Chapter 42 IS–LM
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Since its inception, the IS–LM representation of Keynes’s General Theory has been controversial, ranging from Hicks’s “suggested interpretation” to Robinson’s “bastard Keynesianism” to Solow’s “trained intuition”. In this chapter, a number of themes and key questions are dealt with, including those involving (1) cross-fertilization and group efforts in its development; (2) equations and diagrams; and (3) language and symbols utilized in its applications. The nature of the “Keynesian revolution” and its relation to IS–LM, and the issue of whether it is a static and/or dynamic interpretation of Keynes’ General Theory are also discussed.

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