Essay topic1. Introduction: During the years after World War II, the development of the IS-LM model took several directions. Probably, the most prominent ideas on that theory were expressed in the work of John Hicks called "Mr. Keynes and the Classics". The model expressed in the article was largely based on the works of John Maynard Keynes and became a widely accepted as the alternative framework to standard Keynesian analysis. The IS-LM model is a …
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showed last 75 words of 1410 total
…into account in order to make the model more accurate. Nevertheless, John Hicks framework is still unquestionably one of the greatest contributions to the modern economic science and an extremely useful tool for the fiscal and monetary policy analysis. References: 1.<Tab/>Richard T. Froyen, 2002, "Macroeconomics: Theories and Policies", chapters 5,6 and 7. 2.<Tab/>Stephen Pattern, 2002, economics notes, IS-LM framework analysis. 3.<Tab/>Sloman, J, "Economics", chapters 16,17.