12 research outputs found
Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It
Krugman has recently revitalized IS-LM with a number of succinct analytical
pieces on his blog. The reverberations were remarkable. Economists, however,
are known often not grasp the full content of their own and, a fortiori, of
others’ models. This happened to Keynes in the days of high theory and to
Krugman in these days. Keynes applied a defect formalism, which is here
replaced by objective-structural axioms. This yields the correct relationship
between retained profit, saving, and investment which in turn makes it clear
after the event that the IS-part of the IS-LM construct never could bear any
substantive theoretical load
Direkte und indirekte Beschaeftigungswirkungen technologischer Innovationen
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