Interpreting Mr. Keynes

Interpreting Mr. Keynes

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Since its first appearance fifty years ago in Hicks' "Mr Keynes and the Classics", the IS-LM diagram and the approach to Keynes' General Theory it represents has been a central focus of controversy in economics. Called by its opponents "bastard Keynesianism", at the same time IS-LM became the main teaching tool of modern macroeconomics, with its proponents viewing it as the essence of Keynesian economics. But what are the origins of the IS-LM approach and when did it first appear? Why was it taken up so quickly by most economists? How did the IS-LM approach and the diagram evolve? Why was Keynes' reaction to it so ambivalent? In answering these questions this book traces the development of IS-LM from its origins to the recent debate surrounding its usefulness for economic analysis. Drawing on letters and unpublished material, Young examines the crucial role of personalities such as Harrod, Meade, Champernowne, Reddaway, Lange, Kaldor, Lerner and Hansen in the evolution of IS-LM and he brings to light many new and previously unknown facets of the development of IS-LM approach. This book is directed not only to professional economists and students, but to anyone interested in the nature and development of economic thought in the twentieth century.show more

Product details

  • Hardback | 232 pages
  • 160 x 250mm | 440g
  • Polity Press
  • Oxford, United Kingdom
  • 0745604056
  • 9780745604053

Table of contents

2nd and 3rd year students and graduates in economics. Academic economists.show more