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John Bates Clark
Part 1 of Paper
....t of marginal productivity, and had a
great influence on the development of economic thought in the United States.
Clark was educated at Amherst College and at the University of Heidelberg in
Germany. He taught at Carlton College in Northfield, Minnesota from 1875 to
1881. He then moved on to teach at Smith College, .... Part 2 of Paper
....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 theory of the distribution which demonstrated that market outcomes
were just.
Clark also believed that technological change would lead to an increase
in the standard of living which he felt was one of the chief goals of any
economic system. He felt that with this technological change.... |
| Number of words: 455 - Approximate pages: 2 |
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