Unlike standard accounts, recent research in the history of macroeconomics has given increasing attention to the Old Keynesians’ criticisms of the New Classical Economics. In this paper, I address the case of Edmond Malinvaud, who began opposing the latter from the early 1980s and did so...

This paper explores the Marxian genetic root of the multiplier in order to clarify its foundations and validity conditions. Though the analysis is restricted to the first two volumes of Capital and the early contributions by Kalecki in the 1930s, we argue that we can draw from these works...

Both J M Keynes and Adam Smith used very similar ethical, epistemological, philosophical, and economic approaches in their analysis of the conditions that are necessary to maintain a stable, full employment economic system over time. They also agreed upon the nature of the fundamental problem...

Economists have been unable to comprehend the logical framework of Keynes’ A Treatise on Probability (1921) and General Theory (1936). This is due to their failure to read both works in their entirety. Instead, they concentrate on the first three chapters of Part I of the General Theory or the...

I will argue that when Keynes states that, in general, probabilities are not susceptible to numerical estimation, he is arguing that the probabilities, in general, can’t be represented by single number answers or point estimates. But they can be represented by intervals. Keynes’s general...

Frank P Ramsey’s critique of Keynes’s logical Theory of Probability, presented in 1925 and published in 1930, is so weak and poor that J M Keynes or Bertrand Russell could easily have refuted and decimated Ramsey’s claims in the space of one half of an hour to one hour at Keynes’s...

This paper shows how Keynes used the neoclassical marginal productivity theory of one variable input, labor, and one fixed input, capital, to embed expectations of future prices and profits in a micro foundation of the theory of purely competitive firms. Keynes then generalized his technical...

Was the Keynesian message alive during the second half of the XXth Century, or was it betrayed by his followers? This article in the fields of the history of economic thought and methodology contrasts the Scientific Research Programmes (SRPs), a Lakatosian concept, of Keynes in The General...

The thesis of this paper is that Keynes wrote A Treatise on Probability contrasting his view to the frequentist theory, systematised by John Venn, which denied to probability any sort of utility in decision theory. Keynes's problem was of finding an alternative theory to be utilised as a guide...