The Other JM: John Maurice Clark and the Keynesian Revolution

Luca Fiorito, Matías Vernengo

Risultato della ricerca: Articlepeer review

4 Citazioni (Scopus)

Abstract

This paper suggests that Clark's 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 preoccupation 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 nonlinearities, similar to Harrod. In addition, 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. Clark's policy conclusions emphasized the need of balance between employment creation and price stability, and the need of cooperation between social groups.
Lingua originaleEnglish
pagine (da-a)899-916
Numero di pagine18
RivistaJournal of Economic Issues
Volume43
Stato di pubblicazionePublished - 2009

All Science Journal Classification (ASJC) codes

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  • Economics and Econometrics

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