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J M Keynes discussed a number of simplifications of his D-Z model in chapter 21 of the General Theory that were … these represented simplifications from his AD-AS(D-Z) model as specified in chapter 20 of the General Theory and did not … impact of uncertainty.The view that Keynes did not have any formal, mathematical models in the General Theory resulted in his …
Persistent link: https://www.econbiz.de/10012925583
The belief that Hicks generalized Keynes's General Theory with his IS-LM model is contradicted by Keynes's own … 13 of the General Theory that only considers Keynes's initial M=L(r) model on page 168 while ignoring Keynes's own … pp. 208-209 and Section IV of Chapter 21 on pp. 298-299 of the General Theory clearly demonstrated that his analysis …
Persistent link: https://www.econbiz.de/10012927593
introduction, outline and summary of the D-Z model on pages 24-32 of chapter 3 of the General Theory. The D-Z model focused … and theory of the firm, with uncertainty and profit expectations integrated into the formal model, was done within the … chapters 20 and 21 of the General Theory.Keynes's final IS-LM(LP) model represents a major improvement over Keynes's first …
Persistent link: https://www.econbiz.de/10012871588