Gerhard Colm on John Maurice Clark's Economics of Planning Public Works

Research in the History of Economic Thought and Methodology

ISBN: 978-1-78052-006-3, eISBN: 978-1-78052-007-0

ISSN: 0743-4154

Publication date: 1 June 2011

Abstract

In a recent paper (Fiorito & Vernengo, 2009), the present writers have dealt with John Maurice Clark's contribution to macroeconomics in the 1930s with a special, but not exclusive, emphasis on its relationship to the Keynesian revolution. The general framework of Clark's aggregate analysis can be traced in a series of scattered contributions centering on the efficacy and consequences of countercyclical fiscal policy. Albeit offering a qualified support for a program of public works, Clark was concerned with the inflationary consequences of Keynesian policies, once the economy approached full employment. Clark was also dissatisfied with those interpretations of the income flow analysis, which came to be known as “Hydraulic Keynesianism” that led to the development of the so-called neoclassical synthesis.

Citation

Fiorito, L. and Vernengo, M. (2011), "Gerhard Colm on John Maurice Clark's Economics of Planning Public Works", Biddle, J. and Emmett, R. (Ed.) Research in the History of Economic Thought and Methodology (Research in the History of Economic Thought and Methodology, Vol. 29 Part 1), Emerald Group Publishing Limited, Bingley, pp. 83-93. https://doi.org/10.1108/S0743-4154(2011)000029A009

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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