cities in the Motor Age, Chapter 2, pp. 18-41, Chapter 8, pp. 138-150.

Haar, Charles M., “The Master Plan: An Inquiry in Dialogue Form,” Journal of the American Institute of Planners, August 1959, pp. 133-142.

  1. General Overview (May 1-3)

To be announced.

Reading Period assignment to be announced.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

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HARVARD UNIVERSITY
Department of Economics
Reading Period Assignments
Spring Term, 1960-61

Ec. 144:

J. E. Meade, Planning and the Price Mechanism, Ch. I, III, IV, AND W.A. Lewis, Principles of Planning, Ch. I, II, IV, VI, VII-IX
OR E. Devons, Planning in Practice.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 8, Folder “Economics, 1960-1961 (2 of 2)”.

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ECONOMICS 144
Hour Examination
April 14, 1961

Answer ALL questions.

PART I
20 Minutes

  1. Some economists have suggested that a “market power” standard should be used in judging monopolization cases under Section 2 of the Sherman Act. What would the differences between this standard and the exiting performance standard be? What would be achieved by adopting the proposed standard? What new problems might it create?

 

PART II
30 Minutes

  1. Outline the role of government economic policy as interpreted by:
    1. reform liberals
    2. neo-liberals
    3. conservatives
  2. What is the essential economic problem presented by the agricultural sector and the depressed areas? [handwritten note: “allocation of resources + factor mobility”]
  3. There is wide agreement that some regulation of the utility industries, such as electric power, is necessary. What economic facts and judgments underlie this agreement?

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003, Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

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ECONOMICS 144
Final Examination

PART I

Answer both questions.

  1. (a) Some problems in anti-trust regulation are:
    1. Parallel pricing vs. collusive behavior
    2. Monopolizing vs. monopoly
    3. Market power vs. monopoly

Discuss each in the light of Sherman Act enforcement and the cases you have read.

  1. Assume that you were an economic adviser to the Anti-trust Division during the Dupont Cellophane case. After you had heard Dupont present its defense, what arguments would you have given the Government’s lawyers in order to help them prepare their reply?
  1. (a) Why does the market fail to allocate resources properly in the oil industry? What possible remedies would you recommend and why?

(b) Discuss briefly the arguments why interference with the market mechanism is necessary in order to achieve an optimal allocation of land uses in a city. What do you consider to be the most difficult problems that an urban planning authority would face?

 

PART II

Answer one question only.

  1. (a) What are some of the difficulties encountered by the regulatory authorities when they attempt to set utility rates so as to guarantee a “fair return on investment”?

(b) Give reasons why the present system of pricing by electric utilities leads to misallocation of power uses. Set up a utility pricing scheme that would remove this misallocation.

  1. (a) What accounts for the existence of natural monopoly elements in the transportation industries? What distinguishes these industries from “pure” natural monopolies, such as electric utilities?

(b) Some economists have argued that railroads should be subject to less rather than more regulation. What arguments can be used to support their position? What problems would arise if the railroads were subject to no special regulation at all?

 

PART III

Answer one question only.

  1. Evaluate some of the arguments put forward by Meade and by Lewis to support their contention that some state planning is necessary to improve the functioning of the economic system. Discuss to what extent each of their proposals is an attempt to improve the functioning of competitive markets and to what extent it is an attempt to supplant market determined goals.
  2. Discuss Devon’s account of the problems that arise when planning is carried out in the absence of prices. Why would the use of prices help to solve some of these problems?

Source: Harvard University Archives. Harvard University. Final Examinations 1853-2001 (HUC 7000.28). Faculty of Arts and Sciences. Papers Printed for Final Examinations [for] History, History of Religions,…, Economics,…Naval Science, Air Science  in (Bound) Volume 134, Social Sciences. Final Examinations, June 1961.

Image Source:  Carl Kaysen in the Harvard Class Album 1958.

Categories
Bibliography Teaching Undergraduate Wisconsin

AEA Publications. Bibliography from article “Economics as a School Study”. Clow, 1899

 

This post provides (i) information on the life and career of Harvard’s tenth Ph.D. in economics, Frederick Redman Clow and (ii) the useful bibliography to his AEA publication, “Economics as a School Subject”. 

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Frederick Redman Clow
(From his Oshkosh obituary)

Born Nov. 29, 1864 in Lysle, Minnesota.

High school in Austin, Minnesota.

Classical A.B. from Carleton college in 1889

1889-1890. Editor of the Weekly Independent at Northfield, Minnesota.

A.B. from Harvard university in 1891.

1892-93. Editor of Clow’s Political Circular and the Literary Northwest.

A.M. from Harvard in 1892.

Ph.D. from Harvard in 1899.

Instructor of economics at Harvard 1893-1895.

Oshkosh Normal 1895 through 1930.

Married Minnie Baldwin at Northfield Minnesota in 1895.

Daughters: Lucia Baldwin Clow (b. 1896) and Bertha Cochrane Clow (b. 1902). Son Nathan Clow (b. ca. 1904)

Summer 1904. Taught economics at the University of Chicago.

Summer 1912. Taught sociology at the university of Michigan.

1927 Quiver (Oshkosh Normal Yearbook) dedicated to Frederick Clow.

Died July 6, 1930. Following nine months’ illness.

Memberships.

National Society for the Study of Educational Sociology
American Economics Association
Philosophical Club
Pi Gamma Mu (National social science honor society)
Phi Beta Kappa (national honorary scholastic fraternity)
Phi Beta Sigma (educational fraternity)

Books:

Introduction to the Study of Commerce (Silver, Burdett and company, 1901).

A Syllabus for an Elementary Course in Economics, 3rd ed. (Castle-Pierce Printing Company, 1908).

Principles of Educational Sociology (Macmillan, 1920)

Book manuscripts completed before death (unpublished?) according to his obituary:

The School and Its Institutional Background

Personology: The Great Synthesis.

 

Source: The Daily Northwestern (Oshkosh, Wisconsin) July 7, 1930 pp. 1,4.

______________________

From Annual President’s Report of Harvard College

1890-1891

Appointed Proctor, June 23, 1891.

Source: Harvard University. Report of the President of Harvard College, 1890-1891. Page 206

 

1892-1893.

Appointed Instructor in Political Economy, June 27, 1893.

Appointed Proctor, June 27, 1893.

Source: Harvard University. Report of the President of Harvard College, 1892-1893. Pages 228-9.

 

1893-1894.

Listed among teachers for Economics 1. Professors Taussig and Ashley, Asst. Professor Cummings and Mr. Clow.

Appointed Instructor in Political Economy, May 28, 1894.

Source: Harvard University. Report of the President of Harvard College, 1893-1894. Page 61; Ibid., 1893-1894. Page 232.

 

1894-95.

Listed among teachers for Economics 1. Professor Ashley, Asst. Professor Cummings, Dr. Cummings, and Mr. Clow.

Source: Harvard University. Report of the President of Harvard College, 1894-1895. Page 62.

 

1898-1899.

Awarded Ph.D., Political Science.  (Political Economy) in 1899

Frederick Redman Clow.

Public Finance.—A.B. (Carleton Coll., Minn.) 1889, A.B. 1891, A.M. (Carleton Coll., Minn.) 1892, A.M. 1892.—Res.Gr. Stud., 1891-92 and 1893-95.

Teacher of history and Economics, State Normal School, Oshkosh, Wis.

Source: Harvard University. Report of the President of Harvard College, 1898-1899. Page 144.

______________________

Bibliography from Clow’s “Economics as a School Study” (1899)

PREFACE.

The following sources have contributed most of the information given in this paper or used in its preparation:

  1. The books and articles named in the bibliography, especially the Report of the Committee of Ten, and the writings of Professors J. Laurence Laughlin, Richard T. Ely, Edmund J. James, and Simon N. Patten. Much use has been made of an article by Dr. Frank H. Dixon, now of Dartmouth College.
  2. My own experience as a teacher of economics — for two years as instructor in charge of two sections of the beginning class in economics in a university, and for three years in a normal school.
  3. Data in manuscript. In the spring of 1897 I sent out a circular letter of inquiry to over two hundred educational institutions, and to a few university professors. The institutions included medium-sized colleges, public normal schools, and high schools in the larger cities, all so selected as to represent the various sections of the country. To the scores of people who so kindly responded to my inquiries, I am deeply indebted. Dr. Dixon generously allowed me to use a similar mass of material collected by him from schools which prepare students for the University of Michigan, and granted permission to use the data to controvert his own conclusions.

I have tried to include in the bibliography all books and articles relating to economics as a school study, or to methods of teaching economics, and also all text-books now offered by publishers. With a few exceptions, the bibliography is restricted to works published in the United States.

My chief aim has been to promote the further investigation of the place of economics in the school curriculum and of the methods to be employed in teaching it. Therefore much space has been given to the statement of the views of others, even when they conflict with each other and with my own. As far as possible these views are presented in the original words, although the result has been to introduce an excessive number of quotations.

F. R. CLOW.

State Normal School, Oshkosh, Wis.,
May, 1898.

[…]

APPENDIX B.
BIBLIOGRAPHY.

(The date after a title is the author’s date. All books are 12mo. unless otherwise indicated. Prices marked with an asterisk (*) are net; from others discounts will be given to schools or for introduction.)

BOOKS AND ARTICLES ON TEACHING ECONOMICS.

American Economic Association. Economic Studies, Vol. III, No. I, supplement, 50¢. Discussions: The relation of the teaching of economic history to the teaching of political economy, pp. 88-101; methods of teaching economics, pp. 105-111.

Ashley, W. J., of Harvard. On the Study of Economic History, in Quarterly Journal of Economics, VII: 115-136. States the position of the Historical School of Economists.

Barnard’s American Journal of Education, X: 105-115, from the British Almanac for 1860. Describes the work in economics in the school founded by William Ellis at Birbeck, England.

Bullock, C. J. Political Economy in the Secondary School, in Education, XI: 539-47. Excellent discussion of methods.

Clow, F. R. Elementary Economics in Schools and Colleges, in Quarterly Journal of Economics, XII: 73-75. Statistics of schools, teachers, and text-books.

Committee of Ten. Report of the Committee on Secondary School Studies, including the report of the Conference on History, Civil Government and Political Economy, pp. 29, 181-3. Government printing office, Washington, for the United States Bureau of Education. Also by the American Book Co., 25¢. See Appendix A.

Commons, J. R. Political Economy and Sociology in the High School, in The Inland Educator, December, 1895. Favors observational study.

Cossa, Luigi. Introduction to the Study of Political Economy. Macmillan. 1893. pp. 587. $2.60. Treats well the value of economic knowledge and the relation of economics to other studies.

Dixon, F. H., of Dartmouth College. The Teaching of Economics in the Secondary Schools, in the third Year-Book of the National Herbartian Society, pp. 128-137; also in the School Review for January, 1898. Favors substituting economic history for economics in the secondary schools.

Ely, Richard T., of University of Wisconsin. On Methods of Teaching Political Economy, pp. 61-72, in Methods of Teaching and Studying History, edited by G. Stanley Hall. 2d ed., 1885. Heath: Boston. Contains useful practical hints.

________ Political Economy in the High School, in School Education, March, 1895. Treats educational value and methods.

Fulcomer, Daniel. Instruction in Sociology in Institutions of Learning, in report of Commissioner of Education, 1894-5, Vol. II, pp. 1211-1221. A collection of opinions and statistics.

James, Edmund J., of Chicago University. The Education of Business Men: a View of the Organization and Courses of Study in the Commercial High Schools of Europe. The University of Chicago Press, 1898. 8vo. pp. xxi, 232. 50¢. Also in Report of Commissioner of Education, 1895-6, Vol. I, pp. 721-831. A detailed account.

________ Place of the Political and Social Sciences in Modern Education, in Annals, Vol. X, No. 3; also Publications, No. 216. American Academy of Political and Social Science, Philadelphia. 1897. pp. 30. 25¢. A strong article; urges greater prominence for the social sciences, including economics, in all grades of our educational system.

Jostad, B. M. How and What May We Teach of Political Economy in Grades below the High School? Wisconsin Journal of Education, XXIX, 12-14. Suggests several topics.

Keynes, J. N., of Cambridge, England. The Scope and Method of Political Economy. Macmillan. 1890. pp. xiv, 359. $2.25. Though not treating directly of methods of teaching, it gives the best discussion of the nature of economic science that exists in English.

Dunbar, C. F., of Harvard. The Academic Study of Political Economy, in Quarterly Journal of Economics, V: 397-416. Its place in colleges and universities.

Laughlin, J. L., of Chicago University. Teaching of Economics, in Atlantic Monthly, LXXVII: 682-688. Urges teaching of economics in secondary schools. Trenchant criticism of methods.

________ The Study of Political Economy. American Book Co. 1885. 16mo. pp. 153. $1.00. Designed for students and teachers. The best book of the kind. Contains brief bibliography, including French and German works.

Macvane, S. M., of Harvard. The Economists and the Public, in Quarterly Journal of Economics, IX: 132-150. Favors making the study concrete and working from actual facts.

Newcomb, Simon. The Problem of Economic Education, in Quarterly Journal of Economics, VII: 375-399. Discusses the low popular estimate of economic science and shows the value of studying economic theory.

Patten, Simon N., of University of Pennsylvania. Economics in Elementary Schools, in Publications, No. 136. American Academy of Political and Social Science, Philadelphia. 1894. 8vo. pp. 29. 25¢. A philosophical discussion of the ethical value of economic study. Substantially the same ideas are given in a paper by Professor Patten in Addresses and Proceedings of the National Educational Association for 1892, pp. 415-421.

________ The Educational Value of Political Economy, in Publications of the American Economic Association. 8vo. pp. 36. 75¢. Confined to mental discipline; profound and original.

Sherwood, Sidney, of Johns Hopkins University. The Philosophical Basis of Economics, in Annals, Vol. X, No. 2; also Publications, No. 209. American Academy of Political and Social Science, Philadelphia. 1897. 8vo. pp. 35. 35¢. Claims for economics the position of master-science in the group which includes ethics, aesthetics, politics, and sociology.

Taussig, F. W., of Harvard University. The Problem of Secondary Education as regards Training for Citizenship, in Educational Review, XVII: 431-439. Favors teaching economics and explains the poor results so far obtained.

Taylor, W. G. L., of the University of Nebraska. Write Your Own Political Economy, in The Northwestern Monthly, Lincoln, Neb. September, 1898. Each student is to develop economic theory in a series of essays.

Thurston, H. W. The Teaching of Economics in Secondary Schools, in School Review, IV: 604-616. Favors the laboratory method.

Thwing, C. F., President of Western Reserve University. The Teaching of Political Economy in Secondary Schools, in Addresses and Proceedings of the National Educational Association, 1895, pp. 370-374. Shows how the subject can be made intelligible to the young.

 

TEXT-BOOKS.

Andrews, E. B. Institutes of Economics. 1889. Silver, Burdett & Co., Boston, pp. xii, 227. $1.30. New arrangement. Contains references to works in foreign languages. Excessively condensed.

Bowen, F. American Political Economy. 1870. Scribner. 8vo. pp. ix, 495. Formerly a popular text-book for colleges. Protectionist.

Bullock, C. J., of Cornell University. Introduction to the Study of Economics. Silver, Burdett & Co. 1897. pp.511. $1.28. Contains much descriptive matter, bibliography, and references. An excellent all-around text-book.

Cannan, E. Elementary Political Economy. Macmillan. 16mo. 25¢.

Champlin, J. T. Lessons in Political Economy. 1868. American Book Co. pp. 219. 90¢. Gives much attention to the financial question of thirty years ago.

Davenport, H. J. Outlines of Elementary Economics. Macmillan. 1897. pp. xiv, 280. 80¢. Contains excellent pedagogical helps. No descriptive matter is given, and the work is strictly theoretical. New arrangement. The same author has written Outlines of Economic Theory. 1896. $2.00.*

Devine, E. T. Economics. Macmillan. 1898. pp.404. $1.00. Designed as an introduction to the study of social problems.

Ely, R. T., of the University of Wisconsin. Outlines of Economics. 1893. Flood & Vincent, Meadville, Pa., Chautauqua edition, pp. xi, 347, $1.00. Hunt & Eaton, now Eaton & Main, Boston, college edition, 1893, pp. xii, 432, $1.25. Extensively used. Contains questions and references to other authorities. The college edition contains a list of topics for special work and a bibliography.

Fawcett, Mrs. Political Economy for Beginners. Macmillan. 2nd edition, 1872. 18mo. pp. xii, 216. 90¢. An English work for secondary schools. With questions and problems.

Gregory, J. M. New Political Economy. 1882. American Book Co. pp. 394. $1.20. By an experienced teacher. Numerous suggestive diagrams and tables.

Jevons, W. S. Political Economy (Primer). American Book Co. 35¢.

Laughlin, J L. The Elements of Political Economy. 1887. American Book Co. pp. xxiv, 363. $1.20. Contains pedagogical questions at end of each chapter, charts and other descriptive matter, and the same bibliography as the Study of Political Economy. Part II treats of practical questions of the day.

Laveleye, Emil de. The Elements of Political Economy. 1888. Putnams. pp. xxxvii, 288. $1.50. By the eminent French economist. With introduction and supplementary chapter by Professor Taussig.

Macvane, S. M., of Harvard University. The Working Principles of Political Economy. Maynard, Merrill & Co. 1889. pp. x, 392 $1.00. Intended for high schools, “with a constant eye on actual affairs.”

Mason and Lalor. The Primer of Political Economy. 1875. McClurg, Chicago, pp. 67. 60¢. Definitions and propositions to be memorized.

Newcomb, Simon. Principles of Political Economy. Harper. 1885. pp. xvi, 548. $2.50. Purely theoretical; contains pedagogical questions. Some portions are unsurpassed for clearness.

Perry, A. L., of Williams College. Principles of Political Economy. Scribner. 1898. pp. 600. $2.00. New arrangement. Nearly thirty years ago the same author wrote Elements of Political Economy and Introduction to Political Economy, which are still in use as text-books.

Seligman, E. R. A., of Columbia. Elements of Political Economy; with Special Reference to American Conditions. In preparation. Longmans, Green & Co.

Steele, G. M. Rudimentary Economics. 1891. Leach, Shewell & Sanborn, now Sibley & Ducker. pp. xvi, 213. 80¢. Based on Carey. Suitable for high schools. Simple enough to use as a reader.

Symes, J. E., of England. Political Economy. Longmans, Green, & Co. pp. 204. 90¢.* With problems for solution and hints for supplementary reading.

Thompson, R. E. Political Economy. 1895. Ginn. pp. 108. 55¢. Intended for secondary schools. Protectionist.

Thurston, H. W. A Beginner’s Book in Economics and Industrial History. In preparation. Scott, Foresman & Co. Part I, a laboratory study of existing economic structure. Part II, economic history of England and the United States. Part III, theory. Based on the author’s experience in a high school. Discusses methods of teaching and contains much pedagogical matter; also bibliography.

Walker, F. A. Political Economy. Holt. Briefer course, 1884, pp. 415, $1.20.* Advanced course, 3rd ed., 1887, pp. 537, $2.00.* First Lessons in Political Economy. pp. x, 323. $1.00. Contain the author’s peculiar view of distribution. Were the most popular text-books in existence for a decade.

 

Source: Frederick Redman Clow, A.M. Economics as a School Study. Economic Studies, Vol. IV, No. 3 (June, 1899), pp. 242-246

Image Source: Faculty portrait of Frederick R. Clow in Quiver, Yearbook of Oshkosh Normal School 1906, p. 16.

 

Categories
Harvard Suggested Reading Syllabus Undergraduate

Harvard. Junior tutorials in economics. Smithies and Chamberlin, 1960-61

 

The previous post is a Harvard Crimson article that reported on a major re-evaluation of the undergraduate economics program in 1959. The place of the junior tutorial was described as follows:

“The analytic material ejected from Ec. 1 has found refuge in Sophomore tutorial, while Ec. 98 (Junior tutorial) although heavily biased towards the empirical is the only course in the Department offering an overall view of the field.”

_____________________________

Course Enrollments

[Economics] 98a Tutorial for Credit—Junior Year. Professor Smithies. Half course, Fall.

Total 65: 11 Seniors, 48 Juniors, 2 Sophomores, 4 Radcliffe.

[Economics] 98b Tutorial for Credit—Junior Year. Professor Chamberlin. Half course, Spring.

Total 61: 13 Seniors, 46 Juniors, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1960-61. Page 75.

_____________________________

HARVARD UNIVERSITY
Department of Economics
Fall 1960

Economics 98a
MACROECONOMICS
Professor Smithies

Reading List

  1. The English Classical System

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chs. 1, 2, 3; Book II; Book IV, chs. 1, 3, 8.

David Ricardo, Principles of Political Economy, chs. 2-6, 21.

W. J. Baumol, Economic Dynamics, ch. 2.

Malthus, T. R., An Essay on the Principle of Population (1st & 2nd editions), Macmillan, London, 1914.

Malthus, T. R., Principles of Political Economy, Book II, ch. I, “On the Process of Wealth.”

  1. Marxian Dynamics

M.M. Bober, Karl Marx’s Interpretation of History, chs. 1-3 and 9-13.

P. Sweezy, The Theory of Capitalist Development, chs. 4-6, 8, 9.

Suggested:

Joan Robinson, An Essay on Marxian Economics.

J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part I.

  1. The Neo-Classical School and the Schumpeterian System

J. A. Schumpeter, The Theory of Economic Development.

____________, Business Cycles, Vol. I, chs. 3, 4.

____________, Capitalism, Socialism, and Democracy, Part II.

A. Marshall, Principles of Economics, Book VI, chs. 12, 13, Appendixes A, C, D.

Suggested:

A. A. Young, “Increasing Returns and Economic Progress,” Economic Journal, December 1928, reprinted in R. V. Clemence (ed.) Readings in Economic Analysis, Vol. 1.

R. Solow, “A Contribution to the Theory of Economic Growth,” QJE, Feb. 1956.

A. Smithies, “Productivity, Real Wages, and Economic Growth,” QJE, May 1960.

  1. Keynesian Economics.

J. M. Keynes, The General Theory of Employment, Interest, and Money, chs. 3, 19, 22-24.

A. Hansen, Monetary Theory and Fiscal Policy, chs. 3-6.

L. Klein, The Keynesian Revolution, ch. 3.

Suggested:

Income, Employment and Public Policy, “Essays in Honor of Alvin H. Hansen”, chs. 1, 5, 6.

S. E. Harris (ed.), The New Economics, chs. 39, 40.

  1. Business Cycles.

A.H. Hansen, Business Cycles and National Income, chs. 11-24.

Tinbergen and Polak, The Dynamics of Business Cycles, ch. 13.

  1. Business Cycles and Economic Growth.

E. Domar, “Expansion and Employment,” American Economic Review, March 1947, also reprinted in Essays in the Theory of Economic Growth, ch. IV.

A. Smithies, “Economic Fluctuations and Growth,” Econometrica, January 1957.

Wm. Fellner, “The Capital-Output Ratio in Dynamic Economics,” in Money, Trade, and Economic Growth (Essays in Honor of J. H. Williams).

  1. Inflation.

Bernstein and Patel, “Inflation in Relation to Economic Development,” International Monetary Fund, Staff Papers, Nov. 1952.

Kenneth K. Kurihara, Post-Keynesian Economics, ch. 2.

Staff Report on Employment, Growth, and Price Levels, Joint Economic Committee, Congress of the U.S., December 24, 1959, ch. 5.

  1. Economic Analysis and Economic Policy.

J. Tinbergen, Economic Policy: Principles and Design, chs. 1, 2, 3.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

_____________________________

HARVARD UNIVERSITY
Department of Economics

Economics 98b
MICROECONOMICS
Spring 1961

Professor Chamberlin

Week of Tuesday

Feb. 7

Markets, Perfect and Imperfect
Chamberlin, Monopolistic Competition, Chapter II, including note on Deviation from Equilibrium.

Feb. 14, 21

General Relations of Demand, Supply, Cost and Value
Marshall, Principles, Book V, Chapters 1-11, Appendix H.

Robinson, Joan, “Rising Supply Price,” Economica, New Series VIII, (1941). (Also in AEA Readings in Price Theory, Vol. VI, and in Robinson, Joan, Collected Economic papers).

Feb. 28

The Production Function and the Cost Curve of the Firm
(No lecture)

Boulding, Economic Analysis, Third Edition, chapters 28, 34, or revised edition, Chapters 24, 31 to p. 698.

Monopolistic Competition, 6th or 7th edition, Appendix B. (Also in Towards a More General Theory of Value, Essay 9.)

Mar. 7, 14

General Analysis of Monopolistic Competition. Product Differentiation. The Group
Monopolistic Competition, Chapters 1, 4, 5, 9.

Chamberlin, “Monopolistic Competition Revisited,” Towards a More General Theory of Value, Essay 3.

Robinson, Joan, Imperfect Competition, Foreword, Introduction, Chapters 1, 2.

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

Mar. 21

Oligopoly
Monopolistic Competition, Chapter 3, Appendix A.

Fellner, Competition Among the Few, Chapter 1.

Arant, Willard, “Competition of the Few Among the Many,” QJE, 70:327 (1956).

Clark, J.M., “Toward a Concept of Workable Competition,” AER, 1940. (Also in AEA Readings in Price Theory)

Suggested: Fellner, further chapters.

Mar. 28

Nonprice Competition
“The Product as an Economic Variable,” Towards a More General Theory of Value, Essay 6.

Monopolistic Competition, Appendix C, Chapters 6, 7.

Apr. 2-9

SPRING VACATION

Apr. 11, 18, 25,
May 2

 Microincome Theory, Wages, Exploitation, Collective Bargaining
Hicks, The Theory of Wages, Chapters 1, 2, 4.

Robertson, “Wage Grumbles,” Readings in Income Distribution, No. 12.

Robinson, Imperfect Competition, Chapter 25.

Monopolistic Competition, (5th or later edition), Chapter 8; pp. 215-18.

Chamberlin, “Monopoly Power of Labor,” Towards a More General Theory of Value, Essay 12.

Dunlop, “Wage Policies of Trade Unions,” Readings, No. 19.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 7, Folder “Economics, 1960-1961 (2 of 2)”.

 _____________________________

ECONOMICS 98b—PAPER
[Spring 1961]
Due any time, but not later than May 9.

The purpose of this paper is to give an opportunity for a bit of “theorizing” of your own. The paper may be either constructive or critical, but the emphasis should be on your own contribution, rather than on developing the subject more generally, or expounding it mainly in terms of the ideas and views of others.

The ideal subject would be chosen by yourself—either an adverse reaction to, or further development of: something said in lectures, in the assigned or related reading, or in tutorial discussions. A rounded treatment or essay on the subject is not desired—rather something in the nature of a “Note” (say for the Quarterly Journal), which would either present an idea of its own or criticize one which has been presented by someone else. (A good illustration of this latter is Essay 13 in Towards a More General Theory of Value.) Brevity is therefore desirable. Papers should normally be from six to twelve pages (typed, double spaced), with fifteen as an absolute limit. Extensive reading is not indicated; (in an extreme case there might even be none at all), but a great deal of time should be given to thinking through carefully what you want to say.

The accompanying list of topics is suggestive only; as stated above, one chosen by yourself might be better. In any case your subject should be approved; and the question of reading should be taken up with your tutor.

SUGGESTED TOPICS

Some further analysis of the classroom market problem, or of a variation on it. (Material between page 236 to the end in the article as printed would illustrate further developments from the original problem.)

Marginal cost pricing as against Marshall’s short run normal analysis.

The Representative Firm Revisited.

Comment on Modigliani’s article: “New Developments on the Oligopoly Front,” JPE 66:215 (1958).

Mr. Kaldor’s concept of advertising cost. (“The Economic Aspects of Advertising,” Review of Economic Studies, Vol. XVIII (1) No. 45.)

Some aspect of spatial equilibrium.

A review of Machlup, “Marginal Analysis and Empirical Research,” AER, Sept. 1946.

Review of Gottlieb, “Price and Value in Industrial Markets,”Economic Journal, March 1959.

Is equilibrium with external economies possible under perfect competition? Under monopolistic competition?

Temporal Differentiation.

Some aspect of empirical cost curves.

“Bilateral Oligopoly”—Big Business and Big Labor.

Measures which might be taken to reduce “excess capacity.”

A critique of Stigler’s “Monopolistic Competition in Retrospect,” in his Five Lectures on Economic Problems.

“‘Entry’ is often not the literal appearance of a new firm, but the decision of an old one to add the new product to its line.” What effect would this have on the conventional analysis?

“Conjectural Variation” as a solution to oligopoly.

How would more attention to sales maximization and less to profit maximization affect the analysis?

Deliberate product obsolescence: Implications for public policy.

The Lester-Machlup controversy over the wage elasticity of the demand for labor.

Comment on “Some Basic Problems in the Theory of the Firm” by Papandreou in A Survey of Contemporary Economics, Vol. II.

If the concept of a “group” were to be abandoned, following Triffin, what would happen to the analysis in Chapter 5?

Review of Alchian, “Uncertainty, Evolution and Economic Theory,” JPE 1950; also in AEA Readings in Industrial Organization and Public Policy.

The Economic Analysis of Industry-Wide Advertising.

My Own Grumbles on Wages. (Suggested by the title of Roberson’s article assigned later in the course.)

The case for assuming imperfect, instead of perfect, knowledge in economic theory.

Stigler on the Kinked Demand Curve. (“The Kinky Oligopoly Demand Curve and Rigid Prices,” AEA Readings in Price Theory, and criticism by Efroymson in QJE 69:119 (1955).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003.Box 7, Folder “Economics, 1960-1961 (1 of 2)”.

Image Source:  John Simon Guggenheim Memorial Foundation website. Arthur Smithies (1955 Fellow), Edward H. Chamberlin (1958 Fellow).

 

 

 

Categories
Economics Programs Harvard Undergraduate

Harvard. Undergraduate economics concentrators dropped over 50% in 1950s.

 

This post provides some backstory to the next post that features the reading lists for Harvard’s junior year tutorial in macroeconomics (Arthur Smithies) and microeconomics (Edward Chamberlin) used in 1960-61. The following Harvard Crimson article describes the undergraduate program in crisis (as seen in the massive drop in economics concentrators). The fall in numbers was attributed to the observation that economics “instruction gyrates widely from verbal triviality to mathematical incomprehensibility”.  Now one might say that much economics instruction gyrates from verbal incomprehensibility to mathematical triviality.

Alfred Marshall tried to design his own Cambridge Curriculum to address two classes of students, those needing general economics training for leadership careers in business and government and those needing advanced training for research careers in economics. Integrated training of the two classes within a single program at Harvard appears to have reached its limits by the second half of the twentieth century. 

Marshall, Alfred. The New Cambridge Curriculum in Economics. London: Macmillan, 1903.

________________________

Economics: Undergraduate Program Undergoes Extensive Re-Evaluation
By Michael Churchill

The Harvard Crimson, November 14, 1959

C. P. Snow, British scientist and author, recently called attention to what he termed the problem of two cultures in our society–the gap in understanding between the traditional humanities and social sciences on the one hand and modern science and technology on the other. Both exist side by side, yet remain intellectually divorced in our modern society. This dichotomy serves well in considering the difficulties surrounding the discipline of economics, for its midway position in such a scheme is indicative of its problems.

The subject matter of economics is the productive system, with all its relations to the world of technology. The concern of economics, however, is this system’s role in society and its effect on men, their livelihood, and their institutions. Not an integrator of the two cultures, nevertheless it must span the separation.

The Economics Department is currently undergoing a crisis. It has failed up to now to accommodate both elements in a coherent program. The result is strikingly demonstrated by the flight of undergraduate concentrators from the field. In less than a decade the number has declined by over half; from 709 in 1949 to 340 in 1958. Although the decline may partially reflect a nationwide tendency, it also is the result of the confusion and frustration attending the undergraduate program here, as the instruction gyrates widely from verbal triviality to mathematical incomprehensibility.

Though economics stands mid-way between two cultures, it is its similarity to the natural sciences that causes the greatest problems. Professional economics shares with the sciences an analytic technique “remote from the common experience of the layman and a language that is principally mathematical,” to use the words the Bruner Committee applied to the natural sciences. And to judge from the current trend this will become increasingly so.

Another similarity with science is that the study of economics is often cumulative, thereby necessitating an extensive introduction to provide the requisite basic knowledge. These are the same problems with which the Bruner Report was concerned in the teaching of natural sciences in a liberal arts program. That report dealt primarily with the problem of the non-concentrator in science–the General Education courses in natural sciences. The Economics Department, however, because of the interest of its concentrators, encounters the same problems throughout its program.

Some of the concentrators are presumably economists, and the Department little wishes to discourage their interests. The vast majority, however, will be lawyers, doctors, and even, despite the Department’s hostility, businessmen.

A final similarity with the sciences lies in the difficulty both areas have in getting the proper senior faculty to teach undergraduate courses. Because of the vast gap between the level of professional work and the elementary nature of undergraduate work–a gap so great that the difference is not only of degree of sophistication but of content–many professors are either reluctant to teach undergraduates or incapable of making the transition.

The combination of the inherent difficulties in teaching economics in a liberal arts college plus the almost total neglect of the undergraduate program in past years has resulted in the precipitous decline in concentrators. The hope of halting that decline lies at the bottom of the Department’s plans to re-design the undergraduate program, which are now under way.

Arthur Smithies, Chairman of the Department, met frequently this summer and again this fall with a Department Committee on Undergraduate Education appointed last spring. Headed by Professor Dunlop, members of the group are Professors Chamberlin, Duesenberry, and Meyer, Assistant Professors Gill and Lefeber, and instructors Baer and Berman.

The results of this increased attention are already apparent in changes made this year in Economics 1 and Junior tutorial, Ec. 98. Historical and topical subjects have gained emphasis at the expense of some of the more theoretical and analytical material, which is now consigned to Sophomore tutorial. In former years economic theory was presented in a historical vaccum without any consideration of the evolution of the economic system from a local medieval subsistence economy to the modern international productive system. The first month of Economics 1 is now devoted to filling this gap. Other changes include an increased emphasis upon the problem of underdeveloped countries and the substitution of a three-week study of the economy of the Soviet Union for the former week’s survey of comparative economic systems.

Along with these changes in content have come those of organization. Gone is the “parade of stars” which formerly masqueraded as lectures. Instead there are now blocs of integrated lectures covering single aspects of the course, for example the series of lectures the first month that Professor Gill gave on economic history. Another long-standing distinguishing trait of the course, its extensive use of teaching fellows, is also on the way out.

The changes are clearly tending to make the course less an introduction into the Department and more a General Education course in the social sciences. The stress, in the attempt to interest the non-concentrator through presentation of historical and topical issues, is now upon political economy rather than upon economics. In a liberal arts college such a solution to the problems affecting the discipline seems to be the most logical and rewarding for an introductory course.

Faced, however, with the task of teaching its concentrators some of the methods and techniques of the economist, the department has moved towards increasing utilization of Sophomore and Junior tutorial for this purpose. The analytic material ejected from Ec. 1 has found refuge in Sophomore tutorial, while Ec. 98 (Junior tutorial) although heavily biased towards the empirical is the only course in the Department offering an overall view of the field.

But there is this year, in addition, an increased amount of attention towards policy questions and topical economic issues in both courses, a reflection of the prevalent belief that meaningful economics on the undergraduate level should relate, as Smithies said, “to the great public issues of the day.” In practice these two elements–the analytical tools and the social framework in which they must fit–still remain divorced in these courses, but at least the attempt is being made to integrate them.

The most perplexing problems facing the Department occur in the area of the middle group courses. To some extent they are aggravated by the Department’s quantative approach to the number of concentrators, with its concern to retain the marginally interested student within the Department. And again the nature of the field, with its disparity between advanced professional techniques and an undergraduate approach, intensifies the problem that confronts many other departments in the College–that of withstanding the polar attractions of pre-professional orientation or of superficiality. Concerning the middle course group area, Dunlop’s committee has only just begun its discussions, but the major alternatives are well known.

There is general agreement, according to Dunlop, that the undergraduate program as part of a liberal arts program should not be a pre-professional training. Disagreement, however, becomes manifest quickly after that statement. Many members of the department, for instance, feel that the best concentrators, the potential future economists, should be allowed to take courses on the graduate level, and indeed should be encouraged to do so. In effect these students would be obtaining a pre-professional training, but the supporters of this proposal feel that this is the only way whereby the interest of the economics-oriented student can be prevented from obstruction by the triviality of normal undergraduate economics courses. At present many undergraduates already take graduate level courses, but the new plan would make a sharper distinction between those who do and do not.

Another group in Department, however, voices the opinion that the College student should not clutter his schedule with pre-professional courses, but rather use his time to study such fields as music, literature, and mathematics. If a student does do graduate work later in economics he will have no trouble picking up whatever advanced analytic tools he needs at that time, while if he does not intend to do so there is no sense in wasting his time with a lot of specialized technique, this bloc maintains.

One proposal, approved by nearly all and sorely needed, is to introduce a greater flexibility into the program through increased use of half-year courses. Presently over half of the seventeen courses offered run from September to June. Many of these, it is admitted, could be pared down to a half-year.

This leads to the proposal for a new type course to replace the far-flung surveys. They would probe smaller areas, but penetrate deeper. Based on the combined desire to attract more students, and the premise that the goal is a more intelligent understanding of the public issues of the past and present, the courses would be designed around the topical approach. Examples would be courses on the corporation, on the economic impact of government activity, the present course on the Soviet Union, a half-year course on underdeveloped countries. In discussing this approach, Dunlop stressed that these would not be “watered down versions of the analytic approach but a new crosscut.” It should be noted that, while not analytical, these courses would still include some quantitative analysis or even simple economic models, but these methods would not become ends or major concerns of the courses.

Another proposal is to set up a core program in the Department. There is, in fact, almost one already. Ec. 141–Money and Banking, Ec. 161–Industrial Organization, and Ec. 181–Industrial Relations, cover the major areas of the field and at least two of them are necessary to handle Generals well. A real core program where all concentrators would progress from one level of the next has many advantages; it provides a common background which the lecturer can assume, gives a common training, and insures that a student will not neglect a vital aspect of the field. But it also has disadvantages, the primary one being the difficulty of handling non-concentrators who have not had this core. Separate sections in a course might be a simple answer here. A more difficult problem is that of time. Ec. 1, 98, and 99 already constitute three-fifths of the required courses. A central core program of another three semesters would aggravate the present lack of flexibility.

For the Economics Department this is a time of discussion, but it must soon reach the hour of decision. Certainly the present situation is not tolerable. By its over-concern with theoretical models and tools, the Department has separated itself from the true materials of a liberal arts education in economics. It should not, however, allow itself to reach the other extreme, in its quest for concentrators, of reducing the content of the courses to a point where an economics student is no more qualified to discuss and solve an issue of political economy than an intelligent government concentrator.

There is little question of the importance of economics today, with its strategic position between the technological productive system and the literary tradition of the social sciences, and with its unique combination of the empirical and theoretical. It remains only to be taught well.

 

 

Categories
Chicago Exam Questions Socialism Suggested Reading Syllabus Undergraduate

Chicago. Readings and exam for “Wage-labor and capital”, 1970

The following set of course materials from the University of Chicago was included in a folder for “Comparative Economic Systems” in Martin Bronfenbrenner’s papers at Duke University. According to his c.v. he would have still been a professor at Carnegie Tech at that time and there is no mention of a visiting professorship at Chicago. As it turns out, I was correct in presuming that this was not a course taught by Bronfenbrenner. The Head of Research and Instruction of the Special Collections Research Center at the University of Chicago Library, Catherine Uecker, consulted the course timetable for the spring quarter 1970 and found that the instructor was Professor Gerhard Emil Otto Meyer.

_______________________

Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

GRADE REQUIREMENTS:

a) term paper
b) final examination

TENTATIVE READING LIST (subject to some changes)

Note: All readings except those labelled as “optional” (Opt.) are required. Each student is expected to read, in addition to all required readings, some agreed-upon optional readings which may, but need not, be taken from the list below. The following readings are more or less systematically listed, not in the order they will be assigned.

  1. Karl Marx

Capital, vol. I, chs. 4-9; 11-12; 15 (sec. 1-7); 16-19; 25 (sec. 1-4); 32 (chs. 10 and 24 optional).

The Communist Manifesto
Wage-Labor and Capital
Value, Price and Profit
Critique of the Gotha Programme
[These four readings are available in many editions; conveniently combined in K. Marx and F. Engels, Selected Works (paperback, International Publishers)]

The Economic and Philosophic Manuscripts of 1844, trans. By M. Milligan (International Publishers), pp. 65-91, 106-131 (pp. 132-164 optional)

Marx’s “Enquête Ouvrière” (mimeographed)

  1. Interpretive Materials on Marx’ Theory (in general, and on Labor-Capital Relations in particular)

Sweezy, Paul M., The Theory of Capitalist Development, Introduction and chs. 1-5 (optional, recommended for those who need a general survey of Marxian “economics”)—or

Ernest Mandel, Marxist Economic Theory (2 vols.), ch. 1-5 (optional-alternative to Sweezy)

Sowell, Thomas, Marx’s “Increasing Misery Doctrine” (mimeographed)

Avineri, Shlomo, The Social and Political Thought of Karl Marx chs. 2-4 and 6 (opt.)

Lefebvre, Henri, The Sociology of Marx, ch. 4 (opt.)

Dahrendorf, Ralph, Class and Class Conflict in Industrial Society, ch. I (opt.)

  1. Modern Economic Theory (especially Wage and Employment Theory):

Hicks, J.R., Theory of Wages (selections) (opt.)

Douglas, Paul H., Theory of Wages (selections) (opt.)

Robertson, D.H., Lectures on Economic-Principles, vol. II, (selections) (opt.)

  1. Modern Sociological Theory with special regard to Problems of Class, Work and Alienation)

Dahrendorf, Ralph, (see above under B), ch. 2 ff. (opt.)

Bendix, R. and S.M. Lipset, Reader on Class, Status and Power (First and Second Editions) (selections) (opt.)

Arendt, Hanna, The Human Condition (selections) (opt.)

Bell, Daniel, The End of Ideology, esp. chs. 12 and 16 (Opt.)

Ruitenbeck, H.M. (ed.), Varieties of Modern Social Theory (selections) (opt.)

Blauner, Robert, Alienation and Freedom (selections) (opt.)

Josephson, E. & M., (ed.), Man Alone. Alienation in Modern Society. (selections) (opt.)

  1. Marxian and Modern Theory Confronting Each Other

Horowitz, David. (ed.), Marx and Modern Economics, pp. 68-116 (other essays opt.)

Robinson, Joan, An Essay on Marxian Economics (opt.)

Lange, Oskar, Political Economy, vol. I (selections) (opt.)

Schumpeter, Joseph, Capitalism, Socialism and Democracy, part I (opt.)

Aron, Raymond, Main Currents in Sociological Thought, vol. I, pp. 107-180 (opt.)

Kerr, Clark, Marshall, Marx and Modern Times (opt.)

Wolfson, Murray, A Reappraisal of Marxian Economics, ch. 1-3 (opt.) (Penguin Bks.)

Samuelson, Paul, “Wages and Interest: Marxian Economic Models” Am. Ec. Review, Dec. 1957) (opt.)

Selected theoretic and empirical materials on technological unemployment and automation (to be announced).

*  *  *  *  *  *  *  *  *  *  *  *

Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

Supplementary List of Optional Readings

1) to Section B:

Solow, Robert, “The Constancy of Relative Shares” in American Economic Review, September 1958.

Ossowski, S., Class Structure in the Social Consciousness

Wesolowski, W., “Marx’s Theory of Class Domination” in: Lobkowitz, H., ed., Marx and the Western World

2) to Section C:

Dobb, M, Wages

Rees, R., The Economics of Trade Unions (both these books are published in ‘Cambridge-Chicago Economic Handbooks’ series)
Hicks, J.R., Theory of Wages has been published in a second edition with important additions and commentary

3) to section D:

Bottomore, T.B., Classes in Modern Society (paperback)

4) to section E:

Robinson, Joan, Economic Philosophy, ch. II

Adelman, Irma, Theories of Economic Growth and Development, ch. 5

5) on technological unemployment and automation:

Lederer, Emil, Technical Progress and Unemployment (International Labour Office) 1938

Woytinsky, W., Three Sources of Unemployment (International Labor Office) 1935

Kaehler, Alfred, “The Problem of Verifying the Theory of Technological Unemployment” in Social Research, vol. II, 1935

Neisser, Hans P., “Permanent Technological Unemployment” in Am. Economic Review, March 1942, pp. 50-71

“The Triple Revolution” in Fromm, E., ed., Socialist Humanism, pp. 441-461

Marcuse, H., Five Lectures, esp. lecture V, “The End of Utopia”

Brunner, Karl, “The Triple Revolution and a New Metaphysics” in New Individualist Review, Spring 1966 (vol. 4, no. 3)

Silberman, Charles E., and the edition of Fortune, The Myth of Automation

Brozen, Yale, Automation: The Impact of Technological Change (1963)

*  *  *  *  *  *  *  *  *  *  *  *

Social Sciences 273
Spring 1970

“Wage-Labor and Capital” in
Marxian and Modern Theory

Take-home Examination:

Directions: Write two essays, one from group A (topics 1-5) and one from group B (topics 6-11). Devote approximately one hour on each essay. Return the examination to Gates-Blake 431 or 428 not later than Thursday, June 11, at 12:30 P.M. Indicate on your examination a) which kind of grade you expect (P., I. or letter grade) and b) topic of oral report or term paper you have completed or intend to write. If a member of the class wishes to obtain a letter grade (i.e. grade other than P or I) this quarter, the term paper should be handed in not later than Friday, June 12, at 5 P.M. (in G-B 431).

(In none of the topics listed below, will you be graded on the basis of the position taken by you, but rather with regard to the quality of your analysis or argument).

Group A (Choose one topic)

Topic 1. Explain (as far as possible in your own terms) what Marx means by the “wage-labor system” as distinguished from other types of social-economic organization.

Topic 2. In what respects did Marx modify (or retain) his views concerning increasing working class misery (as expressed in the Communist Manifesto) in his later writings?

Topic 3. How do, according to Marx, different kinds of capitalistic accumulation processes affect the position of wage-laborers and the general wage-labor system?

Topic 4. How does Marx conceive the end of the capitalistic system?

Topic 5. Explain the relationship between alienation, exploitation and class domination in Marx (i.e. the younger or more mature one; or both).

Group B (Choose one topic)

Topic 6. Characterize broadly the major differences in the general approach (or “method”) of Marxian theory and “modern” social science.

Topic 7. In what substantive respects do major Marxian theories appear to be paralleled (or confirmed) or contradicted by results of ‘modern’ social sciences?

Topic 8. Does the abandonment of Marx’ labor-theory of value (and the consequent particular theory of surplus value and exploitation) necessarily imply a stand in support of private property and private enterprise?

Topic 9. Assuming that Marxian (classical and present-day) and non-Marxian (“modern”) social analysis are both live options and both faced with new difficulties, problems, and tasks, how would you broadly assess the most fruitful directions(s) of “praxis”-oriented social enquiry?

Topic 10. (If you did not choose topic 5 in Group A): Restate Marx’s conception of “freedom” (with regard to its most relevant social-historical dimensions and stages) in brief contrast with alternative conceptions of freedom.

Topic 11. Choose one of the optional readings not used by you for term paper or oral report and use it either as basis for comment on Marx’ views (concerning the condition of wage-labor) or, vice versa, as object of comments from a “Marxian” point of view.

 

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Martin Bronfenbrenner Papers, Box 23, Folder “Comparative Economic Systems a.d.”.

Image Source: From the 65th birthday dinner honoring Gerhard Meyer at Hutchinson Commons. University of Chicago Photographic Archive, apf1-04472, Special Collections Research Center, University of Chicago Library.

Categories
Harvard Teaching Undergraduate

Harvard. Grading system. Hard subjects: political economy and mathematics, 1886

 

There are two things I learned in preparing this post. The first (and what initially caught my eye) was the complaint that economics, like mathematics, already in the 1880’s was considered a subject that demanded relatively hard-work to get a good grade. The second was that the Harvard reform of introducing elective courses undermined the percentile precision of the old marking system and led to the adoption of the grading system. It apparently did not occur to anyone that a grade point average (G.P.A.) based on the less granular grading bands would arise from the ashes of the marking system.

______________________

RANKS AND MARKS AT HARVARD.

AN IMPORTANT REFORM PROPOSED IN THE PERCENTAGE SYSTEM.

Cambridge, Mass., Jan. 16 [1886]. — Ever since its establishment last Fall, the conference committee, a joint organization of Faculty and students, has been steadily losing favor with the students of the university until it has at last earned the name of the “Misplaced Confidence Committee,” bestowed upon it by several of the college papers. This result, however, might easily have been anticipated. The college expected too much of the new organization and was naturally disappointed at the non-fulfillment of its expectations. It did not realize that the experiment of intrusting a certain part of the government of the college to the student members must proceed slowly and carefully. The conference committee, however, in spite of the remarks of disapproval which have been frequently bestowed upon it, has been steadily at work on the greatest evil which to-day exists in the university — the marking system. All possible information in regard to the marking systems of other colleges was obtained, and on these data the committee proceeded to work out the solution of the Harvard question of ranks and marks. Finally, after a number of meetings, the conference committee has come to a decision and has adopted the following resolutions:

Resolved, That the members of the conference committee deem the marking system, now in use at Harvard, unsuited to the elective system, and that they strongly recommend a change.

Resolved, That it is desired that by this change the inequalities of marks arising from different degrees of work required in different courses, and from different standards of marking pursued by different instructors, as far as possible, be removed.

The system which the committee recommends is what is known as the “grade system,” i.e., the students are divided up as to rank into certain classes or grades. The first grade represents those who have passed with distinction; the second those who have passed, and the third those who have failed. If necessary more grades can be easily introduced and finer distinctions made between the upper classes of marks. These changes now go before the whole faculty for final action, and although they may not be adopted in toto they will undoubtedly receive due consideration, and will at least, lead to important modifications in the present system of marking by percentage.

The question of the adoption of a grade system for a percentage system was not the only one discussed by the committee. The evil which lies at the root of the whole matter is in the inequalities of marks arising from the different amount of work required in different courses. Under the elective system there are about 200 courses from which the undergraduate is required to take four yearly. Now, it is perfectly obvious that it is impossible to make all these courses require an equal amount of work. But aside from that there are many inequalities which might be done away with. Some of the professors are notoriously hard markers, others are the very reverse. Some require extra work in their courses, others rely entirely on the examination papers to prove to them the amount of work done by the students. There are ordinarily two examinations yearly in each subject. Some of the instructors, however, hold hour examinations every month or two, and count these in as a part of the percentage for the year. Some take no account of the attendance, while others allow a constant attendance to go a long way toward making up a defective examination paper. Notwithstanding such a diversity of marking as this, the students of each class are grouped together, and comparisons are drawn as if they all stood on the same footing, as if they all took the same courses. To this the students, and to a great extent the Faculty, object. There are certain courses in college, in natural history and in the fine arts, in which an average student with very little application can easily obtain a high mark. A student of the same ability may take some of the most difficult courses, those in political economy or mathematics, and with double the application receive about half the marks obtained by this leisure-loving friend. Yet these two students are ranked together, and to the outside world the former is by far the brighter. Had the relative rank been determined by the amount of work the result would have been somewhat different.

The only distinction made by the college authorities between the courses of instruction is by dividing them into two groups — half courses and full courses — two of the former being considered equivalent to one of the latter. Of the 200 courses only a few are half courses. Thus while there is practically one grade in the courses, or at most two grades, there is no limit to the grades in the rank of the students, for the exact standing of every student to the smallest fraction can be ascertained. The names of all who obtain 70 per cent. or over in every course are printed with the per cent. attached and the list sent to every man in college. Those who receive a mark below 70 per cent. are informed privately. To lessen the evils which attend such a fine system of grading, the conference committee has recommended a substitution of broader grades. Seeing, however, that the real trouble extended beyond this, the committee has gone further, and has recommended that as the grades in marks grew broader the grades in the courses should grow finer. That both of these recommendations are in the spirit of reform seems evident. As the committee has among its members five of the Faculty, there is reason to believe that these members will be enabled to convince the rest of the Faculty of the desirability of some important changes, both in the system of marking by percentage and in the system which allows but two grades of courses.

Source: The New York Times, 17 January, 1886.

______________________

New Regulations by the Faculty.

November 24, 1886

The new “Regulations of the Faculty of Harvard College” are out and present many new and entertaining features. A hasty comparison of the last year’s “codex” with the present one may be of interest to those who have not time to make the comparison for themselves.

The first regulation on the list we find changed. Absences are no longer returned to the Dean, but to the secretary, who enters them on each student’s record. Petitions to the faculty may now be handed in up to 10 o’clock on the day of the faculty meeting. The new Rule (5) with regard to the time of changing electives, limiting such changes to Nov. 1 and March 1, are well known already. Rule 7 and 8 is new. Instructors are to report to the Dean from time to time the names of students who have failed to satisfy them in the performance of the work of the course. Any instructor, with the approval of the Dean, may exclude a student from his course for neglect of work, and the fact shall be reported to the faculty at the next meeting.

The scale of scholarship has been changed from the old percentage system to a system of five grades, A, B, C, D, E. Students who fail in a course will be assigned to E. Last year this grade was fixed at two-fifths of the maximum mark. Failure on the work of the year is changed from “failure to get one half the maximum mark,” to those who “stand below grade E.” As the regulation previously read, a student who failed on the year’s work as a whole, although he passed on all his studies, could make up the deficiency by taking one or more electives in addition to those regularly required for a degree. The marks on these courses would be substituted for the lowest marks he received in the previous year’s work. Now, a student may regain his standing “by attaining in some subsequent year such grades, that the average number of courses in which he stands below grade C is not more than three for each of the two years.”

The penalty for dishonesty in examination has been withdrawn from the rules, pending probably the invention of some more terrible scheme. Under the “Degree of Bachelor of Arts,” rule 26 reads: “above group D.” This is changed from “one half of the total maximum.” In rule 27, grade A is substituted for 90 per cent.

The magna cum is now obtained by one “who has stood in grade A in one half of his college work and has not fallen below C in any study. This is changed from the old rule of “80 per cent. for the whole college course, or 85 per cent. for the last three years.” The cum laude cannot be received by anyone who has fallen below grade C in any study.

There are some changes in the requirements for Honors in English; and the assignments of honorable mention and of Degrees with Distinction will be made through standing committees of the Faculty. Application for scholarships must be handed in before the last Monday in May. The establishment of a committee to overlook the work of special students was announced last spring, and needs no additional comment.

Source: The Harvard Crimson archive. 24 November, 1886.

Categories
Exam Questions Harvard Undergraduate

Harvard. Undergraduate General Examination in Economics, 1956

 

 

Other undergraduate Harvard divisional/departmental  general exams that have been transcribed and posted earlier:

General Division Exam 1916

General Division Exam 1917

Division Exams 1939

Economics General Exam 1953

______________________

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS
GENERAL EXAMINATION — May 2, 1956
(Three hours)

Please be sure to use a separate bluebook for each Section, noting on the cover of each book the numbers of the questions discussed therein, and HONORS or NON-HONORS.

 

PART I
(One hour)
Economic Analysis

All candidates answer ONE question.

  1. It is often said that investment is one of the principal determinants of national income. On the other hand it is also claimed that national income is one of the principal determinants of investment. In what sense is each of these statements true? What are the implications of these propositions for the theory of business cycles?
  2. “Almost no one would select the industries which are distinguished by a close approach to the competitive model as a showpiece of American industrial achievement. The showpieces are, with rare exceptions, the industries which are dominated by a handful of large firms. The foreign visitor, brought to the United States by the Economic Cooperation Administration, visits the same firms as do attorneys of the Department of Justice in their search for monopoly.” Discuss.
  3. Wages and profits perform important functions in the economic system. To what extent are these functions the same and to what extent do they differ?
  4. Ricardo considered savings as the basis of economic growth. Some modern common economists on the other hand have argued that a high propensity to save reduces the rate of economic growth. Explain the reasons for each of these views.
  5. Agriculture is an excellent example of the failure of the competitive system to allocate resources efficiently. Discuss.

 

PART II
(Two hours)

Part II consists of five sections: A. Industrial Organization; B. Labor Economics; C. Economic History; D. Money, Economic Fluctuations, and International Trade; and E. Statistics. Each student must answer FOUR questions from Part II, distributed among the sections as follows:

Either

(1) TWO questions each from TWO different Sections chosen from A, B, C, D.

Or

(2) ONE question from Section E; and three other questions, TWO chosen from any ONE of A, B, C, D, and ONE from ANOTHER of these Sections.

A. Industrial Organization

  1. “The diversity of behavior revealed by a study of particular oligopolies in the United States helps explain why economists have been unable to produce a unique theory of oligopoly.” Discuss.
  2. Evaluate the evidence for and against the thesis that monopoly has increased during the last half-century in American manufacturing industries.
  3. With respect to either electric power or railroads, what do you think have been the chief achievements and shortcomings of the regulatory process in the United States?
  4. Discuss the problem of resale price maintenance laws, commenting on
    1. The historical circumstances from which resale price maintenance agreements evolved;
    2. The characteristics of goods most commonly sold under resale price maintenance agreements and why the producers of these goods prefer to operate under such agreements;
    3. The economic effects of resale price maintenance.

 

B. Labor Economics

  1. The following are recently released figures by the Bureau of Labor Statistics showing production, man hours, and output per man hour in the bituminous coal industry since 1935. Selected years are shown as follows; 1947-49 is the base in each case.
Year Production Man hours Output per man hour
1935 67.0 89.0 75.3
1938 62.7 73.8 85.0
1941 92.5 100.5 92.0
1945 103.9 111.5 93.2
1948 107.8 109.0 98.9
1950 92.9 82.1 113.2
1954 70.4 47.3 148.8

(a) What factors would you advance to explain the movement in output per man hour? (b) Is the 100 percent rise in output per man hour in this twenty year period a consequence of, or a reason for, substantial wage rate increases?

  1. How do you praise be consequences of the merger between the AFL and CIO? Indicate the consequences for organizing campaigns and union growth, internal union government, legislative and political action, collective bargaining, and the movement of wages. Consider the consequences both within the labor movement and for the economy generally.
  2. “The growing importance collective-bargaining cannot be reconciled with the view that unions may be considered as private organizations or ‘clubs’.” Discuss. What types of public policy would you advocate with respect to governmental intervention in the internal affairs of unions?
  3. Explain the meaning of “marginal productivity” to a friend who is never studied economics. Explain further whatever degree of relation you believe exists between marginal productivity and wages.

 

C. Economic History

  1. It has been said that “mercantilism” has always been the dominant economic philosophy in American politics. Discuss.
  2. How does the development of the corporation as an institutional form for organizing business activity different in United States and Great Britain? What accounts for and what have been the consequences of these developments?
  3. Contrast ante- and post-bellum Southern Agriculture.
  4. What light does [sic] the depression experiences of 1873, 1920, 1929, cast on business cycle theories and policies?

 

D. Money, Economic Fluctuations, and International Trade

  1. What actions could the Federal Reserve authorities take to check an inflationary movement? What objections might be raised against the use of any combination of these actions?
  2. Suppose the trade unions force up money wages. Discuss the effect of the change on employment and prices in terms of (a) the Quantity Theory of Prices (b) the Keynesian theory of the price level.
  3. Supposed that aggregate income were to remain constant for the next six months while unemployment slowly rose. What budgetary and monetary policies would you recommend?
  4. In a recent statement to the Associated Press, Mr. T. Coleman Andrews, Commissioner of Internal Revenue for the first three years of the present administration until his resignation last Spring, declared his complete opposition to the taxation of personal income. He advocated completely doing away with the individual income tax and substituting “less burdensome” taxes.
    1. What reforms, if any, would you advocate in the taxation of individual income? Explain.
    2. Are there any “less burdensome” taxes than the individual income tax? Explain.
      Note: throughout your discussion keep in mind the fiscal policy aspects of taxation as well as considerations of the effects on incentives, equity, etc.
  5. With few exceptions output per worker is much higher in American industries (including agriculture) than in other countries. How is it possible under these circumstances to maintain equilibrium between exports and imports?

 

E. Statistics

  1. Summarize and discuss critically two quantitative studies dealing with one or more phases of household behavior.
  2. Discuss the relative advantages and disadvantages aggregative time series data, cross sectional data, and re-interview data on identical households for purposes of estimation and testing of hypotheses.
  3. Discuss various ways in which statistics may be of use in economic research. In formulating your answer give consideration to some or all of the following: formation of hypotheses, testing of hypotheses, estimation of population parameters, and design of experiments.

 

Source:  John F. Kennedy Presidential Library. John Kenneth Galbraith Personal Papers, Harvard University File, 1949-1965, Box 528, Folder “Tutorial 9/15/51-9/57”.

Image Source: Duster House Tower, Harvard College. Library of Congress, Prints and Photographs Division.

Categories
Exam Questions Harvard Socialism Suggested Reading Syllabus Undergraduate

Harvard. Readings and Final Exam for Normative Aspects of Economic Policy. Bergson, 1960

 

The reading list and final exam questions from 1959 for Abram Bergson‘s Harvard undergraduate course “Normative Aspects of Economic Policy” have been posted earlier. This post provides material for the same course taught in the spring term of 1960. The reading lists are completely identical, but this time I have gone to the trouble of providing links to most of the course readings.  The exam questions for the 1960 do indeed differ from those of 1959 while covering broadly the same material.

_________________

Enrollment

[Economics] 111a. Normative Aspects of Economic Policy. Professor Bergson. Half course. (Spring)

Total 36: 3 Graduates, 14 Seniors, 7 Juniors, 7 Sophomores, 1 Freshman, 3 Radcliffe, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1959-1960, p. 82.

_________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Normative Aspects of Economic Policy
Spring Term: 1959-60

  1. The concept of economic efficiency.

Scitovsky, Welfare and Competition, Chicago, 1951, Chapter I.

  1. Consumers’ goods distribution and labor recruitment: the efficiency of perfect competition: other forms of market organization.

Scitovsky, Chapters II-V, XVI (pp. 338-41), XVIII, XX (pp. 423-427).
A. P. Lerner, Economics of Control, New York, 1946, Chapter 2.

  1. Conditions for efficiency in production.

Scitovsky, Chapters VI-VIII.
Lerner, Chapter 5.

  1. Production efficiency under perfect competition; monopolistic markets.

See the readings under topic 3.
Scitovsky, Chapter X, XI, XII, XV, XVI (pp. 341-363), XVII, XX (pp. 428-439).
Lerner, Chapters 6, 7.

  1. The optimum rate of investment.

Scitovsky, Chapter IX (pp. 216-228).
A. C. Pigou, Economics of Welfare, fourth ed., London, 1948, pp. 23-30.”Wa

  1. Price policy for a public enterprise.

Lerner, Chapter 15.
I. M. D. Little, A Critique of Welfare Economics, 2nd ed., Oxford, 1957, Chapter XI.
O. Eckstein, Water Resource Development, Cambridge, 1958, pp. 47-70, pp. 81-109.

  1. Socialist economic calculation.

O. Lange, On the Economic Theory of Socialism, Minn., 1938, pp. 55-141.
F. Hayek, Socialist Calculation: Economica, May 1940
A. Bergson, Socialist Economics, in H. Ellis, ed., A Survey of Contemporary Economics, Philadelphia, 1948.
M. Dobb, Economic Theory and Socialism, New York, 1955, pp. 41-92.

  1. Economic calculation in underdeveloped countries.

A. Datta, Welfare versus Growth Economics, Indian Economic Journal, October 1956.
T. Scitovsky, Two Concepts of External Economics, Journal of Political Economy, April 1954.
J. Tinbergen, The Design of Development, Balto., Md., 1958.

  1. The concept of social welfare.

The writings of Bergson and Dobb under topic 7.
Pigou, Economics of Welfare, Chapters I, VIII.
Lerner, Chapter 3.
J. R. Hicks, Foundations of Welfare Economics, Economic Journal, December 1939.
Arthur Smithies, Economic Welfare and Policy, in A. Smithies et al., Economics and Public Policy, Washington, 1955.

 

Other References on the Concept of Social Welfare and Optimum Conditions

M. W. Reder, Studies in the Theory of Welfare Economics, New York 1947.

P. A. Samuelson, Foundations of Economic Analysis, Cambridge, 1947, Chapter VIII.

K. Boulding, Welfare Economics, in B. Haley, A Survey of Contemporary Economics, Homewood, Illinois, 1952.

H. Myint, Theories of Welfare Economics, Cambridge, Mass., 1948.

J. A. Hobson, Work and Wealth, London, 1933.

J. M. Clark, Guideposts in Time of Change, New York, 1949.

J. de V. Graaf, Theoretical Welfare Economics, Cambridge, 1957.

F. M. Bator, The Simple Analytics of Welfare Maximization, American Economic Review, March 1957.

A. Bergson, A Reformulation [of Certain Aspects] of Welfare Economics, Quarterly Journal of Economics, February 1938.

P. A. Samuelson, Evaluation of Real National Income, Oxford Economic Papers, January 1950.

A. C. Pigou, Some Aspects of Welfare Economics, American Economic Review, June 1951.

T. Scitovsky, The State of Welfare Economics, American Economic Review, June 1951.

J. E. Meade, Trade and Welfare, New York, 1955, Part I.

[Note: no additional assignment for the reading period]

Source:  Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 7, Folder “Economics, 1959-60”.

_________________

HARVARD UNIVERSITY
Department of Economics

Economics 111a
Final Examination

June 2, 1960

Answer four and only four of the following six questions.

  1. Explain the “price-consumption” curve for a single household in a perfectly competitive consumers’ goods market. What determines the shape of the curve? By use of this curve, show how the household’s consumption might be affected by a percentage sales tax on one commodity. What determines the total taxes paid by the household?
  2. In an economy which otherwise is perfectly competitive, a trade union arbitrarily limits entry of workers into a single industry. In equilibrium, what conditions for an economic optimum are violated?
  3. “Under ‘free’ competition it is true that individual firms have monopoly power and hence charge prices above marginal costs. But since there is free entry, there hardly can be any serious economic waste on this account, for prices cannot long exceed average cost.” Discuss.
  4. For purposes of fixing prices for a public enterprise, what arguments might be advanced for and against acceptance of each of the following theoretic principles:
    1. Maximization of profits;
    2. Pricing at average cost, including a “normal” competitive return on invested capital;
    3. Pricing at marginal cost;
    4. Pricing at minimum average costs.
  5. Explain briefly:
    1. Parametric function of prices;
    2. “Technological” versus “pecuniary” external economies;
    3. “Accounting prices” in economics of development;
    4. “Defective telescopic faculty.”
  6. Discuss the different approaches employed in welfare economics to the problem of income distribution.

 

Source:  Harvard University Archives. Papers Printed for Final Examinations: History, History of Religions, …, Economics, …,Naval Science, Air Science. June 1960. In Social Sciences, Final Examinations, June 1960 (HUC 2000.28, No. 128).

Portrait of Abram Bergson. See Paul A. Samuelson, “Abram Bergson, 1914-2003: A Biographical Memoir”, in National Academy of Sciences, Biographical Memoirs, Volume 84 (Washington, D.C.: 2004).

Categories
Exam Questions Johns Hopkins Undergraduate

Johns Hopkins. Undergraduate Economics Exams, 1920

Barnett, Weyforth, Mitchell

 

Even at the Johns Hopkins University, one of the pioneers in academic economics in the United States, there were only six semesters worth of undergraduate economics actually offered in 1919-20. This post provides transcriptions of the six semester final examinations for that year.

The final examinations for the 1922-23 academic year have been transcribed for an earlier post.

Note:

Political Economy 2(b) Money and Banking was scheduled to be taught by Professor Barnett in 1919-20. However in the announcement for 1920-21 Dr. Weyforth was listed as course instructor which is consistent with the ex post report for 1919-20 for instruction in the department of political economy.

Political Economic 4(b) was scheduled as Public Finance to be taught by Professor Hollander in 1919-20, but from the exam below it is clear that the course matches “Corporation Finance” found in the course announcements for 1920-21 which was taught by Professor Barnett.

___________________

Instructors of Undergraduate Courses
1919-20

George Ernest Barnett, Ph.D., Professor of Statistics.
A. B., Randolph-Macon College, 1891; Fellow, Johns Hopkins University, 1899-1900, and Ph.D., 1901.
Appointment to professor, 1911.

Broadus Mitchell, Ph.D., Instructor in Political Economy.
A.B., University of South Carolina, 1913; Fellow, Johns Hopkins University, 1916-17, and Ph. D., 1918. Appointment to instructor, 1919.

William Oswald Weyforth, Ph.D., Associate in Political Economy.
A. B., Johns Hopkins University, 1912, and Ph.D., 1915; Instructor, Western Reserve University, 1915-17. Appointment to instructor, 1919.

___________________

UNDERGRADUATE COURSES
1919-20

  1. (a) Economic History.
    The economic development of England and the industrial experience of the United States are studied.
    Three hours weekly, first half-year. Weyforth and Dr. Mitchell.
    (b) Elements of Economics.
    Particular attention is given to the theory of distribution and its application to leading economic problems.
    Three hours weekly, second half-year. Dr. Weyforth and Dr. Mitchell.
  2. (a) 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. Professor Barnett.
    (b) 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. Dr. Weyforth.
  3. (a) Insurance.
    The principles of insurance are taught with reference to existing systems of property, personal, and social insurance.
    Three hours weekly, first half-year.
    (b) Transportation.
    The history and theory of transportation are taught with particular reference to conditions in the United States.
    Three hours weekly, second half-year.
    [Course 3 will not be given in 1919-1920.]
  4. (a) Labor Problems.
    The problems growing out of modern industrial employment will be studied.
    Three hours weekly, first half-year. Dr. Mitchell.
    (b) 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.

NOTE—Undergraduate Course 2 is open only to such students as have completed or are pursuing Course 1: Courses 3, 4, and 5 only to students who have completed 1 and 2.

 

Sources: Johns Hopkins University, University Register 1918-1919 with Announcements for 1919-20. Circular, Vol. 38, No. 314, (Baltimore: Johns Hopkins Press, April 1919), p.222.

Johns Hopkins University, Annual Report of the President 1919-20, Circular, Vol. 39, No. 327, (Baltimore: Johns Hopkins Press, April 1919), p. 66.

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THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
[Economic history]

February 5, 1920, 9 – 12 A.M.

  1. Describe the manor system.
  2. How were the gilds organized, and what were the circumstances of their dissolution? What were the economic consequences of the Black Death?
  3. Discuss the Industrial Revolution, giving its causes and main effects. What results did it have for the manual worker in England?
  4. What is the doctrine of laissez faire, and how did it come to have such vogue, particularly in the first years of the 19th century?
  5. Discuss the Factory Acts. What tendency in social thinking did they represent?
  6. What are chief social and economic advantages and disadvantages of the division of labor?
  7. Do you think our present method of securing entrepreneurs a good one? How might it be improved?

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY I
[Elements of economics]

June 3, 1920, 9 A.M. – 12 M.

  1. Name and discuss as many theories of wages as you know.
  2. Explain, with the assistance of a diagram, the differential principle of rent. How does the argument of the Single Tax rest on this law?
  3. What is the distinction between interest and profits? Explain the economic justification of each.
  4. Describe the functions of credit. Show how the Federal Reserve System has remedied defects in the National Bank System.
  5. Comment upon the following statement: “We are coming to be more interested in promoting the health of nations than the wealth of nations. The aim of political economy is humanistic.”
  6. Using your economic knowledge, supplemented by conversation with a man of affairs, give an estimate of the present financial and business situation.
  7. What are the theoretical foundations and practical proposals of socialism?
  8. What advantage have you gained from studying political economy?

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
[Statistical methods]

February 2, 1920, 2 – 5 P.M.

  1. Explain how a “refined” death rate is calculated. Illustrate.
  2. What kinds of questions can not properly be asked in taking a census?
  3. Define “average” and “measure of dispersion.”
  4. Discuss the significance of different averages.
  5. Calculate Pearson’s coefficient of correlation, the probable error, and the ratio of variation for the following:

X

 Y
1

2

2

5

3

3

4

 8
5

7
  1. Define an index number.
  2. Discuss the relative advantages of the “aggregate” and the “relative” methods of computing index numbers.
  3. Under what conditions is “weighting” necessary?

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY II
[Money and banking]

TUESDAY June 1, 1920, 2 – 5 P.M.

  1. Describe the various forms of money in use in the United States.
  2. What are the essential features of a system of bimetallism? Explain the advantages and disadvantages of such a system.
  3. Give a brief history of the greenbacks.
  4. What is a bill of exchange? An acceptance? A promissory note? What are the advantages of trade acceptances?
  5. What are the principal ways in which deposits originate in commercial banks? Explain the connection between loans and deposits.
  6. Describe the defects of the old national banking system.
  7. Outline the organization of the Federal Reserve System.
  8. Explain the quantity theory of money, showing the effect of both money and deposits on prices.

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
[Labor problems]

February 3, 1920, 2 – 5 P.M.

  1. Did trade unionism in England originate in the gilds? Did the American labor movement grow out of gild organizations? Give reasons for your answer.
  2. How did the Industrial Revolution affect British working-men?
  3. Discuss the Combination Acts. Who was Francis Place and what part did he play in the labor movement?
  4. What facts as to the Knights of Labor are indicated by the motto “an injury to one is the concern of all”?
  5. Discuss the closed shop.
  6. Is there any justification for the policy of restriction of output as employed by unions? By employers?
  7. What are the chief causes of strikes? How have unions affected the causes of strikes?
  8. What did you learn from the steel strike and the coal strike?

*  *  *  *  *  *  *

THE JOHNS HOPKINS UNIVERSITY
POLITICAL ECONOMY IV
[Corporation finance]

June 2, 1920, 2 – 5 P.M.

  1. Discuss the relative advantages of the various legal forms of the business unit.
  2. Trace briefly the history of the corporation.
  3. Define “preferred stock” and describe the varieties of such stock.
  4. Why are ordinary business corporations frequently over-capitalized? Is this justifiable?
  5. State the principles of capitalization adopted by public service commissions.
  6. Explain the difference between “treasury stock” and “authorized but not issued” stock.
  7. Discuss the legal relations of the persons participating in a syndicate.
  8. How are corporate securities usually marketed? Why?
  9. Explain and discuss the principle of “trading on the equity” as applied in the capitalization of corporations.
  10. Under what conditions would the issue of common stock only be desirable?

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

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Image Sources: Johns Hopkins University graphic and pictorial collection.

George Ernest Barnett (1873-1938), ca 52 years of age
William Oswald Weyforth (1889-1983), ca 36 years of age
John Broadus Mitchell (1892-1988), ca 30 years of age