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Title:The other J. M.: John Maurice Clark and the Keynesian revolution PDF Logo
Authors:Fiorito, Luca
Vernengo, Matías
Issue Date:2008
Series/Report no.:Working Paper, University of Utah, Department of Economics 2008-07
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.
Subjects:John Maurice Clark
Keynesians
Institutionalists
JEL:B20
B22
B31
Document Type:Working Paper
Appears in Collections:Department of Economics Working Paper Series, University of Utah

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