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 67: John Richard Hicks

Omar F. Hamouda


Out of all the enormous literature written on Keynes, Keynesianism and the economic culture of policy stabilization attributed to Keynes, J.R. Hicks, in a crossroads of the development of ideas, is credited more than any other economist for having demystified Keynes’s General Theory. Hicks devised the famous, popular IS–LM tool of Keynesian analysis, which found its way into virtually all orthodox macroeconomic textbooks after the mid-1930s. Hicks’s interpretation remains the accepted understanding of Keynes’s Keynesianism. It is suggested in this chapter that the affinity between Keynes’s and Hicks’s theories, which has been taken for granted by the profession, is far from reflecting the facts. The two thinkers had different visions of the economic world and distinct approaches as to how to deal with its functioning. To a large extent, Keynesianism is antithetical to Keynes.

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