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After the Turn: How the Performativity of Economics Matters Read chapter Read first chapter

2016 | OriginalPaper | Chapter

7. The IS–LMization of the General Theory and the Construction of Hydraulic Governability in Postwar Keynesian Macroeconomics

Authors : Hanno Pahl, Jan Sparsam

Published in: Enacting Dismal Science

Publisher: Palgrave Macmillan US

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Abstract

The text contributes to the largely uncharted terrain of performativity and macroeconomics. What are the gains and limitations of the performativity perspective when the field of interest is not a single market or trading technique, but a vast, complex and occasionally diffuse field, consisting of various macroeconomic forces as well as competing political players? First, we analyze how the complex and multilayered narratives of Keynes’s General Theory were transformed into the epochal IS–LM model and how this mathematically formalized and visually appealing tool served as an organizing cognitive landscape for the emerging field of (Keynesian) macroeconomics. In an ensuing case study, we reconstruct key aspects of the diffusion of this ‘IS-LMised’ version of Keynes’s General Theory into policy circles in West Germany in the 1960s.

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previous chapter Performativity Matters: Economic Description as a Moral Problem
next chapter Performativity and Emergence of Institutions
Footnotes
1
The former minister for economic affairs (1966–1972) and finance minister (1971–1972) in Western Germany.
 
2
Nevertheless, MacKenzie would not go as far as to validate economic actors adjusting to the anthropology of homo economicus (MacKenzie 2006, 263). The performativity of the ‘anthropological program’ of economics is suggested by Callon (2007, 343–344). For a comment from an anthropological perspective, see Miller (2002).
 
3
A third, more historically oriented argument that is quite simple and striking stipulates that the market existed long before (neoclassical) economics was able to perform it (Slater 2002, 244). According to Callon, an agent other than neoclassical economics must have ruled economic discourse at that time because ‘when economics (or economized) elements are already there it means that economics (at large) has already been that way’ (Callon 2007, 328).
 
4
Other important contributions to the debate can be found in the comparative approaches by Hall (1989) and Wattel (1985).
 
5
Keynes used to speak of classical economics in a somewhat idiosyncratic manner, including much of what would be labeled as neoclassical economics today. If regarded from a methodological point of view, one would probably stress the differences between classical economics, based more or less strictly on a labor theory of value, and neoclassical economics, referring to marginalism. Keynes, however, was more interested in the political positions of traditional economics, a perspective that downplays the conceptual/methodological differences between the two branches.
 
6
Fourcade (2009, 160) resumes the events in the following manner: ‘Keynes’s economics was exported from Britain to the United States in the 1930s, it was then marketed back to Europe as “Keynesian economics” in the 1940s and 1950s’. Solow (1984, 14) asserts that ‘to a large extent, the IS-LM model for almost 50 years has been Keynesian economics’.
 
7
With L denoting the aggregate demand for money (which is, in equilibrium, identical to M, the aggregate supply of money), i being the nominal rate of interest, I designating aggregate investment, and Y aggregate income. The variables refer to nominal quantities, but, due to the assumption of fixed prices, also relate to changes in real variables (Vercelli 1999, 4–5).
 
8
Some more skeptical aspects of Keynes’s attitude towards the IS–LM model (for instance regarding the inability of the model to include expectations) are mentioned in Tily (2010) and Kriesler and Nevile (2002).
 
9
Morgan and Rutherford (1998, 15–16) point to some important social aspects of a more formalized macroeconomics: ‘Although Keynesianism might have been thought dangerously close to Marxism, an IS–LM diagram probably looked innocuous to an outsider, and statistical numbers such as those of Mitchell had long held their own neutral status as data. ‘Economics expressed in geometry, algebra, or numbers could be a good self-defense in the cold war days and pass muster in the classroom as well as in the government.’
 
10
See Bordo and Schwartz (2003) on the use of the IS–LM model in the monetarist discourse.
 
11
Even the most distinguished critiques of Keynesian economics at least appreciate the turn to a more model-based science that resulted from deploying the IS–LM model, as, for instance, Lucas and Sargent’s (1997 [1979], 271) statement shows appreciating: ‘the econometric framework by means of which Keynesian theory evolved from disconnected qualitative ‘talk’ about economic activity into a system of equations which could be compared to data in a systematic way, and provide an operational guide in the necessarily quantitative task of formulating monetary and fiscal policy.’
 
12
Speich (2011) draws a connection between the process of decolonization and the decline of the French and British empires to explain why national accounting gained momentum after World War II and highlights the role played by international organizations like the UN.
 
13
Richter (1999, 9) mentions some earlier German policy-documents bearing the hallmarks of the IS–LM model, for instance, a report (published in 1949) by the Wissenschaftlicher Beirat bei der Verwaltung für Wirtschaft (Academic Advisory Council of the Administration of Economic Affairs).
 
14
The legislative text is available at: http://​www.​sachverstaendige​nrat-wirtschaft.​de/​fileadmin/​dateiablage/​Sonstiges/​Gesetz_​SRW.​pdf. All quotes from German documents are translated by us.
 
15
In the 1970s, the discussion about adaptive versus rational expectations resulted in modifications of the Phillips curve, which, combined with the ‘natural rate of unemployment’ hypothesis and the ‘acceleration’-hypothesis, led to a significantly altered ‘menu’ of policy-implications: The options of adjustment of the parameters in the long term are thereby notably reduced (Humphrey 1985, 13–14). Eventually, under the influence of the disputed policy ineffectiveness hypothesis, stabilization attempts were rendered useless.
 
16
This might be different with reference to the US case. As we said, the heyday of Keynesianism in Germany and its subsequent influence was a rather short episode. Drawing on literature that deals with policy effects of Keynesianism in the US (see for instance DeLong (1997) or Hetzel (2013)), one might argue that the successful implementation of Keynesianism-inspired policies in the 1950s and early 1960s ultimately led to undermining their preconditions (a case that might be framed as a shift from effective performativity to counter-performativity).
 
17
See also Schneider’s own statement: ‘What Keynes really meant first became obvious due to two articles by Hicks and O. Lange in which the mathematical framework of the Keynesian construction has been revealed’ (1959, 208, own translation). His Hicksian reinterpretation has been proliferated by his voluminous and widely read textbook (Richter 1998, 1).
 
18
A quite similar critique had already been given in Robert Clower’s (1965) The Keynesian Counter-Revolution: A Theoretical Appraisal. Some years later, both economists co-authored the paper The Coordination of Economic Activities: A Keynesian Perspective (Clower and Leijonhufvud 1975), further elaborating a line of thought that was later referred to as disequilibrium economics.
 
19
That is one reason why Minsky (1975, 55) declared: ‘Keynes without uncertainty is something like Hamlet without the prince’.
 
20
It is no wonder that with Leijonhufvud’s intervention, the above-mentioned question of general and special theories took another turn: ‘Keynesian economics was not […] concerned with the special case of when there was some barrier to the adjustment of wages so that markets cleared within a socially acceptable period: it was classical economics, with its assumption of an auctioneer who could ensure that markets were always in equilibrium, that was the special case’ (Backhouse and Boianovsky 2013, 46).
 
21
This is also true for his followers. Even Hicks (1980, 152) himself became pretty skeptical about his model over the years, famously designating it as a ‘classroom gadget’.
 
22
Of course, the ideas outlined by Leijonhufvud did not disappear completely. Today, complexity visions can be found in various (more or less) prominent approaches that radically abandon the Walrasian auctioneer—ranging from Akerlof and Shiller’s (2009) Animal Spirits to agent based macro-models (Tesfatsion 2006).
 
23
See Düppe (2012) for a lengthy account on Arrow and Debreu’s central paper. The same could probably be said of Walras, for even his original account differs significantly from the discursive artifact of the same name that was generated in the course of the mathematization of economics in the second half of the 20th century (as Walker 2006 has shown in some detail).
 
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Metadata
Title
The IS–LMization of the General Theory and the Construction of Hydraulic Governability in Postwar Keynesian Macroeconomics
Authors
Hanno Pahl
Jan Sparsam
Copyright Year
2016
Book
Enacting Dismal Science

Print ISBN: 978-1-137-49210-4

Electronic ISBN: 978-1-137-48876-3

Copyright Year: 2016

DOI
https://doi.org/10.1057/978-1-137-48876-3_7