Categories
Chicago Curriculum Economics Programs

Chicago. First detailed announcement of Political Economy program, 1892

 

The founding Head-Professor of Political Economy, J. Laurence Laughlin, arrived at the University of Chicago in June 1892. The following printed announcement of the programme of courses in political economy ends with a call for fellowship applications with a last-submission date of June 1, 1892. Thus we can presume that Laughlin had organized his department’s course offerings and staffing before he physically reported for duty,  and I would guess this announcement was published in the late winter/early spring of 1892. Besides being an artifact we can date to the Big Bang moment of creation of the University of Chicago’s department of political economy, the announcement provides us relatively thick descriptions of the respective courses in the political economy programme at that early date.

 

_______________

THE UNIVERSITY OF CHICAGO
1892-3

PROGRAMME OF COURSES IN POLITICAL ECONOMY

CHICAGO
The University Press of Chicago
1892

*  *  *  *  *  *  *

DEPARTMENT OF POLITICAL ECONOMY.
1892-3.

OFFICERS OF INSTRUCTION:

J. LAURENCE LAUGHLIN, Ph. D., Head-Professor of Political Economy.

ADOLPH C. MILLER, A. M., Associate-Professor of Political Economy.

WILLIAM CALDWELL, A. M., Tutor in Political Economy.

*  *  *  *  *  *  *

INTRODUCTORY.

The work of the department is intended to provide, by symmetrically arranged courses of instruction, a complete training in the various branches of economics, beginning with elementary work and passing by degrees to the higher work of investigation. A chief aim of the instruction will be to teach methods of work, to foster a judicial spirit, and to cultivate an attitude of scholarly independence, (1) The student may pass, in the various courses of instruction, over the whole field of economics; (2) when fitted, he will be urged to pursue some special investigation. (3) For the encouragement of research and the training of properly qualified teachers of economics, Fellowships in Political Economy have been founded. (4) To provide a means of communication between investigation and the public, a review, entitled The Journal of Political Economy, has been established, to be edited by the officers of instruction in the department; while (5) larger single productions will appear in a series of bound volumes to be known as Economic Studies of the University of Chicago.

REMARK: In the following list the term Minor, is applied to a course which calls for four or five hours of class-room work per week for a period of six weeks. A Double Minor is a Minor running through two periods of six weeks.

 

LIST OF COURSES OF INSTRUCTION.

STARRED * COURSES ARE NOT GIVEN IN 1892-3.

  1. First Quarter: Principles of Political Economy. — Exposition of the Laws of Political Economy in its present state. — Mill’s Principles of Political Economy (Laughlin’s edition).

5 hrs. a week, Double Minor.
Associate Professor A. C. Miller.

Second Quarter:

Either, 1A. Advanced Political Economy. — Cairnes’s Leading Principles of Political Economy. — Marshall’s Principles of Economics (vol. I.).

5 hrs. a week, Double Minor.
Mr. Caldwell.

Or, 1B. Descriptive Political Economy. — Lectures and Reading on Money, Banking, Cooperation, Socialism, Taxation, and Finance. — Hadley’s Railroad Transportation. — Laughlin’s Bimetallism.

4 hrs a week, Double Minor.
Associate Professor A. C. Miller.

  1. Industrial and Economic History. — Leading Events in the Economic History of Europe and America since the middle of the Eighteenth Century. — Lectures and Reading.

4 hrs. a week, 2 Double Minors.
Mr. Caldwell.

  1. Scope and Method of Political Economy. — Origin and Development of the Historical School. — History of Political Economy in Germany. — Lectures and Reports.

4 hrs. a week, Double Minor.
Mr. Caldwell.

  1. Unsettled Problems of Economic Theory. — Questions of Exchange and Distribution.— Critical Examination of selections from leading writers.

4 hrs. a week, Double Minor.
Professor Laughlin.

  1. History of Political Economy. — History of the Development of Economic Thought, embracing the Mercantilists and the Physiocrats, followed by a critical study of Adam Smith and his English and Continental Successors. — Lectures and Reading. — Reports.

5 hrs. a week, Double Minor.
Mr. Caldwell.

  1. Recent German Systematic Writers*. — Wagner, Cohn, Schmoller, Schäffle, and Menger. — Exposition, critical comments, and reading of authors. — Reports.

4 hrs. a week, Double Minor.
Mr. Caldwell.

  1. Socialism. — History of Socialistic Theories. — Recent Socialistic Developments. — Lectures and Reports.

4 hrs. a week, Double Minor.
Dr. Veblen.

  1. Social Economics. — Social questions examined from the economic standpoint.

A*. Social Reforms. — Future of the Working-classes. — Immigration. — State Interference. — Insurance Legislation. — Arbeitscolonien.

4 hrs. a week, Double Minor.
Mr. Caldwell.

B. Coöperation. — Profit-Sharing. — Building Associations. — Postal Savings. — Trade Unions. — Factory Legislation. — Public Charities.

4 hrs. a week, Double Minor.
Associate Professor Bemis.

  1. Practical Economics. — Training in the Theoretical and Historical Investigation of Important Questions of the Day. — Lectures and Theses.

4 hrs. a week, Double Minor.
Associate Professor A. C. Miller.

  1. Statistics. — Methods and practical training. — Organization of Bureaus. — Tabulation and Presentation of Results.

4 hrs. a week, Double Minor.
Mr. Fisher.

  1. Railway Transportation. — History and Development of Railways. — Theories of Rates. — State Ownership.

4 hrs. a week, Double Minor.
Professor Laughlin.

  1. Tariff History of the United States. — Legislation since 1789. — Economic Effects. — Reading.

4 hrs. a week, Double Minor.
Professor Laughlin.

  1. Financial History of the United States.— Rapid Survey of the Financial Experiences of the Colonies and the Confederation. — Detailed Study of the Course of American Legislation on Currency, Debts, and Banking since 1789. — Lectures and Reports.

4 hrs. a week, Double Minor.
Associate Professor A. C. Miller.

  1. Taxation. — Theories and Methods of Taxation. — Comparative Study of the Revenue Systems of the Principal Modern States. — Problems of State and Local Taxation in America. — Lectures and Reports.

4 hrs. a week, Double Minor.
Associate Professor A. C. Miller.

  1. Public Debts and Banking. — Comparative Study of European and American Methods of Financial Administration. — The Negotiation, Management, and Effects of Public Debts. — Examination of Banking Problems and Banking Systems. — Lectures and Reports.

4 hrs. a week, Double Minor.
Associate Professor A. C. Miller.

  1. Problems of American Agriculture*. — Comparison with European Systems of Culture. — Land Tenures. — Lectures, Reading, Reports.

4 hrs. a week, Double Minor.
Professor Laughlin.

  1. Seminary. — Intended only for mature students capable of carrying on independent researches.

4 hrs. a week, 3 Double Minors

 

 

DESCRIPTION OF COURSES
GENERAL.

The courses may be roughly classified into —

Group I., Elementary. — Courses 1, 1A, 1B, and 2;
Group II., Theoretical. — Courses 3, 4, 5, 6, and 7;
Group III., Practical. — Courses 8, 9, 10, 11, 12, 13, 14, 15, and 16.

Students are advised to begin the study of economics not later than the first year of their entrance into the University College; and students of high standing, showing special aptitude for economic study, may properly take Course 1 in the last year of the Academic College.

For admission into the courses of Groups II. and III., a prerequisite is the satisfactory completion of Course 1 (with either 1A or 1B), or its equivalent. Those desiring only a general acquaintance with the subject are expected to take Course 1B during the second quarter; but those who intend to make a serious study of economics are advised to take 1A during the second quarter.

After passing satisfactorily in Course 1 (with either 1A or 1B), the student will find a division of the courses into two general groups: Group II. will be concerned chiefly with a study of economic principles, their historical development, and the various systems of economic thought; Group III., while making use of principles and economic reasoning, will be devoted mainly to the collection of facts, the weighing of evidence, and an examination of questions bearing on the immediate welfare of our people. For a proper grasp of the subject, Courses 3, 4, and 5 are indispensable; and in the second year of his study of economics the student should supplement a course in Group I. by a course in Group II.

Ability to treat economic questions properly can be acquired only if the student, being possessed of some natural aptitude for the study, devotes sufficient time to it to enable him to assimilate the principles into his thinking, and to obtain certain habits of mind, which are demanded for proficiency in this, as in any other important branch of study. Tests of proficiency will be exacted at the end of each period, six weeks.

 

 

SPECIAL.

COURSE 1.

First Quarter: Principles of Political Economy. —Exposition of the Laws of Political Economy in its Present State. — Mill’s Principles of Political Economy (Laughlin’s edition).

5 hrs. a week, Double Minor.

Second Quarter:

Either, 1 A. Advanced Political Economy.— Cairnes’s Leading Principles of Political Economy. — Marshall’s Principles of Economics (vol. I).

5 hrs. a week, Double Minor.

Or, 1B. Descriptive Political Economy. — Lectures and Reading on Money, Banking, Cooperation, Socialism, Taxation, and Finance. — Hadley’s Railroad Transportation. — Laughlin’s Bimetallism.

4 hrs. a week, Double Minor

All students beginning the study of Political Economy will take Course 1. At the second quarter the class will divide. Those desirous of laying the foundation for work in the advanced courses will take 1A; those who, while giving their attention mainly to other departments, seek simply that general knowledge of economics demanded by a liberal education, and cannot devote more time to the study, will take Course 1B. Course 1 is designed to give the student an acquaintance with the working principles of Political Economy.

Course 1A will continue the theoretical training in the principles of Political Economy. The discussions will be based on Cairnes’s Leading Principles of Political Economy, and Marshall’s Principles of Economics (vol. I). Only those students who have passed satisfactorily in Course 1A, will be admitted to Courses 3, 4, 5, 6, 7 and 9.

Course 1B is mainly descriptive and practical; in it will be considered the various practical questions illustrating the application of economic principles, the lectures and reading supplying the student with the knowledge necessary for the more intelligent discharge of the duties of citizenship. The subjects discussed will be: Money, banking, coöperation, socialism, taxation, finance, and railway transportation. Students will be expected to read Hadley’s Railroad Transportation, and Laughlin’s History of Bimetallism in the United States.

COURSE 2.

Industrial and Economic History. — Leading Events in the Economic History of Europe and America since the middle of the Eighteenth Century. Lectures and Reading.

4 hrs. a week, 2 Double Minors.

This course endeavors to present a comprehensive survey of the industrial, commercial, and economic development of the western world since the middle of the last century. After a preliminary study of the industrial revolution and the rise of the factory system, attention will be called to the economic and social effects of the American and French revolutions; to the development of American commerce; to the introduction of steam transportation; to the adoption of free trade by England; to the new gold discoveries and their wide-spread effects; to the civil war in the United States; to the French indemnity; to the crisis of 1873; and to the economic disturbances of the past twenty years. The course is conducted mainly by lectures, but a course of collateral reading will be prescribed upon which students will be expected to report from time to time.

No previous economic study is required of students entering this course, but it will be taken to best advantage by those who already have some knowledge of economic principles, or who are taking this course in connection with Course 1.

COURSE 3.

Scope and Method of Political Economy. — Origin and Development of the Historical School. — History of Political Economy in Germany. Lectures and Reports.

4 hrs. a week, Double Minor.

This course attempts to define the province, postulates and character of Political Economy; to determine its method, and to examine the nature of economic truth. The methods of proof and the processes of reasoning involved in the analysis of economic phenomena and the investigation of economic problems, and the position of Political Economy in the circle of the Moral Sciences — its relation to Ethics, Political Science, and Sociology — will be studied. In view of the controversies which have arisen on these fundamental topics, a critical estimate will be made of the views of leading writers on Methodology, such as Mill, Cairnes, Menger, Wagner and Schmoller.

The origin and development of the modern historical school will be described, special attention being devoted to Knies, Die Politische Oekonomie vom Geschichtlichen Standpunkte.

In connection with this work, the course of German economic thinking will be traced from the earlier writers, Rau, von Thünen, and Hermann; after which the influence of the English writers, the later formation of various groups, with their distinguishing tenets, and the German point of view, will be presented. The statements of the writers themselves, rather than opinions about them, will be studied.

Students will be required to prepare critical studies on books, or subjects, selected by the instructor. Course 3 is preliminary to Course 6.

COURSE 4 .

Unsettled Problems of Economic Theory. — Questions of Exchange and Distribution. Critical examination of selections from leading writers.

4 hrs. a week, Double Minor.

Little use will be made of text-books, or lectures, in this course, it being intended to take up certain topics in economic theory and to follow out their treatment by various writers. The more abstruse questions of exchange and distribution will be considered. No student, therefore, can undertake the work of this course with profit who has not already become familiar with the fundamental principles. The course is open only to those who have passed satisfactorily in Course 1A., or who can clearly show that they have had an equivalent training.

The subjects to be considered in 1892-3 will be as follows: The theories of final utility and cost of production as regulators of value, the wages-fund and other theories of wages, the interest problem, manager’s profits, and allied topics. The discussion will be based upon selected passages of important writers. The study of wages, for example, will include reading from Adam Smith’s Wealth of Nations, Ricardo’s Works, and the writings of J. S. Mill, Longe, Thornton, Cairnes, F. A. Walker, Marshall, George and Böhm-Bawerk. Students will also be expected to discuss recent important contributions to these subjects in current books or journals; and they will be practised in the exposition of special points before their fellow students.

COURSE 5 .

History of Political Economy. History of the Development of Economic Thought, embracing the Mercantilists and the Physiocrats, followed by a critical study of Adam Smith and his English and Continental Successors. Lectures, Reading, and Reports.

5 hrs. a week, Double Minor.

This course treats of the history of economic theory, not of the history of economic institutions; of the origin and development of our existing knowledge of economic principles, not of the phenomena of wealth with which these economic principles are concerned. Since it investigates the evolution of economic thinking as expressed in a growing collection of principles, the student will have little occasion to study writers previous to the XVI century. The time will be given to the economic theories and commercial policy of the Mercantile system; to the Physiocratic school; to Adam Smith and his immediate precursors; to the English writers from Adam Smith to the present day; and to a brief review of French, Italian, and American writers. From the multiplicity of writers, selections will be made of those who have had great influence, or who have made marked contributions to political economy. The whole study will aim to present the continuity of development of economic doctrine from its origin to the present time.

The work, however, is not intended merely as a means of information. It is expected that the student himself should in every case read portions of the great authors bearing on cardinal principles, and, by critical comment and comparison, it is hoped he may gain much in discipline and in judicial insight. It is believed that a more fresh, original, and just understanding of the history of political economy can be obtained by this mode of treatment than by taking a knowledge of the authors at second-hand. The work of this course, therefore, must largely be carried on in the Economic Library. In this, as in other courses, the instructor will pay early attention to bibliography and to the best methods of using books.

COURSE 6.

Recent German Systematic Writers. Wagner, Cohn, Schmoller, Schäffle, and Menger. Exposition, critical comments, and reading of authors. Reports.

4 hrs. a week, Double Minor.

It is the object of this course to present the point of view of the leading recent German writers in Economics, through a study of the character and contents of their systematic treatises. In this way it is hoped that the desire for a direct acquaintance with the particular economic doctrines which are actually taught in Germany at the present day can be adequately met. The student will be helped to appreciate the spirit, quality, and tendency of German economic thinking, and thus be enabled to broaden his view of fundamental economic ideas.

The instructor will outline the system of each writer, give the substance of less important portions, and, with comments, translate in the class-room considerable selections. The student will be expected to have a working knowledge of German, and will be required to read parts of the authors not read in the class-room, upon which reports and critical studies in writing must be made. An incidental aim of this course will be to assist the student in acquiring a rapid reading knowledge of economic German.

The authors to be used are as follows:

Wagner, Volkswirthschaftslehre. Grundlegung.
Schmoller, Ueber einige Grundfragen des Rechts und der Volkswirthschaft.
Schäffle, Bau und Leben des socialen Körpers (ed. 1881).
Cohn, System der Nationaloekonomie. Grundlegung.
Menger, Grundsätze der Volkswirthschaftslehre,

COURSE 7.

Socialism. History of Socialistic Theories. Recent Socialistic Developments. Lectures and Reports.

4 hrs. a week, Double Minor.

The origin of the present socialistic movements, whether popular or scientific, will be traced to their beginnings previous to the middle of the present century; the events ending in 1848 will be described; and an examination will be made of the writings of Rodbertus, Marx, Lassalle, Karl Marlo, and William Thompson, from the economic standpoint. The criticisms offered, among other writers, by Leroy-Beaulieu, Rae, H. Spencer, and Schäffle, will be brought under review. A study of the “International” will be followed by an account of the spread of Socialism to England and America. The position and tenets of the Fabian Society in England; the popular agitations of the present day in Europe and America; the socialistic tendencies imputed to George’s Progress and Poverty, Gronlund’s Coöperative Commomwealth, and Bellamy’s schemes for Nationalism, will be taken up. Practical work will be done with the programs and platforms of socialistic, labor, and trade organizations.

Attention will then be given to the alleged socialistic trend of development, to State Socialism, to the economic factors in operation, and to the ethical aspect of the economic questions involved.

Students will be expected to make written reports and critical studies from time to time, in addition to selected reading. Those who have not examined questions of value and distribution carefully will be at a disadvantage in this course.

COURSE 8.

Social Economics. Social questions examined from the economic standpoint.

Course 8 includes two separate courses, known as Course 8A, and Course 8B. Under these heads many subjects into whose treatment ethical and social considerations enter, but which have a distinct economic character, will be considered.

COURSE 8A. Economic Reforms — Future of the Working-classes. Immigration. — State Interference. — Insurance Legislation. — Arbeitscolonien.

4 hrs. a week, Double Minor.

Under this head the ethical, sociological and political principles underlying proposed practical reforms and methods of social improvement will be noticed and criticised, and their economic values and effects will be considered and estimated. It will be sought to determine, as far as possible, the teaching of history and experience on these matters, and also the conditions and range, the merits and defects of various experiments.

COURSE 8B. Coöperation. — Profit-Sharing. — Building Associations. — Postal Savings. — Trades Unions. — Factory Legislation. — Public Charities

4 hrs. a week, Double Minor.

In this course schemes of economic reform will be studied and presented with a view to inform the student how they may be carried out into actual practice. It is hoped that members of this course, under the guidance of the instructor, may be familiarized with the process of organizing desirable movements of a philanthropic character in various parts of the community.

Both of these courses may well be elected by candidates for the ministry, who have already passed in Course 1. Reading and reports will accompany the lectures.

COURSE 9.

Practical Economics.Training in the Theoretical and Historical Investigation of Important Questions of the Day. Lectures and Theses.

4 hrs. a week, Double Minor.

Preliminary training for investigation is combined in this course with the acquisition of desirable statistical information on practical questions of the day. The student is instructed in the bibliography of a subject, taught how to collect his data, and expected to weigh carefully the evidence on both sides of a mooted question. The short theses form a connected series, and give practice in written exposition as well as in the graphic representation of statistics. Mere compilation is objected to, and the student is urged to reach his conclusions independently and solely on the facts before him. Fresh and independent judgments are encouraged. The work of writing theses is so adjusted that it will correspond to the work of other courses counting for the same number of hours.

The instructor will criticise the theses before the class, and members of the class will be frequently called upon to lecture on the subjects of their theses and answer questions from their fellow-students.

The subjects taken up will be chosen from the following: Money, prices, bimetallism, note-issues, shipping, and commercial crises.

COURSE 10.

Statistics. Methods and practical training. Organization of Bureaus. Tabulation and Presentation of Results.

4 hrs. a week, Double Minor.

The purpose of this course is to train students in the theory and methods of statistics. Inasmuch as economic principles throw light upon the proper choice and comparison of statistical data, a knowledge of Course 1 is a prerequisite to entrance into this course. On the other hand, statistical methods are needed for the correction and furthering of our knowledge of economic principles.

Attention will be given to the vast statistical material at hand, and the student will have an introduction into the bibliography of the subject. The growth of the study; establishment of statistical offices and their organization; collection and elaboration of data; detection and elimination of errors; presentation of results in tabular form; training in graphic representation; — will form a part of the work.

Practical exercises will be required of each student in connection with the collection and presentation of statistics of mortality, insurance, production, population, wages, prices, trade, crime, etc. The great libraries of the City of Chicago will furnish exceptional advantages for this work.

COURSE 11.

Railway Transportation. History and Development of Railways. — Theories of Rates. — State Ownership.

4 hrs. a week, Double Minor.

The economic, financial, and social influences arising from the growth of modern railway transportation, especially as concerns the United States, will be discussed. The history of railway development in Europe and America; its social and economic influence; railway accounts; competition and combination; various theories of rates; railway legislation in the United States; state railway commissions; the Inter-State Commerce Act; government ownership; and a comparison with the railway systems of Great Britain, France, Germany, Austria, Italy, and Australia, — will form the essential work of the course.

Studies in writing will be exacted from each student. In addition to the lectures, the student is expected to read Hadley’s Railroad Transportation, and Acworth’s The Railways and the Traders.

COURSE 12.

Tariff History of the United States. Legislation since 1789. Economic Effects. Lectures and Reports. Reading.

4 hrs. a week, Double Minor.

Course 12 is fitly taken in connection with Course 13, which runs parallel with it. An historical study will be made of the legislation on the tariff in the United States from the beginning in 1789 to the present day. Study will be given to the provisions of each act, the causes of its passage and its economic effects. The growth of the principal industries of the country will be sketched in connection with the duties affecting them.

Students will be required to present studies on special topics connected with the course.

COURSE 13.

Financial History of the United States.— Rapid Survey of the Financial Experiences of the Colonies and the Confederation. — Detailed study of the course of American Legislation on Currency, Debts, and Banking since 1789. Lectures and Reports.

4 hrs. a week, Double Minor.

Without excluding the history of taxation, this course concerns itself chiefly with the history of our national legislation on currency, loans, and banking. The study will be based upon a careful examination at first-hand of the leading provisions of the Acts of Congress, and other materials important in our financial history. These will be reviewed from the political as well as from the financial standpoints, it being one of the objects of the course to develop the relation between finance and politics in our history. Special attention will be given to Hamilton’s system of finance and the changes introduced by Gallatin; to the financial policy of the War of 1812; to the establishment of the Second United States Bank and the struggles over its re-charter; to the crisis of 1837-9 and the establishment of the independent Treasury; to the financial problems and management of the Civil War; to the establishment of the national banking system; the refunding and reduction of the debt; and the resumption of specie payments.

COURSE 14.

Taxation. Theories and Methods of Taxation. — Comparative Study of the Revenue Systems of the principal modern States. — Problems of State and Local Taxation in America. Lectures and Reports.

4 hrs. a week, Double Minor.

This course is both theoretical and practical, and the method of presentation historical as well as systematic. A critical estimate of the theories of leading writers — such as Wagner, Cohn, Leroy-Beaulieu — will be made with a view of discovering a tenable basis of taxation. Principles are discussed; the various kinds of taxes are examined and their complementary functions in a system of taxes determined; the methods in vogue in different countries are described, special attention being given in this connection to the experiences of France. In their proper places the incidence of taxes, progressive taxation, the single tax, and the special problems of American taxation will be carefully considered. All questions will be discussed from the twofold standpoint of justice and expediency. A reading knowledge of either French or German will be expected of all students entering this course.

COURSE 15.

Public Debts and Banking. — Comparative Study of European and American Methods of Financial Administration. — The Negotiation, Management, and Effects of Public Debts. — Examination of Banking Problems and Banking Systems. Lectures and Reports.

4 hrs. a week, Double Minor.

This course treats of the organization and methods of financial administration; the formal control of public expenditures by means of the budget; the development of public debts and their economic and social effects. Consideration will be given to the various problems involved in the management of public debts, such as modes of issue, conversion, and reduction; and the methods practised in our own and other countries will be described. This course also treats of the development and history of banking; the leading systems are compared, and proposed changes in legislation examined. The relations of the banks to the public and their management in a time of crisis will receive special attention.

COURSE 16.

Problems of American Agriculture. Comparison with European systems of culture. Land Tenures. Lectures, Reading, and Reports.

4 hrs. a week, Double Minor.

Special study will be given to the extension and changes of the cultivated area in the United States; the methods of farming; the influence of railways and population, and of cheapened transportation; the fall in values of Eastern farm-lands; movements of prices of agricultural products; European markets; competition of other countries; intensive farming; diminishing returns; farm mortgages, and the comparison of American with European systems of culture. Systems of holdings in Great Britain, Belgium, France, and Germany will be touched upon, together with the discussion of forestry legislation.

Reports will be prepared by students on topics assigned.

COURSE 17.

Seminary. Intended only for mature students capable of carrying on independent researches.

4 hrs. a week, 3 Double Minors.

Under this head are placed the arrangements for Fellows, graduates, and suitably prepared persons, who wish to carry on special researches under the guidance of the instructors. Candidates for the higher degrees will find in the seminary a means of regularly obtaining criticism and suggestion. It is hoped that each member of the Seminary will steadily produce from time to time finished work suitable for publication. Emphasis will be placed on accurate and detailed work upon obscure or untouched points.

Students may carry on an independent study upon some special subject, making regular reports to the seminary; or, several students may be grouped for the study of a series of connected subjects. For this purpose, during 1892-3, the following topics are offered:

(a) American Shipping, with a retrospect to the experience of Great Britain and Holland since 1650, and a comparative study of modern European policies.

(b) A Study of Modern Currency Problems, treated theoretically and historically.

(c) A critical and historical examination of the Internal Revenue System of the United States.

 

FELLOWSHIPS.

Independently of the fellowships offered by the departments of Political Science and Social Science, at least three Fellowships, yielding an annual income of $500, will be assigned to students within the department of Political Economy for the year 1892-3. Appointments will be made only on the basis of marked ability in economic studies, and of capacity for investigation of a high character. Candidates for these fellowships should send to the President of the University a record of their previous work and distinctions, degrees and past courses of study, with copies of their written or printed work in economics. Applications for 1892-3 should be sent in not later than June 1, 1892.

Fellows are forbidden to give private tuition, and will be called upon for assistance in the work of teaching in the University; but in no case will they be expected or permitted to devote more than one-sixth of their time to such service.

 

PUBLICATIONS.

As a means of communication between investigators and the public, the University will issue quarterly The Journal of Political Economy, beginning in the autumn of 1892. Contributions to its pages will be welcomed from writers outside as well as inside the University, the aim being not only to give investigators a place of record for their researches, but also to further in every possible way the interests of economic study throughout the country. The Journal will aim to lay more stress than existing journals upon articles dealing with practical economic questions. The editors will welcome articles from writers of all shades of economic opinion reserving only the privilege of deciding as to merit and timeliness.

Longer investigations, translations of important books needed for American students, reprints of scarce works, and collections of materials will appear in bound volumes in a series of Economic Studies of the University of Chicago. Announcement of works already in preparation will be made at an early date.

 

LIBRARIES.

In the suite of class-rooms occupied by the department will be found the Economic Library. Its selection has been made with great care, in order to furnish not only the books needed for the work of instruction in the various courses, but especially collections of materials for the study of economic problems. It is believed that ample provision has thus been made for the work of serious research. The work of the students will necessarily be largely carried on in this Library.

Arrangements have been made with other libraries in the city for supplementing the Economic Library of the University on a large and generous scale. The combined library facilities of Chicago are exceptional. The Public Library, maintained by a large city tax; the Newberry Library, under the supervision of W. F. Poole, with a fund of several millions of dollars; and other possibilities, will enable the student to obtain any books he may need in the prosecution of detailed investigation. In the near future, it is confidently believed, the supply of reference books for students in the libraries of Chicago will be greater than anywhere else in this country; and graduate students will have exceptional opportunities for specialized research.

The officers of the department will cheerfully answer any inquiries from institutions looking for suitable teachers of Political Economy.

Inquiries and applications of students should be addressed to

THE EXAMINER,
The University of Chicago,
Chicago.

 

Source:  The University of Chicago: programme of courses in political economy, 1892-1893. Chicago, IL : University of Chicago Press, 1892.

Image Source: University of Chicago yearbook, Cap and Gown , 1900 , p. 19.

Categories
Courses Curriculum Harvard

Harvard. Rich economics course descriptions, 1884-85

 

Harvard’s expansion of its course offerings in political economy starting in 1883-84 was a major milestone in university instruction in economics in the United States. A report from the Harvard Crimson and another from New York Post have been posted earlier in Economics in the Rear-view Mirror. Following up the previous post that provided J. Laurence Laughlin’s thoughts from 1885 about how to best teach economics, thick descriptions of the Harvard courses in political economy listed for 1884-85 can be found below. The chapter from which the excerpts have been transcribed is in the same volume in which Richard Ely contributed a chapter, “On Methods of Teaching Political Economy” that was cited by Laughlin.  

__________________

Excerpts from:

THE COURSES OF STUDY IN HISTORY, ROMAN LAW, AND POLITICAL ECONOMY, AT HARVARD UNIVERSITY.1
By Henry E. Scott, Harvard University.

A DESCRIPTION of the ground covered and of the methods used in the various courses in History and Political Science at Harvard must necessarily be preceded by a brief statement of the circumstances under which these studies are pursued there.

In the first place, all the courses offered in these branches — and in almost all other branches as well — are purely elective. The University requires each year a certain amount of work from every undergraduate who is a candidate for the degree of Bachelor of Arts; but, with the exception of about two-fifths of the work of the Freshman year, and certain prescribed written exercises in English in the Sophomore, Junior and Senior years, the undergraduate has full liberty to select any course in any subject which his previous training qualifies him to pursue. The courses in History and in Political Science may therefore be elected by any undergraduate, by the Freshman as well as by the Senior; and they are also, it may be added, open to the students of the various professional schools embraced in the University, to resident graduates, and to special students whether graduates or not.

1In the preparation of the following article, the writer has been greatly assisted by the instructors in the several courses described, and their statements have been incorporated in the text with but little change.

[168]
In order to provide suitable recognition for those students who have confined their college work to one or two special fields, Honors of two grades — Honorsand Highest Honors — are awarded at graduation in almost all branches in which instruction is offered. The candidate for Honors in History or in Political Science must have taken in the department selected six full courses or their equivalent, i.e., he must have devoted to it about one-half of his last three years as an undergraduate, four full courses or their equivalent being the amount of elective work required each year of Sophomores, Juniors, and Seniors; and he must have passed with great credit the regular examinations in those courses, and also, shortly before Commencement, a special examination covering all the six courses in question. Students who do not care to specialize to the extent necessary to obtain Honors can yet, by doing creditably about one-half as much work (i.e., by taking three full courses) in any one subject, receive at graduation Honorable Mention in that subject.

To pursue with advantage studies in History or in Political Science, the student must have easy access to books; and, in order to place within his reach the principal sources, authorities, and other helps necessary for the study of a given course, the system of “reserved books” was established some years ago in the Harvard College Library. The instructors in the various departments request the Library authorities to place upon the shelves of certain alcoves, assigned for this purpose in the reading-room of the Library, the books used by their classes for collateral reading and reference. The books thus reserved can be taken from the shelves by the students themselves without the formality of oral or written orders, and can be consulted in the Library during the day. At the close of library hours, they may, if properly charged, be taken out for the ensuing night only, [169] the borrowers promising to return them at 9 a.m. the next day. The right to use the reserved books is not limited to those students who take the particular course for which certain books have been reserved, but all persons entitled to the privileges of the Library are likewise entitled to use all the reserved books, the purpose of the system being not to withdraw the works from general use for the benefit of a narrow circle, but rather so to regulate their use that the greatest possible number of students may be able to consult them. Persons engaged in special investigations can, if necessary, obtain cards of admission to the shelves where the material they wish to use is stored; but, for the ordinary student, the reserved books, together with those ordered from the Library in the usual way, are sufficient.

The courses of instruction which are now to be described are classified — as are all courses offered in the College — as courses or half-courses, according to the amount of work required of the student and the number of exercises a week, a course having either three or two exercises a week, a half-course either two or one.Some of the courses are given every year, others every two years, others twice in three years. The more advanced courses can be taken only by special permission of the instructors, to obtain which students must give evidence of their ability to do the work expected of them. There are announced this year (1884-85) in the official pamphlet sixteen courses and two half-courses in History, one course and two half-courses in Roman Law, and four courses and four half-courses in Political Economy. There are actually given this year eleven courses and two half-courses in History, one course in Roman Law, and four courses and three half-courses in Political Economy,

1In the following description the half-courses are especially designated as such.

[170] the remaining courses being omitted in accordance with the arrangements mentioned above or for special reasons. The average number of hours of instruction per week devoted this year to History is thirty; to Roman Law, three; to Political Economy, fifteen.

[…]

THE COURSES IN POLITICAL ECONOMY.

Political Economy 1 (Mill’s “Principles of Political Economy “; Lectures on Banking and the Financial Legislation of the United States; three hours a week, Professor Dunbar and Assistant-Professor Laughlin) is designed (1) to provide for those students who intend to continue their economic studies for more than one year a suitable introduction to the elementary principles of the science, and their application to questions of practical interest; and (2) to furnish students whose time is chiefly devoted to other departments of study with that general knowledge of and training in Political Economy which all men of liberal education should desire. It has, therefore, its theoretical and its practical side. In the present year (1884-85) the new edition of Mill, prepared by Professor Laughlin, serves as a text-book for the main part of the course, and the remaining time is occupied by lectures on the elements of banking and the public finance of the United States (especially in the last quarter of a century). The instructor holds that for a course in the elements of Political Economy, where it is eminently desirable that the student should assimilate principles rather than memorize explanations of each subject, neither the recitation system nor the lecture system is best fitted, but that a judicious mixture of both is necessary; for the object of the instruction is in general not merely to give men facts, but to lead them to think. The text-book is supposed to furnish to the student a clear statement of the principles that are to be taken up at a given exercise. Then in the class-room the instructor, by questions, and by drawing the men into discussion and the free expression of difficulties, endeavors as much as possible to fix the knowledge of principles in the mind of the students, and to direct their attention to the workings of these principles in concrete cases. Graphic [186] representations of facts (such, for example, as are given by the charts in the text-book referred to) are often used to make the relation between theory and practice still clearer; and statements from the newspapers in regard to economic matters are sometimes read in the class-room, in order to test the student’s ability in applying abstract principles to the affairs of every-day life. To give the students practice in making accurate statements, questions are now and then written on the blackboard and answered in writing within fifteen minutes, and at the next hour these answers are criticised and discussed.

In the lectures on the elements of banking and finance in the latter part of the year, the three functions of banking — deposit, issue, and discount — are illustrated by references to the system of National Banks, of the old United States Banks, and of the Bank of England; and the sub-treasury system, the national debt, the methods of raising revenue during the war, the issue of legal tender paper, the resumption of specie payments, etc., are some of the topics discussed, Professor Dunbar’s pamphlet entitled “Extracts from the Laws of the United States relating to Currency and Finance” serving as a basis for the lectures on finance.

 

Political Economy 2 (History of Economic Theory — Examination of Selections from Leading Writers, three hours a week, Professor Dunbar) was in former years conducted by taking up, in the earlier part of the year, Cairnes’s “Leading Principles,” and, in the later part, some book of which the discussion and criticism would bring out more clearly the meaning of the generally accepted doctrines. Carey’s “Social Science,” [three volumes: Vol. 1, Vol. 2, Vol. 3] George’s “Progress and Poverty,” Shadwell’s ”Principles” — books which put the “orthodox” student in a defensive attitude — were used for this purpose. In addition, lectures were given on the history of political economy, and on examples of the working in practice of its principles, such as the working of the principles of international trade in the payment of the Franco-German indemnity in 1871-73, the commercial crisis of 1857, etc.

For the present year (1884-85) the course is remodelled. Nothing in the nature of a text-book is used. The subject is treated by topics. Such questions as the wages-fund controversy, the theory of international trade, the method of political economy, the theory of value, are to be taken up in succession. On each topic references to leading writers will be submitted to the students for examination and discussion. On the wages-fund question, for example, Mill’s retractation in the “Fortnightly Review” of his original views, Cairnes’s restatement of the theory, F. A. Walker’s position as found in his “Wages Question” and his “Political Economy,” George’s criticism of current views in “Progress and Poverty” will be read and discussed. The history of political economy is to be taken up in a similar way, by reference to characteristic extracts from the writings of the Physiocrats, Adam Smith, Malthus, Ricardo, Senior, Say, Bastiat, and their successors and critics in England and on the Continent. These extracts, read beforehand by the students and discussed in the class-room, will be supplemented by the comments and explanations of the instructor. By this method it is hoped that some familiarity with the literature of the subject will be obtained, as well as a more exact comprehension of its doctrines than can come from an elementary study like that of Course 1.

 

In Political Economy 3 (Discussion of Practical Economic Questions — Lectures and Theses, three hours a week, Assistant-Professor Laughlin) it is expected that the student, who is supposed now to have grasped firmly the general principles of political economy by at least one year’s previous study, will apply these principles to the work of examining [188] some of the prominent questions of the day, such as the navigation laws and American shipping, bimetallism, reciprocity with Canada, government and national bank issues, etc. At the beginning of each topic a general outline of the subject and its principal divisions is given by the instructor, together with more or less particular references to the most important authorities; but a complete list of books is not always furnished, the student being rather encouraged to hunt for material himself. The exercise in the class-room takes the form rather of a discussion than a formal lecture, references to authorities being given previous to each meeting, as the following examples will show: —

Standards of Value, see Jevons, “Money and the Mechanism of Exchange,” chaps, iii, xxv; S. Dana Horton, “Gold and Silver,” chap.iv, p. 36; F. A. Walker, “Political Economy,” pp. 363-368, “Money, Trade, and Industry,” pp. 56-77; Wolowski, “L’Or et l’Argent,” pp. 7, 22, 207; Mill, “Principles of Political Economy,” book iii, chap, xv; Walras, “Journal des Économistes,” October, 1882, pp. 5-13.

The third hour of the week (and also the mid-year examination) can be omitted by men who promise to prepare one considerable thesis (due in April) on a subject connected with some practical question of the day which has not been discussed in the class-room. Examples of such subjects are: the warehousing system; a commercial treaty with Mexico; the public land system; the remedy for our surplus of revenue; municipal taxation; characteristics of socialism in the United States; co-operation in the United States (productive and distributive co-operation, industrial partnerships, and cooperative banks); advantages and disadvantages of small holdings.

 

Political Economy 4 (Economic History of Europe and America since the Seven Years’ War, three hours a week, Professor Dunbar) serves to connect Political Economy with  [189] History. It requires no previous study of Political Economy, although some historical knowledge of the period is presupposed. Among the more prominent subjects taken up are: the rise of the modern manufacturing system, more particularly in cottons, woolens, iron; the steam engine; the economic effects of American Independence and of the French Revolution; the factory system; the migration of labor; improved transportation by railroads and steamships; the application of liberal ideas to international trade; the new gold of California and Australia; the economic effects of the Civil War in the United States; American grain in Europe; the Suez Canal; the crisis of 1873, and commercial crises in general; the development of banking; and the resumption of specie payments in the United States.

The course is chiefly narrative, and is carried on by lectures, supplemented by references for collateral reading. A printed list of topics is distributed to the students, containing a summary of the lectures and references to books reserved in the Library. An extract from this list will most clearly indicate its character and purpose. It gives the topics and references for the first lecture on the new gold supply: —

Lecture XLVII. — The discovery of gold in California: “Robinson’s California” (see Larkin’s and Mason‘s Reports, pp. 17, 33); also Exec. Doc. of U. S., 1848, i, 1. — The discovery in Australia: Westgarth, “Colony of Victoria,” 122,315. — Establishment of miners’ customs: Wood,”Sixteen Months in the Gold Diggings,” 125; Lalor’s “Cyclopaedia,” ii, 851. — Increased supply of precious metals in sixteenth and seventeenth centuries small in proportion to that in nineteenth century: Soetbeer, “Edelmetall-Production” (in Petermann’s “Mittheilungen”), Plate 3; “Walker on Money,” Part I, chaps, vii, viii. — The discoveries of 1848 and 1851 needed to give effect to influences already stimulating trade and commerce.

Similar topics and references are given for each of the eighty or ninety lectures.

 

[190] In Political Economy 5 (Economic Effects of Land Tenures in England, Ireland, France, and Germany—Lectures and Theses, one hour a week, counting as a half-course, Assistant-Professor Laughlin) a branch of the science that has been but slightly considered in Course 1 is taken up, and, as in the other practical courses, an attempt is made to apply principles to facts. The following extract from the official pamphlet, describing the courses of study in Political Economy, will indicate the ground covered: —

“This course covers the questions now of political importance in England, Ireland, France, and Germany in their economic aspects, and embraces the following subjects: — In England: the land laws; relative position of landlord, tenant, and laborer in the last one hundred years; tenant-right; leases; prices and importation of grain; repeal of the corn-laws; American competition; peasant proprietorship. In Ireland: the ancient tribal customs; English conquests; relations of landlord and tenant; security of tenure; Ulster tenant-right; absenteeism; parliamentary legislation; acts of 1869, 1870, 1881, 1882; population; prices of food and labor. In France: feudal burdens on land; relation of classes, and condition of peasantry and agriculture before the Revolution; small holdings and the law of equal division; present condition of peasantry and agriculture; growth of population; statistics of production, wages, prices; peasant proprietorship. In Germany: reforms of Stein and Hardenberg; condition of agriculture; peasant proprietors; statistics of wages and prices.”

A subject taken up (for example, English land tenures) is divided into topics, some of which are treated by the instructor by means of lectures, others are assigned to the individual members of the class, who are expected to present the results of their study in writing. These short theses are criticised and discussed by the instructor and the class, authorities that have been overlooked are pointed out, and suggestions are made as to the way in which the question can be better handled. Perhaps five or six of these papers [191] are required from each student during the year, the intention being that at least one shall be handed in each week. As the natural tendency of such work is to “compile,” much more consideration is given to the quality than to the quantity of the thesis.

 

In Political Economy 6 (History of Tariff Legislation in the United States, one hour a week, counting as a half- course, Dr. Taussig) the history of tariff legislation from 1789 to the present day is studied. The method of instruction is by lectures and collateral reading, specific references being given beforehand on the subjects to be taken up; for example, the references on the tariff act of 1789 are as follows: Hamilton’s “Life of Hamilton,” iv, 2-7; Adams, “Taxation in United States,” 1-30, especially 27-30; Sumner, “History of Protection,” 21-25; Young’s “Report on Tariff Legislation,” pp. iv-xvi. Similar references are given when the economic effects of the tariff, more particularly in recent years, are discussed. The class-room work is based on the assumption that the passages referred to have been read by the students, and, though mainly carried on by lectures, includes questioning and discussion on the references. The economic principles bearing on tariff legislation are taken up in connection with the more important public utterances on the subject, such as Hamilton’s “Report on Manufactures,” Gallatin’s “Memorial of 1832,” Walker’s “Treasury Report of 1845,” and the speeches of Webster, Clay, and others. These are read by the students, and discussed in the class; and at the same time with them are considered the views of writers on the theory of economic science. In the course of the year the various arguments pro and con in the protection controversy are, in one shape or another, encountered and discussed. Towards the close of the year lectures are given on the tariff history of England, France, and Germany.

 

[192] Political Economy 7 (Comparison of the Financial Systems of France, England, Germany, and the United States, one hour a week, counting as a half-course, Professor Dunbar) deals with the principles of finance, and with the financial systems of the more important civilized countries. The budgets of France, Germany, and England are examined and compared, the financial methods of the United States are noted, and the principles of finance and the advantages and disadvantages of different taxes are discussed. The instruction is mainly by lectures. The course is not given in the present year (1884-85), and may be omitted in future years, though it will be retained on the elective list.

 

In Political Economy 8 (History of Financial Legislation in the United States, one hour a week, counting as a half- course, Professor Dunbar) the funding of the Revolutionary debt, the establishment and working of the first Bank of the United States, the financial policy of Hamilton and Gallatin, the effect of the War of 1812 on the finances and the currency, the establishment of the second Bank of the United States, the fall of the bank in Jackson’s time, and the years 1836-40, the independent treasury, the State banking system, the growth of the public debt during the Civil War, and its reduction and conversion since, the establishment and working of the National Bank system, — are the topics successively considered. The method of instruction is by lectures and by reference to the public documents and other writings bearing on the subject. It is advised by the instructors that Courses 6 and 8 in Political Economy be taken together; and this advice has been followed, most students who take one of these courses being also members of the other.

 

Source:  Henry E. Scott, “The Courses of Study in History, Roman Law, and Political Economy at Harvard University”  Vol. I. Methods of Teaching History (pp. 167-170, 185-192) in the series Pedagogical Library, edited by G. Stanley Hall. Boston: D.C. Heath & Company, second edition, 1885.

Image Source:  Charles F. Dunbar (left) and Frank W. Taussig (right) from E. H. Jackson and R. W. Hunter, Portraits of the Harvard Faculty (1892); J. Laurence Laughlin (middle) from Marion Talbot. More Than Lore: Reminiscences of Marion Talbot, Dean of Women, The University of Chicago, 1892-1925. Chicago: University of Chicago (1936).

Categories
Economists Harvard Pedagogy

Harvard. Methods of teaching political economy. J. L. Laughlin, 1885

 

This morning while trawling the Harvard Crimson, a student newspaper, for announcements of speakers and topics in Harvard’s Economics Seminary of over a century ago, I came across an 1885 review of a book published by the Harvard assistant professor, J. Laurence Laughlin, who was to later teach at Cornell and ultimately become the founding head of the department of political economy at the University of Chicago. Chasing down that book I found a chapter in which Laughlin discussed general pedagogical issues that come up when trying to inflict basic economic principles on the young. It is an interesting set of reflections with much insight. Given Laughlin’s role in building up the Chicago economics department (cf. the first 25 years of Laughlin’s department), I believe visitors to Economics in the Rear-view Mirror will be interested in hearing Laughlin’s practical advice of how to teach economics.

In an earlier posting we have Laughlin’s recommended library for instructors of economics from 1887 with nearly all items conveniently linked. You’re welcome!

__________________

METHODS OF TEACHING POLITICAL ECONOMY.

Chapter Five of
The Study of Political Economy: Hints to Students and Teachers
by J. Laurence Laughlin, 1885

A NATION is sometimes so bitterly taught by sad experience in financial errors—as was the case with France in John Law’s time, and again in the issue of paper assignats during the Revolution—that, on the principle of the “burned child,” it afterwards finds that it unconsciously keeps to the right and avoids the wrong path. So that to-day France is a country where correct conceptions of money are almost universal, and whose public monetary experiments are, as a rule, most admirably conducted. In somewhat the same way does the individual gain his proper knowledge of political economy. Principles must be seen working in a concrete form. The key to efficient teaching of it is to connect principles with actual facts; and this process can go on in the beginner’s mind only through experience. By experience, I mean [116] the personal (subjective) effort of each one to realize the working of the principle for himself in the facts of his own knowledge. The pupil must be put in the way of assimilating for himself the principles of his subject in such a manner that he feels their truth because they are apparent in explanation of concrete things all around him. That this is the aim to be always kept in view by the teacher and student has been made clear, it is to be hoped, by the previous analysis of the character and discipline of political economy in Chapters II and III. It is now my purpose to make some suggestions as to the practical methods of teaching by which this can be carried into effect.

1. The relative advantages of lectures and recitations for political economy have never, to my knowledge, been openly discussed. An experience with both methods of teaching leads me to think that the lecture system, pure and simple, is so ineffective that it ought to be set aside at once as entirely undesirable. The disciplinary power to be gained by the study is almost wholly lost to the student by this method of teaching. Nothing is so useful as a sharp [117] struggle, an effort, a keen discussion, or possibly a failure of comprehension at the time; for nothing will so awaken one to intellectual effort, and finally result in the safe lodgment of the principle within one’s mind as an obstruction and its removal. This is not gained by listening to lectures. No matter how clear the exposition of the principles may be, no matter how fresh and striking the illustrations, it still remains that the student is relieved by the instructor from carrying on the mental processes which he ought to conduct for himself. In fact, the clearer the exposition by the instructor, the less is left to the student—the lecturer, in fact, is the chief gainer by the system. Moreover, while listening to a connected and logical unfolding of the principles, the student is lulled into a false belief that, as he understands all that has been so clearly presented to him, he knows the subject quite well enough; and the result is to send out a number of conceited men who really can not carry on a rational economic discussion. They wholly miss the discipline which gives exactitude, mental breadth, keenness, and power to express [118] themselves plainly and to the point. Then, not being forced to think over a principle in its application to various phases of concrete phenomena, they know the truth only in connection with the illustrations given by the lecturer, while they utterly fail to assimilate the principles into their own thinking. The subject then becomes to them a matter of memory. They memorize the general statements without ever realizing their practical side, and that which is memorized for the day of examination is forgotten more speedily than it is learned, and the sum total of the discipline has been simply a stretching of the memory. In fact, with the average student, in almost any subject the lecture system leads to cramming. At the best, it affords a constant temptation to put off that kind of mental struggle which ought to be carried on by the student himself—a period of doubts and questions—by which alone a clearer conception of the subject ultimately emerges. In fact, without it, it is doubtful if the student ever gets much, if any, of that mental attrition on the subject which is the most valuable part of the work. An experience of a year with [119] lecturing in an elementary course to a class of two hundred and fifty, including the best and the poorest men in the university, practically convinced me, when taken with other evidence, of the truth of the above position; for, as contrasted with the work of similar men in other years under a different system, their examination-books were the most unsatisfactory I had ever read.

The usual alternative to the lecture system is the plan of recitations from a text-book. Even the simplest form of recitations is, in my opinion, better than listening to lectures. At the very least, the student is put to it to express the sense in his own words, and that, too, under the criticism of the teacher. But this plan has its evident difficulties. If the pupil is called upon for only that which is contained in the book, he falls into the habit of memorizing, and fails to think for himself. If you give him the clew, he can tell you on what part of the page the statement is found, and he can talk in the language of the book; but he knows nothing of the power of applying it to what he sees. If the learner is very clever and [120] inquisitive, he may do something for himself, but the average pupil quite misses the real good of such a course.

2. As it is evident that neither lectures nor formal recitations in the old fashion are satisfactory, we are inevitably led to adopt a plan which possesses the advantages of both. Some text-book is essential as a basis for the instruction.* In it the pupil should find an exposition of the principles, and a provocation to apply them to practical things as he reads. Then he should come to the class-room as intelligently familiar with the principles as his reading can make him. Now comes the work of the instructor. With a class of beginners, it is [121] surprising how easy it is to show even to the best men a gap in their knowledge, or a misunderstanding of the principle. Present an illustration different from that of the book, and ask them to explain the situation, and very few will be able to respond. The necessity of seeing the essential point in the facts and the attempt to describe the operation of the principle will effectually rout the man who has merely memorized the book, and teach him to think out the matter more thoroughly for himself in the future. The teacher, also, will try to find out the accidental obstacles which in a young mind obstruct the understanding of the point in question. Let the pupil be asked to state the matter, and let the teacher note the imperfections. At the same time he can stimulate another student by questioning him as to one of these imperfections. If a correction is not obtained in a clear and connected manner from a member of the class, let the instructor apply the Socratic method. At first ask a question which the learner readily understands, and then lead him naturally and gradually by logical steps up to the point wherein he had failed of understanding. [122] He will then see his own difficulty, and at the same time he has had a little robust exercise for his mind. If this is carried on before his fellows, it will the better cultivate coolness and self-control before an audience.

* The question naturally arises in the teacher’s mind, What is the best text-book? This, of course, is a matter of individual experience and judgment, and competent persons will differ in offering advice. From my own point of view, I should strongly recommend for mature students, who can give to it fifty or sixty hours of recitation, Mill’s “Principles of Political Economy.” For those who wish a less severe course, for a shorter time, Mr. and Mrs. Marshall’s ”Economies of Industry” is an excellent book. For the same persons, a forthcoming book by Professor Simon Newcomb, to be published this summer (1885), would be admirable. I have seen the advanced sheets, and find the system of applying principles to facts at the end of each chapter admirably carried out. For books to be consulted by the teacher, he is referred to the “Library” list at the beginning of this volume.

3. Above all, the hour should not be wasted in simply rehearsing what has been read in the book. The student should go away from the class-room feeling that he has received some new idea, or some interesting fact which illustrates his subject. The work of the class-room should be cumulative in its effect as compared with the results of text-book reading. The teacher should in every way stimulate questions from members of his class, and urge the statement by them, either orally or in writing, of their doubts and difficulties. If there is some timidity in presenting a weakness in the presence of a class, ask a question of some more manly person of the number, and the timid student will soon see that others are not much better off than he. In fact, all will have difficulties in understanding, or in interpreting principles, some trivial, some serious; and the pupil will become discouraged unless these are removed. [123] When each one sees that others are also hindered by obstacles, there will be a greater freedom in asking questions. Moreover, in order to keep up a steady and regular training, which will produce the best disciplinary results, let the questions of the instructor every day run backward in review, and especially aim to bring out the connection of one part of the subject with another. It will be very effective if done just about the time that the past work is growing a little dim before the presence of newer ideas. In no subject, perhaps, more than in political economy, is it necessary to know the preliminary steps in order to understand the later work; so that the pupil must be actually in possession of principles previously expounded, for which he may be called upon at any time. It is simply impossible for a person to be absent and neglectful for a time in his study, and then come into the class-room to make a brilliant show on an intermediate fragment of the subject. He can be too easily exposed as a humbug to attempt it a second time. Moreover, thus to force him to do the work as he goes along is the greatest favor one [124] can do for the pupil; and the usual cramming before the examination becomes, in reality, a general review, which is very useful in bringing him to see the connection existing throughout the whole subject.

4. If the class is so large that it is impossible for the instructor to reach each member as often as he might wish with the above method, there is one device which is more or less useful. At the beginning of the hour let him write a question upon the blackboard, to be answered by each one in writing within the first ten or fifteen minutes. The attempt to write out an explanation clearly, without hint or clew from the instructor, will reveal to the best student the deficiencies and gaps in his knowledge. Each one will then have the keenest interest to know what is considered a satisfactory answer to the question. At the next exercise of the class, the instructor can read some good and some bad answers, point out the general mistakes, and advise his pupils for the future. No exercise can be better than this in cultivating the habit of careful expression, and in learning how to make a clear and pointed exposition of [125] a subject in a short space. This practice tends to secure the accuracy which in the oral discussions is made second to fluency and readiness. The teacher, I believe, will be forced to some such method as this, if he hopes to get a real idea of the prevailing difficulties in the minds of his class. They are in the nature of anonymous communications, in which, as no one else can know what he is writing, the student may without timidity show exactly what he can do. In fact, the written answers afford admirable means of judging how far the class have taken serious hold of the subject, and they enable the instructor to modify the nature of his questions to members, or to change the character of the exercise to suit a set of slower men. But one of the best uses of these written answers, in my experience, has been to break down the timidity which prevented questions in the classroom. The criticism of an answer before the class is certain to bring out as defender, either the writer, or one who gave a similar reply and the whole number of men will be very restive under criticism of a piece of work at which each has tried his hand. As soon as questioning [126] becomes natural and easy, the number of written exercises can be diminished, and the whole hour given to discussions with the class.

5. Since the chief work of the class-room is not to enable students to discover principles, but rather to understand and apply them, probably the most useful method of interesting a class is to present to them, in extracts from the newspapers of the day, bits of fallacious discussions* which may come under the head of the subject in hand, and then to ask for criticism and discussion. This will also suggest doubts and difficulties which had not been anticipated in the minds of some, and will aid in stimulating questions. The appositeness of a timely topic before the public is peculiarly serviceable for such purposes. In fact, the practical matters of our own country will never fail to excite a lively interest in almost any class; and through this interest the teacher can find a [127] way of leading men to study principles more carefully. A National or State campaign is very likely to furnish an instructor with a plentiful supply of extracts from speeches of an economic character for discussion by his class. The learner in political economy is not hindered by the same disagreeable obstacles, as hamper the medical student, in finding subjects on which to put his learning into practice.

* Professor W. G. Sumner has published a volume of “Problems in Political Economy” (1884), which adopts the plan above described for advanced classes. The system is also most excellently carried out in a forthcoming elementary treatise on Political Economy by Simon Newcomb, to be published during the coming summer.

6. Many minds are unable to keep hold on an abstraction, or general principle; or they may have been untrained in making nice distinctions between ideas or definitions. And these students form a very large proportion of the ordinary classes. To such persons a skillful teacher ought to offer some help. Diagrams have seemed to me most useful for this purpose, and a reason can be given for their use. Just as in beginning a strange language, when words of widely different meaning have a similarity to the untutored eye, the distinctions do not make much impression. So it is in regard to principles and definitions in political economy. Therefore, visible expression of the abstract relationships, by diagrams, or by any figures [128] which represent the abstract in a concrete form, will be of very considerable service to the average student. This matter seems to me to be of such practical importance in teaching that it will be worth while to illustrate my meaning by a few examples.

(a.) Since material wealth comprises all things that have value; since capital is only that wealth employed in reproduction, and not used by the owner himself; and since money is that part of wealth in circulation aiding in the transfer of goods — the relations between the three may be expressed to the commonest apprehension by some such device as the following, in which the area of circle A represents the total amount of wealth; B, the capital saved out of the total wealth; and C, the money by which goods are transferred—only that part of circle C being capital which, inside of circle B, is being used as a means to production.

Again, (b) it is seen that different classes of laborers, arranged according to their skill, [129] form, as it were, social strata, of which the largest and the poorest paid is composed of the unskilled laborers at the bottom. This may be shown to the eye at once by the section of a triangle, in which A represents the largest and least paid class; B, the better-educated, and relatively more skillful laborers; ending finally in the few at the top, of the most competent executive managers. Now, if A were to become as fully skilled as B, and competition should become free between all members of A and B; and if this were to go on in the same way to include C—the effects of this breaking down of the barriers which hinder competition might be illustrated by the following changes in the above triangle: the areas of A, B, and C may be thrown together into [130] one area within the whole of which movement and choice are perfectly free to the laborer, and wherein wages are in proportion to sacrifice. This can be done by striking out the lines of division between A, B, and C, and representing the change by the area included between the base and the dotted lines.

Examples might be multiplied in illustration of my method, but these must suffice. By such means there can be planted inside even the dull mind an outline of an idea which can then be modeled and shaded to the condition of a natural truth. The teacher will find, by experience, that an idea thus given is very seldom forgotten. The pupil has thus once turned the abstraction into a concrete form, and, after he has once grasped it, he can now [131] use it for himself. It does not at all imply that he will get hard and definite conceptions of human affairs by this process; for he is shown that the principle appears in other forms, and he is constantly seeing that it is so. Having found out how a principle explains one set of facts, he can be led to see its application to other conditions.

7. In close connection with this method, but having an entirely different end in view, is the use of charts and graphic representations of statistics. The method just described above aimed to help in finding concrete expressions for the general principles; but graphic methods usually serve best to assist in that part of the economic process heretofore referred to as verification. There is an abundance of economic facts in regard to which the connection between cause and effect is either unknown or grossly misunderstood. In truth, the subjects to which political economy applies are constantly changing, nay, are even multiplying. These data, after having been collected with great care (which is the duty of the statistician), are the materials for the process [132] of verification. By this “systematized method of observation,” says Cairnes,* “we can most effectually check and verify the accuracy of our reasoning from the fundamental assumptions of the science; while the same expedient offers, also, by much the most efficacious means of bringing into view the action of those minor or disturbing agencies which modify, sometimes so extensively, the actual course of events. The mode in which these latter influences affect the phenomena of wealth is, in general, unobvious, and often intricate, so that their existence does not readily discover itself to a reasoner engaged in the development of the more capital economic doctrines.” In this part of the process graphic representations of statistics are invaluable.

*”Logical Method,” p. 97.

Every one knows the common dislike of dreary statistics; to many persons columns of statistics are repellent or meaningless. Collections of facts regarding banking, finance, taxation, and wages become a tangle in which one’s direction is constantly lost. But arranged graphically the whole direction of a movement [133] is seen at once, and the mind takes in new and unexpected changes, which force an investigation into their cause. Moreover, there comes a certain breadth of treatment, when, in looking at the facts graphically expressed, one is able to see the whole field at once. There is no waste of thought on temporary and accidental movements, for the action is seen from beginning to end at one glance. There are many charts which would illustrate this meaning very distinctly; but perhaps none are simpler than the one here appended, showing the steady and continuous fall in the value of silver relatively to gold since the discovery of the New World. No one has ever claimed that there has been any “unfriendliness” displayed toward silver in the legislation of the chief countries of the world before the present century, at the farthest, and yet the white metal has been steadily on the decline ever since the Spanish galleons, in the fifteenth century, began to pour the precious metals of America into the coffers of Spain.

Another illustration of my meaning can be found in the study of the facts relating to [134]

[135] American shipping. We have heard—until the story is now worn threadbare—of the decline of our tonnage engaged in the foreign carrying trade; we have listened to explanations which attribute this decline wholly to our Civil War, or to the introduction of steam and iron (or steel) ships. But by collating the statistics for sailing-vessels alone, if we separate the question entirely from steam and iron, and compare our situation in regard to sailing-vessels with that before the use of steam— the period of our great shipping prosperity— the comparison gives some curious results. These are shown to the eye at a glance; and it would have been difficult to find them had not this graphic system been applied. The striking facts imperatively call for explanation. We see at once that, practically, to the end of the war our sailing tonnage changed only with the total; and that after 1869 it was the foreign tonnage which then rose and kept a close attendance on the total, while the American figures showed scarcely any relative change. The two lines, representing foreign and American vessels, after a short struggle with each

[136]

Chart showing the Tonnage of Sailing Vessels entered at Seaports of the United States each year, from 1844 to 1883, inclusive.

[137] other exactly changed their relative positions to the line representing the total tonnage. The graphic method lays bare the naked facts for the scalpel of the investigator. The student is then in a position to apply principles and discover explanations. No table of figures, I am convinced, would disclose vital relations in the statistics in the searching way by which it is done with the aid of a few lines on a chart.

In short, the more extended collection of economic data is now rendered possible through the better methods employed in census and statistical bureaus, and the resort to the work of verification of economic principles in the examination of these data is one of the best means by which political economy can be redeemed from the baseless and common charge of being made up of formulas which have no practical use. Into this work one can carry no instrument so effective and helpful as graphic representations. In fact, the investigator, after having collected his tables and columns of figures, will find his gain in first putting them in some graphic form, before he can intelligently see exactly with what he has to grapple; [138] then he can turn his energies directly upon the problems which are disclosed by the chart to every other eye as well as his own.

There are, however, other important gains to be derived from the use of charts by the teacher. Above all, they are interesting. They will attract the idler by something new which he can easily understand, although he can not explain the causes; they stimulate the quick by putting them at once in possession of the facts to be explained. When lecturing upon practical questions, one great difficulty presents itself to the teacher in trying to find the means of laying before his class the actual condition of the subject which is to be investigated. If it were proposed to place the statistics on the blackboard before him, the time of the lecturer would all be lost while the student was copying figures. The references to the books can be given where these figures dealt with by the lecturer are collected, but by a chart long columns of statistics are easily imported into the class-room, become the basis of discussion, and are photographed on the listener’s mind once for all in an attractive and interesting [139] way. The slow and painful work of months is in this way presented to a class in a few minutes, and the practical lessons caught at a glance. For this purpose, charts are the labor-saving machines of statistics.

A word or two as to the details of preparing charts may not be impertinent. They can be made on common glazed white cotton cloth (called sarcenet cambric), which receives ink or water-colors; but the labor of ruling the cloth in squares before the construction of the chart is very considerable. Use can be made, however, of heavy manila paper, made large enough by sticking two large sheets together. Some printers can now rule this paper in squares to suit the convenience of the worker; but these guiding-lines ought to be faint, and not so heavy as to overpower the lines of the chart. The instructor can also have a blackboard ruled with faint white lines, after the manner of co-ordinate paper, in his room, on which he can in half an hour put a simple chart, ready for the coming lecture. Different colored crayons serve the purpose admirably. Students can then use co-ordinate paper in their notes, [140] and draw off an accurate copy of the chart in a few moments, before or after the lecture. This is a necessary course, unless some more feasible method than now exists should be found by the instructor for multiplying copies from his single chart in such numbers as to supply all members of his class.

So far I have been speaking of charts for the class-room. Perhaps, in their own good time, such economic charts can be bought of educational agencies. But ordinary co-ordinate paper, on a small scale, is the best form in which first to construct the chart. It can be purchased in sheets at a small price, and is invaluable for both student and instructor. In fact, no lesson is more stimulating to a class than to give them the data of a subject and ask them to put it into graphic form with the use of such paper. For the first time they begin to realize that statistics are not dry; indeed, any one who has turned over the pages of Walker’s “Statistical Atlas” will find out for himself how the columns of census tables* can [141] talk to him in forms and colors not only without weariness, but with a sense of surprise at the interest they excite.

* Another successful attempt, on an elaborate scale, has been made with the materials of the census of 1880 by Messrs. Gannett and Hewes in Scribner’s “Statistical Atlas of the United States” (1885). [Fletcher Willis Hewes, Henry Gannett. Scribner’s Statistical Atlas of the United States: Showing by Graphic Methods Their Present Condition and Their Political, Social and Industrial DevelopmentCharles Scribner’s Sons, 1884]

8. When the instructor comes to examinations he will find some difficulties in combining an ideal plan with actual conditions. In making out a paper he ought, of course, to keep in view that the questions should be selected so as to test not the memory, but the power of the pupil to apply principles. For this reason the ideal paper should contain nothing which the student has seen in that form before. The facts he is called upon to explain ought to be fresh ones, and the fallacies he is to examine should be such as he had not previously considered. This, however, is not wholly necessary. The explanation of parts of the subject is certain to be difficult enough to warrant questions upon them even if they have been referred to in the class-room many times before. For practical purposes, however, it seems best to remember that a class is composed of all kinds of persons, and, while the majority of [142] the questions should be of the character which I have described, yet at least a few easier and more encouraging questions should be set. In the examination-room the student, moreover, should be instructed to study each question with care, and avoid haste in answering, before he is sure that he has really caught the pivotal point of the question. Fairly good students often write about the question but do not answer it. It should be definitely understood that no credit is to be given for irrelevant answers. Then, also, the examination can be used as a teaching process; since, by inserting an important subject, the attention given to it at these times will be such as to keep it from speedy oblivion. Moreover, it will be well, as soon after the examination as possible, to read a good and a poor answer to each question before the class. They will know better what is expected of them in the future—like troops after their first fight. After such an examination the instructor will find his class much more disciplined and more ready to exert themselves in the intellectual wrestling. The vigorous preparation for the examination has really given [143] them a better grasp of the subject, and the teacher can easily bring on a warm discussion now, because they really know something and feel that they know it. In all this it is understood, of course, that I have had in mind written examinations.

9. When first approaching the study, it has been found to be of service to some minds to suggest that on the first reading of the textbook they note in the margins in a few penciled words the gist of each paragraph as it is read; then, at the close of the chapter, that the reader review it by means of his marginal notes, and, finally, make a general but brief synopsis of the chapter. This will both save time and teach that essential thing—how to study rapidly but thoroughly. It will destroy aimless reading, which is so common in these days of many books.

10. Inasmuch as a vigorous contact of mind with mind on a subject which students are approaching for the first time is necessary to produce something more than a cartilaginous or veal-like quality in their knowledge, it is desirable to stimulate discussion among members of [144] the class outside of the class-room. To accomplish this purpose, I know of no better plan than to recommend students to form temporary clubs of three or four persons to meet two or three times a week for an hour’s discussion of the questions and topics which have been suggested by the text-book, by newspapers, or by facts of every-day observation. Such discussions, if the evil of irrelevancy can be frowned upon, will toughen the intellectual fiber, and give the means also of getting more from the instructor through questions upon difficulties and disagreements which have arisen in the clubs.* Congenial persons might group themselves together in this way with profit to their economic progress, and gain something also in social pleasure of a healthy kind.

* When about twenty, John Stuart Mill met twice a week in Threadneedle Street, from 8.30 to 10 A. M., with a political economy club, composed of Grote, Roebuck, Ellis, Graham, and Prescott, in which they discussed James Mill’s and Ricardo’s books. It was understood that a topic should not be passed by until each member had had full chance for a discussion of his difficulties and objections. In these meetings Mill elaborated whatever he has added to the knowledge of political economy.

11. In advanced courses, much of what has been said in regard to details in the conduct of [145] the class will be less important, because the teaching is necessarily different in kind. Such courses naturally fall either (1) into those which continue to study principles, as in the systems of various writers or schools of political economy in the past and present, or (2) into those which treat historical or practical questions. In the former, the lecture system is unsatisfactory for reasons already given; for the members of the class should themselves be constantly wrestling with the fuller discussion of subjects in which they can hitherto have had only a general knowledge. Experience seems to show that a topic, furnished with references to writers, affords the best method of procedure. This, of course, implies a good working library and a list of reserved books.

In the practical courses a large part of the training consists in teaching the student how to use books, how to familiarize himself with the principal storehouses of statistics, such as the English “Parliamentary Documents,” or our own Government publications; how to collect his materials in a useful form; how to apply graphic representations wherever possible; in [146] brief, to learn how to carry on an investigation in the economic field. Of course, the familiarity with the facts of several of the leading questions of the day will form no small part of the advantage of such work. But the greatest good comes, of course, from putting the student on his own resources at once and forcing him to find his own materials, look up his own books and authorities, and come to a conclusion on the subject assigned to him independently of all aid or suggestion. The instructor can then at the conferences take up a paper for criticism and discussion, or first assign it to another member for that purpose. This is a feasible plan; but, if carried on throughout a whole course, it requires of the student in a regular college course so much time that his other work must suffer, and, in addition, but few subjects can be taken up in this thorough and leisurely way. This plan can be properly carried out only when there are a few persons able to devote their whole time to some economic investigations. In practice it has been found best to use the lecture system partially. One subject can be taken up by the instructor at regular exercises, [147] for which he furnishes beforehand the references, and partly lectures and partly discusses the subject with his class, thus guiding them steadily over the field and directing the disposition of the time to be devoted to each subject. In this way many more subjects can be reached during the year. But the advantages of the investigating method can be partly retained by requiring a monograph from each member of the class on a practical subject of his own selection from a list prepared by the instructor, and this thesis can count for attendance on part of the lecture-work. In this thesis the student is pushed to do his best to give a really serious study to some particular topic, and he is expected to do it independently of any aid beyond general oversight and direction; and he is warned that the paper will be of greater value, provided it contains the bibliography of the subject and constant reference by page and volume to his authorities.

12. The preparation of bibliographies is part of a teacher’s duty. Moreover, he who has access to a rich and well-appointed library can do a service to the rest of his guild by leaving [148] behind him notes of his bookish experiences. He can in a few words say whether a book is good or bad for a particular use, or indicate what part of it contains a valuable discussion or useful facts in a subject within his study. For this purpose it has been a great convenience to have little blank-books of ordinary stiff manila paper, six inches by three, with each sheet perforated like postage-stamps near the butt of the book, so that it can be torn off smoothly. On each page a book can be entered under a suitable heading, with its exact title and author, and room still be left for a very generous amount of criticism or commendation, or for noting the contents of the book. The cards can be laid away alphabetically by subjects in a drawer, and will prove of invaluable aid at many times. Books of which one has heard but never seen, can also be entered with a star, to be erased when a book has been examined. This systematic habit is peculiarly desirable when one is hunting for the facts of a certain subject. By this means one will be saved the loss of time caused by failure to remember where a statement has once been seen.

[149] 13. In the foregoing remarks on methods of teaching political economy, I have kept in mind persons of the age and maturity possessed by usual college students. As a rule, these are the only persons who are given instruction in this subject. Still, knowing as we do the need of simple elementary instruction in political economy in the secondary and high schools, so that younger pupils of less maturity than the college student ought to have good effective teaching, something ought to be said as to the methods which may be serviceable for such classes.

A difficulty with which we are met at the outset is the lack of training among high-school teachers for original and suggestive object teaching in economics. Any scheme, based on such a system, implies the possession of a very considerable economic training by the teachers. What is meant may be seen by the following excellent suggestions for certain parts of the study made by Dr. Ely:*

* In Methods of Teaching and Studying History,” edited by G. Stanley Hall, p. 63.

“The writer has indeed found it possible to [150] entertain a school-room full of boys, varying in age from five to sixteen, with a discourse on two definitions of capital—one taken from a celebrated writer, and the other from an obscure pamphlet on socialism by a radical reformer. As the school was in the country, illustrations were taken from farm-life, such as corn-planting and harvesting, and from the outdoor sports of the boys, such as trapping for rabbits.”

In teaching the functions of money, the following approach to the subject, suggested by the same writer as a means of awakening an interest, is a good one: “Take into the classroom the different kinds of money in use in the United States, both paper and coin, and ask questions about them, and talk about them. Show the class a greenback and a national banknote, and ask them to tell you the difference. After they have all failed, as they probably will, ask some one to read what is engraved on the notes, after which the difference may be further elucidated.”

If the teacher is sufficiently master of the subject to proceed by such ways to acquire a [151] hold on the young pupil he will probably not— as things now go—be found in a high school. It is to be hoped that he may in the future; but, until that is the fact, some more practicable method of teaching must be adopted. Much must, therefore, depend on the text-book. But no fully satisfactory one is available for such purposes. Of existing books the following may be suggested: W. S. Jevons’s “Primer of Political Economy” (1878). This little treatise is marred by the treatment of utility and value; but yet it is a really good sketch of the subject in 134 pages. The teacher can further illustrate the principles to his class by familiar facts, as already explained. The instructor should set forth distinctly in his mind, as a general object to be kept before him, the attempt to leave in the understanding of his pupils some simple principle in each case. If he is talking of capital, the several illustrations should all lead the pupil back to the essential truth which is finally to be stated in general terms. Then, the pupil, when reviewing, should be required to reverse the process, and then called on for principles and asked to illustrate them. The aim of the [152] teacher should be, after awakening interest, not simply to teach some few facts to which economic principles apply, but to try to drive home a few fundamental truths, and exercise the pupil, as far as time and skill allow, in tracing their operation in facts. For economic facts are constantly shifting, while principles do not. A boy taught how properly to view one set of facts about paper money will go all right as long as the conditions remain exactly the same, but when they change he is very badly off for guidance. In elementary teaching, therefore, the teacher should aim at giving a clear comprehension of simple principles, and at offering materials for practice in applying these principles. Much, consequently, which has been said in regard to more mature students will be equally applicable to the teaching of young boys.

In this brief and inadequate way I have attempted to suggest from my own experience what may enable others to avoid difficulties, and possibly to aid in a more rational method of teaching political economy. It is scarcely more [153] probable that what I have said is all new than that others should agree with me throughout in what I have advanced; nor is it unlikely that other teachers may have many other suggestions to make in addition to mine. If my efforts may call them out and aid in better methods of teaching, I shall be amply repaid.

THE END.

 

Source:  J. Laurence Laughlin. The Study of Political Economy: Hints to Students and Teachers. New York: D. Appleton and Company, 1885. Chapter V (pp. 115-153).

Image Source: From the University of Chicago yearbook Cap & Gown 1907.

Categories
Chicago Faculty Regulations

Chicago. Nominal duties of a Department Head (Chairperson), 1891-1910

 

The following letter (March 9, 1910) from the second President of the University of Chicago  (Harry Pratt Judson) to the first Head of the Department of Political Economy (James Laurence Laughlin) provided a list of the Duties of a Department Head that was apparently unchanged since the founding of the University in 1891. From the tone of the letter, it does not appear to be intended as a reminder as much as a slightly whimsical juxtaposition of historical expectations with (implicit) contemporary administrative realities. One wonders of course, which duties on that list were actually still in effect in 1910 and which new duties had become a part of the “custom of the manor” in the meantime. In an earlier post the 1892 regulations for graduate education at the University of Chicago, give almost the same list of Department Head duties, but it is not identical. In the 1892 regulations the authority to determine textbooks for courses was not listed and the duty to serve in the University Senate was added.

In any event, we see that the role of the department chairman (at least at the University of Chicago in its early years) had more of a Dean-like quality than Player-Coach quality observed in departments today. Executive Committees of senior colleagues serve as a check or balance with respect to the power of the departmental chairperson, a tenured senior colleague in the department. 

__________________

Biographical Note: James Laurence Laughlin

James Laurence Laughlin was born on April 2, 1850 in Deerfield, Ohio. In the fall of 1869 he entered Harvard College and was graduated summa cum laude in history in 1873. He continued the study of history under Henry Adams at Harvard. He also taught at Hopkinson’s Classical School in Boston. In 1876 he received his Ph. D. degree for his thesis on “The Anglo-Saxon Legal Procedure.”

In the fall of 1878 Laughlin was appointed instructor of political economy at Harvard. After receiving graduate training in economics, he was appointed an assistant professor at Harvard (1883-1888); during this period, Laughlin organized and sponsored the Political Economy Club. He also completed his History of Bimetallism in the United States in 1885. In 1888 Laughlin left Harvard and became president of the Manufacturer’s Mutual Life Insurance Company of Philadelphia. He accepted a professorship in Political Economy at Cornell University in 1890.

Two years later President Harper appointed Laughlin Head Professor of Political Economy at the new University of Chicago. At Chicago, Laughlin introduced the seminar as a method of instruction and founded the Journal of Political Economy. In 1894, Laughlin proposed that the University establish a School of Commerce and Industry. The new professional school, which began undergraduate instruction in 1898, evolved into the Graduate School of Business.

In 1916 Laughlin became Professor Emeritus. He moved to East Jaffery, New Hampshire, where he completed his Credit of Nations, published in 1918. He also wrote numerous magazine articles, largely on labor questions, including “Monopoly of Labor.” He died on November 28, 1933.

Source:University of Chicago Library. Guide to the James Laurence Laughlin Papers 1885-1914.

__________________

The University of Chicago
Founded by John D. Rockefeller
Office of the President

March 9, 1910

Dear Mr. Laughlin:-

I enclose copy of the original statute of the University, which has never been repealed, relating to the duties of Heads of Departments. This was printed in Bulletin #1, which we all read with so much interest at the opening of the University, and in accordance with which the original arrangements were all made. I thought you would be interested.

Very truly yours,
[signed] H. P. Judson

Mr. J. Laurence Laughlin,
The University of Chicago

 

Source:  The Library of Congress, Manuscript Division.Papers of James Laurence Laughlin. Box 1, Folder “1910: Miscellaneous Correspondence”.

__________________

From THE ORGANIZATION OF THE UNIVERSITY.

[…]

Heads of Departments, who shall in each case

(1) Supervise, in general, the entire work of the department.

(2) Prepare all entrance and prize examination papers, and approve all course examination papers prepared by other instructors.

(3) Arrange, in consultation with the Dean and with other instructors in the department, the particular courses of instruction to be offered from quarter to quarter.

(4) Examine all theses offered in the department.

(5) Determine, in consultation with the instructors, the text-books to be used in the department.

(6) Edit any papers or journals which may be published by the University on subjects in the department.

(7) Conduct the Club or Seminar of the department.

(8) Consult with the librarian as to books and periodicals in the department needed in the University and Departmental Libraries.

(9) Consult with the President as to the appointment of instructors in the department.

(10) Countersign the course-certificates in the department.

[…]

 

Source: Ibid. and University of Chicago. Official Bulletin, No. 1 (January 1891), p. 11.

Image Source:  J. Laurence Laughlin (standing left) and President William Rainey Harper (standing right) and John D. Rockefeller, Sr. (sitting, with top-hat) at the cornerstone laying for the University Press Building in 1901. University of Chicago Photographic Archive, apf2-05937, Special Collections Research Center, University of Chicago Library.

 

Categories
Chicago Economics Programs Economist Market Economists NYU

Chicago. Chester Wright recounts J. Laurence Laughlin to Alfred Bornmann in 1939

 

 

In 1939 a NYU graduate student, Alfred H. Bornemann, wrote to the University of Chicago economic historian Chester W. Wright requesting any of the latter’s personal memories of the first head of the Chicago Department of Political Economy, J. Laurence Laughlin. Bornemann’s letter and Wright’ response are transcribed below. Results from Bornemann’s project were published in 1940 as J. Laurence Laughlin: Chapters in the Career of an Economist. I have added Bornemann’s AEA membership data from 1948 and his New York Times obituary to round out the post.

Reading Wright’s letter it is easy to convince oneself that any oral history interview is more likely to extract something from a witness than is an open-ended request for a written statement. Still, an artifact is an artifact and Wright’s response is now entered into the digital record.

________________________________

1948 Listing in the AEA Membership Roll

BORNEMANN, Alfred H., 1618 Jefferson Ave., Brooklyn 27, N. Y. (1939). Long Island Univ., teach., res.; b. 1908; B.A., 1933, M.A., 1937, Ph.D., 1941, New York. Fields 7 [Money and Banking; Short-term Credit; Consumer Finance], 6 [Business Fluctuations].

Source:   “Alphabetical List of Members (as of June 15, 1948).” The American Economic Review 39, no. 1 (1949): 1-208. .p. 20.

________________________________

Alfred Bornemann, 82, Economist and Author
New York Times Obituary of May 3, 1991

Alfred H. Bornemann, an economist who taught at several colleges and who wrote extensively on economics, died on Friday at his home in Englewood, N.J. He was 82 years old.

He died of liver and colon cancer, his family said.

Dr. Bornemann was a professor at Norwich University and chairman of its department of economics and businness administration from 1951 to 1958. He taught at C. W. Post College of Long Island University from 1960 to 1966 and at Hunter and Kingsborough Colleges of the City University of New York from 1967 to 1974.

He wrote, among other books, “Fundamentals of Industrial Management,” published in 1963; “Essentials of Purchasing” (1974) and “Fifty Years of Ideology: A Selective Survey of Academic Economics” (1981).

Dr. Bornemann was born in Queens and received bachelor’s, master’s and doctoral degrees from New York University. He was an accountant with Cities Service and with the American Water Works and Electric Company before beginning his teaching career at N.Y.U. in 1940.

He is survived by his wife, the former Bertha Kohl; a son, Alfred R., of Bayonne, N.J., and a brother, Edwin, of Liberty, N.Y.

Source: New York Times Obituaries, May 3, 1991.

________________________________

Bornemann’s book and doctoral thesis about J. Laurence Laughlin

Alfred Bornemann. J. Laurence Laughlin: Chapters in the Career of an Economist. Introduction by Leon C. Marshall. (Washington,: American Council on Public Affairs,1940).

Chief sources: Agatha Laughlin’s recollections of her father; Letters from numerous colleagues and students; Laughlin papers in the University of Chicago and in the Library of Congress. His 300 odd books and articles published, 1876-1933.

Source: FRASER. Committee on the History of the Federal Reserve System. Biographies, Memoirs, Personal Reminiscences: American: U. Economists (Date 1956).

Downloadable doctoral thesis

Bornemann’s 1940 NYU PhD thesis (degree awarded in 1941) on J. Laurence Laughlin. 420 typewritten leaves (LOC: LD3907/.G7/1941/.B6). Downloadable pdf copy of the dissertation for libraries with access to ProQuest Dissertations & Theses Global!

________________________________

Handwritten letter from Alfred Borneman to Chester W. Wright requesting personal observations of J. L. Laughlin and the Department of Political Economy of the University of Chicago

1618 Jefferson Ave.,
Brooklyn, NY.
Jan 12, 1939.

Professor C. W. Wright,
University of Chicago,
Chicago, Illinois.

Dear Professor Wright,

I am writing a thesis on J. Laurence Laughlin, as I believe Professor Mayer has already told you. What I am trying to do, among other things, is to write a chapter on “Faculty, Fellows and Students” in Laughlin’s Department at Chicago. In this chapter, I hope to tell as much as I can about the background in the Department and about the men connected with it.

As I understand it, you were appointed instructor in 1907, assistant professor in 1910, and associate professor in 1913. Can you tell me anything of interest in connection with your original appointment, that is, where you were teaching and where you got the Ph.D.? Marshall, I think, was also appointed in 1907, but even though he did not have the Ph.D. he was made a professor in 1911. Can you suggest the reason for his more rapid advancement?

On the other hand, I may suggest that apparently you and Marshall and Field were the first to be advanced so rapidly. In any event you seem to have been advanced more rapidly than Veblen and Hoxie. It is possible that in the early days he had a different attitude.

Of course there is so much which you experience under Laughlin that would be of value to me to know about that I scarcely know how to ask you anything. Alvin Johnson has suggested that Laughlin was a neurotic and he would explain him in psychological terms, which, of course, I shall not do. But his characterization may suggest some thoughts to your mind. Moulton, incidentally, says Johnson could never have known Laughlin well enough to arrive at his conclusion, because Laughlin had few intimate friends.

I do not know, of course, how much interest you had in Laughlin’s public work or his theories, so that what I am asking you largely concerns his Department. If you care to give me any observations with respect to these two phases, however, I should naturally greatly appreciate your doing so.

But I believe you could give me most invaluable information by your recollections of your years under Laughlin and how he saw the Department, as well as possibly some of the background.

For anything which you can find the time to tell me I shall be grateful.

Cordially yours,

Alfred Borneman

 

Carbon copy of Chester W. Wright’s reply to Alfred Borneman

February 27, 1939

Mr. Alfred Borneman
1618 Jefferson Avenue
Brooklyn, New York

My dear Mr. Borneman:

I am sorry to have been so long in replying to your inquiry, but have been very rushed the last few weeks and assumed there was no need for an immediate answer.

I presume Professor Laughlin’s attention was called to me by the staff at Harvard as it seems to have been his policy to make inquiries there when he had positions to be filled. I received my Ph.D. degree at Harvard in 1906 and during the following year taught at Cornell University. It was while I was there that I received a request from Professor Laughlin to meet him for an interview in Philadelphia, following which he offered me the appointment at Chicago which I decided to accept.

Professor Marshall came to Chicago at the same time. As I recollect, he had been teaching at Ohio Wesleyan for several years after completing two or three years of graduate work at Harvard, though he did not remain there to write a thesis and get his Ph.D. degree. Since he was recognized as an excellent teacher and very competent in administrative work, the fact that he did not have a Ph.D. degree was never considered an obstacle to his promotion any more that in the case of J. A. Field, who only held a Bachelor’s degree. I presume the explanation for the more rapid advancement of the men who came to the Department at Chicago about this time is that they proved to be more of the type in whom Laughlin had confidence. President Judson, I believe, had unusual confidence in Laughlin, so the latter was able to get his recommendations approved.

Of the men already in the Department when I came, Cummings and Hill were not conspicuous successes either as teachers or productive scholars. I suspect there was no pressure either to promote them or to keep them when they had chances to go elsewhere. Just why Davenport left, I never knew. Hoxie was eventually made a full professor on the strength of his recognized success as a teacher and a student of labor problems despite views on these problems which must have seemed rather questionable to one of Laughlin’s conservatism.

Professor Laughlin was very much a gentleman of the old school and placed considerable emphasis on what he called “a sense of form.” Possibly the fact that he thought the men coming into the Department about my time and later had more of this sense of form may have been a factor in their advancement. It has never occurred to me that Laughlin was of the neurotic type, though Hoxie was.

As Laughlin’s theoretical and public work was entirely outside of my field of special interest, I cannot very profitably discuss it.

In his conduct of the Department, I had no feeling that he was autocratic or unreasonable. My recollection is that most matters of general interest were discussed among the members of the Department and commonly acted upon as decided by the group. I suspect that this may have been more generally the case after about the time I came to the Department here than it had been formerly, but I have no definite knowledge on this point.

Sincerely yours,

Chester W. Wright

CWW-W

Source: University of Chicago Archives. Department of Economics, Records. Box 41, Folder 12.

Image Source:  Dr. Alfred Bornemann in C. W. Post College Yearbook, 1966.

Categories
Courses Gender Harvard Radcliffe

Harvard. Pre-Radcliffe economics instruction for women, 1879-1893

 

Before there was a Radcliffe College, there was  “A Society for the Private Collegiate Instruction of Women by Professors and other Instructors of Harvard College”. Below are excerpts mostly relating to political economy and economics courses from the fourteen reports that preceeded the official establishment of Radcliffe College in 1893/94. I have highlighted the economics references but definitely recommend reading the other text as well. For several years early on enrollments in economics were actually zero. By 1892 seventeen women were enrolled in the introductory economics course. The course descriptions get more detailed in the last half-dozen or so reports.

________________________

REPORT OF THE WORK OF THE FIRST YEAR.
[1879-80]

The Managers of the plan for the Private Collegiate Instruction for Women by Professors and other Instructors of Harvard College take pleasure in making the following Report to the supporters of the undertaking. Funds amounting to more than sixteen thousand dollars were subscribed, by a small number of persons payable at various times within four years from the beginning of the work, according to the needs of the Managers. The Report of the Treasurer, given below, shows the sums paid in, and the mode of their expenditure during the year. The movement was first brought to public notice by a circular issued February 22, 1879. The requisites for admission to the courses of instruction were published in a second circular, issued April 19, and the first examination was held at Cambridge, September 24-27, after which the classes began to receive instruction immediately. Twenty-seven ladies began the year, one of whom soon after left to study abroad, and another withdrew on account of the difficulty of coming to Cambridge regularly while living in another town. The remaining twenty-five continued through the year. At the examination four ladies were examined on a preparatory course the same as that required for admission to college, one on a course akin to that of the Women’s Examination and the remainder in one or more branches. Three began a regular course, the studies taken being the same as those of a first year’s course in college. Another began a four years’ course of advanced studies. The others were special students, of whom thirteen took one study, four took two, and four took four.

Of the different departments of study,

Greek was taken by 6;
Latin by 9;
Sanskrit by 1;
English by 5;
German by 5;
French by 6;
Philosophy by 4;
Political Economy by 6;
History by 4;
Music by 1;
Mathematics by 7;
Physics by 3;
Botany by 5.

 

In Greek, three read Lysias, Plato, and Homer with Mr. L. B. R. Briggs.

One studied Greek Composition and Written Translation with Mr. White.

Two read the Agamemnon and Eumenides of Aeschylus, and Thucydides with Mr Goodwin.

In Latin, five read Livy and the Odes of Horace with Mr. Hale.

Three studied Latin Composition and Translation at Sight with Mr. Gould.

Two read Pliny’s Letters and Tacitus with Mr. Lane.

In Sanskrit, one studied with Mr. Greenough.

In English, four studied Composition with Mr. Hill.

In German, four took the elementary course with Mr. Bartlett.

One studied German Composition and Oral Exercises, and German Literature from Luther to Lessing, with Mr. Sheldon.

Two studied Goethe and German Literature of the XIX. Century with Mr. Bartlett.

In French, three took Mr. Bôcher’s course in La Fontaine, Racine, Taine, and Alfred de Musset.

Two studied the Literature of the XIX. Century with Mr. Jacquinot.

In Philosophy, three studied Metaphysics and Logic with Mr. Palmer.

In Political Economy, six studied with Mr. [James Laurence] Laughlin.

In History, one studied the period of the Revival of Learning and the Reformation with Mr. Emerton.

Two studied the period of the French Revolution with Mr. Bendelari.

In Music, one studied Harmony and Counterpoint with Mr. Paine.

In Mathematics, two studied Solid Geometry, Plane Trigonometry, and Advanced Algebra with Mr. G. R. Briggs.

Three studied Analytical Geometry with Mr. Byerly.

Two studied the Differential and Integral Calculus with Mr. J. M. Peirce.

One received instruction from Mr. Benjamin Peirce in Quaternions.

In Physics, three studied Descriptive Physics, — Mechanics, Light, and Heat with Mr. Willson.

In Natural History, three received Laboratory Instruction in the Microscopic Anatomy, Physiology, and Development of Plants with Mr. Goodale.

Regular examinations were held in the middle and at the end of the year, which were passed by the students with credit.

Recitation rooms were rented in two private houses on Appian Way, and there was also provided a separate apartment for the convenience of students who need a place where they can spend the intervals between recitations. Here some of the instructors have left books of reference from time to time. The students have been encouraged to make free use of this room. Blackboards, tables, etc., have been provided for there citation rooms

During the year the Secretary has kept a list of the names of those private families in which students could find board and lodging. On this list only such names were recorded as were approved by the Managers.

There has been no difficulty in finding comfortable and suitable homes for those students who were not provided for by their friends.

 

There are now forty-two ladies in the following classes:—

In Greek, 4 classes, and 18 students.
In Latin, 4 classes, and 15 students.
In English, 2 classes, and 10 students.
In German, 3 classes, and 10 students.
In French, 1 class, and 2 students.
In Italian, 1 class, and 2 students.
In Philosophy, 2 classes, and 8 students.
In Pol. Econ’y, 1 class, and 1 student.
In History, 3 classes, and 8 students.
In Mathematics, 4 classes, and 10 students.
In Physics, 1 class, and 4 students.
In Botany, 1 class, and 2 students.
In Astronomy, 2 classes, and 3 students.

The twenty-nine classes are taught by seven Professors, four Assistant Professors and twelve Instructors.

Ten ladies are pursuing the regular course of four years. Of the remainder, twenty-one take one course, seven take two curses, and four take four courses.

ARTHUR GILMAN,
Secretary.

Cambridge, Nov. 10, 1880

 

Source: Private Collegiate Instruction for Women in Cambridge, Mass. Courses of Study for 1880-81, with Requisitions for Admission and Report of the First Year. Cambridge, Mass.: William H. Wheeler, 1880. Pages 12-15.

________________________

Courses of Study for the Year 1880-1881

Two hours of instruction a week will be given in all courses not otherwise designated.

VIII. POLITICAL ECONOMY.

  1. Principles of Political Economy. Financial Legislation of the United States. Mr. Laughlin

  2. Advanced Course. Cairnes’ Leading Principles of Political Economy. Blanqui’s History of Political Economy. Mr. Laughlin

 

Source: Private Collegiate Instruction for Women in Cambridge, Mass. Courses of Study for 1880-81, with Requisitions for Admission and Report of the First Year. Cambridge, Mass.: William H. Wheeler, 1880. Pages 3, 5.

________________________

 

WORK OF THE SECOND YEAR
[1880-81]

During the second year of the operation of the plan for the Private Collegiate Instruction of Women by Professors and other Instructors of Harvard College, forty-seven ladies were connected with the classes.

Numbers in the Classes.

The following table exhibits the numbers in the different classes: —

In Greek, 4 classes, and 21 students.
In Latin, 4 classes, and 17 students.
In English, 2 classes, and 9 students.
In German, 3 classes, and 11 students.
In French, 1 class, and 2 students.
In Italian, 1 class, and 2 students.
In Philosophy, 2 classes, and 9 students.
In Pol. Econ’y, 1 class, and 1 student.
In History, 3 classes, and 12 students.
In Mathematics, 4 classes, and 11 students.
In Physics, 1 class, and 5 students.
In Botany, 1 class, and 2 students.
In Astronomy, 2 classes, and 4 students.

 

The twenty-nine classes were taught by eight Professors, three Assistant-Professors and twelve Instructors of Harvard College, and the instruction given is a repetition of that of the College in the different departments.

 

Work in the Class Room.

There were four classes in Greek. Three ladies read in Aeschylus, Pindar and Aristotle with Mr. Goodwin.

Three studied Greek Composition and Written Translation at Sight with Mr. White.

Four read from Plato (Phaedo), Sophocles (Ajax) and Euripides (Medea) with Mr. Wheeler.

Ten read Plato’s Apology and Crito, and Homer’s Odyssey with Mr. Briggs.

The Latin classes were the following: – Mr. Lane had three in Pliny’s Letters, Horace, Plautus and Cicero.

Mr. J.H. Wheeler had three in Composition and Translation at Sight.

Mr. Greenough had three in Cicero’s Epistles, Terence and the Epistles of Horace.

Mr. Gould had nine in the Odes and Epodes of Horace, Cicero de Amicitia and Composition.

In English, Mr. Hill had four in Composition and five in Literature.

In German, Mr. Bartlett had three in Parzival and other mediaeval poems, and five in Elementary German.

Mr. Sheldon had three in the Romantic School, Lyric Poetry and the practice of writing German.

In French Mr. Jacquinot had two in the study of French Prose.

In Italian, two took the elementary course under Mr. Bendelari.

In Philosophy, Mr. Palmer had six in Metaphysics and Logic and three in the study of Locke, Berkeley and Hume.

In Political Economy, Mr. [James Laurence] Laughlin gave the advance course to one student who had begun the study the previous year.

In History, Mr. Emerton had three in the European History of the Middle Ages.

Mr. MacVane had one in the Mediaeval and Modern History of France and England, who had begun the previous year.

Mr. Young had eight in an Introduction to the Study of History. This was a course of lectures begun by Mr. Emerton, but resigned to Mr. Young on account of an unexpected pressure of other work.

In Mathematics, Mr. Peirce had one student in Quaternions.

Mr. Byerly had two in the Differential Calculus.

Mr. H.N. Wheeler had two in Analytic Geometry.

Mr. Briggs had six in Solid Geometry, Plan Trigonometry and Algebra.

In Physics, Mr. Willson had five in Descriptive Physics, — Mechanics, Light and Heat.

In Botany, Mr. Goodale had four in Laboratory Instruction in the Microscopic Anatomy, Physiology and Development of Plants.

In Astronomy, Mr. Waldo had two students in Descriptive and Practical Astronomy.

 

Readings and Lectures.

The Calendar of the University has been regularly posted upon our bulletin-board, and the students thus notified of the Lectures by the Professors, and the Readings from classical authors, to which they were privileged to go. A number of them have been present at the readings by Professor Child from Chaucer, at the lectures of Professor Lanman on the Veda, and at the Greek readings of Professors Goodwin, White, and Palmer, and of Mr. Dyer and Mr. Briggs. The performance of the Oedipus Tyrannus in Sanders Theatre was an extraordinary opportunity for becoming acquainted with a phase of Greek literature and life which was of as great advantage to the young ladies as to the students of the University.

 

Courses Offered but not Called For.

A comparison of the studies actually pursued by the young ladies and the electives offered in the circular at the beginning of the year shows that thirty-one courses of instruction, offered by twenty-three instructors, were not called for by actual students. Though some of the present students will take some of these courses at other stages of their progress, the comparison seems to indicate on the part of women seeking the higher education a tendency towards the traditional classical curriculum and not towards science, and that the preparatory schools offer advantages for obtaining a knowledge of French and Italian sufficient for most women. All the courses in Greek were taken.

The following list shows the courses not called for:—

LATIN. Latin Poetical Literature, Lectures on the Latin Poets. MR. SMITH. – Cicero, Lucretius and Seneca. MR. GOULD.

SANSKRIT and Comparative Philology. MR GREENOUGH.

ENGLISH. Milton. Lectures on English Literature. MR. PERRY. – Elocution. MR. TICKNOR.

GERMAN. Niebelungenlied or Gudrun. Selections from Goethe or Schiller. MR. LUTZ. — German Literature (Goethe, Schiller and Jean Paul). DR. HEDGE.

FRENCH. Elementary Course. French Prose. MR. JACQUINOT. – Romance Philology. MR. SHELDON and MR. BENDELARI.

ITALIAN. Elementary Course. MR. BENDELARI. — Dante. MR. NORTON.

SPANISH. Course by MR. BENDELARI.

PHILOSOPHY. Psychology. DR. JAMES. – German Philosophy (Critical Study of Kant, Hegel or Schopenhauer). DR. EVERETT. – Ethics. DR. PEABODY. – Advanced Logic. DR. PEABODY.

POLITICAL ECONOMY. Principles. Financial Legislation of the United States. MR. [James Laurence] LAUGHLIN.

HISTORY. The French Revolution. MR. BENDELARI. – The First Ten Christian Centuries or Catholic Civilization of the Middle Ages. Mr. ALLEN.

MUSIC. Harmony and Counterpoint. History of Music. The Instrumental Music of Haydn, Mozart, Beethoven and their successors. (Three distinct courses.) MR. PAINE.

MATHEMATICS. Cosmical Physics. Prof. BENJAMIN PEIRCE.

PHYSICS. Experimental Physics. (Mayer’s Treatise on Light and Sound.) MR. TROWBRIDGE.

MINERALOGY. Crystallography. Mineralogy. MR. MELVILLE.

NATURAL HISTORY. Physical Geography, Structural Geology and Meteorology. MR. DAVIS. – Elementary Botany. Under direction of MR. GOODALE. – Zoology. Lectures by MR. MARK. – Laboratory Work in the Anatomy and Histology of Animals. MR. MARK

[…]

The Future.

The Managers do not make prognostications regarding the future. Their simple purpose from the beginning has been to try the experiment of offering to women advantages that had previously been given to men only. They have in no way endeavored to attract students, but have merely proposed to supply the demands made upon them by duplicating the courses of instruction given in the College. Their success has been beyond their expectations. They have proved that there exists in the community a class of women capable of taking this grade of instruction, and requiring it. The co-operation of the Instructors of the College has been so cheerfully rendered and their work so carefully done that nothing is left to be desired in that direction.

The students have conducted themselves in a manner so exemplary and in all respects satisfactory, notwithstanding the almost entire freedom to which they have been left, that they have rendered the work of both Managers and Instructors pleasant, and have prepared the public to support the movement with heartiness.

The preparatory schools find that there is an increase in the number of young women taking the classical course, and they will soon become more effectual feeders to our classes. The prospect seems to be that the number of students entering for the course of four years will regularly increase, but a rapid augmentation of numbers can hardly be expected.

The Managers raised funds at the beginning of their work, sufficient, in their opinion, to carry it forward four years. Two of those have passed and the funds have not been drawn upon to so great an extent as was anticipated. It may be that the work can be continued for six years, but at the end of that time the Managers will consider that their work has been accomplished.

If, at that time, it appears that it is desirable to make the work permanent, the responsibility will be laid upon the public. Large funds will be required, and the Managers doubt not that they will be contributed.

The endowment at Cambridge of an Institution for Women of the high grade that the Managers have in view would be an honor to women, and women will be found ready to make it sure.

ARTHUR GILMAN.
Secretary

Cambridge, Mass.
December 10, 1881.

 

Source: Private Collegiate Instruction for Women by Professors and Other Instructors of Harvard College. Second Year Reports of the Treasurer and Secretary. Cambridge, Mass.: William H. Wheeler, 1881. Pages 3-6, 10.

________________________

THE SOCIETY FOR THE COLLEGIATE INSTRUCTION OF WOMEN.
THIRD YEAR.
[1881-82]

The year that has just closed marks an era in the history of the instruction of women by the Professors and other Instructors of Harvard College, for during it the. Managers have obtained a Charter under the seal of the State of Massachusetts, and a legal name, “The Society for the Collegiate Instruction of Women.”

The Charter states the objects of the organization to be to promote the education of women with the assistance of the Instructors in, Harvard University, “and for this purpose it empowers the Society to “employ teachers, furnish instruction, give aid to deserving students, procure and hold books, suitable apparatus ,and lands and buildings for the accommodation of officers, teachers and students,” to “perform all acts appropriate to the main purpose of the Association.” and to transfer “the whole or any part of its funds or property to the President and Fellows of Harvard College,” whenever the same can be so done as to advance the purpose for which the Society is chartered, in a manner satisfactory to the Association.

The Charter is ample for the present needs of the Society, and places it in a position to receive funds and to hold and administer them legally for the purposes of the collegiate instruction of women. It makes it practicable for the Society to raise a proper endowment to establish the work upon a permanent basis, and it seems that the moment has arrived when the contribution of an adequate fund will found an institution that will give women advantages in Cambridge equal to those enjoyed from time immemorial by their more favored brothers. The students are here in considerable numbers, and they are properly prepared for the instruction that is offered for them. Others are now passing through preparatory courses with the intention of coming here, and there is a prospect that the classes will be kept up year by year by a succession of earnest women who will go out to raise the average of intelligence throughout various portions of the land.

It may be said with some confidence that a fund of one-tenth the size of that represented by the property and endowments of Harvard University, contributed to this Society now, will give women greater privileges than are within their reach in America, and will make them permanent.

The Society not Creating, but Satisfying a Demand.

It is not the purpose of the Society to stimulate a demand for the education that it offers. Its directors have never held the doctrine that it is the duty of every young woman to pass through a regular course of study such as is represented by the four years’ course of the candidates for the Bachelor’s degree in College. It is their wish simply to offer to women advantages for this highest instruction, and to admit to the privileges of the Society any who may actually need them.

The teachers of America are to a large degree women, and it is desirable that all women who select this profession should be as well prepared to perform its duties as the men are who are engaged in similar work. But it is not teachers only who wish the highest cultivation of the mental powers. Many women study with us for the sake of the general addition to their knowledge. It is not demanded that every man who takes a collegiate course shall become a teacher, and more must not be expected of women.

Numbers of Students in the Different Classes.

 

Department No. of Classes. No. of Students.
Greek 4 23
Latin 4 16
English 4 25
German 4 14
French 2 4
Italian 1 1
Fine Arts 1 1
History 2 11
Mathematics 4 12
Physics 1 3
Botany 1 5

 

[…]

Courses Offered but not Taken

Latin. One course offered was not called for.
Sanskrit. Two courses.
English. One course.
French. Two courses.
Italian. One course.
Spanish. One course.
Philosophy. One course.
Political Economy. Two courses.
History. Three courses.
Fine Arts. One course.
Music. Three courses.
Astronomy. Two courses.
Mineralogy. Two courses.
Physical Geography. One course.
Meteorology. One course.
Botany. One course.
Zoology. Two courses. (One of Lectures and one of Laboratory Work.)

It appears that twenty-eight courses were given during the year, and twenty-seven that were offered were not given. This shows that the courses offered are for the present beyond the immediate demand for any one year, but, as the demand varies from year to year, with the progress of the different classes and the differing tastes and needs, of the students, the list of electives cannot be curtailed to advantage.

It will be seen that the managers have endeavored to use a liberal discretion in the application of the privilege reserved to them, of withholding any course not applied for by three properly prepared candidates. They have waived the rule in the case of any student whose stage of progress made any special course a necessity for her during the year. It must at times happen that the highest courses will be applied for by small numbers, and in such cases the rule must be occasionally waived, or the most advanced students discouraged.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Third Year Reports of the Treasurer and Secretary. Cambridge, Mass.: William H. Wheeler, 1882. Pages   3-5 ,7-8.

________________________

 

From Fifth Year [1883-84] Annual Report

Department No. of Classes. No. of Students
1882-83. 1883-84. 1882-83. 1883-84.
Sanskrit 0 1 0 1
Greek 5 6 23 43
Latin 4 4 22 27
English 3 4 15 38
German 3 3 14 18
French 1 1 4 5
Philosophy 1 2 5 11
Music 0 1 0 3
History 3 2 9 12
Mathematics 2 2 11 10
Physics 1 1 8 5
Astronomy 2 0 4 0
Botany 2 1 5 9
Totals 27 28 120 182

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Fifth Year Reports of the Treasurer and Secretary, 1884. p. 9.

________________________

From Sixth Year [1884-85] Annual Report

 

Department No. of Classes.
1884-85.
No. of Students.
1884-85.
Greek 4 25
Latin 5 31
English 4 59
German 3 16
French 2 12
Philosophy 3 16
Political Economy 1 9
History 4 20
Mathematics 3 16
Physics 1 6
Zoology 1 4
Totals 31 214

[…]

Political Economy.

Nine heard lectures from Professor [James Laurence] Laughlin on Banking and on Finance, and studied under him Mill’s Principles of Political Economy.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Sixth Year Reports of the Treasurer and Secretary, 1885, p. 9, 11

 

_______________________

From Seventh Year [1885-86] Annual Report
November 16, 1886

[…]

Political Economy.

Professor [James Laurence] Laughlin. Mill’s Principles of Political Economy. Lectures on Banking and the Financial Legislation of the United States.—6 [students].

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Seventh Year Reports of the Treasurer and Secretary, 1886, p. 12

________________________

 

From Eighth Year [1886-87] Annual Report
October 25, 1887

[…]

Political Economy.

Professor [James Laurence] Laughlin. Mill’s Principles of Political Economy. Dunbar’s Chapters on Banking. Lectures.—7 [students].

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Eighth Year Reports of the Treasurer and Secretary, 1887, p. 11.

________________________

From Ninth Year [1887-88] Annual Report
November 5, 1888

[…]

Political Economy.

Professor [James Laurence] Laughlin and Mr. Coggeshall. — Mill’s Principles of Political Economy. Dunbar’s Chapters on Banking. Lectures on Money, Finance, Labor and Capital, Coöperation, Socialism and Taxation.—5 [students].

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Ninth Year Reports of the Treasurer and Secretary, 1888, p. 18.

________________________

From Tenth Year [1888-89] Annual Report
October 29, 1889

[…]

Political Economy.

Professor [Frank William] Taussig and Mr. [Francis Cleaveland] Huntington. 1st half year. “Principles of Political Economy.” J. S. Mill (Laughlin’s Edition) Books I, II, III, and IV. Lectures on Co-operation (Mr. Taussig). 2nd half year, “Some Leading Principles of Political Economy.” J. E. Cairnes. The whole book except Chapters 4 and 5 of Part I. “History of Bimetallism in the United States.” J. L. Laughlin.—7 students.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Tenth Year Reports of the Treasurer and Secretary, 1889, p. 16.

________________________

From Eleventh Year [1889-90] Annual Report
October 28, 1890

[…]

Political Economy.

Mr. [Edward Campbell] Mason. First half year. Principles of Political Economy. J. S. Mill. Books I, II (omitting Chapters V-X), III (Chapters I-XVI). Second half-year. The working Principles of Political Economy, by S. M. Macvane. Chapters XXV XXVI. Principles of Political Economy. J. S. Mill. Books III (Chapters XVII, XVIII), V (Chapters I-VII). Some Leading Principles of Political Economy, by J. E. Cairnes. The whole book except Chapter 5, Part I.—5 students.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Eleventh Year Reports of the Treasurer and Secretary, 1890, p. 25.

________________________

From Twelfth Year [1890-91] Annual Report
October 27, 1891

[…]

Political Economy.

Mr. [Edward Campbell] Mason and Mr. [William Morse] Cole — Mill’s Principles of Political Economy: Book I; Book II, Chap. XI et seq; Book III, to chap. XXIV; Book IV, to chap. VII. Cairnes’s Some Leading Principles of Political Economy. Lectures: Socialism; Banking; Recent Financial History in U. S. During the first half year attention was given to the main principles of Political Economy. In the second half-year the object was to illustrate the application of principles dealt with in the first half-year, and to give general information on certain economic questions of practical importance. The work was mainly descriptive and historical and was carried on partly by lectures and partly by the discussion of the books mentioned above.—8 students.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Twelfth Year Reports of the Treasurer and Secretary, 1891, p. 23.

________________________

From Thirteenth Year [1891-92] Annual Report
October 25, 1892

[…]

Political Economy.

(Primarily for Undergraduates.)

Professor [Frank William] Taussig and Mr. [William Morse] Cole. — Mill’s Principles of Political Economy: Production; Wages, Profits, Rent; Value; Money and Credit; International Trade; Progress of Society; Taxation. Cairnes’s Some Leading Principles of Political Economy. Lectures; Social Questions, Banking, Recent Financial History in the United States. During three-quarters of the year attention was given to the main principles of Political Economy. During the remainder of the year the work consisted of the application of principles and the description of some leading economic features of society. — 17 students.

 

(For Graduates and Undergraduates.)

Mr. [Edward] Cummings. — The Principles of Sociology. — Development of the Modern State, and of its Social Functions.

An introductory course in sociology, intended to give a comprehensive view of the structure and development of society in relation to some of the more characteristic ethical and industrial tendencies of the present day.

The course began with a hypothetical consideration of the relation of the individual to society and to the State-with a view to pointing out some theoretical misconceptions and practical errors traceable to an illegitimate use of the fundamental analogies and metaphysical formulas found in Comte, Spencer, P. Leroy Beaulieu, Schaeffle, and other publicists.

The second part followed more in detail the ethical and economic growth of society. Beginning with the development of social instincts manifested in voluntary organization, it considered the genesis and theory of natural rights, the function of legislation, the sociological significance of the status of women and of the family and other institutions — with a view to tracing the evolution of certain types of society based upon a more or less complete recognition of the social ideals already considered.

The last part dealt with certain tendencies of the modern state, discussing especially the province and limits of state activity, with some comparison of the Anglo-Saxon and the continental theory and practice in regard to private initiative and state intervention in relation to public works, industrial development, philanthropy, education, labor organization, and the like.

Each student selected for special investigation some question closely related to the theoretical or practical aspects of the course; and a certain amount of systematic reading was expected. — 6 students.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Thirteenth Year Reports of the Treasurer and Secretary, 1892, pp. 25-26.

________________________

From Fourteenth Year [1892-93] Annual Report
October 31, 1893

[…]

History

(Primarily for Graduates.)

Professors [William J.] Ashley and [Abert Bushnell] Hart.— Seminary in Economic and American History. The purpose of this research course was to train students in the use of sources, in the collection of material, and in reaching independent results on important questions. Each student had frequent conferences with one or other of the instructors; the general exercises were lectures on methods by the instructors, and papers prepared by the students as reports of their work. The subjects studied were Manumission in America; the early phases of the Anti-slavery movement; the Freedman’s Bureau; Serfdom in England; the Black Death; and the Peasant’s Revolt of 1381. The students had the use of the Harvard College Library and of the various Boston libraries. — 6 students (1 graduate).

[…]

Economic [sic].

(Primarily for Undergraduates.)

Professor [William J.] Ashley and Mr. [William Morse] Cole. — The first half-year was devoted to a consideration of the main conceptions of Political Economy, and the work took the form of recitations based upon Mill’s Principles.
The class read the chapters on the functions of labor, capital and land and the laws governing their increase; on the distribution of produce among laborers, capitalists and landholders; on the exchange value, both domestic and international, of commodities; on the functions of money and the laws governing its value; on the influence of progress upon the production and distribution of wealth. The class-room work consisted of general informal discussion suggested by the chapters read, with the intent that the students should acquire facility in independent thinking upon economic subjects.
The second half-year was chiefly occupied by lectures on Socialism, Methods of Industrial Remuneration, Taxation, Protection, Banking and Currency. Students were required to read certain portions of Rae, Contemporary Socialism, Schloss, Methods of Industrial Remuneration, Dunbar, Banking, Taussig, Silver Situation, and other works. — 8 students.

 

Professor [William J.] Ashley. — The Economic History of Europe and America, down to the Eighteenth Century. This course of lectures and exercises dealt with the following topics, among others; the scope and purpose of economic history; the agricultural and industrial organization of the Roman Empire, — the villae and collegia; the tribal system of the Celts, Teutons, and Slavs; the problem of the origin of the manor; the manor in its complete form, and its subsequent transformation; the rise of commerce and industry, and the history of merchant gilds and craft gilds in relation thereto; the organization of international trade in the Middle Ages; the agricultural changes of the Sixteenth Century in England and elsewhere; the great trading companies; the woollen trade of England, and the domestic system of industry; the transition from English to American agrarian conditions. — 8 students.

 

(For Graduates and Undergraduates.)

Mr. [Edward] Cummings. — The Principles of Sociology. — Development of the Modern State, and of its Social Functions. An introductory course in sociology, intended to give a comprehensive view of the structure and development of society in relation to some of the more characteristic ethical and industrial tendencies of the present day.
The course began with a hypothetical consideration of the relation of the individual to society and to the State — with a view to pointing out some theoretical misconceptions and practical errors traceable to an illegitimate use of the fundamental analogies and metaphysical formulas found in Comte, Spencer, P. Leroy Beaulieu, Schaeffle, and other publicists.
The second part followed more in detail the ethical and economic growth of society. Beginning with the development of social instincts manifested in voluntary organization, it considered the genesis and theory of natural rights, the function of legislation, the sociological significance of the status of women and of the family and other institutions — with a view to tracing the evolution of certain types of society based upon a more or less complete recognition of the social ideals already considered.
The last part dealt with certain tendencies of the modern state, discussing especially the province and limits of state activity, with some comparison of the Anglo-Saxon and the continental theory and practice in regard to private initiative and state intervention in relation to public works, industrial development, philanthropy, education, labor organization, and the like.
Each student selected for special investigation some question closely related to the theoretical or practical aspect of the course; and a certain amount of systematic reading was expected. — 3 students.

 

Source: The Society for the Collegiate Instruction of Women by Professors and Other Instructors of Harvard College. Fourteenth Year Reports of the Treasurer and Secretary, 1893, pp. 34-38.

Image Source: Fay House,   Radcliffe College Archives W359459_1.

 

Categories
Amherst Chicago Columbia Economists

Columbia. John Maurice Clark. Autobiographical notes, 1949

 

The following recollections of John Maurice Clark of his earliest contacts with economic problems is found in a folder of his papers containing notes about his father, John Bates Clark. The hand-written notes are fairly clear until we come to a clear addition on the final page. Abbreviations are used there and the handwriting is not always clear. Still the pages together provide a few nice stories and short lists of J.M. Clark’s teachers and students.

______________________

June 8, 1949

J.M.C.’s recollections of his earliest contacts with economic problems.

I think my earliest contact with an economic problem came on learning that the carpenter who sometimes came to do odd jobs for us at 23 Round Hill got $2.00 a day. I had a special interest in that carpenter. He was a tall man, with a full, dark beard; and it had been my imprudent interest in his operation with the kitchen double-windows (putting on? taking off?) that led me to lean out of a hammock and over the low rail of our second-story porch, to watch him (I was between two and three at the time). Mechanical consequences—I descended rapidly, landing on my head, but apparently suffering no injury except biting my tongue. Subjective consequences – maybe it pounded a little caution into me at an early age; but the present point is that it fixed that carpenter in my memory as “the man who picked me up.” It was some time later I learned that he got $2.00 a day.

I don’t remember whether I took the initiative and asked, or not. The cost of things was often discussed in our house, and my mother often talked of the difficulty of making both ends meet. I knew my father’s salary, though I can’t be sure now whether it was $3,500 or less. Anyhow, it was maybe eight or ten times the carpenter’s pay; and I began wondering how he made both ends meet, and remarked to my father that $2.00 a day wasn’t much to live on. He answered that it was pretty good pay for that kind of work. So I learned there were two ways of looking at a daily stipend—as income to live on and as the price of the service you gave your employer. Or perhaps simply the standpoints of the recipient and the payer. But especially I learned there were people who had to adjust their ideas of what they could live on, to a fraction of the income we found skimpy for the things we thought of as necessary. In short, I had a lesson in classes and their multiple standards to ponder over; without reaching any very enlightening conclusions.

I don’t think I connected this with our friends the Willistons (of the family connected with Williston seminary in Easthampton) who lived in the big house above us and from whom we rented ours. They were evidently much richer than we. They had gone to Europe (and been shipwrecked on the way, and had to transfer at sea to a lumber-schooner, which threw its deckload of lumber overboard to enable it to take on the people from the helpless steamship. — but that’s another story.)

To return to the carpenter. I suppose today he’d get perhaps $16, more?, and a Smith College salary, for a full professor, might be $7,000 or $8,000. The discrepancy has shrunk to maybe 2/5—certainly less than half—of what it was then. That puzzling discrepancy was my first lesson in economics—the first I remember.

There was another lesson—if you could call it that—the summer we spent a while at the Stanley House (now gone) in Southwest Harbor, on Mt. Desert. The rich people went to Bar Harbor. At Southwest, there was Mr. Brierly who had a yacht. We took our outings in a rowboat, sometimes with the help of a spritsail. One time we were going up Somes Sound, and were passed by one of the biggest ocean-going steam yachts—the “Sultana”. It was a very impressive sight, in those narrow waters, and looked about as big as the “Queen Mary” would to me now. I don’t remember anybody doing any moralizing; but if they did, the impression it left was that we, in our fashion, were doing the same kind of thing they were.

My first contact with economic literature (not counting the subversive economics of Robin Hood, which we boys knew by heart, in the Howard Pyle version) was at 23 Round Hill, so I must have been less than nine. I found a little book on my father’s shelves that had pictures in it – queer pictures done in pen and ink, which puzzled me. There was a boy not much bigger than I was, in queer little knee-britches, acting as a teacher to a class of grown men (including I think a Professor Laughlin, under whom I later taught at the University of Chicago.) And there were classical females being maltreated by brutal men, and other queer things. I was curious enough to read some of the text, to find out about the pictures. It was “Coin’s Financial School,” the famous free-silver tract.

I read enough to become a convinced free-silverite. And then I had the shock of discovering that my beloved and respected father was on the wrong side of that question. I decided there must be more to it than I’d gotten out of the queer picture-book. I suppose that was my first lesson in the need of preserving an open mind and holding economic ideas subject to possible reconsideration. Davenport and Veblen gave me more extensive lessons, fifteen or twenty years later, only this second time it was my father’s ideas I had to rethink, after reluctantly admitting that these opposing ideas represented something real, that needed to be reckoned with. One had to do something about it, though the something didn’t mean substituting Veblen for my father. It was a more difficult and discriminating adjustment that was called for.

To return to my boyhood. It may have been about this time that I learned something about mechanical techniques, when my father took me to see the Springfield Arsenal. They had a museum, with broadswords that had been used in battle—one was so nicked up that its edge had disappeared in a continuous series of surprisingly deep nicks—but the mechanical process that impressed me was a pattern-lathe, rough-shaping the stocks of Krags. On one side was a metal model of the finished stock revolving, with a wheel revolving against it. On the other side was the wooden blank revolving, and a wheel like the one on the model, and linked to it so as to copy its movements, and armed with knives. So the machine could make complicated shapes following any model you put into it, and do it faster and more accurately that a hand worker.

Incidentally (and as a digression) that was our first military rifle with smokeless powder, more powerful than black; our first regular military magazine rifle of the modern kind with a bolt action and a box magazine. The regulars were just getting them. The militia still had the black-powder 45-70 Springfields at the time of the Spanish War, and a Massachusetts regiment had to be ordered off the firing-line at El Caney because their smoke made too good a target. Teddy Roosevelt had pull enough to get Krag carbines for his Rough Riders plus the privilege of using their own Winchesters if individuals preferred, and, if they had the 30-40-220, which took the Krag cartridge.

But my regular education in economic theory began at the age of 9 or 10, in our first year at Amherst, when we lived on Amity Street, opposite Sunset Ave. My father had in mind James Mill’s training of his son, John Stuart Mill, and he copied the techniques of explaining something during a walk, but he didn’t follow James Mill’s example by making me submit a written report for criticism and revision. All he did was to explain about diminishing utility and marginal utility—using the illustration of the oranges. And he was satisfied that I understood it, and concluded that the simple fundamentals of economics could be taught to secondary school or “grammar-school” students. Later, my friend and former graduate student, Leverett Lyon, pithily remarked that I probably understood it better then than I ever had since. Maybe he was right. I know when I met Professor Fetter, the year the Ec. Ass. met in Princeton, he told me I didn’t understand the theory, because I had said (in print, I think) that there were some dangers about the concept of “psychic income.” I didn’t say it was wrong, but I did think it was likely to be misleading to use a term that was associated with accountants’ arithmetic. So I did probably understand the theory “better” at the age of 9 or 10. Twenty ears later, it didn’t look so simple. This was long before I disagreed with Fetter about basing-point pricing and the rightness of the uniform FOB mill price, as the price “true” competition would bring about.

______________________

J.M.C. later history.

Amherst, C in Ec tho 85 on exam, & written work not credited. (cf French A from Wilkins, C from [William Stuart] Symington (father of present (1951) W. Stuart Symington, head of nat security Resources Board). Symie sized my attitude up as that of a gentleman & gave me a gentleman’s mark)ache Crook said he “didn’t get hold” of me. He was correct.

 

Columbia: Giddings, A. S. Johnson, H.L. Moore, Seligman, Seager, Hawkins [?], Chaddock, Agger, Jacobstein. indoctrinated: J. B. C. orthodoxy modified by overhead costs (catalogued as “dynamics”) Dynamics (defined as) everything statics leaves out. & much induction. Take “Essentials” on slow dictation.

Veblen: slow infiltration of its logical & progre[?] rel. to the abstractions of J.B.C.: reverse normalizing might make[?] an arguable claim to equal legitimacy.

1912 ed. of Control of Trusts

“Contribution to theory of competive price” [QJE, August 1914] forerunner of “mon-comp”, largely empirical basis.

Germs of social & inst. ec. Rich-poor, Freedom as val in ec.[??] B. M. Anderson cf. Cooley

Revs of Hobson?, Pigou, Davenport Economics of Enterprise [Political Science Quarterly, Vol 29, no. 2]

 

To Chi. 1915 Changing basis of economic responsibility [JPE, March 1916] on moving to Chi. open declar[ation] of non-Laughlinism: backfire to an Atlantic article of Laughlin’s.

Modern Psych.

1917-18. War-ec. (“basis of war-time collectivism.”)

Students: Garver oral. Slichter, Lyon, Innis, Martin [?], Goodrich, Copeland, O’Grady [John O’Grady ?]

Ayres, Knight on faculty.

Ov. C. [Studies in the Economics of Overhead Costs]

Social Control [of Business]

 

Columbia. Students, Friedman, Ginzberg, Salera, Kuznets’ oral

 

Source: Columbia University Archives. John M. Clark Collection. History of Economic Thought. Box 37, Folder “J. B. Clark, 1847-1938”.

Image Source: John Maurcie Clark. University of Chicago Photographic Archive, apf1-0171.  Special Collections Research Center, University of Chicago Library.

Categories
Berkeley Chicago Columbia Economists NBER New School

Columbia. Memorial Minute for Wesley Clair Mitchell, 1949

 

Memorial minutes entered into a faculty’s record have the virtue of being brief and typically are written by someone who has had a close personal/professional relationship with the subject as seen in the following memorial minute delivered by Wesley Clair Mitchell’s student and later colleague, Frederick C. Mills.

The dual memoir Two Lives–The Story of Wesley Clair Mitchell and Myself, written by Mitchell’s wife Lucy Sprague Mitchell is available at hathitrust.org and provides much detail, e.g. an eight page autobiographical letter written by Mitchell in 1911.

______________________

WESLEY CLAIR MITCHELL
Memorial Minute read by Professor F. C. Mills
February 18, 1949

Wesley Clair Mitchell, Professor Emeritus of Economics, died in New York City on October 29, 1948. In his death the world lost one of the great scholars of our generation and the members of this Faculty lost a distinguished colleague and a cherished friend.

Wesley Mitchell was born in Rushville, Illinois, on August 5, 1874, the son of a country doctor who had won the rank of Brevet Colonel as a Civil War surgeon. The family was of New England stock, and although a middle-western boyhood and later adult years in California and New York left their impress on Mitchell, something of the New England strain was always discernible in the pattern of his thought and life.

Mitchell’s student days, undergraduate and graduate, were spent at the University of Chicago, with a one-year interim period at Halle and Vienna. The influence of the German and Austrian residence was slight; Mitchell was a product of American university training in the period of vigorous growth that came at the turn of the century. His outstanding qualities as an economist were distinctive of ways of thought and study that were largely indigenous to this country. Thorstein Veblen, John Dewey, J. Laurence Laughlin in their several ways deeply affected Mitchell’s thinking and his way of conceiving of the problems of society.

Following a year at the Census Bureau and a short term as instructor at the University of Chicago, Mitchell moved in 1902 to the University of California, at Berkeley, to begin a decade of fruitful work and of steady personal growth. His tools of research were sharpened and his mastery of them perfected. The brilliant studies of the greenback period, in which the pattern of his scholarly work was first defined, were extended. The massive monograph on Business Cycles, one of the great products of scholarship in the social sciences, was here completed. But beyond these solid contributions to economic thought and method this was a rich period inMitchell’s life, to which he always looked back as something of a personal golden age. A young man intellectually somewhat aloof and inclined toward austerity mellowed in the sunshine of the west and in the easy, pleasant companionships of the young University. He took to the Sierras avidly, relishing the free ways, the free language and the physical release to be found in mountain climbing. A companion of those days says that Wesley’s inhibitions were peeled off like the layers of an onion as successive altitude levels were passed. He found a wife, too, in the west; when he left California in 1912 he took with him the Dean of Women of the University.

Wesley Mitchell’s service at Columbia began in 1913 and extended to the date of his retirement in 1944, except for a three-year term at the New School for Social Research. Indeed, his Columbia connection extended, properly, to the day of his death, for there was no time when we did not consider him one of us, or when he did not so regard himself. Mitchell’s reputation had been established by the time he came to Columbia; he had reached full scholarly maturity. Yet his growth continued and his accomplishments multiplied. A steady (but not a voluminous) flow of papers, reviews, addresses and more extensive studies came from his pen. Into each, whether brief or extended, went care in the construction of a logical and orderly argument, skill in the marshaling of evidence, and objectivity in the use of that evidence. Each, too, was in exposition a work of craftsmanship by a man whose ear was extraordinarily sensitive to the rhythms of our language and whose mind was alert to shades of meaning and subtleties of expression.

There was also an almost uninterrupted series of public and professional services and of accumulating honors. He was Chief of the Price Section of the War Industries Board during the first World War, chairman of the President’s Committee on Recent Social Trends, a member of the National Planning Board, the National Resources Board, and the Federal Emergency Administration of Public Works, and chairman of the Committee on the Cost of Living when that burning issue threatened to check the steady production of goods during the second World War. There was the launching in 1920 and the directing for a quarter of a century of a new instrument for the advancement of knowledge—the National Bureau of Economic Research. Over a long stretch of years he helped to break down the barriers between the social sciences and to unify their activities in the Social Science Research Council. He was one of those who founded and shaped the New School for Social Research. Counsel and guidance were given over many years to the Bureau of Educational Experiments. He was called upon to direct the affairs of professional societies, serving as President of the American Economic Association, the American Statistical Association, the Econometric Society, and the American Association for the Advancement of Science. There were elections to learned societies at home and abroad. Honorary degrees came from Oxford, the University of Paris, and from major universities in this country. These were rich honors and they were not unwelcome; but he remained to the day of his death a modest scholar, who would both gladly learn and gladly teach.

It was as teacher and scholar that Mitchell’s greatest services were rendered to Columbia, and it was in these roles that he was best known to us of this Faculty. Mitchell possessed in high degree the qualities of a good teacher. There was insight in his analyses; there was a freshness of view that he never lost; there was lucidity of thought and expression; there was a sense of sharing with the student the task of inquiry. Above all, perhaps, was the sense of integrity. Here was a man without affectation, without pretense, who honestly sought understanding.

The specific contributions that Mitchell made to economics will be duly appraised by his colleagues in that profession. As members of a political science faculty, however, it is proper for us to recognize the service of Mitchell in breaking economics out of the tight formalism of the tradition that prevailed when he came to the subject. He was profoundly unhappy about economics as a branch of logic, dealing with the interaction of atoms in the form of human reasoning machines, subjecting itself only to tests of logical consistency, almost indifferent to the relevance of its principles to complex and constantly changing reality. Mitchell himself was not unskilled in the spinning of deductive arguments, but he was keenly aware of the dangers of self-delusion in unchecked rationalism. His bent was empirical; his emphasis in research was on the constant checking of reason against observation. First in the monetary field, later in the study of prices, of business cycles, and of national income, he developed and refined methods of quantitative analysis and stimulated a movement that has deeply affected the character of economic research and the content of economic thought the world over. But Mitchell’s concern was never with method as method. Man was at the center. Economics was to him on of the sciences of human behavior. And the human being with whose actions he was concerned was a complex creature whose motives could not be reduced to the reasoned balancing of satisfactions against pains or of prospective gains against prospective losses. He stressed the role in economics of institutions — of money, of the industrial system — which man had shaped and which in turn were shaping him; in so doing he helped to turn many younger economists to the study of a neglected phase of economic life. These various aspects of Mitchell’s thought are developed in treatises and shorter papers published over a period of fifty years. They are outstandingly revealed in the series of books on business cycles that are Mitchell’s greatest substantive contribution to economics.

Some of the personal qualities of Wesley Mitchell have been suggested in this brief account of his work. But there was much more than this. He was a lover of poetry whose mind was stocked with verse. He was a connoisseur of mystery stories who could warmly resent the moral betrayal of the reader when the author played unfairly with him. He was a craftsman, skilled in the fine art of woodwork. He was tenacious and unremitting in seeking principles of order in human affairs, yet free from dogmatism and open to criticism and advice from his youngest associates. He was a kindly and generous man, a source of continuing and friendly inspiration to students and colleagues alike. In his life’s work Mitchell served the human race. In his own being he helped to give dignity to that race.

 

Source: Memorial Minute on Professor Wesley C. Mitchell read by Professor F. C. Mills at the meeting of Faculty of Political Science of February 18, 1949. Appended to the Minutes of the Faculty Meeting.

Image Source:Foundation for the Study of Cycles Website  .

Categories
Chicago Columbia Economists

Chicago Ph.D. alumnus and Columbia Professor of Banking, Henry Parker Willis

 

Columbia University’s professor of banking (1917-37), Henry Parker Willis was an early economics Ph.D. at the University of Chicago, a student of J. Laurence Laughlin. He played an important role in the founding and early years of the Federal Reserve System and later as a expert consultant on banking affairs for the U.S. Congress. Besides all this he served over a dozen years editing the N. Y. Journal of Commerce.
This posting begins with a biographical note I found at FRASER, goes on with the Journal of Commerce’s account of his work there, and concludes with the Columbia School of Political Science Memorial minute entered into its recorded minutes in 1938.

_____________________________

Henry Parker Willis
Biographical Note

1874, Aug. 14 Born, Weymouth, Massachusetts
1894
1897
A.B., University of Chicago
Ph.D., University of Chicago
1897-98 Assistant, Monetary Commission
1898-1905 Washington and Lee University, successively adjunct professor, full professor, Wilson professor of economics and political science
1903, Dec. 24 Married Rosa Johnston Brooke (4 children—1 with FRB of Boston, 1 with FRB of New York)
1901-12 Leader writer, New York Evening Post
1902-03 Washington correspondent, N. Y. Journal of Commerce
1905-13 Washington correspondent, Engineering and Mining Journal
1905-06
1907-12
Professor of finance, George Washington Univ.; and
Dean, College of Political Sciences, 1910-12
1909-10 Editor, U. S. Immigration Commission
1911-13 Expert, Ways and Means Committee, House of Representatives
1912-13 Expert, Banking and Currency Committee, House of Representatives (drafting Federal Reserve Act)
1912-14
1919-31
Associate editor, N. Y. Journal of Commerce
Editor in chief, N. Y. Journal of Commerce
1913-14
1917-
Lecturer, Columbia University
Professor of banking, Columbia University
1914-18
1918-221922
Secretary, Federal Reserve Board, Washington
Director of Research, Federal Reserve Board (moved office to New York for this period)
Consulting economist, Federal Reserve Board
1916-17 President, Philippine National Bank
1919 Special commissioner in Australasia for Chase National Bank and Central Union Trust Company
1926-27 Chairman, Banking Commission of Irish Free State
1930-32 Technical adviser to U. S. Senate Banking and Currency Committee (drafting Banking Act of 1933)
1932-35 American representative to Le Temps, Paris
1937, July 18 Died

 

Author of:

Report of the Monetary Commission. 1898. (Joint author)
History of the Latin Monetary Union. 1901.
Reciprocity (with Prof. J. L. Laughlin). 1903.
Our Philippine Problem. 1905.
Principles and Problems of Modern Banking. 1910.
Principles of Accounting. 1910.
Life of Stephen A. Douglas. 1911.
The Federal Reserve. 1915.
American Banking. 1916.
The Modern Trust Company (with Kirkbride and Sterrett). 1919.
Banking and Business (with Geo. W. Edwards). 1922.
[Supplementary chapter “Federal Reserve Banks” in the fourth edition of Charles F. Dunbar and Oliver M. W. Sprague The Theory and History of Banking. 1922.]
The Federal Reserve System. 1923.
Federal Reserve Banking Practice (with W. H. Steiner). 1925.
Foreign Banking Systems (with B. H. Beckhart). 1929.
Investment Banking (with J. I. Bogen). 1929.
Contemporary Banking (with J. M. Chapman and R. W. Robey). 1933.
The Banking Situation (with J. M. Chapman). 1933.
Economics of Inflation (with J. M. Chapman). 1934.

Contributor to:

Economic and other journals.

See: Who Was Who in America, 1897-1942, vol. I, Marguis

Source: FRASER. Committee on the History of the Federal Reserve System. Register of Papers: Willis, Henry Parker. Entry 176a, Box 1, Folder 2, Item 50.

_____________________________

The double life of H. Parker Willis

H. Parker Willis stayed busy. During his 29 years at The Journal of Commerce [JOC], there was rarely a moment when he was not also involved in shaping U.S. economic and banking institutions. The results of his efforts are still seen today.

Willis’ extracurricular work while a JoC employee would lead to the creation of the Philippine Central Bank and later the Philippine American Chamber of Commerce. Most important, his research and his brilliant insights led to the creation of the U.S. Federal Reserve System.

When he joined the JoC in 1902 at the age of 28, he had already been a star professor of economics and political science at Washington and Lee University. He took an academic leave to travel to the Far East in 1903-05 as a correspondent for the JoC and the Engineering and Mining Journal.

In between his dispatches, Willis began a study that led to the creation of the Philippine National Bank. Willis would become the first head of the bank, which served as the nation’s central bank, while still on the staff of the JoC.

But he was just warming up. Returning to the U.S. in the fall of 1906, he became the first head of Washington and Lee’s School of Commerce, while still writing for the JoC. He also became the economic adviser to Rep. Carter Glass, D-Va. His work for the JoC and Glass took him to the nation’s capital so frequently that the university’s president complained, resulting in Willis’ resignation. The school’s student body sent the university’s board a vigorous declaration of support for the popular professor.

Willis continued to write for the JoC, and in 1912 he became executive director of the National Monetary Commission. The commission had been created at the behest of Glass, who had been elected to the Senate. Under Willis’ direction, the commission issued a study recommending creation of a U.S. central bank. After Woodrow Wilson was elected president, he asked Glass to begin working on legislation.

Together with Glass, Willis drafted the enabling legislation. The measure was opposed by big banks, which wanted no central authority over them. Willis came up with a solution – a Federal Reserve System consisting of regional Federal Reserve banks owned by member banks but run as “corporations operated for public service.”

The regional Fed directors would come from banking and industry, along with citizens appointed by the Federal Reserve Board in Washington. The president would appoint the Fed’s seven-member board of governors, with the Treasury secretary and comptroller of the currency as ex-officio members.

“Willis took the best of the existing proposals, together with a brilliant balance of public-private ownership and leadership, to fashion a unique central banking institution,” said Robert Bremner, who is writing a biography of William McChesney Martin Jr., the Fed’s chairman from 1951 to 1970.

Another of Willis’ innovations was to have the 12 regional banks serve as clearinghouses for checks written by the depositors of member banks. Willis reasoned that this would give the Fed a practical purpose, in addition to replacing the patchwork of inefficient regional systems with a unified national framework for check collection.

Without check-clearing duties, he later said, the Fed banks would have become “merely the holders of dead balances carried for the member banks without any service for them; and since the business public abhors any idle or unnecessary institution…it would not submit long to the needless burden created by such emergency institutions designed to put out financial fire.”

After the Federal Reserve Act was passed in 1913, Willis became the Federal Reserve Board’s first secretary from 1914-18. He became its director of research from 1918-22, which meant he was chief economist, although the position was not called that yet. “These two staff positions first held by Dr. Willis remain the most influential at the Fed today,” Bremner said.

All through this time, Willis was writing for the JoC as its Washington economic correspondent. As if that wasn’t enough, he also became a professor of economics at George Washington University and later dean of its college of political science. He also lectured at Columbia University and became a full professor of economics there in 1919.

Willis also became editor- in-chief of the JoC in 1919. He steered the paper’s coverage in a new direction. With his profound grounding in economics and political science, he believed the paper should place the coverage of business and commerce within the context of economics and government.

As he stated in the paper’s centennial issue in 1927: “Business (and) economic life as a whole is a unit essentially and hence demands a unified treatment, which is impossible where attention is solely concentrated on finance or upon some specialized branch of industry.”

It was this vision of business and economic coverage that would differentiate the JoC from other business papers with its broad coverage of the nation’s business activities within the context of what was going on in the economy.

Willis resigned as editor of the JoC in 1931, but he continued to teach at Columbia. He wrote a series of five books on his passion – banking and monetary policy. They were The Federal Reserve System (1923), Federal Reserve Banking Practice (1926), The Theory and Practice of Central Banking (1936), The Banking Situation, Post-War Problems and Developments (1934), and The Federal Funds Market (republished in 1970).

Willis’ contributions to economic and monetary theory and policy, the establishment of the Fed and the growth of the JoC are still remembered. In a speech at Washington and Lee last March, Roger W. Ferguson Jr., the Fed’s current vice chairman, paid tribute to Willis as “a leader in teaching economics and political science and a major contributor to the establishment of the Federal Reserve.”

Source: Journal of Commerce website, A Proud History since 1827: The Journal of Commerce, page 11.

_____________________________

FACULTY OF POLITICAL SCIENCE
Memorial minute for Prof. H. Parker Willis
April 22, 1938

H. Parker Willis

Professor H. Parker Willis died on July 18th, 1937, in the 63rd year of his life.

Willis first became associated with us in the years immediately preceding the war when the first tentative steps were being taken in the formulation of a group of courses which was to become the offering of the School of Business. Although in only his 39th year, he brought to Columbia an equipment of training and experience that contributed richly to the success of that school and to the development of the field of money and banking. His foundations in the economic discipline had been firmly laid in his years of graduate work at Chicago, during the regime of Laughlin, and in his studies at Leipzig and Vienna. His remarkable skill as a teacher and administrator had been matured during fourteen years in professorial positions at other institutions, culminating in the deanship of the College of Political Sciences of George Washington University. His fluent pen had already produced a half-dozen scholarly volumes as well as an impressive output of more ephemeral writing which had established him as a brilliant economic journalist and editor. Finally, his capacity to analyze technical problems of public policy had been demonstrated in his service with the Monetary Commission and with the Congressional committee that drafted the Federal Reserve Act.

At Columbia Willis found an environment well suited to his particular talents and an opportunity commensurate with his capacity. Here there existed a firmly established tradition that the University should enlighten public opinion and apply its special skills to the solution of problems of public policy. Possessed of a fund of energy that was constantly a source of envious amazement to all who knew him, he came to us at the height of his powers and devoted twenty-four years of his life to investigation, instruction, and public service. His activities as an editor and a correspondent for financial journals, as director of research and consultant of the Federal Reserve Board, and as adviser to governments at home and abroad served not only to advance the public good but also to enrich and vivify his teaching and research.

By his contributions to science and polity Willis built for himself an imposing monument, the specifications of which we need not here detail. It stands for the world to see and admire. At the same time, he constructed, without conscious plan, an even more impressive and inspiring memorial in the hearts of his friends. We who knew him through long association will best remember him for the quality of his personal character.

There are those who take pride in the possession of a conscience which forbids them to shirk a duty. For Willis there seemed to be no duties, to be performed or shirked, but only opportunities, to be embraced with enthusiasm. In the academic round there was no one more faithful and dependable, no one more generous and unselfish. He stimulated each student to achieve the best of which he was capable and his interest and patience in guiding and molding even the least promising of them was the occasion for frequent remark. His attitude toward all his academic associates was one of kindliness and tolerance and the standards he used in judging himself were always more strict than those he applied to others.

One of his most appealing personal characteristics was his capacity for righteous indignation. He coupled an intense loyalty to those persons and principles in whose trustworthiness he had faith with an old-fashioned sense of individual obligation to defend the true and the good without counting costs or consequences. Incompetence, especially when linked with pretentiousness, and ignorance, especially when displayed by those who exercised arbitrary authority, were to Willis moral crimes which it was his personal duty to expose. His reaction in such cases was exactly that which he exhibited when, one evening, a misguided goot-pad [“good-bad” in a German-Jewish accent?] stopped him at the point of a pistol as he was hurrying toward the Staten Island Ferry. To comply with the demand that he surrender his valuables did not enter his mind as a possibility. Here was an enemy of society whose career should be expeditiously and firmly discouraged; and Willis proceeded to accomplish this end, instinctively and without hesitation, with the aid of a briefcase heavily loaded with financial documents. Truly he was a battler for the Lord, skillful but fair in the use of his weapons, and entirely without fear. Of him one could say, as Lord Bryce said of Dean Stanley, “You might think him right or wrong but you never doubted that he was striving after the truth.” And his joy in the strife was an inspiration to all who knew him.

Source:   Columbia University Archives. Minutes of the Faculty of Political Science, 1920-1939. Bound, typed manuscript. Pages 827-8.

Image Source: Passport application of August 4, 1916 of Henry Parker Willis

Categories
Curriculum Harvard

Harvard. Economics Education of Theodore Roosevelt, 1878-80

 

The founding head of the University of Chicago’s Department of Political Economy, James Laurence Laughlin, was originally trained at Harvard where he taught for five years. He moved on to Cornell for two years before going to Chicago. During Laughlin’s early years at Harvard, one of his economics students was Theodore Roosevelt (Harvard Class of 1880, better known as the 26th President of the United States of America). Roosevelt was eight years younger than Laughlin and died in 1919. Five years later Laughlin published an essay on “Roosevelt at Harvard”. An original typed draft of the essay can be found in his papers at the Library of Congress. While Laughlin spends much of the essay going through Roosevelt’s transcript with interesting comments and observations on Harvard personalities of the late 1870’s, I have only included those parts that deal with the economic education of the future President.

I have not yet compared this draft to the published version, but I have corrected obvious typing errors and inserted some material from what appears to be an earlier draft of page 9 of the typed manuscript.

________________________________

From “Roosevelt’s College Days”
by James Laurence Laughlin

…As a freshman Roosevelt entered the university in 1876 just as a new régime inaugurated by President Eliot had got fairly into working order. The new captain had already introduced the elective system and had enlisted some forward-looking members of his faculty such as C. C. Langdell, Charles F. Dunbar, and Henry Adams. The potentialities of this situation are so interesting that one might be tempted to linger too long on them. They involved epoch-making changes for the nation in education for law, economics, and history. The appointment of Dean Langdell in the Law School brought in the case-system, revolutionized the teaching of law throughout the country, and attracted the attention of foreign jurists. With the creation of the first professorship in economics at Harvard for Dunbar in 1871 there then began the modern teaching in economics which has had so remarkable a development for the last thirty years in all the universities of the country. While Gurney and Torrey were princes of the blood in History, Henry Adams came as the paladin of new adventure. He had the dash and spirit of the crusader. He held the first seminar for research in history in this country. He tied up American history not only with British institutions but also with those of our Teutonic forebears. Such men as these added a new touch to the temple of learning by which Harvard had already won distinction an on which she is till receiving credit….

…For the first time [Roosevelt’s] mind turned from the languages and natural history to those of public interest with which his future was to be so much occupied [during his junior year, 1878-79]. He selected a course in Political Economy then known as Philosophy 6. Although Professor Dunbar had been appointed in 1871, there was no separate department of Political Economy until 1879-80. Previously economics had been briefly taught by Francis Bowen, the professor of philosophy, and for a time the new subject found shelter in his department. Roosevelt’s first introduction to that field was announced in the catalogue as: “Political Economy. –J. S. Mill’s Political Economy.—Financial Legislation of the United States. Prof. Dunbar and Dr. Laughlin.” Professor Dunbar gave lectures on the public finance of the Civil War in which he was a master. To me fell the duty of conducting recitation and discussions on Mill’s original two-volume treatise. [Laughlin’s own Abridged version of Mill’s Principles] Inasmuch as the work was exacting, Roosevelt’s mark for the year of 89 was high.…

[In his senior year, 1879-80…] In Political Economy he studied with Professor Dunbar Cairnes’s Leading Principles of Political Economy, McLeod’s Elements of Banking, and Bastiat’s Harmonies Économiques in which he got 78.

During his junior year, in order to widen the interest of my students in applying economics to public questions, I suggested to a group of them the advantage of forming a Finance Club for the purpose of inviting outside economists to speak at the university. Besides Roosevelt there were George Hoadley, J. G.Thorp, A. B. Hart, F. J. Ranlett, W. H. Rhett, Josiah Quincy and Charles G. Washburn. The plan evidently appealed to Roosevelt, for he writes to his sister in the autumn of 1878 as follows:

‘I have begun studying fairly hard now, and shall keep it up until Christmas. I am afraid I shall not be able to come home for Thanksgiving; I really have my hands full, especially now that my Political Economy Professor wishes me to start a Finance Club, which would be very interesting indeed, and would do us all a great deal would of good, but which will also take up a great deal of time”.

The President of the club was J. G. Thorp (of 1879) and the Secretary was A. B. Hart. The meetings were held in the rooms of the department on the first floor of University Hall, on the window sills of which along side the wide front steps was placed the “shingle” of the club as a means of announcing a meeting to members. That “shingle” is now hanging on the wall of Professor Hart’s office in the Widener Library.

The lecturers invited by the club stirred up a wide interest in economics. Few of us had known William G. Sumner personally. The vigor of his writing had given us the impression of a very austere personality. At Yale a student who had been invited to supper with Sumner’s family came bursting into his chum’s room late on a wintry night, shouting: “Fellows, Billy Sumner is kind to his family.” Any such impression was dispelled by a very interesting lecture [on “The Relation of Legislation to Money”] marked by Sumner’s usual felicity of style. It was a pleasure, also, to come into contact with the unusually agreeable personality of Gen. Francis A. Walker, another lecturer [on “The Principles of Taxation”]. His experience in the army with Hancock, his administrative ability, his work on the census, and his suggestive economic mind created a desire to know him. Likewise, in the case of Edward Atkinson we came to know an active business man who without academic training had attempted to formulate economic theory. [He had a genius for lucid exposition, so that his lectures on “American Competition with Europe”, “Capital and Labor”, “Railways”, and “The National Banking System”, attracted many students. Later, the one lecture which stirred up the most permanent interest was that by Col. T. W. Higginson on “Young Men in Politics”, which led to the formation of a Harvard Union after the example of the one at Oxford. Another result of the new interest in economics was the action of the university authorities in bringing Hugh McCulloch and Simon Newcomb each to give a course of three lectures.]

[Of especial value was the writing and discussion of papers by the members themselves. Early in the first year five papers had been read. In February, 1879, one of them was by Robert Bacon and Theodore Roosevelt on “Taxation.”]

There was an interesting meeting of the Finance Club on the occasion of the presence of Henry George. I can recall the small group of members gathered in University Hall to whom George spoke informally. After his talk there was a general discussion, in which the students freely exchanged arguments with the speaker. They had had a fairly good grind in the fundamental principles of economics. As a consequence, George did not show to advantage in the give-and-take. It is an interesting coincidence that only seven years after (in 1886) Theodore Roosevelt was the Republican candidate for Mayor of new York city against Henry George, the Labor candidate, and Abram S. Hewitt, the candidate of the United Democracy.

There was a reason why George did not fare well in this discussion. It is a curious fact that George’s system was almost always regarded as a problem in taxation, and in the discussion of it attention was only directed to the matter of so taxing land value that there would be no object in holding land in private property ownership. Strangely enough, the course of the arguments by which he reached this conclusion, the very supports on which his system of taxation rested, were generally disregarded, or what is more likely were little understood. To this day there is no adequate study of the logic of “Progress and Poverty”. It does not seem to be realized that his plan of taxation depended on the dictum that payment of rent was a subtraction from wages, and that abolition of rent for land would remove the existence of low wages and wipe out poverty. Such an outcome was reached only by granting as proved that payment of interest on capital could be eliminated. This part of this theorizing was extremely weak. if his reasoning was wrong, his system of taxation had no supports.

In the copy of the first edition of “Progress and Poverty” [Link to Fourth Edition, 1881] now lying on my table, I find a request for a review of it from the editor of the International Review as follows:

Jan. 11., 1880

“My dear Laughlin:

About 2pp. on this book, please. I should suppose from glancing at it that it was rubbish. But there may be ideas in it.

Truly yrs.

H.C-Lodge.”

Senator Lodge had ceased to be an instructor in history after 1878-79, and when Roosevelt was a senior he had become editor of the International Review….

…In his junior year I had an interesting conference with [Roosevelt]. He came to me to discuss whether it would be better for him to specialize on natural history or to take more economics. He gave no indication that he was thinking of a public career. My advice was that the country at that time especially needed men trained to think correctly on public questions and that these questions were nine-tenths economic. I can no say, of course, that my advice influenced him, but he did continue his economics in his senior year. Nor could one say that in after life he always thought correctly on economics. in public office, in order to get things done, it is too often supposed that economic considerations must be sacrificed to political expediency. Yet he did not forget his college courses in economics. After he had left the presidency and was contributing editor on the Outlook, when I was in charge of the campaign of education for the passage of the Federal Reserve Act, I had an interview with him in order to secure his support of the measure. On sending in my card, he appeared at the other end of the open floor entirely covered with desks, holding up my card at arm’s length, and shouting: “Where’s the fellow that taught me Political Economy”. In conference, after explaining the measure and asking him for advice how to proceed, he said “Have it associated as little as possible with Aldrich’s name. Have it come up from the small bankers of Florida or Oregon.” Then, as we finished, he added: “I will do all I can to help you. I wish I could do more. I could make a speech on the free coinage of silver; but when you get me into compound differentials and finance”—here his voice rose into his characteristic falsetto—“I am all up in the air.” To which I replied “That does not speak well for your teaching at the university”. “On the contrary, Mr. Laughlin, patting me cordially on the knee, “that was the best course I had at the university”. It was a bit of kindly good fellowship…

 

Source: Library of Congress, The Papers of James Laurence Laughlin. Box 7, Folder “Roosevelt at Harvard Oct/24” published as J. L. Laughlin, “Roosevelt’s College Days,” American Review of Reviews, October, 1924.

Image Source:  Library of Congress, The Papers of James Laurence Laughlin. Box 7, Folder “Roosevelt at Harvard Oct/24”.