Harvard. Economics semester final examinations, 1900-01.

In the first full academic year of the twentieth century the Harvard economics department offered the following courses. The course links take you to the official course announcement, instructor names, enrollment figures, and the transcribed semester examinations.

Economics 1. Outlines of Economics
Economics 2. Economic Theory of the 19th Century
Economics 3. Principles of Sociology
Economics 5. Railways and Other Public Works
Economics 6. Economic History of the U.S.
Economics 8. Money
Economics 9. Labor Question in Europe and the U.S.
Economics 10. European Mediaeval Economic History
Economics 12. Banking and Leading Banking Systems
Economics 12a. International Payments and Gold/Silver Flows
Economics 13. Methods of Economic Investigation
Economics 17. Economic Organization and Resources in Europe
Economics 18. Principles of Accounting
Economics 19. General View of Insurance
Economics 20d. Adam Smith and Ricardo

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Economics 1.
Outlines of Economics

Primarily for Undergraduates.

Course Announcement

Outlines of Economics. , Wed., Fri., at 9. Professor Taussig, Dr. Sprague, Mr. Andrew, and Messrs. — and — .

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 41.

Course Enrollment

Professor [Frank W.] Taussig, Drs. [Oliver Mitchell Wentworth] Sprague and [Abram Piatt] Andrew, and Messrs. [Charles] Beardsley and [James Horace] Patten. — Outlines of Economics.

Total 442: 23 Seniors, 70 Juniors, 257 Sophomores, 29 Freshmen, 63 Others.

Source: Harvard University. Report of the President of Harvard College 1900-1901, p. 64.

1900-01
ECONOMICS 1
[Mid-year Examination]

Arrange your answers strictly in the order of the questions.

In what manner do you think that (a) the individual efficiency of laborers, (b) their collective efficiency, would be affected by the general adoption of profit sharing? of socialism?
It has been said that the original formation of capital is due to abstinence or saving, but its permanent maintenance is not. What do you say to either statement?
Wherein is Walker’s presentation of the forces that make the general rate of wages better than Mill’s, wherein not so good?
“The extra gains which any producer or dealer obtains through superior talents for business, or superior business arrangements, are very much of a similar kind. …All advantages, in fact, which one competitor has over another, whether natural or acquired, whether personal or the result of social arrangements, bring the commodity, so far, into the Third Class, and assimilate the advantage to a receiver of rent.”
Explain (a) what is this Third Class, and what is the law of value applicable to it; (b) what Mill would say as to the proposition here stated; (c) what Walker would say?
What qualifications of the general principle of rent can you state, in its application to (a) premises used for building purposes, (b) dwelling-houses, (c) mines?
If all men had the same start in life, would there be differences of wages? If so, of what sort? If not, why not?
“Since cost of production here fails us, we must revert to a law of value anterior to cost of production and more fundamental…” In what cases does cost of production fail us? Will “cost of reproduction” cover such cases? Is there another law more fundamental?
Under what circumstances. if ever, will a general rise in wages affect the relative values of commodities? Would your answer be the same as to a general rise in profits?
In what manner do you believe business profits, interest, and wages would be affected by the general adoption of the various forms of consumers’ coöperation? of producers’ cooperation?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 1
[Year-end Examination]

I.
Answer three.

How will the value of land be affected by
1. an increase in population,
2. a reduction in the rate of interest,
3. a protective tariff on agricultural produce.
How will the price of grain be affected by
1. a tax proportioned to the economic rent of the land,
2. an equal tax upon all land.
“Profits do not form a part of the price of the products of industry, and do not cause any diminution of the wages of labor.”
Would Mill agree to this statement? Would you?
Upon what does the general level of wages depend (a) according to Mill, (b) according to Walker? What would you expect these writers to say as to the effect of a protective tariff on the general level of wages?

II.
Answer two.

If a country exports on a large scale a commodity not previously exported, will its other exports be affected? If so, how? If not, why not?
Can a country have a permanently “unfavorable” balance of trade? If so, under what conditions? If not, why not?
Can a country permanently export specie? If so, under what conditions? If not, why not?
Can the rate of foreign exchange in a country be permanently at the specie-shipping point? If so, under what conditions? If not, why not?
How would you expect the issue of a paper currency to effect foreign trade,—
1. While the notes were still redeemable;
2. After they had become irredeemable.

III.
Answer two.

Define the following terms

Seignorage,
Clearing house loan certificates,
Silver Certificates,
United States notes,
Inconvertible paper.

How would the adoption of bimetallism affect the stability of the value of money?
1. according to Mill,
2. according to Walker,
3. in your own opinion.
How is the value of money in a country likely to be affected by an increase in
1. the quantity of commodities produced and sold,
2. the quantity of bank notes,
3. the volume of bank deposits.

Which of these changes would you expect to exercise most influence? Which least? Give your reasons.

IV.
Answer all.

Compare and explain the operations of the Bank of England and those of the New York banks in a time of crisis,
Arrange these items…

Government Securities 40.
Surplus 3.
Notes 38.
Specie 40.
Deposits 55.
Capital 14.
Loans 30.

1. … in their proper order, as they would stand in an account of the Bank of France.
2. … as they would stand in an account of a national bank of the United States; and state (1) whether this could be an account of a national bank, and (2) whether the proportions of the different items are such as you would be likely to find in an account of such a bank.
3. … as they would stand in an account of the Bank of England, assuming the uncovered issue to be 17.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 5, Bound volume: Examination Papers, 1900-01. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Design, Music in Harvard College (June, 1901), pp. 21-23.

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Economics 2.
Economic Theory
in the 19th Century

For Undergraduates and Graduates.

Course outline and readings.

Course Announcement

Economic Theory in the Nineteenth Century. , Wed., Fri., at 2.30 Professor Taussig. [note: Professor Carver taught the course]

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 41.

Enrollment

Professor Carver. — Economic Theory in the Nineteenth Century.

Total 45: 6 Graduates, 15 Seniors, 16 Juniors, 5 Sophomores, 3 Other.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 2
[Mid-year examination]

Define value and explain why one commodity possesses more value in proportion to its bulk than another.
Explain the various uses of the term diminishing returns, and define it as you think it ought to be defined.
In what sense does a law of diminishing returns apply to all the factors of production.
State briefly Böhm-Bawerk’s explanation of the source of interest.
What, if any, is the relation of abstinence to interest.
Would you make any distinction between the source of wages and the factors which determine rates of wages? If so, what? If not, why not?
Discuss the question: Is a demand for commodities a demand for labor?
What is the relation of the standard of living to wages.
Discuss briefly the following questions relating to speculators’ profits. (a) Do speculators as a classmake any profits? (b) Are speculators’ profits in any sense earned?
In what sense, if any, does the value of money come under the law of marginal utility?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 2
[Year-end Examination]

Discuss the following topics.

The bearing of the marginal utility theory of value upon the questions of wages and interest.
The definitions of capital as given by Taussig and Clark.
Clark’s explanation of the place of distribution within the natural divisions of economics.
Clark’s method of distinguishing between the product of labor and the product of capital.
Clark’s distinction between rent and interest.
Böhm-Bawerk’s theory of the nature of capital.
The origin of capital, according to Böhm-Bawerk and Clark.
The meaning of the word “productive” in the following proposition: “Protection is an attempt to attract labor and capital from the naturally more productive, to the naturally less productive industries.”
The incidence of tariff duties.
The theory of production and the theory of valuation as the two principal departments of economics.

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Economics 3.
Principles of Sociology

For Undergraduates and Graduates.

Course Announcement

The Principles of Sociology. — Development of the Modern State, and of its Social Functions. , Wed., and (at the pleasure of the instructor) Fri., at 1.30. Mr. —.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 41.

Enrollment

Asst. Professor [Thomas Nixon] Carver. — The Principles of Sociology. Development of the Modern state, and of its Social Functions.

Total 57: 9 Graduates, 22 Seniors, 8 Juniors, 14 Sophomores, 4 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 3.
[Mid-year Examination]

Answer only ten questions.

Upon what does Kidd base his argument that religion is necessary to keep men from taking such political action as would suspend economic competition, and what is the crucial point in his argument?
In the light of Kidd’s theory of social evolution, discuss the question: Can there be a permanent civilization? Or, do the conditions which promote progress also ensure decay?
Classify the sanctions for conduct which originate outside the individual and explain your classification.
Explain and illustrate the meaning of the following: “Generalizing this struggle and extending it to every form existing in the social life — linguistic, religious, political, artistic, and moral, as well as industrial — we see that the really fundamental social opposition must be sought for in the bosom of the social individual himself.” (Tarde, Social Laws. Ch. II. p. 83.)
What is meant by social stratification? How does it originate? What are some of its consequences?
Compare Herbert Spencer’s theory of progress with Lester F. Ward’s, giving special attention to the argument which each offers in support of his theory.
What, according to Patten, are the chief obstacles to a progressive evolution.
Explain the following. “The difference between that society of conscious units which we call mind, and a society of human beings on our planet, is in the completeness of the mechanism.” (Patten, Theory of Social Forces. Ch. II. p. 21.)
What, according to Patten, is the significance of the transition from a pain to a pleasure economy.
How does Bagehot account for the origin of national traits?
Discuss the question: Does charity retard the process of race improvement?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 3.
[Year-end Examination]

Discuss the following topics

The definition of progress.
Charity as a factor in human selection.
The way in which, according to Spencer, the different classes of institutions are related to one another.
The sanctions for conduct.
A moral ideal as a factor in human selection.
The natural antagonism of human interests and the problem of evil.
The storing of the surplus energy of society.
The influence of property on the relations of the sexes.
Labor and service as bases of distributive justice
The influence of militarism upon race development, or deterioration.

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Economics 5.
Railways and Other Public Works

For Undergraduates and Graduates.

Course Announcements

5¹ hf. Railways and Other Public Works, under Public and Corporate Management. Half-course (first half-year). Tu., Th. and (at the pleasure of the instructor) Sat., at 1.30. Mr. Meyer.

5² hf. Railways and Other Public Works (advanced course). Half-course (second half-year). Tu., Th. and (at the pleasure of the instructor) Sat., at 1.30. Mr. Meyer.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 42.

Enrollments

[Economics] 5¹ hf. Mr. [Hugo Richard] Meyer.— Railways and other Public Works, under Public and Corporate Management.

Total 86: 4 Graduates, 52 Seniors, 17 Juniors, 4 Sophomores, 9 Others.

[Economics] 5² hf. Mr. Meyer.— Railways and other Public Works (advanced course).

Total 9: 3 Graduates, 4 Seniors, 1 Junior, 1 Sophomore.

Source: Harvard University. Annual Report of the President of Harvard College, 1900-1901, p.64.

1900-01
ECONOMICS 5¹
[Mid-year Examination]

Omit the last question if the paper seems too long

The construction put upon the long and short haul clause: by the Interstate Commerce Commission; by the Supreme Court.
The decisions of the Interstate Commerce Commission on group rates.
The railway rate situation in Germany [Prussia]; does it throw any light on the railway problem in the United States?
“If pooling produces any beneficial result, it necessarily does so at the expense of competition. It is only by destroying competition that the inducement to deviate from the published rate is wholly removed….By the legalizing of pooling the public loses the only protection which it now has against the unreasonable exactions of transportation agencies.”—Give your reasons for accepting or rejecting this statement.
Alternative:—
The reasons for the instability of pools in the United States.
The Iowa Railroad Commission.
Alternative:—
To what extent was the long and short haul clause of the Interstate Commerce Act enforced; what was the effect of that enforcement: on railway revenues; on intermediate shipping or distributing points?
The body of administrative law to be found in the decisions of the Massachusetts Gas and Electric Light Commission’s decisions upon petitions for reductions in the price of gas.
(a) Is it to the public interest to insert in street railway charters provisions seeking to secure to the municipality or the state a share in any excess of profit over the normal rate?
Alternative: (b) and (c).
(b) The evidence as to the return on capital obtainable in street railway ventures.
(c) What questions of public policy were raised in the case of the Milwaukee Street Railway and Electric Light Co. vs. The City of Milwaukee?
What statistics were used in illustrating in a general way the statement that railway charges are based upon what the traffic will bear; in discussing the bearing of stock-watering upon railway rates; in discussing the return obtained by capital invested in railway enterprises in the United States?

Source: Harvard University Archives. Examination Papers, 1873-1915. Box 5. Bound Volume: Examination Papers 1900-01. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Design, Music in Harvard College. June, Pages 24-25.

1900-01
ECONOMICS 5²
[Year-end Examination]

The railways and the national finances in Prussia and Australia.
Railway rates and the export trade of the United States since 1893, or, 1896.
The economic situation in Australia since 1892, and the Australian railways.
“A fatal objection to the income or preference bond is that it is an attempt to combine two contradictory commercial principles.”
Discuss this statement fully. What does it mean? Is it true?
If you had access to all the accounts of a railroad, how should you determine the value to it of one of its branch lines?
To what accounts would you charge the following expenditures? (If you do not remember the exact Interstate Commerce Commission classification, use your best judgment.) State reasons in each case.
Engineer’s wages on a special train conveying the general manager to an extensive flood covering the line.
Fireman’s wages on an engine employed exclusively in switching to and from the repair shops.
Conductor’s wages on a worktrain engaged in taking up rails on an abandoned branch.
Brakeman’s wages on a train engaged solely in hauling company’s coal for company’s use.
Cost of taking up comparatively new sound rails judged too light for heavy rolling stock.
Cost at a competitive point of a new station to replace an old one which was large enough but old-fashioned.
State the commonest problems facing a reorganization committee for an insolvent road, and then suggest and defend one course of procedure for each problem.
Combine and arrange the following items so as to give the best information about the operation and condition of the road. (Do not rewrite the names but use the corresponding numbers where possible.)

1.	Passenger train miles	2,000,000
2.	Freight train miles	3,400,000
3.	Passenger train earnings	$2,400,000
4.	Freight train earnings	$5,500,000
5.	Income from investments	$100,000
6.	Dividends	$500,000
7.	Operating expenses	$4,700,000
8.	Av. no. pass. cars per train	4
9.	Av. no. passengers per car	11
10.	Tons freight carried	2,800,000
11.	Av. load per car (loaded and empty), tons	8.2
12.	Av. no. loaded cars per train	12.3
13.	Av. no. empty cars per train	6.7
14.	Interest charge for year	$2,200,000
15.	Due other roads	$100,000
16.	Stocks and bonds owned	$4,900,000
17.	Supplies on hand	$500,000
18.	Taxes for the year	$300,000
19.	Accounts receivable	$500,000
20.	Cash	$1,000,000
21.	Surplus for the year	$300,000
22.	Profit and loss account	$1,000,000
23.	Taxes accrued but not due	$100,000
24.	Capital stock	$50,000,000
25.	Interest due	$700,000
26.	Funded debt	$45,000,000
27.	Due from other roads	$100,000
28.	Interest accrued not due	$300,000
29.	Franchises and property	$90,400,000
30.	Bonds of the company in its treasury	$800,000
31.	Accounts payable	$1,000,000
32.	No. of passengers carried	2,300,000

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Economics 6.
Economic History of the U.S.

For Undergraduates and Graduates.

Course Announcement

The Economic History of the United States. Tu., Th., at 2.30, and a third hour at the pleasure of the instructor. Mr. —.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 42.

Enrollment

Professor Taussig. — The Economic History of the United States.

Total 164: 9 Graduates, 63 Seniors, 68 Juniors, 13 Sophomores, 11 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 6
[Mid-year Examination]

Arrange your answers strictly in the order of the questions. Answer all the questions,

The nature and object of the scales of depreciation established by Congress and by the States at the close of the war of the Revolution; and how far these objects were accomplished.
“The year 1789 marks no such epoch in economies as it does in political history.” — Taussig. How far is this true as to (1) financial legislation; (2) tariff legislation; (3) the course of foreign trade; (4) the growth of manufactures?
Explain how you would distinguish Treasury Notes designed to circulate as currency from those designed simply to meet financial needs; and state when and under what circumstances, between 1789 and 1860, the United States resorted to issues of the first kind.
Suppose the charter of the first Bank of the United States had been renewed: would the effect have been favorable or unfavorable for the finances of the government, for the bank, for the community, in 1812-1815?
Suppose the charter of the second Bank of the United States had been renewed: would the effect have been favorable or unfavorable for the finances of the government, for the bank, for the community, in 1835-40?
Describe the Independent Treasury system, as first established and as finally settled (give dates). Do you believe it better than the alternative system proposed by its opponents? Why?
The causes of the crises of 1837 and 1857: wherein similar, wherein different.
State what were the duties on cotton goods in 1809, 1819, 1839, 1859; and give your opinion whether the duties at these several dates were designed to give protection, and whether protection was then expedient.
Why the early railway enterprises of the States were undertaken as public enterprises; and how far their history may be fairly cited for or against the policy of public management.

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 6
[Year-end Examination]

Arrange your answers strictly in the order of the questions

Explain summarily at what dates and to what extent land-grants and bond-subsidies were extended to railways by the United States; and state whether you believe these measures brought advantage to the country.
Was the management of the finances during the Civil War fraught with more or less evil consequences than that during the War of 1812, as regards (1) the currency, (2) the banks?
State what main sources of revenue were expected to be used, what were used in fact, by the United States in each of the years 1862, 1863, 1864; and explain how the resort to the sources actually used came about.
For the decade 1870-80, explain the connection between the course of prices, foreign trade, railway operations, and currency legislation.
For the decade 1880-90, connect the history of the public debt, the national revenues, the banking system, the silver currency.
Does the argument for protection to young industries find support in the history of (1) the cotton manufacture before 1830, (2) the silk manufacture since 1870, (3) the tin plate industry since 1890.
Explain how the theory of comparative costs may be applicable to the present situation as regards carpet wool, beet sugar, glassware, woollen cloths (take three).
What changes were made in the duties on raw and refined sugar in 1890, 1894, 1897? Which mode of treatment do you regard the most advisable, and why?
State what causes you believe to have chiefly promoted the growth and maintenance of the sugar and oil combinations; and consider which of these two you regard as typical, and as instructive for forecasting the future of combinations.

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Economics 8¹
Money

For Undergraduates and Graduates.

Course Announcement

8¹ hf. Money. Half-course (first half-year). Tu., Th., Sat., at 11. Mr. Andrew.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 42.

Enrollment

8¹ hf. Dr. [Abram Piatt] Andrew. Money.

Total 122: 3 Graduates, 56 Seniors, 41 Juniors, 8 Sophomores, 1 Freshman, 13 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 8
[Mid-year Examination]

Answer only three questions from each group, but consider the questions strictly in the order of their arrangement

What is meant by

(1) a “double” standard;
(2) a “parallel” standard;
(3) a “limping” standard;
(4) a “single” standard;

Cite at least two historic examples of each, giving approximate dates.

The following are estimates which have been made of the average production of silver, and its annual average export to the Orient in millions of ounces:

	Production	Export to East
1851-55	28 mill.	20 mill.
1855-60	29 ”	52 ”
1861-65	35 ”	53 ”
1865-70	43 ”	25 ”

State the causes of the singular situation revealed in these figures, and explain its actual effect upon the relative values of gold and silver in Europe.

Suppose that the British government in 1870 had used the right conferred by the act of 1816, and had proclaimed the free coinage of silver at the ratio then current. What differences do you think would have occurred in the subsequent currency history of the world?
Describe the effect of the suspension of the coinage of silver upon the value of the currency in each of the following cases:—
(1) in Holland; (2) in Austria; (3) in Russia; (4) in India.

“Before 1873 we had coined in the United States only about eight million silver dollars ($8,031,238) while since the date fixed as the beginning of demonetization we have coined nearly five hundred millions ($485,427,703).”
How do you explain (1) the small amount of dollars coined before 1873? (2) the large amount coined since then?
What in your opinion was the real significance of (1) the act of 1803? (2) the act of 1873?
“With the exception of the brief period of fifteen years (1544-60) the English coins have never been debased.”
In what sense and to what extent is this statement correct?
In writing of the currency history of England during the years, immediately succeeding the great recoinage (1696) Mr. Dana Horton says:—
“And so the full weight standard coin of the Realm, to create a stock of which the State had spent a sum greater than its regular annual revenue, and equal to perhaps a fourth of the country’s total stock of cash, — was allowed to find its way back to the melting-pot in exchange for cheaper gold.”
Explain the situation to which he refers, and the reasons for this disappearance of the “standard coin.”

III

(a) What were the main arguments which Lord Liverpool advanced in favor of a single gold standard?
(b) What were the legislative acts in which his influence is to be traced?
(a) Do falling prices necessarily mean an increase in the burden of debts?
(b) Do they in the long run inevitably diminish the productiveness of industry?
(c) To what extent are they prejudicial to the interests of the working classes?
“It is generally agreed that every fall in the value of silver acted at the time as a stimulus to Indian exports and as a check on imports into India.”
(1) Explain this statement, (2) state how far it is confirmed by commercial statistics, and (3) show whether such a condition is ever likely to be of prolonged duration.
It is alleged that the Russian government, by stimulating exports, and hindering imports, has endeavored to secure a favorable balance of trade, with the idea of increasing the quantity of gold in the country? What do you think would be the ultimate effect of such a policy if continuously pursued?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

Also: Harvard University Archives. Examination Papers, 1873-1915. Box 5. Bound Volume: Examination Papers 1900-01. Papers Set for Final Examinations in History, Government, Economics, Philosophy, Education, Fine Arts, Architecture, Landscape Design, Music in Harvard College (June, 1901), pp. 28-30.

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Economics 9.
The Labor Question in Europe and the U.S.

For Undergraduates and Graduates.

Taught by W. F. Willoughby (Edward Cummings’ successor).

Course Announcement

The Labor Question in Europe and the United States. — The Social and Economic Condition of Workingmen. Tu., Th., Sat., at 10. Mr. —.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 42.

Enrollment

9² hf. Mr. W. F. Willoughby. — The Labor Question in Europe and the United States. The Social and Economic Condition of Workingmen.

Total 146: 3 Graduates, 53 Seniors, 40 Juniors, 35 Sophomores, 3 Freshmen, 12 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 9
[Year-end examination]

Show how the change in the organization of industry from the handicraft system and production on a small scale to the factory system and production on a large scale has led to; (a) efforts to supplant the wages system by socialism[,] coöperation, etc., (b) the trade union movement, and (c) compulsory compensation acts.
Give the arguments for and against profit-sharing as regards (a) it being a more just system of enumeration than the wages system, and (b) its practical advantages.
What are the two systems of coöperative production now practice in Great Britain, and why are they meeting with more success than earlier efforts?
Describe the trade agreement between the National Metal Trades Association and the International Association of Machinists in such a way as to show its essential character and significance, and particularly its relation to the trade union movement and the question of the prevention and adjustment of industrial disputes.
What was the nature of the “new unionism” movement in Great Britain, and its success?
What is the general character of the Massachusetts State Board of Conciliation and Arbitration; what its duties and its powers?
Describe the essential features of the French Workmen’s Compensation Act.
Give a brief sketch of the Social Democratic Party in Germany, with the names of its early leaders and important events in its history.
In what ways can the municipality take action for the improvement of the housing condition of the poorer classes without itself building tenements? What are some of the objections to the municipalities themselves undertaking building operations?
Show why employment bureaus can do but little for the solution of the general problem of the unemployed.

Enrollment (Economics 9a)

9a² hf. Mr. W. F. Willoughby. — Provident Institutions. Workingmen’s Insurance, Friendly Societies, Savings Banks.

Total 22: 1 Graduate, 13 Seniors, 5 Juniors, 2 Sophomores, 1 Other.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-1901
ECONOMICS 9a
[Year-end Examination]

What is the general situation in France at the present time in respect to insurance against old age and invalidity? Describe briefly the organization and workings of important institutions, and show particularly how the government is attempting to further this kind of insurance.
What has been the general policy of the British government in respect to the regulation of Friendly Societies? Give the main features of law now regulating them.
Describe the Fraternal Beneficial Orders of the United States as regards (a) their general scheme of organization, and (b) system of insurance.
Show wherein this insurance system is defective by contrasting it with that of ordinary life insurance companies: indicate reforms that are necessary and how they can best be brought about.
Contrast the systems of savings banks in Great Britain and the United States.
In what respects are coöperative banks of the Schulze-Delitzsch and Raiffeisen type more valuable social institutions than the ordinary savings banks?
Describe the principles upon which all coöperative building and loan associations in this country are organized, and indicate ways in which they might profitably be subjected to more rigid state control.
Why is it impracticable to insure against unemployment?
Outline briefly the system of sick insurance in Germany.

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Economics 10.
Mediaeval Economic History of Europe.

For Undergraduates and Graduates.

Course Announcement

For Undergraduates and Graduates.

The Mediaeval Economic History of Europe. Tu., Th., and (at the pleasure of the instructor) Sat., at 12. Professor Ashley.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 41.

Enrollment

Professor Ashley. The Mediaeval Economic History of Europe.

Total 11: 6 Graduates, 4 Seniors, 1 Junior.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 10
[Mid-year Examination]

Not more than six questions should be attempted, of which the first should be one.

Translate, and briefly comment upon
1. Toto regis Willelmi primi tempore perseveravit haec institutio, usque tempora regis Henrici filii ejus; adeo ut viderim ego ipse quosdam qui victualia statutis temporibus de fundis regiis ad curiam deferri viderint.
2. In Kateringes sunt X hidae ad geldum Regis. Et de istis X hidis tenent XL villani XL virgas terrae.
3. Compotus Roberti Oldeman praepositi de Cuxham, ab in crastino Sancti Jacobi anno regni Regis Edwardi filii Regis Edwardi decimo usque ad in crastinum Sancti Jacobi proxime sequentis anno regni Regis Edwardi praedicti undecimo intrante.
4. Rogamus . . . ademptum sit jus etiam procuratoribus nedum conductori adversus colons ampliandi partes agrarias aut operarum praebitionem jugorumve.
5. Orgeterix ad judicium omnem suam familiam, ad hominum milia decem, undeque coëgit et omnes clientes obaeratoque suos quorum magnum numerum habebat eodem conduxit.
What materials have we for forming a judgment as to the position of the rural population of England in the period from the eleventh to the fourteenth centuries? Classify them, and indicate the value of each class for the purposes of this enquiry.
Wherein did the status of the coloni of the later Roman Empire resemble or differ from that of the medieval villein?
Describe the constitution and working of manorial courts. What light does their history throw on the evolution of social classes?
“Wie das Wort Dorf … dem Sinne nach einen Haufen bezeichnet, so ist auch haufenförmig oder Haufendorf der geeignetste Ausdruck für diese Art der Dorfenlage.” Explain and comment.
“M. Fustel took for his point of departure the Provincial villa; Dr. Hildebrand takes the Kirghises of modern Asia.” Explain, and then show the peculiar dangers of each method.
“We may safely follow Palgrave in taking the Anglo-Saxon townships as the integral molecules out of which the Anglo-Saxon State was formed.” Why? or why not?
What was the gwely? What bearing has it on the general problem of “tribal” organization?
What are the assumptions or postulates of modern Political Economy? To what extent were they true of the Middle Ages?
Which book read in connection with this course has interested you most? Describe its method and estimate the value of its contribution to economic history.

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 10
[Year-end Examination]

Not more than six questions should be attempted, of which the first should be one

Briefly comment upon the following passages, and translate such of them as are not in English:—
1. Colunt discreti ac diversi, ut fons, ut campus, ut nemus placuit. Vicos locant non in nostrum morem connexis et cohaerentibus aedificiis: suam quisque domum spatio circumdat.
2. If a man agree for a yard of land or more, at a fixed rent, and plough it; if the lord desire to raise the land to him to service and to rent, he need not take it upon him, if the lord do not give him a dwelling.
3. Ego S. … et ego P. … aliquantulam agri partem pro remedio animarum nostrorum W. episcopo in dominio donare decrevimus; id est xxx cassatorum in loco qui dicitur T.
4. Si quis super alterum in villa migrare voluerit, et unus vel aliqui de ipsis qui in villa consistunt eum suscipere voluerit, si vel unus extiterit qui contradicat, migrandi ibidem licentiam non habebit.
5. Qui habebant de tenentibus per diaetas totius anni, ut assolet de nativis, oportebat eos relaxare et remittere talia opera.
6. If any one does an injury who is not of the gild and is of the franchise … he shall lose his franchise.
Explain the position of Maitland’s Domesday Book and Beyond in the discussion concerning the origin of the manor.
Distinguish between the several characteristics of mediaeval towns, and indicate the part played by each, in your opinion, in the formation of specifically urban conditions.
Examine the relations between questions of personal status and questions of economic condition in relation to the ‘peasants’ of the Middle Ages.
What is the nature of our evidence as to the Peasants’ Rising of 1381? Is there any reason for ascribing anything like an economic programme to the leaders of the movement?
Indicate briefly (a), the several influences tending towards a corporate organization of industry in the later Middle Ages and (b) the advantages or disadvantages of such an organization.
Distinguish between the several immigrations of foreign work people to England before the accession of James I, and explain the nature of their contributions to the development of English manufactures.
The relation of John Major and Juan Vives to the development of the English ‘Poor Law.’
What changes, if any, did the Reformation bring about in social life?

__________________________________

Economics 12².
Banking and the History of the Leading Banking Systems.

For Undergraduates and Graduates.

Course Announcement

12²hf. Banking and the history of the leading Banking Systems. Half-course (second half-year). Tu., Th., Sat., at 11. Dr. Sprague.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment

12² hf. Dr. [Oliver Mitchell Wentworth] Sprague. — Banking and the History of the Leading Banking Systems.

Total 128: 4 Graduates, 51 Seniors, 43 Juniors, 16 Sophomores, 14 Others.

Source: Harvard University. Report of the President of Harvard College, 1900-1901, p. 64.

1900-01
ECONOMICS 12²[Year-end Examination]

Arrange your answers strictly in the order of the questions. Answer all the questions under A and two of those under B

Explain in detail and under different circumstances the effect of an advance of the rate of discount by the Bank of England upon the money market of London and upon the foreign exchanges.
Taking the separate items of a bank account point out how those of the Bank of Amsterdam differed from those of a modern bank.
Define and explain:—
1. Bill broker.
2. Banking Principle.
3. The State Bank of Indiana.
4. The banking law of Louisiana.
5. Clearing House Certificates.
The extent and banking consequences of government control of the Bank of France and the Reichsbank.
How do government receipts and expenditures affect the money market (a) of London, (b) of New York?
Explain with illustrations from the crises of 1857 and 1893 the nature of the demand for cash in time of crisis, and consider how far that demand may be met under a flexible system of note issue.

(a) How far and with what qualifications may banking experience in the United States before 1860 be appealed to in the discussion of changes in our banking system? (b) How far, similarly, may Canadian experience be applied?
“Why compel banks to send home for redemption a multitude of notes which can as well be used in payments and are sure to be reissued at once? Why impede the free use of its power of circulation by any enterprising bank by requiring the early redemption of notes which the holder does not in fact care or need to have redeemed?”
Explain from past experience what regulations may be expected to bring about these results, and give the reasons for demanding them.
Discuss the question of branch banking with reference to the United States, including in your discussion considerations of safety and economy. Would branch banking be more desirable than at present if notes were issued against general banking assets.

__________________________________

Economics 12a¹.
International Payments and the Flow of Precious Metals.

For Undergraduates and Graduates.

Course Announcement

12a²hf. International Payments and the Flow of the Precious Metals. Half-course (second half-year). Three times a week. Mr—.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment

[Economics] 12a¹ . Mr. [Hugo Richard] Meyer.—International Payments and the Flow of the Precious Metals.

Total 16: 2 Graduates, 9 Seniors, 4 Juniors, 1 Other.

Source: Harvard University. Report of the President of Harvard College, 1900-1901, p. 64.

1900-01
ECONOMICS 12a¹.
[Mid-Year Examination]

Observe strictly the order in which the questions are arranged.

Sidgwick’s criticisms on Mill’s doctrine of international trade and their validity.
What temporary changes in the general level of prices in this country should you expect to see, as the result of a large permanent withdrawal of foreign capital? What ultimate change of prices should you expect?
Suppose the exportation of specie from the United States to be prohibited (or, as has sometimes been suggested, to be slightly hindered), what would be the effect on rates of exchange, and on prices of goods, either domestic or foreign? Would the country be a loser or not? [See Ricardo (McCulloch’s ed.), page 139.]
The conditions which led to the flow of gold to the United States in the fiscal years 1880 and 1881?
What economic conditions or events tended to make the year 1890 a turning point both in domestic and in international finance?

Alternative:

The reasons for the return flow from Europe of American securities in the years 1890-1900?

What sort of wealth did France actually sacrifice in paying the indemnity? What was the process?
Is Mr. Clare justified in making the general statement that “the gold-points mark the highest level to which an exchange may rise, and the lowest to which it may fall”?
Why is it that certain trades bills are drawn chiefly, or even exclusively, in one direction, e.g. by New York on London and not vice versa; and how is this practice made to answer the purpose of settling payments which have to be made in one direction?

Alternative:

Why has England become the natural clearing-house for the world?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

__________________________________

Economics 13.
Methods of Economic Investigation.

Primarily for Graduates.

Course Announcement

Methods of Economic Investigation.—English Writers. German Writers. Tu., Th., at 1.30. Professor Taussig.
Courses 15 and 13 are usually given in alternate years.

[15. The History and Literature of Economics to the close of the Eighteenth Century. Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Ashley.
Omitted in 1900-01.]

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment
1900-01

Economics 13² hf. Asst. Professor Carver. — Methods of Economic Investigation.

Total 10: 4 Graduates, 6 Seniors.

Source: Harvard University. Report of the President of Harvard College, 1900-1901, p. 64.

1900-01
ECONOMICS 13
[Year-end Examination]

Discuss ten of the following topics.

The subdivision of economics into departments.
The fields for the observation of economic phenomena.
The place of historical and statistical research in economic investigation.

4, 5, 6. The methods of investigating:

1. The causes of poverty.
2. The effect of immigration on the total population of the United States.
3. The effect of protection on the production of flax fibre, on the iron industry, or on any other industry which you may select.

The nature of an economic law.
The relation of the theory of probabilities to economic reasoning.
The use of hypotheses in economic reasoning.
The use of the terms “static” and dynamic in economic discussion.
The use of diagrams and mathematical formulae in economic discussion.

__________________________________

Economics 17.
Economic Organization and Resources of European Countries.

For Undergraduates and Graduates.

Course Announcement

The Economic Organization and Resources of European countries. Mon., Wed., and (at the pleasure of the instructor) Fri., at 12. Professor Ashley.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 42.

Enrollment

Professor Ashley. The Economic Organization and Resources of European countries.

Total 34: 5 Graduates, 14 Seniors, 9 Juniors, 3 Sophomores, 3 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 17
[Mid-year Examination]

Not more than eight questions should be attempted

“It is less important for a particular community than ever it was to be in possession of cheap food and raw materials produced within its own domain.” Discuss this proposition.
Describe very briefly the main features of the physical geography of England (illustrating your answer, if possible, with a map) and indicate in general terms their economic consequences.
Set forth some of the general considerations which should be taken into account in answering the question whether the industrial development of Ireland has been injuriously affected by English legislation.
Compare the number and character of the several classes maintained by agriculture in England, with those of the agricultural classes in the U.S. and on the continent of Europe.
Explain the powers of dealing with his estate enjoyed at present by an English tenant for life under a settlement.
What districts of England are now suffering most severely from agricultural depression, and why?
Can any lessons be drawn for the U.S. from the recent history of productive coöperation in England? Give your reasons.
Give a rapid survey of the apparent coal resources of the world.
What points of especial interest are there to the economist in the history, situation, character, etc. of the South Wales Coal Field?
What is meant by Collective Bargaining? What are its prerequisites? What examples of it are you acquainted with in America?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

1900-01
ECONOMICS 17
[Year-end Examination]

Not more than eight questions should be attempted

The British Chancellor of the Exchequer proposes to levy a duty of one shilling per ton upon the export of coal from the United Kingdom: He argues that the tax will not be borne by the producer, but mainly, if not wholly, by the foreign consumer. Consider (a) what are the conditions under which this is likely to be the case, (b) how far these conditions are at present realized in the case of England.
Distinguish the successive stages in the technological history of iron and steel, and connect them with the industrial development of the several countries concerned.
What were the questions at issue in England in the Engineering dispute of 1897? What, with your present knowledge, do you think ought to have been your attitude, had you then been (a) an English engineering employer, (b) a leading official of the employees’ union.
Give a brief account of the organization of the English cotton manufacture (as distinguished from the securing either of the material or of a market for the product). Contrast it with American conditions; and consider how England and New England are likely to be affected by the growth of the manufacture in the Southern States.
Distinguish between the several forms of capitalist combination at present to be observed in England. What general causes have led to the movement? What, if any, advantages does it promise, and what, if any, dangers does it threaten?
Compare Bradford and Roubaix in any aspects which seem to you worthy of attention.
“Lorsque il n’y a point d’hommes riches qui aient de gros capitaux à mettre dans les entreprises d’agriculture, lorsque les récoltes ne suffisent pas pour assurer aut entrepreneurs des profits égaux à ceux qu’ils tireraient de leur argent en l’employant de toute autre manière, on ne trouve point de fermiers qui veuilient louer les terres. Les propriétaires sont forcées de les faire cultiver par les métayers hors d’état de faire aucunes avances et de bien cultiver. Le propriétaire fait lui-même des avances médiocres qui lui produisent un très médiocre revenu.”
Translate the passage from Turgot; and then consider how far his description applies to existing conditions in France and Italy.
Show the relation of the great manufacturing industries of France to the distribution of coal in that country.
Would the construction of the Rhine-Elbe canal be a benefit to Germany? Give your reasons.
“Wir müssen uns Rechenschaft ablegen, ob ohne eine grössere Macht zur See, ohne eine solche die unsere Küsten vor Blockaden schützt, unseren Kolonialbesitz und unseren Welthandel absolut sicher stellt, unsere wirtschaftliche Zukunft gesichert sei.”
Are there sufficient reasons in the contemporary situation of Germany for this anxiety on the part of Professor Schmoller?
(a) Give a brief account of the contents, and then (b) compare the method and general attitude toward the subject, of von Schulze-Gaevernitz’s Social Peace and de Rousers’ Labour Question in Britain.
What in the light of the experience in the English coal, iron, and cotton industries, would seem to you the most satisfactory form to be taken by joint wage agreements in the great industries of America?

__________________________________

Economics 18.
Principles of Accounting.

For Undergraduates and Graduates.

Course Announcement

18¹ hf. The Principles of Accounting. — Lectures, discussions, and reports. Half-course (first half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 3.30. Mr. W. M. Cole.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment

18¹ hf. Mr. W. M. Cole. — The Principles of Accounting.

Total 56: 43 Seniors, 4 Juniors, 2 Sophomores, 7 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 18
[Mid-year Examination]

Problems 1 to 5 inclusive form a connected whole;
but 6 and 7 may be substituted for 4 and 5

Construct a rough ledger (omitting rulings and index-memoranda) to correspond with the following trial-balance:

Real estate	$150,000	Proprietor	$244,275
Plant	$60,000	Merchandise	$401,000
Patents	$40,000	Rent	$6,000
Supplies	$228,000	Bills payable	$14,000
Wages	$127,000	Accounts payable	$43,000
Coal	$9,000	Reserve fund	$12,000
Insurance	$4,500
Trade discounts	$8,000
Interest	$1,500
Bills receivable	$10,000
Accounts receivable	$68,000
Cash	$14,275
	$720,275		$720,275

The above trial-balance is supposed to be taken from manufacturing books that are kept on the ordinary commercial plan, i.e., without distinctive accounts for stores, manufacturing, stock, or trading; and to construct such accounts now is supposed to be either impossible or undesirable.
If you were required to determine profit and loss for the year which these figures cover, what questions about the business should you wish to ask before reaching your conclusions? [Give your answer in the form of questions consecutively numbered.]
State what would be fairly reasonable answers to your own questions above numbering the answers to correspond with the questions; and then, assuming your answers to be the real answers show a complete statement of resources and liabilities and of profit and loss.
Close for the year the ledger that you constructed indicating all balances that you have transferred to other accounts and all balances that you have carried down for the new year.
From the ledger as it now stands draw off a balance sheet showing the condition of the business at the beginning of the new year, assuming that the loss or gain is carried directly to the proprietor’s account.
Journalize the following:

A gives you his note for $100, bearing interest, dated a month ago.
You discount at a bank a note for $100 payable in a month
B gives you A’s note for $100 payable in one month, and buy goods for $100 on one month’s time.
Your book-keeper charged bills receivable and credited B when B paid his bill by your own note returned to you. A counter entry is to be made, so that the original wrong entry need not be erased

What is the distinguishing feature of double entry? Are two postings made for every entry? If not, what devices are employed for reducing the number of postings?

II
Omit one

The balance sheet of a corporation on January 1, 1899, stood as follows:

Real estate	$50,000	Capital stock	$200,000
Plant	$95,000	Accounts payable	$20,000
Horses, etc.	$15,000	Bills payable	$25,000
Patents	$20,000	Profit and loss	$15,000
Merchandise	$30,000
Accounts receivable	$30,000
Cash	$20,000
	$260,000		$260,000

On January 1, 1900, the books showed the following facts:

Real estate	$55,000	Capital stock	$200,000
Plant	$88,000	Accounts payable	$12,000
Horses, etc.	$12,000	Bills payable	$17,000
Patents	$19,000	Profit and loss	$33,000
Merchandise	$42,000
Accounts receivable	$28,000
Cash	$18,000
	$262,000		$262,000

What has become of the profits earned?

Should you recommend that a dividend be declared? State your reasons.

How should you treat interest received on a bond bought above par?
Describe the following, and state the distinguishing feature of each: a real account; a nominal account; a suspense account; reserve fund: a sinking fund
If payments are received on account of goods in process of manufacture, should such payments appear on the balance sheet? If so, where?
Describe three different methods of treating depreciation, and show how each would appear upon the books. To what circumstances on a railroad is each adapted?
A corporation is formed to unite and continue the business of three concerns, A, B, and C, engaged in the same industry. The books of the concerns show the following:

	A	B	C
Assets (valuation)	$80,000	$160,000	$120,000
Liabilities (external)	$20,000	$80,000	$90,000
Average profit, last three years	10%	14%	30%
Average profit, preceding three years	9	17	25
Average profit, prior three years	10	20	20

On what basis should you determine the total amount of capital stock to be issued by the new corporation, and on what basis should you apportion it to these three concerns?

Source: Harvard University Archives. Harvard University Mid-year Examinations, 1852-1943. Box 4, Bound volume: Examination Papers, Mid-Years, 1900-01.

__________________________________

Economics 19.
General View of Insurance.

Primarily for Graduates.

Course Announcement

19² hf. A General View of Insurance. — Lectures and reports. Half-course (second half-year). Mon., Wed., and (at the pleasure of the instructor) Fri., at 3.30. Professor Wambaugh.
Course 19 cannot be counted towards the degree of A.B.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment

19² hf. Professor Wambaugh. — A General View of Insurance.

Total 9: 6 Seniors, 3 Others.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 19²
[Year-end Examination]

One of the paragraphs may be omitted.

From the point of view of the person procuring the policy, what is the purpose of insurance?
From the point of view of the community, what are the advantages and the disadvantages of insurance?
Give some account of three insurance books, pamphlets, or periodicals.
Tell what you know of the history of insurance.
Give a classification of the provision of the New York standard form of fire insurance policy,
If either party to the fire insurance contract wishes to terminate the insurance, what are his rights?
What are the benefits and the dangers of fire insurance by government?
Describe ordinary life policies, single payment life policies, twenty payment life policies, endowment policies, tontine policies, assessment insurance.
If a person thirty years of age wishes to obtain a life insurance policy for a single premium, how is the premium calculated?
What are the chief differences between fire insurance and marine insurance?
Discuss any insurance topic of which you have made a special study.

__________________________________

Economics 20d.
Adam Smith and Ricardo.

Primarily for Graduates.

Course Announcement

20d. Adam Smith and Ricardo. Half-course. Professor Taussig.

Source: Harvard University. Announcement of the Courses of Instruction provided by the Faculty of Arts and Sciences for the Academic Year 1900-1901, p. 43.

Enrollment

20d¹ hf. Professor Taussig. — Adam Smith and Ricardo.

Total 12: 7 Graduates, 5 Seniors.

Source: Harvard University. Annual Reports of the President and Treasurer of Harvard College, 1900-01, p. 64.

1900-01
ECONOMICS 20d
[Final examination]

Compare Ricardo’s conclusions with Adam Smith’s on the course of wages, profits, and rent, as society advances: discussing not only the conclusions themselves, but the reasoning by which the two writers arrive at them.
Under what circumstances are real wages high, according to Adam Smith? according to Ricardo?
Adam Smith’s doctrine on labor as a measure of value; Ricardo’s strictures thereon; and Ricardo’s own doctrine.
S. Mill in his Autobiography says that “it was one of my father’s main objects to make me apply to Smith’s more superficial view of political economy the superior lights of Ricardo, and to detect what was fallacious in Smith’s arguments or erroneous in his conclusions.” Set forth how you believe the two Mills (father and son) set about this task as to Adam Smith’s reasoning on the following topics:—
1. the mode in which the payment of heavy foreign obligations is brought about by the exportation of goods, not by the outflow of specie;
2. the distinction between that land which always affords rent, and that which sometimes does and sometimes does not;
3. the effect of foreign trade in raising the general rate of profits in a country.
“That able but wrong-headed man, David Ricardo; shunted the car of Economic science on to a wrong line, a line, however, on which it was further urged by his equally able and wrong-headed admirer, John Stuart Mill.” — W. S. Jevons.
What grounds are there for assenting to this judgment? What grounds for dissenting from it?

Image Source: Detail from cover of the Harvard Class Album 1946.

Economics 1. Outlines of Economics

Course Announcement

Course Enrollment

1900-01 ECONOMICS 1 [Mid-year Examination]

1900-01 ECONOMICS 1 [Year-end Examination]

Economics 2. Economic Theory in the 19th Century

Course Announcement

Enrollment

1900-01 ECONOMICS 2 [Mid-year examination]

1900-01 ECONOMICS 2 [Year-end Examination]

Economics 3. Principles of Sociology

Course Announcement

Enrollment

1900-01 ECONOMICS 3. [Mid-year Examination]

1900-01 ECONOMICS 3. [Year-end Examination]

Economics 5. Railways and Other Public Works

Course Announcements

Enrollments

1900-01 ECONOMICS 51 [Mid-year Examination]

1900-01 ECONOMICS 52 [Year-end Examination]

Economics 6. Economic History of the U.S.

Course Announcement

Enrollment

1900-01 ECONOMICS 6 [Mid-year Examination]

1900-01 ECONOMICS 6 [Year-end Examination]

Economics 81 Money

Course Announcement

Enrollment

1900-01 ECONOMICS 8 [Mid-year Examination]

Economics 9. The Labor Question in Europe and the U.S.

Course Announcement

Enrollment

1900-01 ECONOMICS 9 [Year-end examination]

1900-1901 ECONOMICS 9a [Year-end Examination]

Economics 10. Mediaeval Economic History of Europe.

Course Announcement

Enrollment

1900-01 ECONOMICS 10 [Mid-year Examination]

1900-01 ECONOMICS 10 [Year-end Examination]

Economics 122. Banking and the History of the Leading Banking Systems.

Course Announcement

Enrollment

1900-01 ECONOMICS 122 [Year-end Examination]

Economics 12a1. International Payments and the Flow of Precious Metals.

Course Announcement

Enrollment

1900-01 ECONOMICS 12a1. [Mid-Year Examination]

Economics 13. Methods of Economic Investigation.

Course Announcement

Enrollment 1900-01

1900-01 ECONOMICS 13 [Year-end Examination]

Economics 17. Economic Organization and Resources of European Countries.

Course Announcement

Enrollment

1900-01 ECONOMICS 17 [Mid-year Examination]

1900-01 ECONOMICS 17 [Year-end Examination]

Economics 18. Principles of Accounting.

Course Announcement

Enrollment

1900-01 ECONOMICS 18 [Mid-year Examination]

Economics 19. General View of Insurance.

Course Announcement

Enrollment

1900-01 ECONOMICS 192 [Year-end Examination]

Economics 20d. Adam Smith and Ricardo.

Course Announcement

Enrollment

1900-01 ECONOMICS 20d [Final examination]

Related

Economics 1.
Outlines of Economics

1900-01
ECONOMICS 1
[Mid-year Examination]

1900-01
ECONOMICS 1
[Year-end Examination]

Economics 2.
Economic Theory
in the 19th Century

1900-01
ECONOMICS 2
[Mid-year examination]

1900-01
ECONOMICS 2
[Year-end Examination]

Economics 3.
Principles of Sociology

1900-01
ECONOMICS 3.
[Mid-year Examination]

1900-01
ECONOMICS 3.
[Year-end Examination]

Economics 5.
Railways and Other Public Works

1900-01
ECONOMICS 5¹
[Mid-year Examination]

1900-01
ECONOMICS 5²
[Year-end Examination]

Economics 6.
Economic History of the U.S.

1900-01
ECONOMICS 6
[Mid-year Examination]

1900-01
ECONOMICS 6
[Year-end Examination]

Economics 8¹
Money

1900-01
ECONOMICS 8
[Mid-year Examination]

Economics 9.
The Labor Question in Europe and the U.S.

1900-01
ECONOMICS 9
[Year-end examination]

1900-1901
ECONOMICS 9a
[Year-end Examination]

Economics 10.
Mediaeval Economic History of Europe.

1900-01
ECONOMICS 10
[Mid-year Examination]

1900-01
ECONOMICS 10
[Year-end Examination]

Economics 12².
Banking and the History of the Leading Banking Systems.

1900-01
ECONOMICS 12²[Year-end Examination]

Economics 12a¹.
International Payments and the Flow of Precious Metals.

1900-01
ECONOMICS 12a¹.
[Mid-Year Examination]

Economics 13.
Methods of Economic Investigation.

Enrollment
1900-01

1900-01
ECONOMICS 13
[Year-end Examination]

Economics 17.
Economic Organization and Resources of European Countries.

1900-01
ECONOMICS 17
[Mid-year Examination]

1900-01
ECONOMICS 17
[Year-end Examination]

Economics 18.
Principles of Accounting.

1900-01
ECONOMICS 18
[Mid-year Examination]

Economics 19.
General View of Insurance.

1900-01
ECONOMICS 19²
[Year-end Examination]

Economics 20d.
Adam Smith and Ricardo.

1900-01
ECONOMICS 20d
[Final examination]