Essentials of Economic Theory / As Applied to Modern Problems of Industry and Public Policy

Name: Essentials of Economic Theory / As Applied to Modern Problems of Industry and Public Policy
Author: John Bates Clark

By John Bates Clark

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Economics

About This Book

The author outlines economic statics and dynamics, arguing static laws remain operative amid change and offering a concise statement of dynamic laws shaping industrial progress. He identifies four drivers—population growth, capital accumulation, technical improvement, and improved organization—along with changing consumer wants, and assesses their separate and combined effects on wages, prices, and interest. The volume examines economic friction delaying adjustment, analyzes monopoly and corporate power, and discusses railroads, trade unions, strikes, boycotts, arbitration, money, and tariff policy. Intended as a classroom supplement to elementary texts, it aims to guide readers from static models to a law-based understanding of modern industrial and public policy problems.

About the Author

John Bates Clark

John Bates Clark was an influential American economist known for his contributions to economic theory and social justice. He played a pivotal role in the development of marginal utility theory and is often associated with the establishment of the American institutional economics movement. His notable works include "Essentials of Economic Theory / As Applied to Modern Problems of Industry and Public Policy," which explores the application of economic principles to contemporary issues, and "Social Justice Without Socialism," where he discusses the balance between social equity and economic freedom. Clark's ideas have left a lasting impact on both economic thought and public policy.