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Reconstructing Keynes’s IS-LM Approach, 1931 to 1937

In: Reinterpreting Mr. Keynes

Author

Listed:
  • Warren Young

    (Bar Ilan University)

  • Edward W. Fuller

Abstract

After reviewing the development of Keynes’s IS-LMIS-LM model through December 1933, this chapter explores his IS-LM approach between 1934 and 1937. Keynes adopted a formal IS-LM approach in the 1934 drafts. The chapter addresses archival material that shows Keynes himself invented the marginal efficiency of capitalMarginal efficiency of capital. Keynes’s 1934 lectures are analyzed, and we show he started de-formalizing his presentation in late 1934. In mid-1935, he started re-formalizing the General Theory, and this re-formalizationRe-formalization of General Theory process led to the Harrod–Keynes diagramHarrod-Keyes Diagram. The chapter ends with an analysis of Keynes’s famous QJE articleQJE article and concludes that Keynes maintained his verbal IS-LMVerbal IS-LM approach through 1937.

Suggested Citation

  • Warren Young & Edward W. Fuller, 2022. "Reconstructing Keynes’s IS-LM Approach, 1931 to 1937," Springer Studies in the History of Economic Thought, in: Reinterpreting Mr. Keynes, chapter 0, pages 79-116, Springer.
  • Handle: RePEc:spr:spshcp:978-3-030-91342-7_5
    DOI: 10.1007/978-3-030-91342-7_5
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