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John Bates Clark - College Term Paper

John Bates Clark

was an American economist who lived from 1847-1938. He
played an important role in the development of marginal productivity, and had a
great influence on the development of economic thought in the United States.
Clark was educated at Amherst College and at the University of Heidelberg in
Germany. He taught at Carlton College in Northfield, Minnesota from 1875 to
1881. He then moved on to teach at Smith College, Amherst, Johns Hopkins and
Columbia from which he retired in 1923.
In formulating the Neoclassical theory of the firm, John Bates Clark
took over the classical categories of land, labor, and capital and simplified
them in two ways, this simplification was the theory of ...

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together both kinds of non-human inputs under the general term
"capital," which he then assumed that the broadened "capital" is homogenous.
John took this Neoclassical approach one step further than others in
applying it to the business firm and the maximization of profits. One of the
results was a theory of the distribution which demonstrated that market outcomes
were just.
Clark also believed that technological change would lead to an increase
in the standard of living which he felt was one of the chief goals of any
economic system. He felt that with this technological change, labor would be
more productive and lead to higher profits for industry. When the labor would
see that industry was making higher profits, they would demand its share of the
profits for their hard work. The labor's higher wages and the industries'
higher profits would increase incomes and better the social living for everyone.
Among Clark's works are The Philosophy of Wealth (1886), ...

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PAPER DETAILS

Added: 10/21/2007 05:51:36 PM
Category: Biographies
Type: Premium Paper
Words: 455
Pages: 2

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