IES Management College And Research Centre

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Item type Current library Call number Vol info Status Notes Date due Barcode Item holds
Journal Article Journal Article Main Library Vol. 5, No. 1/5555467JA2 (Browse shelf(Opens below)) Available 5555467JA2
Journals and Periodicals Journals and Periodicals Main Library On Display JP/ECO/Vol 5, No 1/5555467 (Browse shelf(Opens below)) Vol 5, No 1 Not for loan January-February, 2016 5555467
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Macroeconomic hydraulics or hydraulic macroeconomic model is still being constructed and reconstructed in order to satisfy different purposes. The intensity of such construction and reconstruction was spectacular after the publication of The General Theory (1936) by John Maynard Keynes. Owing to its "revolutionary nature," The General Theory has converted "Keynes" into "Keynesian revolution" and "Keynesianism". The diverse versions of Keynesianism have been classified byCoddington (1976, 1983) into the three categories: (a) Hydraulic Keynesianism, (b) Fundamentalist Keynesianism, and (C) Reconstituted Reductionism (or Disequilibrium Keynesianism). by analogy of "hydraulic Keynesians, " Philips (1950) constructed hydraulic macroeconomic model, and later on, with the collaboration of Newlyn, Philips also constructed the Newlyn-Philips real hydraulic machine. But the question is - who is the originator of the hydraulic macroeconomic model? Some literatures indicate that an American economic Irving Fisher was the inventor of hydraulic macroeconomic model. The present paper sheds light on this area.

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