The part played by general equilibrium in the liquidity preference vs loanable funds episode (1936–1956)

Bibliographic Data

ID21604643
AuthorsPascal Bridel (Moscow State University of Technologies and Management named after K.G. Razumovskiy, corresponding author)
Year2021
Volume28
Issue5
Pages753-786
Publication date2021-09-03
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEuropean Journal of the History of Economic Thought (JOURNAL)
Journal identifiersISSN: 0967-2567 • E-ISSN: 1469-5936
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09672567.2021.1893778
OpenAlexW3137427164
LanguageEN
Citations received2
References cited64

Using as a test the drawn-out liquidity preference vs loanable funds debate between 1936 and 1956, this paper pursues two lines of inquiries: to illustrate first the progressive conquest of Keynesian macroeconomics by general equilibrium techniques to build the neoclassical synthesis; and, second, to evaluate the epistemological status of the general equilibrium model used by the various debaters who were still confused about the connections between formal models and interpretative contents; hence, they systematically overestimated general equilibrium explanatory capabilities

Dynamic stochastic general equilibrium · Economics · General equilibrium theory · Interest rate · Keynesian economics · Liquidity preference · Loanable funds · Macroeconomics · Market liquidity · Mathematical economics · Microeconomics · Monetary policy · Neoclassical economics · New Keynesian economics · Preference · Economic Theory and Institutions · Economic Theory and Policy · Monetary Policy and Economic Impact

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