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Theory, erred in not taking into account Keynes's detailed, painstaking analysis on pp.180-182 of the General Theory, where … effective rate of interest, r1 or r2? Of course, the answer is that the neoclassical theory is unable to pick out either r1 or r …2 . The answer is indeterminate because the neoclassical theory is “… one equation short of what is required to give a …
Persistent link: https://www.econbiz.de/10012953043
The manner in which R. Kahn presented his mathematical results on the multiplier in the Economic Journal of June, 1931, is identical to the style of presenting mathematical results used by Keynes to present his mathematical analysis starting with the A Treatise on Probability in 1921. Keynes's...
Persistent link: https://www.econbiz.de/10012907803
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 …
Persistent link: https://www.econbiz.de/10012908227
The theory of rational expectations has no foundation in any extant theory of probability. None of the five existing …
Persistent link: https://www.econbiz.de/10012910371
All Rational Expectation Theorists rely on the Fallacy of Conditional Apriorism (Long Runism)in order to operationalize the Objective Limiting Frequency Interpretation of Probability. However, such a limit only occurs in the far distant long run as the number of observations from Time Series...
Persistent link: https://www.econbiz.de/10012893664
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Hicks's 1937 interpretation of Keynes's 1936 General Theory IS-LP(LM) model, which was analyzed in (r,Y) space by … pp.200-202, 207 and p.298 of the General Theory. Keynes provides a specific, written description of the LP curve, Hicks … without citing Keynes's technical description on page 207 of the General Theory. Hicks only cites pp.200-201 of the General …
Persistent link: https://www.econbiz.de/10012946161