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- W3123245855 abstract "The belief that Hicks generalized Keynes’s General Theory with his IS-LM model is contradicted by Keynes’s own, explicit IS-LP(LM) model that was presented in Chapter 21 of the GT. This erroneous belief is based on a misreading of Chapter 13 of the General Theory that only considers Keynes’s initial M=L(r) model on page 168 while ignoring Keynes’s own generalization on page 199 of Chapter 15 where M=M1 plus M2=L1(Y) plus L2 (r) =L. Keynes’s applications in Section IV of Chapter 15 on pp. 208-209 and Section IV of Chapter 21 on pp. 298-299 of the General Theory clearly demonstrated that his analysis required the use of (r,Y) space and not (r; Dm, Sm) space. The correct way of describing the history of the development of IS –LM is as Keynes-Hicks-Hansen and not as Hicks-Hansen." @default.
- W3123245855 created "2021-02-01" @default.
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- W3123245855 date "2018-01-01" @default.
- W3123245855 modified "2023-09-27" @default.
- W3123245855 title "Hicks Never Generalized Keynes's General Theory with IS-LM Because Keynes had Already Done so in Chapter 21 of the General Theory" @default.
- W3123245855 doi "https://doi.org/10.2139/ssrn.3123493" @default.
- W3123245855 hasPublicationYear "2018" @default.
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