John Maurice Clark A Social Economics for the Twenty-First Century
The first comprehensive study of the life and works of John Maurice Clark (1884-1963), who continued the work of his father, John Bates Clark (1847-1938) by developing a new dynamic economic theory, often referred to as 'Social Economics'. Although J.M. C
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CONTEMPORARY ECONOMISTS General Editor: John Pheby, Professor of Political Economy, De Montfort University, Leicester, England
The Contemporary Economists series is designed to present the key ideas of the most important economists of this century. After an opening biographical chapter, the books in this series focus on the most interesting aspects of their subject's contribution to economics, thus providing original insights into their work. Students and academics alike will be fascinated by the wealth of these economists' contributions and will be able to look with fresh eyes on their discipline. Published titles
John F. Henry JOHN BATES CLARK Steven G. Medema RONALD H. COASE Michael Schneider J. A. HOBSON James Ronald Stanfield JOHN KENNETH GALBRAITH
John Maurice Clark A Social Economics for the Twenty-First Century
Laurence Shute
Professor of Economics California State Polytechnic University. Pomona Pomona. California
First published in Great Britain 1997 by
MACMILLAN PRESS LTD
Houndmills. Basingstoke. Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-25581-8 ISBN 978-1-349-25579-5 (eBook) DOI 10.1007/978-1-349-25579-5
First published in the United States of America 1997 by
ST. MARTIN'S PRESS, INC.,
Scholarly and Reference Division. 175 Fifth Avenue. New York. N.Y. 10010
ISBN 978-0-312-16525-3 Library of Congress Cataloging-in-Publication Data Shute. Laurence. lohn Maurice Clark: a social economics for the twenty-first century 1 Laurence Shute. p. cm. - (Contemporary economists) Includes bibliographical references and index.
ISBN 978-0-312-16525-3 I. Clark.lohn Maurice. 1884-1963. 2. Economists-United States-Biography. 3. Statics and dynamics (Social sciences) I. Clark. lohn Maurice. 1884-1963. II. Title. III. Series. HB119.C53S55 1997 330'.092-dc20 96-34662 CIP © Laurence Shute 1997
Sof'tcover reprint of the hardcover 1st edition 1997 All rights reserved. No reproduction. copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced. copied or transmitted save with written permission or in accordance with the provisions of the Copyright. Designs and Patents Act 1988. or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency. 90 Tottenham Court Road. London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his rights to be identified as the author of this work in accordance with the Copyright. Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10987654321 06 05 04 03 02 01 00 99 98 97
Contents ix
Preface
1 Background and Origins The Clark Family Background John Bates Clark J.M. Clark - The Early Years
1 1 3 7
2 An "Examination of Premises" The Need fo
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