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AMERICAN ECONOMIC HISTORY
Economics 541
Spring 2006
Reading List and Selective Guide to the Field
Professor Eugene N. White
Department of Economics
New Jersey Hall
Rutgers University
732-932-7486
[email protected]
Office Hours by Arrangement
Requirements
Books: You should purchase Benjamin Friedman, The Moral Consequences of Economic
Growth (New York: Alfred Knopf, 2005), Milton Friedman and Anna J. Schwartz, A
Monetary History of the United States, 1867-1960 (Princeton: Princeton University Press,
1963), and John Kenneth Galbraith, The Great Crash 1929 (Boston: Houghton Mifflin,
1954). I have not assigned one textbook, but I highly recommend that you buy a used
copy of Hugh Rockoff and Gary Walton, History of the American Economy (8th or 9th
edition) to provide more background.
Required Reading: The required readings are starred “*”
Weekly Assignments: Each week, on Friday, you will deliver to me a one page doublespaced summary of the key points in the assigned readings in narrative form---not an
outline. They are due in class or by email and are worth 10 percent of your grade. They
will not be marked for quality, but for each one you miss, you will lose 1 percent. The
object is to get you to think quickly and concisely about what you have read
Exams: There will be two take home exams each worth 25 percent of your grade. They
will consist of essay questions about the major topics we cover.
Research Paper: In the first two weeks of the semester you must make an appointment
and come to my office to discuss a paper topic. By the end of January, you will need to
provide a one paragraph summary of your idea. The paper will be due May 10. It is
worth 40 percent of your grade. There are no extensions.
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I. Why Study Economic History?
*“Long Study of the Great Depression has shaped Bernanke’s Views,” Wall Street
Journal (December 7, 2005), p. A1 & A15.
*“The Mountain Man and the Surgeon: Reflections on relative poverty in North America
and Africa,” The Economist (December 24, 2005), pp. 24-26.
*Claudia Goldin, “Cliometrics and the Nobel,” Journal of Economic Perspectives 9
(Spring 1995), pp. 191-208.
II. Long-Term Economic Growth: Productivity Growth, It Sources and Benefits
*Graph annual growth rates for population, the price level, real GDP, and real GDP per
capita from 1790 to 2004. Produce a transparency for each series. Identify the key
periods. Think about how to present the material! Name one problem with each series.
http://www.eh.net/hmit/gdp/
http://www.eh.net/hmit/gdp/GDPsource.2003.htm
Note: www.eh.net is a very useful website for economic history, data and other important
questions. Go explore it.
The new essential but forthcoming source: Historical Statistics of the United States:
Millenial Edition (Cambridge: Cambridge University Press, 2006).
*Paul M. Romer, “Why, Indeed, in America? Theory, History and the Origins of Modern
Economic Growth,” American Economic Review (May 1996), pp. 202-206.
*Gordon, Robert J., “Does the ‘New Economy’ Measure up to the Great Inventions of the
Past?” Journal of Economic Perspectives 14 (Autumn 2000), pp. 49-74. (NBER Working
Paper 7833, August 2000).
*Wright, Gavin. The Origins of American Industrial Success, 1879-1940,” American
Economic Review. Vol. 80 (4). p 651-68. September 1990.
*B. Zorina Khan, “Property Rights and Patent Litigation in Early Nineteenth Century
America,” Journal of Economic History 55 (March 1995), pp. 58-97.
*Benjamin M. Friedman, The Moral Consequences of Economic Growth (New York:
Alfred Knopf, 2005), chapter 1 “What Growth Is, What Growth Does,” and chapter 4
“Rising Incomes, Individual Attitudes”
Robert E. Gallman, “Economic Growth and Structural Change in the Long Nineteenth
Century,” in Stanley Engerman and Robert E. Gallman, The Cambridge Economic
History of the United States, (2000) Vol II, pp. 1-56.
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Moses Abramovitz and Paul A. David, “Growth in the Era of Knowledge-Based
Progress,” in Stanley Engerman and Robert E. Gallman, The Cambridge Economic
History of the United States, (2000) Vol III, pp. 1-98.
Robert J. Gordon, “Interpreting the One Big Wave in U.S. Productivity Growth,” in Bart
van Ark, et. al. Productivity, Technology and Economic Growth (Kluwer, 2000). Or
http://faculty-web.at.northwestern.edu/economics/gordon/338.pdf or (NBER Working
Paper 7752, June 2000).
Ian Dew-Baker, Robert J. Gordon, Where Did Productivity Growth Go? Inflation
Dynamics and the Distribution of Income” NBER Working Paper 11842 (December
2005) http://www.nber.org/papers/w11842.
Nicholas F.R. Crafts, “The First Industrial Revolution: A Guided Tour for Growth
Economists,” American Economic Review (May 1996), pp. 197-207.
Stephen N. Broadberry, “Comparative productivity in British and American
manufacturing during the nineteenth century, Explorations in Economic History 31
(1994), pp. 21-48.
Stephen Broadberry, “How did the United States and Germany overtake Britain? A
Sectoral analysis of comparative productivity levels, 1870-1990,” Journal of Economic
History 58 (1998), pp. 375-407.
B. Zorina Khan, The Democratization of Invention: Patents and Copyrights in American
Economic Development, 1790-1920 (Cambridge: Cambridge University Press, 2005.
N.F.R Crafts “Exogenous or Endogenous Growth? The Industrial Revolution
Reconsidered,” Journal of Economic History 55 (December 1995), pp. 745-772.
Richard Nelson and Gavin Wright, “The Rise and Fall of American Technological
Leadership: The Postwar Era in Historical Perspective,” Journal of Economic Literature.
Vol. 30 (4). p 1931-64. (December 1992).
II. A. The Old Regime and the New
Charles A. Beard, An Economic Interpretation of the Constitution of the United States
(New York: Macmillan, 1913).
Farley Grubb, “Creating the U.S. Dollar Currency union, 1748-1811: A Quest for
Monetary Stability or a Usurpation of State Sovereignty for Personal Gain,” American
Economic Review (December 2003), p. 1778-1797.
*Hugh Rockoff, “How Long did it take the United States to Become an Optimal
Currency Area?” NBER Historical Paper 124, (2000).
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Robert A. McGuire and Robert L. Ohsfeldt, “An Economic Model of Voting Behavior
over Specific Issues at the Constitutional Convention of 1787,” Journal of Economic
History (1986), pp. 79-112.
Charles A. Calomiris, “Institutional Failure Monetary Scarcity and the Depreciation of
the Continental,” Journal of Economic History (1988), pp. 47-68.
Cathy Matson, “The Revolution, the Constitution and the New Nation,” in R. Gallman
and S. Engerman, eds. Cambridge Economic History of the United States Vol I
(Cambridge: Cambridge University Press, 1996), pp. 363-401.
III. The Development of Markets and Globalization
Douglas A. Irwin, “The Aftermath of Hamilton’s ‘Report on Manufactures’” Journal of
Economic History 64 (September 2004), pp. 800-821.
Douglas A. Irwin, “Could the United States Iron Industry Have Survived Free Trade after
the Civil War?” Explorations in Economic History 37 (July 2000), pp. 278-299.
*Douglas Irwin and Peter Temin, “The Antebellum Tariff on Cotton Textiles Revisited,”
Journal of Economic History 61 (September 2001), pp. 777-798.
Mark Bils, “Tariff Protection and Production in the Early U.S. Cotton Textile Industry,
Journal of Economic History 44 (1984), pp. 1033-45.
Hugh Rockoff “How Long Did It Take the United States to Become an Optimal
Currency Area? NBER Working Paper h0124 (2000).
*Sukkoo Kim, “Economic Integration and Convergence: U.S. Regions, 1840-1987,”
Journal of Economic History 58 (September 1998), p. 659-683.
Kris James Michener and Ian W. McLean, “U.S. Regional Growth and Convergence,
1880-1980,” Journal of Economic History 59 (December 1999), pp. 1016-1042.
*Joshua Rosenbloom, “Was There a National Labor Market at the end of the Nineteenth
Century,” Journal of Economic History 56 (September 1996), pp. 626-656.
William Sundstrom and Joshua L. Rosenbloom, “Occupational Differences in the
Dispersion of Wages and Working Hours: Labor Market Integration in the United States,
1890-1903,” Explorations in Economic History 30 (1993), pp. 379-408.
*Kevin O’Rourke, Alan Taylor, and Jeffrey Williamson, “Factor Price Convergence in
the Late Nineteenth Century,” International Economic Review (1996), pp. 499-530.
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Kevin O’Rouke and Jeffrey G. Williamson, “Late Nineteenth Century Anglo-American
Factor-Price Convergence: Were Heckscher and Ohlin Right?” Journal of Economic
History 54 (December 1994), PP. 892-916.
Alan Taylor and Jeffrey Williamson, “Convergence in the Age of Mass Migration,”
European Review of Economic History (1997), pp. 27-63.
Jeffrey Williamson, “The Evolution of Global Labor Markets Since 1850,” Explorations
in Economic History (1995), pp. 1-54.
Jeffrey Williamson, “Globalization, Convergence and History,” Journal of Economic
History (1996), pp. 1-30.
*Jeffrey Williamson, “Globalization, Labor Markets and Policy Backlash in the Past,”
Journal of Economic Perspectives (Fall 1998), pp. 51-72.
John James and Mark Thomas, “Golden Age? Unemployment and the American Labor
Market, 1880-1910,” Journal of Economic History 63 (December 2003), pp. 959
Ashley S. Timmer and Jeffrey G. Williamson, “Immigration Policy Prior to the 1930s:
Labor Markets, Policy Interactions and Globalization Backlash,” Population and
Development Review 24 (December 1998), pp. 739-71.
Claudia Goldin, “The Political Economy of Immigration Restriction in the United States,
1890-1921,” in Claudia Goldin and Gary D. Libecap, The Regulated Economy: A
Historical Approach to Political Economy (Chicago: Chicago University Press, 1994).
Patricia Cloud and David W. Galenson, “Chinese Immigration and Contract Labor in the
Late Nineteenth Century,” Explorations in Economic History 24 (1987), pp. 22-42 and
comment by Charles J. McClain in Explorations in Economic History 27 (July 1990, pp.
363-378 and Cloud and Galenson Reply EEH 28 (April 1991), pp. 239-247.
*Mark Kanazawa, “Immigration, Exclusion and Taxation: Anti-Chinese Legislation in
Gold Rush California,” Journal of Economic History 65 (September 2005), pp. 779-805.
*Friedman, Moral Consequences Chapter 5, “From Horatio Alger to William Jennings
Bryan”
IV. The African-American Dilemma in America
Walton and Rockoff, Chapter 13 “Entrenchment of Slavery and Regional Conflict”
Stanley L. Engerman, “Slavery and Its Consequences for the South in the Nineteenth
Century,” in S. Engerman and R. Gallman, The Cambridge Economic History of the
United States, Volume II, pp. 329-366.
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Robert Fogel and Stanley Engerman, Time on the Cross: The Economics of American
Negro Slavery (Boston: Little, Brown, 1974).
*Robert Fogel and Stanley Engerman, “Explaining the Relative Efficiency of Slave
Agriculture in the Antebellum South,” American Economic Review 67 (September
1977), pp. 275-296 and comments by Donald Schaefer and Mark Schmitz, Paul David
and Peter Temin, and Gavin Wright AER (1979), pp. 208-226; and Reply by Fogel and
Engerman AER 70 (1980), pp. 672-690.
Robert Fogel, Without Consent or Contract: The Rise and Fall of American Slavery (New
York: W.W. Norton, 1989).
*Richard H. Steckel, “A Peculiar Population: The Nutrition, Health and Mortality of
American Slaves from Childhood to Maturity,” Journal of Economic History 46 (1986),
pp. 721-742
Claudia Goldin and Frank Lewis, “The Economic Cost of the American Civil War,
Journal of Economic History 35 (1975).
C. Vann Woodward, The Strange Career of Jim Crow
Roger L. Ransom and Richard Sutch, “One Kind of Freedom Reconsidered and Turbo
Charged,” and comments by Gavin Wright, Harold Woodman, Peter Coclanis and
Stanley Engerman, in Explorations in Economic History 38 (January 2001), pp. 6-67.
Lee Alston and Robert Higgs, “Contractual Mix in Southern Agriculture since the Civil
War: Facts, Hypotheses and Test,” Journal of Economic History 42 (1982), pp. 327-353.
*Price Fishback, “Debt Peonage in Postbellum Georgia,” Explorations in Economic
History 26 (1989), pp. 219-236.
Gavin Wright, Old South, New South (New York: Basic Books, 1986).
Gavin Wright, “The Economic Revolution in the American South,” Journal of Economic
Perspectives (Summer 1987).
Lee J. Alston and Joseph Ferrie, “Time on the Ladder: Career Mobility in Agriculture,
1890-1938,” Journal of Economic History 65 (December 2005), pp. 1058-1081.
William J. Collins, “When the Tide Turned: Immigration and the Delay of the Great
Black Migration,” Journal of Economic History 57 (September 1997), pp. 607-632.
Robert A. Margo, Race and Schooling in the South 1880-1950 (Chicago: Chicago
University Press, 1990).
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William Collins and Robert A. Margo, “Race and Home Ownership: A Century Long
View,” Explorations in Economic History 38 (January 2001), pp. 68-92.
Sarah Turner and John Bound, “Closing the Gap or Widening the Divide: The Effects of
the G.I. Bill and World War II on the Educational Outcomes of Black Americans,”
Journal of Economic History 63 (March 2003), pp. 145-177.
*Gavin Wright, “The Civil Rights Revolution as Economic History,” Journal of
Economic History 59 (June 1999), pp. 267-289.
James J. Heckman and Bruce Payner, “The Impact of the Economy and the State on the
Economic Status of Blacks: A Study of South Carolina,” American Economic Review 79
(1989), pp. 138-177.
John J. Donohue III and James Heckman, “Continuous Versus Episodic Change: The
Impact of Civil Rights Policy on the Economic Status of Blacks,” Journal of Economic
Literature (December 1991), pp. 1603-1643.
V. The Financial System: Source of Growth? Source of Instability?
J. Gurley and E. Shaw, “Financial Structure and Economic Development,” Economic
Development and Cultural Change (1967), 15, pp. 257-78.
R. King and R. Levine, “Finance and Growth: Schumpeter Might Be Right,” Quarterly
Journal of Economics (1993) 108(3), pp. 717-37.
R. Levine and S. Zervos, “Stock Markets, Banks, and Economic Growth, American
Economic Review (1998), 88, 3, pp. 537-58.
Howard Bodenhorn, A History of Banking in Antebellum America: Financial Markets
and Economic Development in an Era of Nationa-Building (Cambridge: Cambridge
University Press, 2000).
*Rousseau and Sylla, “Emerging Markets and Early US Growth,” Explorations in
Economic History (January 2005), pp. 1-26..
Lance Davis, “The Investment Market, 1870-1914: The Evolution of a National Market,”
Journal of Economic History (September 1985).
Howard Bodenhorn, “Capital Mobility and Financial Integration in Antebellum
American,” Journal of Economic History 52 (September 1992), pp. 585-610.
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*Howard Bodenhorn and Hugh Rockoff, “Regional Interest Rates in Antebellum
America,” in Claudia Goldin and Hugh Rockoff, ed., Strategic Factors in Nineteenth
Century American Economic History: A Volume to Honor Robert W. Fogel (Chicago:
Chicago University Press, 1992).
John A. James, Money and Capital Markets in Postbellum America (Princeton: Princeton
University Press, 1978).
Eugene N. White, The Regulation and Reform of the American Banking System 19001929 (Princeton: Princeton University Press, 1983).
Peter Temin, The Jacksonian Economy (New York 1969).
David J. Cowen, “The First Bank of the United States and the Securities Market Crash of
1792,” Journal of Economic History 60 (December 2000), pp. 1041-1060.
*Peter L. Rousseau, “Jacksonian Monetary Policy, Specie Flows, and the Panic of 1837,”
Journal of Economic History 62 (June 2002), pp. 457-488.
Bray Hammond, Banks and Politics in America from the Revolution to the Civil War
(Princeton, 1957).
Hugh Rockoff, “The Free Banking Era: A Re-Examination,” Journal of Money Credit
and Banking (1974), pp. 141-173.
*Arthur J. Rolnick, and Warren E. Weber, “New Evidence on the Free Banking Era,”
American Economic Review (1983), pp. 1080-1091.
Andrew Economopulous, “Illinois Free Banking Experience,” Journal of Money Credit
and Banking (May 1988).
Arthur J. Rolnick, and Warren E. Weber, “The Causes of Free Bank Failures” Journal of
Monetary Economics 14 (1984), pp. 267-291.
*Friedman and Schwartz, A Monetary History Chapters 2, 3, and 4.
Michael D. Bordo, Hugh Rockoff and Angela Redish, “The U.S. Banking System From a
Northern Exposure: Stability versus Efficiency,” Journal of Economic History 54 (June
1994), pp. 325-357.
Charles W. Calomiris and Larry Schweikart, “The Panic of 1857: Origins, Transmission
and Containment,” Journal of Economic History51 (December 1991), pp. 807-834.
Charles W. Calomiris and Gary Gorton, “The origins of banking panics: Models, facts
and bank regulation,” in R. Glenn Hubbard, ed., Financial Markets and Financial Crises
Chicago: University of Chicago Press, 1991).
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Elmus Wicker Banking Panics of the Gilded Age (Cambridge: Cambridge University
Press, 2000).
Cormac O’Grada and Eugene N. White, “The Panics of 1854 and 1857: A View from the
Emigrant Industrial Savings Bank,” Journal of Economic History 63 (March 2003), pp.
213-240.
Gary Gorton and Donald Mullineaux, “The Joint Production of Confidence: Endogenous
Regulation and Nineteenth Century Commercial-Bank Clearinghouses,” Journal of
Money Credit and Banking 19 (November 1987), pp. 457-468.
Jon Moen and Ellis W. Tallman, “The Bank Panic of 1907: The Role of Trust
Companies,” Journal of Economic History 52 (September 1992), pp. 611-630.
Jon Moen and Ellis Tallman, “Clearinghouse Membership and Deposit Contraction
during the Panic of 1907,” Journal of Economic History 60 (March 2000), pp. 145-163.
Daniel C. Giedeman, “Branch Banking Restrictions and Finance Constraints in Early
Twentieth Century American, Journal of Economic History 65 (March 2005), pp. 129151.
Kerry Odell and Marc Weidenmier, “Real Shock, Monetary Aftershock: The 1906 San
Francisco Earthquake and the Panic of 1907,” Journal of Economic History 64
(December 2004), pp. 1056-1086,
*Jeffrey Miron, “Financial Panics, the Seasonality of the Nominal Interest Rate and the
Founding of the Fed,” American Economic Review (March 1986).
Angela Redish, Bimetallism: An Economic and Historical Analysis (Cambridge:
Cambridge University Press, 2000).
Jeffry A. Frieden, “Monetary Populism in Nineteenth Century American: An Open
Economy Interpretation,” Journal of Economic History 57 (June 1997), pp.367-95.
James H. Stock, “Real Estate Mortgages, Foreclosures and Midwestern Agrarian Unrest,”
Journal of Economic History 44 (March 1984), pp. 89-107.
*Hugh Rockoff, “The Wizard of Oz,” Journal of Political Economy
Milton Friedman, “Bimetallism Revisited,” Journal of Economic Perspectives 4 (Autumn
1990), pp. 85-104.
VI. World War I (and II)
Friedman and Schwartz, A Monetary History Chapter 5
9
*Milton Friedman, “Price, Income and Monetary Changes in Three Wartime Periods,
American Economic Review (May 1952), pp. 612-625.
Hugh Rockoff, “Until it’s over, over there: the U.S. Economy in World War I,” in
Stephen Broadberry and Mark Harrison, The Economics of World War I (Cambridge:
Cambridge University Press, 2005), pp. 310-345.
Paul Evans, “The Effects of General Price Controls in the United States during World
War II, Journal of Political Economy 90 (1982), pp. 944-966.
Hugh Rockoff, Drastic Measures: A History of Wage and Price Controls in the United
States (Cambridge University Press).
VII. The Stock Market
*John Kenneth Galbraith, The Great Crash 1929 (Boston: Houghton Mifflin, 1954).
Friedman and Schwartz, A Monetary History Chapter 6.
*Sirkin, Gerald, “The Stock Market of 1929 Revisited: A Note,” Business History
Review 49:2 (Summer 1975), pp. 223-31.
*Shiller, Robert J., “Do Stock Prices Move Too Much to be Justified by Subsequent
Changes in Dividends?” American Economic Growth 71:2 (June 1981), pp. 421-435.
Wigmore, Barrie A., The Crash and Its Aftermath: A History of Securities Markets in the
United States, 1929-1933 (Westport: Greenwood Press, 1985).
Eugene N. White, “The Stock Market Boom and Crash of 1929 Revisited,” Journal of
Economic Perspectives (Spring 1990), pp. 76-83.
Peter Rappoport and Eugene N. White, “Was the Crash of 1929 Expected?” American
Economic Review (March 1994), pp. 271-81.
R. Glen Donaldson and Mark Kamstra, “A New Dividend Forecasting Procedure That
Rejects Bubbles in Asset Prices: The Case of 1929’s Stock Crash,” Review of Financial
Studies (1996), pp. 333-383.
Heaton, John and Deborah Lucas, “Stock Prices and Fundamentals,” in Ben S. Bernanke
and Julio S. Rotemberg, eds., NBER Macroeconomics Annual (Cambridge: MIT Press,
1999), pp. 213-242.
Robert J. Shiller, Irrational Exuberance (New York: Broadway Books, 2000). pp. 3-14.
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Ben S. Bernanke and Mark Gertler, “Should Central Banks Respond to Movements in
Asset Prices?” American Economic Review 91:2 (May 2001), pp. 253-257.
Eugene N. White, “Bubbles and Busts: The 1990s in the Mirror of the 1920s” in Paul
Rhode and Gianni Toniolo, Understanding the 1990s: the Long-Run Perspective
(forthcoming 2006).
Christina D. Romer, “The Great Crash and the Onset of the Great Depression,” Quarterly
Journal of Economics 104 (1989), pp. 719-735.
VIII. The Great Depression
*Friedman, Moral Consequences Chapter 7, “Great Depression, Great Exception.”
*Milton Friedman and Anna J. Schwartz, A Monetary History of the United States, 18671960 (Princeton: Princeton University Press, 1963. Chapter, “The Great Contraction.”
*Benjamin Friedman, Moral Consequences, “Great Depression, Great Exception.”
Barry Eichengreen, Golden Fetters:The Gold Standard and the Great Depression 19191939 (New York: Oxford University Press, 1992).
*Benjamin Bernanke, “Non Monetary Effects of the Financial Crisis in the Propagation
of the Great Depression,” American Economic Review 73 (1983), pp. 257-276.
Ben S. Bernanke, Essays on the Great Depression (Princeton: Princeton University Press,
2000).
Irving Fisher, “The Debt-Deflation Theory of Great Depressions,” Econometrica I
(1933), pp. 337-357.
Peter Temin, Did Monetary Forces Cause the Great Depression? (New York, Norton,
1976).
Charles P. Kindleberger, The World in Depression, 1929-1929 (Berkeley: University of
California Press, 1973).
Eugene N. White, “A Reinterpretation of the Banking Crisis of 1930,” Journal of
Economic History 44 (March 1984), pp. 119-138.
*James D. Hamilton, “Monetary Factors in the Great Depression,” Journal of Monetary
Economics 19 (1987), p. 145-169.
Christina D. Romer, “The Nation in Depression,” Robert A. Margo, “Employment and
Unemployment in the 1930s,” Charles Calomiris, “Financial Factors in the Great
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Depression,” Peter Temin, “Transmission of the Great Depression,” Journal of Economic
Perspectives 7, 2 (Spring 1993).
*Christina D. Romer, “What ended the Great Depression? Journal of Economic History
52 (1992), pp. 757-784.
Adam Klug, John S. Landon-Lane, and Eugene N. White, “How Could Everyone Have
Been So Wrong? Forecasting the Great Depression with the Railroads,” Explorations in
Economic History 42 (2005), pp. 27-55.
Harold Cole and Lee E. Ohanian, “New Deal policies and the persistence of the Great
Depression: a general equilibrium analysis,” Journal of Political Economy (forthcoming
2006). And Federal Reserve Bank of Minneapolis, Working Paper: 597. (2001).
Harold Cole and Lee Ohanian, Lee E. “Re-examining the contributions of money and
banking shocks to the U.S. Great Depression,” in B. Bernanke and K. Rogoff, NBER
Macroeconomics Annual (MIT Press, 2001), pp. 183-227.
Michael Bordo and Charles Evans, “Labor Productivity During the Great Depression,”
NBER Working Papers: 4415. (1995).
*Harold Cole and Lee Ohanian, “The Great Depression in the United States from a
Neoclassical Perspective,” Federal Reserve Bank of Minneapolis Quarterly Review. 23
(1). (Winter 1999), pp. 2-24..
Crucini, Mario; Kahn, James. “Tariffs and the Great Depression Revisited,” Department
of Economics, Vanderbilt University, Working Papers: 0316. 2003
IX. Twentieth Century: Human Capital and Inequality
Benjamin Friedman, Moral Consequences, “America in the Postwar Era.”
Christina Romer, “Spurious Volatility in Historical Unemployment Data,” Journal of
Political Economy 94 (1986), pp. 1-37.
Claudia Goldin, “America’s Graduation from High School: The Evolution and Spread of
Secondary Schoolin in the Twentieth Century,” Journal of Economic History 58 (June
1998), pp. 345-174.
Claudia Goldin and Lawrence F. Katz, “Human Capital and Social Capital: The Rise of
Secondary Schooling in America, 1910 to 1940,” Journal of Interdisciplinary History 29
(Spring 1999), pp. 683-723.
*Claudia Goldin, “The Human-Capital Century and American Leadership: Virtues of the
Past,” Journal of Economic History 61 (June 2001), pp. 263-292.
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Claudia Goldin “America’s Graduation from High School: The Evolution and Spread of
Secondary Schooling in the Twentieth Century,” Journal of Economic History 58 (June
1998), pp. 345-374.
Peter Lindert, “Three Centuries of Inequality in Britain and America,” in A. B. Atkinson
and Fracois Bourguignon, eds., Handbook of Income Distribution Vol. I, (Amsterdam:
Elsevier Science, 2000).
*Thomas Piketty and Emmanuel Saez, “Income Inequality in the United States 19131998,” NBER Working Paper 8467 (September 2001).
Claudia Goldin and Robert A. Margo, “The Great Compression: The US Wage Structure
at Mid Century,” Quarterly Journal of Economics 107 (1992), pp. 1-34.
Lee Soltow, “Wealth Inequality in the United States in 1798-1860,” Review of
Economics and Statistics 66 (August 1984), pp. 444-451.
Lee Soltow, “Evidence on Income Inequality in the United States, 1866-1965” Journal of
Economic History 29 (June 1969, pp. 279-286.
Richard H. Steckel and Carolyn Moehling, “Rising Inequality: Trends in the Distribution
of Wealth in Industrializing New England,” Journal of Economic History 61 (March
2001), pp. 160-189.
Claudia Goldin, Understanding the Gender Gap: An Economic History of American
Women (Oxford: Oxford University Press, 1990).
Preliminary Class Schedule
January 17: Why Study Economic History? Who are you?
January 20: Clio and the Nobel. Presenting Data
January 24: Long-term productivity growth: measurement
January 27: Long-term productivity growth: sources
January 31: The “moral consequences of economic growth”
February 3: The formation of the American national-federal state
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February 7: Tariffs and Industry
February 10: Internal markets and convergence
February 14: Global market convergence
February 17: Backlash to markets and globalization
February 21: Slavery
February 24—No Class
February 28: Reconstruction----First Take Home Test Due
March 3: Civil Rights
March 7: Finance and Growth
March 10: Financial Market Integration
March 14 & 17—Spring Break---Work on Your Papers
March 21: The First and Second Banks of the United States
March 24: Free Banking
March 28: Bimetallism
March 31: The National Banking Era and Financial Crises
April 4: World War I and II.
April 7: The Roaring Twenties
April 11: The Stock Market Crash
April 14: Great Depression: the Onset
April 18: Great Depression: Depth and Duration
April 21: Great Depression and New Deal
April 25: The Human Capital Century and Income Inequality
April 28: No class-----Second Take Home Due
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May 10: Papers Due
15