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How to Use Keynes’s Conventional Coefficient of Risk and Weight, c, to Clear Up Misunderstandings and Confusions About Keynes’s Views on the Use on His Principle of Indifference Ve...
Brady, Michael Emmett - 2012
J M Keynes's Principle of Indifference is not the same as Laplace's Principle of Nonsufficient Reason. The application of Keynes's Principle of Indifference requires that the calculation of the probabilities be based on the existence of positive, symmetrical evidence. This requires that the...
Persistent link: https://www.econbiz.de/10013115466
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Adam Smith on the Main Cause of Recessions and Depressions : Bubbles Resulting From Bank Loans and Credit Made Available to Projectors, Imprudent Risk Takers and Prodigals
Brady, Michael Emmett - 2018
Adam Smith recognized that there was a severe problem in all free market economies that no “Invisible Hand of the Market” could ever deal with effectively. Based on his readings of Plato (Socrates) and Aristotle, Smith explicitly identified a certain segment of upper income class individuals...
Persistent link: https://www.econbiz.de/10012925953
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A Simplified, Graphical Exposition of Keynes's Argument on Pages 179-181 of the General Theory About the Equation Missing from the Neoclassical Theory of the Rate of Interest
Brady, Michael Emmett - 2018
Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of interest, r1 and r2, each different rate of interest associated with a different Demand for Investment and Supply of Savings Intersection. Each combination would provide a different,...
Persistent link: https://www.econbiz.de/10012926784
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On Keynes’s Painstaking Slow Instruction of Harrod on the Technical Aspects of His IS-LM Model in July-September, 1935 : Harrod Only Finally Understood Keynes’s IS-LM Model After H...
Brady, Michael Emmett - 2020
Keynes spent a tremendous amount of time and energy attempting to tutor Harrod on the mechanics of his IS-LM model between July to September, 1935. Keynes's painstaking slow attempts finally led Keynes in desperation to write a three point postscript to his letter of August, 1935, that is...
Persistent link: https://www.econbiz.de/10012840000
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Comparing Orthodox (N. G. Mankiw) and Heterodox (M. Zafirovski) Economist Views of Adam Smith, the Invisible Hand of the Market, and Laissez Faire : Both Views Completely Overlook...
Brady, Michael Emmett - 2020
The degree to which Adam Smith's view, that the opulence of any nation at the macro level was the result of, and was determined by, large numbers of “sober” people practicing the Virtue of Prudence, which Smith demonstrated in Part VI of the Sixth Edition of The Theory of Moral Sentiments in...
Persistent link: https://www.econbiz.de/10012840895
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Some Examples of 21st Century Philosophers Who Have Written About Keynes’s Logical Theory of Probability, but Have Skipped Part II of the A Treatise on Probability, Where Keynes Pr...
Brady, Michael Emmett - 2020
Nearly one hundred years after Keynes published his A Treatise on Probability in 1921,it appears that practically no philosophers have read Part II of the A Treatise on Probability in either the 20th or 21st centuries. This simply means that no modern day philosopher is in any position to...
Persistent link: https://www.econbiz.de/10012842021
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A Historical Summary of How a Severe Misinterpretation of the only Diagram in Keynes’s A Treatise on Probability in Chapter III on Page 39 Spread to Philosophers : From G. Meeks (1...
Brady, Michael Emmett - 2020
G. Meeks's original analysis of the diagram on Page 39 (Page 42 of the CWJMK version in 1973) in chapter III of the A Treatise on Probability in 1976 erred in claiming that Keynes was illustrating ordinal,or rank order, probability measurement. Keynes was actually illustrating interval valued...
Persistent link: https://www.econbiz.de/10012842299