The purpose of this chapter is to portray a mode of inquiry into expectations by three Cambridge authors in which the expectations are not conceptualized or modelled on the basis of a probability distribution. As to whether this is due to a clearly stated opposition (as in the case of Keynes) or...

The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (The theory of unemployment. Macmillan, London, 1933) and Keynes (The general theory of employment, interest and money. Macmillan, London, 1936) about employment determination. Champernowne agreed with Keynes...

This chapter uses the Great Depression as a case study to investigate Keynes' and Friedman's respective appraisals of this severe episode. We analyse first Friedman's explanation of the Great Depression as phenomenon driven by monetary mismatches. We show that the late Friedman eventually put at...

In his q theory of investment, in his analysis of money demand and portfolio choice, and in his analysis of macroeconomic instability, James Tobin focused on expectations of returns on assets and on expectations of inflation. His research was informed by his close study of John Maynard...