John Bates Clark: The Making Of A Neoclassical Economist (contemporary Economists)

In this fresh study of the career and theoretical work of John Bates Clark, the first American economist to achieve international standing, Henry demonstrates that the usual interpretations of Clark are flawed, and that Clark set out to develop a theory of distribution that would support then current political authority and property relationships. Contrary to the normal view, it is shown that there is less of a difference between Clark's early 'Christian Socialist' writings and the writings of his mature period, and that perceptions and concerns formulated in his early career carry over into his more theoretically advanced stage. Also, Clark's religious perceptions are shown to have influenced not only his early thoughts, but those contained in the writings of the later period that brought him to the attention of economists in England and the Continent. Throughout this book, Henry demonstrates the relationship between Clark's theoretical work and the larger social forces then at work which both promoted and constrained his thinking and his economics. This study details J. B. Clark's theoretical development, focusing on the rise of his marginal productivity theory of distribution, and demonstrates that Clark's work was prompted and promoted by the changing economic and social conditions of the period. It is shown that the writings of Clark's early 'Christian Socialist' period, are not as distinct from his mature period as is usually argued. In fact, Clark's religious beliefs are demonstrated to be significant in the understanding of the intellectual process through which he reached his mature stage of theoretical development. Throughout this work, Clark's political perspective and his understanding of the threats to established authority are brought to bear on the argument as to what Clark himself thought he was accomplishing in setting forth his version of the productivity theory: Clark believed that theory should never be developed independently of existing authority and property relations. Rather, he believed that economic theory should be designed to uphold the sanctity of both authority and property. Briefly sketches the life of American economist Clark (1847-1938) then outlines his main contribution, the marginal productivity theory of distribution. Finds that his religious views were instrumental throughout his career rather than only at the beginning as many believe, and that his political beliefs led him to assert that economic theory should be designed to uphold the sanctity of both authority and property. Annotation copyright Book News, Inc. Portland, Or. Front Matter....Pages i-xi John Bates Clark: A Life, 1847–1938....Pages 1-6 The ‘Christian Socialist’ Period, 1877–1886....Pages 7-26 Clark after Haymarket....Pages 27-45 The March to Distribution....Pages 47-70 The Distribution of Wealth....Pages 71-88 Clark, the Professionalization Process and the War Essays....Pages 89-116 On Trusts, Organized Labor and Other Matters....Pages 117-140 Conclusion....Pages 141-149 Back Matter....Pages 151-180 In this study of the career and theoretical work of the American economist John Bates Clark, Henry asserts that usual interpretations of Clark are flawed, and that Clark set out to develop a theory of distribution that would support the then current political authority and property relationships.