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The Ludwig von Mises Institute

Advancing Austrian Economics, Liberty, and Peace

Advancing the scholarship of liberty in the tradition of the Austrian School

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Essentials of Economic Theory

Essentials of Economic Theory

John Bates Clark was an American adherent of the Marginalist School who engaged the Austrians and learned from them. He delivered many blows against the Historical School in favor of the idea of pure theory. He was also one of the first economists to emphasize the importance of potential completion in markets with a single or few firms and to view competition as a rivalrous process. Clark contributed to laying the foundation of what would later become a distinctly American Austrian School.

Mises regarded Clark as an outstanding economist, perhaps his favorite American economist.

Publication Information NY: Macmillan Company, 1907
Updated 9/18/2013