John Bates Clark (1847-1938) made important contributions to the economic debate of his time. In The Distribution of Wealth: A Theory of Wages, Interest and Profits, he developed the "marginal productivity" concept and the "product exhaustion" thesis behind the Marginal Productivity Theory of Distribution, which he was the first to develop in 1889, from which he then extrapolated enormous ethical conclusions. Clark believed that this theory was not only a correct theory of market incomes but demonstrated that market outcomes were just. In this book Professor Clark made the theory of marginal productivity clear enough that we take it for granted today. His work remains illuminating because of its classic explanations of the mobility of capital via its recreation while it wears out, the difference between static and dynamic models, the equivalence of rent and interest, the inability of entrepreneurs to "exploit" (meaning, underpay) labor (or capital) in a competitive market economy, the flaws of widely-quoted existing theories such as the labor theory of value and the irrelevance of rent on land, and, in a famous footnote, why von Th�nen's concept of final productivity didn't go far enough. The author was Professor of Political Economy at Columbia University. He was a prominent apologist for the capitalist system whose insights influenced many other economists, including Frank Knight. He helped found the American Economic Association, serving as its president from 1893 to 1895.

"About this title" may belong to another edition of this title.

Store Description

50+ Million Books in stock & ready to ship! Excellent Prices, Service & Selection.

Visit Seller's Storefront

Seller's business information

Sale & Shipping Terms

Terms of Sale

When you see an item on our listing, it means we have it available in one of our warehouses right here right now, ready for same day or next day processing of your order. Over 50+ Million books in stock & ready to ship same day. Customer Service is a top priority for us, we want every customer to be 100% satisfied. We offer the world's largest selection of books, music and video. Maintaining an accurate inventory of more than 50+ Million items, we are able to ship your order the same day it is r...

More Information

Right of cancellation

Shipping Terms

SUPER FAST SHIPPING!

Shipping rates within U.S.A.

Shipping rates within U.S.A.
Order quantity	1 to 3 business days	1 to 3 business days
First item	� 6.70	� 14.90

Delivery times are set by sellers and vary by carrier and location. Orders passing through Customs may face delays and buyers are responsible for any associated duties or fees. Sellers may contact you regarding additional charges to cover any increased costs to ship your items.