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Gerhard Colm on John Maurice Clark's Economics of Planning Public Works

In: Research in the History of Economic Thought and Methodology

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  • Luca Fiorito
  • Matias Vernengo

Abstract

In a recent paper (Fiorito & Vernengo, 2009), the present writers have dealt with John Maurice Clark's contribution to macroeconomics in the 1930s with a special, but not exclusive, emphasis on its relationship to the Keynesian revolution. The general framework of Clark's aggregate analysis can be traced in a series of scattered contributions centering on the efficacy and consequences of countercyclical fiscal policy. Albeit offering a qualified support for a program of public works, Clark was concerned with the inflationary consequences of Keynesian policies, once the economy approached full employment. Clark was also dissatisfied with those interpretations of the income flow analysis, which came to be known as “Hydraulic Keynesianism” that led to the development of the so-called neoclassical synthesis.

Suggested Citation

  • Luca Fiorito & Matias Vernengo, 2011. "Gerhard Colm on John Maurice Clark's Economics of Planning Public Works," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology, pages 83-93, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rhetzz:s0743-4154(2011)000029a009
    DOI: 10.1108/S0743-4154(2011)000029A009
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