Mitchell Wesley Clair

Mitchell Wesley Clair

Mitchell, Wesley Clair (I874-I948), American economist. He was educated at the University of Chicago, where he became acquainted with Thorstein Veblen and absorbed some of his 'institutional' approach to economics. After study at Halle and Vienna, Mitchell returned to Chicago. He taught for a time at the University of California and later was appointed Professor at Columbia University. As a public servant he sat on numerous government al boards and committees, and was one of the founders of the American National Bureau of Economic Research. His work was mainly on the application of statistical techniques in the investigation of economic phenomena. in Business Cycles (2003), Business Cycles, the Problem and its Setting (2007) and Measuring Business Cycles (2013) he combined statistical and theoretical approaches.

Mixed Economy, one in which some means of production are privately and some publicly owned; in which the allocation of resources and level of activity are decided by individuals, firms, co-operatives, public corporations and public authorities reacting to, creating or controlling market opportunities, and in which the distribution of the product depends upon the personal accumulation and inheritance of wealth, earnings of factors of production, taxes and social transfers such as old-age pensions, public assistance and health and educational services paid for out of taxes.

A mixed economy is thus a mixture of early capitalism whet individuals manage what they own (usually in farming, small-seal' industry and retailing), managerial capitalism where anonymous shareholders own, but boards of directors control, property (usually ii large-scale industry), municipal enterprise, co-operation (usually in consumer or farm purchases but with possibly a- fringe of produce co-operatives in small-scale manufacturing), nationalized industry and the 'welfare state'. Activity is organized by free market transactions modified, regulated or replaced by taxes and subsidies, credit controls, licensing arrangements, marketing boards, anti-monopoly arrangements, and administrative controls and directions.

Today most economies are mixed. None is either completely free enterprise or completely centrally directed. The descriptions 'free and 'controlled' are thus relative. Germany is a relatively free economy, Russia a relatively (but not entirely) controlled economy the U.S.A. and the U.K. are less free than Germany, Yugoslavia and Poland less tightly controlled than Russia.

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