How J M Keynes's Mathematical IS-LP (LM) Model in the General Theory in Part IV of Chapter 21 Was Overlooked by the Economics Profession

37 Pages Posted: 6 Sep 2017 Last revised: 21 Sep 2017

See all articles by Michael Emmett Brady

Michael Emmett Brady

California State University, Dominguez Hills

Date Written: September 2, 2017

Abstract

Keynes created, developed, taught and applied his version of the IS-LM model between Dec. 1933 and February 1936 when the General Theory appeared in print. Keynes used a terminology that substituted Liquidity Preference (LP) for the later designations used by Hicks, LL, and Hansen’s LM. The question that remains to be answered is how could the entire economics profession, worldwide, fail to recognize Keynes’s clear cut mathematical model that was contained in chapter 15, summarized briefly in Section IV of chapter 15, and then presented in great detail in Section IV of chapter 21 of the General Theory.

Keywords: Harrod, Hicks, IS-LM , Liquidity preference, Patinkin, chapter 15, pp.180-182 of GT, chapter 15, chapter 21

JEL Classification: B10, B12, B14, B16, B20, B22

Suggested Citation

Brady, Michael Emmett, How J M Keynes's Mathematical IS-LP (LM) Model in the General Theory in Part IV of Chapter 21 Was Overlooked by the Economics Profession (September 2, 2017). Available at SSRN: https://ssrn.com/abstract=3031101 or http://dx.doi.org/10.2139/ssrn.3031101

Michael Emmett Brady (Contact Author)

California State University, Dominguez Hills ( email )

1000 E. Victoria Street, Carson, CA
Carson, CA 90747
United States

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