John Bates Clark
John Bates Clark
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 marginal productivity.
First, he assumed that all labor is homogenous, which meant that one labor hour
is a perfect substitute for any other labor hour, but when marginal productivity
was decreasing, the industry found it more profitable to replace labor with
machinery.......
View the rest of this paper...
Approximate Word Count: 441
Approximate Pages: 2 (250 words per double-spaced page)
Why should you join Frat Files?
- - It's safe, secure, and private.
- - Instant access to over 100,000 papers. New papers are added hourly.
- - Fast and reliable customer support.
Similar Essays
-
John Bates Clark
John Bates Clark. John Bates Clark John Bates Clark was an American economist
who lived from 1847-1938. He played an important role ... -
The Ladder
... The patron saint of American Neoclassical economics, John Bates Clark, in whose
name the most prestigious award for young (under 40) American economists is ... -
The Forever Changing Economy
... in some combination to manipulate their economies.(cite 11) Another problem is that
elite economists, including Nobel Prize and John Bates Clark medal winners ... -
The Great Debate: Are Private Schools Really Academically Better ...
... College Oberlin College Bowdoin College Bates College Fairfield ... University Bryant
College Syracuse University Clark University Endicott ... Merline, John W. (1988 ... -
History Notes
... Clark made the superintendent to Indian affairs (1807) and ... in 1862 o Attorney General -
Edward Bates (MO) o ... really have private secretaries o John Hay - these ...
Frat Files
Members
Information
