John Bates Clark

John Bates Clark was an influential American economist in the late 19th and early 20th centuries, known for his contributions to the theory of marginalism and the concept of the wage fund. He argued that wages are determined by the productivity of labor, rather than being fixed by employers. Clark also advocated for a more scientific approach to economics, emphasizing the role of individual decision-making in markets. His ideas helped shape modern economic thought, influencing both classical and neoclassical theories, and he played a key role in establishing economics as a distinct academic discipline in the United States.