Dr. Walter E. Williams
The following references, many of which
are classics, are suggested as background reading for graduate study of economic
theory. The student is advised to read and possess a working understanding of
a portion of this material prior to taking the microeconomics preliminary examinations.
- Alchian, Armen A., and Reuben A. Kessel,
"Competition, Monopoly and the Pursuit of Pecuniary Gain," Aspects of Labor
Economics (Princeton, N.J., National Bureau of Economic Research, 1962),
- Alchian, Armen A., "Costs and Outputs,"
The Allocation of Economic Resources, ed. M. Abramovitz (Stanford,
1959). HB601 A 454
- Alchian, Armen and Allen, William, Exchange
- Alchian, Armen A., "Private Property
and the Relative Cost of Tenure," The Public Stake in Union Power,
ed., Philip Bradley (University of Virginia, 1959), pp. 350-371.
- Alchian, Armen, and Demsetz, Harold,
"Production, Information Costs and the Theory of Organization," American
Economic Review, Dec. 1972, and "Economic Organization," American Economic
Review, Dec. 1972, pp. 777-795.
- Alchian, Armen, and Demsetz, Harold,
"The Property Right Paradigm," Journal of Economic History, Dec., 1972.
- Alchian, Armen A., and Kessel, Reuben
A., "Redistribution of Wealth Through Inflation," Science, Vol. 130,
3375 (September 4, 1959), pp. 535-539.
- Alchian, Armen A., "Effects of Inflation,"
JLE, 70 (12, 1962).
- Alchian, Armen A., "Reliability of Progress
Curves in Airframe Production," Econometrica, 31 (1963), pp. 679-693.
- Allen, Roy G. D., Mathematical Analysis
- Allen, R. G. D., Mathematical Economics.
- Averch, Harvey, and Leland L. Johnson,
"Behavior of the Firm Under Regulatory Constraint," American Economic Review,
52 (1962), pp. 1052-1059.
- Bain, Joe S., "Economies of Scale, Concentration,
and the Condition of Entry in Twenty Manufacturing Industries," American
Economic Review, 44 (1954), pp. 15-39, reprinted in American Economic
Association Readings in Industrial Organization and Public Policy, eds.
R. B. Heflebower and G. W. Stocking (Homewood, Ill.: Irwin, 1958), pp. 46-68.
- Bator, F. M., "The Simple Analytics of
Welfare Maximization," American Economic Review, Vol. 47 (March 1957).
- Baumol, William, Economic Theory and
Operations Research, Prentice Hall, 2nd ed., 1965. Understand the principles
of linear programming.
- Becker, Gary S., "Investment in Human
Capital," Journal of Political Economy, Supplement, Vol. 70, No. 5,
Part 2 (October 1962), pp. 4-49.
- Becker, Gary S. "A Theory of the Allocation
of Time," EJ (Sept. 1969).
- Bottomley, Anthony, "The Structure of
Interest Rates in Underdeveloped Rural Areas," Journal of Farm Economics,
46 (May 1964), pp. 313-322.
- Buchanan, James, and Tullock, Gordon,
The Calculus of Consent: The Logical Foundations of Constitutional Democracy.
- Buchanan, James M., The Demand and
Supply of Public Goods.
- Cassel, Gustav, The Nature and Necessity
of Interest, 1903, Kelley and Millman, 1957.
- Clemens, Eli, "Price Discrimination and
the Multiple-Product Firm," Review of Economic Studies, 19 (1950),
pp. 1-11. Reprinted in American Economic Association Readings in Industrial
Organization and Public Policy, eds. R. B. Heflebower and G. W. Stocking
(Homewood, Ill.: Irwin, 1958), pp. 262-277.
- Coase, Ronald H., "The British Post Office
and the Messenger Companies," Journal of Law and Economics, 4 (1961),
- Coase, Ronald H., "The Federal Communications
Commission," Journal of Law and Economics, 2 (1959), pp. 1-40.
- Coase, Ronald H., "The Nature of the
Firm," Economics 4 (1937), p. 386, reprinted in Readings in Price
Theory, American Economic Association, 1952.
- Coase, Ronald H., "The Problem of Social
Cost," Journal of Law and Economics, III (1960), pp. 1-44.
- Dam, Kenneth W., "Oil and Gas Licensing
and the North Sea," Journal of Law and Economics, October 1965, pp.
- Dam, Kenneth W., "Trademarks, Price Discrimination
and the Bureau of Customs," Journal of Law and Economics, October 1964,
- Demsetz, Harold, "The Exchange and Enforcement
of Property Rights," Journal of Law and Economics, October 1964, pp.
- Director, Aaron, "The Parity of the Economic
Market Place," Journal of Law and Economics, October 1964, pp. 1-10.
- Downs, Anthony, "An Economic Theory of
Political Action in a Democracy," Journal of Political Economy, 65
(April 1957), pp. 135-150.
- Farmer, Richard N., and Harold H. Kassarjian,
"The Right to Compete," California Management Review, 6 (1936), pp.
- Fisher, Irving, Purchasing Power of
- Fisher, Irving, The Theory of Interest.
- Friedman, Milton, "The Monetary Studies
of the National Bureau," Forty-fifth Annual Report of the National Bureau
of Economic Research, June 1964, pp. 7-24. This contains a statement of
the evidence for the proposition that money supply changes affect employment
- Friedman, Milton, and Anna J. Schwartz,
"Money and Business Cycles," Review of Economics and Statistics, Vol.
45, Supplement (February 1963), pp. 32-64, especially pp. 59-64.
- Hayek, F., "The Use of Knowledge in Society,"
American Economic Review, September, 1945. Important.
- Hazard, Geoffrey C., "Rationing Justice,"
Journal of Law and Economics, October 1965, pp. 1-10.
- Henderson, James, and Quandt, Microeconomic
Theory, McGraw Hill, 1980.
- Hicks, John R., The Theory of Wages,
1932, Macmillan, 1957, (except Chs. 7, 8.)
- Hicks, John R., Value and Capital,
Clarendon Press, 1939. 1st half.
- Hildebrand, George H., "Collective Bargaining
and the Antitrust Laws," Public Policy and Collective Bargaining, ed.
Aaron, Summers, and Shister (Industrial Relations Research Association, 1961).
- Hilton, George W., "The British Truck
System in the Nineteenth Century," The Journal of Political Economy,
65 (1957), pp. 237-256.
- Hilton, George, "Tying Sales and Full
Line Forcing," Weltwirtschaftliches Archiv, 82 (1958), p. 265.
- Hirshleifer, Jack, The Theory of Capital
- Homans, G. O., Social Behavior,
(Harcourt, 1961). Chs. 1-4.
- Jung, A., "Price Variations Among Automobile
Dealers in Chicago, Illinois," The Journal of Business, October 1959,
- Kessel, Reuben A., and Alchian, Armen
A., "Effects of Inflation," Journal of Political Economy, Vol. 70 (December
1962), pp. 521-537.
- Kessel, Reuben, and Alchian, Armen A.,
"The Meaning and Validity of the Inflation-Induced Lag of Wages Behind Prices,"
American Economic Review, Vol. 50 (March 1960), pp. 43-66.
- Kessel, R. A., "Price Discrimination
in Medicine," Journal of Law and Economics, I (1958), pp. 20-53, especially
- Knight, Frank, The Economic Organisation,
New York, Kelley, 1951.
- Knight, Frank H., "Realism and Relevance
in the Theory of Demand," Journal of Political Economy, 52 (1944),
- Knight, Frank, Risk Uncertainty and
Profit, 1921, Kelley, 1964, Harpers Torchbooks.
- Lazar, W., F. Bean, and K. Hunter, "Labor
Department Examines Consumers' Prices of Steel Products," Iron Age,
April 25, 1946.
- Lee, T. H., Mathematics of Finance,
- Leijonhufvud, Axel, "Keynes and the Keynesians
-- A Suggested Reinterpretation," Proceedings of American Economic Review,
- Lerner, Abba, Economics of Control,
Macmillan, 1946. Careful reading.
- Macaulay, Steward, "Non-Contractual Relations
in Business: A Preliminary Study," American Sociological Review, Vol.
28, No. 1 (February 1963), pp. 55-69.
- Manne, Henry, Insider Trading and
the Stock Market, Free Press, 1967.
- Marshal, Alfred, Principles of Economics,
8th ed., (1890-1920), Books III and V. Macmillan.
- Marx, Karl, Capital, (Modern Library
abridgment, 1959), edited by M. Eastman, pp. 15-141.
- McKean, Roland, Efficiency in Government
Through Systems Analysis, Wiley, 1958. 1st half.
- Nevins, A. T., Rockefeller.
- Newman, Peter, The Theory of Exchange.
- Radford, R. A., "The Economic Organization
of a Prisoner of War Camp," Economica, 12 (1945), pp. 189-201, reprinted
in excerpts in Selected Readings in Economics, 2nd ed., ed. C. Lowell
Harriss (Englewood Cliffs, N.J.: Prentice-Hall, 1962), pp. 73-82.
- Ralph, James and Estelle James, Hoffa
and the Teamsters, Van Nostrand, 1965.
- Ricardo, David, The Principles of
Political Economy, 3rd ed. (1821), Chs. 17, 20.
- Robinson, Joan, Economics of Imperfect
Competition, Macmillan, 1934.
- Rottenberg, Simon, "A Theory of Corruption
in Trade Unions," Symposia Studies Series No. 3, Series Studies in Social
Economic Sciences (Washington, D.C.: National Institute of Social and
Behavioral Sciences, June 1960), pp. 1-7.
- Samuelson, Paul A., Foundations of
Economic Analysis, Harvard, 1945, Chs. 1-3.
- Samuelson, Paul A., "Intertemporal Price
Equilibrium: A Prologue to the Theory of Speculation," Collected Scientific
Papers of P. A. Samuelson (M.I.T., 1966).
- Samuelson, Paul A., "The Pure Theory
of Public Expenditures," Review of Economics and Statistics (November
- Schultz, Henry, The Theory and Measurement
of Demand, Chicago, 1938 Chs. 1-8.
- Scott, Anthony, "The Fishery: The Objectives
of Sole Ownership," Journal of Political Economy, 63 (1955), pp. 110-124.
- Smith, Adam, An Inquiry into the Nature
and Causes of the Wealth of Nations, (1776), Available in Modern Library
edition, Book I (Chs. I-IX), Books IV, V.
- Smith, Roy, "The Lemon Prorate in the
Long Run," Journal of Political Economy, 59 (1961), pp. 573-586.
- Solow, Robert, Capital Theory and
the Rate of Return, Rand McNally, 1964, Chs. 1 and 2.
- Stigler, George J., "Administered Prices
and Oligopolistic Inflation," Journal of Business, 35 (1962), pp. 1-13.
- Stigler, George J., "The Economics of
Information," Journal of Political Economy, 69 (June 1961), pp. 213-225.
- Stigler, George J., Theory of Price,
3rd ed., Macmillan, 1966.
- Stockfish, J. A., "External Economies
and Diseconomies," International Encyclopedia of Social Sciences, Vol.
5, pp. 268-74.
- Taft, Philip, "Judicial Procedure by
Labor Unions," Quarterly Journal of Economics, 59 (1945), pp. 370-385.
- Tesler, Lester, "Why Should Manufacturers
Want Fair Trade?" Journal of Law and Economics, 3 (1960), pp. 86-106.
- Turvey, Ralph, "On Divergences Between
Social Cost and Private Cost," Economica, August 1963, pp. 594-613.
- Turvey, Ralph, "Some Features of the
London Cab Trade," Economics Journal 71 (1961), pp. 79-92.
- Wasson, R. G., The Hall Carbine Affair,
(Pandick Press, 1948).
- Weston, J. Fred, Managerial Finance,
Holt, Rinehart, and Winston, 1962.
- Williamson, Oliver E., "Managerial Discretion
and Business Behavior," American Economic Review, 53 (1963), pp. 1033-1057.
- Working, Holbrook, "Futures Markets Under
Renewed Attack," Food Research Institute Studies, IV (Stanford University,
1963), excerpted in Barron's, February 4, 1963, pp. 11 ff.
- Working, Holbrook, "Price Effects of
Futures Trading," Food Research Institute Studies, I (Stanford University,
February 1960), pp. 3-31.
- Yamane, Taro, "The Federal Communications
Commission," JLE, 2, (1959).