John Clark American scientist, specialist in neoclassical economics Date of Birth: 26.01.1847 Country: USA

Biography of John Clark

John Bates Clark, an American economist specializing in neoclassical economics, was born and raised in Providence, Rhode Island. He received his education at Amherst College in Massachusetts. Later, from 1872 to 1875, Clark studied at the University of Zurich and the University of Heidelberg, where he had the opportunity to work under the guidance of Karl Knies, a founder of the German historical school.

Early in his career, Clark was strongly influenced by his German socialist background and was a vocal critic of the capitalist system. However, over time, his views underwent a significant transformation. He gradually began to support capitalism and became a fervent advocate for free competition.

In 1877, Clark published a series of articles on various topics, many of which were later included in his book "The Philosophy of Wealth." During this period, he formulated an original version of the theory of marginal utility, drawing inspiration from the works of William Jevons, Carl Menger, and Leon Walras.

Until 1886, Clark remained a vocal socialist, rejecting the idea that competition could effectively determine prices and wages. He also did not believe in communism, as he felt that many of its proponents leaned towards violent methods of problem-solving. Clark advocated for a combination of the interests of capitalists and workers, believing that a mutually beneficial alliance could maintain fair prices.

In 1886, however, Clark abruptly changed his viewpoint and became a strong supporter of the competitive system. The exact reasons for this shift are unknown, but it is speculated that the Haymarket Riot of 1886 in Chicago, where several strikers were killed or hanged, may have influenced his thinking.

Clark continued to develop his theories, although he did not undergo any more radical ideological shifts in his lifetime. His ideas showed traces of Marxist ideology, which he may have been exposed to during his studies in Germany. According to Clark, capital was not just a means of production but an abstract, eternal, and immortal instrument of humanity, comparable to a waterfall or a field.

John Clark passed away on March 21, 1938, at the age of 91. His son, John Maurice Clark, also became a renowned economist.