University of Michigan.

Catalogue of the University of Michigan online

. (page 19 of 75)
Online LibraryUniversity of MichiganCatalogue of the University of Michigan → online text (page 19 of 75)
Font size
QR-code for this ebook


follow Courses i and 2 with one or more of the following: 3, 4, 9..
and 15. The third class embraces those students who desire to make
a thorough study of the science of economics, and especially those
who wish to combine the study of political economy and finance with



Digiti



ized by Google



2IO College of Literature, Science, and the Arts

history, political science, and law for the purpose of preparing them-
selves for some one of the several professions or careers to which this
group of studies naturally leads. Such persons will have no difficulty
enlarging their program from the advanced electives.

It is very desirable that students specializing in economics should
have a good knowledge of German and French. For second-year
work in those languages, therefore, such students should elect courses
devoted to reading rather than to conversation and composition, and,
in the case of German, these courses should be the ones specially
arranged for students of history and the political sciences.

Business Administration. — Special programs, on the completion
of which the student will receive a special certificate in addition to
his diploma, have been arranged to meet the needs of those students
who wish to prepare themselves for a general business career or for
particular lines of business, such as railway administration, insur-
ance, accounting, and banking. Students who desire to enroll in one
of these programs should consult with Professor Sharfman at the
beginning of their university residence or as soon as possible there-
after.

Consultation Hours. — Throughout registration week, Professor
Sharfman, daily, lo to 12 and 2 to 4. Room 107, Ec.

first semester

I. Elements of Political Economy, I. Principles. Five hours credit.
Lectures and recitations. Professor Taylor, Mr. J. P. Adams,
Mr. Walker, Mr. Fleck, Mr. Ross, Mr. Seltzer, Mr. Benner,
Mr. Caiiow, Mr. Chamberlain, Mr. Ellis, Mr. Tacgart, Mr.
Clark, Mr. Berger, Mr. Thorp, Dr. May, Mr. Nutter, and
Mr. Hanselman.

This course should precede all other courses in Political Econ-
omy, except ifl or lE,

The course will be repeated in the second semester, and it is
hoped that a considerable number of persons will elect the
course for that semester rather than for the first.

la. General Economics. Lectures and quizzes. Three hours credit.
Professor Friday.

This course is designed for seniors and graduates, and for juniors
who receive special permission, whose chief interest is in some
other department and who have time for but one or two courses
in economics. It is not open to students who have had or are
taking Course I or lE.

The course covers a study of industrial society, partly descrip-
tive and partly analytic, and undertakes to explain the legal
and business institutions by which industrial conduct is con-



Digiti



ized by Google



Courses of Instruction 2 1 1

trolled. It covers also a cursory presentation of the develop-
ment of economic theory, with especial reference to the classical
school of political economy.

lE. Elements of Economics. Engineers' Course. Three hours credit.
Lectures and recitations. Mr. Lubin.

This course is especially designed to meet the needs of students
whose work lies in professional departments, particularly engi-
neering. It will be devoted to a consideration of the funda-
mental economic principles and to the important practical cur-
rent problems of the economic world, particularly insofar as
they illustrate these principles.

No student can receive credit for this course and Course i or
Course u.

This course is intended primarily for Engineers. Literary stu-
dents will be admitted only with the special consent of the
instructor.

3. Labor Problems. Three hours credit. Lectures and recitations.

Mr. Lubin.

This course is designed to give the student a descriptive and
analytic outline of the chief problems arising out of the wage-
earner's place and part in modem industry, and the relation
of the labor interest to current trends in modem society. It
will undertake to disclose the historic background of the mod-
ern labor movement ; to analyze the economic doctrines involved
in current and past controversies over wages and trade organ-
izations; and to pass in critical review the many plans sub-
mitted for the solution of definite phases of the labor problem,
especially those that rely on legislative enactments and admin-
istrative supervision.

This course must be preceded by Courses i and 2 or their equiv-
alents.

4. Principles of Public Finance. Three hours credit. Dr. Hauhart.
This course treats of public expenditures, revenues, and debts.

Some attention will also be given to budgets and treasury or-
ganization, but the stress of the course will fall on the prin-
ciples and problems of taxation. Course i, la, or lE is a pre-
requisite, or, in special cases, permission of the instructor.

7. Essentials of Economic Theory. Two hours credit. Professor
Taylor.

This course is intended to meet the needs of persons who wish
to make a fuller study of the leading problems of economic
theory than was feasible in Course i. It should be taken by
all students who expect to teach economic subjects. It will
be required for admission to Courses 13, 13a, 13^, etc.

This course must be preceded by Course i or an equivalent.



Digiti



ized by Google



212 College of Literature, Science, and the Arts

8. Economic Statistics. Two hours credit. Professor Friday.
For graduate students ; open to seniors by special permission.
This course is devoted to a study of economic problems whose

solution depends upon statistical investigation. For 1920-192 1
the subject will be, "The Course of Profits from 1890 to 1920,
and their Effect upon the Accumulation of Capital and the
Distribution of Wealth and Income."

9. Banking, Money, and Foreign Exchange. Three hours credit.

Lectures and recitations. Assistant Professor Calhoun.

This is a general course designed to acquaint the student with
the most important features of the institutions of banking,
money, and foreign exchange. A study is made of the theory
of these subjects and the character of their development. Par-

' ticular attention will be given to a study of the Federal Reserve
System.

Prerequisite: Economics i or an equivalent.

(Students who have had Economics 10 — Money, Credit, and the
Level of Prices — will be admitted to this course the first se-
mester of 1920- 1 92 1 only.)

II. The Money Market. Two hours credit. Professor Friday.

A study of the factors which determine the demand for capital,
the supply of capital, and the rate of interest in the various
money markets.
Prerequisites: Courses i and 9.

13^. Studies in Economic Theory. Two hours credit. Professor
Taylor.

This course is given in a three-year cycle, appearing as 13, 13^,
and i^d in the first semester, followed by 1^, i^c, and 13^ in
the second semester. This year they are elected as i^d and 13^.
Course 7 is a prerequisite.

The work consists of special studies in the leading problems of
economic theory, such as the nature and origin of value, the
laws of normal value, the origin of interest, the principles reg-
ulating distribution, and so on. Designed for graduate stu-
dents; open to others only by special permission.

15. Corporations. Lectures, reading, and discussion. Three hours
credit. Professor Sharfman and Mr. Caverly.
This course undertakes a study of corporations as an element in
industrial society, laying special emphasis upon the so-called
trust problem and questions of government regulation of in-
dustry.
It deal:> with the forms of business organization, with particular
stress on the nature and history of corporations and their
signihcance in modern life. While it offers an account of the
promotion, capitalization, and reorganization of corporations,



Digiti



ized by Google



Courses of Instruction 213

questions of finance are for the most part subordinated to a
consideration of the economic aspects of industrial combina-
tion, such as its effects upon efficiency, wages, profits, and
prices. The course is concluded by a study of the Sherman
Anti-Trust Act and a discussion of the recent trust legislation.
This course must be preceded by Course i or an equivalent.

17. Research Work.

This course is designed for students who desire to pursue inde-
pendent research in connection with topics not covered in any
other seminary. Supervision over this work will be assigned
to that instructor in the department who is most interested in
the subject chosen. This course may be elected only with the
approval of the Head of the department. The credit allowed
will depend on the amount and character of the work done.

31. Marketing. Three hours credit. Lectures and recitations. Pro-

fessor Griffin.

This is a fundamental course in the principles and methods of
marketing. It will include a discussion of the marketing of
raw materials and of agricultural and manufactured products,
and a consideration of the characteristics of the wholesale and
retail trade. Some specific problems of marketing, such as
speculation, elimination of middlemen, price maintenance, and
the cost of marketing, will be considered. The course will be
concluded by a survey of selling policies of the manufacturer.

This course must be preceded by Course I or an equivalent.

31a. Problems in Marketing. Two hours credit. Professor Griffin.
This course is designed for students who desire to do independent
work in special problems of marketing.

This course must be preceded by Courses i and 31, and may be
elected only with the approval of the instructor.

32. Industrial Organization and Management. Three hours credit.

Lectures and recitations. Assistant Professor Edmonds.

This is a fundamental course in the principles of internal organ-
ization and management of industrial enterprises. It will in-
clude a discussion of the nature of modern industry ; location,
layout, and tjrpes of construction; materials, equipment, and
power; planning and routing; statistics and accounting;
scientific management and the employment of labor; purchas-
ing, traffic, credit, and collections.

This course will be repeated in the second semester.

Prerequisite: Economics i or an equivalent.

33rt. Problems in Industrial Organization. Two hours credit. As-
sistant Professor Edmonds.
This cou/se will consist of a study of selected problems in the



Digiti



ized by Google



214 College of Literature, Science, and the Arts

field of Industrial Organization. Questions which were of spe-
cial interest in Course 32 will be studied in greater detail.
Prerequisite : Course 32 and the consent of instructor.

[36. Railway Organization and Operation. Lectures, readings, and
reports. Thrfe hours credit. Professor Adams.

Students who elect this course will be expected to elect Course
36a in the second semester.

This course undertakes a study of problems incident to the oper-
ation of steam railroads from the standpoint of both the rail-
way administrative officers and of public regulatory bodies.

It deals with problems of railway organization, and administra-
tive methods of controlling expenses, and of auditing revenues.
It considers the use of statistics as an aid to the attainment of
economics in operation.

This course must be preceded by Course i, 2, 6, and 38.

Graduate students or special students who desire intensive train-
ing in railway operation or administration may secure two
hours additional work during the first semester by enrolling
in Course 17. Omitted in 1920-1921.]

37. Corporation Finance. Lectures, reading, and discussion. Threg

hours credit. Professor Sharfman and Mr. Caverly.

This course aims to study the organization and intercorporate
relations of modern railway and industrial enterprises, with
special reference to problems of finance. It deals with such
subjects as the nature and varieties of stocks and bonds, the
distribution and price movements of corporation securities, cor-
porate promotion, capitalization, and reorganization.

Course 15 must precede or accompany this course.

38. Principles of Accounting, I. Four hours credit. Lectures, reci-

tations, and laboratory. Professor Paton, Assistant Professor
ScHMiTT, Dr. Hauhart, Mr. J. P. Adams, Mr. Walker, Mr.
Ross, Mr. Tagcart, and Mr. Chamberlain.

This is an introductory course in general principles. The work
begins with the analysis and classification of transactions and
accounts according lo the principles of double-entry. A more
intensive study of account classification is then undertaken,
among other principles that of functional classification for
managerial purposes being stressed. The accounting signifi-
cance of valuations is considered, and special topics, such as
the treatment of deferred charges and credits, the distinction
between maintenance and improvement, the nature of wasting
assets, are discussed. Particular attention is given to the
closing of accounts and to the construction and interpretation
of working, income, and balance sheets.

Course 1 or an equivalent must precede or accompany this course.



Digiti



ized by Google



Courses of Instruction 215

39. Principles of Accoonting, II. Four hours credit. Lectures, reci-

tations, and laboratory. Professor Paton, Assistant Professor
ScHMiTT, and Mr. J. P. Adams.
This is the same as Course 39, given the second semester.

40, Cost Accounting. Three hours credit. Lectures and recitations.

Assistant Professor Schmitt.

This course undertakes an analysis of accounts and accounting
statements for manufacturing concerns, with special reference
to the specific problems of management Various methods of
allocating indirect expense to production factors and to specific
products are studied. The principles of costing are illustrated
in a complete cost set which is worked out by the student as
a laboratory exercise.

Course 38, or an equivalent, is a prerequisite.

44. The Theory of Accounts. Two hours credit. Professor Paton.

In this course a special study is made of the underlying struc-
ture of modem accounts and unsettled matters of principle
and procedure. Readings will be assigned from representative
authors.

This course may be elected only with the permission of the in-
structor.

Courses 38 and 39 are prerequisites.

46. Business Law, I. Lectures, reading, and discussion of selected
cases. Three hours credit. Mr. WoiJiVER.

This course, designed to meet the special needs of students in
business administration, deals with the legal significance of the
more important business situations likely to arise in commer-
cial and industrial life. It undertakes, through a study of
concrete cases and legal rules, to acquaint the student with the
point of view of the law» as a means of helping to prepare the
business man to avoid legal controversy as far as possible, and
to cooperate intelligently with legal counsel when litigation can
not be avoided.

The training afforded by this course and the subject matter with
which it deals extend through the entire year, and students
electing Course 46 in the first semester will be expected to elect
Course 47 in the second semester.

During the first semester the course deals primarily with con-
tractual transactions, involving a study of the leading prin-
ciples of the law of contracts, sales, and commercial paper.
During the second semester the course deals largely with legal
questions arising out of the various forms of business associa-
tion, involving a study of the leading principles of the law of
agency, partnership, and corporations. Throughout the course



Digiti



ized by Google



2i6 College of Literature, Science, and the Arts



emphasis is laid upon the practical application of legal rales
in ordinary business dealings.
This course is not open to students intending to pursue the pro-
fessional study of law.

49. Elementary Methods in Statistics. Tivo hours credit. Elect as
Mathematics 49. Assistant Professor Carver.
This course deals with the construction of schedules, gathering
data, editing schedules, arranging and presenting statistics in
various tabular and graphical forms.

51. Introduction to the Mathematical Theory of Interest. Three

hours credit. Elect as Mathematics 51. Professor Glover.

The aim of this course is to explain and illustrate the applica-
tion of Mathematics to financial transactions to such an extent
as may be of interest and value to the general student.

It must be preceded by Mathematics I (or lE).

The attention of students who desire to specialize in statistical
and actuarial mathematics is called to a note concerning the
arrangement of their work in this Announcement under Mathe-
matics.

52. Introduction to the Mathematical Theory of Insurance. Three

hours credit. Elect as Mathematics 52. Assistant Professor
Carver.
Course 52 is open to those who have completed Courses i (or
lE) and 51 in Mathematics.

55. Advanced Mathematical Theory of Interest and Life Con-
tingencies, I. Four hours credit. Elect as Mathematics 55.
Professor Glover.
For further information, see Course 55 in Mathematics.

59. Mathematical Theory of Statistics. Advanced Course. Elect as
Mathematics 59. Two hours credit, Mr. Barnard.

67. Casualty Actuarial Theory. Three hours credit. Elect as Math-
ematics 67. Assistant Professor Carver.

SECOND SEMESTER

I. Elements of Political Economy, I. Principles. Five hours credit.
Lectures and recitations. Professor Tavlor, Mr. J. P. Adams,
and others.
This is a repetition of Course i of the first semester.



Digiti



ized by Google



Courses of Instruction 2 1 7

lE. Elements of Economics. Engineers* Course. Three hours credit.
Lectures and recitations. Mr. Ludin.

This is a repetition of Course lE of the first semester.

This course is intended primarily for Engineers. Literary stu-
dents will be admitted only with the special consent of the
instructor. .

2. Elements of Political Economy, IL Current Problems. Three
hours credit. Lectures and recitations. Professor Friday, Mr.
LuBiN, and others.

This course is a tontinuation of the Elements of Political Econ-
omy given in the first semester. Students who have taken
Course itf or lE will be permitted to elect this course.

The purpose of this course is to apply eoonomic principles to
current social and industrial problems and to make clear the
historic background of such problems.

3tf. Labor Problems. Two hours credit, Mr. LuBiN.

This course is given as a seminary in continuation of Course 3.
Students will be required to select some special phase of the
Labor Problem for intensive investigation; to make occasional
reports before the class on their findings; and to submit a
thesis incorporating the results of their research.

5. Seminary in Public Finance. Two hours credit. Professor

Adams, with Dr. Hauhart.
In 1920- 192 1 the topic of study will be war taxation and war
credits. A thesis will be required. This course will be lim-
ited to not more than twelve students. The permission of the
instructor must be obtained for its election.

6. Railway Problems. Lectures, reading, and discussion. Three

hours credit. Professor Sharfman and Mr. Caverly.

TTiis course considers the social and industrial significance of
modern transportation, traces the development of railway
transportation, analyzes the chief railway problems in the
United States, with special reference io the nature of railway
competition and the theory and practice of rate-making, and
devotes particular attention to the regulation of railways, espe-
cially by the federal government. The course will be con-
cluded by a discussion of the war administration of the rail-
roads and of the adjustments in railway regulation which ac-
companied the return of the roads to private operation.

This course must be preceded by Course i or an equivalent.



Digiti



ized by Google



2i8 College of Literature, Science, and the Arts

/. Essentials of Economic Theory. Twp hours credit. Professor
Taylor.
Repeated from first semester.
This course must be preceded by Course i or an equivalent.

«ki. Economic and Financial Investigations. Two hours credit. Pro-
fessor Friday.

For graduate students; open to seniors by special permission.

This course is designed to acquaint the student with the technique
of conducting financial investigations, necessitated by govern-
ment control, corporate reorganization, and economic research.

«;. Banking, Money, and Foreign Exchange. (Repeated from first
semester.) Three hours credit. Lectures and recitations. As-
sistant Professor Calhoun.
This is a gener.il course designed to acquaint the student with
the most important features of the institutions of banking,
money, and foreign exchange. A study is made of the theory
of these subjects and the character of their development. Par
licular attention will be given to a study of the Federal Re-
serve System.
Prerequisite : Economics I or an equivalent.

[ 10. Credit, Price, Levels, and Business Cycles. Two hours credit.
Professor Friday.
This course must be preceded by Courses i and 9.
Omitted in 1920-1921.]

12. Pr.ictical Banking Problems. Two hours credit. Assistant Pro-
fessor Calhoun.

An intensive study of the important problems connected with
bank organization and administration. The interpretation of
financial news and the compilation and interpretation of bank-
ing statistics will be stressed.

Prerequisites: Courses i, 9, and 38.

13^. Studies in Economic Theory. Two hours credit. Professor
Taylor.
For details, see announcement for first semester.
Coprse 7 is a prerequisite.

16. Public Service Industries. Lectures, reading, and discussion.
Two hours credit. Professor Sharfman.

This course considers the nature of public service industries, such
as railroads, street railways, gas and electric companies, tele-
phone and telegraph companies, and their relation to the state
and to the municipality. The problem of public ownership
and public control is given careful study on the basis of Amer-
ican and European experience, with special consideration of
commission regulation in the United States.

Courses i and 6 are prerequisites.



Digiti



ized by Google



Courses of Instruction 219

iS. Research Work.

This course is designed for students who desire lo pursue inde-
pendent research in connection with topics not covered in any
other seminary. Supervision over this work will be assigned
to that instructor in the department who is most interested in
the subject chosen. This course may be elected only with the
approval of the Head of the department. The credit allowed
will depend on the amount and character of the work done.

32. Industiial Organization and Management. Thre^ hours credit.

Lectures and recitations. Assistant Professor Edmonds.

This is a fundamental course in the principles of internal organ-
ization and management of industrial enterprises. It will in-
clude a discussion of the nature of modem industry; location,

' layout, and types of construction; materials, equipment, and
power; planning and routing; statistics and accounting; sci-
entific management and the employment of labor; purchasing,
traffic, credit, and collections.

Repeated from first semester.

Prerequisite: Economics i or an equivalent.

33. Foreign Trade. Two hours credit. Lectures and recitations.

Professor Grifhn.

This course deals with the nature and content of Foreign Trade.

It is introdoced with a discussion of the economic problems
underlying international trade. It then presents a study of
the present trade of the countries 'of the world. Commercial
policies, international investments, shipping facilities, and the
relation of the government to shipping and foreign trade are
studied. The latter half of the course will be devoted to a
consideration of the nature of the foreign market and the
technique of the export business.

This course must be preceded by Course I or an equivalent.

33«. Problems in Foreign Trade. Turo hours credit. Professor
Griffin.

This course is designed for students who desire to do independent

work on special problems of foreign trade.
This course must be preceded by Courses I and 33, and may be

elected only with the approval of the instructor.

34. Employment Management. Two hours credit. Assistant Profes-

sor Edmonds.
This is a course in the employment, training, control, and com-
pensation of labor. In the latter part of the course considera-
tion is given to the problem of industrial relations as viewed
from the standpoint of the management. The course is designed



Online LibraryUniversity of MichiganCatalogue of the University of Michigan → online text (page 19 of 75)