considered by one school of economic thought (monetarism) as a reflection of the instability of the value of nominal money …

Europe in the 1990s. Key words: central banking, central bank independence, Ordoliberalism, Keynesianism, monetarism JEL …

J.M. Keynes and F.A. Hayek had different economic ideas even though both were subjectivists seriously engaged with … between their philosophical ideas. Keynes was a Cartesian rationalist and justificationist; Hayek a critical rationalist and … non-justificationist. We draw on Keynes's "A Treatise on Probability," Hayek's "The Sensory Order," and other works to …

SAVING DOES NOT EQUAL INVESTMENT John Maynard Keynes confused economists and politicians all over the world when he … may think that Keynes explained about how saving money is used in the same amount either to invest by savers or by … borrowers. But this is not what he meant. Keynes merely wrote that saving is residual. Residual from what? This paper shows that …

Keynes’ General Theory provides an interesting metaphor for asset markets: they are like newspaper competitions where … closest to the average preferences. Keynes did not explicitly formalise the metaphor but his observations about the bond … of decision rules from the suggestions in the General Theory and Keynes' QJE(1937) paper, and introduces a concept of …

, Keynes, Minsky, and J. K. Galbraith are discussed and evaluated, with an emphasis on the role of cash flow. Some of these …