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Indeterminate Probabilities and Smithian and Keynesian Uncertainty
Brady, Michael Emmett - 2014
Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...
Persistent link: https://www.econbiz.de/10014142839
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What J. Viner (and Everyone Else) Overlooked in His 1936 and 1964 Reviews Concerning Keynes's Liquidity Preference Analysis in the General Theory and the 1937 Quarterly Journal of ...
Brady, Michael Emmett - 2017
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...
Persistent link: https://www.econbiz.de/10012953043
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Kahn’s Mathematical Style, in His June, 1931 Multiplier Article in the Economic Journal, Is Identical to Keynes’ Style of Presenting Mathematical Results Starting in 1921 in the A...
Brady, Michael Emmett - 2018
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
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J. Hicks's 'Famous' IS-LM Figures 1 and 2 on Page 153 of His 1937 Econometrica Paper are Based Directly on Page 207 of the General Theory
Brady, Michael Emmett - 2017
Hicks's 1937 interpretation of Keynes's 1936 General Theory IS-LP(LM) model, which was analyzed in (r,Y) space by Keynes, in which Hicks used his IS-LL model in (Y,r) space, where we use Keynes's Y for income and not Hicks's I for income, supposedly generated much more interest and following...
Persistent link: https://www.econbiz.de/10012946161
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Keynes and Samuelson Combined Provided the Complete Foundation for a Science of Macroeconomics : Complexity Modeling Is Welcome, But Not Necessary, for a Scientific Foundation for...
Brady, Michael Emmett - 2018
Keynes and Samuelson provided the theoretical, technical and mathematical modeling necessary in order to provide a complete scientific foundation for macroeconomic theory. Keynes's Aggregate Supply Curve (ASC),presented initially on pp. 55-56 in footnote 2 of the General Theory and in great...
Persistent link: https://www.econbiz.de/10012920191
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The Myth of Richard Kahn and the Multiplier : Keynes, Not Kahn, Created the Multiplier Concept in 1921 in His a Treatise on Probability and Taught Kahn How to Write His June, 1931...
Brady, Michael Emmett - 2020
impossible to analyze in (r,Y) space except with an IS-LM model.The economics profession has incorporated these myths into the … division undergraduates in all economics courses, even though Smith himself completely rejected any such theory in both the …
Persistent link: https://www.econbiz.de/10012827432
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On W. Brian Reddaways's 1936 Review of the General Theory : How He Completely Overlooked Keynes's IS-LP(LM) Model
Brady, Michael Emmett - 2017
W. Brian Reddaway supposedly attended the December 4th,1933 lecture where Keynes first presented his IS-LP(LM) model. However, his 1936 review in the Economic Record calls into question if he was actually there for the entire time of the lecture.His review does not mention Keynes's work in...
Persistent link: https://www.econbiz.de/10012946855
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J M Keynes's Assessment of the Strengths and Weaknesses of his IS-LM Model in Chapter 21 of the General Theory : Comparing this Assessment with his 1937 Quarterly Journal of Econom...
Brady, Michael Emmett - 2017
chapter 21 of the General Theory that is duplicated in his 1937 Quarterly Journal of Economics article . In his 1937 reply … Liquidity Preference equation. The claim that the summary in the 1937 Quarterly Journal of Economics article is in conflict with … Quarterly Journal of Economics article is the same as his extensive final analysis of his IS-LM model on pp.298-303 of the …
Persistent link: https://www.econbiz.de/10012950753