John Maurice Clark


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Clark, John Maurice

 

Born Nov. 30, 1884, in Northampton, Mass.; died June 27, 1963, in Westport, Conn. American economist, doctor of philosophy (1910). The son of J. B. Clark.

Clark taught in a number of colleges from 1908 on. From 1915 to 1926, he was at the University of Chicago; from 1926, he was professor of economics at Columbia University. From 1934 to 1954 he worked for a number of US government institutions. Clark strongly supported state regulation of the economy, especially measures to combat crises. He was one of the founders of the theory of oligopoly. He helped work out the theory of the diffusion of benefits, which states that the results of economic progress are supposedly distributed equally among all classes of society. His views are widely held in contemporary bourgeois political economy.

WORKS

Social Control of Business. Chicago, 1926.
Strategic Factors in Business Cycles. New York, 1934.
Guideposts in Time of Change. New York [1949].
Economic Institutions and Human Welfare. New York, 1957.

V. G. SARYCHEV

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John Maurice Clark says in his book entitled Social Control of Business (1):
John Maurice Clark has pointed out that the recipient of professional services is dependent upon the one who is serving him and must, therefore, rely upon the competency and the honesty of his survivor.
John Maurice Clark, Social control of Business, University of Chicago Press (chicago Illinois, 1926): 226.
Prominent institutionalists were elected president of the AEA, including Mitchell in 1925, John Maurice Clark in 1936, and four others serving between 1925 and 1944.
Veblen, Mitchell, John Maurice Clark, Clarence Ayres, and their fellow institutionalists made contributions that still have merit today.
Two American economists did show a clear understanding of the income-expenditure theory, John Maurice Clark of Columbia and Paul Douglas of Chicago, but they explicitly derived their analysis from the writings of Richard Kahn and John Maynard Keynes.
Among American economists in the early 1930s, only John Maurice Clark of Columbia and Paul Douglas of the University of Chicago made clear use of the multiplier theory of how changes in investment and government spending affect the equilibrium level of income, and explained why leakages from spending into saving and imports would ensure a finite value for the multiplier.
John Maurice Clark, The Costs of the World War to the American People, New York, 1931, reprinted with introductory essay by Joseph Dorfman, New York: Augustus M.
John Maurice Clark, Strategic Factors in Business Cycles, New York: National Bureau of Economic Research, 1934.
John Maurice Clark, "Cumulative Effects of Changes in Aggregate Spending as illustrated by Public Works," American Economic Review, 25, March 1935 (a).
John Maurice Clark, Economics of Planning Public Works, Washington: Government Printing Office, 1935 (b).
First published in 1936, this volume collects 13 essays by American institutionalist economist John Maurice Clark (1884-1963), one of the founders of the theory of workable competition.