ISBN:
9783030913427
Language:
English
Pages:
1 Online-Ressource (X, 161 p. 20 illus., 4 illus. in color.)
Series Statement:
Springer Studies in the History of Economic Thought
Series Statement:
Springer eBook Collection
Parallel Title:
Erscheint auch als
Parallel Title:
Erscheint auch als
Parallel Title:
Erscheint auch als
Keywords:
Economics—History.
;
Macroeconomics.
;
Economic history.
;
John Maynard Keynes
;
Keynes's 1933 IS-LM equations
;
Origins of the IS-LM model
;
Student's notes of Keynes' december 1933 lecture
;
Post-Keynesian interpretations of general theory
;
Keynes general theory
;
Mathematical models of Keynes' general theory
;
Keynesian macroeconomics
Abstract:
Introduction, Keynes’s Own IS-LM Approach -- Prologue to Keynes’s IS-LM, 1930 to 1932 -- The Advent of Keynes’s IS-LM, 1933 -- “The Missing Link”: Keynes’s Own Lecture Notes, December 4, 1933, Impact and Implications -- Reconstructing Keynes’s IS-LM Approach, 1931 to 1937 -- Keynes’s Equations and Early Post-General Theory IS-LM Models -- The Legacy of December 1933: Re-Interpreting Mr Keynes.
Abstract:
This book examines the origins of the IS-LM model, one of the most significant innovations in the history of economic thought. It shows that the complete IS-LM model, including the equations and diagram, was produced by a group of economists who contributed their respective mathematical models of Keynes’s General Theory, including Champernowne, Reddaway, Harrod, and Meade, not to mention Hicks. Furthermore, the book discusses the implications of newly discovered archival material, including a previously overlooked document showing that John Maynard Keynes himself was the first to present the IS-LM model equations in a lecture he gave on December 4, 1933. It focuses on the implications of this material in terms of understanding the evolution of Keynes’s approach from 1933 to 1937, later interpreters of his General Theory, and the ongoing debate between Keynesians and Post-Keynesians on the nature of his system. Given the revelations it presents, this book will transform the profession’s understanding of the origins of the IS-LM model and modern macroeconomics.
DOI:
10.1007/978-3-030-91342-7
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