John Bates Clark Quotes


The first issue to be settled is whether socialism has a right to exist Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question.


Citations

Clark, John Bates. The Distribution of Wealth: A Theory of Wages, Interest and Profits. The Macmillan Company, 1899, p. 3.

Related Quotes

Sinclair had written an expose of the meat packing industry – the Jungle – which used as its setting the Armour meat packing factory. It changed the way the public thought about the industry, the role of government and regulation. President Roosevelt took up the reform role, and got Congress to Regulate the quality and cleanliness of the meat packing industry. Sinclair, however not only wanted that reform, but also wanted the labor wages and conditions reformed. He referred to the Armour plant as the fortress.


Most classic socialists would not agree, but Deng’s approach created the most economically successful socialist economy in history.


John Bates Clark
John Bates Clark
  • Born: January 26, 1847
  • Died: March 21, 1938
  • Nationality: American
  • Profession: Economist

John Bates Clark was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as professor at Columbia University.