Tag: Day

Harvard. Report on the Tutorial System in History, Government and Economics. Burbank, 1922

Post author By Irwin Collier
Post date 2018-01-19

Harold Hitchings Burbank (1913-1951) will probably best be remembered in the history of economics for topping Paul Samuelson’s “Dishonor Roll” for antisemitism in the Harvard economics department ca. 1939 (the list is reproduced on p. 281 of Roger E. Backhouse’s first volume Becoming Samuelson, OUP 2017) as well as for being an all around bête noire in matters regarding mathematical economics at Harvard, though Backhouse (pp. 421-2) has at least been able to acquit Burbank of the charge of the premeditated “killing of the type” for Foundations of Economic Analysis [Plot spoiler: the printer did it (metal shortage)].

Burbank has in fact left a fundamental institutional legacy at Harvard College, having played a major role in the establishment and running management of the tutorial system that was set up to prepare undergraduates for the general examinations in their respective divisions of study. Many a Harvard economics graduate student, instructor, and faculty member have served as economics tutors so that no study of the education of economists would be complete without a serious examination of Harvard’s tutorial system in which economists have been active from the very beginning.

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Harvard College President Lowell on the undergraduate general examination for divisions and the Tutorial System (1922)

The effect of the general examination upon the choice of subjects for concentration is interesting. When first introduced for History, Government, and Economics it diminished the number of students electing those studies as their main field of work, presumably frightening away the faint-hearted. But the dread soon passed off, and at present seems to have little influence.

[…]

The framing of general examination papers which shall be comprehensive enough to cover the subject, at the same time shall be fair, and which give the student a chance to show his knowledge or ignorance, his comprehension or vacuity, demands much skill, ingenuity and labor. Moreover, a great deal of time is required to read the books, or conduct the oral examinations, in any department where the candidates are numerous. Clearly members of the instructing staff cannot be expected to do this in addition to their ordinary work. Some provision ought, therefore, be made in such cases for relieving them of a part of their teaching; and in the Division of History, Government, and Economics, where the plan has been in operation much longer than in any other, the examiners are relieved of about half their courses, either by reducing these throughout the year, or by exemption from course instruction in the second half-year, that being the period when by far the heaviest burden of the examinations falls. In conducting them the committee in charge is really examining not only the candidates, but also the instructors in courses and the tutors if any, because they can hardly avoid forming some impression of the thoroughness with which teaching is done by the different members of the staff; and although they make no report upon the matter, the opinions they form cannot fail in the long run to have an effect upon the instruction in the departments of which they are members. Moreover, their examinations determine the requirements for a degree in the various subjects of concentration, and the standard of attainment on the part of undergraduates. Their selection is therefore a matter of the utmost importance. In those departments that have recently adopted the plan, and where the number of candidates is too large to be examined by the instructors as a whole, a committee is appointed by the department itself; but in the Division of History, Government, and Economics it is appointed by the Corporation. The first members of this committee, Professors G. G. Wilson, R. B. Merriman, and E. E. Day, were the pathfinders, and to their wisdom and labor is due from the outset the success of the project.

When the general examination was introduced for History, Government, and Economics, it was perceived that in these subjects it could not work well unless the students were provided with the assistance of tutors in correlating what they had learned in their courses, and in mastering the parts of the field which courses do not cover. At first it was difficult to find men qualified for this task, quite unknown as it was in American college education, since no one had any experience in doing it. A new form of instruction had to be devised; new men had to teach themselves a new art. They have done so, until at present an excellent corps of tutors is working systematically in this division. No doubt experience will still farther perfect their methods, and by frequent conferences they are seeking constant improvement. A tutor, who by the way may be of any academic grade, is by no means wholly confined to tutorial work. A number of them are also conducting courses, and that is a distinct advantage. The only college work which they cannot do is obvious. They should not be on the committee in charge of the examinations. There is no better way of stating what they strive to do, and what they have accomplished, than by inserting as an appendix hereto the report of Assistant Professor H. H. Burbank, the Chairman of the Board of Tutors for the division.

Source: President’s Report in Reports of the President and the Treasurer of Harvard College, 1921-1922, p. 13-4.

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Report on the Tutorial System in the Division of History, Government and Economics at Harvard University, 1922

To THE PRESIDENT OF THE UNIVERSITY:

SIR, — I have the honor to submit a report on the Tutorial System in the Division of History, Government and Economics.

The tutorial system of the Division of History, Government and Economics was made possible and necessary by the introduction of the general examinations. When this Division accepted the principle of these examinations it declared that they could be made effective and, at the same time, just to the student only by the development of a system of individual guidance. Tutorial instruction began in 1914 with a staff of six tutors supervising the work of some one hundred and fifty students. At that time the Division expected the number of concentrators would not at any time exceed four hundred. During the present academic year sixteen tutors have given instruction to six hundred and forty-eight students.

When provision was made for tutors, the Division contemplated only indefinitely their functions and the scope of their work. There were no examples to be followed; no system of like nature had been established in any American university and the precedents afforded by Oxford and Cambridge could give little guidance. During the first three years many experiments were necessary. The place of the tutor’s work in the general system of instruction had to be found, methods of work had to be developed. These problems could be met only by a process of trial and selection. At first there were many false starts; undoubtedly there was some lost effort, but there was also appreciable growth and development. The War brought an abrupt cessation of activities. With the resumption of normal academic conditions in 1919-20, tutorial work was reorganized, and it is from this time that the more important growth of the system is to be recorded.

Different methods of tutorial instruction are still being tried and probably will continue for some time, but the experience of the years since 1914 has been sufficient to give a definite indication of the processes which are best suited to our needs. Because of the several experiments which different tutors are undertaking, all generalizations regarding tutorial work are open to some exceptions.

Each tutor has under his supervision approximately forty students, selected in about equal proportions from the senior, junior and sophomore concentrators. The tutor meets his students regularly, usually once each week, in individual conferences. In some few instances, especially with sophomores, groups of two or, at the most, three students are found advantageous, but such group conferences are used sparingly; the characteristic method is the individual conference. Usually the conference lasts for about half an hour, but here the exceptions are many. The student is never limited in the matter of time. If he wishes to see his tutor with greater frequency it is his privilege to do so and he is encouraged to take full advantage of the unusual opportunities offered to him by individual instruction. The unwilling students — and they are so few that they leave no mark on the system — are obliged to do a minimum amount of work and to give a minimum amount of time to the tutor. The interested students can have about all they desire in time and instruction.

The introduction of the tutorial system was not accompanied by any change in course requirements. The student who elects to concentrate in History, Government or Economics, and thereby comes under the direction of the tutor, carries the usual number of courses from which he secures the groundwork for his general and special concentration. But courses are not synonymous with subjects; they cut through or across subjects. The first work of the tutor is to help the student organize and correlate this course material so that his chosen field of study appears to him as continuous and homogeneous rather than as groups of data or ideas with little or no relation. For seven years the tutors proceeded on the principle that class instruction could be taken for granted, that the material offered in courses had been accepted and assimilated by the students. The results of the examinations lessened confidence in the validity of this position and pointed directly to the need for further instruction along the same line. Many of the courses in this Division have very large numbers; the majority of those which are elected by undergraduates are conducted by the lecture method with little or no opportunity for discussion or for a thorough test of the student’s grasp of the subject matter. Further study and emphasis in the tutorial conference of material already presented in courses is proving of inestimable value. The data frequently is the same, — an historical period, a theory of government, a principle of economics, — the point of view is different, the stimulus is different. In the tutorial conference there is no question of marks or discipline; the one important object is to understand something which appears to be important.

Thus the tutor’s work deals in part with the materials already presented in class instruction — correlating it, focusing it, teaching it. But to arrive at the standards imposed by the general examinations requires a very considerable amount of additional reading. The tutor must and does expand the field of study by assigning and discussing problems not within the limits of courses now offered. In this connection as well as in the reconsideration of course material the tutor strives to interest his students in general reading. This is a very great opportunity. The student at Harvard as well as at the other colleges of this country has been so beset with textbooks, books of selected readings, page assignments and the like, that the reading habit not only has gone undeveloped but has tended to become stultified. Through conferences with his tutor and by means of his reading, the student gains a familiarity with his subjects of study that courses alone cannot impart. Furthermore, if he responds adequately to tutorial direction, he forms, largely unconsciously, a reading habit, a critical judgment and a discriminating taste that the established system of college education seldom produces. Another phase of this subject, or perhaps a by-product of this tendency, is found in the matter of general reading during the vacations. Ten years ago the student was rarely found who did not regard the final examinations in June as the terminus of his educational effort for that year. By small degrees this is changing. With the inauguration of tutorial instruction students were urged to continue their reading during the vacations, especially during the summer months. The cumulative effect has been important. Students in sufficient numbers are undertaking this work, to call for facilities to direct their reading between June and September. A plan is now under consideration whereby tutors will be in Cambridge during the summer either to take personal charge of students or to direct their work by correspondence. The significance of this development is apparent when the reader is reminded that such work is not only voluntary but receives no credit in terms of grades or courses.

The tutor has still another function, less tangible perhaps, but no less important than those already mentioned. A cursory study of the college records of undergraduates is sufficient to indicate that a relatively small proportion achieve anything above mediocrity — that is, above a “C” grade. This is not because of limitation of capacity. Undergraduates are capable of accomplishment far beyond that registered in courses. But they have many interests other than those which find their expression in the class-room. Their interests and their efforts are scattered; much time and energy are wasted. A tutor of the type sought by this Division has the power and capacity to stimulate the undergraduate to real intellectual achievement. When a student comes to him with a predominating intellectual curiosity — the type of student who is usually a candidate for distinction — he has but to mould the material into finished form. The more difficult, but possibly the more important, task is to stimulate the less eager student, to make his subject of study real and alive, to make it attractive, to inspire the student to want to learn not because of the record that may be involved nor because of any particular honors that may be granted, but for the sake of the achievement itself. To do this on an increasingly larger scale is one of the main objects of the tutorial system. During the last three years there has been perceptible progress in this direction. A great deal remains to be done, but very definite limitations are imposed by the inflexible requirements of university instruction. Without any substantial change in these requirements considerably more can be accomplished. It depends upon securing the unusual type of tutor. With more flexibility and perhaps with some reasonable reduction of the requirements in terms of courses, progress is possible and probable that will be significant in the trend of American college education.

One might expect that the improvement in academic interest which the tutorial system has been able to stimulate would express itself in an increase in the number of candidates for distinction. To some extent such an increase has appeared; students have become candidates who would not have done so without the stimulation of individual direction and instruction. But there has been a concurrent counter effect. Candidacy for distinction is dependent upon grades in courses. Unfortunately, intellectual interest, sustained work and broad accomplishment are not always synonymous with a high grade in the particular course which covers a part of the field of study. Undergraduates in appreciable numbers are showing a distinct preference for tutorial rather than for class work — less effort is given to courses, more is devoted to the more intimate work with the tutor. No attempt is being made to pass upon the desirability of this tendency. It is simply presented as a tendency which is showing increasing strength.

Among the various experiments which the tutors have made in the effort to secure broader and better preparation for the general examinations have been those connected with written work. For some time it has been clear to the tutors that one of the most effective methods of instruction is found in the construction and repeated criticism of written reports, essays and theses. Incidentally, very few of the students do not need the added instruction in composition and expression that written work entails. Recently this Division, recognizing and emphasizing the value of written work, has voted that a satisfactory thesis shall be required of all candidates. To provide more adequate opportunity for writing of this character, each Department is now offering a course in thesis work.

The most significant development in connection with the tutorial system has been the very favorable response of the students. Tutorial instruction is an addition to the usual requirements for the degree. At the minimum this increase is equivalent, in terms of courses, to about one course a year or, during the three years of concentration, it approaches an additional requirement of a year’s work. At the maximum the only limitations are those set by the available time of the student and the tutor. Each year there are some students who give considerably more time to their tutorial instruction than to their more formal requirements. These, however, are exceptional instances. Yet, as a group, the majority of concentrators accept tutorial instruction as an educational opportunity rather than as a demand for additional hours of study. In spite of the very considerable increase in the work involved, concentration in this Division has increased steadily. When the system of general examinations and tutorial instruction was announced, concentration in the Division, especially in Economics, declined heavily. Almost immediately, however, the Division proceeded to win back the numbers it had lost through the additional requirements. In part, this may be explained by the introduction of general examinations in other Divisions, but there is reason to believe that concentration in this Division would have approximated its present position if the examinations had been confined to History, Government and Economics. Although this increase in numbers has been gratifying, a more pronounced reason for satisfaction is found in the distinct improvement in the quality of the student and in the level of accomplishment. To a large degree this is due to the failure of the unwilling or the less capable student to choose this Division as the field for his special study. In part, also, it is due to the increasingly effective work of the tutor. Indifferent students still choose this field, but in decreasing numbers, and as the sophomore and junior years pass by they are weeded out in considerable proportions or, responding to the efforts of the tutor, their work improves. After a trial, more or less prolonged, the indifferent student seeks other Departments, but during the last two years transfers to this Division have more than filled these vacancies.

Another aspect of tutorial work is indicative of the attitude of the student. Attendance at the conferences is not compulsory. There is no system of monitoring or reports of absences to the college office. The fear of disciplinary action cannot serve as a stimulus to meet appointments or to prepare assignments. It is true that the authority to employ disciplinary measures can be invoked if the occasion arises, but in eight years no resort to such measures has been necessary. Yet the cutting of tutorial appointments is comparatively rare, far less than the cutting of courses. The majority of concentrators, well over ninety per cent, seldom fail to meet their engagements. The tradition of tutorial work has become firmly established.

H. H. BURBANK.

Source: Harvard University. Reports of the President and the Treasurer of Harvard College, 1921-22, pp. 34-38.

Image Source: Assistant Professor of Economics Harold Hitchings Burbank in Harvard Class Album, 1920.

Tags Burbank, Day

Exam Questions Harvard

Harvard. Core Advanced Economic Theory. Taussig (and Day), 1915-1917

Post author By Irwin Collier
Post date 2017-12-24

Examination questions spanning just over a half-century can be found in Frank Taussig’s personal scrapbook of cut-and-pasted semester examinations for his entire Harvard career. Until Schumpeter took over the core economic theory course from Taussig in 1935, Taussig’s course covering economic theory and its history was a part of almost every properly educated Harvard economist’s basic training. Taussig’s exam questions were posted for the academic years 1886/87 through 1889/90 along with enrollment data for the course; material from 1890/91 through 1893/94; 1897-1900 ; 1904-1909 ; 1911-14 have been posted as well.

The course was taught by Taussig up through the Winter term of 1916/17. Early in 1917 Taussig was appointed chairman of the newly created United States Tariff Commission. He also was appointed a member of the Advisory Committee on the Peace (sub-committee on tariffs and commercial treaties) and he went to Europe for the economic sessions of the peace negotiations. His resignation from the Tariff Commission was effective August 1, 1919 after which he returned to Harvard.

U.S. Tariff Commission Reports under Taussig 1917-1919:

First Annual Report (Fiscal Year ended June 30, 1917)
Second Annual Report (Fiscal Year ended June 30, 1918)
Third Annual Report (1919).

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1914-15
HARVARD UNIVERSITY

ECONOMICS 11
Mid-year Examination
[F. W. Taussig]

Arrange your answers in the order of the questions.

“Given machinery, raw materials, and a year’s subsistence for 1000 laborers, does it make no difference with the annual product whether those laborers are Englishmen or East Indians?
. . . The differences in the industrial quality of distinct communities of laborers are so great as to prohibit us from making use of capital to determine the amount that can be expended in any year or series of years in the purchase of labor.”
Under what further suppositions, if under any, does this hypothetical case tell in favor of those holding that wages are paid from a wages fund? Under what suppositions, if under any, in favor of those holding views like Walker’s?
(a)“The labourer is only paid a really high price for his labour when his wages will purchase the produce of a great deal of labour.”
(b) “If I have to hire a labourer for a week, and instead of ten shillings I pay him eight, no variation having taken place in the value of money, the labourer can probably obtain more food and necessaries with his eight shillings than he before obtained for ten.”
Explain concisely what Ricardo meant.
What, according to Ricardo, would be the effects of a general rise of wages on profits? on the prices of commodities? on rents? the well-being of laborers?
“The component elements of Cost of Production have been set forth in the first part of this enquiry. The principal of them, and so much the principal as to be nearly the sole, we found to be Labour. What the production of a thing costs to its producer, or its series of producers, is the labour expended in producing it. If we consider as the producer the capitalist who makes the advances, the word Labour may be replaced by the word Wages: what the produce costs to him, is the wages which he has had to pay.” J.S. Mill.
What would Ricardo say to the proposed substitution [of “Wages” for “Labour”]? Cairnes? Marshall?
“Suppose that society is divided into a number of horizontal grades, each of which is recruited from the children of its own members, and each of which has its own standard of comfort, and increases in number rapidly when the earnings to be got in it rise above, and shrinks rapidly when they fall below that standard. Suppose, then, that parents can bring up their children to any trade in their own grade, but cannot easily raise them above it and will not consent to sink them below it. . . .
On these suppositions the normal wage in any trade is that which is sufficient to enable a laborer, who has normal regularity of employment, to support himself and a family of normal size according to the standard of comfort that is normal in the grade to which his trade belongs. In other words the normal wage represents the expenses of production of the labor according to the ruling standard of comfort.” Marshall.
On these suppositions, would value depend in the last analysis on cost or utility?
(a)“Were it not for the tendency [to diminishing returns] every farmer could save nearly the whole of his rent by giving up all but a small piece of his land, and bestowing all his labor and capital on that. If all the labor and capital which he would in that case apply to it gave as good a return in proportion as that he now applies to it, he would get from that plot as large a produce as he now gets from his whole farm; and he would make a net gain of all his rent save that of the little plot that he retained.”
(b) “The return to additional labour and capital [applied to land] diminishes sooner or later; the return is here measured by the quantity of the produce, not by its value.”
(c) “Ricardo, and the economists of his time generally were too hasty in deducing this inference [tendency to increased pressure] from the law of diminishing return; and they did not allow enough for the increase of strength that comes from organization. But in fact every farmer is aided by the presence of neighbours, whether agriculturists or townspeople. . . . If the neighbouring market town expands into a large industrial centre, all his produce is worth more; some things which he used to throw away fetch a good price. He finds new openings in dairy farming and market gardening, and with a larger range of produce he makes use of rotations that keep his land always active without denuding it of any one of the elements that are necessary for its fertility.”
Have you any criticisms or qualifications to suggest on these passages from Marshall?
“When the artisan or professional man has once obtained the skill required for his work, a part of his earnings are for the future really a quasi-rent. The remainder of his income is true earnings of effort. But this remainder is generally a large part of the whole. And herein lies the contrast. When a similar analysis is made of the profits of the undertaker of business, the proportions are found to be different: in this case nearly all is quasi-rent.”
Explain what you believe to be Marshall’s meaning, and why he considers undertaker’s profits not to be “true earnings of effort.”

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1914-15
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[F. W. Taussig]

Arrange your answers in the order of the questions.

Explain briefly what Walker meant by the “no-profits” business man; what Marshall means by the “representative firm”; what your instructor means by the “marginal product of labor.” How are the three related?
Explain briefly whether anything in the nature of a producer’s surplus or a consumer’s surplus appears as regards (a) instruments made by man and the return secured by their owners; (b) unskilled labor and the wages paid for it; (c) business management and business profits.
“ Wages are paid by the ordinary employer as the equivalent of the discounted future benefits which the laborer’s work will bring him — the employer — and the rate he is willing to pay is equal to the marginal desirability of the laborer’s services measured in present money. We wish to emphasize the fact that the employer’s valuation is (1) marginal, and (2) discounted. The employer pays for all his workmen’s services on the basis of the services least desirable to him, just as the purchaser of coal buys it all on the basis of the ton least desirable to him; he watches the ‘marginal’ benefits he gets exactly as does the purchaser of coal. At a given rate of wages he ‘buys labor’ up to the point where the last or marginal man’s work is barely worth paying for. . . . If, say, he decides on one hundred men as the number he will employ, this is because the hundredth or marginal man he employs is believed to be barely worth his wages, while the man just beyond this margin, the one hundred and first man, is not taken on because the additional work he would do is believed to be not quite worth his wages.”
Does this seem to you in essentials like the doctrine of Clark? of your instructor?
[Hand-written note: The author is I. Fisher.]
An urban site is leased at a ground rental of $2,000 a year; a building is erected on it costing $50,000; the current rate of interest is 4%.
Suppose the net rental of the property (after deduction of expenses and taxes) to be $8,000. What is the nature of this return, according to J. S. Mill? Marshall? Clark?
Suppose the net rental to be $3,000; answer the same questions.
“That capital is productive has often been questioned, but no one would deny that tools and other materials of production are useful; yet these two propositions mean exactly the same when correctly understood. Capital consists primarily of tools and other materials of production, and such things are useful only in so far as they add something to the product of the community. Find out how much can be produced without any particular tool or machine, and then how much can be produced with it, and in the difference you have the measure of its productiveness.”
What would Böhm-Bawerk say to this? What is your own view?
[Hand-written note: The author is Carver.]
“ Wages bear the same relation to man’s services that rent does to the material uses of wealth. . . . While rent is the value of the uses of things, wages is the value of the services of men. . . . The resemblance is very close between rent and wages.”
“The principles governing the rate of wages are, in a general way, similar to those governing the rate of rent. The rate of a man’s wages per unit of time is the product of the price per piece of the work he turns out multiplied by the rate of output. His productivity depends on technical conditions, including his size, strength, skill, and cleverness.”
Explain what is meant by “rent” in these passages and by what writers it is used in this sense; and give your opinion on the resemblance between such “rent” and wages.
[Hand-written note: The authors are Fetter and Fisher, respectively.]
Böhm-Bawerk remarks that the theory which he has put forward bears “a certain resemblance” to the wages fund theory of the older English school, but differs from it in various ways, one of which is “the most important” What are the points of resemblance? and what is this most important difference?
“While the slowness of Nature is a sufficient cause for interest, her productivity is an additional cause. . . . Nature is reproductive and tends to multiply. Growing crops and animals make it possible to endow the future more richly than the present. By waiting, man can obtain from the forest or farm more than he can by premature cutting or the exhaustion of the soil. In other words, not only the slowness of Nature, but also her productivity or growth, has a strong tendency to keep up the rate of interest. Nature offers man, as one of her optional income-streams, the possibility of great future abundance at trifling present sacrifice. This option acts as a bribe to man to sacrifice present income for future, and this tends to make present income scarce and future income abundant, and hence also to create in his mind a preference for a unit of present over a unit of future income.”
What would Böhm-Bawerk say to this? What is your own view?
Whom do you believe to be the writer of the passage?
[Hand-written note: The author is I. Fisher]

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1915-16
HARVARD UNIVERSITY

ECONOMICS 11
Mid-year Examination
[F. W. Taussig]

Arrange your answers strictly in the order of the questions.

On what grounds is it contended that there is a circle in Walker’s reasoning on the relation between wages and business profits? What is your opinion on this rejoinder: that Walker, in speaking of the causes determining wages, has in mind the general rate of wages, whereas in speaking of profits he has in mind the wages of a particular grade of labor?
According to Ricardo, neither profits of capital nor rent of land are contained in the price of exchangeable commodities, but labor only.” — Thünen.
Is there justification for this interpretation of Ricardo?
“Instead of saying that profits depend on wages, let us say (what Ricardo really meant) that they depend on the cost of labour. . . . The cost of labour is, in the language of mathematics, a function of three variables: the efficiency of labor; the wages of labour (meaning thereby the real reward of the labourer); and the greater or less cost at which the articles composing that real reward can be produced or procured.” — J. S. Mill.
Is this what Ricardo really meant? Why the different form of statement by Mill? What comment have you to make on Mill’s statement?
State resemblances and differences in the methods of analysis, and in the conclusions reached, between (a) the temporary equilibrium of supply and demand (e.g. in a grain market), as explained by Marshall; (b) “two-sided competition,” as explained by Böhm-Bawerk; (c) equilibrium under barter, as explained by Marshall.
Explain concisely what is meant in the Austrian terminology by “value,” “subjective value,” “subjective exchange value,” “objective exchange value.”
Does the introduction of “subjective exchange value” into the analysis of two-sided competition lead to reasoning in a circle?
“Suppose a poor man receives every day two pieces of bread, while one is enough to allay the pangs of positive hunger, what value will one of the two pieces of bread have for him? The answer is easy enough. If he gives away the piece of bread, he will lose, and if he keeps it he will secure, provision for that degree of want which makes itself felt whenever positive hunger has been allayed. We may call this the second degree of utility. One of two entirely similar goods is, therefore, equal in value to the second degree in the scale of utility of that particular class of goods. . . . Not only has one of two goods the value of the second degree of utility, but either of them has it, whichever one may choose. And three pieces have together three times the value of the third degree of utility, and four pieces have four times the value of the fourth degree. In a word, the value of a supply of similar goods is equal to the sum of the items multiplied by the marginal utility.” — Wieser.
Do you think this analysis tenable? and do you think it inconsistent with the doctrine of total utility and consumer’s surplus?
“If the modern theory of value, as it is commonly stated, were literally true, most articles of high quality would sell for three times as much as they actually bring.” What leads Clark to this conclusion? and do you accept it?

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1915-16
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[F. W. Taussig]

Arrange your answers strictly in the order of the questions. Allow time for careful revision of your answers.

“The productivity of capital is, like that of land and labor, subject to the principle of marginal productivity, which is, as we have seen, a part of the general law of diminishing returns. Increase the number of instruments of a given kind in any industrial establishment, leaving everything else in the establishment the same as before , and you will probably increase the total product of the establishment somewhat, but you will not increase the product as much as you have the instruments in question. Introduce a few more looms into a cotton factory without increasing the labor or the other forms of machinery, and you will add a certain small amount to the total output. . . . That which is true of looms in this particular is also true of ploughs on a farm, of locomotives on a railway, of floor space in a store, and of every other form of capital used in industry.” Is this in accord with Clark’s view? Böhm-Bawerk’s? Marshall’s? Your own?
What is the significance of the principle of quasi-rent for
1. the “single tax” proposal;
2. Clark’s doctrine concerning the specific product of capital;
3. the theory of business profits.
Explain what writers use the following terms and in what senses: Composite quasi-rent; usance; implicit interest; joint demand.
On Cairnes’ reasoning, are high wages of a particular group of laborers the cause of the result of high value (price) of the commodities made by them? On the reasoning of the Austrian school, what is the relation between cost and value? Consider differences or resemblances between the two trains of reasoning.
“This ‘exploitation of interest’ consists virtually of two propositions: first, that the value of any product usually exceeds its cost of production; and, secondly, that the value of any product ought to be exactly equal to its cost of production. The first of these propositions is true, but the second is false. Economists have usually pursued a wrong method in answering the socialists, for they have attacked the first proposition instead of the second. The socialist is quite right in his contention that the value of the product exceeds the cost. In fact, this proposition is fundamental in the whole theory of capital and interest. Ricardo here, as in many other places in economics, has been partly right and partly wrong. He was one of the first to fall into the fallacy that the value of the product was normally equal to its cost, but he also noted certain apparent ‘exceptions,’ as for instance, that wine increased in value with years.” Is this a just statement of Ricardo’s view? Of the views of economists generally? In what sense is it true, in in any, that value usually exceeds cost?
Explain carefully what Böhm-Bawerk means by
1. social capital;
2. the general subsistence fund;
3. the average production period;
4. usurious interest.
In what way does he analyze the relation between (b) and (c)?
Suppose ability of the highest kind in the organization and management of industry became as common as ability to do unskilled manual labor is now; what consequences would you expect as regards the national dividend? the remuneration of the business manager and of the unskilled laborer? Would you consider the readjusted scale of remuneration more or less equitable that that now obtaining?
What grounds are there for maintaining or denying that “profits” are (a) essentially a differential gain, (b) ordinarily capitalized as “common stock,” (c) secured through “pecuniary,” not “industrial” activity? What method of investigation would you suggest as the best for answering these questions?

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Course Enrollment
1916-17

[Economics] 11. Asst. Professor Day.—Economic Theory

Total 28: 21 Graduates, 2 Seniors, 1 Junior, 1 Radcliffe, 3 Others

Source: Harvard University. Reports of the President and Treasurer of Harvard College, 1916-1917, p. 57.

________________________________

1916-17
HARVARD UNIVERSITY

ECONOMICS 11
Midyear Examination
[F. W. Taussig]

Arrange your answers strictly in the order of the questions.

“Is it not true, in any normal condition of things, that consumption is supported by contemporaneous production?
. . . Just as the subsistence of the laborers who built the Pyramids was drawn not from a previously hoarded stock, but from the constantly recurring crops of the Nile Valley; just as a modern government when it undertakes a great work of years does not appropriate to it wealth already produced, but wealth yet to be produced, which is taken from producers in taxes as the work progresses; so is it that the subsistence of the laborers engaged in production which does not directly yield subsistence, comes from the production of subsistence in which others are simultaneously engaged.”
Consider, as regards contemporaneous production in general and also as regards the example of the Pyramids.
“Our [British] commodities would not sell abroad for more or less in consequence of a free trade and a cheap price of corn; but the cost of production to our manufacturers would be very different if the price of corn was eighty or was sixty shillings per quarter; and consequently profits would be augmented by all the cost saved in the production of exported commodities.” — Ricardo.
Explain what Ricardo meant here by “cost of production”; why he thought cost would be different in consequence of free trade in corn; and whether he believed cost (in this sense) to be the regulator of value.
In what sense is the term “demand” used by Mill when speaking of (a) the equation of demand and supply, (b) demand and supply in relation to labor, (c) the demand for money?
“The one universal rule to which the demand curve conforms is that it is inclined negatively throughout the whole of its length.” Can you mention exceptions as regards the demand curve for short periods? for long periods? In what sense is the term “demand” here used?
It has been said that Marshall’s discussion of demand and utility is “an elementary analysis of an almost purely formal kind.” Does this seem to you a just comment?
Explain “subjective value” and “subjective exchange value.” Under what conditions is subjective value to sellers of substantial influence in the determination of “objective exchange value”? Under what conditions, if under any, is subjective exchange value effective in such determination?
“He [Longe] puts the case of a capitalist who, by taking advantage of the necessities of his workmen, effects a reduction in their wages, and succeeds in withdrawing so much, call it £1000, from the wages-fund; and asks how is the sum, thus withdrawn, to be restored to the fund? On Mr. Longe’s principles the answer is simple — ‘by being spent on commodities;’ for it may be assumed that the sum so withdrawn will, in any case, not be hoarded. . . . And I am disposed to flatter myself that the reader who has gone with me in the foregoing discussion will not have much difficulty in replying to it [the question] upon mine.”
What is the answer on Cairnes’s principles? and is this the answer to be expected on the basis of a wages-fund doctrine?
Explain in what way the relation between cost and value is analyzed by Cairnes and by the Austrian School. Would Cairnes’s analysis differ in essentials from the Austrian, if he were to assume complete mobility of labor? What significance do the Austrians attach to mobility of labor?

________________________________

1916-17
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[E. E. Day]

“The ultimate determinant of value…is marginal utility, not cost in the sense of labor of effort.” What would Marshall say of this? Böhm-Bawerk? Taussig?
“The forces which make for Increasing Return are not of the same order as those that make for Diminishing Return…The two ‘laws’ are in no sense coordinate….The two ‘laws’ hold united, not divided, sway over industry.” Comment critically.
Suppose the Federal government imposes a tax of 10 cents a bushel on all wheat grown in the United States. Upon whom will the burden of the tax fall? What conditions determine the final incidence of the tax? Illustrate, where possible, by diagram.
“Rent forms no part of the expenses of production….Rent is not one of the factors bearing on price, but is the result of price.” Carefully analyze this contention.
“The differences in the productive power of men due to their heredity or social position give to certain individuals the same kind of an advantage over others that the owner of a corner lot in the center of a city has over one in the suburbs. If the income from a corner lot is a surplus and can therefore be described as unearned, the income of a man of better heredity, education or opportunity must also be regarded as a surplus income and therefore unearned.” Discuss this statement with reference to your general theory of distribution.
Contrast briefly the definitions of “capital” advanced by (a) Böhm-Bawerk; (b) Clark; (c) Taussig; (d) Fetter; (e) Veblen.
Discuss the place of abstinence (or the sacrifice of saving) in the interest theories of (a) Böhm-Bawerk, (b) Clark; (c) Fetter; (d) Taussig.
“In previous chapters, interest has been accounted for, in part at least, by the fact that there is productivity of capital; it results from the application of labor in more productive ways. If this were the whole of the theory of interest, we should reason in a circle in saying that wages are determined by a process of discount.” Do you agree as to the circle? Why or why not?

Source: Harvard University Archives. Examination Papers (HUC 7000.28, vol. 59). Harvard University Examinations. Papers Set for Final Examinations in History, History of Religions, History of Science, Government, Economics,…, Fine Arts, Music in Harvard College, June 1917. p. 61.

Image Source: Frank Taussig’s 1919 passport application.

________________________________

Tags Day, Taussig

Economists Harvard

Harvard. Taussig’s assessment of the French economist Charles Rist for a Harvard lectureship, 1919

Post author By Irwin Collier
Post date 2017-12-21

After Edwin F. Gay resigned his position at Harvard, Abbott Payson Usher took over his courses in 1921-22. (e.g. Economics 2a: European Industry and Commerce in the Nineteenth Century). From the files of President Lowell of Harvard we find that the French economist Charles Rist was seriously considered for that position. Frank Taussig‘s brief letter, transcribed below, was apparently sufficient to get a green-light from the President’s Office. I don’t know (yet) what was the deal breaker or even whether an offer actually ever went out.

_______________

Letter of Economics Chairman E. E. Day to President Lowell

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts

March 4, 1920

Dear President Lowell:

I spoke to you some time ago of the Department’s wish that an invitation be extended to Professor Charles Rist to come as Lecturer in the Department for at least one half of the next academic year. I have not broached the subject again, because Mr. Gay has thought he might have other suggestions to make. It now appears that the expectations Mr. Gay had in mind will not materialize, and that he has no proposal to make which seems to him to promise better than that the Department had in mind. I consequently renew at this time the Department’s suggestion. In view of Mr. Gay’s resignation, the offering of the Department is obviously deficient. I understand that you will support the Department in its endeavor to discover a man who may be brought in permanently to fill in part the serious gap which Mr. Gay’s departure has created. The suggested invitation to Professor Rist is one of the measures in this direction which the Department thinks most promising.

Professor Taussig is the only member of the Department who has had an opportunity to become personally acquainted with Professor Rist. I enclose herewith a statement of Professor Taussig’s impressions of the man. The other members of the Department know Rist only through his publications. These appear to be of highest quality.

It is the proposal of the Department that an invitation be extended to Rist to lecture here during the first half of 1920-1921. Possibly he may be secured on an exchange arrangement. If not, the Department would like to see him appointed as Lecturer in Economics for not less than the first half of the year.

Sincerely yours,
[signed]
Edmund E. Day

Enc
President A. Lawrence Lowell

_______________

From a typed copy of Taussig’s statement

DEPARTMENT OF ECONOMICS

Cambridge, Massachusetts
November 28, 1919

Professor Charles Rist is a member of the staff of the Sorbonne in the Department of Law. Economics is one of the subjects required of law students in France, hence there is a considerable economic staff for the law students. Rist is a man of 40-45 years, an extremely temperate, clear-headed, scholarly person. Of all the French professors with whom I came in contact in France he seemed to me the most promising. He has a most attractive personality, and is a clear as well as pleasing writer. His scholarly standing is assured. He is married, and has a family of several boys. For the sake of the boys, as well as for his own advantage, he remarked to me that he would very much like to come to the United States. If tolerable pecuniary arrangements can be made, he would doubtless come.

Rist’s command of English is not now sufficient to enable him to lecture in English. He would have to arrange to come over here a couple of months in advance and acquire a reasonable command of the spoken language. I should myself strongly advise him to do this, in case an invitation were extended.

Rist is the only man whom I saw in France who seemed to me a serious possibility for a permanent member of our staff. I think very highly of the man and his work, and have this possibility in mind in recommending him.

(Sgd) F.W. TAUSSIG

_______________

Copy of Lowell’s Response to E. E. Day

March 9, 1920

Dear Mr. Day:

It seems to me that the best thing would be to have Professor Rist sent here as the exchange professor from the University of Paris next year. We do not like to ask authoritatively to have a particular person sent, because we should not like it if they did the same to us. Therefore the best plan would be to have Professor Taussig write to him, suggesting that he should ask to be sent here next year as exchange professor, and he might add that he, M. Rist, feels confident that his selection would be acceptable at Harvard.

Very truly yours,
[name stamp] A. Lawrence Lowell

Professor E.E. Day
Department of Economics
Massachusetts Hall
Cambridge, Mass.

Source: Harvard University Archives, President Lowell’s Papers, 1919-1922, Box 155, Folder 293.

Image Source: Charles Rist at BnF Gallica website.

Tags Day, Gay, Rist, Taussig, Usher

Courses Exam Questions Harvard

Harvard. Introductory Economics, Final Exams. Taussig, 1914-1915

Post author By Irwin Collier
Post date 2017-08-28

Frank W. Taussig played a central role in Harvard’s economics at two important stages. He was the lecturer for the entry-level Principles of Economics course for undergraduates and the core economic theory course for graduate students. In addition he covered the field of international economics.

The course announcement, enrollment figures, and the final examination questions for his principles course come from four different sources, three of which are available on-line. Over the past few weeks, I have posted corresponding material from the twenty economics courses offered at Harvard during the 1914-15 year for which the final examination questions had been printed and subsequently published.

The following year (1915) Edmund E. Day and R. S. Davis (who belonged to the team of instructors and assistants for this principles course) published their Questions on the Principles of Economics (New York, Macmillan) that was arranged by topics to follow Taussig’s own textbook Principles of Economics (Second, revised edition of 1915: Volume One; Volume Two).

______________________

Course Announcement

Economics A. (formerly 1). Principles of Economics. Tu., Th., Sat., at 11.
Professor Taussig and Asst. Professor Day and five assistants.

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 is usually taken with most profit by undergraduates in the second year of their college career. It may not be taken by Freshmen without the consent of the instructor. History 1 or Government 1, or both of these courses, will usually be taken to advantage before Economics A. [p. 61]

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 a consideration of the principles of production, distribution, exchange, money, banking, international trade, and taxation. The relations of labor and capital, the present organization of industry, and the recent currency legislation of the United States will be treated in outline.

The course will be conducted partly by lectures, partly by oral discussion in sections. A course of reading will be laid down, and weekly written exercises will test the work of students in following systematically and continuously the lectures and the prescribed reading. [p. 62]

Source: Division of History, Government, and Economics 1914-15. Official Register of Harvard University, Vol. XI, No. 1, Part 14 (May 19, 1914).

______________________

Course Enrollment

[Economics] A. Professor Taussig and Asst. Professor Day, assisted by Dr. J. S. Davis, and Messrs. P. G. Wright, Burbank, Vanderblue, W. C. Clark, and Monroe.—Principles of Economics.

Total 491: 1 Graduate, 30 Seniors, 137 Juniors, 260 Sophomores, 11 Freshmen, 52 Others.

Source: Report of the President of Harvard College, 1914-15, p. 59.

______________________

Mid-year Examination

ECONOMICS A

[Arrange your answers strictly in the order of the questions. Answer all the questions; be concise; plan your answers with care; and leave time for revision at the close.]

In what ways, if at all, is the development of the complex division of labor connected with (a) the monotony of labor; (b) the Industrial Revolution; (c) integration of industry; (d) the recurrence of industrial crises?
Explain: external economies; internal economies. Which set of economies is most significant for the explanation of (a) the localization of industry; (b) increasing returns; (c) the development of monopoly?
If possible distinguish between

(a) diminishing returns and diminishing utility;
(b) by-product and joint product;
(c) joint cost and joint demand;
(d) “corners” and monopolies;
(e) median and arithmetical mean.

Explain briefly the immediate and the ultimate effects (if any) which each of the following changes, taken separately, will tend to have on the price of cotton, cotton-seed oil, and cotton-mill machinery; (a) prohibition of organized speculation; (b) a change of fashion toward greater use of cotton fabrics; (c) doubling of the population of the country. (Assume for all three cases that there is no international trade, and that the quantity of money remains the same.)
In what direction and by what process, if at all, would the following tend to affect the value of money in the United States; (a) increased demand for gold ornaments; (b) increasingly lavish expenditures by spendthrifts; (c) a continued drain of specie to the East; (d) a larger output of silver in the United States; (e) abolition of all legally required banking reserves?
Under what conditions does inconvertible paper money circulate as readily as specie? Under what conditions, not as readily?
Under what conditions is the value of inconvertible paper money as great as that of specie? Under what conditions is its value less than that of specie?
State two indications of its having less value than specie. Which of the two is the more significant? Which is the more easily ascertained?
State points of similarity, points of difference, between the Federal Reserve system and the English banking system as regards (a) centralization of reserves; (b) centralization of note issue; (c) measures available for preventing panics.
Under what circumstances, if any, can a country have a permanent excess of imports? Under what circumstances, if any, a permanent outflow of specie? Does an excess of imports lead to an outflow of specie?
Wherein, if at all, does a country gain or lose in its foreign trade (a) if prices and money incomes are higher than in foreign countries; (b) if prices and money incomes are lower?

Mid-Year. 1915.

Source: Harvard University Archives. Examination Papers in Economics, 1882-1935. Prof. F. W. Taussig. (HUC 7882). Scrapbook, p. 106.

______________________

Final Examination

ECONOMICS A

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

Explain concisely: —

diminishing returns,
margin of cultivation,
equilibrium of supply and demand,
economic rent.

Construct a simple index number of prices for 1914, using 1908 as the base.

	1908	1914
Wheat, bbl.	$8.00	$12.00
Coal, ton	8.00	8.00
Iron, ton	18.00	9.00
Lumber, 1000 feet	20.00	15.00
Meat, lb.	.20	.30
Sugar, lb.	.10	.10

(1) Would the index-number point to a rise or a fall in the value of money? (2) Would a Board of Arbitration be justified in recommending a change in wages? If so, on what basis? If not, why not?

Under what circumstances, if under any, will the imposition of a import duty cause the price of the dutiable commodity to fall? Under what will it fail to affect the price? Under what will it cause the price to rise?
To what cause or causes should you ascribe: —

(a) the high level of general wages in the United States;
(b) the high wages of skilled workmen such as plumbers;
(c) the high wages of domestic servants in the United States;
(d) the high wages of trained nurses.

Why is saving no less advantageous for laborers than lavish expenditure? Why do laborers usually favor ” making work “?
“The standard of living affects wages not directly, but ” — how?
What evidence of varying standards of living appears in the statistics of births and deaths for different countries? for different social classes?
“The special question presented in this regard by the trust movement seems to be whether large-scale management adds something to the gains from large-scale production in the narrower sense. Here, too, it would appear at first sight that the matter may be allowed to settle itself. Let them fight it out and let that form of organization survive which does the work most cheaply.”
Explain (a) what is meant by large-scale management and large-scale production; (b) what grounds there are for saying that they should be allowed to fight it out, what grounds for saying that they should not; (c) what legislation has recently been enacted in the United States on this subject.
“Important distinctions exist between full-fledged socialism and public management of selected industries.” What are the distinctions?

Final. 1915.

Source: Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College. June 1915, pp. 39-59.

Image Source: Frank W. Taussig in Harvard Class Album, 1915.

Tags Burbank, ClarkWC, DavisJS, Day, Monroe, Taussig, Vanderblue, WrightPG

Courses Exam Questions Harvard

Harvard. Statistics Final Exam. Day, 1914-15

Post author By Irwin Collier
Post date 2017-08-27

Harvard’s 1914-15 statistics course in the department of economics was open to both undergraduate and graduate students. It was taught by Harvard Ph.D. (1909) and assistant professor, Edmund Ezra Day. The course announcement, enrollment figures, and the final examination questions come from three different sources, all of which are available on-line. Over the next few weeks, I’ll be posting corresponding material from the twenty economics courses offered during the 1914-15 year for which the final examination questions had been printed and subsequently published.

________________________

Course Announcement

Economics 1a¹. Statistics. Half-course (first half-year). Mon., Wed., Fri., at 11. Asst. Professor Day, assisted by Mr. F. E. Richter.

This course will deal primarily with the elements of statistical method. The following subjects will be considered: methods of collecting and tabulating data; the construction and use of diagrams; the use and value of the various types and averages; index-numbers; dispersion; interpolation; correlation. Special attention will be given to the accuracy of statistical material.

In the course of this study of statistical method, examples of the best statistical information will be presented, and the best sources will be indicated. Population and vital statistics will be examined in some measure, but economic statistics will predominate.

Laboratory work in the solution of problems and the preparation of charts and diagrams will be required. [p. 62]

Source: Division of History, Government, and Economics 1914-15. Official Register of Harvard University, Vol. XI, No. 1, Part 14 (May 19, 1914).

________________________

Course Enrollment

[Economics] 1a ¹hf. Asst. Professor Day, assisted by Mr. F. E. Richter.—Statistics.

Total 53: 23 Seniors, 22 Juniors, 4 Sophomores, 4 Others.

Source: Report of the President of Harvard College, 1914-15, p. 59.

________________________

Final Examination

ECONOMICS la¹

Formulate, if possible, practical definitions for use in statistical enumerations of the following: (a) cities; (b) farms; (c) manufacturing establishments; (d) the insane; (e) the blind. What are the essentials of a satisfactory statistical unit?
What three sorts of evidence may be employed to prove the inaccuracy of census enumerations of population? Which of the three is generally most effectively used?
Describe the different methods of estimating the growth of population. Under what circumstances is each method applicable? preferable? What method should you recommend for estimating the population of (a) Hartford, Connecticut; (b) Seattle, Washington; (c) the United States; (d) the United Kingdom?
In computing a crude birth-rate what disposition is made of (a) still-births; (b) multiple births; (c) illegitimate births? On what different bases may a crude birth-rate be refined? What are the objections to refining birth-rates? When is refining desirable?
What subjects are covered by the Census of Manufactures in the United States? What is the statistical value of the different results secured?
In the construction of index-numbers of prices, what are the advantages and disadvantages of (a) the weighted arithmetic mean; (b) the median? What are the more important difficulties in the construction of price indexes?
Discuss the reporting of crops in the United States with reference to (a) the bureaus engaged; (b) methods of securing data; (c) publication of results; (d) accuracy of results.
Define and briefly explain the uses of (a) the index-number; (b) logarithmic curve; (c) coefficient of dispersion; (d) coefficient of correlation.

Image Source: Edmund Ezra Day in Harvard Class Album, 1915.

Tags Day

Courses Exam Questions Harvard Statistics

Harvard. Graduate Statistics in Economics. Final Exam, Day, 1914-15

Post author By Irwin Collier
Post date 2017-08-13

Edmund Ezra Day mostly taught statistics at Harvard during his years on the faculty from 1910 to 1923 before going off to Michigan and Cornell. This posting contains the course announcement for 1914-15, enrollment figures, and the final examination questions for his graduate statistics course. This information comes from three different sources, all of which are available on-line. Over the next few weeks, I’ll be posting corresponding material from the twenty economics courses at Harvard during the 1914-15 year for which the final examination questions had been printed and subsequently published.

_______________________

Course Announcement

Economics 13. Statistics: Theory, Method, and Practice. Mon., Wed., Fri., at 9. Asst. Professor Day.

The first half of this course is intended thoroughly to acquaint the student with the best statistical methods. Such texts as Bowley’s Elements of Statistics, Yule’s Introduction to the Theory of Statistics, and Zizek’s Statistical Averages, are studied in detail. Problems are constantly assigned to assure actual practice in the methods examined.

The second half of the course endeavors to familiarize the student with the best sources of economic statistical data. Methods actually employed in different investigations are analyzed and criticized. The organization of the various agencies collecting data is examined. Questions of the interpretation, accuracy, and usefulness of the published data are especially considered. [pp. 67-68]

Source: Division of History, Government, and Economics 1914-15. Official Register of Harvard University, Vol. XI, No. 1, Part 14 (May 19, 1914).

_______________________

Course Enrollment

[Economics] 13. Asst. Professor Day.—Statistics: Theory, Method, and Practice.

Total 11: 8 Graduates, 2 Seniors, 1 Radcliffe.

Source: Report of the President of Harvard College, 1914-15, p. 60.

_______________________

Final Exam (2nd term)

ECONOMICS 13

What are the fundamental types of frequency distributions? What is the importance of each in (a) theoretical statistics; (b) applications of the statistical method in economics?
Explain the different methods of determining the median and the mode.
Describe the short-cut method of calculating the arithmetic mean from a frequency table. What assumptions underlie this method?
“With series of irregular conformation it is better not to take an average of all the deviations as a measure of dispersion.” Explain. What is to be said for and against this position?
To what different uses may the graphic method be put?
In what ways may historic series be compared by the graphic method?
Discuss correlation with reference to (a) the meaning of the term; (b) the use of the Pearsonian coefficient; (c) the lines of regression; (d) the definition of perfect correlation.
Discuss the statistics of two of the following subjects with respect to (a) the agencies collecting the data, (b) the methods of collection, (c) the schedules employed, (d) the tabulation of the returns, and (e) the publication of results: —

Agriculture;
Births and deaths in Massachusetts;
Crime;
Manufactures;
Money and banking;
The population of the United States;
Wages;
Workingmen’s budgets.

Image Source: Edmund Ezra Day in Harvard Class Album, 1915.

Tags Day

Cornell Economists Harvard Michigan

Harvard 1909 PhD Alumnus, Edmund Ezra Day. Cornell Memorial Minute, 1951

Post author By Irwin Collier
Post date 2017-07-25

Edmund Ezra Day received his Ph.D. in economics from Harvard in 1909. In 1910 he joined the Harvard economics department with his specialty in the theory, organization, and practice of statistics. Following service with the War Industries Board in Washington during World War I, Day was promoted to professor at Harvard in 1920. He went on ultimately to become the president of Cornell University. His career is outlined in the Faculty Memorial Statement following his death in 1951 that is reproduced below.

______________________

Cornell University Faculty Memorial Statement
Edmund Ezra Day
December 7, 1883 — March 23, 1951

Edmund Ezra Day, destined to be the fifth President of Cornell University, was born in Manchester, New Hampshire, on December 7, 1883. His parents were Ezra Alonzo and Louise Moulton Nelson Day. He attended Dartmouth College, and there made a brilliant scholastic record. He was awarded a Rufus Choate scholarship, and thus acquired the nickname of “Rufus,” which clung to him all his life. He was a member of Phi Beta Kappa and Theta Delta Chi. He received his B. S. from Dartmouth in 1905 and an M. A. in 1906. He then entered the Harvard Graduate School, and gained a Ph. D. in Economics in 1909.

He began his teaching career as Instructor in Economics at Dartmouth, from 1907 to 1910. He entered the Harvard Department of Economics in 1910, and rose rapidly to become Professor of Economics and Chairman of the Department. During the first World War he served as statistician for the U. S. Shipping Board and the War Industries Board.

In 1923 he left Harvard for the University of Michigan. There he was Professor of Economics, organizer and first Dean of the School of Business Administration, and Dean of the University.

His administrative ability and his understanding of economic and social problems attracted the attention of the great Foundations. In 1927-28 he was associated with the Laura Spelman Rockefeller Memorial; in 1929 he left Michigan to become director for the social sciences with the Rockefeller Foundation. He carried on concurrently the duties of director of general education with the General Education Board. His signal success in these responsible positions prompted his appointment to the presidency of Cornell in 1937.

In the following years he added to his onerous presidential duties many important tasks in educational and social realms. It is impossible here to list more than a few examples. He was president of the New York State Citizens Council, the Association of Land-Grant Colleges and Universities, the World Student Service Fund, the American Statistical Association; he was chairman of the American Council on Education, director of the National Bureau of Economic Research, director of the Federal Reserve Bank of New York, Councillor of the National Industrial Conference Board. He held fifteen honorary degrees. He was the author of “Index of Physical Production,” “Statistical Analysis,” “The Growth of Manufactures,” (with W. Thomas), and “The Defense of Freedom”.

In 1912 he married Emily Sophia Emerson, daughter of Dean Charles F. Emerson of Dartmouth College. He leaves two sons and two daughters. One son (Dr. Emerson Day) at present holds a professorship in the Cornell Medical College.

Dr. Day was suddenly stricken by a heart attack on the morning of March 23, 1951.

Dr. Day was President of Cornell University from 1937 until his resignation on July 1, 1949. He was then appointed Chancellor, with the larger interests of the University in his hands. Counselled to disburden himself of such responsibilities for reasons of health, he resigned the Chancellorship on January 31, 1950.

The twelve years of his presidency were a period of rapid growth of the University. The student enrollment and the Faculty lists nearly doubled. New schools and units were established, responsive to new educational and social concerns of the nation: the School of Chemical and Metallurgical Engineering, the School of Industrial and Labor Relations, the School of Business and Public Administration, the School of Nutrition, the School of Aeronautical Engineering, the School of Nursing. The Floyd Newman Laboratory of Nuclear Studies in Ithaca and the Cornell Aeronautical Laboratory in Buffalo were inaugurated.

The physical development of the University kept pace with the new demands. Important buildings were erected, among them Olin Hall, the Newman Laboratory, Savage Hall, Moore Hall, Clara Dickson Hall, and the Administration Building. Arrangements were made for other buildings, now rising on our campus. The Greater Cornell Fund was carried triumphantly to its goal, raising over $12,500,000 for university needs.

To assess the value of Dr. Day’s contributions to the University would require far more space than can be here afforded. This much is clear and certain: that during a period of war, of disorganization and reorganization, of rapid social and economic change, of inflation, insecurity, fear, his strong hand at the helm guided us through the storms to calmer waters. We cannot know how much of his own strength, his own life, he sacrificed to this terrifying task.

The writer of the notice on the death of President Livingston Farrand (in the Necrology of the Faculty, 1940) said: “No doubt every true leader communicates something of himself to his companions. The Cornell of Andrew D. White partook of his indomitable idealism; the Cornell of Jacob Gould Schurman shared his superb, almost resistless energy; the Cornell of Livingston Farrand became somehow more urbane, more kindly, more human.” To these words we may now add that the Cornell of Edmund Ezra Day became more socially conscious, more cognizant of its duties to the state and the world, more aware of its function as an organ of the body politic. The Cornell new schools established during Dr. Day’s regime were mostly schools of social service. Within the older units of the University a corresponding influence was at work. Such Departments as Sociology and Psychology were reconstituted; the need for social justification was felt throughout the University.

Dr. Day liked to ask provocative and sometimes infuriating questions. He liked to affront a Professor of, for instance, English, with the demand: “What are you trying to do? What is the use of the study of literature?” The Professor of English usually found, after his first bewilderment or anger had died, that the necessity of defining his aims was very wholesome. Dr. Day of course knew his own answers before he asked the question.

His mood was often quizzical. He liked to shock, unsettle, disturb; he enjoyed playing dumb. He was convinced that the great menace to successful teaching is complacency, satisfaction with routine. Tirelessly experimental himself, he could easily be exasperated by the conservatism of the Faculties. And if, as was inevitably the case, Faculty members found themselves in disagreement with him, they had only to visit him to be most cordially received and most fairly heard. In such circumstances his visitors were usually astonished to find how minutely Dr. Day was acquainted with the least operations of his great, far-flung, multifarious University, and how he had given serious attention to the smallest of her problems.

He gained this knowledge by giving to Cornell the best part of his thought and his life. He had little time for recreation, all too little for the intellectual diversions he earnestly desired. His obligation to Cornell came always first, and this obligation never ended, never left him free.

He had planned, on his retirement, to take at last his rewards: the pleasure of friendship, the pleasure of reading, the mere simple pleasure of rest. He did not have time for his rewards. He had never had time. He had time only for his duty.

Morris Bishop, S. C. Hollister, L. A. Maynard

Source: Cornell University. Cornell University Faculty Memorial Statement, 1951.

Image Source: Edmund Ezra Day from Harvard Class Album 1920.

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Courses Exam Questions Harvard

Harvard. Final Exams in Economics. 1913-14.

Post author By Irwin Collier
Post date 2017-06-07

This posting merges information from three sources: brief course descriptions from the annual course announcement published for the Division of History, Government and Economics for the academic year 1913-14 in the Harvard Register; final examination questions published by Harvard in June 1914; and the mid-year (i.e. February) examination questions for two courses taught by Frank Taussig and pasted in a file scrapbook containing what appears to be all of his Harvard examinations.

At hathitrust.org there are online copies of the annual June publication of examination questions for 1912-13 through 1915-16. A transcription of the 1912-13 economics examinations has been posted earlier.

While sixteen courses have published final examinations that are transcribed below, there were still some seven or so economics courses not included in the published June volume. Further the mid-year (i.e. February) final exams for year long courses were not included in the published collection.

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Principles of Economics

Course Description
Economics A

[Economics] A. (formerly 1). Principles of Economics. Tu., Th., Sat., at 11.

Professor TAUSSIG and Asst. Professor DAY, assisted by Messrs. Burbank, J. S. Davis, R. E. Heilman, and others.

Mid-Year Exam
Economics A

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

State concisely the distinctions between the following (omit one): —

(a) free goods and public goods;
(b) saving, investment, the creation of capital;
(c) subsidiary coinage and limping standard;
(d) industrial crisis and financial panic;
(e) deposits in commercial banks and deposits in savings banks.

Which among these distinctions is important for the understanding of the following, and wherein? (Omit one.)

(a) the influence of credit on prices;
(b) the benefits to be expected from a centralized banking system;
(c) the rates which a municipality charges for water supplied to consumers;
(d) the effects of public borrowing (government debts);
(e) silver certificates.

(a) Suppose a great and lasting increase in the demand for skates: what would you expect to be the immediate, what the ultimate effects on the value of skates?
(b) Suppose a great and lasting increase in the demand for Indian corn: what would you expect to be the immediate, what the ultimate effects on the value of Indian corn?
(c) Suppose a great and lasting increase in the demand for wheat straw: what would you expect to be the immediate, what the ultimate effects on the value of wheat?
“Here cost is supposed to be uniform but not constant, — it becomes less per unit as the number of units increases.” Explain the terms “uniform” and “constant,” and the conditions of production described in the extract. How is value determined under these conditions (illustrate either by diagram or by example)?
In which direction and by what process would the following tend to affect the price to the consumer in the United States of a bushel of wheat: (1) adoption of bimetallism by the United States at the ratio of 16 to 1; (2) development of organized speculation; (3) a successful corner in wheat?
Explain: —

Central Reserve City Bank;
Federal Reserve Bank;
U.S. Treasury Gold Reserve;
Bank of England Reserve.

Suppose the people of one country to lend, through a long period, large sums annually to the people of another country; trace the effects in the lending country, immediate and ultimate, on

the flow of specie;
merchandise imports and exports;
the price of foreign exchange.

Would you expect such a lending country to have a “favorable” or an “unfavorable” balance of trade?

Suppose the following course of prices: —

	Price of silver per oz.	Price of wheat per bushel	Index numbers of general prices
1873	$1.30	$1.32	130
1895	0.65	0.67	80
1912	0.61	1.10	110

Would the figures indicate that the value of silver changed between 1873 and 1895? The value of gold? of wheat?

Would they indicate that the value of silver changed from 1895 to 1912? of gold? of wheat?

Final Exam
Economics A

Arrange the following items in the form of a bank statement showing in parallel columns the liabilities and resources: —

Real estate, $30,000; Surplus, $30,000; Deposits, $283,000; Loans, $300,000; Reserve, $65,000; Undivided profits, $12,000; Other assets, $10,000; Capital stock, $100,000; Bonds and stocks, $80,000; Notes, $75,000; Due from banks, $15,000.

Draw up a similar statement showing condition after each of the following operations: —

(a) The bank makes a new loan of $1000 for 3 months at the discount rate of 4% per annum. Proceeds are taken 1/3 in specie, 1/3 in the bank’s own notes, and the balance in a deposit account.

(b) The bank adds $5000 to its surplus, and declares a dividend of 2%. Stockholders take half of the dividend in gold, and leave half on deposit with the bank.

What would be the immediate effect, what the ultimate effect, of a large increase in the supply of money on (a) money wages, (b) real wages, (c) business profits, (d) the bank rate of discount?
“The principle of protection is to build up our home industries by manufacturing our own products. This gives our people employment, keeps the money in the country, and makes this country an independent and self-reliant nation.”

Wherein are these arguments valid? Wherein invalid? Give your reasons.

“The outcome of the discussion of demand and supply (with reference to capital and interest) can be stated in simple form under the theory of value. The several installments of savings can be had at various rates, some for a small reward, some for a larger reward. The case is thus one of varying supply price, coming under the principle of increasing costs.”

Explain, and illustrate by diagram.

“The effect of high prices for land and high rents is apparent. Industries will be slow to locate in Pittsburgh if rents or prices of land are higher than in other cities. A higher rent or interest on higher-price of land bought for building, will be a constant added charge on cost of operation. Consequently, industries will tend to shun a city where this higher cost is incurred.” Do you think this consequence will ensue?

Suppose a tax in this city (not levied in other cities) on the future increase of land values; would industries shun the city?

Explain wherein the problems would be different in fixing minimum wages (a) for common unskilled labor, (b) for various grades of skilled labor, (c) for women.
How great has been the development of coöperation in production? What explanation can you give?

What is the ground for saying that “maturity” makes an industry more proper for public management?

“The inevitable attitude of the hired workman is to favor arrangements that seem to make work and to oppose those that seem to lessen work.”

Why should this attitude be thought “inevitable”?

Explain, and give in each case, if possible, an illustration drawn from American or British experience in the taxation of land:

Increment tax;
Stoppage at the source;
Incidence of a tax;
Progressive tax.

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Statistics

Course Description
Economics 1

[Economics] 1 ¹hf. Statistics. Half-course (first half-year). Mon., Wed., Fri., at 11. Asst. Professor DAY.

Open only to those who, having passed satisfactorily in Economics A, secure the consent of the instructor.

Final Exam
Economics 1

Indicate two methods of correcting death-rates for age- and sex-distribution.
What are the different methods of collecting workmen’s budgets? What are the advantages and disadvantages of each of these methods?
What are the chief difficulties encountered in the use of statistics of imports and exports?
Compare the advantages and disadvantages of the mode and arithmetic average as statistical types.
Describe and criticise the different methods of presenting wage statistics. Cite instances of the use of each.
Define correlation. What is Pearson’s coefficient of correlation? Indicate its use and interpretation.
Explain briefly: ogive; lag; probable error; Galton graph; standard deviation; logarithmic curve; ratio of variation; Lorenz curve.

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European Industry and Commerce in the Nineteenth Century

Course Description
Economics 2a

[Economics] 2a ¹hf. European Industry and Commerce in the Nineteenth Century. Half-course (first half-year). Tu., Th., Sat., at 9. Professor GAY, assisted by —.

Course 2a undertakes to present the general outlines of the economic history of western Europe since the Industrial Revolution. Such topics as the following will be discussed: the economic aspects of the French Revolution and the Napoleonic régime, the Stein-Hardenberg reforms, the Zoll-Verein, Cobden and free trade in England, labor legislation and social reform, nationalism and the recrudescence of protectionism, railways and waterways, the effects of transoceanic competition, the rise of industrial Germany.

Since attention will be directed in this course to those phases of the subject which are related to the economic history of the United States, it may be taken usefully before Economics 2b.

Final Exam
Economics 2a

When did the Industrial Revolution take place in Germany? Why did it come later there than in England? In how far was it brought about by analogous causes?
Compare the scale of production and specialization in the cotton, shoe, and wool manufacturing industries in England and France. Give reasons for contrasts.
Discuss the part which the banks have played in the promotion of industrial concentration in the electrical, chemical, and mining industries in Germany. What other factors have encouraged the development of these industries.
(a) Account for the relatively high capitalization of the railways in England.
(b) How has the “cost of service” principle been applied in the fixing of freight rates on the Prussian railways?
What have been the periods of prosperity in English agriculture in the nineteenth century? And what have been the causes? How have these periods of prosperity affected the agricultural laborer?
What interests have supported the recent tariff reform movement in England? Why? Do you think that from the English standpoint such a change in policy is desirable? Why or why not?

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Economic and Financial History of the United States

Course Description
Economics 2b

[Economics] 2b ²hf. Economic and Financial History of the United States. Half-course (second half-year). Tu., Th., Sat., at 9. Professor GAY, assisted by —.

The following are among the subjects considered: aspects of the Revolution and commercial relations during the Confederation and the European wars; the history of the protective tariff policy and the growth of manufacturing industries; the settlement of the West and the history of transportation, including the early canal and turnpike enterprises of the states, the various phases of railway building and the establishment of public regulation of railways; banking and currency experiences; various aspects of agrarian history, such as the public land policy, the growth of foreign demand for American produce and the subsequent competition of other sources of supply; certain social topics, such as slavery and its economic basis, and the effects of immigration.

Final Exam
Economics 2b

Discuss the bearing of the mercantile theory upon American commercial history before 1860.
Comment on the following statements by William McKinley:

(a) “A low tariff or no tariff has always increased the importation of foreign goods until our money ran out; multiplied our foreign obligations; produced a balance of trade against our country; supplanted the domestic producer and manufacturer; impaired the farmer’s home market without improving his foreign market; decreased the industries of the nation; diminished the value of nearly all our property and investments and robbed labor of its just rewards. This is the verdict of our history.”

(b) “Periods of low tariff synchronize with industrial depression ” [in American history].

“In the twenty years [after 1816] institutions were arising and changing, and centers of social gravity shifting. It was essentially a time of realignment of interests.”

State your grounds of agreement or disagreement with this view, and compare these changes with those in the period since 1890.

Illustrate with three examples the problem of localization of industry in the United States.
“The Civil War was won by the McCormick reaper.” How far was this true, and why?
Write briefly on the following topics: —

(a) The competition between anthracite and coke in the iron industry.
(b) Willoughby’s estimate of the future of integration in industry.

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Money, Banking, and Commercial Crises

Course Description
Economics 3

[Economics] 3. Money, Banking, and Commercial Crises. Mon., Wed., Fri., at 1.30. Asst. Professor DAY, assisted by —.

This course aims to analyze the principal problems of money and credit. An examination is first made of the more important existing monetary systems. This is followed by a careful review of the more instructive chapters in the monetary history of England, Germany, France, the United States, Austria, British India, Mexico, and the Philippines.

The nature, origin, and early growth of commercial banking are considered. An investigation of present banking practice in England, France, Germany, and Canada is followed by a study of banking history and present banking problems in the United States. In this connection foreign exchange and the money markets of London, Paris, Berlin, and New York are examined.

Finally attention is turned to those problems of money and credit which appear most prominently in connection with economic crises. Though emphasis is thrown upon the financial aspects of the trade cycle, the investigation covers the more fundamental factors causing commercial and industrial fluctuations.

Short papers upon assigned topics will be required of all students.

Final Exam
Economics3

Suppose the United States were to permit the free coinage of our present silver dollar. How would this tend to affect the (1) monetary stock of the United States; (2) mint price of silver; (3) value of the dime; (4) price of gold jewelry; (5) value of gold certificates; (6) prices in England; (7) balance of international payments; (8) rates of foreign exchange? Give explanations throughout.
How is the value of irredeemable paper money to be measured? What determines the value of such money? What are the most important questions in the resumption of specie payments after a period of irredeemable paper? If possible, illustrate your points from the experience of the United States.
Define discount market. Describe the English discount market. How has the absence of such a market affected banking in the United States? What provisions of the Federal Reserve Act are designed to develop a discount market in this country?
How and why have panics and crises in the United States tended to affect (1) aggregate bank loans; (2) reserves of the national banks; (3) amount of bank notes in circulation; (4) quotations of stocks and bonds on the New York Stock Exchange; (5) rates of foreign exchange in New York?
Briefly describe the following phenomena in the panic of 1907; (1) currency premium; (2) hoarding; (3) the domestic exchanges; (4) substitutes for cash.
By what means and to what extent, if at all, does the Federal Reserve Act provide for an effective centralized control of credit in the United States?

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Economics of TransportationCourse Description
Economics 4a

[Economics] 4a ¹hf. Economics of Transportation. Half-course (first half-year). Tu., Th., Sat., at 11. Professor RIPLEY, assisted by —.

A brief outline of the historical development of rail and water transportation in the United States will be followed by a description of the condition of transportation systems at the present time. The four main subdivisions of rates and rate-making, finance, traffic operation, and legislation will be considered in turn. The first deals with the relation of the railroad to shippers, comprehending an analysis of the theory and practice of rate-making. An outline will be given of the nature of railroad securities, the principles of capitalization, and the interpretation of railroad accounts. Railroad operation will deal with the practical problems of the traffic department, such as the collection and interpretation of statistics of operation, pro-rating, the apportionment of cost, depreciation and maintenance, etc. Under legislation, the course of state regulation and control in the United States and Europe will be traced.

Final Exam
Economics 4a¹

Railroad A. is capitalized at $50,000 per mile, — $35,000 in five per cent bonds and the rest in stock. Railroad A. earns about $2500 net per mile. Railroad B. earns about $4000 net per mile on a capitalization of $90,000 per mile, — $50,000 in four per cent bonds, the balance in stock. Which is the stronger road financially? What about the relative ability of the two roads to give service at low rates?
Describe the general plan by which competition in Trunk Line territory was eliminated within the last decade. What has since happened?
What has been in general the course of prices of railway securities since 1890? Briefly state the causes.
What was the final plan adopted for dissolution of the Union-Southern Pacific combination?
How was the question of land valuation for railroad purposes in the Minnesota Rate Case treated?
What is the gist of the Fourteenth Amendment to the Constitution of the United States? Merely name a few of the most important cases applying it to railroads since 1870, and in a sentence in each case outline the point covered.
Outline a typical case, real or hypothetical, showing how Federal and State authority may come in conflict in the matter of rate-making.
When and why was the Commercial Court created? Outline the result of the experiment.
It has been urged that railroad monopoly under adequate Government regulation may serve the public as well as competition. Do you agree with this view? State your reasons and cite instances.

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Economics of Corporations

Course Description
Economics 4b

[Economics] 4b ²hf. Economics of Corporations. Half-course (second half-year). Tu., Th., Sat., at 11. Professor RIPLEY, assisted by —.

This course will treat of the fiscal and industrial organization of capital, especially in the corporate form. The principal topic considered will be industrial combination and the so-called trust problem. This will be broadly discussed, with comparative study of conditions in the United States and Europe. The development of corporate enterprise, promotion, and financing, accounting, liability of directors and underwriters, will be described, not in their legal but in their economic aspects; and the effects of industrial combination upon efficiency, profits, wages, prices, the development of export trade, and international competition will be considered in turn.

Final Exam
Economics 4b

Answer in order — omitting any one question.

What are the principal advantages of a stable rate of dividends? What influences tend to cause departure therefrom?
Outline two ways at least of securing temporary relief by appeal to stock-holders in case of threatened insolvency of a corporation.
What is the most important economy incident to production under monopoly of the market, as distinct from mere large-scale production?
Why is the financial experience of the American Mercantile Marine Company significant?
Outline the course of enforcement of the Sherman Act. How largely did underlying economic causes, as distinct from purely personal ones, play a part?
Outline the device, in case of corporate promotion, for making an issue of stock full-paid in order to relieve investors against further assessments.
Would price regulation — as by the American Publishers Association — fixing the retail price of books and excluding cut-rate dealers from supplies, seem to be debarred by the Standard Oil decision?
Are financial abuses such as an excessive issue of securities as characteristic of German industrial combinations as of those in the United States?
Contrast price fixing by law for monopolized commodities with the regulation of railroad rates. How may such an issue arise in connection with amendment of the Sherman Act?

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Public Finance

Course Description
Economics 5

[Economics] 5. Public Finance, including the Theory and Methods of Taxation. Mon., Wed., Fri., at 9. Professor BULLOCK.

This course covers the entire field of public finance, but emphasizes the subject of taxation. After a brief survey of the history of finance, attention is given to public expenditures, commercial revenues, administrative revenues, and taxation, with consideration both of theory and of the practice of various countries. Public credit is then studied, and financial legislation and administration are briefly treated.

Systematic reading is prescribed, and most of the exercises are conducted by the method of informal discussion. Candidates for distinction will be given an opportunity to write theses.

Graduate students are advised to elect Economics 31.

Final Exam
Economics 5

Discuss the different definitions of a tax.
Discuss Adam Smith’s maxims of taxation.
Discuss the incidence of an exclusive tax on land.
Discuss the incidence of taxes upon mortgages in the United States.
Compare the working of the general property tax in the United States with its working in Switzerland.
Discuss the proposition that income is the normal source of taxation.
Discuss the leading arguments for and against progressive taxation.
Discuss the leading arguments of Shearman and Seligman for and against the single tax.

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Trade Unionism and Allied Problems

Course Description
Economics 6a

[Economics] 6a ¹hf. Trade Unionism and Allied Problems. Half-course (first half-year). Tu., Th., Sat., at 10. Professor RIPLEY, assisted by —.

This course will deal mainly with the economic and social relations of employer and employed. Among the topics included will be: the history of unionism; the policies of trade unions respecting wages, machinery, output, etc.; collective bargaining; strikes; employers’ liability and workmen’s compensation; efficiency management; unemployment, etc., in the relation to unionism, will be considered.

Each student will make at least one report upon a labor union or an important strike, from the original documents. Two lectures a week, with one recitation, will be the usual practice.

Final Exam
Economics 6a

Outline the principal phases of development of organized labor in the United States, with especial reference to conditions at the present time. In conclusion name five or six of the most significant events which define the present situation.
What are the three most essential features of a collective bargain between workmen and employers?
What is the feature in common of all minimum wage laws, as in Victoria and of compulsory arbitration statutes like those of New Zealand? Wherein does the policy differ most profoundly from ours?
Name in a sentence in each of as many of the following cases as possible, the essential point at issue.

(a) The Danbury hatters.
(b) Allen v. Flood.
(c) New York Bakeshop law.
(d) Bucks Stove Co. case.
(e) Taff Vale Railway.
(f) Holden v. Hardy. (Utah.)

How, other than by incorporation, is a greater measure of legal responsibility of trade unions to be attained?
Discuss scientific management from the viewpoint of organized labor.
What is the significant feature of the new type of state labor bureau, like the Wisconsin Industrial Commission?
Compare the present legal status of the non-union man in England and the United States.

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Theories of Distribution and Distributive Justice

Course Description
Economics 7

[Economics] 7. Theories of Distribution and Distributive Justice. Tu., Th., Sat., at 10. Professor CARVER and an assistant.

Course 7 undertakes an analysis of the laws of value, as applied to consumable goods and to agents of production, including labor, land, capital, and management; the laws determining wages, rent, interest, and profits; and an examination of the relation of the laws of value to the problem of social adjustment; the social utility of various forms of property; also a critical reading of various works on the distribution of wealth, on socialism, on the single tax, and other special schemes for attaining the ideals of economic justice.

Final Exam
Economics 7

What have you read for this course during the year? What parts of the reading interested you most? What parts interested you least? What parts gave you most difficulty?
State and criticise in detail Fisher’s theory of the value of money.
State and criticise Laughlin’s theory of the value of money.
A well-secured note of a good corporation for $100 has four years to run. It pays 7 per cent interest. It is taxed at 1 per cent. The prevailing rate of interest on such paper is 5 per cent. What is the note worth?
What is your own theory of crises?
A law requiring proprietors of saw-mills to insure their workmen against accident would lead to increased cost of production, and higher prices, for lumber. Would a law requiring all employers similarly to insure lead to higher prices all around? Why or why not?
What do you think of the single-tax contention that all taxes except land-taxes are burdens on industry, and restrict production?
Summarize and criticise Shearman’s arguments for the single tax.
State and criticise Clark’s argument to prove that ” unearned increments ” in land values off-set depreciation on buildings, and so increase the amount of building.

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Principles of Sociology

Course Description
Economics 8

[Economics] 8. Principles of Sociology. — Theories of Social Progress. Mon., Wed., Fri., at 10. Professor CARVER and an assistant.

An analytical study of social life and of the factors and forces which hold society together and give it an orderly development. The leading social institutions will also be studied with a view to finding out their relation to social well-being and progress.

The reading will be selected from various writers who have treated the problems of human progress and social adjustment.

Course 8 is open only to students who have passed in Economics 1.

Final Exam
Economics 8

Sociology

Make a two-page topical outline of the course as a whole.
What topics in the course would you wish to have treated more fully? What topics seemed to you to have proportionately too much attention? What parts of the reading interested you most? What parts of the reading did you find most helpful? What parts of the reading gave you most difficulty? What parts of the reading would you prefer to see omitted?
In what respects does the imitation theory fall short of an adequate social psychology?
Discuss the economic interpretation of history.
Discuss the “color line.”
Summarize Spencer’s theory of the origin of religion. In what respects is it deficient?
To what does Giddings attribute the rise of democracy? In what ways does he think that democracy changes the functions of government?
State and illustrate Giddings’ “three stages of civilization.” Compare this conception with the rival views of Hegel, Comte and Spencer.
Summarize John Dewey’s “Interpretation of Savage Mind.”
Summarize the theory of progress developed in the lectures. What is your own view?

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Principles of Accounting

Course Description
Economics 9

[Economics] 9. Principles of Accounting. Mon., Wed., Fri., at 11. Associate Professor Cole, assisted by Messrs. and —.

This course is designed to show the processes by which the earnings and values of business properties are computed. It is not intended primarily to afford practice in book-keeping; but since intelligent construction and interpretation of accounts is impossible without a knowledge of certain main types of book-keeping, practice sufficient to give the student familiarity with elementary technique will form an important part of the work of the course. The chief work, however, will be a study of the principles that underlie the determination of profit, cost, and valuation. These will be considered as they appear in several types of business enterprise. Published accounts of corporations will be examined, and practice in interpretation will be afforded. The instruction will be chiefly by assigned readings, discussions, and written work.

Course 9 is not open to students before their last year of undergraduate work. For men completing their work at the end of the first half-year, it may be counted, with the consent of the instructor, as a half-course. It is regularly open only to Seniors and to Graduates who have passed in Economics A. Students intending to enter the Graduate School of Business Administration are expected to take this course in preparation for the advanced courses in accounting.

Final Exam
Economics 9

PRINCIPLES OF ACCOUNTING
Associate Professor Cole

Illustrate, by imaginary entries, any book from which posting may be made in lump sum not only for many items to be debited to one account, but also for many items to be credited to each of various other accounts. [Show at least three items to be posted in lump sum for each of three accounts, and show at least two items that must be posted individually.]
Two successive condensed balance sheets show the following figures: —

January 1, 1913

Real Estate	$50,000	Capital Stock	$100,000
Merchandise	75,000	Bills Payable	25,000
Accounts Receivable	30,000	Accounts Payable	30,000
Miscellaneous Assets	7,000	Surplus	7,000
	$162,000		$162,000

January 1, 1914

Real Estate	$53,000	Capital Stock	$100,000
Merchandise	77,000	Bills Payable	25,000
Accounts Receivable	12,000	Accounts Payable	20,000
Miscellaneous Assets	7,000	Surplus	7,000
		Reserve for Depreciation	5,000
		Dividends	7,000
	$149,000		$149,000

Assuming that no dividends were paid, what were the profits for the year?
Where are they?

Should you charge against revenue or to capital (giving your reason in each case) the cost of the following : —

(1) An extra wheel, carried ready for emergency, for an automobile truck.
(2) Wages of an extra watchman employed because construction work has removed a part of the wall of a store.
(3) Installation of an automatic sprinkler system required because during a strike fanatics have threatened incendiarism.
(4) Repairs of a building after a slight collapse due to the disintegration of concrete frozen during construction.
(5) Directories, handbooks, encyclopedias, etc., in the office of a professional firm that must keep informed of the latest scientific and professional news.

What is the probable explanation of the following entries?

Good Will	$25,000
To Andrew Jackson		$25,000
Subscriptions	200,000
To Stock Subscribed		175,000
Premium Surplus		25,000
Cash	50,000
Andrew Jackson	150,000
To Subscriptions		200,000
Stock Subscribed	175,000
To Capital Stock		175,000

How should you distribute the following general expenses over the departments of a department store, grouping the expenses as far as feasible: —

Rent,
Light,
Heat,
Insurance,
Taxes,

General Administration,
Correspondence,
Accounting,
Advertising,
Welfare Work.

The estimated wear and tear on machinery in a shop is $12,000 a year. The profits are figured monthly and $1,000 is taken into the cost accounts for wear and tear on the last day of every month. The amount spent (in cash) for repairs and renewals is as follows: February 15, $500; March 15, $1,200; June 15, $2,500; August 15, $8,000; December 15, $1,500. Show the entry or entries for wear and tear for (1) each last day of the month, (2) the five dates given above, (3) closing at the end of the year. [Show either journal or ledger, with dates.]
Bonds are issued to the amount of $12,000,000, payable in twenty-five years, with interest at 5 per cent annually (in semiannual payments). The credit of the issuing company is not good enough to warrant investors in lending on a basis of less than 5½ per cent. The bonds are accordingly sold for $11,190,084.90. Where will the discount appear on the issuer’s statements — income sheet, balance sheet, both, neither? If either or both, how and where?

Bond tables give the value of such bonds six months later as $11,197,812.23. When the first interest, of $300,000, is paid, what entry or entries should be made? Write the explanation portion of such entries.

Suppose that the cost accounts of a manufacturing business are carried through the general ledger, and that the accounts have been closed so far as to show on the ledger all the figures for the operating statement. This statement is as follows: —

Operating statement, May 1, 1913, to April 30, 1914

Sales			$297,000
Raw materials on hand, 5/1/13		$26,000
Raw materials bought		107,000
Raw materials handled		133,000
Raw materials on hand, 4/30/14		18,000
Raw materials consumed		115,000

Wages paid	$54,000
Less balance due, 5/1/13	2,000
	52,000
Wages due, 4/30/14	900
Wages cost		52,900
Taxes		1,500
Interest prepaid, 5/1/13	600
Interest paid in and for year	1,000	1,600
General manufacturing expenses		30,000
Manufacturing cost		201,000
Goods in process, 5/1/13		10,000
Cost of goods for year		211,000
Goods in process, 4/30/14		7,000
Cost of goods finished in year		204,000
Stock on hand, 5/1/13		60,000
Cost of finished goods handled		264,000
Stock on hand, 4/30/14		20,000
Cost of goods sold		244,000
Selling cost		10,000	254,000
Net profits			43,000

Show the trial balance of ledger totals (not balances) for the cost accounts, supposing that the net balance of all accounts not involved in the cost accounting is $1100 on the credit side.

Below are four columns of a six-column statement which were drawn up for a special purpose (sometimes waiving proper classifications) with the intention of filling out the remaining columns. Fill out the other two columns, and then present a proper form of balance sheet and income sheet (so far as the facts are known to you) for the railroad whose operations are covered by the figures, assuming that dividends of 6 per cent are declared, but not paid, at the end of the year.

Capital Stock		50.0		50.0
Bonded Debt		150.4		150.4
Accounts Receivable	12.5		12.5
Accounts Payable		2.0		2.0
Road and Equipment	101.3		101.3
Investments	102.7		102.7
Cash	14.7		14.7
Supplies	5.7		5.7
Advances	12.5		12.5
Transportation	13.9	46.7		2.5
Maintenance of Way and Structures	5.5	.4		1.2
Maintenance of Equipment	6.8			1.6
Traffic	1.1
General Expense	1.2	.4
Taxes	1.5			3.0
Other Income		6.5
Interest	6.0			1.5
Miscellaneous Expense	4.4		1.9	1.8
Surplus	_______	33.4	______	33.4
	289.8	289.8	251.3	247.4

________________________________

Economic Theory

Course Description
Economics 11

[Economics] 11. Economic Theory. Mon., Wed., Fri., at 2.30. Professor TAUSSIG.

Course 11 is intended to acquaint the student with some of the later developments of economic thought, and at the same time to train him in the critical consideration of economic principles and the analysis of economic conditions. The exercises are accordingly conducted mainly by the discussion of selected passages from the leading writers; and in this discussion the students are expected to take an active part. The writings of J. S. Mill, Cairnes, F. A. Walker, Clark, Marshall, Böhm-Bawerk, and other recent authors, will be taken up. Attention will be given chiefly to the theory of exchange and distribution.

Mid-Year Exam
Economics 11

Arrange your answers in the order of the questions. One question may be omitted.

“The distinction, then, between Capital and Not-capital, does not lie in the kind of commodities, but in the mind of the capitalist — in his will to employ them for one purpose rather than other; and all property, however ill adapted in itself for the use of labourers, is a part of capital, so soon as it, or the value to be received from it, is set apart for productive reinvestment. The sum of all the values so destined by their respective possessors composes the capital of the country.”

What is to be said for this doctrine, what against it? By whom was it maintained?

“Prices of commodities in great measure are fixed by supply and demand, but, except temporarily, they cannot be less than all costs, including wages and taxes, entering directly or indirectly into their production and distribution, together with some profit for the use of the capital employed. Hence an increase of the wages or cost of labor usually must be paid by consumers. A general increase of the wages of all labor would cause an equivalent increase of the price of nearly every product of labor and a general increase of the cost of living. The increased wages of the laborers then would not buy more than did their former wages and they would be no better off than before the increase. For this reason the economic welfare of the masses in the aggregate cannot be materially improved by the simple expedient of raising generally the wages of labor.”

What would Ricardo say to this? J. S. Mill? Your own view?

Marx’s doctrine, that value is embodied labor, has been said to be essentially the same as Ricardo’s doctrine that value rests on the labor given to producing an article. Why or why not?
Suppose an increase in the demand for a commodity, in the schedule sense: —

(a) For short periods, under what conditions, if under any, would you expect supply price to rise? to fall?
(b) For long periods, under what conditions, if under any, would you expect supply price to rise? to fall?

Note whether your answer differs in any particular from that to be expected from Marshall.“The part played by the net product at the margin of production in the modern doctrine of distribution is apt to be misunderstood. In particular many able writers have supposed that it represents the marginal use of a thing as governing the value of the whole. It is not so; the doctrine says we must go to the margin to study the action of those forces which govern the value of the whole; and that is a very different affair.”

Explain.

“It has sometimes been argued that if all land were equally advantageous and all were occupied, the income derived from it would not be a true rent, but a monopoly rent.”

Under what conditions, if under any, would there be true rent in such a case? Under what conditions, if under any, would there be a monopoly rent?

“The derived supply price [of one of a group of things having a joint supply price] is found by a rule that it must equal the excess of the supply price for the whole process of production over the sum of the demand prices of all the other joint products.”

Explain, illustrating by diagram.

State the corresponding rule for the derived demand price of one of a group of commodities for which there is a joint demand.

(a) “In hundreds and thousands of suburban homes the question is asked every day, “How much milk shall we take in today, ma’am?” or “How much bread?” and the housewife knows without consideration that if she ordered one loaf of bread and one pint of milk, the marginal significance of bread and milk would be higher than their price, and if she said six loaves and five quarts of milk, the marginal loaf and pint would not be worth their price. Such orders, therefore, never enter into her head. But she deliberates, perhaps, whether she will want three loaves of bread or four, or three loaves and a twist, or three white loaves and a half-loaf of brown, and whether she shall take three quarts of milk or a pint more or less. Thus, whatever the terms on which alternatives are offered to us may be, we detect in conscious action at the margin of consideration the principles which are unconsciously at work in the whole distribution of our resources.”

Do you find anything to criticize in this?

(b) “When the supply (of a given commodity) is limited, the diminishing utility of each increment will be arrested at a point below which the consumer will prefer to abandon the use of an increment for something else. The margin here is a margin of indifference between an increment of one commodity and an increment of another commodity. Since these increments are not necessarily the same, the margin of indifference may be reached at a point where the tenth increment of one commodity balances the twentieth of another, where, in other words, the marginal utility of the first commodity is twice that of the second.”

Explain what you think is meant; and give your opinion on the conclusion stated in the last clause of the final sentence.

“An English ruler who looks upon himself as the minister of the race he rules (say in India) is bound to take care that he impresses their energies in no work that is not worth the labor that is spent on it; or, to translate the sentiment into plainer language, that he engages in nothing that will not produce an income sufficient to defray the interest on its cost.”

Would Marshall question this principle? On what grounds, if at all? Would you?

Final Exam
Economics 11

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

“What about the ‘supply curve’ that usually figures as a determinant of price, coördinate with the demand curve? I say it boldly and baldly: there is no such thing. When we are speaking of a marketable commodity, what is usually called the supply curve is in reality the demand curve of those who possess the commodity; for it shows the exact place which every successive unit of the commodity holds in their relative scale of estimate.”

Is this criticism just if directed to (1) the temporary equilibrium of supply and demand, as analyzed by Marshall for a grain market; (2) the “price zone determined by marginal pairs,” as analyzed by Böhm-Bawerk; (3) the long period equilibrium of supply and demand, as analyzed by Marshall.

“The rent of land is no unique fact, but simply the chief species of a large genus of economic phenomena; and the theory of rent is no isolated economic doctrine, but merely one of the chief applications of a particular corollary from the general theory of demand and supply.”

Explain this statement of Marshall’s; mention other species which he assigns to the large genus; and consider wherein, if at all, the general doctrine differs from that of Clark, and from that of Böhm-Bawerk.

“As is true of good will and credit extensions generally, so with respect to the good will and credit strength of these greater business men: it affords a differential advantage and gives a differential gain. In the traffic of corporation finance this differential gain is thrown immediately into the form of capital and so added to the nominal capitalized wealth of the community. . . .This capitalization of the gains arising from a differential advantage results in a large ‘saving’ and increase of capital.”

Does this resemble in essentials Walker’s doctrine? If so, wherein? If not, why not?
In what sense, if in any, is it true that the differential gains lead to an increase of capital?

“It may be conceded that if a certain class of people were marked out from their birth as having special gifts for some particular occupation, and for no other, so that they would be sure to seek out that occupation in any case, then the earnings which such men would get might be left out of account as exceptional, when we are considering the chances of success or failure for ordinary persons.”

Consider whether, given the premise, the conclusion here stated would follow; what the bearing of the reasoning is on Walker’s theory of business profit; what Marshall would say of premise and conclusion.

In what sense, if in any, is a “productivity” theory of wages put forth by Walker? by Clark? by your instructor?
“All capital goods — tools, machines, and the like — were explained [by the economists of the British School] as merely so much stored-up labor, or as the stored-up wages paid for it; the capitalist, as a laborer gone to seed; and thereby the product of capital as indirectly the product of the earlier wage-paid labor; interest being thus mere indirect wages. It was implied in this that the interest payments are for mere wear-out of the principal invested, and that the sum of all the interest payments upon a given investment can normally or regularly equal only the original capital sum invested in wages; and that sometime a given capital investment must cease its career of earning interest.”

Consider whether this was the doctrine of the British economists; whether it is the doctrine of Böhm-Bawerk; of your instructor; and give your own opinion.

“In the main, the way in which the increase of savings can find escape from its difficulties is through the parallel advance in the arts, calling for more and more elaborate forms of capital. . . . Given continued improvements calling for more and more elaborate plant, —more of time-consuming and roundabout applications of labor, — than savings can heap up, and a return will be secured by the owner of capital.”

What are the ” difficulties ” here referred to? What would be said of this way of escape by Böhm-Bawerk? by your instructor? by Veblen?

________________________________

History and Literature of Economics to the year 1848

Course Description
Economics 14

[Economics] 14. History and Literature of Economics to the year 1848. Mon.,

Wed., and (at the pleasure of the instructor) Fri., at 11. Professor BULLOCK.

The purpose of this course is to trace the development of economic thought from classical antiquity to the middle of the nineteenth century. Emphasis is placed upon the relation of economics to philosophical and political theories, as well as to political and industrial conditions.

A considerable amount of reading of prominent writers will be assigned, and opportunity given for the preparation of theses. Much of the instruction is necessarily given by means of lectures.

Final Exam
Economics 14

What significant analyses of economic structure were made by Aristotle, the Schoolmen, John Hales, Cantillon, and Smith?
What do you consider the most significant analyses of economic functions made by Aristotle, the Schoolmen, Mun, Cantillon and the Physiocrats?
Trace the development, in economic theory, of the idea of a beneficent natural order.
What elements contributed to the economic system of Adam Smith, and what was Smith’s own contribution?
Compare Ricardo’s economic theories with those of Smith.
Trace the development of theories of money in the writings of Aristotle, the Schoolmen, the Mercantilists, and Ricardo.

________________________________

Topics in the Economic History of the Nineteenth Century

Course Description
Economics 24

[Economics] 24. Topics in the Economic History of the Nineteenth Century.

Two consecutive evening hours per week, to be arranged with the instructor. Professor GAY.

This course is designed to offer an opportunity for further study to graduate students who have taken or are taking Economics 2a and 2b. Reading will be assigned and reports presented for discussion on such topics as the spread of the Industrial Revolution to the Continent and the United States, the agrarian changes in England in the first half of the century, and in the second half-century the effects of American agricultural competition on the chief European countries, the history of transportation, with especial reference to problems of government ownership in Europe. Emphasis will be given to the comparative development of typical industries both in Europe and the United States, and changes in wholesale and retail organization.

Students who are taking at the same time this course and the lectures in Economics 2a and 2b may receive credit for one and a half courses.

Final Exam
Economics 24

“Such has been the rage for Western immigration for the last twenty years that the soil of New England has, in the estimation of good judges, been greatly undervalued.” (From address before the Essex Agricultural Society, 1833.)

Is this statement true, and, if true, what were the chief causes?

Outline the chief topics you would discuss in writing a monograph on agriculture in the United States during the period 1825 to 1845. Characterize the chief available sources of evidence.
Describe briefly the canal systems of Massachusetts and New York. Compare the reasons for their construction and for their decline.
Explain the Suffolk Banking System and discuss its effectiveness from 1830 to 1843.
What statistical material would you use in studying the crisis of 1837-39? How does it compare in extent and value with that available for the crisis of 1907?

________________________________

Public Finance

Course Description
Economics 31

[Economics] 31. Public Finance. Mon., Wed., and (at the pleasure of the instructor) Fri., at 10. Professor BULLOCK.

The course is devoted to the examination of the financial institutions of the principal modern countries, in the light of both theory and history. One or more reports calling for independent investigation will ordinarily be required. Special emphasis will be placed upon questions of American finance. Ability to read French or German is presupposed.

Final Exam
Economics 31

How far, in your opinion, does the general income tax conform to Smith’s canons of taxation?
Compare local taxation in Great Britain with local taxation in either France or Germany.
Discuss the incidence of taxes upon real estate.
What, in your opinion, are the leading principles that should govern the distribution of taxation?
What opinions concerning indirect taxation are held by the following writers: Smith, Bastable, and either Leroy-Beaulieu or Eheberg?
Outline what you would consider a practicable plan for the reform of state and local taxation in the United States.
Discuss the theory and practical operation of sinking funds.
Describe the German system of product taxes. What does Eheberg think of the system?
What is Leroy-Beaulieu’s opinion of the changes effected in French taxation during the last twenty years, and what changes does he advocate?

Answer the questions in order. Omit either the eighth or ninth question.

Sources:

Harvard University Examinations. Papers Set for Final Examinations in History, History of Science, Government, Economics, Philosophy, Psychology, Social Ethics, Education, Fine Arts, Music in Harvard College (June, 1914), pp. 38-54.

Mid-year exams for Economics A and Economics 11 from Harvard University Archives: Examination papers in economics, 1882-1935, Scrapbook of Prof. F. W. Taussig. (HUC 7882).

Harvard University. Division of History, Government, and Economics, 1913-14. Official Register of Harvard University, Vol. X, No. 1, Part X (May 19, 1913).

Tags Bullock, Burbank, Carver, Cole, DavisJS, Day, Gay, Heilman, Ripley, Taussig

Economists Fields Harvard

Harvard. Thirteen Economics Ph.D. Examinees, 1908-09.

Post author By Irwin Collier
Post date 2017-02-25

This posting lists the five graduate students in economics who took their subject examinations for the Ph.D. at Harvard from March 12 through May 21, 1908. The examination committee members, academic history, general and specific subjects are provided along with the doctoral thesis subject, when declared. Lists for 1903-04, 1904-05, 1906-07, 1907-08, 1915-16, and 1926-27 were posted previously. In the same archival box one finds lists for the academic years 1902-03 through 1904-05, 1906-07 through 1913-14, 1915-16, 1917-18 through 1918-19, and finally 1926-27. I only include graduate students of economics (i.e. not included are the Ph.D. candidates in history and government).

Titles and dates of Harvard economic dissertations for the period 1875-1926 can be found here.

________________________________________

DIVISION OF HISTORY AND POLITICAL SCIENCE
EXAMINATIONS FOR THE DEGREE OF PH.D.

1908-09

Edmund Thornton Miller.

General Examination in Economics, January 7, 1909.
Committee: Professors Bullock (chairman), Taussig, Gay, Sprague, and Mitchell.
Academic History: University of Texas, 1897-1901; Harvard Graduate School, 1902-03, 1907-09; A.B. (University of Texas) 1900; A.M. (ibid) 1901; A.M. (Harvard) 1903. Instructor in Political Science, University of Texas, 1904-; Austin Teaching Fellow (Harvard), 1908-09.
General Subjects: 1. Economic Theory and its History. 2. Economic History to 1750. 3. Economic History since 1750. 4. Money, Banking and Transportation. 5. Public Finance and Financial History. 6. History of American Institutions.
Special Subject: Public Finance and the Financial History of the United States since 1789.
Thesis Subject: “The Financial History of Texas.” (With Professor Bullock.)

Charles Edward Persons.

General Examination in Economics, February 25, 1909.
Committee: Professors Taussig (chairman), Carver, Gay, MacDonald, and Ripley.
Academic History: Cornell College (Iowa), 1898-1903; Harvard Graduate School, 1904-05, 1906-09; A.B. (Cornell College) 1903; A.M. (Harvard) 1905. Instructor in Economics at Wellesley College, 1908-.
General Subjects: 1. Economic Theory and its History. 2. Economic History to 1750. 3. Economic History from 1750. 4. Sociology and Social Reform. 5. Transportation and Foreign Commerce. 6. History of American Institutions.
Special Subject: Industrial History of the United States.
Thesis Subject: “The History of the Ten-Hour Law in Massachusetts.” (With Professor Taussig.)

Frank Richardson Mason.

Special Examination in Economics, May 3, 1909.
General Examination passed May 8, 1907.
Committee: Professors Taussig (chairman), Bullock, Ripley, Mitchell, and Sprague.
Academic History: Harvard College, 1901-05; Harvard Graduate School, 1905-08; A.B. (Harvard) 1905; A.M. (ibid) 1906. Austin Teaching Fellow (Harvard), 1906-08.
Special Subject: Economic History of the United States.
Thesis Subject: “The Silk Industry in America.” (With Professor Taussig.)
Committee on Thesis: Professors Taussig, Bullock, and Sprague.

Robert Franz Foerster.

Special Examination in Economics, May 12, 1909.
General Examination passed May 21, 1908.
Committee: Professors Taussig (chairman), Peabody, Carver, Ripley, and Bullock.
Academic History: Harvard College, 1902-05; University of Berlin, 1905-06 (Winter Semester); Harvard Graduate School, 1906-09; A.B. (Harvard) 1906. Assistant in Social Ethics (Harvard), 1908-09.
Special Subject: Labor Problems.
Thesis Subject: “Emigration from Italy, with special reference to the United States.” (With Professor Taussig.)
Committee on Thesis: Professors Taussig, Ripley, and Gay.

David Frank Edwards.

General Examination in Economics, May 13, 1909.
Committee: Professors Taussig (chairman), Carver, Ripley, MacDonald, Mitchell, and Sprague.
Academic History: Ohio Wesleyan University, 1899-1903; Harvard Graduate School, 1905-06; A. B. (Ohio Wesleyan) 1903; A.M. (Harvard) 1906. Teacher, High School of Commerce (Boston), 1907-.
General Subjects: 1. Economic Theory and its History. 2. Labor Problems and Industrial Organization (and Social Reform). 3. Money, Banking, and Commercial Crises. 4. Commercial Geography and Foreign Commerce. 5. Transportation and Foreign Commerce. 6. History of American Institutions.
Special Subject: International Trade and Tariff Problems.
Thesis Subject: “The Glass Industry in the United States.” (With Professor Taussig.)

Harley Leist Lutz.

General Examination in Economics, May 14, 1909.
Committee: Professors Bullock (chairman), Carver, Gay, MacDonald, and Sprague.
Academic History: Oberlin College, 1904-07; Harvard Graduate School, 1907-09; A. B. (Oberlin) 1907; A.M. (Harvard) 1908. Assistant (Oberlin), 1906-07; Austin Teaching Fellow (Harvard), 1908-09.
General Subjects: 1. Economic Theory and its History. 2. Economic History to 1750, with especial reference to England. 3. Sociology and Social Reform. 4. Money, Banking, and Commercial Crises. 5. Public Finance and Financial History. 6. History of American Institutions.
Special Subject: Public Finance and Financial History of the United States.
Thesis Subject: “State Control over the Assessment of Property for Local Taxation.” (With Professor Bullock.)

Joseph Stancliffe Davis.

General Examination in Economics, May 17, 1909.
Committee: Professors Taussig (chairman), Carver, Bullock, Ripley, Mitchell, and Dr. Tozzer.
Academic History: Harvard College, 1904-08; Harvard Graduate School, 1908-09; A. B. (Harvard) 1908; Assistant in Economics (Harvard) 1908-09.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Sociology and Social Progress. 4. Money, Banking, and Industrial Organization. 5. History of American Institutions, especially since 1783. 6. Anthropology, especially Ethnology.
Special Subject: Corporations (Industrial Organization).
Thesis Subject: “The Policy of New Jersey toward Business Corporations.” (With Professor Bullock.)

James Ford.

Special Examination in Economics, May 19, 1909.
General Examination passed May 16, 1906.
Committee: Professors Carver (chairman), Peabody, Ripley, Taussig, and Bullock.
Academic History: Harvard College, 1901-04; Harvard Graduate School, 1904-06, 1907-09; A.B. (Harvard) 1905; A.M. (ibid) 1906. Robert Treat Paine Travelling Fellow, 1906-07; Assistant, Social Ethics (Harvard), 1907-09.
Special Subject: Social Reform (Socialism, Communism, Anarchism).
Thesis Subject: “Distributive and Productive Coöperative Societies in New England.” (With Professor Carver.)
Committee on Thesis: Professors Carver, Peabody, and Taussig.

Edmund Ezra Day.

Special Examination in Economics, May 20, 1909.
General Examination passed May 23, 1907.
Committee: Professors Bullock (chairman), Taussig, Ripley, Munro, and Mr. Parker.
Academic History: Dartmouth College, 1901-06; Harvard Graduate School, 1906-07, 1908-09; S.B. (Dartmouth) 1905; A.M. (ibid) 1906. Instructor in Economics, Dartmouth College, 1907-.
Special Subject: Public Finance and Financial History of the United States since 1789.
Thesis Subject: “The History of the General Property Tax in Massachusetts.” (With Professor Bullock.)
Committee on Thesis: Professors Bullock, Taussig, and Ripley.

Clyde Orval Ruggles.

General Examination in Economics, May 20, 1909.
Committee: Professors Ripley (chairman), Carver, Taussig, Gay, and MacDonald.
Academic History: Hedrick Normal School, 1895-96; Iowa State Normal School and Teachers’ College of Iowa, 1901-06; State University of Iowa, 1906-07; Harvard Graduate School, 1907-09; A. B. (Teachers’ College) 1906; A.M. (State Univ.) 1907.
General Subjects: 1. Economic Theory and its History. 2. Sociology and Social Reform. 3. Statistics. 4. Economic History to 1750, with especial reference to England. 5. Money, Banking, and Commercial Crises. 6. History of American Institutions.
Special Subject: Money and Banking.
Thesis Subject: “The Greenback Movement with especial Reference to Wisconsin and Iowa.” (With Professors Andrew and Mitchell.)

Edmund Thornton Miller.

Special Examination in Economics, May 21, 1909.
General Examination passed January 7, 1909.
Committee: Professors Bullock (chairman), Taussig, Mitchell, and Sprague.
Committee on Thesis: Professors Bullock, Taussig, and Mitchell.
(See first item for Academic History etc.)

Emil Sauer.

General Examination in Economics, May 21, 1909.
Committee: Professors Taussig (chairman), Carver, Gay, Mitchell, Munro, and Ripley.
Academic History: University of Texas, 1900-03, 1904-05; Harvard Graduate School, 1907-09; Litt.B. (University of Texas) 1903; A.M. (Harvard) 1908.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistics. 4. Money, Banking, and Commercial Crises. 5. Transportation and Industrial Organization. 6. History of American Institutions.
Special Subject: Economic History of the United States.
Thesis Subject: “The Reciprocity Treaty of 1875 and the Relations between the United States and Hawaii, 1875-1900.” (With Professor Taussig.)

Charles Edward Persons.

Special Examination in Economics, May 24, 1909.
General Examination passed February 25, 1909.
Committee: Professors Taussig (chairman), Peabody, Bullock, Ripley, and Sprague.
Committee on Thesis: Professors Taussig, Bullock, and Ripley.
(See second item for Academic History etc.)

Carl William Thompson.

General Examination in Economics, June 2, 1909.
Committee: Professors Carver (chairman), Taussig, Sprague, Ripley, Cole, and MacDonald.
Academic History: Valparaiso College, 1899-1901; University of South Dakota, 1902-03; Harvard Graduate School, 1903-04; A.B. (Valparaiso) 1901; B.O. (ibid) 1901; A.B. (South Dakota) 1903; A.M. (ibid.) 1903; A.M. (Harvard) 1904. Professor of Economics and Sociology, University of South Dakota.
General Subjects: 1. Economic Theory and its History. 2. Sociology and Social Reform. 3. Money, Banking, and Commercial Crises. 4. Transportation and Foreign Commerce. 5. Labor Problems and Industrial Organization.. 6. History of American Institutions.
Special Subject: (undecided).
Thesis Subject: (undecided.)

Arthur Norman Holcombe.

Special Examination in Economics, June 7, 1909.
General Examination passed April 8, 1907.
Committee: Professors Taussig (chairman), Ripley, Bullock, Cole, and Munro.
Academic History: Harvard College, 1902-06; Harvard Graduate School, 1906-09; A.B. (Harvard) 1906; Assistant in Economics (Harvard), 1906-07; Rogers Travelling Fellow, 1907-09
Special Subject: Public Service Industries.
Thesis Subject: ”The Telephone Situation.” (with Professor Taussig.)
Committee on Thesis: Professors Taussig, Ripley, and Munro.

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D. 1908-09”.

Image Source: Harvard Gate, ca. 1899. Library of Congress Prints and Photographs Division Washington, D.C. 20540.

Tags Bullock, Carver, DavisJS, Day, EdwardsDF, Foerster, Ford, Gay, Holcombe, LutzHL, MasonFR, MillerET, Mitchell, Peabody, Persons, Ripley, RugglesCO, Sauer, Sprague, Taussig, ThompsonCW

Economists Harvard

Harvard. Six Economics Ph.D. examinees, 1906-07

Post author By Irwin Collier
Post date 2017-01-22

This posting lists six graduate students in economics who took their subject examinations for the Ph.D. at Harvard from April 4 through May 23, 1907, apparently the entire 1906-07 Ph.D. examination cohort. The examination committee members, academic history, general and specific subjects are provided along with the doctoral thesis subject, when declared. Lists for 1903-04, 1904-05, 1915-16, and 1926-27 were posted previously. In the same archival box one finds lists for the academic years 1902-03 through 1904-05, 1906-07 through 1913-14, 1915-16, 1917-18 through 1918-19, and finally 1926-27. I only include graduate students of economics (i.e. not included are the Ph.D. candidates in history and government).

Titles and dates of Harvard economic dissertations for the period 1875-1926 can be found here.

________________________________________

DIVISION OF HISTORY AND POLITICAL SCIENCE
EXAMINATIONS FOR THE DEGREE OF PH.D.

1906-07

Arthur Norman Holcombe.

General Examination in Economics, Thursday, April 4, 1907.
Committee: Professors Taussig (chairman), Lowell, Bullock, Gay, Ripley, and Andrew.
Academic History: Harvard College, 1902-06; Harvard Graduate School, 1906-07; A.B. (Harvard) 1906.
General Subjects: 1. Economic Theory and its History. [2. Economic History to 1750.] 3. Economic History since 1750. [4. Sociology and Social Reform.] 5. Public Finance. [6. Modern Government and Comparative Constitutional Law.] Excused from further examination in subjects 2, 4, and 6 on account of having taken Highest Final Honors.
Special Subject:
Thesis Subject: “The Telephone Situation.” (With Professor Taussig.)

Walter Wallace McLaren.

General Examination in Economics, Wednesday, April 10, 1907.
Committee: Professors Taussig (chairman), Hart, Bullock, Munro, and Andrew.
Academic History: Queen’s University (Canada), 1894-99; Queen’s University Theological College, 1899-1902; Harvard Graduate School, 1905-07; A.M. (Queen’s Univ.) 1899; B.D. (ibid.) 1902.
General Subjects: 1. Economic Theory and its History. 2. Sociology and Social Reform. 3. Transportation and Foreign Commerce. 4. Labor Problems and Industrial Organization. 5. The History of Canada. 6. Municipal and Local Government.
Special Subject: Canadian Economic History.
Thesis Subject: “History of the Canadian Tariff.” (With Professor Taussig.)

Frank Richardson Mason.

General Examination in Economics, Wednesday, May 8, 1907.
Committee: Professors Taussig (chairman), Channing, Bullock, Gay, Ripley, and Andrew.
Academic History: Harvard College, 1901-05; Harvard Graduate School, 1905-07; A.B. (Harvard) 1905; A.M. (ibid.) 1906.
General Subjects: 1. Economic Theory and its History. 2. Economic History to 1750. 3. Economic History since 1750. 4. Money, Banking and Commercial Crises. 5. Social Reform and Industrial Organization. 6. History of American Institutions.
Special Subject: United States Economic History (or Crises?).
Thesis Subject: “The Silk Industry in Europe and America.” (With Professor Taussig.)

Charles Phillips Huse.

Special Examination in Economics, Wednesday, May 15, 1907.
General Examination passed May 11, 1906.
Committee: Professors Ripley (chairman), Stimson, Taussig, Bullock, and Andrew.
Academic History: Harvard College, 1900-03; Harvard Graduate School, 1904-07; A.B. (Harvard) 1904; A.M. (ibid.) 1906.
Special Subject: Public Finance and Financial History.
Thesis Subject: “Financial History of Boston, 1822-1859, with a Preliminary Chapter.” (With Professor Bullock.)
Committee on Thesis: Professors Bullock, Taussig, Ripley.

William Jackman.

General Examination in Economics, Wednesday, May 22, 1907.
Committee: Professors Gay (chairman), Macvane, Taussig, Bullock, Ripley, and Andrew.
Academic History: University of Toronto, 1892-96; University of Pennsylvania, 1899-1900; Harvard Graduate School, 1905-07; A.B. (Univ. of Toronto) 1896; A.M. (ibid.) 1900.
General Subjects: 1. Economic Theory and its History. 2. Economic History to 1750. 3. Statistics. 4. Sociology and Social Reform. 5. Labor Problems and Industrial Organization. 6. English History since 1500.
Special Subject: Modern Economic History of England.
Thesis Subject: “The Development of Transportation in Modern England before the Steam Railway Era.” (With Professor Gay.)

Edmund Ezra Day.

General Examination in Economics, Thursday, May 23, 1907.
Committee: Professors Ripley (chairman), Channing, Taussig, Bullock, Andrew, and Wyman.
Academic History: Dartmouth College, 1901-06; Harvard Graduate School, 1906-07; S.B. (Dartmouth) 1905; A.M. (ibid.) 1906.
General Subjects: 1. Economic Theory and its History. 2. Statistics. 3. Money, Banking and Crises. 4. Public Finance and Financial History. 5. Industrial Organization and Corporation Finance. 6. American Institutions and Constitutional Law.
Special Subject: Taxation.
Thesis Subject: “Taxation of Corporations in Connecticut and Maine.”(?) (With Professor Bullock.)

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1906-1907”.

Image Source: Library of Congress Prints and Photographs Division Washington, D.C. 20540 .

Tags Andrew, Bullock, Day, Gay, Holcombe, Huse, Jackman, Lowell, MasonFR, McLarenW, Ripley, Taussig

Harvard College President Lowell on the undergraduate general examination for divisions and the Tutorial System (1922)

Report on the Tutorial System in the Division of History, Government and Economics at Harvard University, 1922

1914-15 HARVARD UNIVERSITY

ECONOMICS 11 Mid-year Examination [F. W. Taussig]

1914-15 HARVARD UNIVERSITY

ECONOMICS 11 Final Examination [F. W. Taussig]

1915-16 HARVARD UNIVERSITY

ECONOMICS 11 Mid-year Examination [F. W. Taussig]

1915-16 HARVARD UNIVERSITY

ECONOMICS 11 Final Examination [F. W. Taussig]

Course Enrollment 1916-17

1916-17 HARVARD UNIVERSITY

ECONOMICS 11 Midyear Examination [F. W. Taussig]

1916-17 HARVARD UNIVERSITY

ECONOMICS 11 Final Examination [E. E. Day]

Letter of Economics Chairman E. E. Day to President Lowell

HARVARD UNIVERSITY DEPARTMENT OF ECONOMICS

From a typed copy of Taussig’s statement

DEPARTMENT OF ECONOMICS

Copy of Lowell’s Response to E. E. Day

Course Announcement

Course Enrollment

Mid-year Examination

ECONOMICS A

Final Examination

ECONOMICS A

Course Announcement

Course Enrollment

Final Examination

ECONOMICS la1

Course Announcement

Course Enrollment

Final Exam (2nd term)

ECONOMICS 13

Cornell University Faculty Memorial Statement Edmund Ezra Day December 7, 1883 — March 23, 1951

Principles of Economics

Course Description Economics A

Mid-Year Exam Economics A

Final Exam Economics A

Statistics

Course Description Economics 1

Final Exam Economics 1

European Industry and Commerce in the Nineteenth Century

Course Description Economics 2a

Final Exam Economics 2a

Economic and Financial History of the United States

Course Description Economics 2b

Final Exam Economics 2b

Money, Banking, and Commercial Crises

Course Description Economics 3

Final Exam Economics3

Economics of TransportationCourse Description Economics 4a

Final Exam Economics 4a1

Economics of Corporations

Course Description Economics 4b

Final Exam Economics 4b

Public Finance

Course Description Economics 5

Final Exam Economics 5

Trade Unionism and Allied Problems

Course Description Economics 6a

Final Exam Economics 6a

Theories of Distribution and Distributive Justice

Course Description Economics 7

Final Exam Economics 7

Principles of Sociology

Course Description Economics 8

Final Exam Economics 8

Sociology

Principles of Accounting

Course Description Economics 9

Final Exam Economics 9

Economic Theory

Course Description Economics 11

Mid-Year Exam Economics 11

Final Exam Economics 11

History and Literature of Economics to the year 1848

Course Description Economics 14

Final Exam Economics 14

Topics in the Economic History of the Nineteenth Century

1914-15
HARVARD UNIVERSITY

ECONOMICS 11
Mid-year Examination
[F. W. Taussig]

1914-15
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[F. W. Taussig]

1915-16
HARVARD UNIVERSITY

ECONOMICS 11
Mid-year Examination
[F. W. Taussig]

1915-16
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[F. W. Taussig]

Course Enrollment
1916-17

1916-17
HARVARD UNIVERSITY

ECONOMICS 11
Midyear Examination
[F. W. Taussig]

1916-17
HARVARD UNIVERSITY

ECONOMICS 11
Final Examination
[E. E. Day]

HARVARD UNIVERSITY
DEPARTMENT OF ECONOMICS

ECONOMICS la¹

Cornell University Faculty Memorial Statement
Edmund Ezra Day
December 7, 1883 — March 23, 1951

Course Description
Economics A

Mid-Year Exam
Economics A

Final Exam
Economics A

Course Description
Economics 1

Final Exam
Economics 1

Course Description
Economics 2a

Final Exam
Economics 2a

Course Description
Economics 2b

Final Exam
Economics 2b

Course Description
Economics 3

Final Exam
Economics3

Economics of TransportationCourse Description
Economics 4a

Final Exam
Economics 4a¹

Course Description
Economics 4b

Final Exam
Economics 4b

Course Description
Economics 5

Final Exam
Economics 5

Course Description
Economics 6a

Final Exam
Economics 6a

Course Description
Economics 7

Final Exam
Economics 7

Course Description
Economics 8

Final Exam
Economics 8

Course Description
Economics 9

Final Exam
Economics 9

Course Description
Economics 11

Mid-Year Exam
Economics 11

Final Exam
Economics 11

Course Description
Economics 14

Final Exam
Economics 14

Course Description
Economics 24

Final Exam
Economics 24

Course Description
Economics 31

Final Exam
Economics 31

DIVISION OF HISTORY AND POLITICAL SCIENCE
EXAMINATIONS FOR THE DEGREE OF PH.D.

DIVISION OF HISTORY AND POLITICAL SCIENCE
EXAMINATIONS FOR THE DEGREE OF PH.D.