John Bates Clark

Date of Birth: January 26, 1847

Zodiac Sign: Aquarius

Date of Death: March 21, 1938

Biography

John Bates Clark was a pioneering American economist known for his work in neoclassical economics and his development of the marginal productivity theory of distribution. Born on January 26, 1847, in Providence, Rhode Island, Clark graduated from Amherst College in 1872. He furthered his studies in Germany at the University of Heidelberg and the University of Zurich, where he was influenced by the German Historical School of economics. Clark began his teaching career at Carleton College in Minnesota, where he developed his early theories. Later, he became a professor at Columbia University, where he spent a significant portion of his career. His most notable work, “The Distribution of Wealth” (1899), laid the foundation for the marginal productivity theory, which asserts that income distribution in a competitive market is determined by the marginal productivity of the factors of production. Clark’s contributions to economics extended beyond academia. He was a founding member of the American Economic Association and served as its president from 1893 to 1895. He was also an advocate for social reform, believing that economic theory could be used to address social issues.

5 Interesting Facts about John Bates Clark

1. John Bates Clark was one of the first economists to systematically apply marginalist principles to the study of income distribution.

2. He was a staunch advocate for the ethical implications of economic theories, arguing that income distribution could be morally justified if it was based on marginal productivity.

3. Clark’s work influenced later economists, including Frank Knight and Milton Friedman.

4. He was awarded the inaugural John Bates Clark Medal in 1947, which is named in his honor and given to promising economists under the age of 40.

5. Clark was a critic of monopolies and supported antitrust legislation to promote competition and protect consumers.

5 Most Interesting Quotes from John Bates Clark

1. “The laborer who contributes nothing to the product of industry receives nothing in return.”

2. “The distribution of income in society is determined by the marginal productivity of the factors of production.”

3. “Economic laws are not mere descriptions of what men do; they are descriptions of what men ought to do.”

4. “The most fundamental law of economic science is the law of diminishing returns.”

5. “In a competitive market, each factor of production is paid according to its marginal product.”

Highest Net Worth Achieved

John Bates Clark did not achieve significant personal wealth from his economic theories. His net worth was modest compared to modern standards, as his primary income came from his academic positions and writings.

Children

John Bates Clark had two children: John Maurice Clark and Frederick Henry Clark. John Maurice Clark followed in his father’s footsteps and became a well-known economist, contributing to the development of the theory of imperfect competition and the acceleration principle.