The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 63: Colin Clark

Alex Millmow


Colin Clark and Keynes started an intellectual association during the Depression years when the younger man was, following a recommendation from G.D.H. Cole, recruited to work for the Economic Advisory Council. Following that appointment, Keynes ensured that Clark took up a lectureship in statistics. While not a member of the Cambridge Circus, Clark gave Keynes the means to understand how economic aggregates were compiled and, more importantly, how they could be affected by policy action. Clark also provided the number work for Kahn’s income expenditure multiplier. The chance to take a one-year lecturing assignment overseas, spent mostly in Australia, ended up with Clark forsaking Cambridge and taking a job with the Queensland Government because, as he told Keynes, it was the chance to put economics into action. Even distant, Clark’s most cited article on the fiscal limitation of taxation was partly inspired by a comment made by Keynes on public finance. The bond between the two men remained close, with Clark later writing several memorials celebrating the life of his benefactor.

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