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John Bates Clark Quotes

Type: Economist Quotes Category: American Economist Quotes Date of Birth: January 26, 1847 Date of Death: March 21, 1938 Nationality: American Find on Amazon: John Bates Clark Related Authors: John Kenneth Galbraith Thomas Sowell Jeremy Rifkin Martin Feldstein Milton Friedman John W. Snow Jeffrey Sachs Douglass North

A laborer no longer makes whole articles. He receives raw materials, puts his touch on them, and passes them to another worker in the series. When the articles are quite finished they are carried out of sight by currents of commercial exchange. These currents are untraceable. John Bates Clark A modern producer does not wish to keep the identical things that he makes; but he does want to keep the value that he brings into existence. John Bates Clark By reason of this objection on the legal side, the conclusive objection on the economic side is in danger of falling out of sight. John Bates Clark Dull would be the man who should merely tolerate this plan of social industry. Weak would be the position of him who should take an apologetic tone in defending it, or present its claims in a merely negative way, by exposing the evils and perils of the socialistic plan. John Bates Clark Experience alone can give a final answer. The knowledge gained in a few years by a commission of the kind suggested would be worth more than volumes of mere assertions and contradictions. John Bates Clark 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. John Bates Clark If one industry were a complete monopoly it could not force wages below the rate fixed by the final productivity of labor in other industries. John Bates Clark If the adjustment made by a court can be accepted or not, it will be refused whenever the men can gain more by continuing the strike, with whatever of violence that involves. John Bates Clark If we see to it that wages conform to the final productivity of social labor, we should see to it that trusts do not lower that standard. John Bates Clark In a recent decision of the Supreme Court, not made, however, by the full court, and concurred in by only four justices, it was held that the seller of a patented mimeograph could bind the purchaser to use only his ink in the machine, though the ink was not patented. John Bates Clark Socialism appeals to better classes and has far more strength. Attack the state and you excite feelings of loyalty even among the disaffected classes; but attack the industrial system and appeal to the state, and you may have loyalty in your favor. John Bates Clark The decree of a coercive tribunal would not need to conform to the true standard of wages, the final productivity of social labor. It would introduce into distribution a genuinely arbitrary element, with a very large ultimate power to pervert the natural system. John Bates Clark The first issue to be settled is whether socialism has a right to exist Are its allegations concerning the present system true? Is industry proceeding on a principle of fraud? I wish to test the power of recent economic theory to give an exact answer to this question. John Bates Clark The limit is not as narrow as it might be. I do not claim for this action, as it now goes on, an ideal degree of efficiency. What I do claim is that this type of competition already reveals its nature and its ultimate power to hold seeming monopolies in check. John Bates Clark The market tends to pay as a wage what an individual laborer is worth. But the case last studied suggests the question how accurately the law operates in practice. May it not be an honest law, but be so vitiated in its working as to give a dishonest result? John Bates Clark We cannot afford to have any large section of the business world in doubt whether they have broken the laws or not, and we cannot let the laws become a dead letter through vagueness. In this view it is clear that an administrative commission can render invaluable service. John Bates Clark We do not defend the perversions of the natural economic system; but because they are perversions merely, we shall remove them and keep the system. John Bates Clark When we say that the persistence of competition is ensured by fate, we mean that individual freedom is so guaranteed. The one thing to which fate binds us is liberty. John Bates Clark

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