Cambridge University, A Treatise on Probability, and the General Theory, respectively ,and by Knight in 1921 in Risk …

to the approach advocated by J.M. Keynes himself in both the A Treatise on Probability (1921) and General Theory (1936 …

The theory and practice of stabilization policy has taken many turns as it evolved over the past century, oscillating … economy in the face of macroeconomic shocks. Views on this question have been shaped by experience, theory and ideology to …

just like coin and notes, (2) the theory of the multiple expansion of bank deposits, (3) the currency principle according …

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …

Abstract: In Hayek's early writings on business cycle theory and the Great Depression he argued that business cycle … not follow the logic of his own theory in favoring generally increasing prices during the contraction. This paper explores … the reasons for Hayek's reluctance to follow the logic of his own theory in his early policy recommendations. The key …