Harvard. Exam for Distribution of Wealth. Carver, 1907-1908

 

Thomas Nixon Carver was originally hired by Harvard for his work in economic theory. His course portfolio expanded to cover agricultural economics, sociology, economic reform schemes, and methodology, but his course on distribution probably is the best single reflection of his core economic understanding (beliefs?) regarding economic theory. 

________________________

From earlier semesters

1904-05
1905-06

The course content is undoubtedly captured in Carver’s 1904 book The Distribution of Wealth which was reprinted several times during his lifetime.

________________________

Course Enrollment
1907-08

Economics 14a ¹hf. Professor Carver. — The Distribution of Wealth.

Total 19: 5 Graduates, 4 Seniors, 5 Juniors, 2 Sophomores, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

________________________

ECONOMICS 14a
Mid-year Examination, 1907-08

1. Assuming that the labor of a man and team, with the appropriate tools costs the farmer the equivalent of 5 bushels a day, how many days could he most profitably devote to the cultivation of each of the four fields described in the following table:—

Number of days’ labor of a man and team with the appropriate tools.	Total product, in bushels, of each of four fields under varying applications of labor.
	Field A	Field B	Field C	Field D
5	50	45	40	35
10	150	140	130	125
15	270	255	240	220
20	380	360	300	270
25	450	420	350	310
30	510	470	390	340
35	560	510	420	360
40	600	540	440	375
45	630	560	450	385
50	650	575	455	390

2. Assuming that the relation of the labor supply to the land supply is such that for four fields like those assumed in the table there are 130 days labor of the kind assumed, what, in bushels, would be the normal rate of wages — i.e., what is the highest rate of wages at which the farmers could find it more to their advantage to employ all the labor than to leave some of it unemployed.
3. Under the conditions assumed in Problem 2, how much, approximately, would the total product of the community be reduced if field A were withdrawn from cultivation.
4. Exactly what do you understand by capital and how does itcome into existence.
5. How, if at all, is the supply of capital related to the rate of wages? What authors have you read upon this point and how does your opinion compare with theirs?
6. What do you understand by the standard of living, and how does it affect wages?
7. How is the productivity of an instrument of production determined? How is its value determined? How and where, in the process of valuation, does interest arise?
8. What is the risk theory of profits? What writers, among those whom you have read, hold to this theory, and how do their views compare?
9. What classes of incomes do you regard as earned, and what as unearned? Justify your position.
10. What are the leading theories, so far as you have studied, as to how wealth ought to be distributed? Which do you prefer? Why?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: Portrait of Thomas Nixon Carver from the Harvard Class Album 1913. Colorized and enhanced by Economics in the Rear-view Mirror.