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

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Author Info
Luca Fiorito
Matías Vernengo

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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 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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Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2008_07.

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Length: 18 pages
Date of creation: Jul 2008
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Handle: RePEc:uta:papers:2008_07

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Related research
Keywords: John Maurice Clark; Keynesians; Institutionalists;

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Find related papers by JEL classification:
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 Thought: Individuals - - - Individuals

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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.:
  1. Wiles, Richard C, 1971. "The Macroeconomics of John Maurice Clark," Review of Social Economy, Taylor and Francis Journals, vol. 29(2), pages 164-79, September.
  2. 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.
  3. Matias Vernengo, Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 8(1), pages 75-103, March. [Downloadable!] (restricted)
  4. Colander, David, 1984. "Was Keynes a Keynesian or a Lernerian?," Journal of Economic Literature, American Economic Association, vol. 22(4), pages 1572-75, December. [Downloadable!] (restricted)
  5. Paul A. Samuelson, 1934. "A Synthesis of the Principle of Acceleration and the Multiplier," Journal of Political Economy, University of Chicago Press, vol. 47, pages 786. [Downloadable!] (restricted)
  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.
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