The Other J.M.: John Maurice Clark and the Keynesian Revolution
AbstractThis 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 InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 43 (2009)
Issue (Month): 4 (December)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
John Maurice Clark; Keynesians; Institutionalists;
Other versions of this item:
- Luca Fiorito & Matías Vernengo, 2008. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Working Paper Series, Department of Economics, University of Utah 2008_07, University of Utah, Department of Economics.
- B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- 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.
- 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.
- 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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