Everything about John Maurice Clark totally explained
John Maurice Clark (born
30 November 1884 in
Northampton, Massachusetts; died
27 June 1963 in
West Haven, Connecticut) was an
American economist whose work combined the rigor of traditional economic analysis with an
"institutionalist" attitude.
Academic career
Clark studied at
Amherst College, graduating in 1905, and received his Ph.D. from
Columbia University in 1910. He was an Instructor at
Colorado College (1908-1910) and at Amherst College (1910-1915). In 1915 he joined the faculty of political economy at the
University of Chicago. He accept a professorship at Columbia in 1926, where he remained until he retired in 1957.
Contributions
Throughout his career Clark was concerned with the dynamics of a market economy, or
Competition as a Dynamic Process, the title of his last work. In
Studies in the Economics of Overhead Costs, Clark developed his theory of
the acceleration principle, that investment demand can fluctuate widely when consumer demand fluctuates; in this he anticipated key
Keynesian theories of investment and business cycles. Clark is considered one of the founders of the theory of
workable competition, neither pure competition nor pure monopoly, a neglected
Marshallian insight.
With his theory of
X-efficiency,
Harvey Leibenstein demonstrated that the measurability of the
market price of products in a
monopoly is very difficult to obtain.
John Maurice Clark was the son of
John Bates Clark, and shared his view of the importance of ethical and policy issues. Both father and son worked jointly on the revision of John Bates Clark's
The Control of Trusts (1914), work continued by John Maurice in
Social Control of Business (1926, revised in 1939).
Clark was President of the American Economic Association in 1935, and was awarded the Francis A. Walker Medal in 1952 (the highest honor of the AEA).
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