He failed a first-year college examination—an experience that spurred him to bring his academic and life goals into clearer focus.

He studied under the distinguished Indian economist Professor V. G. Kale, and in 1921 was awarded the Cobden Club Medal for winning first position in economics on his BA examination.

In collaboration with Professor Kale he published a book on Principles of Economics in the Marathi language in 1927, followed by a second volume in 1929.

[1] In June 1935, the Deccan Education Society appointed him Principal of Willingdon College, Sangli, an institution suffering from low numbers and poor academic standing.

In 1962 Dattatreya Gopal Karve was awarded an Honorary Fellowship at the International Institute of Social Studies (ISS) in The Netherlands.