Harvard. Modern Schools of Economic Thought, Midyear Exam. Schumpeter, 1927-1928.

I just returned from a recent trip that included 5.5 working days in the Harvard University Archives. Among the images of treasures for transcription that I have brought back are the mid-year examinations for several decades of Harvard’s year-long economics courses. My first order of business now  is to add the corresponding mid-year examinations to material already posted for Harvard courses here at Economics in the Rear-view Mirror.

We begin with a course taught by the ever popular and ultimate click-bait, Joseph Schumpeter. The final examination questions for his 1927-28 course, Modern Schools of Economic Thought, have been posted earlier. Now we know something about what was covered in the first semester of that course.

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1927-28
HARVARD UNIVERSITY
ECONOMICS 15

Mid-Year Examination

1. Write as fully as possible on either one or the other of the following subjects:
   1. What is the distinctive characteristic of Capitalism and how does the view we have about it influence our capital concept?
   2. The evolution and basic function of the Entrepreneur.
2. Answer shortly two out of the four following questions:
   1. The substitution of capital for labor means the substitution of labor assisted by much waiting for labor assisted by little waiting. (Marshall) Criticize.
   2. What is meant by the ‘superior bargaining power’ of the entrepreneur and how much does what is meant by it amount to in explaining entrepreneur’s gains?
   3. According to the theory of marginal utility, prices are proportional to marginal utility. According to the Ricardian theory of value prices are—fundamentally—proportional to quantities of labor necessary for the production of commodities. Prove that the second proposition, upon the introduction of suitable assumptions, turns out to be a special case of the first.
   4. A rise in any element of expenses of production is generally held to raise the prices of products. Interest is an element of expenses of production. The rate of discount is obviously a rate of interest. Yet it is held that raising the rate of discount will depress prices. Explain and criticize.

Source: Harvard University Archives. Examination Papers, Mid-Years, 1927-28 (HUC 7000.55), Papers Printed for Mid-Year Examinations. History, History of Religions,… , Economics,… , Military Science, Naval Science. January-February, 1928.

Image source: Joseph A. Schumpeter at table with books, photograph, ca. 1930. Detail from image posted at Harvard University Archives. Joseph Schumpeter Papers. HUGBS 276.90p (38).