Further University of Wisconsin Materials: Further Documents of F. Taylor Ostrander: Volume 23

This is the second set of notes from a course given by Hans H. Gerth published in this annual. This set, like the first, was taken by the editor while an Economics graduate student at the University of Wisconsin with an outside minor in Sociology. Notes from his course on Democratic and Totalitarian Societies were published in Volume 6 (1989).

Correspondence and other materials pertaining to Selig Perlman may be found especially in Archival Volume 8 but also in Volumes 4 and 18B. Perlman was the author of a major history and a psychologically rich interpretation of labor and trade unionism in the United States (A History of Trade Unionism in the United States, New York: Macmillan, 1922 and Theory of the Labor Movement, New York: Macmillan, 1928). Published below, thanks again to the generous cooperation and permission of his son, Mark Perlman, is further correspondence, principally from Selig Perlman to his former student, Ben Solomon Stephansky.

The criterion differentiating “protective labor legislation” and “industrial relations legislation” is not whether they are for or against the interest of labor. The interest is that of the general public, as is the case with all legislation. The basic difference concerns the parties to two types of labor contracts. Protective labor legislation concerns the individual contract and labor relations legislation concerns the contract between the specific groups in the field.

John Ulric Nef was born in 1899 and died in 1988 having had, in effect, three careers, all centered at the University of Chicago.

^∗ Indicates books which are especially recommended.

Discuss in detail the uses which might legitimately be made of the following passage by the writer of a profound study of economic life and thought in France at the end of the reign of Louis XIV. In answering the question make full use of your knowledge of (a) historical criticism; (b) French economic and general history.

Charles Oscar Hardy (1884–1948) was a well-known though perhaps not leading monetary and financial economist of his time. He was and is important enough, however, to be remembered and studied a half century later (see Frank G. Steindl, Monetary Interpretations of the Great Depression, Ann Arbor, MI: University of Michigan Press, 1995; J. Ronnie Davis, The New Economics and the Old Economists, Ames, Iowa: Iowa State University Press, 1971; and Allan H. Meltzer, A History of the Federal Reserve, 1913–1951, Chicago, IL: University of Chicago Press, 2003). Educated at Ottawa University, Kansas (AB, 1904) (a private university affiliated with the Baptist Denomination) and the University of Chicago (Ph.D., 1916), he taught at both schools as well as at the University of Iowa. He was Vice President of the Federal Reserve Bank of Kansas City, had a long-term association with the Brookings Institution, and was a frequent advisor to government agencies. Working when the gold standard was in effect, he discerned instability as the likely consequence of excessive gold stocks and resultant credit expansion. An advocate of central-bank monetary management, he worried over limits to its power to create monetary stability because of shifts in the balance of trade and in long-term investment, and called for major reform of the gold standard. Subsequently, he advocated activist monetary and fiscal policy. Hardy also contributed to the development of the theory of risk and uncertainty, a field dominated by his colleague, Frank Knight.

Chester Whitney Wright (1879–1966) received his A.B. in 1901, A.M. in 1902 and Ph.D. in 1906, all from Harvard University. After teaching at Cornell University during 1906–1907, he taught at the University of Chicago from 1907 to 1944. Wright was the author of Economic History of the United States (1941, 1949); editor of Economic Problems of War and Its Aftermath (1942), to which he contributed a chapter on economic lessons from previous wars, and other chapters were authored by John U. Nef (war and the early industrial revolution) and by Frank H. Knight (the war and the crisis of individualism); and co-editor of Materials for the Study of Elementary Economics (1913). Wright’s Wool-Growing and the Tariff received the David Ames Wells Prize for 1907–1908, and was volume 5 in the Harvard Economic Studies. I am indebted to Holly Flynn for assistance in preparing Wright’s biography and in tracking down incomplete references; to Marianne Johnson in preparing many tables and charts; and to F. Taylor Ostrander, as usual, for help in transcribing and proofreading.