JAMES LAURENCE LAUGHLIN, PH.D., Professor and Head of the Department of Political Economy. THORSTEIN B. VEBLEN, PH.D., Assistant Professor of Political Economy.

WILLIAM HILL, A.M., Assistant Professor of Political Economy.

JOHN CUMMINGS, PH.D., Assistant Professor of Political Economy.

HERBERT JOSEPH DAVENPORT, PH.D., Assistant Professor of Political Economy.

HUGO RICHARD MEYER, A.B., Assistant Professor of Political Economy.

ROBERT MORRIS, A.B., LL.B., A.M., Instructor in Political Economy.

ERNEST R. DEWSNUP, A.M., Professorial Lecturer on Railways, and Curator of the Museum of Commerce.

FELLOWS, 1905-6

DONALD ELLIOTT BRIDGMAN, A.B.
GUDMUNDUR GRIMSON, A.B.
ALBERT LAFAYETTE HOPKINS.

ALBERT NEWTON MERRITT, A.M.
EUGENE BRYAN PATTON, A.B.
WILLIAM WALKER SWANSON, A.B.

ANNA PRICHITT YOUNGMAN, PH.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 (History 11); Europe in the Nineteenth Century (History 12); Later Constitutional Period of the United States; the Civil War and the Reconstruction (History 18); Comparative National Government (Political Science 11); Federal Constitutional Law of the United States (Political Science 32); Elements of International Law (Political Science 41); and Introduction to Sociology (Sociology 72).

As a means of communication between investigators and the public, the University issues quarterly 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:

No. I. The Science of Finance, by GUSTAV COHN. Translated by DR. T. B. VEBLEN, 1895, 8vo, pp. xi+800. Price, $3.50.

No. II. History of the Union Pacific Railway, by HENRY KIRKE WHITE, 1895, 8vo, pp. 132. Price $1.50. No. III. The Indian Silver Currency, by Karl Ellstaetter. Translated by J. LAURENCE LAUGHLIN, 1896, 8vo, pp. 116. Price $1.25.

$2.

Price, $1.75.

No. IV. State Aid to Railways in Missouri, by JOHN WILSON MILLION, 1897, 8vo, pp. 264.
No. V. History of the Latin Monetary Union, by HENRY PARKER WILLIS, 1901, 8vo, pp. ix+332. Price,

No. 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.

No. VII. Legal Tender:

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

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 University Library contains an unusually complete set of United States Documents, beginning with the First Congress. 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 the Economic Library, in the Law School Building, where will also be found the past as well as the current numbers of all the European and American economic journals.

The combined library facilities of Chicago are exceptional. The Public Library, maintained by a large city tax, the Newberry Library, and the Crerar Library, with a fund of several millions of dollars, which has provided books on Political Economy, will enable the student to obtain material needed in the prosecution of detailed investigation.

For the convenience of those who wish to know the branches of economics in which especial advantages are offered by the Department, attention is called to the new facilities afforded for specialization in several directions:

Apart from the fundamental training in the general economic field, a new and exceptional series of advanced courses in the economic side of railways has been provided. It is believed that no such extended and useful courses have ever been offered before on this subject. Beginning with the usual general course on railway transportation, several special courses are presented for advanced students.

In view of the pressing importance of questions touching upon the rewards of labor and capital, an exceptional arrangement of courses dealing both with the underlying principles and the practical movements of the day have been prepared upon new and extended lines.

Opportunities for specialization in the field of money and banking have been offered in the past, but additional courses have been organized in order to permit a more thorough study in these subjects, both theoretical and practical, than has ever been possible before.

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 in 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 of Sociology co-operate in the direction of statistical investigations.

Group I, Introductory and Commercial: Courses 1, 2, 3, 4, 5, 6.

Group II, Advanced Business Courses: Courses 7, 8, 9, 10, 11, 12.

Group III, General Economic Field: Courses 20, 21, 22, 23, 24, 25, 26, 27, 29-30, 31-32.
Group IV, Labor and Capital: Courses 40, 41, 42, 43, 44, 45, 46, 47, 48.

Group V, Money and Banking: Courses 50, 51, 52, 53, 54,

Group VI, Railways: Courses 60, 61, 63, 64.

Group VII, Statistics: Courses 70, 71, 72.

Group VIII, Seminars: Courses 80, 81, 82.

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

For admission to the courses of Groups II to VIII, 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, 5, and 6.