The Principle of Effective Demand Effective Demand is a Point!
This article builds a historical and theoretical journey in its proposal to question the derivation and therefore, the teaching of the IS-LM aggregate demand and supply model as well. An exhaustive presentation is made of each stage of definition, construction and formulation to form the IS-LM model...
- Autores:
-
Moreno Rivas, Álvaro Martín
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2019
- Institución:
- Universidad Antonio Nariño
- Repositorio:
- Repositorio UAN
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.uan.edu.co:123456789/5417
- Acceso en línea:
- http://revistas.uan.edu.co/index.php/papeles/article/view/584
http://repositorio.uan.edu.co/handle/123456789/5417
- Palabra clave:
- modelo IS-LM
Keynes
demanda agregada
oferta
IS-LM aggregate demand and supply model
Keynes
- Rights
- openAccess
- License
- Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
| Summary: | This article builds a historical and theoretical journey in its proposal to question the derivation and therefore, the teaching of the IS-LM aggregate demand and supply model as well. An exhaustive presentation is made of each stage of definition, construction and formulation to form the IS-LM model (from Keynesian legacy in The General Theory of Employment, Interest and Money) to show how its construction suffers from a serious logical inconsistency. A reformulation is proposed in the construction and teaching of the model: “not only should the conventional model of aggregate supply and demand of textbooks be abandoned, but also the 45-degree Keynesian income-expense or cross scheme and of course the model IS-LM.” |
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