The part played by general equilibrium in the liquidity preference vs loanable funds episode (1936–1956)

Pascal Bridel

The European Journal of the History of Economic Thought, 2021, vol. 28, issue 5, 753-786

Abstract: Using as a test the drawn-out liquidity preference vs loanable funds debate between 1936 and 1956, this paper pursues two lines of inquiries: to illustrate first the progressive conquest of Keynesian macroeconomics by general equilibrium techniques to build the neoclassical synthesis; and, second, to evaluate the epistemological status of the general equilibrium model used by the various debaters who were still confused about the connections between formal models and interpretative contents; hence, they systematically overestimated general equilibrium explanatory capabilities.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:28:y:2021:i:5:p:753-786

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DOI: 10.1080/09672567.2021.1893778

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