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utorak, 22.09.2009.

Ravnoteža

Sir John Hicks' paper was the first presentation of IS–LM and has been for forty or more years the most famous and the most influetial interpretation of Keynes. Central and essential to it's argument is a notion of equilibrium. In 'IS-LM: An Explenation' Sir John asks himself with stringency and answers with candor the question whether the notion of 'a period' with given history behind it and an unknown future beyond it can be so defined and used that equilibrium can play its part and work its magic. He finds for his equilibrium-based entity a role shrunken and less confidently played, but still not to be hissed of the stage. In this 'explanation' Sir John stil does not seem to me to acknowledge the essential point: the elemental core of Keynes' economic society is uncertain expectation, and uncertain expectation is wholly incompatible and in conflict with the notion of equilibrium.

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