John Maurice Clark
John Maurice Clark | |
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Political economics | |
School or tradition | Institutional economics |
Influences | Thorstein Veblen |
John Maurice Clark (1884–1963) was an American
Biography
Early career
John Maurice Clark was born November 30, 1884, in Northampton, Massachusetts. He studied at Amherst College, graduating in 1905, and received his Ph.D. from Columbia University in 1910.[1]
J.M. Clark was the son of economist
Clark was an Instructor at Colorado College from 1908 to 1910 and at Amherst College from 1910 until 1915, when he left to join the faculty of political economy at the University of Chicago. He accepted a professorship at Columbia in 1923, assuming the post previously held there by his father.[1] He would remain at Columbia for the remaining three decades of his academic life, finally retiring in 1957.[4]
Contributions
Throughout his career Clark was concerned with the dynamics of a market economy.
In his early work Studies in the Economics of Overhead Costs (1923), Clark developed his theory of
Clark's next published work, Social Control of Business (1926), continued the theme of national economic governance, detailing the institutional, economic, and legal factors that limited social oversight of monopolistic behavior.[1] Clark argued that accounting provided an essential mechanism for the monitoring of the behavior of economically mighty firms to assure their operation within the limits established by regulation.[1]
In his 1931 book The Costs of the World War to the American People, Clark first broached the concept of the
Clark expanded upon the consideration of the multiplier effect in public planning in his 1935 book, Economics of Planning Public Works.
Clark is considered one of the founders of the theory of workable competition,[10] neither pure competition nor pure monopoly, a neglected Marshallian insight.[11]
Honors
Clark was elected to the
Death
J.M. Clark died on June 27, 1963, aged 78, in Westport, Connecticut.
Footnotes
- ^ a b c d e f Paul J. Miranti, Jr., "Clark, John Maurice (1884–1963)." In Michael Chatfield and Richard Vangermeersch (eds.), History of Accounting: An International Encyclopedia. New York: Garland Publishing. pp. 125–127.
- ^ John Bates Clark and John Maurice Clark, The Control of Trusts. Rewritten and enlarged edition. New York: Macmillan, 1914.
- ^ "Anne Mayhew, review of John Maurice Clark: A Social Economics for the Twenty-First Century.". Archived from the original on 2007-06-27. Retrieved 2007-02-04.
- ^ "John Maurice Clark", Answers.com
- ^ Luca Fiorito "John Maurice Clark's Contribution to the Genesis of the Multiplier Analysis," University of Siena Dept. of Econ. Working Paper No. 322
- ^ The Aftalion-Clark Accelerator, New School
- ^ Joseph Dorfman, "Some Documentary Notes on the Relations Among J.M. Clark, N.A.L.J. Johannsen and J.M. Keynes," introductory essay to John Maurice Clark, The Costs of the World War to the American People. New York: Augustus M. Kelley, 1970; pg. 5. The quoted words are those of Hugo Hegeland, The Multiplier Theory. (1954) New York: Augustus M. Kelley, 1966; pg. 251, cited by Dorfman, pg. 5.
- ^ Dorfman, "Some Documentary Notes on the Relations Among J.M. Clark, N.A.L.J. Johannsen and J.M. Keynes," pp. 5-6.
- ^ a b c Dorfman, "Some Documentary Notes on the Relations Among J.M. Clark, N.A.L.J. Johannsen and J.M. Keynes," pg. 6.
- ^ J.M. Clark (1940). Toward a Concept of Workable Competition. American Economic Review
- ^ Joseph A. Schumpeter, History of Economic Analysis, New York, Oxford University Press, 1976; pg. 975.
- ^ "John Maurice Clark". American Academy of Arts & Sciences. 9 February 2023. Retrieved 2023-04-06.
- ^ "In Memoriam: John Maurice Clark", Political Science Quarterly, vol. 79, no. 3 (Sept. 1964), pg. ???.
- ^ "APS Member History". search.amphilsoc.org. Retrieved 2023-04-06.
Works
- Standards of Reasonableness in Local Freight Discriminations. New York: Columbia University, 1910.
- The Control of Trusts. Rewritten and enlarged edition, with John Bates Clark. New York: Macmillan, 1914.
- Studies in the Economics of Overhead Costs. Chicago: University of Chicago Press, 1923.
- Social Control of Business. Chicago: University of Chicago Press, 1926.
- The Costs of the World War to the American People. New Haven, CT: Yale University Press, 1931.
- Strategic Factors in Business Cycles. New York: National Bureau of Economic Research, 1934.
- The Economics of Planning Public Works. Washington, DC: U.S. Government Printing Office, 1935.
- Preface to Social Economics. New York: Farrar & Rinehart, 1936.
- An Alternative to Serfdom: Five Lectures Delivered on the William W. Cook Foundation at the University of Michigan, March 1947. Oxford, England: Basil Blackwell, 1948. American edition: 1950.
- The Ethical Basis of Economic Freedom. Westport, CT: C.K. Kazanjian Economics Foundation, 1955.
- Economic Institutions and Human Welfare. New York: Alfred A. Knopf, 1957.
- Competition as a Dynamic Process. Washington, DC: Brookings Institution, 1961.
Further reading
- Laurence Shute, John Maurice Clark: A Social Economics for the Twenty-First Century. London: Macmillan, 1997.
- Charles A. Hickman, J. M. Clark. New York, Columbia University Press, 1975.
- Joseph Dorfman, The Economic Mind in American Civilization. Volume 5. New York: The Viking Press, 1959.
- T.W. Hutchison, A Review of Economic Doctrines, 1870–1929. Oxford, England: Clarendon Press, 1953.