Economic essays

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Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Title:: Clark's reformulation of the capital concept / Frank A. Fetter

Collection:: Economics Books

CLARK’S REFORMULATION OF THE CAPITAL CONCEPT Frank A. Fetter 1. Statement of Clark’s Doctrine THE eightieth anniversary of the birth of John Bates Clark, our honored master in social philosophy, calls renewed attention to those economic issues in the discussion of which he has had a most vital part. As a humble contribution to the volume which his fellow economists here bring as token of their regard, I would essay to review Clark’s reformulation of the capital concept, and to trace its continuing influence upon economic opinion. No one can say what its total effect ultimately will be, but we may now form some judgment of its logie and of its aptness in practical dis- cussion, and of the measure of acceptance which it has up to the present attained in America and England. It is almost forty years since the publication of Clark’s mono- graph entitled Capital and Its Earnings." Hardly larger than a magazine article, (merely 61 pages of text) it is yet one of the important milestones in the history of American economic theory, and likewise marks significantly new interests and a new stage of development in Clark’s own thought. He was then in his forty-second year and had, since the age of thirty, been con- tributing toward “the reformulating of certain leading principles of economic science,” through occasional magazine articles. These were “republished with varying amounts of revision and the discussion extended” in his first book, The Philosophy of Wealth, in 1885. While the work of that decade shows Clark to be, in his own words, “in revolt against the spirit of the old political economy,” unsatisfied with its “defective” premises and its “degraded conception” of human nature (mere selfishness), and discontented with the actual relation of “capital” (the 1 May, 1888, in Publications of the Amer. Econ. Asso., Vol. III, No. 2. 136

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