<!doctype
html public "-//w3c//dtd html 4.0 transitional//en">American Economic History
Economics 305, Fall 2008
Revised:
Prof. Hugh Rockoff
NJ Hall 209C
Phone: 932-7857 (Speak slowly and clearly, say your name and number very
slowly, twice; I am hard of hearing).
E-mail: Rockoff@econ.rutgers.edu (This is the best way to reach me)
Homepage: http://www.econ.rutgers.edu/home/rockoff
Office Hours:
Prerequisites: 220:102 and 103, or 200. You should be able to use supply and demand diagram to analyze the effect of a tax on price and quantity. You should also have a rudimentary understanding of producers surplus and consumers surplus.
Purpose: This course surveys the economic history of the United States from colonial times to the present. The text provides a broad outline of general trends and key developments; the class lectures provide a deeper analysis of some of the key events, emphasizing the application of economic analysis. Topics that are important for understanding contemporary economic problems – the impact of technological change, war, and monetary policy, among others – will be stressed.
The goal of the course is to increase your knowledge of American economic history and to improve your ability to think critically about the "lessons of history." Most of the lessons dealt with in this course concern public policy. For example, how do we evaluate the claim the United States should go back to the gold standard because the world's monetary system worked well from 1879 to 1914, the heyday of the gold standard? However, learning to think critically about historical evidence is a skill that is fundamental in every occupation: a stockbroker picking a stock, a marketing executive planning a campaign, a physician determining a diagnosis, a student preparing for a final exam – all have to think about the "lessons of history."
Text: The text is
I think the tenth edition is a significant improvement over previous editions
and this is the one you should use. There are a many changes, both large and
small,
from earlier editions. But I don't have an official list of changes. The
decision on which edition to buy is up to you. Much depends on your learning
style.
If you find that having a text that you can go to and read over slowly is a big
help, then it is worthwhile for you to invest in the latest edition. If you
seldom
read the text anyway, then having the latest edition may not make a difference.
If you strive for an A in every course, the latest edition is probably a
worthwhile investment, if you are content with a lower grade, an older edition
or none at all may be sufficient. For students who find buying the book
financially burdensome, or who wish to compare earlier editions with the latest
edition, several copies of the latest edition will be on reserve in
Attendance. Attendance at the lectures is at your discretion. I do have one requirement: if you do attend, please be on time. When you miss a class you alone bear the cost. When you are late you impose a cost on the whole class. If you must come late or leave early, the polite thing to do is apologize, and make an effort not to disturb your classmates. I will, however, distribute an attendance form and look at attendance as a positive factor for those students who are “close” to a higher grade based on their class average.
Exams and Grading Procedures. There are two exams during the term each counting 25 percent, and a final which counts 50 percent. Typically, the grading scale will be the usual: 90%-100% = A, 80%-89% = B, 70%-79% = C, 60%-69% = D, below 60% = F. B+ will be awarded to students at the top of the B range and C+ will to students at the top of the C range. I will also try dropping the lower of the two midterm exams, and counting the remaining midterm as 40% and the final as 60 percent. If that calculation produces a higher average, that will be your average for the semester. The final grades will be curved if the standard curve proves to be too tough.
If you miss an exam. You may miss one of the two exams given during the semester. In that case I will weight the other hourly exam 40 percent, and the final 60 percent. If you have missed the first exam and the second exam, then you must take a makeup for the second exam. Only students who miss the second exam (after having missed the first) for medical reasons or other reasons approved by the Dean will be allowed to take the makeup without penalty. Students without a valid excuse approved by the Dean will be subject to a 10-percentage-point penalty (93 percent on the exam, an A, becomes 83 percent, a B). You must, of course, make up the final if you miss it. Only students who miss the final for medical reasons or other reasons approved by the Dean will be allowed to take the makeup without penalty. Again, students without a valid excuse approved by the Dean for missing the final will be subject to a 10-percentage-point penalty. Regular exams will consist of multiple-choice questions and short-written questions such as definitions. The regular final exam may consist entirely of multiple-choice exams.
Good luck.
You are about to study American Economic History, the most exciting and the
most important intellectual discipline in the entire university.
|
Class Meeting, Date |
Topic of Lecture |
Chapters and pages in the text (If no pages are shown you are responsible for the entire chapter.) |
|
1. Tues., September 2 |
The American Economy in Historical Perspective |
1. Skim this chapter to get a general sense of the long-term growth of the economy. Also go to my website, check it out, and bookmark it. It would be a good idea to download and make hardcopies of the old exams at this time. |
|
2. Friday, September 5 |
Mercantilism |
4, pp. 68-75. 6, all including Economic Insight on p. 119. |
|
3. Tuesday, September 9 |
Revolutionary War |
6, all. 7: pp. 124-131
|
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4. Friday, September 12 |
Opening the West |
8, all. 9, all. (Especially the section on the Iron Horse, and the box on market integration). |
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5. Tuesday, September 16 |
Financial panics in American History |
|
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6. Friday, September 19 |
Financial History before the Civil War |
12: pp. 228-238. |
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7. Tuesday, September 23 |
The Economic Impact of the Civil War |
14: pp. 264-274 |
|
8. Friday, September 26 |
The South After the Civil War (Sharecropping) |
14: pp. 275-282. |
|
9. Tuesday, September 30 |
The South After the Civil War (Debt Peonage) |
Continued discussion of 14: pp. 275-282 |
|
10. Friday, October 3 |
Western Agriculture and Populism |
15: all. |
|
11. Tuesday, October 7 |
FIRST EXAM |
Multiple-choice and short-answer questions. |
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Friday, October 10 |
No Class |
|
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12. Tuesday, October 14 |
Transcontinental RRs (Land Grants) |
16: pp. 307-321. |
|
13. Friday, October 17 |
Transcontinental RRs (Social Savings) |
16: pp. 321-323. |
|
14. Tuesday, October 21 |
Big Business and the “Robber Barons” |
17: all. |
|
Friday, October 24 |
No Class |
|
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15. Tuesday, October 28 |
The Gold Standard |
19: pp. 369-383 (and the notes on my website) |
|
16. Friday, October 31 |
The Panic of 1907 and the Federal Reserve System |
19: pp. 383- 387. |
|
17. Tuesday, Nov. 4 |
World War I (Mobilization) |
21: pp. 416-426 |
|
18. Friday, Nov. 7 |
World War I (Legacies) |
21: pp. 426-428 |
|
19. Tuesday, Nov. 11 |
The Roaring Twenties |
22: all. |
|
20. Friday, Nov. 14 |
SECOND EXAM (100 POINTS) |
Multiple-choice and short answer. Covers the lectures and readings since the first exam. |
|
21. Tuesday, Nov. 18 |
The Great Depression: One Darned Thing after Another |
23: pp.452-465. |
|
22. Friday, Nov. 21 |
Monetary and Fiscal Policy in the Great Depression |
23: pp. 465-470. |
|
Tuesday, November 25 |
No Class |
Thursday Classes |
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Wednesday, November 26 |
No Class |
Friday Classes |
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Friday, November 28 |
No Class |
Thanksgiving |
|
23. Tuesday, December 2 |
The New Deal |
24. Not required, but look at the pictures. |
|
24. Friday, December 5 |
World War II |
25: all (And the notes on my website) |
|
25. Tuesday, December 9 |
The business cycle after WWII |
27: all |
|
TF2. Monday, December 15: 12:00-3:00. TF3. Thursday, December 18, 12:00-3:00. |
Final Exam. The Final Exam will be all multiple-choice. About half the questions will review the first two parts of the class, and about half will cover the new material since the last exam. |
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Frequently Asked Questions.
(1) Do the exams stress the book or the lectures?
Needless to say, there is a good deal of overlap because I wrote the book. Still the exams will stress the class lectures, although some material covered only in the text may be included on the exams as well. I will distribute, from time to time, a list of questions that you can answer by reading the text. Some of these are broad questions, but some are rather narrow, and require that you find the particular paragraph, chart, or table that gives the correct answer. Some of these questions, of course, will show up on the exams.
(2) What is the point of the questions from the text? Most students can simply read the text, absorb the material, and answer questions about it. But some need more of an incentive to stay awake while they are reading! If you read the text slowly and carefully, including the charts and tables, you will encounter the answers to the reading questions. You can't miss them. And you can be sure that a high proportion of the reading questions will be on the exam.
(3) Do I have to know facts and dates?
You will have to memorize some facts and dates in this course !!! In some economic theory courses you can work out a great part of the analysis from first principles. That will not be sufficient in this course. History is about remembering.
That said, the exams will stress major themes and economic analysis rather than isolated facts and dates. Typically, it is more important to be able to fit particular developments into the era in which they occurred rather than to memorize particular dates. For example, I expect you to remember that the National Banking Act was passed during the Civil War. This is important for understanding why it was established. I will not ask you to remember that it was first passed in 1863 rather than 1862 or 1864, a matter of interest to specialists in banking history. When I want you to know a precise date or number, I will warn you explicitly.
(4) Do I have to know everything you say in class?
I try to stress important themes on the exams, and to underline those themes in class. However, the bottom line is this: everything discussed in class and everything covered in the assigned readings is fair game for the exams.
(5) How should I use the book?
It is best to read or at least skim the chapter before the class lecture. Just looking at the pictures looking at the pictures, tables, and graphs will be a help. Look at the reading questions, and be alert for passages in the text that answer those questions. Many things I cover in class, although not all, are also covered in the book. There is some repetition. However, I believe that Sesame Street provides the best learning model: it always helps to see the cartoon about the number five and to hear the song. It also helps to hear the lecture and read it in the text.
(6) What if I miss class?
If you miss class for any reason it is important to get the notes from another student, and to clarify any problems during office hours. I do not have any lecture notes that would substitute for class attendance. If you cannot get adequate notes from a friend, I can suggest some readings that will bring you to the point where you can ask some good questions.
(7) Should I study the Old Exams on your website? Studying the old exams is one of the best ways of preparing for the exams. Most students find it useful to study with a few friends. One student can read the exam question, and then if the reasoning is not obvious, you can talk over the question, and try to think of likely variations.
But the exams change from semester to semester so you cannot rely totally on old exams.
(8) How do you get multiple-choice questions or short-answer questions out of your lectures?
Look at the old exams on my website. Generally, I write an outline of the main points in the lecture on the board. I try to cover each of those points on the exams.
(9) Can we have class outside?
No
(10) What if it is really nice outside?
No
The schedule and remarks about exams given above are tentative and subject to change on short notice. If you are absent from class you must check the website to see if things have changed.
I keep my office hours faithfully, but I like to make an appointment if you want to see me at another time.