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What Was Lost with IS-LM

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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.

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File URL: http://economics.uwo.ca/econref/WorkingPapers/researchreports/wp2003/wp2003_6.pdf
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Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20036.

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Date of creation: Apr 2003
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Handle: RePEc:uwo:uwowop:20036

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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/econref/WorkingPapers/departmentresearchreports.asp

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  1. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966.
  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. Michael D. Bordo & Anna J. Schwartz, 2003. "IS-LM and Monetarism," NBER Working Papers 9713, National Bureau of Economic Research, Inc.
  4. Edward Nelson, 2003. "Money and the transmission mechanism in the optimizing IS-LM specification," Working Papers 2003-019, Federal Reserve Bank of St. Louis.
  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. 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.
  2. 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," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 12(1), pages 127-146.

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