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Journal Article

Professor Clark's Economics

Thornstein Veblen
The Quarterly Journal of Economics
Vol. 22, No. 2 (Feb., 1908), pp. 147-195
Published by: Oxford University Press
Stable URL:
Page Count: 49
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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 utility 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.

Notes and References

This item contains 15 references.

  • 1
    The Essentials of Econonic Theory, as Applied to Modern P'roblerns (t Industry and Public Polioy. By John Bates Clark. New York: The Mactnillxia Company. 1907.
  • 1
    Distribution of Wealth, p. 376, note
  • 1
    J. S. Mill, Political Economy, Book I.; Marshall, Principles of Eco- nomics, vol. i., Books II.-V.
  • 1
    Mr. Fisher's conception in the Political Science Quarterly for February, 1908
  • 2
    Essentials, p. 148
  • 1
    Essentials, p. 40
  • 1
    Distribution, p. 394
  • 2
    Essentials, p. 92
  • 1
    "The cheapest and poorest grades of articles." Page 113
  • 2
    Essentials, chap. iii., especially pp. 40-41
  • 1
    Essentials, pp. 340-345, 356
  • 1
    Essentials, pp. 83-90, 118-120
  • 1
    Essentials, p. 39
  • 1
    Essenltials, p. 39
  • 1
    Essentials, chap. iii., especially pp. 51-56