Economics A

Economics A is the whole field of Economics in microcosm; it is a study of the economic problem. So much land, labor, and instruments are available. Men must eat. But they want to do more than that. How can they use the available tools to produce the largest amount of what they most want? The problem requires much thought and discussion, and there are many different solutions. Capitalism, Socialism, Communism are but attempts to solve it.

The facts treated in Economics A are closely related to the business world. But while the business man is mainly concerned with particular costs, selling methods, and profits, the economist tries to put all the general facts in the proper sequence and order of importance. He talks about prices in general, the national income, and the distribution of that income among individuals. The student gains more than the ability to talk glibly about tariffs, money standards, and the business cycle. In seeking the essence of economic life he has developed a method of thought.

The textbook used in the course, Taussig's Principles, is in many places out of date and seems unduly simple in the light of conflicting theories. Wherever possible, the Department is trying to supplement it with other reading. The course is conducted wholly in sections, probably the best method in a subject of this kind. Obviously everything depends on the instructors, and for the most part they are among the best in the University. Their task is made difficult by the necessity of trying to satisfy both those men who are content with the broad outlines of the work and those who desire a more detailed discussion. It has been suggested that more honor sections be formed; and that they be organized after November hours. If this were done and if more Freshmen were admitted to the course, men concentrating in Economics could get an early and thorough start in the subject, other men would be better satisfied, and tutors might start their work more effectively in the sophomore year.

In general it may be said that Economics. A is not a difficult course for the student endowed with ordinary intelligence. The value of the subject is undisputed. As an instructor in another course remarked during the Hoover administration, "The great trouble with Congress is that it is composed of men who have never taken History 1 or Economics A."

Economics 3

In Economics 3 the instructors are faced with the uniquely difficult task of explaining the intricacies of "Money and Banking" with not a few words on foreign trade. The course requires a thesis although certain Seniors are exempt.

Professor Williams is undoubtedly not only an authority of world reputation and an excellent lecturer, but a sympathetic teacher. There is, however, the chance that he may be called away next year. Although his absence would be a serious blow to the course, indication is that the course would still be in capable hands.

It is fortunate that, in such a difficult course, the sections conducted by Dr. Currie should be such as to clear up the problems of the individual student, add to the knowledge of the group as a whole, and attain timeliness and interest throughout.

Economics 4

Economics 4, run on the plan of two lectures and one section a week, deals with railroads, corporations, and government control of industry. The course is conducted by Associate Professor E. S. Mason, Assistant Professor E. H. Chamberlin, and Mr. D. H. Wallace.

The subject matter of the course has a contemporary and living significance that has as much primary interest as it is possible to find in the Economics Department. This timeliness has been intelligently capitalized with out sacrificing scholarship.

The reading, while it seems extensive, has great variety and has been excellently chosen. The lectures are well Coordinated with it and at the same time avoid repetition. The lectures them-selves very, but on the whole, are fair enough. They can be expected to show considerable improvement, as this is the first year they have been delivered by the men in charge. One gets the impression that Chamberlin and Mason are more interesting than some of their presentations would indicate.

Economics 50

Very much the same general remarks apply to Economics 50 as to Economics 3, also reviewed in this Confidential Guide. The course is more advanced and goes considerably deeper into the fundamental aspects of money and business cycles as well as international trade. Professor Williams is always stimulating and clear-headed, while in this course he has opportunities for exercising his extraordinary critical ability to a far greater degree than in the elementary course.

Such controversial subjects as the monetary and cycle theories of Hawtrey, Keynes, Hayes and Foster and Catchings are treated at length; while much light is also thrown on the mechanism and control of credit, and international trade in general. It would be rash to go further into the subject matter of the course for monetary theory and practice are in such a state of rapid development that next year may find a new set of problems which will call for new treatment. It can, however, be confidently concluded that if such changes do occur Professor Williams, to a greater degree than most economists, will not be restrained by dogma and tradition from treating the new conditions in a spirit both open-minded and critical