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21 of the General Theory in 1936 first presenting the model on pp.298-299 and then discussing his IS-LM model’s strengths … important if an IS-LM framework was to be a good summary of the General Theory. We then consider whether Hicks’s IS-LM framework …
Persistent link: https://www.econbiz.de/10013242376
aggregate income ,Y, in order to support the existing classical (neoclassical ) theory of the rate of interest in (r;I,S ) space …, is very similar to Pigou's assumption of ceteris paribus in his 1933 The Theory of Unemployment, so that he could apply … his Marshallian apparatus of partial equilibrium. Keynes's main point in the appendix to Chapter 19 of his General Theory …
Persistent link: https://www.econbiz.de/10012840000
-299 in Chapter 21 of the General Theory.The only two possible conclusions that explain the total failure of macroeconomists … pp.298-299 in Chapter 21 of the General Theory is (a) that they are either very poor applied mathematicians or (b) they …
Persistent link: https://www.econbiz.de/10013240922
suspect, her claim that Keynes had a purely monetary theory of the rate of interest, her claim that there is no IS-LM model in … the General Theory, her claim that users of the IS-LM model that Keynes created are Bastard Keyesians, her claim that J … theory of value, her claim that Kahn was responsible for developing Keynes’s aggregate supply function in the General Theory …
Persistent link: https://www.econbiz.de/10013242515
1937 QJE article that directly conflicted with what he had stated in the General Theory.The major change that was claimed …. Keynes’s discussions in chapter 12 of the General Theory or in the 1937 QJE article provide nothing new or novel and are, at … on Probability and the General Theory, due to her severe mathematical ineptitude and innumeracy. This is why the exchange …
Persistent link: https://www.econbiz.de/10014092174
Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298 …-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and … ASC occurs two times in the General Theory. The first derivation is contained in ft. 2 of pp. 55-56 of the General Theory …
Persistent link: https://www.econbiz.de/10013250962
F. Modigliani presented a special case of Keynes's General Theory result in 1944 in his “Liquidity Preference and the … Theory of Interest and Money”. Modigliani sought to provide the IS-LM model of Hicks's 1937 Econometrica interpretation of … Keynes's chapter 15 IS-LM model with microeconomic foundations in the theory of the firm that included a production function …
Persistent link: https://www.econbiz.de/10012951951