Patinkin on IS-LM: an Alternative to Modigliani

Goulven Rubin

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Abstract: This paper studies Patinkin's contribution to the development of IS-LM, mostly Money Interest and Prices (1956), by comparing it to Modigliani's (1944, 1963). Patinkin's originality, it is claimed, lies in his analyzing the IS-LM model with a Walrasian methodology. Whereas Modigliani lacked an adequate method to deal with general equilibrium, his Walrasian approach allowed Patinkin to complete, to correct and to clarify the IS-LM model. However, in spite of its superiority, Patinkin's Walrasian recasting of the IS-LM model did not replace Modigliani's model as the referential version of IS-LM. To explain this fate, it is contended that Patinkin's work marked a methodological bifurcation in the history of IS-LM, opening a route departing from the original conception of IS-LM associated with Hicks and Modigliani and which was Marshallian in spirit.

Keywords: Patinkin; Modigliani; IS-LM; history of macroeconomics; Marshall-Walras divide (search for similar items in EconPapers)
Date: 2004
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00635213
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Citations: View citations in EconPapers (5)

Published in History of Political Economy, 2004, 36 (Annual supplement), pp.190-216

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