The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 42: IS–LM

Warren Young

Abstract

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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