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What Was Lost with IS-LM

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Author Info

  • Roger E. Backhouse
  • David Laidler

Abstract

The dominance of the IS-LM model in macroeconomics after 1937 led to the neglect and sometimes the outright loss of a number of important issues that had earlier been prominent in the literature. All these losses were related to the fact that economic life takes place over time, from which the IS-LM model's formal comparative static nature abstracted. Ideas about explicit dynamic modelling, inter-temporal choice and expectations, the analysis of policy issues in terms of regimes, and coordination failures in the inter-temporal allocation of resources, are discussed from this standpoint. The extent and importance of the losses are discussed, as are questions about how the intellectual dominance of IS-LM affected the forms in which some of these ideas have subsequently re-emerged.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Article provided by Duke University Press in its journal History of Political Economy.

Volume (Year): 36 (2004)
Issue (Month): 5 (Supplement)
Pages: 25-56

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Handle: RePEc:hop:hopeec:v:36:y:2004:i:5:p:25-56

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Related research

Keywords: IS-LM model;

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References

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  1. Michael D. Bordo & Anna J. Schwartz, 2003. "IS-LM and Monetarism," NBER Working Papers 9713, National Bureau of Economic Research, Inc.
  2. Robert W. Dimand, 2004. "James Tobin and the Transformation of the IS-LM Model," History of Political Economy, Duke University Press, vol. 36(5), pages 165-189, Supplemen.
  3. Edward Nelson, 2003. "Money and the transmission mechanism in the optimizing IS-LM specification," Working Papers 2003-019, Federal Reserve Bank of St. Louis.
  4. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966, October.
  5. Backhouse, Roger E, 1998. "If Mathematics Is Informal, Then Perhaps We Should Accept That Economics Must Be Informal Too," Economic Journal, Royal Economic Society, vol. 108(451), pages 1848-58, November.
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Cited by:
  1. Esther-Mirjam Sent & Roger Backhouse & AW Bob Coats & John Davis & Harald Hagemann, 2005. "Perspectives on Michael A. Bernstein's A Perilous Progress: Economists and Public Purpose in Twentieth-Century America," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(1), pages 127-146.
  2. Schiffman, Daniel A., 2004. "Mainstream economics, heterodoxy and academic exclusion: a review essay," European Journal of Political Economy, Elsevier, vol. 20(4), pages 1079-1095, November.

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