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The Other J.M.: John Maurice Clark and the Keynesian Revolution

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  • Luca Fiorito
  • Matías Vernengo

Abstract

This paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preoccupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similar to Harrod. In addition, Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraulic Keynesianism. Clark's policy conclusions emphasized the need of balance between employment creation and price stability, and the need of cooperation between social groups.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

Volume (Year): 43 (2009)
Issue (Month): 4 (December)
Pages: 899-916

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Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:899-916

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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

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Keywords: John Maurice Clark; Keynesians; Institutionalists;

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  1. Besomi, Daniele, 2001. "Harrod's Dynamics and the Theory of Growth: The Story of a Mistaken Attribution," Cambridge Journal of Economics, Oxford University Press, vol. 25(1), pages 79-96, January.
  2. Colander, David, 1984. "Was Keynes a Keynesian or a Lernerian?," Journal of Economic Literature, American Economic Association, vol. 22(4), pages 1572-75, December.
  3. Robert Leeson, 1997. "The Eclipse of the Goal of Zero Inflation," History of Political Economy, Duke University Press, vol. 29(3), pages 445-496, Fall.
  4. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
  5. Rutherford, Malcolm & Desroches, C. Tyler, 2008. "The Institutionalist Reaction To Keynesian Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 30(01), pages 29-48, March.
  6. Matias Vernengo, 2006. "A Hands-off Central Banker? Marriner S. Eccles and the Federal Reserve Policy, 1934-1951," Working Paper Series, Department of Economics, University of Utah 2006_04, University of Utah, Department of Economics.
  7. Paul A. Samuelson, 1939. "A Synthesis of the Principle of Acceleration and the Multiplier," Journal of Political Economy, University of Chicago Press, vol. 47, pages 786.
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Cited by:
  1. Esteban Pérez Caldentey & Matias Vernengo, 2013. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Working Paper Series, Department of Economics, University of Utah 2013_08, University of Utah, Department of Economics.

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