The Advent of Keynes’s IS-LM, 1933

Warren Young () and Edward W. Fuller ()
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Warren Young: Bar Ilan University

Chapter Chapter 3 in Reinterpreting Mr. Keynes, 2022, pp 33-60 from Springer

Abstract: Abstract This chapter shows that Keynes discovered the IS-LMIS-LM form of the General Theory in 1933. The chapter includes a document from the Keynes Papers that contains key elements of a proto IS-LM model. The chapter explores the history of the multiplierMultiplier and marginal efficiency of capitalMarginal efficiency of capital, and it contains a detailed analysis of Keynes’s 1933 lectures. We show that Keynes used a formal, four-equation IS-LM model to summarize the General Theory on December 4, 1933.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-030-91342-7_3

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DOI: 10.1007/978-3-030-91342-7_3

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