John Bates Clark
Beginning of paper
was an American economist who lived from 1847-1938. He
played an important role in the development 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. ....
Middle of paper
.... 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.
John took this Neoclassical approach one step further than others in
applying it to the business firm and the maximization of profit ....
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