subjective theory of probability is that the subjective probabilities must be additive, so that they are coherent, which means … frequency theory of probability, which can only hold in the very long run as one approaches infinity. Rational expectationists …

A major source of confusion about Keynes’s Liquidity Preference theory of the rate of interest is the failure of … readers of the General Theory to recognize that chapter 13 is an introductory chapter that lays the ground work and … foundations for chapter 15. Keynes’s actual theory is presented in chapters 15. All of the elements are then brought together in …

) on pages 207-208 of the General Theory in chapter 15 in the course of his discussions of the problem of Absolute … reviewing the General Theory. Unfortunately, he incorrectly referenced pages 200-201 of the General Theory on page 154 in his … discussion by Keynes of this problem on pages 201-202 of the General Theory. Keynes's discussion appears on pages 207-208. Hicks …

existing theory of probability that supports the claims made by rational expectationists. There is no right(wrong), correct … theory of probability. Likewise, all objective theories of probability deny the existence of subjective probability …

The theory of rational expectations has no foundation in any extant theory of probability. None of the five existing …