Robert W. Clower

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Robert Wayne Clower (born February 13, 1926 in Pullman , Washington , died May 2, 2011 in Columbia , South Carolina ) was an American economist who made important contributions to micro- and macroeconomic theory and adopted a Keynesian perspective.

Life

Robert Clower grew up in Pullman ( Washington on). His father was a professor of economics at Washington State College . After high school he served 31 months in the US Army , landed in the Second World War one day after D-Day at Omaha Beach in Normandy and married Frances Hepburn from Aberdeen ( Scotland ) on January 7, 1946 in Wiesbaden . He enrolled in Washington State in the summer of 1946 and received his Bachelor of Arts degree in economics in 1948 . When his father fell ill in 1948, he took over his courses and continued them after his death in April. He received his Master of Arts in 1949.

In 1949 he went to Oxford University on a Rhodes scholarship , studied under John R. Hicks and received a Bachelor of Letters in 1952 (since 1978 called Master of Letters ). From 1952 to 1957 he was an assistant professor at Washington State College . In 1958 he moved to Northwestern University . From 1971 to 1986 he was Professor of Economics at the University of California, Los Angeles, where he was an emeritus until his death . From 1978 he returned to Washington State University as adjunct professor and from 1986 to 2001 he was Hugh C. Lane Professor of Economic Theory at the University of South Carolina .

From 1973 to 1980 he was editor-in-chief for the journal Economic Inquiry and from 1981 to 1985 editor of The American Economic Review .

He died on May 2, 2011 in Columbia ( South Carolina ). His estate contains letters from numerous important economists of the 20th century such as Milton Friedman , John R. Hicks , Peter W. Howitt , Axel Leijonhufvud , Don Patinkin , Joan Robinson , Paul Samuelson and Robert Solow .

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Clower used the analysis of stock and flow quantities (stock-flow analysis) to build a price theory and develop a micro-founded Keynesian theory of business cycles . He laid the foundation for the stock-flow Consistent Models of Wynne Godley .

Clower contradicted his teacher John R. Hicks in relation to his interpretation of the economist John Maynard Keynes (1883-1946) in the IS-LM model . Instead, he formulated the Keynesian theory as a non-equilibrium theory (disequilibrium theory). The equilibrium with full employment is only a special case; in fact, there could also be a balance with underemployment . Fixed prices (e.g. wages), which do not adjust or adjust only slowly, are important for this. The lack of demand from unemployed workers then leads to a reduction in economic output .

Clower emphasized the distinction between an exchange economy and a money economy and rejected the thesis of the neutrality of money . Together with Axel Leijonhufvud , he criticized the use of Say's law and Walras law in neoclassical theory . The individual demand is limited by the possibilities of receiving money ( cash-in-advance constraint ).

Awards

Clower was elected a Fellow of the Econometric Society in 1978 . He was President of the Western Economic Association (1987) and the Southern Economic Association (1992-93).

Publications

literature

Web links

Individual evidence

  1. ↑ a b c d e f g Guide to the Robert W. Clower Papers, 1920s-2000 and undated . Duke University Libraries, Rubenstein Library. Retrieved October 14, 2019.
  2. ↑ Robert Clower . In: Gonçalo L. Fonseca (ed.): History of Economic Thought Website.
  3. ^ Robert W. Clower: Stock-flow analysis . In: David L. Sills, Robert K. Merton: International Encyclopedia of the Social Sciences , Volume 15, pp. 273-277, Macmillan and Free Press, New York 1968, OCLC 491474972 .
  4. ↑ with DW Bushaw: Price Determination in a Stock-Flow Economy . In: Econometrica 22 (3), pp. 328-343, JSTOR 1907357 .
  5. ↑ Romain Plassard: The origins, development, and fate of Clower's "stock-flow" general-equilibrium programs . In: European Journal of the History of Economic Thought 25 (1), May 2018, pp. 1–32, doi : 10.1080 / 09672567.2018.1425468 .
  6. ^ Robert W. Clower: The Keynesian Counter-Revolution: A Theoretical Appraisal . In: Frank Hahn , Frank PR Brechling (Ed.): The Theory of Interest Rates . Macmillan, London 1965, OCLC 299883443 .
  7. ^ Roger E. Backhouse, Mauro Boianovsky: Transforming modern macroeconomics: exploring disequilibrium microfoundations, 1956–2003 . Historical perspectives on modern economics. Cambridge University Press, Cambridge 2014, ISBN 978-1-1391-5085-9 .
  8. ↑ Erhard Glötzl, Florentin Glötzl, Oliver Richters: From constrained optimization to constrained dynamics: extending analogies between economics and mechanics . In: Journal of Economic Interaction and Coordination 14 (3), September 2019, pp. 623–642, especially p. 638, doi : 10.1007 / s11403-019-00252-7 .
  9. ^ A b Peter W. Howitt : Robert W. Clower . In: Robert W. Dimand, Harald Hagemann : The Elgar Companion to John Maynard Keynes . Edward Elgar, 2019, pp. 515-520, doi : 10.4337 / 9781788118569.00093 .
  10. ^ Robert W. Clower: Monetary History and Positive Economics . In: Journal of Economic History 24 (3), 1964, pp. 364-380, JSTOR 2116326 .
  11. ^ Robert W. Clower: A Reconsideration of the Microfoundations of Monetary Theory . In: Economic Inquiry 6 (1), December 1967, pp. 1-8, doi : 10.1111 / j.1465-7295.1967.tb01171.x .
  12. ^ Robert W. Clower: What Traditional Monetary Theory Really Wasn't . In: Canadian Journal of Economics 2 (2), 1969, pp. 299-302, JSTOR 133641 .
  13. ^ Robert W. Clower: Money and Markets . Cambridge University Press, 1987, ISBN 0-5213-3560-4 . See review by David Laidler, in: The Economic Journal 96 (382), June 1986, pp. 547-549, doi : 10.2307 / 2233139 .
  14. ^ Robert W. Clower, Axel Leijonhufvud : Say's Principle: What It Means and Doesn't Mean . In: Intermountain Economic Review 4, ISSN  0020-5664 , 1973, pp. 1-16. Reprinted in: John C. Wood, Steven Kates (Eds.): Jean-Baptiste Say . Volume 5, Chapter 136, pp. 358-376, Routledge, London / New York, 2000, ISBN 978-0-4152-3240-1 .
  15. ↑ K. Vela Velupillai: Robert Clower: Portrait of an Affectionate Curmudgeon . In: Economic and Political Weekly 46 (24), 11. – 17. June 2011, pp. 22-27, JSTOR 23018238 .
  16. ↑ In memoriam . The Econometric Society. Retrieved October 14, 2019.
  17. ↑ Past Presidents , weai.org. Retrieved October 14, 2019.
  18. ^ Past Southern Economic Association Presidents . Retrieved October 14, 2019.
  19. ↑ cf. Review by Martin Lowenkopf, in: The Journal of Modern African Studies 5 (1), May 1967, pp. 154–155. doi : 10.1017 / S0022278X00014178 .
  20. ↑ cf. Review by David Laidler, in: The Economic Journal 96 (382), June 1986, pp. 547-549, doi : 10.2307 / 2233139 .
personal data
SURNAME Clower, Robert W.
ALTERNATIVE NAMES Clower, Robert Wayne (full name)
BRIEF DESCRIPTION American economist
DATE OF BIRTH February 13, 1926
PLACE OF BIRTH Pullman , Washington
DATE OF DEATH May 2, 2011
Place of death Columbia , South Carolina