March 2023
Beginner
256 pages
6h 4m
English
Content preview from An Introduction to Economic Dynamics
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5 THE IS/LM MODEL
5.1 ECONOMIC PROBLEM
In the previous chapter we considered the Keynesian system without its most important aspect - the role of money. The most fundamental contribution of Keynes’ seminal book General Theory of Employment, Interest and Money (General theory) [7] is the articulation of the commodity production in the capitalist market economies as a monetary theory of production - emphasizing the central role of money in the commodity production. For Keynes, as opposed to the neoclassical economics, money is not just a unit of account and a medium of exchange, but also a store of value. The store of value characteristic of money is what determines interest rates, through the money-demand function, ...
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