Alvin SAUNDERS JOHNSON, PH.D., Professor of Economics, University of Texas (Summer and Autumn Quarters, 1909).

ERNEST LUDLOW BOGART, PH.D., Assistant Professor of Economics, Princeton University (Spring Quarter, 1910).

RAYMOND W. BALDWIN, A.M.

ETHEL EDNA HANKS, PH.B.

FELLOWS, 1909-10

HOWARD ABCHIBALD HUBBARD, A.M.

JAMES DYSART MAGEE, A.M.

BASIL MAXWELL MANLY, A.B.

HAROLD GLENN MOULTON, PH.B.

CLARENCE J. PRIMм, A.B.

FRED SNYDER SEEGMILLER, PH.B.

ALEXANDER WELLINGTON TAYLOR, A.B.

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.

The Fellowships offered by the Department of Political Economy are independent of those offered by the allied Departments of History, Political Science, or Sociology. Appointments will be made only on the basis of marked ability in economic studies and of capacity for investigation of a high character. It is a distinct advantage to candidates to have been one year in residence at the University. 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 should be sent in not later than March 1 of each year. Appointments will be made during the first week of April.

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

In addition, one Graduate Scholarship, yielding a sum sufficient to cover the annual tuition fees, is awarded to the best student in economics just graduated from the Senior Colleges; and a similar Scholarship is given to the student graduating from the Junior Colleges who passes the best examination at a special test.

Candidates for the degree of A.M. will not be permitted to offer elementary courses in Political Economy as part of the work during the year's residence. The work of students taking Political Economy as a secondary subject for the degree of A.M. should include (1) the general principles of Economics

(as contained in courses 1 and 2, or an equivalent); (2) the history of Political Economy; and (3) the scope and method of Political Economy.

The work of candidates for the degree of Ph.D. taking Political Economy as a secondary subject should include, in addition to the above requirements for the degree of A.M., (1) Public Finance, and (2) some descriptive subject as, e. g., Money, or Tariff, or Railways, etc.; and the examination will be more searching than that for the degree of A.M. Nine majors will be required.

In all cases candidates should consult early with the Heads of the Departments within which their major and minor subjects are taken.

Before being admitted to candidacy for the degree of Doctor of Philosophy, in case Political Economy is chosen as the principal subject, the student must furnish satisfactory evidence to the Head of the Department that he has been well prepared in the following courses (or their equivalents at other institutions): History of Europe in the Seventeenth and Eighteenth Centuries; Europe in the Nineteenth Century; Later Constitutional Period of the United States; the Civil War and the Reconstruction; Comparative National Government; Federal Constitutional Law of the United States; Elements of International Law; and Introduction to Sociology.

Arrangements have been made with the directors of the Chicago School of Civics and Philanthrophy for the use of the facilities offered for training in methods of social investigation by their research department. This department is maintained by the Russell Sage Foundation for the purpose of carrying on inquiries into social conditions in Chicago and more especially for the training of students for such work. Students electing the course in Methods of Social Investigation will have the opportunity for practical training in statistical work and in field investigation under the direction of the research department of the school.

The University has equipped a laboratory for statistical research work in which students are given training in the collection and tabulation of statistical data, as well as in the scientific construction of charts and diagrams. The object of the work is to familiarize students with practical methods employed in government bureaus, municipal, state, and federal, in the United States and in other countries, and private agencies of sociological and economic investigation. Men are trained to enter the service of such bureaus or agencies of social betterment as statisticians, capable of undertaking any work requiring expert statistical service. The Departments of Political Economy and Sociology co-operate in the direction of statistical investigations.

As a means of communication between investigators and the public, the University issues monthly the Journal of Political Economy, the first number of which appeared in December 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 most other 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," of which the following have already been issued:

I. The Science of Finance, by Gustav Cohn. Translated by Dr. T. B. Veblen, 1895, 8vo, pp. xi+800. Price, $3.50.

II. History of the Union Pacific Railway, by Henry Kirke White, 1895, 8vo, pp. 132. Price, $1.50.

III. The Indian Silver Currency, by Karl Ellstaetter. Translated by J. Laurence Laughlin, 1896, 8vo, pp. 116. Price, $1.25.

IV. State Aid to Railways in Missouri, by John Wilson Million, 1897, 8vo, pp. 264. Price, $1.75.

V. History of the Latin Monetary Union, by Henry Parker Willis, 1901, 8vo, pp. ix+332. Price, $2.

VI. The History of the Greenbacks with Special Reference to the Economic Consequences of Their Issue, by Wesley Clair Mitchell, 1903, 8vo, pp. xiv+500. Price, $4 net.

VII. Legal Tender:

A Study in English and American Monetary History, by Sophonisba P. Breckinridge, 1903, 8vo, pp. xvii+180. Price, $1.50 net.

VIII. Value and Distribution, by Herbert J. Davenport, 1908, 8vo, pp. 582. Price, $3.50.

The library facilities of Chicago are exceptional. The selection of the Economic Library 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. The General Library of the University contains an unusually complete set of United States Documents, beginning with the First Congress, and also state and municipal documents. The departmental libraries of allied departments; the Chicago Public Library; the John Crerar Library, which has devoted especial attention to political economy, political science, and sociology; the Newberry Library, which has a large historical collection; the Library of the Chicago Historical Society; the Library of the Chicago Law Institute, and the Municipal Library in the City Hall, are available to students in the prosecution of detailed investigation.

Chicago also furnishes exceptional opportunities for the study of practical economic questions. The population engaged in the manufacturing, building, packing, and distributing industries exhibits every phase of modern labor questions in the most representative form. As the greatest railroad center in the world, the city offers unequaled facilities for study of all the problems connected with transportation. The shipping, commerce, banking, and other pursuits complete a permanent exhibit of the chief types of modern activity; and they admit advanced students in many ways to opportunities not merely for observation but for practical experience. It will be noted that the Department has arranged its courses so that full advantage may be taken of these facilities afforded for specialization.

COURSES OF INSTRUCTION

GENERAL

The courses are grouped as follows:

A. Junior College Courses

Group I, Theory: courses 1, 2.

Group II, Historical and Commercial: courses 3, 4, 5.

B. Senior College and Graduate Courses

Group III, Theory and Method: courses 10, 11, 12, 13, 14, 15, 16, 17, 20, 21, 22, 23, 24.

Group IV, Money and Finance: courses 30, 31, 32, 36, 37, 38.

Group V, Labor: courses 41, 43, 44, 45, 46, 47.

Group VI, The Industrial Field: courses 50, 51, 53, 54, 55, 56, 57, 58, 59.

Group VII, The Seminars: courses 60, 61, 62.

Students are advised to begin the study of Economics in the last year of the Junior Colleges.

For admission to the courses of the Senior College and graduate groups, a prerequisite is the satisfactory completion of courses 1 and 2 in the Department, or an equivalent. Course 1 is not open to students who do not intend to continue the work of course 2. Courses 1 and 2 are not a prerequisite for courses 3, 4, and 5.

JUNIOR COLLEGE COURSES

GROUP I. THEORY

1, 2. Principles of Political Economy.-Exposition of the laws of modern Political Economy.

Course 1. Mj. Summer Quarter, 8:00. Mj. Autumn Quarter, 4 sections, 8:30, 9:30, 11:00, and 12:00. Mj. Winter Quarter, 2 sections, 8:30, 9:30.

Course 2. Mj. Winter Quarter, 4 sections; 8:30, 9:30, 11:00 and 12:00. Mj. Spring Quarter, 2 sections, 8:30 and 9:30, ASSOCIATE PROFESSOR MARSHALL, DR. WRIGHT, MR. Field, and Mr. Kennedy.

Courses 1 and 2 together are designed to give the students an acquaintance with the working principles of modern Political Economy. The general drill in the principles cannot be completed in one quarter; and the Department does not wish students to elect course 1 who do not intend to continue the work in course 2. Descriptive and practical subjects are introduced as the principles are discussed, and the field is only half covered in course 1. Those who do not take both 1 and 2 are not prepared to pursue advanced courses in the senior colleges and graduate groups.

Required of all students in the College of Commerce and Administration.

GROUP II. HISTORICAL AND COMMERCIAL

3. Commercial Geography.-A study of the various countries and their chief products; the effect of soil, climate, and geographical situation in determining the character of national industries and of international trade, commercial routes, seaports; the location of commercial and industrial centers; exports and imports; the character, importance, and chief sources of

the principal articles of foreign trade. Mj. Autumn, Winter, and Spring Quarters, 11:00, ASSISTANT PROFESSOR GOODE.

For courses on Economic Geography of North America (Geog. 10), and Economic Geography of Europe (Geog. 12), see Department of Geography.

4. History of Commerce.- A brief general survey of ancient, mediaeval, and modern commerce. Consideration of the articles of commerce, the market places, the trade routes, methods of transportation, and the causes which promoted and retarded the growth of commerce in the principal commercial nations. Mj. Spring Quarter, 12:00, MR. Downey.

5. Economic History of the United States.-This course is intended to give the student who cannot devote more time to the subject a general survey and also to furnish a background for those who take special courses in the general field. It aims in the first place to show the manner and extent to which economic forces have determined the history of the country, and, secondly, to point out how the actual operation of economic principles is illustrated by this history. Among the topics to be taken up are: a brief survey of colonial industry, the economic aspects of the Revolution, early commerce and manufacturing, the settlement and development of the West, the public land system, internal improvements and the growth of transportation facilities. economic aspects of slavery and the negro problem, immigration, the merchant marine, our insular possessions and their economic problems. Especial attention will be given to the growth of manufactures and related topics, such as the distribution of industries, the development of our resources, the conditions which had led to manufacturing efficiency, the "American invasion of Europe," and the industrial transformation of the South. Industrial changes in Europe and elsewhere, such as have had important influence on America, will be briefly touched upon. Mj. Spring Quarter, 9:30, DR. WRIGHT.

See also courses on The Organization of the Retail Market (course 10); Consumption of Wealth (course 11); Department of Household Administra

tion.

SENIOR COLLEGE AND GRADUATE COURSES

GROUP III. THEORY AND METHOD

10. History of Political Economy.-Lectures, reading, and reports. This course treats of the development of Political Economy as a systematic body of doctrine; of the formation of economic conceptions and principles, policies, and systems. Both the history of topics and doctrines and that of schools and leading writers will be studied. The student will be expected to read prescribed portions of the authors bearing on cardinal principles. This course is intended primarily for undergraduates. Mj. Autumn Quarter, 11:00, ASSISTANT PROFESSOR HOXIE.

11. History and Method of Political Economy.-A history, interpretation, and criticism of the development of Economic Theory; based upon a study of the different writers and schools. Especial attention will be given to the determining background of intellectual and industrial conditions. The course treats of the premises on which the analysis of economic problems proceeds, the range of problems usually taken up for investigation by economists, the methods of procedure adopted in their solution, the character of the solutions sought or arrived at, the relations of Political Economy to the other moral sciences, as well as the influence of the political, social, and industrial situation in determining the scope and aim of economic investigation. Special attention is given to writers on method. Primarily for gradu. ates and advanced students. [Not given in 1909-10.]

12. Value.-A critical and constructive study of fundamental theory based upon the work of leading economic schools and writers both classical and modern. This course is intended primarily for graduates and advanced students. Autumn Quarter, 9:30, PROFESSOR JOHNSON.