Recent Economic Thought

IS-LM and Modern Macroeconomics

Editors: Young, Warren, Zilberfarb, Ben-Zion (Eds.)

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About this book

IS-LM is perhaps the prime example of `cognitive dissonance' in economics, and is problematic to many economists. On the one hand, the IS-LM model is still taught by many academic economists or they use it to derive the AD-AS approach. On the other hand, the same economists realize the limitations of the basic IS-LM model and would not now use it for policy analysis, as they did in the past. The distinction between pedagogical and analytical efficacy is made by all the authors in this volume regarding the IS-LM model. Indeed, even those who would reject using the model for modern policy analysis still see the basic model as useful for teaching purposes. Moreover, in an augmented form, some of the authors in this volume would even see fit to use IS-LM for modern policy analysis. As will be seen, therefore, the IS-LM model is `not yet dead'. Rather, the model's `plasticity' has enabled it to undergo a metamorphosis into augmented form, enabling its continuing utilization in economics accordingly.

Table of contents (11 chapters)

  • Introduction: Quo Vadis IS-LM?

    Young, Warren (et al.)

    Pages 1-6

  • Old, New and Post Keynesian Perspectives on the IS-LM Framework: A Contrast and Evaluation

    Dixon, Huw (et al.)

    Pages 7-28

  • Post Walrasian Macroeconomics and IS/LM Analysis

    Colander, David

    Pages 29-42

  • IS-LM and Aggregate Demand: A Restatement

    Heathfield, David F.

    Pages 43-56

  • How to Construct is and LM Curves in the Spirit of Hicks or, Why We do not Need the Aggregate Demand Curve

    Barens, Ingo

    Pages 57-76

Buy this book

eBook $149.00
price for USA (gross)
  • ISBN 978-94-010-0644-6
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $199.00
price for USA
  • ISBN 978-0-7923-7966-9
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
IS-LM and Modern Macroeconomics
Editors
  • Warren Young
  • Ben-Zion Zilberfarb
Series Title
Recent Economic Thought
Series Volume
73
Copyright
2000
Publisher
Springer Netherlands
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-94-010-0644-6
DOI
10.1007/978-94-010-0644-6
Softcover ISBN
978-0-7923-7966-9
Series ISSN
0924-199X
Edition Number
1
Number of Pages
IX, 166
Topics