Showing 1 - 10 of 128
The Townshend–Keynes exchanges over decision making, weight of the argument (evidence), non numerical probabilities … (Keynes’s term for Boole’s constituent probabilities, used in The Laws of Thought in 1854, that appears on page 163 of the A … Probability, the General Theory,and the 1937 Quarterly Journal of Economics, reveal that Keynes’s discussions about uncertainty in …
Persistent link: https://www.econbiz.de/10014104170
This paper discusses the role played by NY Fed economist Robert Roosa and Paul Samuelson in the emergence of the literature on credit rationing at the beginning of the 1950s. I argue that, contrary to the story one can find in the technical surveys, an intermediate step between Roosa and the...
Persistent link: https://www.econbiz.de/10012967405
The editors of the Collected Writings of John Maynard Keynes made an unfortunate blunder when they assigned to Richard … Maynard Keynes. Braithwaite never read the A Treatise on Probability and had no idea about what Keynes was doing or how he had … reading at Cambridge University since 1973 for anyone working on Keynes's A Treatise on Probability. Reading it leads to a …
Persistent link: https://www.econbiz.de/10012968302
The origins of “capital fundamentalism” – the notion that physical capital accumulation is the primary determinant of economic growth – have been often ascribed to Harrod's and Domar's proposition that the rate of growth is the product of the saving rate and of the output-capital ratio....
Persistent link: https://www.econbiz.de/10012970842
Keynes made a final reassessment of his chapter 15, Section IV simultaneous, four equation IS-LM model in Section IV of … no Liquidity Preference (LM) curve. The missing equation in the Neoclassical model was Keynes's Chapter 15 p.199 … neoclassicals to make erroneous claims about the rate of interest.Keynes's IS-LM model fixes the problem if the D-Z model of …
Persistent link: https://www.econbiz.de/10012950753
Economists who analyzed Keynes's Diagram on page 180 of the General Theory erred by (a) reading only the first one … correct equation on page 199 of chapter 15. Keynes's clearly stated qualification that the discussion in chapter 13 was … papers on the topic, ends the so called mystery of why Keynes had no major objections to the partially correct papers of …
Persistent link: https://www.econbiz.de/10012950893
J. Viner, as well as all other economists who have written on Keynes's analysis of the rate of interest in the General … Theory, erred in not taking into account Keynes's detailed, painstaking analysis on pp.180-182 of the General Theory, where … Keynes clearly and carefully derived and identified two different rates of interest, r1 and r2 , derived from (r;I,S) space …
Persistent link: https://www.econbiz.de/10012953043
Kalecki's profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula ‘The workers spend what they get, the capitalists get what they spend' is scrutinized for its logical and factual...
Persistent link: https://www.econbiz.de/10013037979
, demonstrated an understanding of many of the topics of Keynes' approach that was not achieved by any other reviewer, including the … general representation of the probability relation for Keynes, that the weight of the evidence, was opposed to the weight of … the argument, V, was an important breakthrough, along with Keynes' conventional coefficient of weight and risk, c …
Persistent link: https://www.econbiz.de/10012989950
compares Champernowne's June 1936 article with Hicks's own June 1936 article reviewing the General Theory, titled “Keynes … Champernowne reviews is that Champernowne is far, far ahead of Hicks in his understanding of Keynes's ideas and evaluation of the … he believes Keynes to be doing in the General Theory in June 1936 Economic Journal article, has no IS-LM model at all …
Persistent link: https://www.econbiz.de/10012913490