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Cruz keynesiana: interpretações gráficas da demanda efetiva
[Keynesian cross: diagrammatical interpretations of effective demand]

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Author Info
Heller, Claudia
Dessotti, Marina

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Abstract

The General Theory of Employment, Interest and Money by John Maynard Keynes led up to three cross-shaped graphical interpretations: the IS-LM model, the 45º model and the Z-D model. The first one was originated from Hicks (1937) well-known paper, despite the differences between his original version and the textbook versions. The second one has become familiar through Alvin Hansen´s 1953 book, to which Paul Samuelson also contributed. These two models are considered to be neoclassical – the meaning of which in this particular context will be discussed in our paper. The third model has became popular through Dudley Dillard´s 1948 book and is embraced – with few qualifications – by Post Keynesians, who consider it to be more faithful to Keynes´s original 1936 book. The three models are graphical (and algebraical) formalizations of Keynes´s theory, but the last two are more specific in that they are focused on the explanation of the Principle of Effective Demand (PED). This paper compares the two graphical representations of the PED in the light of the definitions of aggregate demand, aggregate supply and effective demand, as they were presented by Keynes in the General Theory. The purpose of the paper is to identify which original arguments by Keynes support each of both models

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5076.

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Date of creation: Sep 2007
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Handle: RePEc:pra:mprapa:5076

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Related research
Keywords: Keynesianism 45º model Z-D model

Find related papers by JEL classification:
B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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