Dive into the fundamental principles of economics with "Essentials of Economic Theory" by John Bates Clark, a comprehensive guide that offers readers a clear and concise understanding of key economic concepts and theories. Join Clark as he navigates through the complexities of economic theory, providing readers with a solid foundation in the principles that govern the production, distribution, and consumption of goods and services. Through accessible language and real-world examples, Clark demystifies economic concepts and empowers readers to make informed decisions in their personal and professional lives. As readers delve into the pages of "Essentials of Economic Theory," they'll encounter a wide range of topics, including supply and demand, market competition, labor economics, and more. From the role of government in regulating the economy to the factors that drive economic growth and development, Clark offers a comprehensive overview of the forces that shape our global marketplace. The overall tone of the book is one of clarity and objectivity, as Clark presents economic theories and models in a straightforward manner that is easy to understand and apply. With its emphasis on practical relevance and real-world applications, "Essentials of Economic Theory" equips readers with the knowledge and skills they need to navigate the complexities of the modern economy. Since its publication, "Essentials of Economic Theory" has been widely praised for its authoritative coverage, accessible writing style, and relevance to readers of all backgrounds. Its enduring popularity speaks to its status as a trusted resource for students, professionals, and anyone seeking to gain a deeper understanding of economics. Whether you're a student studying economics, a business professional looking to enhance your understanding of market dynamics, or simply a curious observer of the global economy, "Essentials of Economic Theory" offers valuable insights and practical guidance to help you navigate the complexities of the modern world. Don't miss your chance to unlock the secrets of economic theory with John Bates Clark as your guide. Grab your copy now and embark on a journey of discovery and enlightenment.
In this fresh study of the career and theoretical work of John Bates Clark, the first American economist to achieve international standing, Henry demonstrates that the usual interpretations of Clark are flawed, and that Clark set out to develop a theory of distribution that would support then current political authority and property relationships. Contrary to the normal view, it is shown that there is less of a difference between Clark's early 'Christian Socialist' writings and the writings of his mature period, and that perceptions and concerns formulated in his early career carry over into his more theoretically advanced stage. Also, Clark's religious perceptions are shown to have influenced not only his early thoughts, but those contained in the writings of the later period that brought him to the attention of economists in England and the Continent. Throughout this book, Henry demonstrates the relationship between Clark's theoretical work and the larger social forces then at work which both promoted and constrained his thinking and his economics.
In this fresh study of the career and theoretical work of John Bates Clark, the first American economist to achieve international standing, Henry demonstrates that the usual interpretations of Clark are flawed, and that Clark set out to develop a theory of distribution that would support then current political authority and property relationships. Contrary to the normal view, it is shown that there is less of a difference between Clark's early 'Christian Socialist' writings and the writings of his mature period, and that perceptions and concerns formulated in his early career carry over into his more theoretically advanced stage. Also, Clark's religious perceptions are shown to have influenced not only his early thoughts, but those contained in the writings of the later period that brought him to the attention of economists in England and the Continent. Throughout this book, Henry demonstrates the relationship between Clark's theoretical work and the larger social forces then at work which both promoted and constrained his thinking and his economics.
Spanning the era from the end of Reconstruction (1877) to 1920, the entries of this reference were chosen with attention to the people, events, inventions, political developments, organizations, and other forces that led to significant changes in the U.S. in that era. Seventeen initial stand-alone essays describe as many themes.
What would be the rate of wages, if labor and capital were to remain fixed in quantity, if improvements in the mode of production were to stop, if the consolidating of capital were to cease and if the wants of consumers were never to alter? The question assumes, of course, that industry shall go on, and that, notwithstanding a paralysis of the forces of progress, wealth shall continue to be created under the influence of a perfectly unobstructed competition. -from the Preface John Bates Clark was the first American economist with an international reputation-this revolutionary 1899 work is what brought him that distinction. In clear, lucid language that makes his economic philosophy so plain we take it for granted today, Clark lays out his Marginal Productivity Theory of Distribution, a rebuttal to Marx and an apologetic for capitalism. Insisting that in a competitive market economy, all work is fully and fairly recompensed and all labor and capital are, in a very real sense, equal components, Clark shattered then widely held theories of economics with his groundbreaking thesis. And his work continues to influence the global financial situation today. American economist JOHN BATES CLARK (1847-1938), who also wrote the significant The Philosophy of Wealth (1885), was professor of political economy at Columbia University and one of the founders of the American Economic Association. The prestigious John Bates Clark Medal for economic thought is named for him.
The Marginal Productivity Theory of Distribution (MPTD) claims that in a free-market economy the demand for a factor of production will depend upon its marginal product – where "marginal product" is defined as the change in total product that is caused by, or that follows, the addition or subtraction of the marginal unit of the factor used in the production process, with all other inputs held constant. From its inception in the early nineteenth century the MPTD has been claimed by some economists to be a solution to the ethical problem of distributive justice, i.e. to be a means of determining fairness in wages, profits, interest and rent. Other economists have rejected this ethical claim, but have seen the MPTD as a valid demand-side criterion in the determination of equilibrium and efficiency. This book argues that the MPTD is valid, neither as a normative theory of social justice, nor as a positive law of economics. It suggests that economics is yet to develop a satisfactory theory of distribution that is scientific in the quantitative or mathematical sense. Through a survey of the origin and subsequent evolution of the MPTD in the writings of over 50 contributors over 150 years, John Pullen presents a critical history of the concept. The book begins by examining the conceptual tools that have been deployed to facilitate this analysis of past contributions to the MPTD and then looks at various economists and their contribution to the debate including its supporters such as Wicksteed, Marshall, Wicksell and Stigler, and its critics such as Pareto, Hobson, Edgeworth, Adriance and Cassel.
First published in 1998. This work contributes to the discussion of Knight by showing that uncertainty broadens the conception of economic welfare, and that a new cost analysis holds the key to unlocking the Knightian corpus. It develops Knight's suggestion that uncertainty-control costs can be reduced - arguing that the large firm enjoys economic rent from utilizing its dominant vantage point in the market. The author demonstrates that while Knight provides the intellectual stimulus which propelled Chamberlin's thesis of monopolistic competition, Chamberlin uses a very abstract form of uncertainty in his analysis.
Ranging from the founding era to Reconstruction, from the making of the modern state to its post-New Deal limits, John Fabian Witt illuminates the legal and constitutional foundations of American nationhood through the stories of five patriots and critics. In their own way, each of these individuals came up against the power of American national institutions to shape the directions of legal change.
Harold Innis was one of the most profound thinkers that Canada ever produced. Such was his influence on the field of communication that Marshall McLuhan once declared his own work was a mere footnote to Innis. But over the past sixty years scholars have had a hard time explaining his brilliance, in large measure because Innis's dense, elliptical writing style has hindered easy explication and interpretation. But behind the dense verbiage lies a profound philosophy of history. In Emergence and Empire, John Bonnett offers a fresh take on Innis's work by demonstrating that his purpose was to understand the impact of self-organizing, emergent change on economies and societies. Innis's interest in emergent change induced him to craft an original and bold philosophy of history informed by concepts as diverse as information, Kantian idealism, and business cycle theory. Bonnett provides a close reading of Innis's oeuvre that connects works of communication and economic history to present a fuller understanding of Innis's influences and influence. Emergence and Empire presents a portrait of an original and prescient thinker who anticipated the importance of developments such as information visualization and whose understanding of change is remarkably similar to that which is promoted by the science of complexity today.
Economics both describes the way economic forces work and studies the effi ciency, or ineffi ciency, that results. These two aspects of economics have probably never been wholly separated, and it is debatable how far it is possible or desirable to separate them. The question will ultimately be answered by evaluating these different theoretical methods in terms of the results they deliver. The theory of economic effi ciency uniquely incorporates problem of ideals of good conduct and welfare; in short, of morals and ethics. Preface to Social Economics presents thumbnail sketches describing the growth of our awareness of social problems over the past century. Beginning in the nineteenth century, the sciences, both natural and social, made us aware of many factors governing our behavior. With the discovery of controllable external social causes, the responsibility for problems (and change) shifted from the individual to the group. Studies of industrial accidents are an example. When it was learned that the number of injuries per hour increases with the length of the working day and with the absence of mechanical safeguards, it led to a demand for shorter hours, safety laws, and compulsory accident insurance. Similarly, as we begin to understand the connection between the rate of interest with booms in building, unemployment ceases to be a matter of individual responsibility and becomes a problem for business and society. This classic book, initially published in 1936, illumines a growing knowledge of controllable causes of social evils. John Maurice Clark was a long-time professor of economics at Columbia University. The editors of this volume Moses Abramovitz and Eli Ginzberg were both students of Clark, and prepared this volume under his direct supervision.
John Louis Recchiuti recounts the history of a vibrant network of young American scholars and social activists who helped transform a city and a nation. In this study, Recchiuti focuses on more than a score of Progressive reformers, including Florence Kelley, W. E. B. Du Bois, E. R. A. Seligman, Charles Beard, Franz Boaz, Frances Perkins, Samuel Lindsay, Edward Devine, Mary Simkhovitch, and George Edmund Haynes. He reminds us how people from markedly diverse backgrounds forged a movement to change a city, and beyond it, a nation."--BOOK JACKET.
To probe the nature of Woodrow Wilson's intellectual development, this book focuses on the relationship between his religious thought and other areas of his life, from his years as a student and professor through those of his presidency of Princeton University. Professor Mulder draws fully on The Papers of Woodrow Wilson, describing a complex individual and advancing our knowledge of the role of religion in American politics. Originally published in 1978. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
For two centuries the question has persisted: Was Meriwether Lewis’s death a suicide, an accident, or a homicide? By His Own Hand? is the first book to carefully analyze the evidence and consider the murder-versus-suicide debate within its full historical context. The historian contributors to this volume follow the format of a postmortem court trial, dissecting the case from different perspectives. A documents section permits readers to examine the key written evidence for themselves and reach their own conclusions.
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