Another one of the graduate theory exams from the Harvard economics department from the papers of Professor Edward H. Hastings in the Economists’ Papers Archive at Duke University. Clearly the 1960s required less technical virtuosity at finger exercises. I would love to see what the actual bluebooks of students (and the corresponding grades awarded) look like. Perhaps some day, in some archive…
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Harvard Written Exams
in Economic Theory
Posted Earlier
November 3, 1960
April 11, 1961
April 10, 1962
November 13, 1962
April 8, 1963
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HARVARD UNIVERSITY
Department of Economics
Written Examination
in Economic Theory
April 14, 1960
WRITE LEGIBLY
PART I
2 ½ Hours
Answer all the questions, spending approximately 50 minutes on each:
- Write an essay on the explanation and function of (a) profits or, (b) wages in economic theory from the classical period to the present time.
- Explain the distinction between the general equilibrium and the partial equilibrium approaches and the relation between them. Give specific examples of the application of both.
- Discuss the relation of the quantity of money to the level of production and employment from the Keynesian and neoclassical points of view.
PART II
1 ½ Hours
Answer 3, and only 3, of the following questions:
- Demonstrate that from the point of efficiency completely discriminating monopoly is superior to single price monopoly.
- Compare the views of Marshall, Ricardo, and Jevons or the Austrians on the relation of cost of production to value.
- What makes a satisfactory theoretical solution of the oligopoly problem so difficult? Illustrate by a critical analysis of one or more particular theories.
- Discuss the differences and similarities between the loanable funds and liquidity preference theories of interest.
- Compare the explanation of factor prices in terms of linear programming theory and marginal productivity theory.
PLEASE RETURN THIS EXAMINATION PAPER WITH YOUR BLUEBOOK.
Source: Duke University. Economists’ Papers Archive. David M. Rubenstein Rare Book & Manuscript Library. Edward H. Chamberlin Papers, Box 17, Folder “Economics Department 1960-62”.