Reinterpreting Mr. Keynes: The IS-LM Enigma Revisited

This book explores the origins of the IS-LM model, revealing that it was developed by a group of economists, including Keynes, and discusses the implications of newly discovered archival material, which shows that Keynes was the first to present the model. It will transform our understanding of the model and modern macroeconomics.

Format: Paperback / softback
Length: 161 pages
Publication date: 21 January 2023
Publisher: Springer Nature Switzerland AG

This comprehensive book delves into the intricate origins of the IS-LM model, a groundbreaking innovation in the realm of economic thought. It reveals that the complete IS-LM model, encompassing equations and diagrams, was the result of a collaborative effort by a group of economists, each contributing their mathematical models derived from Keyness General Theory. This esteemed group includes prominent figures such as Champernowne, Reddaway, Harrod, and Meade, as well as Hicks. Furthermore, the book explores the profound implications of newly discovered archival material, including a previously overlooked document that establishes John Maynard Keynes as the first individual to present the IS-LM model equations in a lecture delivered on December 4, 1933.

The central focus of this text lies in examining the ramifications of this newfound information in terms of understanding the evolution of Keyness's approach from 1933 to 1937, the interpretations of his General Theory by subsequent interpreters, and the ongoing debate between Keynesians and Post-Keynesians regarding the essence of his system. The revelations contained within this book are poised to revolutionize the understanding of the origins of the IS-LM model and modern macroeconomics, shedding new light on the intricate tapestry of economic thought.

Weight: 273g
Dimension: 235 x 155 (mm)
ISBN-13: 9783030913441
Edition number: 1st ed. 2022