JOHN MAURICE CLARK AND THE MULTIPLIER: A NOTE

Luca Fiorito

A chapter in A Research Annual, 2004, pp 161-172 from Emerald Group Publishing Limited

Abstract: According to Clark (1935a, b), if the various studies on the secondary effects of public works expenditures are examined, two main approaches to the analysis of the problem are revealed: “one via successive cycles of income and spending by ultimate recipients of income” – which the Columbia economist termed the “Kahn-Keynes” approach – “the other via the volume of money and its velocity of circulation.” As is well known, in the first approach, business fluctuations are seen primarily as a consequence of fluctuations in current investment. Accordingly, the amount of the secondary effects is determined by: (a) the amount of the net increase in investment; (b) the marginal propensity to consume; and (c) the length of the income propagation period. As it appears from the above, in the “Kahn-Keynes” analysis of the secondary expansion, money plays only a passive role.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rhetzz:s0743-4154(03)22006-x

DOI: 10.1016/S0743-4154(03)22006-X

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