Birthday – John Bates Clark

One of the highest honors for an American economist under 40 is to win the John Bates Clark medal. But you may not know who John Bates Clark is. Since today is the anniversary of his birth, here's some background. Born in 1847, he was one of the leading figures of the marginalist revolution. He was one of few Americans to working on the idea at the time, and was a strong proponent of capitalism. You can read more about Clark here and here.

And here’s an interesting quote from Clark. Perhaps it’s something you can use – perhaps when introducing gross national product or just discussing the link between production and consumption.

If a man were living in isolation his income would be literally his product. Make him the monarch and owner of an island, and the fruits that he raises and the clothing that he makes constitute, in themselves, his income. This ceases to be true when trading begins.

I hope you’ll share your thoughts.