By chance I found the announcement of Robert Clower’s appointment to chair the Northwestern economics department while pimping out the 1958 syllabus for his course on income and employment theory. Some academics are born to be chair, some achieve that chair status, while others need to have the job of chair thrust upon them.
Once you have digested that amuse-bouche, you will be served the main course, Clower’s syllabus below.
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N.U. Appoints New Chairman in Economics
Robert W. Clower, associate professor of economics at
Northwestern university, has been appointed chairman of the economics department to replace Prof. Richard B. Heflebower, who will be on leave of absence for a year to engage in research.
Professor Clower, 1923 Orrington av., came to the university last year from the state college of Washington, where he was assistant professor since 1952. From 1954 to 1956 he was a visiting professor at the University of Punjab, Lahore, Pakistan.
The research project of Prof. Heflebower is on certain dynamic aspects of price and output determination in markets where sellers are relatively few.
Source: Chicago Sunday Tribune. 3 August 1958.
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SYLLABUS
Economic Theory:
Income & Employment
Economics C-11
Summer 1958
Instructor: Mr. Clower
General Information and Requirements
Texts:
Kurihara, Introduction to Keynesian Dynamics.
Keynes, The General Theory of Employment, Interest and Money
Supplementary Reading:
| A.E.A. Series | Readings on the Theory of Income Distribution |
| A.E.A. Series | Readings in Business Cycle Theory |
| A.E.A. Series | Readings in Monetary Theory |
| Harris, Seymour E., | The New Economics |
| Hansen, Alvin H., | Business Cycles and National Income |
| Duesenberry, J.S., | Income, Saving, and the Theory of Consumer Behavior |
| Domar, E.D., | Essays in the Theory of Economic Growth |
| Hicks, J.R., | A Contribution to the Theory of the Trade Cycle |
| Kurihara, [K.K.] | Post Keynesian Economics |
| Baumol, W.J., | Economic Dynamics |
| Patinkin, D., | Money, Interest and Prices |
| Clower, R.W., | “The Dynamics of Investment,” American Economic Review, March, 1954
“Productivity, Thrift and the Rate of Interest,” Economic Journal, March, 1954 |
| Friedman, [M.] | A Theory of the Consumption Function |
| Klein, L.R., | The Keynesian Revolution |
| Lange, O., | Price Flexibility and Employment |
Lectures will be presented on Monday, Tuesday, Thursday and Friday of each week. Wednesdays will be reserved for midterm examinations and for consultation about projects.
Students should become familiar with the general content of all the works cited above as “Supplementary Reading,” and they should acquire a thorough grasp of relevant portions of these works that are cited in connection with weekly assignments given below. Do not ask for special details; such matters should be settled by each student for himself.
Students are required to submit as projects for the session three short papers (six to twenty typewritten pages) chosen from the following topics:
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- Keynes and the Classics
- The Consumption Function
- Keynesian Unemployment
- The Inducement to Invest
- Growth Models
- The Business Cycle
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Exact titles are to be decided by the student in consultation with the instructor. Topics may be oriented toward applications, or theory, or both, and may be narrowed down to almost any desired degree. Papers must be submitted in a form fit for publication (see any reputable journal for ideas on this) even though their content may fall well short of this standard. The first essay is due at the end of the fourth week; the second at the end of the sixth week; and third at the end of the final examination (Saturday, August 16, 10:30 – 12:30 a.m.). Late papers will not be accepted. Between one-third and one-half weight will be given to these papers in determining final grades for the course.
Weekly Assignments
Week I.
Introduction.
Text assignments:
Kurihara, Preface and Chapter I;
Keynes, Preface and Book I.
Supplementary readings:
Hansen, Business Cycles, Chapters 1-5, 25-30.
Baumol, Economic Dynamics.
Harris, The New Economics, Parts one and two.
Klein, Keynesian Revolution
Week II.
Consumer Expenditure.
Text Assignments:
Kurihara, Chapter 2;
Keynes, Chapter 6 and Book III.
Supplementary readings:
Kurihara, Post Keynesian Economics
Friedman, Consumption Function
Hicks, Trade Cycle
Duesenberry, Income, Saving, etc.
***Hour Examination: Wednesday, July 2.***
Week III.
Investment Expenditure.
Text assignments:
Kurihara, Chapter 3;
Keynes, Chapters 11 and 12.
Supplementary reading:
Hicks, Trade Cycle.
Clower, “Dynamics of Investment.”
Klein, Keynesian Revolution.
Week IV.
The Rate of Interest.
Text Assignments:
Kurihara, Chapter 4;
Keynes, Chapters 13, 14, 15.
Supplementary readings:
Hicks, “Suggestion for Simplifying Theory of Money,” AEA Monetary Theory.
Modigliani, “Liquidity Preference,” AEA Monetary Theory
Clower, “Productivity, Thrift, and the Rate of Interest.”
***Hour Examination, Wednesday, July 23.***
Covering work of first four weeks of session.
Week V.
Income Determination.
Text assignments:
Kurihara, Chapters 5-7;
Keynes, Chapter 18.
Supplementary readings:
Lange, “The Rate of Interest and the Optimum Propensity to Consume,” AEA Business Cycle Theory.
Hicks, “Keynes and the Classics,” AEA Income Distribution.
Hicks, Trade Cycle.
Hansen, Business Cycles, Part II.
Week VI.
The Comparative Statics and Dynamics of Income Analysis.
Text assignments:
Kurihara, Chapters 8-9;
Keynes, Chapters 19-22.
Supplementary readings:
Hansen, Chapter 22 (by R. M. Goodwin).
Samuelson, “Interactions between the Multiplier and Accelerator,” AEA Business Cycle Theory
Week VII.
Price Flexibility and Employment.
Text assignments:
Kurihara, Chapter 10.
Supplementary readings:
Lange, Price Flexibility.
Patinkin, Money, Interest and Prices, part I, Chapters 1-3; Part II.
Week VIII.
Growth Economics; Concluding Comments.
Text assignments:
Kurihara, Chapters 11-13;
Keynes, Chapter 24.
Supplementary reading:
Domar, Economic Growth.
Harris, The New Economics, Part III.
***Final Examination***
Saturday, August 16, 10:30-12:30.
Source: Duke University. David M. Rubenstein Rare Book & Manuscript Library. Economists’ Papers Archive. Robert W. Clower Papers. Box 4, Folder “Econ C11. Economic Theory Income and Employment. Exam, Syllabus 1966-67 (sic, also includes this 1958 syllabus)”.
Image Source: Profile of Robert W. Clower, 1926-2011 at The History of Economic Thought website.