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Synopsis
John Bates Clark (1847-1938) was an American neo-classical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career teaching at Columbia University. Early in his career Clark's writings reflected his German Socialist background and showed him as a critic of capitalism. He is better known for his use of marginal productivity to help explain the distribution of income. His works include: The Philosophy of Wealth (1886), Essentials of Economic Theory (1907) and The Distribution of Wealth: A Theory of Wages, Interest and Profits (1908).
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From the Back Cover
John Bates Clark was the first American economist with an international reputation--this revolutionary 1899 work is what brought him that distinction. In clear, lucid language that makes his economic philosophy so plain we take it for granted today, Clark lays out his Marginal Productivity Theory of Distribution, a rebuttal to Marx and an apologetic for capitalism. Insisting that in a competitive market economy, all work is fully and fairly recompensed and all labor and capital are, in a very real sense, equal components, Clark shattered then widely held theories of economics with his groundbreaking thesis. And his work continues to influence the global financial situation today.
About the Author
American economist JOHN BATES CLARK (1847-1938), who also wrote the significant The Philosophy of Wealth (1885), was professor of political economy at Columbia University and one of the founders of the American Economic Association. The prestigious John Bates Clark Medal for economic thought is named for him.
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