Professor Clark's Economics

Thorstein Veblen

The Quarterly Journal of Economics, 1908, vol. 22, issue 2, 147-195

Abstract: Professor Clark's commanding position, 147–150.—Harmless misinformation as to primitive man, 151–154.—Significance of the accumulated experience of mankind overlooked, 155–157.—The classical school and Clark are alike hedonistic, utilitarian, taxonomic, 158–160.—His doctrine as to capital and capital-goods, 161–167.—Natural distribution, final productivity, and effective utility, 168–172.—The supposition of consumer's surplus vitiates that of reward according to productivity, 173–176.—Consistently, monopolists also must be admitted to get rewards based on effective utility and so on "natural" law, 177–183.—The legislation proposed by Clark as to monopoly not related to his theoretic principles, 183–185.—How far any surplus of utiHty over disutility can be consistently reasoned out, 186–189.—Consumer's surplus and producer's surplus vanish on close examination, 190–193.—Conclusion, 194–195.

Date: 1908
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