Авторы: 147 А Б В Г Д Е З И Й К Л М Н О П Р С Т У Ф Х Ц Ч Ш Щ Э Ю Я

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2.12.1 The ‘hydraulic’ interpretation

This is the orthodox interpretation of Keynes initiated and inspired by Hicks

(1937), Modigliani (1944), Klein (1947), Samuelson (1948) and Hansen

(1953). The IS–LM model formed the backbone of theorizing within this

approach and it dominated thinking in the emerging neoclassical synthesis

during the 1950s and 1960s. Samuelson’s famous textbook, Economics, first

published in 1948, played a very important role here, popularizing Keynes

with the aid of the 45° Keynesian cross diagram. Following Modigliani’s

contribution, Keynesian economics was seen to be the economics of wage

and price rigidities. The destabilizing impact of unstable expectations was

played down in this approach. Although Keynesians such as Modigliani and

Tobin worked on improving the microfoundations of Keynes’s model, a major

weakness of hydraulic Keynesianism was the lack of a convincing reason

for wage and price rigidities based on rational behaviour. The ideas associated

with this hydraulic variety of Keynesianism are developed in Chapter 3,

while the more recent attempts by new Keynesian theorists to rectify the

theoretical shortcomings of the neoclassical synthesis model are examined in

Chapter 7.