The IS-LM functions and the ‘neoclassization” of Keynes’s thought

Abstract

This article firstly analyses the antikeynesian features of “IS-LM” model as developed
by Hicks, as well as the extensions of this model in the version of Pigou and Modigliani.
In a second stage, it analyses the internal inconsistencies of the model, as pointed out
by Hicks himself, when it fits together a flow relation which is expressed in the IS curve with
a stock or balance sheet relation, as expressed by the LM curve.

JEL Classification: B21; E12.