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What Was Lost with IS-LM

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Author Info
Roger Backhouse (University of Birmingham)
David Laidler (University of Western Ontario)

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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
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nelson, Edward, 2003. "Money and the Transmission Mechanism in the Optimizing IS-LM Specification," CEPR Discussion Papers 3898, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Michael D. Bordo & Anna J. Schwartz, 2003. "IS-LM and Monetarism," NBER Working Papers 9713, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David Laidler, 2005. "Milton Friedman and the Evolution of Macroeconomics," University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers 200511, University of Western Ontario, RBC Financial Group Economic Policy Research Institute. [Downloadable!]
  2. Ooghe, H. & Spaenjers, C. & Pieter vandermoere, 2005. "Business failure prediction: simple-intuitive models versus statistical models," Vlerick Leuven Gent Management School Working Paper Series 2005-22, Vlerick Leuven Gent Management School. [Downloadable!]
    Other versions:
  3. 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, March. [Downloadable!] (restricted)
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