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Harvard Railroad Economics Exam (1906)

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Re: Harvard Railroad Economics Exam (1906)

#61
post #55

Earlier quoted context omitted.

just accepting the demand supply curve mantra is accepting a lot of consumerism dogma. and the math is not even that solid, as you know very well.

What exactly isn't solid about it? Like most things, the theory may have exceptions and it isn't the only force at play. However, things like finding theoretical price points for a basic product based on demand, supply, and pricing is well established as a concept. The math behind it is very simple. When we get incorrect results, it's usually because one of the input numbers didn't match what we observed in reality,…

it presumes some huge things.

like, that selling light bulbs that expire in weeks is better for the supply curve.

or presumes that workers might never beat the prisoners dilemma and the central banks will always keep the correct unemployment rate.

or that consumers will never make any informed purchase and will always drive process to bottom for a good demand curve.

etc.

the thing is, it works very well, because the system accepted that dogma just like feudalism accepted looks were ordained from god, despite having to hold an army to keep god's word... so the models work, but you must accept the whole theology, which is never mentioned in any level of economics (well, it's briefly mentioned as tools in development economy)

Re: Harvard Railroad Economics Exam (1906)

#62
post #57

Based test. There is this mix of practical knowledge (different types or cars, terminals, etc), but also theory and history or how other country's rail system worked at the time and why they developed in that way. The last question is incredibly good: > Compare the experience of France with state railroad operation with that of Germany. What, in each case were the causes which led to state operation, the extent of th…

Sorry, I guess being in my 30s makes me old because I have no idea what "based" means even after looking it up. I originally thought it was a typo for "biased", but then I see other people using the word in the same thread ( https://news.ycombinator.com/item?id=40699295 )

it means "I like this." it originally meant "this is agreeable with my conservative politics" but the youth (me) think it's funny to use it more generally

Re: Harvard Railroad Economics Exam (1906)

#63
post #55

Earlier quoted context omitted.

What exactly isn't solid about it? Like most things, the theory may have exceptions and it isn't the only force at play. However, things like finding theoretical price points for a basic product based on demand, supply, and pricing is well established as a concept. The math behind it is very simple. When we get incorrect results, it's usually because one of the input numbers didn't match what we observed in reality,…

it presumes some huge things. like, that selling light bulbs that expire in weeks is better for the supply curve. or presumes that workers might never beat the prisoners dilemma and the central banks will always keep the correct unemployment rate. or that consumers will never make any informed purchase and will always drive process to bottom for a good demand curve. etc. the thing is, it works very well, because the…

None of those things are universally true. For example, you don't have to race to the bottom for demand. Luxury products and branding are extremely obvious counter examples.

Re: Harvard Railroad Economics Exam (1906)

#64
post #8

Wow. Looks like Harvard's Class of 1906-ish was expected to understand and operate parts of the real-world economy. In America. How times have changed!

in my opinion i expect a vocational institute to teach the practical aspects of the industry, or at least be taught as part of OJT. And I believe many companies actually do provide a significant amount of OJT as part of their management traineeships or apprenticeships, and companies that take in employees earlier in their educational journey, such as pre-college apprenticeships, tend to focus on practical and technical knowledge more quickly.

at the college level, i don't really think these are meaningful questions to ask in order to test understanding. these feel like something you'd pick up after a week of working a trade financing desk in a industrial bank.

Re: Harvard Railroad Economics Exam (1906)

#65
post #55

Earlier quoted context omitted.

What exactly isn't solid about it? Like most things, the theory may have exceptions and it isn't the only force at play. However, things like finding theoretical price points for a basic product based on demand, supply, and pricing is well established as a concept. The math behind it is very simple. When we get incorrect results, it's usually because one of the input numbers didn't match what we observed in reality,…

it presumes some huge things. like, that selling light bulbs that expire in weeks is better for the supply curve. or presumes that workers might never beat the prisoners dilemma and the central banks will always keep the correct unemployment rate. or that consumers will never make any informed purchase and will always drive process to bottom for a good demand curve. etc. the thing is, it works very well, because the…

No offense intended, but your comment reads a bit like a word salad of some economics concepts which you likely don’t fully understand.

- “presumes that workers might never beat the prisoners dilemma” - that has nothing to do with demand curves. I have no idea what you are talking about.

- “[presumes??] that consumers will never make any informed purchase” - nothing of the sort is true.

- “selling light bulbs that expire in weeks is better for the supply curve.” What??

Re: Harvard Railroad Economics Exam (1906)

#66

> Answer 1, 2, 3, and five other questions Where’s 2 and 3? The question numbered 4 seems to be referred to as (2) in the question numbered 5

I have heard of at least one instance of an exam a while ago, where some questions – ones that need diagrams in their statement – would be written onto the blackboard in the exam room, due to limitations of the duplication techniques used for the exam paper.

I'm guessing one of these questions had to deal with a timetabling diagram.

https://www.edwardtufte.com/bboard/q-and-a-fetch-msg?msg_id=...

Re: Harvard Railroad Economics Exam (1906)

#67
post #8

Wow. Looks like Harvard's Class of 1906-ish was expected to understand and operate parts of the real-world economy. In America. How times have changed!

(Former) econ prof here (now in industry), though definitely not at Harvard. To be honest "draw a map of a rail yard" or "write up a waybill" does not seem like the kind of exam material college students should be engaging in in 2024. The standard is higher now, a lot of the material more difficult and the questions have changed. The material being tested on that exam looks like middle-high school in parts? In an _in…

Assume two things and it makes more sense:

1. Harvard was aiming their students to jump straight into middle management (as it does today). 2. No ERP. No Excel spreadsheets. Mechanical calculation if you're lucky. Little communication if you're the manager in a small office. Lots of paper.

Just like today, middle managers need to know how to make business decisions quickly and correctly. This is how you get gains at the margin.

Re: Harvard Railroad Economics Exam (1906)

#68
post #26

Earlier quoted context omitted.

"Like previous graduates, most seniors plan to hold jobs in the finance, consulting, and technology sectors..." - https://features.thecrimson.com/2021/senior-survey/after-har... "The majority — 58 percent — of Harvard’s graduating class will immediately enter the workforce, and more than half will take jobs in finance, tech, or consulting..." - https://features.thecrimson.com/2024/senior-survey/after-har... And look…

> https://economics.harvard.edu/sites/hwpi.harvard.edu/files/e... > which, if you're going into finance, consulting, public policy, or political ideology, look great. But if you want to understand or manage a real-physical-world company? Maybe Econ 1745 - "Corporate Finance" would be useful? Are you saying that the "Railroad Practice" elective is directly comparable to the "Corporate Finance" elective of today? If an…

[deleted]

Re: Harvard Railroad Economics Exam (1906)

#69
post #57

Earlier quoted context omitted.

Sorry, I guess being in my 30s makes me old because I have no idea what "based" means even after looking it up. I originally thought it was a typo for "biased", but then I see other people using the word in the same thread ( https://news.ycombinator.com/item?id=40699295 )

it means "I like this." it originally meant "this is agreeable with my conservative politics" but the youth (me) think it's funny to use it more generally

It originally meant "acting like a crackhead". The root word "base" comes from freebasing cocaine. It's undergone significant evolution since then, obviously, but its spike in popularity amongst the far right was just one twist in its etymological journey.

Re: Harvard Railroad Economics Exam (1906)

#70
post #57

Earlier quoted context omitted.

Sorry, I guess being in my 30s makes me old because I have no idea what "based" means even after looking it up. I originally thought it was a typo for "biased", but then I see other people using the word in the same thread ( https://news.ycombinator.com/item?id=40699295 )

it means "I like this." it originally meant "this is agreeable with my conservative politics" but the youth (me) think it's funny to use it more generally

To me, it means "a unique take that cuts through the noise and displays a strong fundamental understanding of the core issues".

That is often perverted/softened into "agreeing with me".

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