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Economic theory in a new statement by John Bates Clark
The article reviews Clark's call for a modern political economy shaped by dynamic forces rather than static natural conditions. It covers rising population, capital accumulation, shifts in production and distribution, and the tension between wage growth and productivity. It notes the emergence of modern socialism, wage levels, and the impact of invention on workers and capitalists, ending with a cautious view of monopoly and competition.
MENTIONED IN THIS ARTICLE
Clark
John Bates
Columbia University
New York
the Macmillan Company
Prof
Mills
Polkers
Bessemer