ABSTRACT
My title, a turn on that of the famous paper by John Hicks (1937), is intended partly seriously. It is true that my exercise is almost the opposite of that undertaken by Hicks. He set out to show that the theories proposed by Keynes and that advocated by his classical opponents could both be encompassed by a common model in which the two views reflected different assumptions concerning Hicks’s IS and LM curves. It was an exercise in reconciliation. Yet it proposed a peace in which, in effect, the Keynesian side of the argument took away the spoils of victory. First, the structure of the encompassing model is absolutely Keynesian, in the sense that it is constructed from components all of which may be found in Keynes (1973). For that reason the classical view is demoted to a limiting special case of Keynes.
