Aristotle, followed by Augustine, Aquinas, and Adam Smith, recognized, to a lesser or greater degree, that the ownership and control of private property (wealth, money, riches) is an initial, necessary condition to be able to put one's self in a position to help others in need. A person is or...

J M Keynes engaged in correspondence over the IS-LM model contained in chapter 15 of the General Theory with R. Harrod and J Hicks in 1937. Keynes had no major objections. How could he? How could Keynes object to interpretations concerning his own model of IS LM in the General Theory, as laid...

Keynes carefully, clearly and cogently derived his IS and LM curves in the General Theory. They are practically identical to the simultaneous , four equation model that he taught his students in 1933 and 1934. However, Keynes placed the formal IS derivation in chapters 6 and 10 while he derived...

There was a major change in both the tone and claims made about the scientific quality of Keynes's treatment of probability in the A Treatise on Probability in Ramsey's second review of the A Treatise on Probability in 1926 when compared to the earlier 1921 review. The tone became much more...

F. Y. Edgeworth, in 1922, demonstrated a very deep and penetrating understanding of the technical, mathematical, logical and statistical analysis provided by J M Keynes in 1921 in his magnum opus, the A Treatise on Probability. No other reviewer, except Bertrand Russell, showed such a great...

A major confusion among economists ,who have been writing on the General Theory since 1936,is to confuse the Demand and Supply for Money [M=L(r) ] with the Demand and Supply for Liquidity[M=M1plus M2=L1(Y) plus L2(r) {=L}.Chapter 13 of the General Theory concentrates exclusively on the second of...