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John Bates Clark
Essay specific features
Written by:
Felicia H
Date added:
December 16, 2015
Level:
University
Grade:
A
No of pages / words:
2 / 460
Was viewed:
7470 times
Rating of current essay:
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...
displayed 300 characters
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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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