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THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 1, 2016, pp. 4-37

rewarded, accordingly. Such was the understanding of the main economic law on
wealth distribution, which is substantially different from Karl Marx‘s reproduction
schemes in which the maximum utility theory prevails.
The strengths of the Clark concept. The content of solving the set of the
objectives has been placed in the three main parts of the book. The explanations, in
fact, define the structure of the book. The first part consists of the chapter, dedicated
to the theoretical economy, named as the Universal Economic Law, which is
designed to explore natural laws of market economy.
The ‗common‘ or ‗natural laws‘ of economy, according to John B. Clark, are
the marginal utility laws, the laws of diminishing production of labor and capital,
growth of global population and others.
These ‗natural economic laws‘ simply serve for defining the relationship
between a human being and the nature. They also serve to define the relations
between people. Such relations were construed as the ‗laws of social economy‘,
under John B. Clark‘s theory.
In the third chapter, John B. Clark is explicit in affirming that the theory basis
of social economy is vested on natural laws of the Universal Economic Law. The
title of the chapter speaks for itself: ―The Principles of Distribution of the Natural
Economic Laws.‖ The social economic laws, in their turn, are split into two
branches: the laws of social economy, in their statics, as the first branch, and the
laws of social economy, in dynamics, as the second. John B. Clark did not focus on
the study of relations that were related to labor and capital in the process of
production, He avoided that since he had derived the social laws from the natural
economic laws. Thus, he did not explore the tendencies hidden in the organic
structure of the capital to the extent that Karl Marx had done it in great detail.
However, the part of the book titled ―Universal Economic Law‖ has proven the
operable instrument of analysis and assessment of all potential regulators of market
economy. It has the theoretical, actual, and practical value. It defines the philosophy of
the analysis of macroeconomic processes as the scientific framework of analytical
researches.
The bottom line of this part of the book lies in the selection of major economic
laws and rules as the instruments of carrying out analytical and economic research.
The question that arises on whether the tendencies in the development of market
economy do exist irrespective of people‘s will and consciousness in the manner
similar to the existence of laws of natural sciences or of nature?
John B. Clark found a positive answer to this question. He confirmed that the
marginal utility law serves the fair basis for the distribution of wealth created
amongst key production agents. John B. Clark was undeniably right and, therefore,

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