Vol. 9 No. 2 (1989)
Apr-Jun / 1989
Published April 1, 1989
How to Cite
Lima, Luiz Antonio de Oliveira. 1989. “The IS-LM Functions and the ‘neoclassization” of Keynes’s Thought”. Brazilian Journal of Political Economy 9 (2):193-208. https://doi.org/10.1590/0101-31571989-1364.
The IS-LM functions and the ‘neoclassization” of Keynes’s thought
Abstract
This article firstly analyses the antikeynesian features of “IS-LM” model as developed
by Hicks, as well as the extensions of this model in the version of Pigou and Modigliani.
In a second stage, it analyses the internal inconsistencies of the model, as pointed out
by Hicks himself, when it fits together a flow relation which is expressed in the IS curve with
a stock or balance sheet relation, as expressed by the LM curve.
JEL Classification: B21; E12.
Keywords: ISLM model Keynesianism history of economic thought