John Maurice Clark
|Born||30 November 1884
Northampton, Massachusetts, U.S.
|Died||27 June 1963
Westport, Connecticut, U.S.
Clark was born in Northampton, Massachusetts. He 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.
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. This work is also considered a major conceptual contribution in the field of cost accounting. Clark is considered one of the founders of the theory of workable competition, neither pure competition nor pure monopoly, a neglected Marshallian insight.
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).
Clark died, aged 78, in West Haven, Connecticut.
- "John Maurice Clark", Answers.com
- Luca Fiorito "John Maurice Clark's Contribution to the Genesis of the Multiplier Analysis," University of Siena Dept. of Econ. Working Paper No. 322
- The Aftalion-Clark Accelerator, New School
- Miranti, Paul J., Jr., "Clark, John Maurice (1884-1963)." In History of Accounting: An International Encyclopedia, edited by Michael Chatfield and Richard Vangermeersch. New York: Garland Publishing. Pp. 125-177.
- Clark JM. (1940). Toward a Concept of Workable Competitition. American Economic Review
- Joseph A. Schumpeter, History of Economic Analysis, New York, Oxford University Press, p. 975 (1976)
- Anne Mayhew, review of John Maurice Clark: A Social Economics for the Twenty-First Century.
- "In Memoriam: John Maurice Clark", Political Science Quarterly, Vol. 79, No. 3 (Sep., 1964)
- Standards of Reasonableness in Local Freight Discriminations (1910)
- Studies in the Economics of Overhead Costs Chicago, University of Chicago Press (1923) ISBN 0-312-16525-0
- Social Control of Business (1926)
- The Costs of the World War to the American People (1931)
- Strategic Factors in Business Cycles (1934)
- The Economics of Planning Public Works (1935)
- Preface to Social Economics (1936)
- An Alternative to Serfdom (1948)
- The Ethical Basis of Economic Freedom (1955)
- Economic Institutions and Human Welfare (New York, Knopf, 1957, Library of Congress# 57005796)
- Competition as a Dynamic Process (1961)
- Laurence Shute, John Maurice Clark: A Social Economics for the Twenty-First Century, London, Macmillan (1997) ISBN 0-312-16525-0
- Charles A. Hickman, J. M. Clark, New York, Columbia University Press, (1975) ISBN 0-231-03187-4
- Joseph Dorfman, The Economic Mind in American Civilization, (5 vols., (1946–1959)
- T.W. Hutchison, A Review of Economic Doctrines, 1870-1929 (1953)