Abstract
Many economists have reflected on the virtues and limitations of IS-LM. Axel Leijonhufvud has centered much of his work on the extent to which Keynes’s insights can be, and have been, conveyed by mainstream economists and their textbooks. He has attributed much of the strength of the revival of some forms of classical economics to the innate susceptibility of neoclassical Keynesianism to attack. The weaknesses of US mainstream Keynesianism can be traced to the gradual drift away from emphasising the most importantly anti-classical features of Keynes’s revolution, in particular, the multiplier and the malcoordination of saving and investment.
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Littleboy, B. (2000). IS-LM and Leijonhufvud’s Re-Appraisal. In: Young, W., Zilberfarb, B.Z. (eds) IS-LM and Modern Macroeconomics. Recent Economic Thought, vol 73. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-0644-6_7
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DOI: https://doi.org/10.1007/978-94-010-0644-6_7
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