(1904-) English economist. He developed a theoretical framework for Keynesian analysis (known as IS–LM analysis) with an expenditure sector incorporating investment and savings (IS, investment–savings) and a monetary sector incorporating the demand for and supply of money (LM, liquidity–money). The extent to which an increase in the money supply affects expenditure depends on the sensitivity of expenditure to changes in interest rates. Nobel Prize for Economics 1972.
He also developed, in his work Theory of Wages 1963, a model of industrial disputes which relates the length of strikes to the expected net costs of the strike to unions and management. + prikaži više