In 1947-48 the advanced economic theory sequence of two semester courses featured the pairing of Gottfried Haberler and Joseph Schumpeter in the Winter and Spring terms, respectively. In this post you will find course enrollment data along with the course outline and assigned readings for the Winter term taught by Haberler. Alas I could not find the final examination questions for this course in the otherwise fairly complete collection of course examinations in the Harvard Archives.
Materials from the Spring Term course 1947-48 taught by Joseph Schumpeter.
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Course Enrollment
[Economics] 103a. Professor Haberler.—Advanced Economic Theory (F).
Total 20: 15 Graduates, 2 Seniors, 2 Public Administration, 1 Radcliffe.
Source:Harvard University. Report of the President of Harvard College, 1947-48, p. 90.
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Advanced Economic Theory
Gottfried Haberler
Economics 103a
Fall Term, 1947
This course will be devoted to a discussion of some selected topics centering around the theory of capital and interest. An attempt will be made to conduct the course in a seminar-like fashion.
Content
- Introduction
Types of economics
Theoretical vs. non-theoretical approach.
Logical types of economic theory
Individualistic—collectivistic economics
Microscopic—Macroscopic (aggregative) theories
Psychological—behavioristic approach
Static—dynamic analysis
Equilibrium—disequilibrium
General—Partial equilibrium
Price theory—welfare theory
Pure—monetary economics
Some major schools
Classical and neo-classical economics
Marxian economics
Keynesian economics
Others
- Brief recapitulation of modern time-less theory
Theory of household
Theory of firm
Theory of distribution
- Theory of capital and interest
“Pure” vs. “Monetary” theories of capital and interest
Time preference
“Productivity” of capital
Liquidity preference theory of interest
Dynamic theory of interest
Profits and interest
Uncertainty and time
- Topics in the theory of capital and interest
Substitutability of “capital” and “labor”
Influence of changes in wage and interest rates or the substitution of capital for labor
The “Ricardo” effect
“Capital intensity” and the trade cycle
Theoretical problems of capital accumulation
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Reading
- [Introduction] No definite assignments. Suggestions:
Joan Robinson: An Essay on Marxian Economics
P. M. Sweezy: “Orthodox and Marxian Economics,” Science and Society, Summer 1947.
L. R. Klein: The Keynesian Revolution
L. R. Klein: “Theory of Effective Demand and Employment,” Journal of Political Economy, April 1947.
- [Brief recapitulation of modern time-less theory]
Hicks: Theory of Wages, Part I.
Hicks: Value and Capital, Parts I and II.
Readings in the Theory of Income Distribution, Chs. 5, 7, 8, 12.
P. H. Douglas: The Theory of Wages, Chs. I, II, III.
- [Theory of capital and interest]
I. Fisher: Theory of Interest, mainly Part II and first two chapters of Part III.
F. H. Knight: Articles on Capitaland Interest in Ethics of Competitionor in Readings.
F. A. Hayek: “Mythology of Capital,” in Readings
Schumpeter: Theory of Economic Development, Chs. IV and V.
D. H. Robertson: “Mr. Keynes and the Rate of Interest,” in Readings
K. Wicksell: Lectures, Vol. I, Chs. on interest.
F. Lutz: “The Criterion of Maximum Profits in the Theory of Investment,” Quarterly Journal of Economics, November 1945.
- [Topics in the theory of capital and interest]
Hayek: Profit, Interest and Investment, first essay.
Hayek: “The Ricardo Effect,” Economica, May 1942.
Haberler: Prosperity and Depression, 1941, pp. 481-491.
N. Kaldor: “Capital Intensity and the Trade Cycle,” Economica, 1939.
N. Kaldor: “Professor Hayek and the Concertina-effect,” Economica, 1942.
Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4. Folder “Economics, 1947-48 (2 of 2)”.
Image Source: Gottfried Haberler, Harvard Class Album 1946.