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handles ordinal probability, the theory of the Treatise on Probability is that of “Approximation,” which is interval valued …
Persistent link: https://www.econbiz.de/10012923787
J M Keynes discussed a number of simplifications of his D-Z model in chapter 21 of the General Theory that were … these represented simplifications from his AD-AS(D-Z) model as specified in chapter 20 of the General Theory and did not … impact of uncertainty.The view that Keynes did not have any formal, mathematical models in the General Theory resulted in his …
Persistent link: https://www.econbiz.de/10012925583
A.Hansen essentially went wrong in his evaluation of Keynes's work in the General Theory (GT;1936) that dealt with the …
Persistent link: https://www.econbiz.de/10012927519
treatise on Probability and the concept of the weight of the evidence from the General Theory. She mixed up Keynes's concept of … that was sent to both Austin Robinson and Richard Kahn. Keynes explicitly states that his theory of the rate of interest is … NOT that the interest rate is determined by the demand and supply of money. Keynes's theory of the interest rate is an …
Persistent link: https://www.econbiz.de/10012928375
. Keynes correctly showed in the General Theory that you could not specify the rate of interest just from the supply of savings … from error by combining the IS and LM curves together to provide a consistent and coherent theory of the rate of interest … lectures in December, 1933, and included them in the 1934 draft copy of the General Theory, he refused to present this formal …
Persistent link: https://www.econbiz.de/10012928661
when the specific case of economists attempting to read Keynes's General Theory is examined. Three economists will be … to illustrate the theory and the difference between the use of the differential calculus as a model based on continuous … functions and continuity, while the empirical application of the theory involves observations of discrete data, supports …
Persistent link: https://www.econbiz.de/10012928681
Persistent link: https://www.econbiz.de/10014416221
Adam Smith vigorously uses methodological individualism, but his individuals are radically social and entangled with each other. All social phenomena and institutions, for Smith, are not the product of any human wisdom, nor are they motivated by public spirit, but they are the unintended and...
Persistent link: https://www.econbiz.de/10014344716