Part 1 of Essay
was an American economist who lived from 1847-1938. He played an important role in the development of marginal productivity, and had a great influence on the development of economic thought in the United States. Clark was educated at Amherst College and at the University of Heidelberg in Germany. He taught at Carlton Co ....

Part 2 of Essay
.... wages had to be equal to the marginal productivity of labor. This was also beneficial to both the industry and the labor. Secondly, Clark ignored the distinction between land and capital, grouping together both kinds of non-human inputs under the general term "capital," which he then assumed that the broadened "capital" is homogenous. John took this Neoclassical approach one step further than others in applying it to the business firm and the maximization of profits. One of the results was a theory ....