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Warren Young

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Warren Young

Since its inception, the IS–LM representation of Keynes’s General Theory has been controversial, ranging from Hicks’s “suggested interpretation” to Robinson’s “bastard Keynesianism” to Solow’s “trained intuition”. In this chapter, a number of themes and key questions are dealt with, including those involving (1) cross-fertilization and group efforts in its development; (2) equations and diagrams; and (3) language and symbols utilized in its applications. The nature of the “Keynesian revolution” and its relation to IS–LM, and the issue of whether it is a static and/or dynamic interpretation of Keynes’ General Theory are also discussed.

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Russell Boyer and Warren Young