"A[n]... example of this strategy is the "LM curve." Macroeconomics... immortalized Hick's decomposition of the Keynesian system into sub-models. One... tells what asset stock equilibrium corresponds to... tentative... aggregate real income and the commodity price level. ..."[T]he" interest rate equates... demand and supply of money and clears... markets for other assets."
James Tobin

January 1, 1970

Quote Details

Sources

p. 16.

https://en.wikiquote.org/wiki/James_Tobin