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Hicks, a Teoria Geral e a Teoria Geral generalizada
[Hicks, the General Theory and the generalization of the General Theory]

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  • Heller, Claudia

Abstract

Despite the most common interpretation of John Hicks´s formalization of the General Theory that it was mainly oriented to achieve "mathematical elegance", this paper shows that Hicks´s results are based on theoretical arguments and specific causality relations. Hicks acknowledges the importance of the "liquidity preference doctrine" and examines the effects of investment on income (the multiplier) as well as the effects of income on investment (the accelerator). Our interpretation of Hicks´s formulation and especially of the role of the rate of interest rate in his paper avails the understanding of the success of the so-called "neoclassical synthesis".

Suggested Citation

  • Heller, Claudia, 2007. "Hicks, a Teoria Geral e a Teoria Geral generalizada
    [Hicks, the General Theory and the generalization of the General Theory]
    ," MPRA Paper 3286, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:3286
    as

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    References listed on IDEAS

    as
    1. Sidney Weintraub, 1982. "Hicks on "IS-LM: More Explanation"?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 4(3), pages 445-453, April.
    2. Rappoport, Peter, 1992. "Meade's General Theory Model: Stability and the Role of Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(3), pages 356-369, August.
    3. Robert W. Dimand, 2007. "Keynes, IS-LM, and the Marshallian Tradition," History of Political Economy, Duke University Press, vol. 39(1), pages 81-95, Spring.
    4. David Laidler & Roger Sandilands, 2000. "An Early Harvard Memorandum on anti-Depression Policies. Introductory Note," UWO Department of Economics Working Papers 20004, University of Western Ontario, Department of Economics.
    5. 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.
    6. Mauro Boianovsky, 2005. "Some Cambridge reactions to The General Theory: David Champernowne and Joan Robinson on full employment," Cambridge Journal of Economics, Oxford University Press, vol. 29(1), pages 73-98, January.
    7. Hicks, John R, 1979. "On Coddington's Interpretation: A Reply," Journal of Economic Literature, American Economic Association, vol. 17(3), pages 989-995, September.
    8. Warren Young & William Darity, Jr., 2004. "IS-LM-BP: An Inquest," History of Political Economy, Duke University Press, vol. 36(5), pages 127-164, Supplemen.
    9. Mauro Boianovsky, 2003. "The IS-LM Model and the Liquidity Trap Concept: from Hicks to Krugman," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] a13, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    10. Fabiana Borges Teixeira dos Santos & Frederico Gonzaga Jayme Júnior, 1991. "IS-LM: uma leitura crítica a partir de Keynes," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 2(1), pages 149-168, August.
    11. Coddington, Alan, 1979. "Hicks's Contribution to Keynesian Economics," Journal of Economic Literature, American Economic Association, vol. 17(3), pages 970-988, September.
    12. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
    13. Bruce Caldwell, 1998. "Why Didn't Hayek Review Keynes's General Theory?," History of Political Economy, Duke University Press, vol. 30(4), pages 545-569, Winter.
    14. Simonsen, Mario Henrique, 1992. "Cinquenta anos de IS-LM," Revista Brasileira de Economia - RBE, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 46(1), January.
    15. Besomi, Daniele, 2000. "Keynes and Harrod on the Classical Theory of Interest: More on the Origin of the Only Diagram in the General Theory," Journal of the History of Economic Thought, Cambridge University Press, vol. 22(03), pages 367-376, September.
    16. 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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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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