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Joseph Schumpeter offered this one semester, second term graduate course “History and Literature of Economics since 1776” nine times during the period 1940-1949. The core readings were basically unchanged. Below you will find the course enrollment figures and the reading list for 1940 (into which I have inserted the two additions from the reading list for 1941). Exam questions from 1940 and 1941 are included as well as an important research tip at the bottom of the posting. Nobel Laureates James Tobin and Robert Solow took this course in 1940 and 1947, respectively. I have gone to the trouble of providing links to almost the entire reading list as a public service to the history of economics community of scholars.

The (much reduced) reading list for the last time Schumpeter taught the course, Spring 1949 is transcribed in a later post.

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If you find this posting interesting, here is the complete list of “artifacts” from the history of economics I have assembled. You can subscribe to Economics in the Rear-View Mirror below. There is also an opportunity for comment following each posting….

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[Course Description: History and Literature of Economics since 1776]

Course work will mainly consist in critical study of the leading English, French, German and Italian contributions to economic thought in the nineteenth century. An introductory and a concluding series of lectures and discussions will provide the links with earlier and modern developments. Undergraduates who have passed Ec A are admitted without individual permission

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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Course Enrollment Statistics:

Grad. Students Seniors Juniors Radcliffe Other Total 1939-40 9 3 1 0 3 16 1940-41 11 2 0 3 1 17 1941-42 5 1 0 4 1 12 1942-43 10 3 0 6 3 22 1943-44 2 1 0 3 3 9 1944-45 Not offered 1945-46 18 2 5 25 1946-47 21 1 0 6 7 35 1947-48 17 4 0 2 7 30 1948-49 2 1 0 0 1 4

Note: The course number was Economics 113b until the academic year 1947-48, under the new course numbering system in 1948-49, it became Economics 213b. Joseph Schumpeter died in January 1950.

Source: Harvard/Radcliffe Online Historical Reference Shelf. Harvard President’s Reports.

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Economics 113b

[History and Literature of Economics since 1776]

1939-40

[second term]

I. For general reference you should currently consult:

Erich Roll, A History of Economic Thought (1939, [link to 1945 edition]), or

L. H. Haney, History of Economic Thought (1927).[1923 revised edition]

Suggestions:

John M. Keynes, Essays in Biography (Essays on Malthus, Marshall and Edgeworth).

II. Works dealing with the history of individual doctrines or problems. No assignment.

Suggestions:

E. Boehm-Bawerk, Capital and Interest , Vol. I.

E. Cannan, Theories of Production and Distribution (1924). [2nd ed., 1903]

F. W. Taussig, Wages and Capital (1896).

J. Viner, Studies in the Theory of International Trade (1937), Chs. I and II.

K. Marx, Theorien über den Mehrwehrt (1921). [1910 edition by Karl Kautsky: vol I, vol. II(1), vol. II(2), vol. III.]

III. This course covers many authors whose teaching is also dealt with in other courses and whose works are more or less familiar to every student. The most important of them are:

Adam Smith, Wealth of Nations , also read the introduction to Cannan’s edition.

David Ricardo, Principles of Political Economy .

John Stuart Mill, Principles of Political Economy ; also read introduction to Ashley’s edition.

Alfred Marshall, Principles of Economics , particularly Book V.

John B. Clark, Distribution of Wealth (1899).

Suggestions:

Augustin Cournot, Principles of the Theory of Wealth (Fisher’s edition, 1927).

Léon Walras, Element d’économie pure (edition definitive, 1926).

Knut Wicksell, Lectures on Political Economy (Robbins’ edition, 1934). [volume I, volume II]

IV. In addition, the following books should be read, at least cursorily:

Richard Cantillon, Essai sur la nature du commerce en général (1755); English translation by Higgs (1931).

David Hume, Political Discourses (edition by Green and Grose, 1875), Vol. I. [Miller edition]

Sir James Steuart, Principles of Political Economy (1767). [Vol I (1767); Vol II ]

A. R. J. Turgot, Réflexions sur la Formation et la Distribution des Richesses (1766), (Oeuvres, ed. Daire, 1844). Vol I; Vol II.

Thomas R. Malthus, Essay on the Principle of Population (1798). [1803 edition, enlarged]

Jean B. Say, Traité d’économie politique (1803). [2nd ed. 1814] [1855 English translation from 4th and 5th editions]

William N. Senior, Outline of the Science of Political Economy (1836).

William St. Jevons, Theory of Political Economy (1871).

J. E. Cairnes, Leading Principles .

Karl Marx, first volume of Das Kapital (English translation).

Suggestions:

J. H. v. Thünen, Der isolierte Staat (ed. Waentig, 1930).

R. Auspitz und R. Lieben, Untersuchungen über die Theorie des Preises (1888), (also translation into French). [Vol. I (French); Vol. II (French)]

Carl Menger, Grundsätze der Volkswirtschaftslehre (London School reprints, 1934). [English translation with introduction by F. A. Hayek]

F. Y. Edgeworth, Mathematical Psychics (London School reprints, 1932).

M. Longfield, Lectures on Political Economy (London School reprints, 1931).

H. C. Carey, The Past, the Present and the Future (1848).

H. George, Progress and Poverty (1879).

S. Newcomb, Principles of Political Economy (1885).

Ph. Wicksteed, The Commonsense of Political Economy (1908).

V. Monographs on individual authors. No assignments.

Suggestions:

[Addition to list in 1940-41: Henry Higgs, The Physiocrats (1897)]

W. R. Scott, Adam Smith as Student and Professor (1937).

J. Rae, Life of Adam Smith (1895).

J. Bonar, Malthus and his Work (1924). [1885 ed.]

M. Bowley, Nassau Senior and Classical Economics (1937).

F. Mehring, Karl Marx (1936).

J. R. Hicks, Leon Walras (Econometrica, 1934).

[Addition to list in 1940-41: H. W. Jevons and H. S. Jevons, “William S. Jevons,” Econometrica ]

Source: Syllabi, course outlines and reading lists in Economics, 1895-2003. Harvard University Archives, HUC 8522.2.1. Box 2, Folder “1939-40, 2 of (2)” and Folder “1940-41”.

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1939-1940

HARVARD UNIVERSITY

ECONOMICS 113b2

Answer any FOUR out of the following five questions:

Discuss the wage-fund theory and its practical implications. In what sense was it resuscitated by Boehm-Bawerk and Taussig? Exponents of the Labor-Quantity theory of value and exponents of the Marginal Utility theory of value have for decades tried to refute each other. What is the true relation between the two theories? State and criticize the Marxian theory of Surplus Value or of Exploitation. What do you think of the so-called Ricardian theory of rent? What are the main objections that were raised against the “Austrian school” during the early stages of its development?

Final. 1940

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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1940-1941

HARVARD UNIVERSITY

ECONOMICS 113b2

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

If a layman, trying to make intellectual conversation, asked you what Adam Smith’s performance consisted in, what would you say? What was the importance, for the economic theory of its time, of Malthus’ Essay on Population? Explain the meaning and use of the theorem usually referred to as Say’s Law. What are the conditions that would have to be fulfilled in order to make the labor-quantity theory of value true? State and discuss Ricardo’s version of the so-called law of the falling rate of profit. Jevons, Walras and Menger no doubt felt that they had revolutionized economic theory. What did this revolution consist in and how important do you think it was? Under modern conditions, most producers have no use for any significant part of their products. Hence their subjective valuation of these products depends on what these products will exchange for, that is to say, on their prices. How, then, can we derive these prices from utility schedules of buyers and sellers without reasoning in a circle?

Final. 1941.

Source: Joseph Schumpeter Papers, Harvard University Archives, HUG (FP) 4.62. Box 10 “Lecture Notes”, Folder “Ec 113, 1941”.

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Research Tip: 75 pages of student notes taken by future Nobel Laureate James Tobin for Economics 113b2 of the 1939-40 academic year are available in the James Tobin Papers at the Yale University Library Manuscripts Collection, Group No. 1746, Box. No. 6 in one of the hard-bound volumes of Tobin’s notes from his Harvard courses.

Image Source: Harvard Album, 1943.