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John Bates Clark

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Issue:

Biographies

 

Written by:

Felicia H

 

Date added:

December 16, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 460

 

Was viewed:

7415 times

 

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Essay content:

He taught at Carlton College in Northfield, Minnesota from 1875 to 1881. He then moved on to teach at Smith College, Amherst, Johns Hopkins and Columbia from which he retired in 1923. In formulating the Neoclassical theory of the firm, John Bates Clark took over the classical categories of land, labor, and capital and simplified them in two ways, this simplification was the theory of marginal productivity...
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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...
displayed 300 characters

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