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The ISLM model, introduced in 1936-37 to provide interpretations of Keynes's General Theory, subsequently emerged in its Hicks-Hansen form as the workhorse and 'trained intuition' of post-war macroeconomists. However, ISLM is an essentially orthodox model based on neoclassical foundations and fails completely as an adequate representation of central elements of Keynes's macroeconomic thought. This article proposes IYLM as a replacement for ISLM, the new model being General Theory-compatible in that it is grounded only on key propositions in that work. Its purpose is to contribute, within the constraints of a two-market framework, to the resuscitation of Keynes's macroeconomics as an alternative to the inadequacies of much current macroeconomics. The first part of the article derives the model and argues that those sympathetic to The General Theory can accept the IYLM framework whilst simultaneously rejecting ISLM. The second part shows that Hicks- Hansen ISLM is based on an income-augmented form of orthodox loanable funds theory. [ABSTRACT FROM AUTHOR]

Building on Ricardo's two-sector corn model (Pasinetti, 1960), the paper develops a classical alternative to the standard neoclassical two-by-two general equilibrium model (Jones, 1965; Uzawa, 1961/3). The alternative model has the following characteristics: (1) As against related Neo-Ricardian work, it is fully causal and capable of tracing the economy's traverse from arbitrary initial conditions to a growth steady state (with land-augmenting technical progress); (2) the simultaneous presence of a wage fund and of land makes possible the incorporation of expectations formation and perfect-foresight equilibrium. [ABSTRACT FROM AUTHOR]

In this paper I present conditions under which the long run stock equilibrium in Patinkin's general equilibrium model exists, is unique and is globally stable. These conditions are basically that all goods are weak gross substitutes and noninferior The model is developed in Patinkin (1965); Archibald and Lipsey (1958) were, I think, the first writers to study its long run properties. The demonstration of the proposition is a straightforward application of Morishima's (1964) generalizations of the Perron-Frobenius theorems.
Actually, the analysis applies to a somewhat wider class of models than Patinkin's, since the properties of his model which we use are those concerning the homogeneity of the demand and excess demand functions. It is clear that these properties will be true of other money models as well.
I make no particular defense of this model against, for example, the criticisms of Hahn (1965) and Clower (1967). However, the properties of it that I use are standard assumptions in expositions of neoclassical monetary theory (see also Friedman, 1969, and Samuelson, 1968). For that reason alone it seems worthwhile to investigate its long run behavior since it is only in the long run that the principal results of that theory hold. [ABSTRACT FROM AUTHOR]