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Loanable Funds Versus Liquidity Preference — The Hicks-Hansen Framework

In: Robertsonian Economics

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  • John R. Presley

Abstract

Two developments evident from published articles and from correspondence particularly between Keynes and Hicks,1 indicate that Keynes moved a substantial way back to Robertsonian, and classical, interest theory after 1936, such that he no longer neglected the influence of productivity and thrift upon the interest rate. These were: i) Keynes’ general acceptance of the IS-LM framework put forward by J. Hicks (and later by A. Hansen),2 ii) The introduction of the concept of ‘finance’ in discussing the financial provision for the increment in investment in the multiplier process. In this section we concentrate upon the former by examing the consequences of the Hicks-Hansen framework upon the role of productivity and thrift in affecting output, employment and the rate of interest. The concept of finance is a subject of a later section.

Suggested Citation

  • John R. Presley, 1978. "Loanable Funds Versus Liquidity Preference — The Hicks-Hansen Framework," Palgrave Macmillan Books, in: Robertsonian Economics, chapter 12, pages 186-215, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03239-6_18
    DOI: 10.1007/978-1-349-03239-6_18
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