Essentials of Economic Theory: As Applied to Modern Problems of Industry and Public Policy

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Macmillan, 1907 - 566 psl.
About economic theories and their applications.

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510 psl. - It is thoroughly intelligent, independent, suggestive, and manifests an unaffected enthusiasm for social progress, and on the whole a just and sober apprehension of the conditions and essential features of such progress.
39 psl. - In all stages of social development the economic motives that actuate men remain essentially the same. All men seek to get as much net service from material wealth as they can. The more wealth they have, other things remaining the same, the better off they are, and the more personal sacrifice they are compelled to undergo in the securing of the wealth, the worse off they are. Some of the benefit received is neutralized by the sacrifice incurred; but there is a net surplus of gains not thus cancelled...
253 psl. - Hitherto it is questionable if all the mechanical inventions yet made have lightened the day's toil of any human being. They have enabled a greater population to live the same life of drudgery and imprisonment, and an increased number of manufacturers and others to make fortunes.
325 psl. - Professor JB Clark was still writing: 'If the patented article is something which society without a patent system would not have secured at all - the inventor's monopoly hurts nobody. . . . His gains consist in something which no one loses, even while he enjoys them.
38 psl. - ... to speak of the mobility of capital ; that is to say, so soon as he makes use of it. A single illustration of this will have to suffice, though there are several points in his argument where the frailty of the conception is patent enough. The transfer of capital from one industry to another is a dynamic phenomenon which is later to be considered.
191 psl. - ... For an interesting variant on these views of statics see Knight, PA, "Risk, Uncertainty and Profit," 1921, Ch. 5. ously within the economic regime were either considered unimportant, or of that quantitative type that affected in no wise the premises of the reasoner. For one group it seemed true that "the actual form of a highly dynamic society hovers relatively near to its static model, though it never conforms to it" ; 23 for another dynamics represented a transition stage that was to statics...
253 psl. - At its introduction an economical device often forces some men to seek new occupations, but it never reduces the general demand for labor. As progress closes one field of employment, it opens others, and it has come about that after a century and a quarter of brilliant invention and of rapid and general substitution of...
301 psl. - The machine itself is often a hopeless specialist. It can do one minute thing and that only, and when a new and better device appears for doing that one thing, the machine has to go, and not to some new employment, but to the junk heap. There is thus taking place a considerable waste of capital in consequence of mechanical and other progress.
510 psl. - Giddings shows itself to the best advantage. The problems of anthropology and ethnology are also fully and ably handled. Of the other parts I like best of all the discussion of tradition and of social choices ; on these topics he shows the greatest originality. I have not the space to take up these or other doctrines in detail, nor would such work be of much value. A useful book must be read to be understood.
507 psl. - It is not too much to say that the publication of Professor Clark's book marks an epoch in the history of economic thought in the United States. Its inspirations, its illustrations, even its independence of the opinions of others, are American; but its originality, the brilliancy of its reasoning, and its completeness deserve and will surely obtain for it a place in world literature.

Apie autorių (1907)

John Bates Clark was the first American to gain an international reputation as an economist. In 1885 he and two colleagues, Richard Ely and Henry Carter Adams, organized a group that became the American Economic Association. Clark served as its third president, and the organization now bestows one of its highest awards, the John Bates Clark Medal, in his honor. Born in Providence, Rhode Island, Clark graduated from Amherst College and then studied economics at Heidelberg and Zurich universities. After his return to the United States, he married and took a position at Carleton College, where he befriended an unpopular but promising undergraduate named Thorstein Veblen. During his stay at Carleton, Clark contracted a severe illness that was to sap his strength for the rest of his life, forcing him to organize carefully all of his activities. Despite this handicap, Clark managed to produce an important series of works over the next few decades. In 1881 Clark moved to Smith College, where he published his first work, The Philosophy of Wealth (1885), a volume based on a series of articles on economic theory and contemporary business organizations originally published in The New Englander magazine. His second important work, Capital and Its Earnings (1888), advanced many propositions of modern capital theory, including the view that capital "transmutes" itself from one machine to another as old machines wear out during the production of newer ones. After a brief stint at Amherst, Clark went to Columbia University in 1895, where he taught until 1923. His third and most important book, The Distribution of Wealth (1899), is recognized as the first American economic work in pure theory. It is noted for its discussion of statics versus dynamics, economic terms introduced by Clark. Clark also published The Control of Trusts: An Argument in Favor of Curbing the Power of Monopoly by a Natural Method (1901), which argued for limited government intervention to restore competition. A revision, jointly published with and largely revised by his son, appeared in 1912 and offered a stronger case for antitrust policy. The 1912 edition (revised in 1914) was important because it conferred academic respectability on antitrust activity. In the final years of his life, Clark became involved in the peace movement.

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