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Il simposio su "mr. Keynes' system" all'Oxford meeting e il modello is-lm
[The symposium on " mr. Keynes' system" to the Oxford meeting and the is-lm model]

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  • Schilirò, Daniele

Abstract

The aim of the paper concerns the analysis of the contributions presented by Meade, Harrod and Hicks at the Symposium on Keynes’ General Theory during the Oxford Meeting in September 1936 to stress an important event for the development of macroeconomic theory. Moreover, this paper focuses on Hicks’ IS-LM Model, discussing its origin and its theoretical and methodological implications. It also points out the evolution of Hicks’ thought on some relevant issues as the relationship between Keynes and Marshall and that between Marshall and Walras, the analysis of expectations and of time in his IS-LM model and the liquidity preference theory. The first crucial proposition of the paper is that the contributions by Meade, Harrod and Hicks do not belong to a unique IS-LM approach, because they are analytically different and also differ in methodological terms, moreover Meade and Harrod did not share Hicks’ intellectual background. The second proposition is that the evolution and change of Hicks’ opinion on ISLM model is a signal of discontinuity in his thought, but does not disprove his original attempt of limiting the theoretical content of Keynes’ General Theory within the neoclassical tradition.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33019.

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Date of creation: Feb 2005
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Handle: RePEc:pra:mprapa:33019

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Keywords: IS-LM; Hicks; Keynes' system; Aggregate Demand theory; Oxford Meeting;

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  1. Michel De Vroey, 2004. "The History of Macroeconomics Viewed against the Background of the Marshall-Walras Divide," History of Political Economy, Duke University Press, vol. 36(5), pages 57-91, Supplemen.
  2. Hicks, J. R., 1975. "Value and Capital: An Inquiry into some Fundamental Principles of Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198282693, September.
  3. Olivier Blanchard, 2000. "What Do We Know About Macroeconomics That Fisher And Wicksell Did Not?," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1375-1409, November.
  4. Hicks, John, 1989. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198287247, September.
  5. Hicks, J. R., 1987. "Methods of Dynamic Economics," OUP Catalogue, Oxford University Press, number 9780198772873, September.
  6. W.B. Reddaway, 1937. "The General Theory Of Employment, Interest And Money," The Economic Record, The Economic Society of Australia, vol. 12(1-2), pages 28-36, 06.
  7. Alessandro Vercelli, 1999. "The evolution of IS-LM models: empirical evidence and theoretical presuppositions," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(2), pages 199-219.
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