The Other J.M.: John Maurice Clark and the Keynesian Revolution

Luca Fiorito and Matías Vernengo

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

Abstract: This paper suggests that Clarks 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. Clarks policy conclusions emphasized the need of balance between employment creation and price stability, and the need of cooperation between social groups.

Keywords: John Maurice Clark; Keynesians; Institutionalists (search for similar items in EconPapers)
JEL-codes: B20 B22 B31 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2008
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
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Published in Journal of Economic Issues, 43.4: 899-917.

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Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2008_07

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