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]
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.
|Date of creation:||Feb 2005|
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- 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.
- 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.
- 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, May.
- 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.
- Michel, DE VROEY, 2004. "The History of Macroeconomics Viewed Against the Background of the Marshall-Walras Divide," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Hicks, John, 1989. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198287247, May.
- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
- D. G. Champernowne, 1936. "Unemployment, Basic and Monetary: the Classical Analysis and the Keynesian," Review of Economic Studies, Oxford University Press, vol. 3(3), pages 201-216.
- Olivier Blanchard, 2000.
"What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 115(4), pages 1375-1409.
- Olivier Blanchard, 2000. "What do we know about Macroeconomics that Fisher and Wicksell did not?," NBER Working Papers 7550, National Bureau of Economic Research, Inc.
- Hicks, J. R., 1987. "Methods of Dynamic Economics," OUP Catalogue, Oxford University Press, number 9780198772873, May.
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