IS-LM and Modern Macroeconomics

Warren Young, Ben-Zion Zilberfarb

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English

Kluwer Academic Press
01 November 2000

Macroeconomics; Mathematics & Sciences

Series: Recent Economic Thought

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. The model's ""plasticity"" has enabled it to undergo a metamorphosis into augmented form, enabling its continuing utilization in economics accordingly.

Edited by: Warren Young, Ben-Zion Zilberfarb
Imprint: Kluwer Academic Press
Volume: v. 73
Dimensions: Height: 235mm, Width: 155mm, Spine: 11mm
Weight: 960g
ISBN: 9780792379669
ISBN 10: 0792379667
Series: Recent Economic Thought
Pages: 176
Publication Date: 01 November 2000
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Paperback
Publisher's Status: Active