John Bates Clark ( born January 26, 1847 , Providence , Rhode Island - March 21, 1938 , New York ) - American economist , founder of the American school of marginalism [4] , author of the theory of marginal productivity , president of the American Economic Association in the years 1894-1895.
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Content
Biography
The American economist was educated at the University of Amherst and the universities of Zurich and Heidelberg ; taught at Columbia University in the years 1895-1923.
President of the American Economic Association in 1894-1895.
- Family
The father of the famous economist J. M. Clark .
Scientific Contribution
J. B. Clark is the author of numerous works. He proposed a new approach to the study of political economy in order to approach the exact sciences. By analogy with theoretical mechanics, J. B. Clark divided economic theory into two sections - statics and dynamics. He attached initial value to the analysis of statics, that is, the economic situation of society in stillness, "in equilibrium." Clark adhered to the theory of marginal utility , which he modified. “Clark's Law” consists in the fact that the usefulness of a product is divided into its constituent elements (a “bundle of utilities”), after which the value of the good is determined by the sum of the marginal utilities of all its properties.
He made an important contribution to the “marginalist revolution”, supplementing the concept of marginal utility of consumer goods with the theory of marginal productivity of labor and capital. J. B. Clark sought to prove that in the process of production there is a diminishing productivity of labor and capital (by analogy with the law of diminishing land fertility). For the increase in each of the factors of production at a constant size of the remaining factors gives a diminishing growth in production. So, with a constant amount of capital, any additional worker will create a smaller mass of production. In this case, wages are equal to the “product of labor” that the “marginal worker” produced. The difference between “the whole product of industry” and the “product of labor” was considered by J. B. Clark to be the “product of capital,” which the capitalist rightfully goes to. Consequently, the income of workers and businessmen, in his opinion, corresponds to the real contribution of labor and capital to the final product of production, which leads to social justice and harmony of the class interests of the "capitalist" and workers.
Bibliography
- "Philosophy of wealth" (The Philosophy of Wealth, 1886);
- “The Problem of Monopoly” (The Problem of Monopoly, 1904);
- “ The distribution of wealth ” (The Distribution of Wealth, 1899).
Notes
- ↑ 1 2 BNF identifier : Open Data Platform 2011.
- ↑ 1 2 SNAC - 2010.
- ↑ 1 2 3 Clark John Bates // Great Soviet Encyclopedia : [in 30 vol.] / Ed. A. M. Prokhorov - 3rd ed. - M .: Soviet Encyclopedia , 1969.
- ↑ Agapova I. History of economic thought
Literature
- Blaug M. Clark, John Bates // 100 Great Economists before Keynes = Great Economists before Keynes: An introduction to the lives & works of one hundred great economists of the past. - SPb. : Economics, 2008 .-- S. 134-137. - 352 p. - (Library of the Economic School, vol. 42). - 1,500 copies. - ISBN 978-5-903816-01-9 .
- Blumin I.G. American school in bourgeois political economy // Criticism of bourgeois political economy: In 3 volumes. - M .: Publishing House of the Academy of Sciences of the USSR , 1962. - T. I. Subjective school in bourgeois political economy. - S. 228-430. - VIII, 872 p. - 3,200 copies.
- Clark's universal laws / G. D. Gloveli // Big Russian Encyclopedia : [in 35 vol.] / Ch. ed. Yu.S. Osipov . - M .: Great Russian Encyclopedia, 2004—2017.