John Hicks vs Paul Krugman on IS-LM
OK, my bad: I had interpreted Paul Krugman as giving a dis-equilibrium interpretation of IS-LM in his explanation for our Lesser Depression. Instead, as he explains here, he applies a standard equilibrium interpretation of the model: in a crisis like ours today, the economy is in equilibrium with less than full employment. In the IS-LM model, this is represented by the IS and LM curves intersecting (on the zero lower bound) at a point below full employment (see figure 1).
Figure 1: The economy is in equilibrium at the point where IS & LM intersect, below full employment
Given that error of mine, Krugman apparently stopped reading pretty much at that point – which is a pity, because the part I really wanted him to read was John Hicks’s considered opinion of IS-LM, about four decades after he first invented the model–which seeks to explain the relationship between interest rates on one hand and real output, in goods and services and money markets on the other.
2013-03-27 05:14:24
Source: http://www.debtdeflation.com/blogs/2013/03/27/john-hicks-vs-paul-krugman-on-is-lm/
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