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John Bates Clark
Start of Term Paper
was an American economist who lived from 1847-1938. He
played an important role in the development of marginal productivity, and had a
great influence on the development of economic thought in the United States.
Clark was educated at Amherst .... Middle of Term Paper
... decreasing, the industry found it more profitable to replace labor with
machinery. Clark believed that to make a sound economy wages had to be equal to
the marginal productivity of labor. This was also beneficial to both the
industry and the labor.
Secondly, Clark ignored the distinction between land and capital,
grouping together both kinds of non-human inputs under the general term
"capital," which he then assumed that the broadened "capital" is homogenous.
John took this Neoclassical approach one step further than others in
applying it to the business firm and the maximization of profits. One of the
results was a t ... |
| Number of Words: 455 |
Approximate Pages: 2 |
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