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Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298 …-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and … ASC occurs two times in the General Theory. The first derivation is contained in ft. 2 of pp. 55-56 of the General Theory …
Persistent link: https://www.econbiz.de/10013250962
subjective theory of probability entails and is based on, or what an objective theory of probability entails and is based on … application of the theory of probability to conduct from either a subjectivist theory of probability perspective (Ramsey, de … Finetti, Savage) or an objectivist theory of probability perspective (Venn, R. von Mises, H. Reichenbach, K Popper) in history …
Persistent link: https://www.econbiz.de/10012909620
second. Joseph Schumpeter, with his 1911 Theory of Economic Development contribution, is ranked third, while Keynes with his …
Persistent link: https://www.econbiz.de/10013003722
Standard histories of economics usually treat the “marginal revolution” of the midnineteenth century as both supplanting the “classical” economics of Smith and Ricardo and as advancing the idea of economics as a mathematical science. The marginalists – especially Jevons and Walras –...
Persistent link: https://www.econbiz.de/10012933369
Prosopography, or less accurately collective biography, is a method of analyzing of what a group of people from a specific historical context have or have not in common. Although it is a well-established method, it is novel to the history of economics. In this chapter I outline how to apply...
Persistent link: https://www.econbiz.de/10014114368
relevant economics is formed by the classical microeconomics and the classical theory of capitalist economic growth, and by …
Persistent link: https://www.econbiz.de/10014134784
The systematic study of political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. The second observation is that...
Persistent link: https://www.econbiz.de/10013015120
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