Economics

There are many scholars who maintain, with or without Karl Marx, that Economics--the study of productive and trade relations--is the prime moving force of world history. Regardless of the ultimate truth of this view, Economics remains materially one of the most important fields of study offered by this or any other university. Its position as one of the largest fields of concentration illustrates the general appreciation of its importance, both historically and in the practical complexities of current events.

Few fields can offer so wide a range of subject material as does Economics--which would perhaps be more appropriately entitled Political Economy. The great variety of subject matter illustrates the imposing array of eminent professorial talent--representing a broad gamut of economic belief--which makes this such an enticing field for the serious student.

The New York Times Magazine last Sunday featured a symposium of five prominent American economists discussing the probabilities of an imminent depression; three of the five were members of the Harvard faculty. Such figures as Hansen, Slichter, Williams, Burbank, Schumpeter, Chamberlin, Haberler, and Black--to name only a few--present an incomparable wealth of academic potential for the student who is able and willing to utilize his opportunities.

Divided Into Five Parts

The department's curriculum is divided generally into five parts: Economic Theory, Economic History, Money and Finance, Market Organization and Control, and Labor Economics and Social Reform. The latter three are categorized as Applied Economics, and their designations are largely self-explanatory. Concentrators must specialize in one of the five to the extent of taking at least three half-courses and a special examination in that field, but their choice of study is not otherwise limited of prescribed except that they must take one course in Government and one in History. A divisional examination complements the special by testing the student's mastery of all of Economics, with considerable emphasis placed on general theory. Both examinations are normally taken in the Senior year.

Though the practical applications of Economics are substantial and quite obvious, many students have tended to overestimate its vocational value. Broadly speaking, College Economics is largely a study of the theoretical structure of capitalism (also of its alternatives) and how it ought to work; all too often, however, the theory is quite unlike the practice.

Many students have chosen to concentrate in Economics as necessary preparation for Law School or Business School, a logical enough point of view. Neither of these schools require such concentration, however, though a working acquaintance with all phases of the Social Sciences is thoroughly desirable.

A few members of graduate faculties have gone so far as to advise against specializing in undergraduate Economics if the student expects to de graduate work in Law or Business Administration.

Graduate Work Reports

The logic is twofold; first, the graduate work is in many respects repetitive, and therefore the student might profit more by exploring other fields of study, secondly, the graduate work, though repetitive, is quite different in its approach, and the student must frequently abandon his theoretical concepts in the face of the practical application, or else reconcile the two. For graduate study in Economics proper, undergraduate concentration is of course essential.

Tutorial is the glaring weak spot in Economics. Never the best developed system among the College's many departments, Economics tutorial has now been abandoned completely, at least for the time being.

A token substitute remains in the so-called called "Advisory" system, which in practical application is largely limited to assistance on honor theses. The value of this assistance, like that of full-fledged tutorial, depends solely upon what the student and his usually hard-pressed adviser want to make of it.

Even without formal tutorial, the study of Economics could and should be far better oriented toward the ultimate test of the divisional examination. Course material is exceptionally diverse, and tutorial instruction in the past was frequently integrated just as poorly.

Only One Prerequisite

Economics A is the only prerequisite for all other undergraduate courses, though a few of them may be taken simultaneously with Ec A. Like Social Relations 1, Geology 1, Music 1, and others, it is a survey course, presenting a general introduction to all facets of the more advanced study in that field.

As such, it is necessary for all but the exceptional concentrator and also a worthwhile course for distribution. Ec A suffers heavily, however, from poor integration and a notorious lack of uniformity in the quality and quantity of its presentation by the many instructors who give it. The suggestion has frequently been made that a competent lecturer would salvage the course, and this is probably true, though the Department cites numerous administrative difficulties that make this difficult to effect.

Economics 1--"Theory and Policy"--is nominally required of all honors candidates, and is virtually a necessity for the divisional exam. Many students find this the most difficult phase of their study, and the highly abstract nature of the material necessitate competent instruction.

Excellent treatment has been afforded this course by many of the professors students who have given it in the past, but many students who have taken it in the past year feel strongly that a change is in order.

Little else of straight theory is offered on the undergraduate level. Courses closely related to theory, however, include "The Economy of the United States", "The Economy of Russia", "Chinese Economic Problems", "The Economy of Latin America", and "The Economics of Socialism".

The last-named offers in Professor Schumpeter one of the most colorful and learned figures of the entire Faculty, and the subject material is incalculably important to all who pretend to take notice of the affairs of our divided world.

"Money and Finance" is the catch-all special field, embracing "Money and Banking", "International Trade", "International Economic Relations", "Economic Imperialism", "Business Cycles", and "Public Finance".

Marketing Courses Listed

"Market Organization and Control", includes courses in "The Corporation and its Regulation", "Industrial Organization and Control", "Consumption, Distribution, and Prices", and "The Economics of Agriculture".

"Labor Economics and Social Reform" covers courses in "Trade Unionism and Collective Bargaining", "Public Policy and Labor", "The Economics of Social Security", and the aforementioned "Economics of Socialism".

Owing perhaps to the extensive breadth of the course material--a total of seventeen full courses for undergraduates are listed in the new catalogue--there is little intensive pyramiding. Advanced study is largely restricted to the graduate curriculum, which is accessible to only a very few undergraduates.

The course list is virtually inexhaustible, and no student can hope to cover all of it with any degree of completeness. The attempt will not be without its rewards, however. It has long been claimed that "no two economists ever agreed on anything"; there is sufficient truth in this to make Economics one of the most challenging, if perplexing, fields of college study.