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 preocupation 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, similarly to Harrod. Also 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 InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2008_07.
Length: 18 pages
Date of creation: 2008
Date of revision:
Publication status: Published in Journal of Economic Issues, 43.4: 899-917.
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John Maurice Clark; Keynesians; Institutionalists;
Other versions of this item:
- Luca Fiorito & MatÃas Vernengo, 2009. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 43(4), pages 899-916, December.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-29 (All new papers)
- NEP-HIS-2008-04-29 (Business, Economic & Financial History)
- NEP-HPE-2008-04-29 (History & Philosophy of Economics)
- NEP-PKE-2008-04-29 (Post Keynesian Economics)
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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- 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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