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Essentials of Economic Theory

Essentials of Economic Theory by Clark

Tags Capital and Interest TheoryOther Schools of Thought

10/15/1907John Bates Clark

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.

Author:

John Bates Clark

John Bates Clark, American economist, was the first to develop marginal productivity theory, using it to explore the distribution of income between returns to labor and capital in a market economy. His work influenced other economists, including Frank Knight. He taught at Columbia University. The prestigious John Bates Clark award is given every other year to an economist under age 40, in his honor.

References

NY: Macmillan Company, 1907

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