Articles
IS-LM Model and Its Role in Macroeconomics -with Lakatos's Scientific Research Program
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AuthorTae-Hee Hong
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Year2009
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VolumeVol.57
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NumberNo.1
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IS-LM model is perhaps the prime example of cognitive dissonance in
economics and it is problematic to many economists. This paper is concerned
with the question, why has IS-LM model persisted. It outlines and explains
the main elements and way of thinking about IS-LM model in macroeconomics
with respect to the conception of Lakatos’s research program. It is argued that
IS-LM model can be characterized as a protective belt of the general
equilibrium research program. -
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