Postkeynesovská interpretácia tradičného IS-LM modelu
Post-Keynesian Interpretation of the Traditional IS-LM Model

Summary/Abstract: Neoclassical interpretation of Keynes’s thoughts based on IS-LM model are well known and widely accepted, mainly because of rather simple and straight-forward mathematical components describing relations between effective demand and liquidity preference theory. Despite that, this interpretation suppressed Keynes’s novelty and contribution to economic theory. In that sense, Hicks ground off real bite of General Theory whilst laid basis on the neoclassical synthesis. Further development and expansion of banking services created new platform for postkeynesian monetary theory of production, which is developed from rigorous analysis of banking money and production. Bernard Schmitt’s contribu-tion to further development of Keynes’s theory is without doubt enriching mo-dern economic thinking, which is important in the light of rapid development of banking systems during the last 25 years.

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