Part one of term paper
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 College in Northfield, ...

Part two of term paper
... the theory of marginal productivity. First, he assumed that all labor is homogenous, which meant that one labor hour is a perfect substitute for any other labor hour, but when marginal productivity was decreasing, the industry found it more profitable to replace labor with machinery. Clark believed that to make a sound economy 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 bet ...